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

Silver Lake, Durban sell Dell shares near $582

Dell Technologies Inc. (DELL) reported insider activity related to investment funds affiliated with Silver Lake and director Egon Durban on September 17, 2026.

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

Rhea-AI Filing Summary

Dell Technologies Inc. (DELL) reported insider activity related to investment funds affiliated with Silver Lake and director Egon Durban on September 17, 2026. Silver Lake entities converted 70,460 shares of Class B Common Stock into 70,460 shares of Class C Common Stock and then sold 52,488 Class C shares in multiple transactions through entities including Silver Lake Partners IV, L.P.

The sales occurred at weighted average prices within ranges generally between the high-$570s and low-$590s per share. Separately, 1,800 Class C shares were sold directly by Egon Durban at a weighted average price around $582.01 per share, leaving him with 1,383,800 Class C shares held directly. Silver Lake-affiliated entities continue to hold a large indirect position, including 25,178,277 Class B shares convertible into the same number of Class C shares. The reporting persons state they may be deemed beneficial owners only to the extent of their pecuniary interest and no Rule 10b5-1 trading plan is reported.

Positive

  • None.

Negative

  • None.
Insider Silver Lake Partners IV, L.P., Silver Lake Technology Associates IV, L.P., SLTA IV (GP), L.L.C., Silver Lake Group, L.L.C., Durban Egon
Role Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director
Sold 52,488 shs ($30.75M)
Approx. gross sale proceeds $30.75M
Type Security Shares Price Value
Exercise Class B Common Stock F2, F1, F3, F4 70,460 $0.00 $0.00
Exercise Class C Common Stock F1, F2, F3, F4 70,460 -- --
Sale Class C Common Stock F10, F3, F4 406 $577.60 $235K
Sale Class C Common Stock F11, F3, F4 243 $578.51 $141K
Sale Class C Common Stock F12, F3, F4 639 $579.59 $370K
Sale Class C Common Stock F13, F3, F4 608 $580.51 $353K
Sale Class C Common Stock F14, F3, F4 2,110 $581.52 $1.23M
Sale Class C Common Stock F15, F3, F4 2,655 $582.44 $1.55M
Sale Class C Common Stock F16, F3, F4 3,435 $583.49 $2.00M
Sale Class C Common Stock F17, F3, F4 7,892 $584.49 $4.61M
Sale Class C Common Stock F18, F3, F4 8,176 $585.47 $4.79M
Sale Class C Common Stock F19, F3, F4 6,980 $586.43 $4.09M
Sale Class C Common Stock F20, F3, F4 6,575 $587.51 $3.86M
Sale Class C Common Stock F21, F3, F4 4,688 $588.46 $2.76M
Sale Class C Common Stock F22, F3, F4 2,207 $589.56 $1.30M
Sale Class C Common Stock F23, F3, F4 2,909 $590.54 $1.72M
Sale Class C Common Stock F24, F3, F4 1,165 $591.24 $689K
Sale Class C Common Stock F25, F8 1,800 $582.01 $1.05M
holding Class B Common Stock F2, F27 -- -- --
holding Class C Common Stock F4, F5 -- -- --
holding Class C Common Stock F6 -- -- --
holding Class C Common Stock F7 -- -- --
holding Class C Common Stock F9 -- -- --
holding Class C Common Stock F26 -- -- --
Holdings After Transaction: Class B Common Stock — 16,383,751 contracts (Indirect, Held through Silver Lake Partners IV, L.P.); Class C Common Stock — 101,327 shares (Indirect, Held through Silver Lake Partners IV, L.P.); Class C Common Stock — 1,383,800 shares (Direct); Class B Common Stock — 25,178,277 contracts (Indirect, See footnote); Class C Common Stock — 3,215 shares (Indirect, Held through Silver Lake Group, L.L.C.); Class C Common Stock — 466,696 shares (Indirect, See footnote)
Footnotes (27)
  1. F1. 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 September 17, 2026.
  2. F2. 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 September 17, 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. F3. These securities are held by Silver Lake Partners IV, L.P. The general partner of Silver Lake Partners IV, L.P. is Silver Lake Technology Associates IV, L.P. and the general partner of Silver Lake Technology Associates IV, L.P. is SLTA IV (GP), L.L.C.
  4. F4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA IV (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as the CEO and a Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
  5. F5. Reflects shares of Class C Common Stock held by SLG.
  6. F6. Reflects shares of Class C Common Stock held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.
  7. F7. This amount reflects 41,375, 137,789, 35,426 and 24,766 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates.
  8. F8. Reflects shares of Class C Common Stock held directly by Mr. Durban.
  9. F9. Reflects shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
