STOCK TITAN

[Form 4] Dell Technologies Inc. Insider Trading Activity

Filing Impact
(High)
Filing Sentiment
(Very Negative)
Form Type
4

Multiple Silver Lake-related reporting persons converted Class B shares into Class C shares and sold sizable positions of Dell Technologies Inc. (DELL) stock across multiple transactions on September 17 and 18, 2025. The filing lists conversions of Class B to Class C at a one-for-one conversion and subsequent open-market sales by affiliated entities including SL SPV-2, Silver Lake Partners IV, Silver Lake Partners V, and certain Silver Lake technology investor vehicles. Sales were executed at weighted-average prices reported in ranges from $129.00 to $132.81 per share. The tables show post-transaction beneficial ownership for each vehicle (examples: SL SPV-2 ends with 276,929 Class C shares; Silver Lake Partners IV ends with 281,845; Silver Lake Partners V ends with 153,141), and disclosures identify Egon Durban as a director of Dell and a Co-CEO/managing member of Silver Lake, with certain shares held indirectly or for family trusts. The filing includes customary ownership-disclaimer language and cross-references entity relationships and general partners.

Diversi soggetti legati a Silver Lake hanno convertito azioni di Classe B in Classe C e venduto posizioni consistenti di Dell Technologies Inc. (DELL) in diverse operazioni tra il 17 e il 18 settembre 2025. La dichiarazione riporta conversioni da Classe B a Classe C in rapporto 1:1 e successive vendite sul mercato aperto da entità affiliate tra cui SL SPV-2, Silver Lake Partners IV, Silver Lake Partners V e alcuni veicoli di investitori tecnologici di Silver Lake. Le vendite sono state effettuate a prezzi medi ponderati riportati in intervalli da $129.00 a $132.81 per azione. Le tabelle mostrano la proprietà beneficiante post-trasazione per ogni veicolo (esempi: SL SPV-2 termina con 276,929 azioni Classe C; Silver Lake Partners IV termina con 281,845; Silver Lake Partners V termina con 153,141), e le comunicazioni identificano Egon Durban come direttore di Dell e Co-CEO/gestore associato di Silver Lake, con alcune azioni detenute indirettamente o per trust familiari. La dichiarazione include linguaggio usuale di disclaimer sulla proprietà e riferimenti incrociati tra relazioni tra entità e soci generali.

Personas relacionadas con Silver Lake que informan han convertido acciones de Clase B a Clase C y han vendido posiciones considerables de Dell Technologies Inc. (DELL) en varias transacciones los días 17 y 18 de septiembre de 2025. La presentación enumera conversiones de Clase B a Clase C en una proporción 1:1 y posteriores ventas en el mercado abierto por entidades afiliadas, incluidos SL SPV-2, Silver Lake Partners IV, Silver Lake Partners V y ciertos vehículos de inversores tecnológicos de Silver Lake. Las ventas se realizaron a precios medios ponderados reportados en rangos desde $129.00 a $132.81 por acción. Las tablas muestran la titularidad beneficiosa posterior a la transacción para cada vehículo (ejemplos: SL SPV-2 termina con 276,929 acciones Clase C; Silver Lake Partners IV con 281,845; Silver Lake Partners V con 153,141), y las divulgaciones identifican a Egon Durban como director de Dell y Co-CEO/gerente de Silver Lake, con ciertas acciones poseídas indirectamente o para fideicomisos familiares. La presentación incluye lenguaje de exención de propiedad habitual y referencias cruzadas a relaciones entre entidades y socios generales.

실버 레이크 관련 여러 보고자들이 클래스 B 주식을 클래스 C 주식으로 전환하고 2025년 9월 17일과 18일에 Dell Technologies Inc. (DELL) 주식의 상당한 포지션을 여러 건에 걸쳐 매도했습니다. 이 공시는 1대 1의 전환으로 클래스 B에서 클래스 C로의 전환과 이후의 신규 매도들이 SL SPV-2, Silver Lake Partners IV, Silver Lake Partners V 및 특정 Silver Lake 기술 투자 운용사들을 포함한 계열사들에 의해 이루어졌다고 나와 있습니다. 매도는 주당 $129.00에서 $132.81 사이의 가중평균 가격으로 이루어졌습니다. 표에는 각 운용체의 거래 후 수혜 소유가 표시되며(예: SL SPV-2는 최종 276,929 클래스 C 주식; Silver Lake Partners IV는 281,845; Silver Lake Partners V는 153,141), Egon Durban이 Dell의 이사이자 Silver Lake의 Co-CEO/관리 멤버임이 공개되어 있으며 일부 주식은 간접 보유되거나 가족 신탁을 통해 보유되고 있습니다. 본 공시는 일반적인 소유권 면책 조항과 엔터티 간 관계 및 일반 파트너에 대한 교차 참조를 포함하고 있습니다.

