[Form 4] Dell Technologies Inc. Insider Trading Activity

Rhea-AI Filing Summary

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.

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

Financial Analyst

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.

Corporate Governance Expert

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.

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.
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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.