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

Dell director’s Silver Lake fund sells 39K shares

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(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Dell Technologies Inc. (DELL) reports that investment funds affiliated with Silver Lake, which may be deemed directors by deputization and ten percent owners, jointly filed to disclose a September 3, 2026 transaction in which Silver Lake Partners V DE (AIV), L.P. converted 124,869 shares of Class B Common Stock into an equal number of Class C shares.

On the same date, that entity sold 39,377 shares of Class C Common Stock in multiple open-market trades at weighted average prices ranging from about $496.59 to $513.12 per share, and continued to hold 9,186,013 Class B shares indirectly, plus additional Class C holdings described in the footnotes. No Rule 10b5-1 trading plan is reported, and the filers disclaim beneficial ownership beyond their pecuniary interests.

Positive

  • None.

Negative

  • None.
Insider Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Associates V, L.P., SLTA V (GP), L.L.C., Silver Lake Group, L.L.C., Durban Egon
Role Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director
Sold 39,377 shs ($19.99M)
Approx. gross sale proceeds $19.99M
Type Security Shares Price Value
Exercise Class B Common Stock F2, F1, F3, F4 124,869 $0.00 $0.00
Exercise Class C Common Stock F1, F2, F3, F4 124,869 -- --
Sale Class C Common Stock F10, F3, F4 378 $496.59 $188K
Sale Class C Common Stock F11, F3, F4 668 $497.62 $332K
Sale Class C Common Stock F12, F3, F4 1,254 $498.62 $625K
Sale Class C Common Stock F13, F3, F4 685 $499.83 $342K
Sale Class C Common Stock F14, F3, F4 982 $501.07 $492K
Sale Class C Common Stock F15, F3, F4 2,544 $501.84 $1.28M
Sale Class C Common Stock F16, F3, F4 1,979 $503.04 $996K
Sale Class C Common Stock F17, F3, F4 1,882 $503.95 $948K
Sale Class C Common Stock F18, F3, F4 3,058 $504.91 $1.54M
Sale Class C Common Stock F19, F3, F4 2,157 $505.94 $1.09M
Sale Class C Common Stock F20, F3, F4 1,804 $507.15 $915K
Sale Class C Common Stock F21, F3, F4 3,189 $508.06 $1.62M
Sale Class C Common Stock F22, F3, F4 1,895 $509.02 $965K
Sale Class C Common Stock F23, F3, F4 2,663 $510.05 $1.36M
Sale Class C Common Stock F24, F3, F4 3,174 $511.02 $1.62M
Sale Class C Common Stock F25, F3, F4 5,134 $512.10 $2.63M
Sale Class C Common Stock F26, F3, F4 5,931 $513.12 $3.04M
holding Class B Common Stock F2, F28 -- -- --
holding Class C Common Stock F4, F5 -- -- --
holding Class C Common Stock F6 -- -- --
holding Class C Common Stock F7 -- -- --
holding Class C Common Stock F8 -- -- --
holding Class C Common Stock F9 -- -- --
holding Class C Common Stock F27 -- -- --
Holdings After Transaction: Class B Common Stock — 9,186,013 contracts (Indirect, Held through Silver Lake Partners V DE (AIV), L.P.); Class C Common Stock — 85,494 shares (Indirect, Held through Silver Lake Partners V DE (AIV), L.P.); Class B Common Stock — 33,864,015 contracts (Indirect, See footnote); Class C Common Stock — 1,227 shares (Indirect, Held through Silver Lake Group, L.L.C.); Class C Common Stock — 377,119 shares (Indirect, See footnote); Class C Common Stock — 1,394,128 shares (Direct)
Footnotes (28)
  1. F1. Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on September 3, 2026.
  2. F2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On September 3, 2026, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales described in footnote (1) above.
  3. F3. These securities are directly held by Silver Lake Partners V DE (AIV), L.P. The general partner of Silver Lake Partners V DE (AIV), L.P. is Silver Lake Technology Associates V, L.P. and the general partner of Silver Lake Technology Associates V, L.P. is SLTA V (GP), L.L.C.
  4. F4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA V (GP), L.L.C. 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.
  5. F5. Represents shares of Class C Common Stock held directly held by SLG.
  6. F6. Represents shares of Class C Common Stock held by entities in which Mr. Egon Durban may be deemed to have an indirect pecuniary interest.
  7. F7. This amount reflects 33,862, 65,130, 30,889 and 59,549 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates.
  8. F8. Represents shares of Class C Common Stock held directly by Mr. Durban.
  9. F9. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
  10. F10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $496.2300 to $497.2076 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  11. F11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $497.2372 to $498.1518 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  12. F12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $498.2800 to $499.1000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  13. F13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $499.4589 to $500.4000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  14. F14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $500.4790 to $501.4300 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  15. F15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $501.5000 to $502.4947 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  16. F16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $502.5000 to $503.4922 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  17. F17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $503.5000 to $504.4800 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  18. F18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $504.5000 to $505.4941 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  19. F19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $505.5025 to $506.5000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  20. F20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $506.5208 to $507.5151 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  21. F21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $507.5275 to $508.5252 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  22. F22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $508.5404 to $509.5184 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  23. F23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $509.5415 to $510.5407 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  24. F24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $510.5440 to $511.5409 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  25. F25. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $511.5455 to $512.5381 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  26. F26. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $512.5478 to $513.5466 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.
  27. F27. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 73,185 shares of Class C Common Stock, Silver Lake Partners IV, L.P. directly holds 64,209 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
  28. F28. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,531,410 shares of Class B Common Stock, Silver Lake Partners IV, L.P. directly holds 16,970,320 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 249,689 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 112,596 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Class B shares converted 124,869 shares Class B Common Stock converted into an equal number of Class C shares on September 3, 2026
Class C shares sold 39,377 shares Total Dell Class C shares sold in open-market transactions on September 3, 2026
Sale price range $496.59–$513.12 per share Approximate range of per-share prices for reported Class C sales based on transaction rows
Class B shares held after transaction 9,186,013 shares Indirect Class B holdings of Silver Lake Partners V DE (AIV), L.P. following the conversion and related sales
Remaining convertible Class B (all entities described) 33,864,015 underlying shares Indirect Class B Common Stock position convertible into Dell Class C, as summarized in the derivative holdings
Class C shares held by Silver Lake Group, L.L.C. 1,227 shares Indirect Dell Class C holdings reported as directly held by SLG
Class C shares held directly by Egon Durban 1,394,128 shares Direct Dell Class C Common Stock holdings reported for Egon Durban
Class B Common Stock financial
"Each share of Class B Common Stock, par value $0.01 per share of the Issuer"
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
Class C Common Stock financial
"shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock")"
A class C common stock is a type of company share that usually represents ownership but often carries limited or no voting power compared with other share classes. For investors, that matters because it can affect influence over company decisions and sometimes the stock’s price or dividend priority — think of it as owning a ticket to the same event but in a section with less say in how the event is run.
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
pecuniary interest financial
"each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest"
director by deputization regulatory
"Each of the Reporting Persons may be deemed a director by deputization of the Issuer."

