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DELL Form 4: Conversions, distributions and multi-block sales by Silver Lake entities

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

Rhea-AI Filing Summary

SLTA IV (GP), L.L.C. and related Silver Lake entities reported coordinated transactions in Dell Technologies Inc. (DELL) stock involving conversions, sales and pro rata in-kind distributions. The filing shows multiple conversions of Class B into Class C shares and sales on 09/15/2025 and distributions initiated 09/17/2025. Reported sales include blocks at weighted-average prices in two ranges: $126.275–$127.2711 and $127.2753–$128.25 per share. The report lists acquisitions of Class C shares by Silver Lake vehicles and in-kind distributions to employees and managing members, and identifies Egon Durban as a director and Co-CEO linked to the reporting entities.

Positive

  • In-kind distributions to employees and managing members were executed and explicitly exempt from reporting under Rule 16a-13
  • Conversions of Class B to Class C were disclosed, clarifying changes in share class composition held by Silver Lake entities

Negative

  • Significant share dispositions were reported (sales executed across multiple blocks), increasing available Class C shares in the market
  • Large weighted-average sale amounts at roughly $126–$128 per share indicate material liquidation by affiliated holders

Insights

TL;DR: Heavy block sales and conversions increased public Class C float; sales executed at roughly $126–$128 per share.

The transactions show material disposition activity by multiple Silver Lake affiliates, with conversions of Class B to Class C and sales across a price range that produced weighted-average prices in the $126–$128 band. The filing documents pro rata in-kind distributions to employees and managing members that were exempt from immediate reporting. For investors this increases the effective supply of freely tradable Class C shares and documents realized proceeds at reported ranges; the filing is descriptive rather than explanatory of strategic intent.

TL;DR: Director-affiliated entities sold and distributed significant Class C shares while documenting exemptions under Rule 16a-13.

The disclosure makes clear that Silver Lake entities, for which Egon Durban is a managing member and a director of Dell, acted through affiliated funds and SPVs, converting Class B into Class C and completing sales and in-kind distributions. The filing emphasizes the Rule 16a-13 exemption for distributions and disclaims full beneficial ownership beyond pecuniary interests. Governance implications center on transparency of affiliated transfers and potential dilution of concentrated holdings.

