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

Dell holder Silver Lake sells 26,985 shares

Dell Technologies Inc. (DELL) insider affiliates led by Silver Lake funds jointly reported a series of transactions on September 16, 2026.

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Dell Technologies Inc. (DELL) insider affiliates led by Silver Lake funds jointly reported a series of transactions on September 16, 2026. Silver Lake Partners V DE (AIV), L.P. converted 38,743 shares of Class B Common Stock into 38,743 shares of Class C Common Stock and sold 26,985 Class C shares in multiple trades at weighted average prices with ranges from $560.88 to $573.79 per share. After these transactions, Silver Lake entities still indirectly hold 32,834,126 Class B shares convertible into the same number of Class C shares, and Egon Durban is reported as directly holding 1,385,600 Class C shares, with all reporting persons disclaiming beneficial ownership beyond their pecuniary interests and no Rule 10b5-1 trading plan reported.

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 26,985 shs ($15.32M)
Approx. gross sale proceeds $15.32M
Type Security Shares Price Value
Exercise Class B Common Stock F2, F1, F3, F4 38,743 $0.00 $0.00
Exercise Class C Common Stock F1, F2, F3, F4 38,743 -- --
Sale Class C Common Stock F10, F3, F4 348 $561.56 $195K
Sale Class C Common Stock F11, F3, F4 470 $562.65 $264K
Sale Class C Common Stock F12, F3, F4 1,440 $563.48 $811K
Sale Class C Common Stock F13, F3, F4 1,182 $564.66 $667K
Sale Class C Common Stock F14, F3, F4 4,670 $565.84 $2.64M
Sale Class C Common Stock F15, F3, F4 4,301 $566.64 $2.44M
Sale Class C Common Stock F16, F3, F4 2,662 $567.77 $1.51M
Sale Class C Common Stock F17, F3, F4 2,347 $568.81 $1.33M
Sale Class C Common Stock F18, F3, F4 3,987 $569.72 $2.27M
Sale Class C Common Stock F19, F3, F4 2,507 $570.69 $1.43M
Sale Class C Common Stock F20, F3, F4 1,627 $571.64 $930K
Sale Class C Common Stock F21, F3, F4 789 $572.61 $452K
Sale Class C Common Stock F22, F3, F4 655 $573.28 $375K
holding Class B Common Stock F2, F24 -- -- --
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 F23 -- -- --
Holdings After Transaction: Class B Common Stock — 8,906,643 contracts (Indirect, Held through Silver Lake Partners V DE (AIV), L.P.); Class C Common Stock — 47,746 shares (Indirect, Held through Silver Lake Partners V DE (AIV), L.P.); Class B Common Stock — 32,834,126 contracts (Indirect, See footnote); Class C Common Stock — 3,215 shares (Indirect, Held through Silver Lake Group, L.L.C.); Class C Common Stock — 466,536 shares (Indirect, See footnote); Class C Common Stock — 1,385,600 shares (Direct)
Footnotes (24)
  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 16, 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 16, 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 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 the CEO and a Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
  5. F5. Reflects shares of Class C Common Stock held by SLG.
  6. F6. Reflects shares of Class C Common Stock held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.
  7. F7. This amount reflects 41,375, 137,789, 35,426 and 24,766 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. Reflects shares of Class C Common Stock held directly by Mr. Durban. Mr. Durban has filed a separate Form 4 reporting transactions in securities of the Issuer on September 16, 2026.
  9. F9. Reflects 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 $560.8800 to $561.6900 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 $561.9900 to $562.9800 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 $563.0100 to $564.0000 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 $564.1300 to $565.0900 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 $565.1800 to $566.1700 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 $566.1800 to $567.1700 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 $567.1824 to $568.1291 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 $568.2193 to $569.1857 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 $569.2194 to $570.2100 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 $570.2208 to $571.2179 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 $571.2209 to $572.2132 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 $572.2320 to $572.9974 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 $573.0000 to $573.7900 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. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 92,330 shares of Class C Common Stock, Silver Lake Partners IV, L.P. directly holds 81,555 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.
  24. F24. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,028,648 shares of Class B Common Stock, Silver Lake Partners IV, L.P. directly holds 16,454,211 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 242,095 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 109,172 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Class B shares converted 38,743 shares Class B Common Stock converted into Class C Common Stock on September 16, 2026
Class C shares sold 26,985 shares Total Dell Class C shares sold by reporting entities on September 16, 2026
Price range for sales $560.88–$573.79 per share Ranges of weighted average prices for multiple Class C sale transactions
Indirect Class B position 32,834,126 shares Class B Common Stock indirectly held, convertible into the same number of Class C shares
Class B via Silver Lake Partners V DE (AIV), L.P. 8,906,643 shares Indirect Class B holdings after conversion transaction
Direct Class C holdings of Egon Durban 1,385,600 shares Class C Common Stock held directly by Egon Durban
Class C via Silver Lake Group, L.L.C. 3,215 shares Indirect Class C holdings through Silver Lake Group, L.L.C.
Rule 16a-3(j) regulatory
"The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j)"
pecuniary interest financial
"each Reporting Person disclaims beneficial ownership ... except to the extent of such Reporting Person's pecuniary interest"
Class B Common Stock financial
"Each share of Class B Common Stock ... is convertible into one share of Class C Common Stock"
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
"sold certain shares of Class C Common Stock, par value $0.01 per share"
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.
director by deputization regulatory
"Each of the Reporting Persons may be deemed a director by deputization of the Issuer"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions in DELL stock did Silver Lake entities report on September 16, 2026?
Silver Lake Partners V DE (AIV), L.P. converted 38,743 Class B shares into 38,743 Class C shares and sold 26,985 Class C shares in multiple open-market or private transactions on September 16, 2026.