FAQ

What did Silver Lake-affiliated funds report in this Form 4 for DELL?
They reported that Silver Lake Partners V DE (AIV), L.P. converted 124,869 Class B Dell shares into 124,869 Class C shares on September 3, 2026 and sold 39,377 Class C shares in multiple open-market transactions that day.

How many Dell (DELL) shares were sold in the reported Silver Lake transactions?
The filing states that 39,377 shares of Dell Class C Common Stock were sold by Silver Lake Partners V DE (AIV), L.P. on September 3, 2026 in a series of open-market sales.

At what prices were the Dell (DELL) shares sold in this Form 4?
The reported Dell Class C sales occurred at weighted average prices corresponding to per-share prices between roughly $496.59 and $513.12, with specific tranches priced in that range as detailed in the transaction table and related weighted-average footnotes.

How many Dell (DELL) shares does the Silver Lake fund hold after these transactions?
After the September 3, 2026 conversion and sales, Silver Lake Partners V DE (AIV), L.P. is reported as indirectly holding 9,186,013 shares of Dell Class B Common Stock, each convertible into one Class C share, plus related Class C holdings noted in the footnotes.

Were these Dell (DELL) insider transactions under a Rule 10b5-1 trading plan?
No. The filing’s Rule 10b5-1 checkbox is not marked as a plan trade, and no footnote indicates a Rule 10b5-1 trading plan, so the transactions are not reported as being made under such a plan.

