[Form 4] Dell Technologies Inc. Insider Trading Activity

Q: What transactions did Silver Lake affiliates report for DELL on 10/06–10/07/2025

They reported multiple sales of Class C common stock on 10/06/2025 10/07/2025 at weighted average prices ranging approximately $146.23 to $149.13 per share.

Q: Were any shares converted between classes in these transactions?

Yes. The filing discloses conversions of Class B common stock into Class C common stock on 10/06–10/07/2025 , increasing the number of Class C shares held by reporting vehicles.

Q: Who within Silver Lake is connected to these reported holdings in DELL?

The filing links the reporting partnerships to Silver Lake Group, L.L.C. and notes that Egon Durban, a Dell director, serves as a Co‑CEO and Managing Member of Silver Lake Group.

Filing Impact

(High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Silver Lake entities reported multiple sales, conversions and pro rata distributions of Dell Technologies Class C common stock between 10/06/2025 and 10/08/2025. The filing shows aggregated dispositions of Class C shares at weighted average prices in ranges near $146–149 per share, and conversions of Class B into Class C stock resulting in large reported share movements. Certain pro rata in‑kind distributions on 10/08/2025 produced receipt of Class C shares that were exempt from immediate reporting under Rule 16a‑13. The reporting group remains linked to director Egon Durban via Silver Lake Group entities; the filing discloses both indirect holdings and shares distributed to employees and managing members.

Positive

Pro rata distributions on 10/08/2025, allowing in‑kind receipt of shares without immediate Form 4 reporting

Conversions of Class B to Class C stock were completed, simplifying the equity class mix for the reporting entities

Negative

Multiple sales on 10/06/202510/07/2025 reduced reported holdings, with transactions at weighted average prices in the $146–149 range

Large aggregate dispositions could increase available free float from these affiliated holders and may attract investor scrutiny

Insights

Significant insider sales and intra‑group distributions occurred while preserving exempt reporting for distributions.
The filings document multiple sales of Class C common stock on 10/06/2025 and 10/07/2025 at weighted average prices reported in the $146.23–149.13 ranges, followed by pro rata in‑kind distributions on 10/08/2025 that were exempt from immediate Form 4 reporting under Rule 16a‑13. The structure shows shares held through several Silver Lake partnership vehicles with indirect beneficial ownership attributed to a director via managing member roles.
Key dependencies and risks include continued disclosure obligations if subsequent transfers occur and the potential investor focus on timing and scale of sales versus retained indirect holdings. Watch for any future non‑exempt transfers or schedule amendments within the next weeks if distributions are reallocated.

Large block sales occurred at mid‑high $140s per share and conversions increased Class C share counts held by Silver Lake vehicles.
Reported dispositions totalled substantial tranches across multiple entities, and simultaneous conversions of Class B into Class C increased the reported Class C share counts held indirectly by the reporting partnerships. The filing lists conversions and resulting Class C share tallies reaching into the hundreds of thousands per vehicle and aggregated indirect underlying shares in the low millions.
For market impact, focus on the 10/06–10/07/2025 trade dates and the weighted price ranges near $146–149; any future open‑market sales or block placements could influence short‑term volume and supply. Monitor subsequent Form 4/13D filings for updated position changes over the next trading sessions.

10/08/2025 - 04:48 PM

SEC Form 4

FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number: 3235-0287

Estimated average burden

hours per response: 0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*
SLTA V (GP), L.L.C.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CA 94025

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ] 5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X Director X 10% Owner

Officer (give title below) Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/06/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)

Form filed by One Reporting Person

X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)

Code V Amount (A) or (D) Price

Class C Common Stock 10/06/2025 S 291 D $149.09⁽¹⁴⁾ 84,394 I Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾

Class C Common Stock 10/06/2025 S 336 D $149.09⁽¹⁴⁾ 63,034 I Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾

Class C Common Stock 10/06/2025 S 173 D $149.09⁽¹⁴⁾ 40,082 I Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾

Class C Common Stock 10/06/2025 S 6 D $149.09⁽¹⁴⁾ 0 I Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾

Class C Common Stock 10/06/2025 S 3 D $149.09⁽¹⁴⁾ 0 I Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾

Class C Common Stock 10/07/2025 M⁽¹⁾⁽²⁾ 262,733 A ⁽¹⁾⁽²⁾ 347,127 I Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾

Class C Common Stock 10/07/2025 M⁽¹⁾⁽²⁾ 269,709 A ⁽¹⁾⁽²⁾ 332,743 I Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾

Class C Common Stock 10/07/2025 M⁽¹⁾⁽²⁾ 145,992 A ⁽¹⁾⁽²⁾ 186,074 I Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾

Class C Common Stock 10/07/2025 M⁽¹⁾⁽²⁾ 3,968 A ⁽¹⁾⁽²⁾ 3,968 I Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾

Class C Common Stock 10/07/2025 M⁽¹⁾⁽²⁾ 1,790 A ⁽¹⁾⁽²⁾ 1,790 I Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 4,635 D $146.73⁽¹⁵⁾ 342,492 I Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 5,356 D $146.73⁽¹⁵⁾ 327,387 I Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 2,746 D $146.73⁽¹⁵⁾ 183,328 I Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 102 D $146.73⁽¹⁵⁾ 3,866 I Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 46 D $146.73⁽¹⁵⁾ 1,744 I Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 11,023 D $147.75⁽¹⁶⁾ 331,469 I Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 12,739 D $147.75⁽¹⁶⁾ 314,648 I Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 6,530 D $147.75⁽¹⁶⁾ 176,799 I Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 243 D $147.75⁽¹⁶⁾ 3,623 I Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 110 D $147.75⁽¹⁶⁾ 1,634 I Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 39,347 D $148.86⁽¹⁷⁾ 292,122 I Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 45,472 D $148.86⁽¹⁷⁾ 269,176 I Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 23,309 D $148.86⁽¹⁷⁾ 153,490 I Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 868 D $148.86⁽¹⁷⁾ 2,754 I Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾

Class C Common Stock 10/07/2025 S 392 D $148.86⁽¹⁷⁾ 1,243 I Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾

Class C Common Stock 2,366 I Held through Silver Lake Group, L.L.C.⁽⁸⁾⁽⁹⁾

Class C Common Stock 2,055 I See footnote⁽¹⁰⁾

Class C Common Stock 249,043 I See footnote⁽¹¹⁾

Class C Common Stock 1,166,822 D⁽¹²⁾

Class C Common Stock 46,457 I See footnote⁽¹³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Class B Common Stock ⁽²⁾ 10/07/2025 M⁽¹⁾⁽²⁾ 262,733 ⁽²⁾ ⁽²⁾ Class C Common Stock 262,733 $0 20,241,807 I Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾

Class B Common Stock ⁽²⁾ 10/07/2025 M⁽¹⁾⁽²⁾ 269,709 ⁽²⁾ ⁽²⁾ Class C Common Stock 269,709 $0 20,779,229 I Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾

Class B Common Stock ⁽²⁾ 10/07/2025 M⁽¹⁾⁽²⁾ 145,992 ⁽²⁾ ⁽²⁾ Class C Common Stock 145,992 $0 11,247,771 I Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾

Class B Common Stock ⁽²⁾ 10/07/2025 M⁽¹⁾⁽²⁾ 3,968 ⁽²⁾ ⁽²⁾ Class C Common Stock 3,968 $0 305,732 I Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾

Class B Common Stock ⁽²⁾ 10/07/2025 M⁽¹⁾⁽²⁾ 1,790 ⁽²⁾ ⁽²⁾ Class C Common Stock 1,790 $0 137,867 I Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾

1. Name and Address of Reporting Person^*
SLTA V (GP), L.L.C.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X Director X 10% Owner

Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person^*
Silver Lake Technology Associates V, L.P.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X Director X 10% Owner

Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person^*
Silver Lake Partners V DE (AIV), L.P.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X Director X 10% Owner

Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person^*
Silver Lake Technology Investors V, L.P.

(Last) (First) (Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)
MENLO PARK CA 94025

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X Director X 10% Owner

Officer (give title below) Other (specify below)

Explanation of Responses:

1. SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on October 6, 2025 and October 7, 2025 and initiated in-kind distributions of shares of Class C Common Stock on October 8, 2025. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On October 6, 2025 and October 7, 2025, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales and distributions described in footnote (1) above.

3. These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP").

4. These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP").

5. These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP").

6. These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP.

7. These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP.

8. Reflects shares held by Silver Lake Group, L.L.C. ("SLG"). Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on October 8, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

9. SLG is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.

10. These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest including shares received in connection with the distributions of shares of Class C Common Stock on October 8, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

11. In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated to certain employees and managing members of SLG or its affiliates, including Egon Durban. This amount reflects 63,154, 78, 36,638 and 149,173 shares held by SLTA SPV, SLTA IV, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the October 8, 2025 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

12. Represents shares of Class C Common Stock held by Mr. Durban immediately following the receipt of shares in connection with the distributions of shares of Class C Common Stock on October 8, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

13. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members, including shares received in connection with the distributions of shares of Class C Common Stock on October 8, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $149.0650 to $149.13 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $146.23 to $147.2284 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $147.2311 to $148.2309 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $148.2317 to $149.2306 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any. Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 4. Because no more than 30 transactions can be listed on each Table of the Form 4 filing, the Reporting Persons have filed separate Forms 4 reporting additional transactions.

By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C. 10/08/2025

By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P. 10/08/2025

By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P., general partner of Silver Lake Partners V DE (AIV), LP 10/08/2025

By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., gen. partner of Silver Lake Technology Associates V, L.P., gen. partner of Silver Lake Technology Investors V, L.P. 10/08/2025

** Signature of Reporting Person Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What transactions did Silver Lake affiliates report for DELL on 10/06–10/07/2025

They reported multiple sales of Class C common stock on 10/06/202510/07/2025 at weighted average prices ranging approximately $146.23 to $149.13 per share.