Insider SLTA IV (GP), L.L.C., Silver Lake Group, L.L.C., Silver Lake Technology Associates IV, L.P., Silver Lake Partners IV, L.P., Silver Lake Technology Investors IV, L.P., SLTA SPV-2 (GP), L.L.C., SLTA SPV-2, L.P., SL SPV-2, L.P., Durban Egon
Role Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director
Sold 600,000 shs ($76.20M)
Type Security Shares Price Value
Other Class C Common Stock 98,251 $0.00 --
Other Class C Common Stock 72,809 $0.00 --
Other Class C Common Stock 45,958 $0.00 --
Exercise Class B Common Stock 313,738 $0.00 --
Exercise Class B Common Stock 322,069 $0.00 --
Exercise Class B Common Stock 174,335 $0.00 --
Exercise Class B Common Stock 4,739 $0.00 --
Exercise Class B Common Stock 2,137 $0.00 --
Exercise Class C Common Stock 313,738 $0.00 --
Exercise Class C Common Stock 322,069 $0.00 --
Exercise Class C Common Stock 174,335 $0.00 --
Exercise Class C Common Stock 4,739 $0.00 --
Exercise Class C Common Stock 2,137 $0.00 --
Sale Class C Common Stock 141,397 $126.63 $17.91M
Sale Class C Common Stock 163,558 $126.63 $20.71M
Sale Class C Common Stock 84,238 $126.63 $10.67M
Sale Class C Common Stock 3,110 $126.63 $394K
Sale Class C Common Stock 1,402 $126.63 $178K
Sale Class C Common Stock 74,090 $127.70 $9.46M
Sale Class C Common Stock 85,702 $127.70 $10.94M
Sale Class C Common Stock 44,139 $127.70 $5.64M
Sale Class C Common Stock 1,629 $127.70 $208K
Sale Class C Common Stock 735 $127.70 $94K
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
Holdings After Transaction: Class C Common Stock — 0 shares (Indirect, Held through SL SPV-2, L.P.); Class B Common Stock — 22,229,710 shares (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 1,037,466 shares (Direct)
Footnotes (1)
  1. SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on September 15, 2025 and initiated in-kind distributions of shares of Class C Common Stock on September 17, 2025. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On September 15, 2025, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales and distributions described in footnote (1) above. These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP"). These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP"). These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP"). These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP. These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP. Reflects shares held by Silver Lake Group, L.L.C. ("SLG"). Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on September 17, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. SLG is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer. 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 33,586, 18,855, 21 and 39,560 shares held by SLTA SPV-2, L.P., SLTA V, SLTA IV and SLG, respectively, on behalf of such individuals, including shares distributed in the September 17, 2025 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.. Represents shares of Class C Common Stock held by Mr. Durban immediately following the receipt of shares in connection with the distributions of shares of Class C Common Stock on September 17, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members, including shares received in connection with the distributions of shares of Class C Common Stock on September 17, 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.. 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 September 17, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $126.275 to $127.2711 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $127.2753 to $128.25 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
SLTA IV (GP), L.L.C.
(Last) (First) (Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CA 94025
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class C Common Stock 09/15/2025 M(1)(2) 313,738 A (1)(2) 313,738 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/15/2025 M(1)(2) 322,069 A (1)(2) 322,069 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/15/2025 M(1)(2) 174,335 A (1)(2) 174,335 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 09/15/2025 M(1)(2) 4,739 A (1)(2) 4,739 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 09/15/2025 M(1)(2) 2,137 A (1)(2) 2,137 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 09/15/2025 S 141,397 D $126.63(14) 172,341 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/15/2025 S 163,558 D $126.63(14) 158,511 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/15/2025 S 84,238 D $126.63(14) 90,097 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 09/15/2025 S 3,110 D $126.63(14) 1,629 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 09/15/2025 S 1,402 D $126.63(14) 735 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 09/15/2025 S 74,090 D $127.7(15) 98,251 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/15/2025 S 85,702 D $127.7(15) 72,809 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/15/2025 S 44,139 D $127.7(15) 45,958 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 09/15/2025 S 1,629 D $127.7(15) 0 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class C Common Stock 09/15/2025 S 735 D $127.7(15) 0 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
Class C Common Stock 09/17/2025 J(1)(2) 98,251 D (1) 0 I Held through SL SPV-2, L.P.(3)(9)
Class C Common Stock 09/17/2025 J(1)(2) 72,809 D (1) 0 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class C Common Stock 09/17/2025 J(1)(2) 45,958 D (1) 0 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class C Common Stock 1,400 I Held through Silver Lake Group, L.L.C.(8)(9)
Class C Common Stock 92,022 I See footnote(10)
Class C Common Stock 1,037,466 D(11)
Class C Common Stock 42,515 I See footnote(12)
Class C Common Stock 1,202 I See footnote(13)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class B Common Stock (2) 09/15/2025 M(1)(2) 313,738 (2) (2) Class C Common Stock 313,738 $0 22,229,710 I Held through SL SPV-2, L.P.(3)(9)
Class B Common Stock (2) 09/15/2025 M(1)(2) 322,069 (2) (2) Class C Common Stock 322,069 $0 22,819,910 I Held through Silver Lake Partners IV, L.P.(4)(9)
Class B Common Stock (2) 09/15/2025 M(1)(2) 174,335 (2) (2) Class C Common Stock 174,335 $0 12,352,388 I Held through Silver Lake Partners V DE (AIV), L.P.(5)(9)
Class B Common Stock (2) 09/15/2025 M(1)(2) 4,739 (2) (2) Class C Common Stock 4,739 $0 335,757 I Held through Silver Lake Technology Investors IV, L.P.(6)(9)
Class B Common Stock (2) 09/15/2025 M(1)(2) 2,137 (2) (2) Class C Common Stock 2,137 $0 151,406 I Held through Silver Lake Technology Investors V, L.P.(7)(9)
1. Name and Address of Reporting Person*
SLTA IV (GP), L.L.C.
(Last) (First) (Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CA 94025
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Group, L.L.C.
(Last) (First) (Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CA 94025
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Technology Associates IV, L.P.
(Last) (First) (Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CA 94025
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Partners IV, L.P.
(Last) (First) (Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CA 94025
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Technology Investors IV, L.P.
(Last) (First) (Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CA 94025
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
SLTA SPV-2 (GP), L.L.C.
(Last) (First) (Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CA 94025
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
SLTA SPV-2, L.P.
(Last) (First) (Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CA 94025
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
SL SPV-2, L.P.
(Last) (First) (Middle)
C/O SILVER LAKE,
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CA 94025
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Durban Egon
(Last) (First) (Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CA 94025
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on September 15, 2025 and initiated in-kind distributions of shares of Class C Common Stock on September 17, 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 September 15, 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 September 17, 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. 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 33,586, 18,855, 21 and 39,560 shares held by SLTA SPV-2, L.P., SLTA V, SLTA IV and SLG, respectively, on behalf of such individuals, including shares distributed in the September 17, 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..
11. 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 September 17, 2025. 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 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 September 17, 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..
13. 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 September 17, 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 $126.275 to $127.2711 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 $127.2753 to $128.25 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
Remarks:
The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any. Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed a separate Form 4.
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C. 09/17/2025
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C. 09/17/2025
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., general partner of Silver Lake Technology Associates IV, L.P. 09/17/2025
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., general partner of Silver Lake Technology Associates IV, L.P., general partner of Silver Lake Partners IV, L.P. 09/17/2025
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., GP of Silver Lake Technology Associates IV, L.P., GP of Silver Lake Technology Investors IV, L.P. 09/17/2025
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C. 09/17/2025
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C., general partner of SLTA SPV-2, L.P. 09/17/2025
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C., general partner of SLTA SPV-2, L.P., general partner of SL SPV-2, L.P. 09/17/2025
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban 09/17/2025
** 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 the Form 4 for DELL disclose about insider transactions?

It disclosed conversions of Class B into Class C shares, multiple sales of Class C stock on 09/15/2025, and in-kind distributions initiated on 09/17/2025.

How many shares were sold and at what prices in the DELL Form 4?

Multiple blocks were sold across transactions; reported weighted-average sale price ranges were $126.275–$127.2711 and $127.2753–$128.25 per share.

Who is the director linked to these transactions in the DELL Form 4?

Egon Durban is identified as a director of Dell and as Co-CEO and Managing Member of Silver Lake Group, which is linked to the reporting entities.

Were any distributions exempt from immediate reporting in the Form 4?

Yes. The filing states that pro rata in-kind distributions of Class C shares to employees and managing members were exempt from reporting under Rule 16a-13.

Do the filings clarify beneficial ownership claims?

The reporting persons disclaim beneficial ownership of all securities except to the extent of any pecuniary interest and describe indirect holdings through multiple Silver Lake entities.