How many DELL Class C shares were sold by the reporting Silver Lake entities and at what prices?
The reporting Silver Lake entities sold 26,985 shares of Dell Class C Common Stock. Weighted average prices for the trades had ranges from $560.88 to $573.79 per share, as detailed in the transaction footnotes.

What Dell Class B to Class C conversion was reported for DELL on this Form 4?
The filing reports that 38,743 shares of Dell Class B Common Stock were converted into 38,743 shares of Class C Common Stock on September 16, 2026, in connection with the sales of Class C shares described in the footnotes.

What Dell equity position do the Silver Lake entities still hold after these DELL transactions?
After the reported transactions, Silver Lake entities indirectly hold 32,834,126 shares of Dell Class B Common Stock, each convertible into one Class C share, and 8,906,643 of those Class B shares are shown as held through Silver Lake Partners V DE (AIV), L.P.

What Dell Class C holdings are attributed to Egon Durban in this DELL Form 4?
The Form 4 notes that 1,385,600 shares of Dell Class C Common Stock are held directly by Egon Durban, and that he also has indirect pecuniary interests through certain entities and a family trust, with detailed breakdowns provided in the footnotes.

Was a Rule 10b5-1 trading plan used for the reported DELL insider transactions?
No. The Form 4 indicates the Rule 10b5-1 checkbox is not marked, and there is no footnote stating that the transactions were made pursuant to a Rule 10b5-1 trading plan.

Do the reporting persons claim full beneficial ownership of all DELL shares in this filing?
No. The reporting persons state they disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interests, and some shares are held by affiliated entities and a family trust as described in the footnotes.

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

Form 4 Insider Transactions: What Each Field Means →
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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)
09/16/2026		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 Stock09/16/2026M(1)(2)38,743A(1)(2)74,731IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S348D$561.56(10)74,383IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S470D$562.65(11)73,913IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S1,440D$563.48(12)72,473IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S1,182D$564.66(13)71,291IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S4,670D$565.84(14)66,621IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S4,301D$566.64(15)62,320IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S2,662D$567.77(16)59,658IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S2,347D$568.81(17)57,311IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S3,987D$569.72(18)53,323IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S2,507D$570.69(19)50,816IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S1,627D$571.64(20)49,189IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S789D$572.61(21)48,401IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock09/16/2026S655D$573.28(22)47,746IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class C Common Stock3,215IHeld through Silver Lake Group, L.L.C.(4)(5)
Class C Common Stock1,862ISee footnote(6)
Class C Common Stock239,356ISee footnote(7)
Class C Common Stock1,385,600D(8)
Class C Common Stock51,433ISee footnote(9)
Class C Common Stock173,885ISee footnote(23)
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)09/16/2026M(1)(2)38,743 (2) (2)Class C Common Stock38,743$08,906,643IHeld through Silver Lake Partners V DE (AIV), L.P.(3)(4)
Class B Common Stock(2) (2) (2)Class C Common Stock32,834,12632,834,126ISee footnote(24)
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 16, 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 16, 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 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 the CEO and a Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
5. Reflects shares of Class C Common Stock held by SLG.
6. Reflects shares of Class C Common Stock held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.
7. This amount reflects 41,375, 137,789, 35,426 and 24,766 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. Reflects shares of Class C Common Stock held directly by Mr. Durban. Mr. Durban has filed a separate Form 4 reporting transactions in securities of the Issuer on September 16, 2026.
9. Reflects 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 $560.8800 to $561.6900 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 $561.9900 to $562.9800 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 $563.0100 to $564.0000 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 $564.1300 to $565.0900 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 $565.1800 to $566.1700 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 $566.1800 to $567.1700 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 $567.1824 to $568.1291 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 $568.2193 to $569.1857 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 $569.2194 to $570.2100 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 $570.2208 to $571.2179 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 $571.2209 to $572.2132 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 $572.2320 to $572.9974 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 $573.0000 to $573.7900 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. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 92,330 shares of Class C Common Stock, Silver Lake Partners IV, L.P. directly holds 81,555 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.
24. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,028,648 shares of Class B Common Stock, Silver Lake Partners IV, L.P. directly holds 16,454,211 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 242,095 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 109,172 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.09/18/2026
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.09/18/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C.09/18/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C.09/18/2026
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban09/18/2026
** 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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