[Form 4] Dell Technologies Inc. Insider Trading Activity

Rhea-AI Filing Summary

SLTA V (GP), L.L.C. and affiliated Silver Lake entities reported multiple disposals of Class C Common Stock of Dell Technologies Inc. (DELL) on October 1–2, 2025. The filings show share sales at weighted average prices in ranges around $146.03–$148.77 per share and the initiation of pro rata in‑kind distributions of Class C shares on October 2, 2025. Certain Reporting Persons converted Class B shares into Class C shares on October 1, 2025 in connection with those sales and distributions. The filing identifies Egon Durban as a director of the issuer and Co‑CEO and Managing Member of Silver Lake Group; it discloses shares held or received by various Silver Lake entities and certain individuals, and states that many receipts were exempt from reporting under Rule 16a‑13.

Positive

• None.

Negative

• Multiple disposals of Class C Common Stock by Silver Lake entities on Oct 1–2, 2025, at weighted average prices between $146.03 and $148.77
• Pro rata in‑kind distributions of Class C shares initiated on Oct 2, 2025, which shifted holdings among Silver Lake entities and certain individuals
• Conversions of Class B to Class C shares occurred on Oct 1, 2025 in connection with sales and distributions, altering the class composition of reported holdings

Insights

Corporate Governance Analyst

Multiple sales and in‑kind distributions by Silver Lake entities on Oct 1–2, 2025.

The Form 4 reports several disposals of Class C Common Stock executed by Silver Lake partnerships at weighted average prices within the $146.03–$148.77 range.

The filing also documents pro rata in‑kind distributions of Class C shares initiated on October 2, 2025, and conversions of Class B into Class C shares on October 1, 2025. The report names Egon Durban as an issuer director and Silver Lake Co‑CEO, and notes certain receipts were exempt under Rule 16a‑13.

Insider Transactions Specialist

Insider selling occurred across multiple entities with specific price ranges disclosed.

The transaction lines list discrete sales by SL SPV‑2, SLP IV, SLP V and related vehicles and show the weighted average price ranges for those sales. The Form discloses that some shares were distributed pro rata to employees and managing members and that reporting exemptions applied to those receipts.

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

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

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)
10/01/2025

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	10/01/2025		S		78,378	D	$147.09(14)	83,864	I	Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock	10/01/2025		S		90,330	D	$147.09(14)	62,953	I	Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock	10/01/2025		S		46,338	D	$147.09(14)	40,073	I	Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock	10/01/2025		S		1,724	D	$147.09(14)	1	I	Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock	10/01/2025		S		777	D	$147.09(14)	0	I	Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock	10/01/2025		S		37	D	$148.76(15)	83,827	I	Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock	10/01/2025		S		42	D	$148.76(15)	62,911	I	Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock	10/01/2025		S		22	D	$148.76(15)	40,051	I	Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock	10/01/2025		S		1	D	$148.76(15)	0	I	Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock	10/02/2025		J(1)(2)		83,827	D	(1)	0	I	Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock	10/02/2025		J(1)(2)		62,911	D	(1)	0	I	Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock	10/02/2025		J(1)(2)		40,051	D	(1)	0	I	Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock	10/02/2025		S		1,188	D	$146.07(16)	0	I	Held through Silver Lake Group, L.L.C.(8)(9)
Class C Common Stock	10/02/2025		S		1,032	D	$146.07(16)	0	I	See footnote(10)
Class C Common Stock								206,873	I	See footnote(11)
Class C Common Stock								1,132,134	D(12)
Class C Common Stock								45,396	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

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 1, 2025 and initiated in-kind distributions of shares of Class C Common Stock on October 2, 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 1, 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 2, 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 2, 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 55,147, 31,825, 62 and 119,839 shares held by SLTA SPV-2, L.P., SLTA V, SLTA IV and SLG, respectively, on behalf of such individuals, including shares distributed in the October 2, 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 2, 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 2, 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 $146.96 to $147.5336 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 $148.76 to $148.77 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 $146.03 to $146.13 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.

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 a separate Form 4. Because no more than 30 transactions can be listed on each Table of the Form 4 filing, the Reporting Persons have filed a separate Form 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.	10/03/2025
	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.	10/03/2025
	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	10/03/2025
	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.	10/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider activity did Silver Lake report for DELL on Oct 1–2, 2025?

Silver Lake entities reported multiple sales of DELL Class C Common Stock on Oct 1–2, 2025 and initiated pro rata in‑kind distributions of Class C shares on Oct 2, 2025.

At what prices were the DELL shares sold in the Form 4?

The filing shows weighted average sale prices in ranges of approximately $146.03–$146.13, $146.96–$147.5336, and $148.76–$148.77 per share.

Did any conversions between share classes occur in these transactions?

Yes. The Form states certain holders converted Class B Common Stock into an equal number of Class C Common Stock on Oct 1, 2025 in connection with the sales and distributions.

Who at Silver Lake is identified in the filing and what are their roles?

The filing identifies Egon Durban as a director of Dell and as Co‑CEO and Managing Member of Silver Lake Group (SLG). SLG is the managing member of several reporting entities.

Were any of the received shares exempt from reporting?

Yes. The receipt of certain Class C shares by Reporting Persons and individuals in the distributions was stated to be exempt from reporting under Rule 16a‑13 of the Exchange Act.