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

Silver Lake affiliates convert and sell Dell shares at $145–$149

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

Rhea-AI Filing Summary

Insiders tied to Silver Lake completed multiple conversions, sales and pro rata distributions of Dell Technologies Class B and Class C shares on 10/06/2025 through 10/08/2025. Several Silver Lake entities converted Class B into Class C shares and sold Class C shares across price bands from $145.01 to $149.06 per share, reporting weighted average sale prices of $145.86, $146.25, $147.39 and $148.41. Aggregate disposals include 1,166,822 shares reported as sold and multiple purchases/conversions totaling reported additions of Class C stock to affiliated vehicles and pro rata distributions to employees and managing members. The filing is jointly reported and states many receipt transactions were exempt from reporting under Rule 16a-13.

Positive

  • Detailed price ranges disclosed (sales reported across $145.01–$149.06) aiding transparency
  • Pro rata distributions documented with Rule 16a-13 exemptions noted for employee/manager receipts
  • Joint filing and signatures provided from authorized Silver Lake representative ensuring formality and compliance

Negative

  • Substantial disposals reported: 1,166,822 Class C shares listed as sold, reducing affiliated holdings
  • Large transfers and distributions change beneficial ownership concentrations across multiple Silver Lake entities
  • Multiple filings required due to EDGAR limits, which may complicate consolidated tracking of all related transactions

Insights

Large affiliated sales and in-kind distributions occurred while maintaining disclosure compliance.

The reporting shows affiliated funds and related entities converted Class B into Class C shares and sold substantial Class C holdings across multiple price ranges on 10/06/2025 and 10/07/2025

The transactions include pro rata distributions to employees and managing members on 10/08/2025, and the filing repeatedly cites Rule 16a-13 exemptions for those receipts; monitor any future Forms 4 for follow-up sales or additional exempt distributions over the next few weeks.

Investors receive clear prices and volumes for affiliated sales, aiding transparency.

The Form lists weighted-average sale prices between $145.86 and $148.41 and reports aggregate reported disposals of 1,166,822 Class C shares; ownership balances after each sale are shown by entity, enabling precise tracking of shifting beneficial ownership.

Watch subsequent disclosure for whether the distributed shares to individuals are later sold or retained; near-term updates would appear in additional Form 4 filings or the issuer's beneficial ownership statements.

Insider SLTA IV (GP), L.L.C., Silver Lake Group, L.L.C., Silver Lake Technology Associates IV, L.P., Silver Lake Partners IV, L.P., Silver Lake Technology Investors IV, L.P., SLTA SPV-2 (GP), L.L.C., SLTA SPV-2, L.P., SL SPV-2, L.P., Durban Egon
Role Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director
Sold 509,191 shs ($74.40M)
Type Security Shares Price Value
Exercise Class B Common Stock 267,847 $0.00 --
Exercise Class B Common Stock 274,958 $0.00 --
Exercise Class B Common Stock 148,835 $0.00 --
Exercise Class B Common Stock 4,046 $0.00 --
Exercise Class B Common Stock 1,824 $0.00 --
Exercise Class C Common Stock 267,847 $0.00 --
Exercise Class C Common Stock 274,958 $0.00 --
Exercise Class C Common Stock 148,835 $0.00 --
Exercise Class C Common Stock 4,046 $0.00 --
Exercise Class C Common Stock 1,824 $0.00 --
Sale Class C Common Stock 71,470 $145.86 $10.42M
Sale Class C Common Stock 82,562 $145.86 $12.04M
Sale Class C Common Stock 42,368 $145.86 $6.18M
Sale Class C Common Stock 1,576 $145.86 $230K
Sale Class C Common Stock 711 $145.86 $104K
Sale Class C Common Stock 108,668 $146.25 $15.89M
Sale Class C Common Stock 125,533 $146.25 $18.36M
Sale Class C Common Stock 64,420 $146.25 $9.42M
Sale Class C Common Stock 2,397 $146.25 $351K
Sale Class C Common Stock 1,080 $146.25 $158K
Sale Class C Common Stock 1,911 $147.39 $282K
Sale Class C Common Stock 2,207 $147.39 $325K
Sale Class C Common Stock 1,133 $147.39 $167K
Sale Class C Common Stock 42 $147.39 $6K
Sale Class C Common Stock 19 $147.39 $3K
Sale Class C Common Stock 1,113 $148.41 $165K
Sale Class C Common Stock 1,285 $148.41 $191K
Sale Class C Common Stock 660 $148.41 $98K
Sale Class C Common Stock 25 $148.41 $4K
Sale Class C Common Stock 11 $148.41 $2K
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
Holdings After Transaction: Class B Common Stock — 20,504,540 shares (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 267,847 shares (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 1,166,822 shares (Direct)
Footnotes (1)
  1. SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on October 6, 2025 and October 7, 2025 and initiated in-kind distributions of shares of Class C Common Stock on October 8, 2025. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On October 6, 2025 and October 7, 2025, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales and distributions described in footnote (1) above. 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"). 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"). 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"). 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. 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. Reflects shares held by Silver Lake Group, L.L.C. ("SLG"). Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on October 8, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. 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. These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest including shares received in connection with the distributions of shares of Class C Common Stock on October 8, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated to certain employees and managing members of SLG or its affiliates, including Egon Durban. This amount reflects 63,154, 78, 36,638 and 149,173 shares held by SLTA SPV, SLTA IV, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the October 8, 2025 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Represents shares of Class C Common Stock held by Mr. Durban immediately following the receipt of shares in connection with the distributions of shares of Class C Common Stock on October 8, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members, including shares received in connection with the distributions of shares of Class C Common Stock on October 8, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $145.01 to $146.0074 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $146.01 to $146.88 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $147.06 to $148.0435 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $148.0647 to $149.0629 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.
Form 4 Insider Transactions: What Each Field Means →
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)
10/06/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class C Common Stock 10/06/2025 M(1)(2) 267,847 A (1)(2) 267,847 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 10/06/2025 M(1)(2) 274,958 A (1)(2) 274,958 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 10/06/2025 M(1)(2) 148,835 A (1)(2) 148,835 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 10/06/2025 M(1)(2) 4,046 A (1)(2) 4,046 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 10/06/2025 M(1)(2) 1,824 A (1)(2) 1,824 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 10/06/2025 S 71,470 D $145.86(14) 196,377 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 10/06/2025 S 82,562 D $145.86(14) 192,396 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 10/06/2025 S 42,368 D $145.86(14) 106,467 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 10/06/2025 S 1,576 D $145.86(14) 2,470 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 10/06/2025 S 711 D $145.86(14) 1,113 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 10/06/2025 S 108,668 D $146.25(15) 87,708 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 10/06/2025 S 125,533 D $146.25(15) 66,863 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 10/06/2025 S 64,420 D $146.25(15) 42,047 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 10/06/2025 S 2,397 D $146.25(15) 73 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 10/06/2025 S 1,080 D $146.25(15) 33 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 10/06/2025 S 1,911 D $147.39(16) 85,798 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 10/06/2025 S 2,207 D $147.39(16) 64,655 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 10/06/2025 S 1,133 D $147.39(16) 40,914 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 10/06/2025 S 42 D $147.39(16) 31 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 10/06/2025 S 19 D $147.39(16) 14 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 10/06/2025 S 1,113 D $148.41(17) 84,685 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 10/06/2025 S 1,285 D $148.41(17) 63,370 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 10/06/2025 S 660 D $148.41(17) 40,255 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 10/06/2025 S 25 D $148.41(17) 6 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 10/06/2025 S 11 D $148.41(17) 3 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 2,366 I Held through Silver Lake Group, L.L.C.(8)(9)
Class C Common Stock 2,055 I See footnote(10)
Class C Common Stock 249,043 I See footnote(11)
Class C Common Stock 1,166,822 D(12)
Class C Common Stock 46,457 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) 10/06/2025 M(1)(2) 267,847 (2) (2) Class C Common Stock 267,847 $0 20,504,540 I Held through SL SPV-2, L.P.(3)(9)
Class B Common Stock (2) 10/06/2025 M(1)(2) 274,958 (2) (2) Class C Common Stock 274,958 $0 21,048,938 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class B Common Stock (2) 10/06/2025 M(1)(2) 148,835 (2) (2) Class C Common Stock 148,835 $0 11,393,763 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class B Common Stock (2) 10/06/2025 M(1)(2) 4,046 (2) (2) Class C Common Stock 4,046 $0 309,700 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class B Common Stock (2) 10/06/2025 M(1)(2) 1,824 (2) (2) Class C Common Stock 1,824 $0 139,657 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 October 6, 2025 and October 7, 2025 and initiated in-kind distributions of shares of Class C Common Stock on October 8, 2025. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On October 6, 2025 and October 7, 2025, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales and distributions described in footnote (1) above.
3. These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP").
4. These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP").
5. These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP").
6. These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP.
7. These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP.
8. Reflects shares held by Silver Lake Group, L.L.C. ("SLG"). Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on October 8, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
9. SLG is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
10. These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest including shares received in connection with the distributions of shares of Class C Common Stock on October 8, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
11. In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated to certain employees and managing members of SLG or its affiliates, including Egon Durban. This amount reflects 63,154, 78, 36,638 and 149,173 shares held by SLTA SPV, SLTA IV, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the October 8, 2025 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
12. Represents shares of Class C Common Stock held by Mr. Durban immediately following the receipt of shares in connection with the distributions of shares of Class C Common Stock on October 8, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
13. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members, including shares received in connection with the distributions of shares of Class C Common Stock on October 8, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $145.01 to $146.0074 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 $146.01 to $146.88 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 $147.06 to $148.0435 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 $148.0647 to $149.0629 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 separate Forms 4. Because no more than 30 transactions can be listed on each Table of the Form 4 filing, the Reporting Persons have filed separate Forms 4 reporting additional transactions.
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C. 10/08/2025
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. 10/08/2025
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. 10/08/2025
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. 10/08/2025
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. 10/08/2025
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. 10/08/2025
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. 10/08/2025
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. 10/08/2025
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban 10/08/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did Silver Lake report on Dell (DELL) in the Form 4 filed October 2025?

The filing reports conversions of Class B into Class C shares, multiple sales on 10/06/2025–10/07/2025, and pro rata distributions on 10/08/2025, with weighted average sale prices between $145.86 and $148.41.

How many Dell Class C shares were sold by reporting persons?

The Form 4 shows aggregate reported disposals of 1,166,822 Class C shares across the listed Silver Lake-related entities.

Were any share receipts exempt from reporting?

Yes. The filing states many receipts of Class C shares distributed on 10/08/2025 were exempt from reporting under Rule 16a-13.

What price ranges were the sales executed at?

Sales were executed in multiple transactions with per-share prices reported across ranges from $145.01 to $149.06, with several reported weighted-average prices.

Who signed the Form 4 on behalf of the reporting persons?

The forms were signed by Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., including as attorney-in-fact for Egon Durban, dated 10/08/2025.