Plusieurs personnes liées à Silver Lake ont converti des actions de Classe B en Classe C et ont vendu d’importantes positions de Dell Technologies Inc. (DELL) lors de plusieurs transactions les 17 et 18 septembre 2025. Le dossier indique des conversions de Classe B à Classe C à raison de 1 pour 1, suivies de ventes sur le marché libre par des entités affiliées dont SL SPV-2, Silver Lake Partners IV, Silver Lake Partners V et certains véhicules d’investisseurs technologiques de Silver Lake. Les ventes ont été réalisées à des prix moyens pondérés dans des fourchettes allant de $129,00 à $132,81 par action. Les tableaux présentent la propriété bénéficiaire post-transaction pour chaque véhicule (exemples : SL SPV-2 se termine avec 276 929 actions Classe C ; Silver Lake Partners IV avec 281 845; Silver Lake Partners V avec 153 141), et les divulgations identifient Egon Durban comme administrateur de Dell et Co-PDG/gérant chez Silver Lake, avec certaines actions détenues indirectement ou par des fiducies familiales. Le dossier inclut un libellé standard de disclaimer sur la propriété et des références croisées entre les relations d’entité et les partenaires généraux.

Mehrere Silver Lake-bezogene Berichterstatter haben Class-B-Aktien in Class-C-Aktien umgewandelt und im Zeitraum 17. und 18. September 2025 beträchtliche Positionen von Dell Technologies Inc. (DELL) über mehrere Transaktionen verkauft. Die Einreichung listet 1:1-Umwandlungen von Class B zu Class C und anschließende Verkäufe im offenen Markt durch verbundene Einheiten, darunter SL SPV-2, Silver Lake Partners IV, Silver Lake Partners V und bestimmte Silver Lake-Technologie-Investor-Wäte. Die Verkäufe wurden zu gewichteten Durchschnittspreisen ausgeführt, die in Bereichen von $129.00 bis $132.81 pro Aktie angegeben sind. Die Tabellen zeigen das nach der Transaktion verbleibende Nutzungs-/Eigentum einer jeden Vehicle (Beispiele: SL SPV-2 endet mit 276.929 Class-C-Aktien; Silver Lake Partners IV endet mit 281.845; Silver Lake Partners V endet mit 153.141), und Offenlegungen identifizieren Egon Durban als Dell-Direktor und Co-CEO/Geschäftsführer von Silver Lake, mit bestimmten Anteilen, die indirekt oder für Familien Trusts gehalten werden. Die Einreichung enthält übliche Eigentums-Disclaimer-Formulierungen und verweist auf Beziehungen zwischen Entitäten und General Partnern.

قام عدد من الأشخاص المرتبطين بـ Silver Lake بتحويل أسهم من الفئة B إلى الفئة C وباعوا حصصاً كبيرة من أسهم Dell Technologies Inc. (DELL) عبر عدة معاملات في 17 و18 سبتمبر 2025. تُدرج الوثيقة تحولات من الفئة B إلى الفئة C بنسبة 1 من 1 ثم مبيعات لاحقة في السوق المفتوح من كيانات مرتبطة بما في ذلك SL SPV-2 وSilver Lake Partners IV وSilver Lake Partners V وبعض المركبات الاستثمارية التكنولوجية لـ Silver Lake. تمت المبيعات بأسعار وسطية مرجحة ضمن نطاق من $129.00 إلى $132.81 للسهم. تُظهر الجداول الملكية المستفَادة بعد المعاملة لكل مركبة (مثال: ينتهي SL SPV-2 بــ 276,929 سهماً من الفئة C؛ Silver Lake Partners IV بــ 281,845؛ Silver Lake Partners V بــ 153,141)، وتحدد الإفصاحات أن إيغون دوران نائب رئيس Dell والمدير المشارك/المدير التنفيذي لـ Silver Lake، مع وجود أسهم مملوكة بشكل غير مباشر أو للثقة العائلية. وتتضمن الوثيقة عبارات افصاح عن الملكية المعتادة ومراجع متبادلة للعلاقات بين الكيانات والشركاء العامين.