  10. F10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $577.3200 to $577.9000 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. F11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $578.4000 to $578.7450 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. F12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $579.0000 to $579.9500 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. F13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $580.0000 to $580.9800 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. F14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $581.0000 to $581.9300 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. F15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $582.0000 to $582.9300 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. F16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $583.0000 to $583.9900 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. F17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $584.0000 to $584.9900 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. F18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $585.0000 to $585.9900 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. F19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $586.0000 to $586.9600 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. F20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $587.0000 to $587.9600 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. F21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $588.0000 to $588.9700 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. F22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $589.0000 to $589.9600 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. F23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $590.0000 to $590.9000 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. F24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $591.0000 to $591.6400 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. F25. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $581.8100 to $582.2750 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. F26. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 114,714 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 59,331 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
  27. F27. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 15,960,011 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 8,868,504 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 241,058 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 108,704 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Class B shares converted 70,460 shares Class B Common Stock converted into Class C on September 17, 2026
Class C shares sold by Silver Lake entities 52,488 shares Net non-derivative sales on September 17, 2026 across multiple trades
Direct Class C sale by Egon Durban 1,800 shares at a weighted average around $582.01 per share Open-market or private sale on September 17, 2026
Durban direct Class C holdings after sale 1,383,800 shares Directly held Class C Common Stock following September 17, 2026 sale
Indirect Class B holdings (Silver Lake–affiliated) 25,178,277 shares Class B Common Stock indirectly held, each convertible into one Class C share
Exercise/Conversion shares 70,460 shares Derivative exercise/conversion of Class B into Class C reported in the filing
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.
pecuniary interest financial
"except to the extent of such Reporting Person's pecuniary interest therein"
convertible financial
"Each share of Class B Common Stock ... is convertible into one share of Class C"
A convertible is a type of investment that starts as a loan or preferred stake (like a bond or preferred share) but can be exchanged for common shares of the company at a set price or under certain conditions. It matters to investors because it offers a mix of steady income and downside protection like a loan, plus the upside of stock ownership if the company does well—similar to holding a coupon that you can trade for a full ticket if the event becomes valuable.
director by deputization regulatory
"Each of the Reporting Persons may be deemed a director by deputization"
indirect pecuniary interest financial
"may be deemed to have an indirect pecuniary interest"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Silver Lake affiliates do in Dell (DELL) stock on September 17, 2026?
Silver Lake–affiliated entities converted 70,460 Class B shares into 70,460 Class C shares of Dell Technologies and then sold 52,488 Class C shares in multiple transactions, all on September 17, 2026, largely through Silver Lake Partners IV, L.P.

At what prices were Dell (DELL) shares sold by the Silver Lake entities?
The 52,488 Class C shares of Dell Technologies were sold at weighted average prices across numerous trades, with price ranges in the footnotes generally between about $577.32 and $591.64 per share, depending on the specific transaction group.

What transaction did Egon Durban report in Dell (DELL) stock?
Egon Durban reported selling 1,800 shares of Class C Common Stock of Dell Technologies on September 17, 2026 at a weighted average price between $581.81 and $582.28 per share, and he held 1,383,800 Class C shares directly after this sale.

How many Dell (DELL) Class B shares do the Silver Lake entities report after these transactions?
After the reported transactions, Silver Lake–affiliated entities report indirect holdings including 25,178,277 shares of Class B Common Stock of Dell Technologies, each share being convertible into one Class C share with no expiration date.

Were the Dell (DELL) insider sales made under a Rule 10b5-1 trading plan?
The filing’s checkbox indicates no Rule 10b5-1 trading plan. The reporting persons did not affirm that the transactions in Dell Technologies stock were conducted pursuant to a pre-arranged Rule 10b5-1 plan.

Do Silver Lake and Egon Durban claim full beneficial ownership of these Dell (DELL) shares?
No. The reporting persons state that the filing should not be deemed an admission of beneficial ownership of all reported securities and that each disclaims beneficial ownership except to the extent of their pecuniary interest in the Dell Technologies shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →
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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 Partners IV, 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)
09/17/2026		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 Stock09/17/2026M(1)(2)70,460A(1)(2)152,015IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S406D$577.6(10)151,609IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S243D$578.51(11)151,366IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S639D$579.59(12)150,727IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S608D$580.51(13)150,119IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S2,110D$581.52(14)148,009IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S2,655D$582.44(15)145,354IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S3,435D$583.49(16)141,919IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S7,892D$584.49(17)134,027IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S8,176D$585.47(18)125,851IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S6,980D$586.43(19)118,871IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S6,575D$587.51(20)112,296IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S4,688D$588.46(21)107,607IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S2,207D$589.56(22)105,401IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S2,909D$590.54(23)102,492IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S1,165D$591.24(24)101,327IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class C Common Stock09/17/2026S1,800D$582.01(25)1,383,800D(8)
Class C Common Stock3,215IHeld through Silver Lake Group, L.L.C.(4)(5)
Class C Common Stock1,862ISee footnote(6)
Class C Common Stock239,356ISee footnote(7)
Class C Common Stock51,433ISee footnote(9)
Class C Common Stock174,045ISee footnote(26)
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)09/17/2026M(1)(2)70,460 (2) (2)Class C Common Stock70,460$016,383,751IHeld through Silver Lake Partners IV, L.P.(3)(4)
Class B Common Stock(2) (2) (2)Class C Common Stock25,178,27725,178,277ISee footnote(27)
1. Name and Address of Reporting Person*
Silver Lake Partners IV, 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 IV, 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 IV (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 September 17, 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 September 17, 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 held by Silver Lake Partners IV, L.P. The general partner of Silver Lake Partners IV, L.P. is Silver Lake Technology Associates IV, L.P. and the general partner of Silver Lake Technology Associates IV, L.P. is SLTA IV (GP), L.L.C.
4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA IV (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as the CEO and a Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
5. Reflects shares of Class C Common Stock held by SLG.
6. Reflects shares of Class C Common Stock held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.
7. This amount reflects 41,375, 137,789, 35,426 and 24,766 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates.
8. Reflects shares of Class C Common Stock held directly by Mr. Durban.
9. Reflects 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 $577.3200 to $577.9000 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 $578.4000 to $578.7450 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 $579.0000 to $579.9500 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 $580.0000 to $580.9800 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 $581.0000 to $581.9300 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 $582.0000 to $582.9300 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 $583.0000 to $583.9900 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 $584.0000 to $584.9900 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 $585.0000 to $585.9900 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 $586.0000 to $586.9600 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 $587.0000 to $587.9600 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 $588.0000 to $588.9700 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 $589.0000 to $589.9600 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 $590.0000 to $590.9000 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 $591.0000 to $591.6400 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 $581.8100 to $582.2750 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. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 114,714 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 59,331 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
27. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 15,960,011 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 8,868,504 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 241,058 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 108,704 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, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., general partner of Silver Lake Technology Associates IV, L.P., general partner of Silver Lake Partners IV, L.P.09/21/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., general partner of Silver Lake Technology Associates IV, L.P.09/21/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C.09/21/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C.09/21/2026
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban09/21/2026
** 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

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