What is the relationship of Egon Durban to Dell (DELL) in this Form 4?
Egon Durban is identified as a director of Dell Technologies Inc. and as a Co-CEO and Managing Member of Silver Lake Group, L.L.C. The filing notes that each reporting person may be deemed a director by deputization.

How many Dell (DELL) shares are reported as held directly by Egon Durban?
One holding entry states that 1,394,128 shares of Dell Class C Common Stock are held directly by Mr. Egon Durban, in addition to various indirect interests described in other footnotes.

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

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Silver Lake Partners V DE (AIV), L.P.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
09/03/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Class C Common Stock09/03/2026M(1)(2)124,869A(1)(2)124,869IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S378D$496.59(10)124,491IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S668D$497.62(11)123,824IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S1,254D$498.62(12)122,570IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S685D$499.83(13)121,885IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S982D$501.07(14)120,903IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S2,544D$501.84(15)118,359IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S1,979D$503.04(16)116,380IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S1,882D$503.95(17)114,498IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S3,058D$504.91(18)111,440IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S2,157D$505.94(19)109,283IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S1,804D$507.15(20)107,479IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S3,189D$508.06(21)104,291IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S1,895D$509.02(22)102,395IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S2,663D$510.05(23)99,733IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S3,174D$511.02(24)96,559IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S5,134D$512.1(25)91,425IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/03/2026S5,931D$513.12(26)85,494IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock1,227IHeld through Silver Lake Group, L.L.C.(4)(5)
Class C Common Stock665ISee footnote(6)
Class C Common Stock189,430ISee footnote(7)
Class C Common Stock1,394,128D(8)
Class C Common Stock49,630ISee footnote(9)
Class C Common Stock137,394ISee footnote(27)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Class B Common Stock(2)09/03/2026M(1)(2)124,869 (2) (2)Class C Common Stock124,869$09,186,013IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class B Common Stock(2) (2) (2)Class C Common Stock33,864,01533,864,015ISee footnote(28)
1. Name and Address of Reporting Person*
Silver Lake Partners V DE (AIV), L.P.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Technology Associates V, L.P.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
SLTA V (GP), L.L.C.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Group, L.L.C.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Durban Egon
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirector10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on September 3, 2026.
2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On September 3, 2026, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales described in footnote (1) above.
3. These securities are directly held by Silver Lake Partners V DE (AIV), L.P. The general partner of Silver Lake Partners V DE (AIV), L.P. is Silver Lake Technology Associates V, L.P. and the general partner of Silver Lake Technology Associates V, L.P. is SLTA V (GP), L.L.C.
4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA V (GP), L.L.C. 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.
5. Represents shares of Class C Common Stock held directly held by SLG.
6. Represents shares of Class C Common Stock held by entities in which Mr. Egon Durban may be deemed to have an indirect pecuniary interest.
7. This amount reflects 33,862, 65,130, 30,889 and 59,549 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates.
8. Represents shares of Class C Common Stock held directly by Mr. Durban.
9. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $496.2300 to $497.2076 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $497.2372 to $498.1518 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $498.2800 to $499.1000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $499.4589 to $500.4000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $500.4790 to $501.4300 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 $501.5000 to $502.4947 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 $502.5000 to $503.4922 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 $503.5000 to $504.4800 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $504.5000 to $505.4941 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $505.5025 to $506.5000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $506.5208 to $507.5151 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $507.5275 to $508.5252 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $508.5404 to $509.5184 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $509.5415 to $510.5407 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $510.5440 to $511.5409 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
25. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $511.5455 to $512.5381 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
26. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $512.5478 to $513.5466 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.
27. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 73,185 shares of Class C Common Stock, Silver Lake Partners IV, L.P. directly holds 64,209 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
28. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,531,410 shares of Class B Common Stock, Silver Lake Partners IV, L.P. directly holds 16,970,320 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 249,689 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 112,596 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Remarks:
The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any. Due to certain reporting restrictions including that no more than 30 transactions can be listed on each Table of the Form 4 filing and no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 4 reporting additional transactions.
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., gen. partner of Silver Lake Technology Associates V, L.P., general partner of Silver Lake Partners V DE (AIV), L.P.09/08/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P.09/08/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C.09/08/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C.09/08/2026
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban09/08/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

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