多名与 Silver Lake 相关的汇报人员将 B 级股转换为 C 级股,并在 2025 年 9 月 17 日和 18 日通过多笔交易出售了 Dell Technologies Inc.(DELL)的大额股票头寸。 申报中列出 B 转 C 的 1:1 转换,以及由关联实体(包括 SL SPV-2、Silver Lake Partners IV、Silver Lake Partners V 及某些 Silver Lake 技术投资工具)在随后以市场公开交易出售。销售以加权平均价格执行,区间为 $129.00 至 $132.81 每股。表格显示每个投资工具交易后的受益所有权(例如:SL SPV-2 以 276,929 股 C 类股告终;Silver Lake Partners IV 为 281,845;Silver Lake Partners V 为 153,141),披露指出 Egon Durban 为 Dell 的董事以及 Silver Lake 的联合首席执行官/管理成员,部分股票以间接方式或通过家族信托持有。申报包含通常的所有权免责声明语言,并交叉引用实体关系及普通合伙人。

Positive
  • None.
Negative
  • Substantial open-market sales of Dell Class C shares by multiple Silver Lake-related entities at prices between $129.00 and $132.81, reducing those entities' post-transaction holdings.
  • Concentration of transactions executed by affiliated funds and vehicles associated with a company director (Egon Durban), which may be viewed as material insider disposition activity.

Insights

TL;DR: Large affiliated fund conversions and multi-price sales reduced several Silver Lake entities' Class C holdings; sales occurred across $129–$132.81 ranges.

The Form 4 shows coordinated activity by multiple Silver Lake-related entities converting Class B into Class C shares (one-for-one) and selling converted Class C shares in multiple transactions. The disclosure includes weighted-average price ranges and post-sale ownership by entity, enabling calculation of remaining stakes by each vehicle. For investors, the filing documents significant liquidity events by the sponsor vehicles rather than operating results; the materiality depends on aggregate shares relative to Dell's public float, which is not provided here.

TL;DR: Director-affiliated entities executed structured conversions and open-market dispositions; disclosure clarifies indirect ownership and delegation relationships.

The filing carefully details entity relationships, general partners, and the reporting chain, and includes explicit disclaimers about beneficial ownership limited to pecuniary interests. It identifies Egon Durban's roles and quantifies shares held directly, indirectly, and in trust. From a governance perspective, the record provides transparent mapping of control and transfers, meeting SEC Form 4 disclosure expectations.

Diversi soggetti legati a Silver Lake hanno convertito azioni di Classe B in Classe C e venduto posizioni consistenti di Dell Technologies Inc. (DELL) in diverse operazioni tra il 17 e il 18 settembre 2025. La dichiarazione riporta conversioni da Classe B a Classe C in rapporto 1:1 e successive vendite sul mercato aperto da entità affiliate tra cui SL SPV-2, Silver Lake Partners IV, Silver Lake Partners V e alcuni veicoli di investitori tecnologici di Silver Lake. Le vendite sono state effettuate a prezzi medi ponderati riportati in intervalli da $129.00 a $132.81 per azione. Le tabelle mostrano la proprietà beneficiante post-trasazione per ogni veicolo (esempi: SL SPV-2 termina con 276,929 azioni Classe C; Silver Lake Partners IV termina con 281,845; Silver Lake Partners V termina con 153,141), e le comunicazioni identificano Egon Durban come direttore di Dell e Co-CEO/gestore associato di Silver Lake, con alcune azioni detenute indirettamente o per trust familiari. La dichiarazione include linguaggio usuale di disclaimer sulla proprietà e riferimenti incrociati tra relazioni tra entità e soci generali.

Personas relacionadas con Silver Lake que informan han convertido acciones de Clase B a Clase C y han vendido posiciones considerables de Dell Technologies Inc. (DELL) en varias transacciones los días 17 y 18 de septiembre de 2025. La presentación enumera conversiones de Clase B a Clase C en una proporción 1:1 y posteriores ventas en el mercado abierto por entidades afiliadas, incluidos SL SPV-2, Silver Lake Partners IV, Silver Lake Partners V y ciertos vehículos de inversores tecnológicos de Silver Lake. Las ventas se realizaron a precios medios ponderados reportados en rangos desde $129.00 a $132.81 por acción. Las tablas muestran la titularidad beneficiosa posterior a la transacción para cada vehículo (ejemplos: SL SPV-2 termina con 276,929 acciones Clase C; Silver Lake Partners IV con 281,845; Silver Lake Partners V con 153,141), y las divulgaciones identifican a Egon Durban como director de Dell y Co-CEO/gerente de Silver Lake, con ciertas acciones poseídas indirectamente o para fideicomisos familiares. La presentación incluye lenguaje de exención de propiedad habitual y referencias cruzadas a relaciones entre entidades y socios generales.

실버 레이크 관련 여러 보고자들이 클래스 B 주식을 클래스 C 주식으로 전환하고 2025년 9월 17일과 18일에 Dell Technologies Inc. (DELL) 주식의 상당한 포지션을 여러 건에 걸쳐 매도했습니다. 이 공시는 1대 1의 전환으로 클래스 B에서 클래스 C로의 전환과 이후의 신규 매도들이 SL SPV-2, Silver Lake Partners IV, Silver Lake Partners V 및 특정 Silver Lake 기술 투자 운용사들을 포함한 계열사들에 의해 이루어졌다고 나와 있습니다. 매도는 주당 $129.00에서 $132.81 사이의 가중평균 가격으로 이루어졌습니다. 표에는 각 운용체의 거래 후 수혜 소유가 표시되며(예: SL SPV-2는 최종 276,929 클래스 C 주식; Silver Lake Partners IV는 281,845; Silver Lake Partners V는 153,141), Egon Durban이 Dell의 이사이자 Silver Lake의 Co-CEO/관리 멤버임이 공개되어 있으며 일부 주식은 간접 보유되거나 가족 신탁을 통해 보유되고 있습니다. 본 공시는 일반적인 소유권 면책 조항과 엔터티 간 관계 및 일반 파트너에 대한 교차 참조를 포함하고 있습니다.

Plusieurs personnes liées à Silver Lake ont converti des actions de Classe B en Classe C et ont vendu d’importantes positions de Dell Technologies Inc. (DELL) lors de plusieurs transactions les 17 et 18 septembre 2025. Le dossier indique des conversions de Classe B à Classe C à raison de 1 pour 1, suivies de ventes sur le marché libre par des entités affiliées dont SL SPV-2, Silver Lake Partners IV, Silver Lake Partners V et certains véhicules d’investisseurs technologiques de Silver Lake. Les ventes ont été réalisées à des prix moyens pondérés dans des fourchettes allant de $129,00 à $132,81 par action. Les tableaux présentent la propriété bénéficiaire post-transaction pour chaque véhicule (exemples : SL SPV-2 se termine avec 276 929 actions Classe C ; Silver Lake Partners IV avec 281 845; Silver Lake Partners V avec 153 141), et les divulgations identifient Egon Durban comme administrateur de Dell et Co-PDG/gérant chez Silver Lake, avec certaines actions détenues indirectement ou par des fiducies familiales. Le dossier inclut un libellé standard de disclaimer sur la propriété et des références croisées entre les relations d’entité et les partenaires généraux.

Mehrere Silver Lake-bezogene Berichterstatter haben Class-B-Aktien in Class-C-Aktien umgewandelt und im Zeitraum 17. und 18. September 2025 beträchtliche Positionen von Dell Technologies Inc. (DELL) über mehrere Transaktionen verkauft. Die Einreichung listet 1:1-Umwandlungen von Class B zu Class C und anschließende Verkäufe im offenen Markt durch verbundene Einheiten, darunter SL SPV-2, Silver Lake Partners IV, Silver Lake Partners V und bestimmte Silver Lake-Technologie-Investor-Wäte. Die Verkäufe wurden zu gewichteten Durchschnittspreisen ausgeführt, die in Bereichen von $129.00 bis $132.81 pro Aktie angegeben sind. Die Tabellen zeigen das nach der Transaktion verbleibende Nutzungs-/Eigentum einer jeden Vehicle (Beispiele: SL SPV-2 endet mit 276.929 Class-C-Aktien; Silver Lake Partners IV endet mit 281.845; Silver Lake Partners V endet mit 153.141), und Offenlegungen identifizieren Egon Durban als Dell-Direktor und Co-CEO/Geschäftsführer von Silver Lake, mit bestimmten Anteilen, die indirekt oder für Familien Trusts gehalten werden. Die Einreichung enthält übliche Eigentums-Disclaimer-Formulierungen und verweist auf Beziehungen zwischen Entitäten und General Partnern.

