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  4. [Form 4] Dell Technologies Inc. Insider Trading Activity

Dell Technologies (NYSE: DELL) sees Silver Lake funds sell 635 shares, convert 637

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Silver Lake affiliates reported small Dell Technologies Inc. equity trades. On July 8, 2026, entities affiliated with Silver Lake, including Silver Lake Technology Investors V, L.P., sold 635 shares of Dell Class C Common Stock in open-market transactions at prices generally between about $419.54 and $438.28 per share. In connection with these sales, they also converted 637 shares of Class B Common Stock into an equal number of Class C shares, at a stated exercise price of $0.00 per share. After these transactions, Silver Lake-related entities continued to hold a large indirect position in 43,750,084 shares of Class B Common Stock, each convertible into one share of Class C Common Stock.

Positive

  • None.

Negative

  • None.

Insights

Silver Lake made very small net Dell share sales alongside a matching conversion.

Entities affiliated with Silver Lake reported selling 635 shares of Dell Class C Common Stock on July 8, 2026, at weighted average prices ranging from about $419.54 to $438.28 per share. These trades are attributed primarily to Silver Lake Technology Investors V, L.P. and related funds, not to Egon Durban personally.

On the same date, certain reporting persons converted 637 shares of Class B Common Stock into an equal number of Class C shares at an exercise price of $0.00 per share, in connection with the sales. Following these moves, Silver Lake affiliates still indirectly hold 43,750,084 Class B shares, each convertible one-for-one into Class C, so the activity represents only a minimal change relative to their overall position.

Insider Silver Lake Technology Investors V, L.P., Silver Lake Technology Associates V, L.P., SLTA V (GP), L.L.C., Silver Lake Group, L.L.C., Durban Egon
Role null | null | null | null | null
Sold 635 shs ($271K)
Type Security Shares Price Value
Exercise Class B Common Stock 637 $0.00 --
Exercise Class C Common Stock 637 $0.00 --
Sale Class C Common Stock 46 $420.21 $19K
Sale Class C Common Stock 105 $420.99 $44K
Sale Class C Common Stock 49 $421.96 $21K
Sale Class C Common Stock 27 $422.96 $11K
Sale Class C Common Stock 34 $424.05 $14K
Sale Class C Common Stock 30 $425.11 $13K
Sale Class C Common Stock 13 $426.14 $6K
Sale Class C Common Stock 13 $427.19 $6K
Sale Class C Common Stock 37 $428.20 $16K
Sale Class C Common Stock 35 $429.16 $15K
Sale Class C Common Stock 36 $430.23 $15K
Sale Class C Common Stock 53 $431.15 $23K
Sale Class C Common Stock 51 $432.29 $22K
Sale Class C Common Stock 40 $433.20 $17K
Sale Class C Common Stock 17 $434.18 $7K
Sale Class C Common Stock 15 $435.23 $7K
Sale Class C Common Stock 19 $436.33 $8K
Sale Class C Common Stock 14 $437.13 $6K
Sale Class C Common Stock 1 $438.00 $438.00
holding Class B Common Stock -- -- --
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
Holdings After Transaction: Class B Common Stock — 114,727 shares (Indirect, Held through Silver Lake Technology Investors V, L.P.); Class C Common Stock — 637 shares (Indirect, Held through Silver Lake Technology Investors V, L.P.); Class C Common Stock — 1,374,245 shares (Direct, null)
Footnotes (1)
  1. Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. 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 July 8, 2026. 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 July 8, 2026, 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 described in footnote (1) above. 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 Silver Lake Technology Associates V, L.P. and the general partner of Silver Lake Technology Associates V, L.P. is SLTA V (GP), L.L.C. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA V (GP), L.L.C. 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. RESERVED RESERVED This amount reflects 29,494, 11,109, 28,109, 81,500 and 126 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P., SLG and Silver Lake Secondary Holdings L.P., respectively, on behalf of certain employees and managing members of SLG or its affiliates. Represents shares of Class C Common Stock held directly by Mr. Durban. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $419.5400 to $420.5300 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $420.5400 to $421.5100 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $421.5400 to $422.5302 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $422.5400 to $423.5200 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $423.5679 to $424.5340 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $424.5904 to $425.5890 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $425.5900 to $426.5840 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $426.6523 to $427.6200 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $427.7000 to $428.6900 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $428.7000 to $429.6900 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $429.7000 to $430.6700 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $430.7000 to $431.6900 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $431.7167 to $432.7000 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $432.7133 to $433.6700 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $433.7300 to $434.7268 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $434.7400 to $435.7349 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $435.7604 to $436.7300 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $436.7978 to $437.5863 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $437.8600 to $438.2800 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. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 60,551 shares of Class C Common Stock, Silver Lake Partners IV, L.P. directly holds 46,192 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 29,840 shares of Class C Common Stock, and Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,844,290 shares of Class B Common Stock, Silver Lake Partners IV, L.P., directly holds 17,291,507 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 9,359,872 shares of Class B Common Stock, and Silver Lake Technology Investors IV, L.P. directly holds 254,415 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Shares sold 635 shares of Class C Common Stock Open-market transactions on July 8, 2026 by Silver Lake-affiliated entities
Shares converted 637 shares of Class B Common Stock Converted into 637 shares of Class C Common Stock on July 8, 2026
Exercise price $0.00 per share Conversion of Class B Common Stock into Class C Common Stock
Price range of sales $419.5400 to $438.2800 per share Weighted average price ranges across multiple sale blocks reported in footnotes
Indirect Class B holdings 43,750,084 shares of Class B Common Stock Underlying shares in derivative position, each convertible into one Class C share
Class B Common Stock financial
"Each share of Class B Common Stock, par value $0.01 per share of the Issuer"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
Class C Common Stock financial
"shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock")"
A class C common stock is a type of company share that usually represents ownership but often carries limited or no voting power compared with other share classes. For investors, that matters because it can affect influence over company decisions and sometimes the stock’s price or dividend priority — think of it as owning a ticket to the same event but in a section with less say in how the event is run.
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
beneficially owned indirectly financial
"Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban"
director by deputization regulatory
"Each of the Reporting Persons may be deemed a director by deputization of the Issuer."
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Form 4 Insider Transactions: What Each Field Means →

FAQ

What did Silver Lake report in its Dell (DELL) Form 4 filing for July 8, 2026?
Silver Lake-related entities reported open-market sales of 635 shares of Dell Class C Common Stock on July 8, 2026, along with a conversion of 637 Class B shares into Class C shares connected to those sales.