How many Class C shares were disposed or distributed according to the filing?

The filing shows large tranche dispositions and distributions, including a reported 1,166,822 share disposition line and additional pro rata distributions to affiliates on 10/08/2025

Were any shares converted between classes in these transactions?

Yes. The filing discloses conversions of Class B common stock into Class C common stock on 10/06–10/07/2025, increasing the number of Class C shares held by reporting vehicles.

Why were some received shares exempt from immediate reporting?

Pro rata in‑kind distributions on 10/08/2025 were treated as exempt under Rule 16a‑13 of the Exchange Act, so the receipt did not require immediate Form 4 reporting.

Who within Silver Lake is connected to these reported holdings in DELL?

The filing links the reporting partnerships to Silver Lake Group, L.L.C. and notes that Egon Durban, a Dell director, serves as a Co‑CEO and Managing Member of Silver Lake Group.

[Form 4] Dell Technologies Inc. Insider Trading Activity

Rhea-AI Filing Summary

Positive

Negative

Insights

FAQ

What transactions did Silver Lake affiliates report for DELL on 10/06–10/07/2025

How many Class C shares were disposed or distributed according to the filing?

Were any shares converted between classes in these transactions?

Why were some received shares exempt from immediate reporting?

Who within Silver Lake is connected to these reported holdings in DELL?

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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class C Common Stock	10/06/2025		S		291	D	$149.09⁽¹⁴⁾	84,394	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/06/2025		S		336	D	$149.09⁽¹⁴⁾	63,034	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/06/2025		S		173	D	$149.09⁽¹⁴⁾	40,082	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/06/2025		S		6	D	$149.09⁽¹⁴⁾	0	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/06/2025		S		3	D	$149.09⁽¹⁴⁾	0	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	10/07/2025		M⁽¹⁾⁽²⁾		262,733	A	⁽¹⁾⁽²⁾	347,127	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/07/2025		M⁽¹⁾⁽²⁾		269,709	A	⁽¹⁾⁽²⁾	332,743	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/07/2025		M⁽¹⁾⁽²⁾		145,992	A	⁽¹⁾⁽²⁾	186,074	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/07/2025		M⁽¹⁾⁽²⁾		3,968	A	⁽¹⁾⁽²⁾	3,968	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/07/2025		M⁽¹⁾⁽²⁾		1,790	A	⁽¹⁾⁽²⁾	1,790	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		4,635	D	$146.73⁽¹⁵⁾	342,492	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		5,356	D	$146.73⁽¹⁵⁾	327,387	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		2,746	D	$146.73⁽¹⁵⁾	183,328	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		102	D	$146.73⁽¹⁵⁾	3,866	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		46	D	$146.73⁽¹⁵⁾	1,744	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		11,023	D	$147.75⁽¹⁶⁾	331,469	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		12,739	D	$147.75⁽¹⁶⁾	314,648	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		6,530	D	$147.75⁽¹⁶⁾	176,799	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		243	D	$147.75⁽¹⁶⁾	3,623	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		110	D	$147.75⁽¹⁶⁾	1,634	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		39,347	D	$148.86⁽¹⁷⁾	292,122	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		45,472	D	$148.86⁽¹⁷⁾	269,176	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		23,309	D	$148.86⁽¹⁷⁾	153,490	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		868	D	$148.86⁽¹⁷⁾	2,754	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S		392	D	$148.86⁽¹⁷⁾	1,243	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock								2,366	I	Held through Silver Lake Group, L.L.C.⁽⁸⁾⁽⁹⁾
Class C Common Stock								2,055	I	See footnote⁽¹⁰⁾
Class C Common Stock								249,043	I	See footnote⁽¹¹⁾
Class C Common Stock								1,166,822	D⁽¹²⁾
Class C Common Stock								46,457	I	See footnote⁽¹³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	⁽²⁾	10/07/2025		M⁽¹⁾⁽²⁾			262,733	⁽²⁾	⁽²⁾	Class C Common Stock	262,733	$0	20,241,807	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	10/07/2025		M⁽¹⁾⁽²⁾			269,709	⁽²⁾	⁽²⁾	Class C Common Stock	269,709	$0	20,779,229	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	10/07/2025		M⁽¹⁾⁽²⁾			145,992	⁽²⁾	⁽²⁾	Class C Common Stock	145,992	$0	11,247,771	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	10/07/2025		M⁽¹⁾⁽²⁾			3,968	⁽²⁾	⁽²⁾	Class C Common Stock	3,968	$0	305,732	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	10/07/2025		M⁽¹⁾⁽²⁾			1,790	⁽²⁾	⁽²⁾	Class C Common Stock	1,790	$0	137,867	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾

	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C.	10/08/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P.	10/08/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P., general partner of Silver Lake Partners V DE (AIV), LP	10/08/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., gen. partner of Silver Lake Technology Associates V, L.P., gen. partner of Silver Lake Technology Investors V, L.P.	10/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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