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
SLTA IV (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)
09/17/2025
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 09/17/2025 M(1)(2) 295,589 A (1)(2) 295,589 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/17/2025 M(1)(2) 303,437 A (1)(2) 303,437 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/17/2025 M(1)(2) 164,250 A (1)(2) 164,250 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 09/17/2025 M(1)(2) 4,465 A (1)(2) 4,465 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 09/17/2025 M(1)(2) 2,013 A (1)(2) 2,013 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 09/17/2025 S 18,660 D $129.62(14) 276,929 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/17/2025 S 21,592 D $129.62(14) 281,845 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/17/2025 S 11,109 D $129.62(14) 153,141 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 09/17/2025 S 411 D $129.62(14) 4,054 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 09/17/2025 S 185 D $129.62(14) 1,828 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 09/17/2025 S 144,904 D $130.2(15) 132,025 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/17/2025 S 167,676 D $130.2(15) 114,168 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/17/2025 S 86,269 D $130.2(15) 66,872 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 09/17/2025 S 3,189 D $130.2(15) 866 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 09/17/2025 S 1,438 D $130.2(15) 390 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 09/17/2025 S 36,710 D $131.51(16) 95,315 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/17/2025 S 42,479 D $131.51(16) 71,689 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/17/2025 S 21,855 D $131.51(16) 45,017 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 09/17/2025 S 808 D $131.51(16) 58 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 09/17/2025 S 364 D $131.51(16) 26 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 09/17/2025 S 2,640 D $132.37(17) 92,675 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/17/2025 S 3,055 D $132.37(17) 68,634 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/17/2025 S 1,572 D $132.37(17) 43,445 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 09/17/2025 S 58 D $132.37(17) 0 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 09/17/2025 S 26 D $132.37(17) 0 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 1,400 I Held through Silver Lake Group, L.L.C.(8)(9)
Class C Common Stock 92,022 I See footnote(10)
Class C Common Stock 1,037,466 D(11)
Class C Common Stock 42,515 I See footnote(12)
Class C Common Stock 1,202 I See footnote(13)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class B Common Stock (2) 09/17/2025 M(1)(2) 295,589 (2) (2) Class C Common Stock 295,589 $0 21,934,121 I Held through SL SPV-2, L.P.(3)(9)
Class B Common Stock (2) 09/17/2025 M(1)(2) 303,437 (2) (2) Class C Common Stock 303,437 $0 22,516,473 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class B Common Stock (2) 09/17/2025 M(1)(2) 164,250 (2) (2) Class C Common Stock 164,250 $0 12,188,138 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class B Common Stock (2) 09/17/2025 M(1)(2) 4,465 (2) (2) Class C Common Stock 4,465 $0 331,292 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class B Common Stock (2) 09/17/2025 M(1)(2) 2,013 (2) (2) Class C Common Stock 2,013 $0 149,393 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
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 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 Group, 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 IV, 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 IV, 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 IV, 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*
SLTA SPV-2 (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*
SLTA SPV-2, 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*
SL SPV-2, 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*
Durban Egon

(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 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 September 17, 2025 and September 18, 2025.
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, 2025 and September 18, 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 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").
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. This amount reflects 33,586, 18,855, 21 and 39,560 shares held by SLTA SPV-2, L.P., SLTA V, SLTA IV and SLG, respectively, on behalf of such individuals.
11. Represents shares of Class C Common Stock held by Mr. Durban.
12. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
13. These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.
14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $129.00 to $129.99 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 $130.00 to $130.9957 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 $131.00 to $131.998 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 $132.0006 to $132.81 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. 09/19/2025
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C. 09/19/2025
By: /s/ Justin G. Hamill, Managing Director and 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. 09/19/2025
By: /s/ Justin G. Hamill, Managing Director and 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. 09/19/2025
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., GP of Silver Lake Technology Associates IV, L.P., GP of Silver Lake Technology Investors IV, L.P. 09/19/2025
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C. 09/19/2025
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C., general partner of SLTA SPV-2, L.P. 09/19/2025
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C., general partner of SLTA SPV-2, L.P., general partner of SL SPV-2, L.P. 09/19/2025
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban 09/19/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Silver Lake entities file on Form 4 for DELL?

They reported conversions of Class B into Class C common stock and multiple open-market sales of Class C shares by affiliated entities, with weighted-average prices in ranges from $129.00 to $132.81.

Which Silver Lake entities sold Dell (DELL) shares and what holdings remained?

Affiliated vehicles including SL SPV-2, Silver Lake Partners IV, Silver Lake Partners V, and Silver Lake technology investor funds sold shares; post-transaction holdings are listed per entity (examples: SL SPV-2: 276,929 Class C shares; SLP IV: 281,845; SLP V: 153,141 as shown in the filing).

Were the sales tied to conversions of other share classes?

Yes. The filing states certain Class B shares were converted into Class C shares on a one-for-one basis and those Class C shares were sold in connection with the transactions.

Does the filing identify any individual director or executive?

Yes. The filing identifies Egon Durban as a director of the issuer and as Co-CEO and Managing Member of Silver Lake Group, and it discloses shares held directly, indirectly, and in trusts associated with him.

What price information is provided for the sales reported?

The filing reports weighted-average sale prices and discloses that sales occurred across multiple transactions at price ranges of $129.00–$129.99, $130.00–$130.9957, $131.00–$131.998, and $132.0006–$132.81 per share.
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