How many Dell (DELL) shares did Silver Lake sell and at what prices?
Silver Lake-affiliated entities sold 635 shares of Class C Common Stock in multiple transactions. Footnotes state these shares were sold at weighted average prices in ranges from about $419.54 up to $438.28 per share across different trade blocks.

What is the Dell (DELL) Class B to Class C conversion disclosed by Silver Lake?
The filing states that each Class B share is convertible one-for-one into a Class C share with no expiration date. On July 8, 2026, certain reporting persons converted 637 Class B shares into 637 Class C shares in connection with the reported sales.

How many Dell (DELL) Class B shares do Silver Lake affiliates still hold after these transactions?
After the July 8, 2026 transactions, a Silver Lake-related entity indirectly holds derivative interests over 43,750,084 shares of Class B Common Stock, each convertible into one share of Class C Common Stock, according to the derivative holdings summary.

Are the Dell (DELL) transactions attributed directly to Egon Durban in this Form 4?
The filing explains that the reported trades primarily involve Silver Lake Technology Investors V, L.P. and related entities. Egon Durban is identified as a director and managing member of a managing entity, but the securities are held by the Silver Lake funds referenced in the footnotes.
SEC Form 4
FORM 4UNITED 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*
Silver Lake Technology Investors V, L.P.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
07/08/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Class C Common Stock07/08/2026M(1)(2)637A(1)(2)637IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S46D$420.21(10)591IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S105D$420.99(11)486IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S49D$421.96(12)437IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S27D$422.96(13)410IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S34D$424.05(14)376IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S30D$425.11(15)345IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S13D$426.14(16)333IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S13D$427.19(17)320IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S37D$428.2(18)283IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S35D$429.16(19)248IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S36D$430.23(20)212IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S53D$431.15(21)158IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S51D$432.29(22)107IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S40D$433.2(23)67IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S17D$434.18(24)50IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S15D$435.23(25)35IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S19D$436.33(26)16IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S14D$437.13(27)1IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock07/08/2026S1D$438(28)0IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class C Common Stock150,338ISee footnotes(5)(6)(7)
Class C Common Stock1,374,245D(8)
Class C Common Stock49,237ISee footnote(9)
Class C Common Stock136,583ISee footnote(29)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Class B Common Stock(2)07/08/2026M(1)(2)637 (2) (2)Class C Common Stock637$0114,727IHeld through Silver Lake Technology Investors V, L.P.(3)(4)
Class B Common Stock(2) (2) (2)Class C Common Stock43,750,08443,750,084ISee footnote(30)
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 CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% 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 CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
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 CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Group, L.L.C.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Durban Egon
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirector10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. 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 July 8, 2026.
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 July 8, 2026, 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 described in footnote (1) above.
3. 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 Silver Lake Technology Associates V, L.P. and the general partner of Silver Lake Technology Associates V, L.P. is SLTA V (GP), L.L.C.
4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA V (GP), L.L.C. 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.
5. RESERVED
6. RESERVED
7. This amount reflects 29,494, 11,109, 28,109, 81,500 and 126 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P., SLG and Silver Lake Secondary Holdings L.P., respectively, on behalf of certain employees and managing members of SLG or its affiliates.
8. Represents shares of Class C Common Stock held directly by Mr. Durban.
9. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $419.5400 to $420.5300 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.
11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $420.5400 to $421.5100 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.
12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $421.5400 to $422.5302 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.
13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $422.5400 to $423.5200 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.
14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $423.5679 to $424.5340 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 $424.5904 to $425.5890 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 $425.5900 to $426.5840 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 $426.6523 to $427.6200 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.
18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $427.7000 to $428.6900 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.
19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $428.7000 to $429.6900 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.
20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $429.7000 to $430.6700 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.
21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $430.7000 to $431.6900 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.
22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $431.7167 to $432.7000 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.
23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $432.7133 to $433.6700 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.
24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $433.7300 to $434.7268 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.
25. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $434.7400 to $435.7349 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.
26. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $435.7604 to $436.7300 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.
27. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $436.7978 to $437.5863 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.
28. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $437.8600 to $438.2800 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.
29. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 60,551 shares of Class C Common Stock, Silver Lake Partners IV, L.P. directly holds 46,192 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 29,840 shares of Class C Common Stock, and Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
30. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,844,290 shares of Class B Common Stock, Silver Lake Partners IV, L.P., directly holds 17,291,507 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 9,359,872 shares of Class B Common Stock, and Silver Lake Technology Investors IV, L.P. directly holds 254,415 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
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. Due to certain reporting restrictions including that no more than 30 transactions can be listed on each Table of the Form 4 filing and 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 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., gen. partner of Silver Lake Technology Associates V, L.P., gen. partner of Silver Lake Technology Investors V, L.P.07/10/2026
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.07/10/2026
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.07/10/2026
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C.07/10/2026
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban07/10/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR