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DELL Form 4: Silver Lake entities convert B to C shares and execute multi-entity sales

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

Rhea-AI Filing Summary

Silver Lake affiliates and related entities disclosed multiple transactions in Dell Technologies (DELL) Class C Common Stock on September 17-18, 2025. The filing shows conversions of Class B into Class C shares and a series of sales across several Silver Lake vehicles. Individual tables report convertible Class B amounts converted into Class C, and net share positions by entity after transactions. Reported weighted-average sale prices ranged approximately from $131.52 to $133.62 per share across multiple trade batches. The filing identifies Egon Durban as a director of the issuer and Co-CEO and Managing Member of Silver Lake Group; certain shares are held directly or indirectly through private funds and trusts.

Positive

  • Full disclosure of transactions including weighted-average price ranges ($131.52–$133.62) and post-transaction holdings by entity
  • Explicit explanation of conversion mechanics from Class B to Class C and ownership chain through SPVs and general partners

Negative

  • Substantial share disposals across Silver Lake entities on September 17-18, 2025, reducing aggregate direct holdings
  • Concentrated insider sales by director-affiliated entities may represent material dispositions of previously held positions

Insights

TL;DR Large coordinated sales by Silver Lake vehicles reduced holdings while converting Class B to Class C at ~$132 per share.

The filing documents significant disposition activity by multiple Silver Lake entities over September 17-18, 2025, with weighted-average sale prices disclosed in three ranges between $131.52 and $133.62. The transactions include conversions of Class B into Class C shares to facilitate sales; conversion mechanics are stated explicitly and have no expiration. Holdings after the trades are shown by entity, and certain shares remain held indirectly through funds and trusts. The disclosure is procedural and complies with Section 16 reporting requirements.

TL;DR Director-affiliated entities executed multi-entity sales and conversions, disclosed with standard beneficial ownership detail.

The Form 4 identifies Egon Durban as a director and confirms his roles at Silver Lake Group, explaining the chain of ownership across SPVs, partners and general partners. The filing clarifies which entities directly hold securities and which are indirect holdings, and it states that reporting persons disclaim beneficial ownership except for any pecuniary interest. Multiple reporting persons jointly filed due to EDGAR limits; the filing includes undertakings to provide per-trade price breakdowns upon request.

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 565,000 shs ($74.76M)
Type Security Shares Price Value
Exercise Class B Common Stock 295,673 $0.00 --
Exercise Class B Common Stock 303,522 $0.00 --
Exercise Class B Common Stock 164,296 $0.00 --
Exercise Class B Common Stock 4,465 $0.00 --
Exercise Class B Common Stock 2,014 $0.00 --
Exercise Class C Common Stock 295,673 $0.00 --
Exercise Class C Common Stock 303,522 $0.00 --
Exercise Class C Common Stock 164,296 $0.00 --
Exercise Class C Common Stock 4,465 $0.00 --
Exercise Class C Common Stock 2,014 $0.00 --
Sale Class C Common Stock 145,075 $131.96 $19.14M
Sale Class C Common Stock 167,918 $131.96 $22.16M
Sale Class C Common Stock 86,343 $131.96 $11.39M
Sale Class C Common Stock 3,192 $131.96 $421K
Sale Class C Common Stock 1,440 $131.96 $190K
Sale Class C Common Stock 41,317 $133.08 $5.50M
Sale Class C Common Stock 47,823 $133.08 $6.36M
Sale Class C Common Stock 24,590 $133.08 $3.27M
Sale Class C Common Stock 909 $133.08 $121K
Sale Class C Common Stock 410 $133.08 $55K
Sale Class C Common Stock 16,514 $133.55 $2.21M
Sale Class C Common Stock 19,114 $133.55 $2.55M
Sale Class C Common Stock 9,828 $133.55 $1.31M
Sale Class C Common Stock 363 $133.55 $48K
Sale Class C Common Stock 164 $133.55 $22K
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 — 21,638,448 shares (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 388,348 shares (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 1,037,466 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 September 17, 2025 and September 18, 2025. 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. 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"). 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. 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. Represents shares of Class C Common Stock held by Mr. Durban. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members. These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $131.52 to $132.5198 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 $132.5229 to $133.521 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 $133.5235 to $133.62 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)
09/18/2025
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 09/18/2025 M(1)(2) 295,673 A (1)(2) 388,348 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/18/2025 M(1)(2) 303,522 A (1)(2) 372,156 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/18/2025 M(1)(2) 164,296 A (1)(2) 207,741 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 09/18/2025 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 09/18/2025 M(1)(2) 2,014 A (1)(2) 2,014 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 09/18/2025 S 145,075 D $131.96(14) 243,273 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/18/2025 S 167,918 D $131.96(14) 204,238 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/18/2025 S 86,343 D $131.96(14) 121,398 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 09/18/2025 S 3,192 D $131.96(14) 1,273 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 09/18/2025 S 1,440 D $131.96(14) 574 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 09/18/2025 S 41,317 D $133.08(15) 201,957 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/18/2025 S 47,823 D $133.08(15) 156,415 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/18/2025 S 24,590 D $133.08(15) 96,808 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 09/18/2025 S 909 D $133.08(15) 363 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 09/18/2025 S 410 D $133.08(15) 164 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 09/18/2025 S 16,514 D $133.55(16) 185,443 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/18/2025 S 19,114 D $133.55(16) 137,301 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/18/2025 S 9,828 D $133.55(16) 86,980 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 09/18/2025 S 363 D $133.55(16) 0 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 09/18/2025 S 164 D $133.55(16) 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) 09/18/2025 M(1)(2) 295,673 (2) (2) Class C Common Stock 295,673 $0 21,638,448 I Held through SL SPV-2, L.P.(3)(9)
Class B Common Stock (2) 09/18/2025 M(1)(2) 303,522 (2) (2) Class C Common Stock 303,522 $0 22,212,951 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class B Common Stock (2) 09/18/2025 M(1)(2) 164,296 (2) (2) Class C Common Stock 164,296 $0 12,023,842 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class B Common Stock (2) 09/18/2025 M(1)(2) 4,465 (2) (2) Class C Common Stock 4,465 $0 326,827 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class B Common Stock (2) 09/18/2025 M(1)(2) 2,014 (2) (2) Class C Common Stock 2,014 $0 147,379 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 $131.52 to $132.5198 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 $132.5229 to $133.521 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 $133.5235 to $133.62 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.

Source: View Original Filing on SEC EDGAR

FAQ

What transactions did Silver Lake report for DELL on September 17-18, 2025?

The filing reports conversions of Class B into Class C shares and multiple sales of Class C Common Stock by Silver Lake entities on September 17-18, 2025, with weighted-average prices in ranges from $131.52 to $133.62 per share.

How many shares were sold and at what prices according to the Form 4?

The Form 4 lists numerous sales by entity (example: 145,075, 167,918, 86,343 shares) with weighted-average price ranges reported across transactions: $131.52–$132.5198, $132.5229–$133.521, and $133.5235–$133.62.

Who among the reporting persons is a director of Dell Technologies?

The filing identifies Egon Durban as a director of the issuer; he also serves as Co-CEO and Managing Member of Silver Lake Group, per the explanation section.

Were Class B shares converted before the sales?

Yes. The filing states that certain Class B Common Stock was converted into an equal number of Class C Common Stock on September 17 and 18, 2025 in connection with the reported sales.

Do the reporting persons claim beneficial ownership of the reported shares?

The reporting persons state they disclaim beneficial ownership