[Form 4] Dell Technologies Inc. Insider Trading Activity

Q: How many DELL shares does Egon Durban beneficially own after the transactions?

The filing reports that Mr. Durban beneficially owned 1,184,092 Class C shares immediately following the distributions described.

Q: Which Silver Lake vehicles were involved in the transactions?

Reported vehicles include SL SPV-2, L.P. , Silver Lake Partners IV, L.P. , Silver Lake Partners V DE (AIV), L.P. , and Silver Lake technology investor funds, among others.

Filing Impact

(High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Dell Technologies Inc. (DELL) filings show coordinated transactions by Silver Lake-related entities and affiliates on 10/08/2025 and in-kind pro rata distributions on 10/10/2025. Multiple Silver Lake partnerships converted Class B shares into Class C shares and sold portions of Class C Common Stock in tranches at weighted-average prices roughly between $160.50 and $163.00.

The filing reports specific sales across affiliated vehicles (for example, SL SPV-2, SLP IV, SLP V and technology investor funds) totaling several hundred thousand shares per vehicle and leaving certain entities and Egon Durban with reported beneficial holdings — including 1,184,092 shares attributed to Mr. Durban after distributions. Several share receipts were treated as exempt from immediate reporting under Rule 16a-13 because they were in-kind distributions.

Positive

Retention of substantial holding: Egon Durban is reported to beneficially hold 1,184,092 Class C shares after distributions
Structured distributions: Use of in-kind pro rata distributions appears to preserve ownership within Silver Lake affiliates while enabling liquidity

Negative

Significant share sales: Multiple affiliated entities sold hundreds of thousands of Class C shares on 10/08/2025 at weighted-average prices near $161-$163
Concentration of transactions: Coordinated conversions and sales across related funds could be viewed as a material change in selling pressure from a large shareholder group

Insights

Coordinated Silver Lake sales and in-kind distributions reshaped ownership but left material residual holdings.

The transactions reflect a mix of sales and in-kind pro rata distributions across affiliated vehicles, with conversions from Class B to Class C stock executed on 10/08/2025. Sales executed at weighted-average prices in a band of approximately $160.50-$163.00 reduced certain fund-level positions while distributions increased direct Class C holdings for individuals and affiliates.

Principal dependencies include the Rule 16a-13 reporting exemptions used for in-kind distributions and the conversion mechanics from Class B to Class C stock. Monitor remaining insider holdings—notably the 1,184,092 shares reported for the director—and any future open-market sales or additional distributions over the next few weeks as ownership is further allocated.

10/10/2025 - 04:35 PM

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 V (GP), L.L.C.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/08/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class C Common Stock	10/08/2025		M⁽¹⁾⁽²⁾		263,024	A	⁽¹⁾⁽²⁾	263,024	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/08/2025		M⁽¹⁾⁽²⁾		270,007	A	⁽¹⁾⁽²⁾	270,007	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/08/2025		M⁽¹⁾⁽²⁾		146,154	A	⁽¹⁾⁽²⁾	146,154	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/08/2025		M⁽¹⁾⁽²⁾		3,973	A	⁽¹⁾⁽²⁾	3,973	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/08/2025		M⁽¹⁾⁽²⁾		1,791	A	⁽¹⁾⁽²⁾	1,791	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		126,013	D	$161.15⁽¹⁴⁾	137,011	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		145,758	D	$161.15⁽¹⁴⁾	124,249	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		74,546	D	$161.15⁽¹⁴⁾	71,608	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		2,784	D	$161.15⁽¹⁴⁾	1,189	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		1,255	D	$161.15⁽¹⁴⁾	536	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		28,726	D	$161.93⁽¹⁵⁾	108,285	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		33,227	D	$161.93⁽¹⁵⁾	91,021	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		16,994	D	$161.93⁽¹⁵⁾	54,614	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		635	D	$161.93⁽¹⁵⁾	554	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		286	D	$161.93⁽¹⁵⁾	250	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		25,096	D	$162.65⁽¹⁶⁾	83,189	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		29,028	D	$162.65⁽¹⁶⁾	61,993	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		14,846	D	$162.65⁽¹⁶⁾	39,768	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		554	D	$162.65⁽¹⁶⁾	0	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		250	D	$162.65⁽¹⁶⁾	0	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	10/08/2025		S		1	D	$164.53	83,188	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/10/2025		J⁽¹⁾⁽²⁾		83,188	D	⁽¹⁾	0	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/10/2025		J⁽¹⁾⁽²⁾		61,993	D	⁽¹⁾	0	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/10/2025		J⁽¹⁾⁽²⁾		39,768	D	⁽¹⁾	0	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock								3,538	I	Held through Silver Lake Group, L.L.C.⁽⁸⁾⁽⁹⁾
Class C Common Stock								3,079	I	See footnote⁽¹⁰⁾
Class C Common Stock								270,064	I	See footnote⁽¹¹⁾
Class C Common Stock								1,184,092	D⁽¹²⁾
Class C Common Stock								46,985	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	⁽²⁾	10/08/2025		M⁽¹⁾⁽²⁾			263,024	⁽²⁾	⁽²⁾	Class C Common Stock	263,024	$0	19,978,783	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	10/08/2025		M⁽¹⁾⁽²⁾			270,007	⁽²⁾	⁽²⁾	Class C Common Stock	270,007	$0	20,509,222	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	10/08/2025		M⁽¹⁾⁽²⁾			146,154	⁽²⁾	⁽²⁾	Class C Common Stock	146,154	$0	11,101,617	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	10/08/2025		M⁽¹⁾⁽²⁾			3,973	⁽²⁾	⁽²⁾	Class C Common Stock	3,973	$0	301,759	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class B Common Stock	⁽²⁾	10/08/2025		M⁽¹⁾⁽²⁾			1,791	⁽²⁾	⁽²⁾	Class C Common Stock	1,791	$0	136,076	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾

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

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 V, L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

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 V DE (AIV), L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

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 V, L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on October 8, 2025 and initiated in-kind distributions of shares of Class C Common Stock on October 10, 2025. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On October 8, 2025, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales and distributions described in footnote (1) above.

3. These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP").

4. These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP").

5. These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP").

6. These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP.

7. These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP.

8. Reflects shares held by Silver Lake Group, L.L.C. ("SLG"). Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on October 10, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

9. SLG is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.

10. These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest including shares received in connection with the distributions of shares of Class C Common Stock on October 10, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

11. In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated to certain employees and managing members of SLG or its affiliates, including Egon Durban. This amount reflects 67,183, 85, 39,062 and 163,734 shares held by SLTA SPV, SLTA IV, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the October 10, 2025 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

12. Represents shares of Class C Common Stock held by Mr. Durban immediately following the receipt of shares in connection with the distributions of shares of Class C Common Stock on October 10, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

13. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members, including shares received in connection with the distributions of shares of Class C Common Stock on October 10, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $160.4975 to $161.495 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 $161.4981 to $162.4956 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 $162.50 to $163.00 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Remarks:

The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any. Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 4.

	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C.	10/10/2025
	By: /s/ Justin G. Hamill, Managing Director and 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.	10/10/2025
	By: /s/ Justin G. Hamill, Managing Director and 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., general partner of Silver Lake Partners V DE (AIV), LP	10/10/2025
	By: /s/ Justin G. Hamill, Managing Director and 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., gen. partner of Silver Lake Technology Investors V, L.P.	10/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did Silver Lake entities report on DELL Form 4 filed in October 2025?

They reported conversions of Class B to Class C shares, multiple sales on 10/08/2025, and pro rata in-kind distributions on 10/10/2025, with sales executed at weighted-average prices between $160.4975 and $163.00.

How many DELL shares does Egon Durban beneficially own after the transactions?

The filing reports that Mr. Durban beneficially owned 1,184,092 Class C shares immediately following the distributions described.

Were any of the share receipts exempt from reporting?

Yes. The receipt of shares in connection with the in-kind distributions on 10/10/2025 was treated as exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

At what prices were the Class C shares sold?

Sales occurred in multiple transactions with weighted-average prices reported and ranges disclosed: approximately $160.4975-$161.495, $161.4981-$162.4956, and $162.50-$163.00.

Which Silver Lake vehicles were involved in the transactions?

Reported vehicles include SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., and Silver Lake technology investor funds, among others.

Did the Form 4 disclose who signed the filing?

Yes. The filing was signed on behalf of the reporting persons by Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., on 10/10/2025.

[Form 4] Dell Technologies Inc. Insider Trading Activity

Insights

FAQ

What did Silver Lake entities report on DELL Form 4 filed in October 2025?

How many DELL shares does Egon Durban beneficially own after the transactions?

Were any of the share receipts exempt from reporting?

At what prices were the Class C shares sold?

Which Silver Lake vehicles were involved in the transactions?

Did the Form 4 disclose who signed the filing?

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[Form 4] Dell Technologies Inc. Insider Trading Activity

Insights

Corporate Governance Analyst positive

FAQ

What did Silver Lake entities report on DELL Form 4 filed in October 2025?

How many DELL shares does Egon Durban beneficially own after the transactions?

Were any of the share receipts exempt from reporting?

At what prices were the Class C shares sold?

Which Silver Lake vehicles were involved in the transactions?

Did the Form 4 disclose who signed the filing?

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