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

Dell insider Silver Lake sells 48K Class C shares

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

Rhea-AI Filing Summary

Dell Technologies Inc. reported that investment entities associated with Silver Lake, including SL SPV-2, L.P., converted 71,348 shares of Class B Common Stock into the same number of Class C Common Stock on September 9, 2026, then sold 48,097 Class C shares in multiple market transactions at weighted average prices detailed in footnotes. All shares are reported as held indirectly through Silver Lake–related entities, and no Rule 10b5-1 trading plan is reported.

Positive

  • None.

Negative

  • None.
Insider SL SPV-2, L.P., SLTA SPV-2, L.P., SLTA SPV-2 (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 48,097 shs ($25.99M)
Approx. gross sale proceeds $25.99M
Type Security Shares Price Value
Exercise Class B Common Stock F2, F1, F3, F4 71,348 $0.00 $0.00
Exercise Class C Common Stock F1, F2, F3, F4 71,348 -- --
Sale Class C Common Stock F10, F3, F4 226 $534.09 $121K
Sale Class C Common Stock F11, F3, F4 7,742 $535.13 $4.14M
Sale Class C Common Stock F12, F3, F4 6,662 $535.97 $3.57M
Sale Class C Common Stock F13, F3, F4 4,929 $536.89 $2.65M
Sale Class C Common Stock F14, F3, F4 2,157 $538.03 $1.16M
Sale Class C Common Stock F15, F3, F4 679 $538.63 $366K
Sale Class C Common Stock F16, F3, F4 2,384 $540.56 $1.29M
Sale Class C Common Stock F17, F3, F4 1,261 $541.33 $683K
Sale Class C Common Stock F18, F3, F4 4,319 $542.47 $2.34M
Sale Class C Common Stock F19, F3, F4 3,360 $543.50 $1.83M
Sale Class C Common Stock F20, F3, F4 6,962 $544.42 $3.79M
Sale Class C Common Stock F21, F3, F4 2,996 $545.40 $1.63M
Sale Class C Common Stock F22, F3, F4 2,199 $546.53 $1.20M
Sale Class C Common Stock F23, F3, F4 1,299 $547.31 $711K
Sale Class C Common Stock F24, F3, F4 509 $548.78 $279K
Sale Class C Common Stock F25, F3, F4 153 $549.74 $84K
Sale Class C Common Stock F26, F3, F4 260 $550.71 $143K
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 — 16,311,902 contracts (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 47,386 shares (Indirect, Held through SL SPV-2, L.P.); Class B Common Stock — 26,166,498 contracts (Indirect, See footnote); Class C Common Stock — 2,562 shares (Indirect, Held through Silver Lake Group, L.L.C.); Class C Common Stock — 333,532 shares (Indirect, See footnote); Class C Common Stock — 1,397,035 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 9, 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 9, 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 SL SPV-2, L.P. The general partner of SL SPV-2, L.P. is SLTA SPV-2, L.P. and the general partner of SLTA SPV-2, L.P. is SLTA SPV-2 (GP), L.L.C.
  4. F4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA SPV-2 (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. Represents shares of Class C Common Stock held directly 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 38,913, 123,469, 33,939 and 18,311 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 $533.4301 to $534.4162 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 $534.4320 to $535.4300 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.
  12. F12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $535.4590 to $536.4549 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 $536.4600 to $537.4450 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 $537.4642 to $538.4300 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 $538.4360 to $538.8850 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 $539.8860 to $540.8854 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 $540.9289 to $541.9097 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 $541.9512 to $542.9400 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 $542.9600 to $543.9473 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 $543.9600 to $544.9552 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 $544.9700 to $545.9444 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 $545.9700 to $546.9470 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 $547.0000 to $547.8400 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 $548.0000 to $548.8700 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 $549.5090 to $549.9400 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 $550.4100 to $551.0000 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.
  27. F27. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 41,849 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 24,488 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), Silver Lake Partners IV, L.P. directly holds 16,744,985 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 9,064,039 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 246,373 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 111,101 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Class B converted to Class C 71,348 shares Class B Common Stock converted into Class C Common Stock on September 9, 2026
Class C shares sold 48,097 shares Aggregate Class C Common Stock sales by reporting persons on September 9, 2026
Derivative Class B underlying shares 26,166,498 shares Class C shares underlying indirectly held Class B Common Stock after transactions
Indirect Class B holding line 26,166,498 shares Total Class B Common Stock indirectly held, convertible into Class C Common Stock
Silver Lake Group Class C holding 2,562 shares Class C Common Stock held directly by Silver Lake Group, L.L.C.
Egon Durban direct Class C holding 1,397,035 shares Class C Common Stock held directly by Egon Durban
Sale price range example $533.4301–$551.0000 per share Ranges of weighted average prices for various Class C sale blocks
Class B Common Stock financial
"Each share of Class B Common Stock, par value $0.01 per share..."
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..."
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.
indirect pecuniary interest financial
"entities in which Mr. Egon Durban may be deemed to have an indirect pecuniary interest."
director by deputization regulatory
"Each of the Reporting Persons may be deemed a director by deputization..."

FAQ

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

What did Silver Lake–related entities report in this Dell (DELL) Form 4?
They reported converting 71,348 Class B Dell shares into 71,348 Class C shares on September 9, 2026, and selling 48,097 Class C shares in multiple open-market or private transactions at various weighted average prices.

How many Dell (DELL) shares did the reporting persons sell on September 9, 2026?
The reporting persons sold an aggregate of 48,097 shares of Dell Class C Common Stock on September 9, 2026, across 17 separate sale transactions, according to the transaction summary.

At what prices were the Dell (DELL) Class C shares sold by Silver Lake affiliates?
Each sale line shows a weighted average price, with ranges by block. For example, one block was sold between $533.4301 and $534.4162 per share, and later blocks ranged up to $551.0000 per share, as described in footnotes F10–F26.

Did the Dell (DELL) insider transactions occur under a Rule 10b5-1 trading plan?
No. The Form 4 indicates the Rule 10b5-1 checkbox is not checked, and there is no footnote stating that the transactions were made pursuant to a Rule 10b5-1 trading plan.

What Dell (DELL) derivative position do the reporting persons show after these transactions?
They report an indirect derivative position in Class B Common Stock convertible into 26,166,498 shares of Class C Common Stock, as shown in the derivative holdings summary for Class B Common Stock.

How many Dell (DELL) shares does Egon Durban hold directly after these transactions?
A holdings entry notes that Egon Durban directly holds 1,397,035 shares of Dell Class C Common Stock, with additional indirect beneficial ownership through certain entities and a family trust 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*
SL SPV-2, 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)
09/09/2026		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 Stock09/09/2026M(1)(2)71,348A(1)(2)95,482IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S226D$534.09(10)95,256IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S7,742D$535.13(11)87,515IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S6,662D$535.97(12)80,853IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S4,929D$536.89(13)75,923IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S2,157D$538.03(14)73,767IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S679D$538.63(15)73,087IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S2,384D$540.56(16)70,703IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S1,261D$541.33(17)69,442IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S4,319D$542.47(18)65,123IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S3,360D$543.5(19)61,763IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S6,962D$544.42(20)54,801IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S2,996D$545.4(21)51,805IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S2,199D$546.53(22)49,606IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S1,299D$547.31(23)48,308IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S509D$548.78(24)47,799IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S153D$549.74(25)47,646IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/09/2026S260D$550.71(26)47,386IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock2,562IHeld through Silver Lake Group, L.L.C.(4)(5)
Class C Common Stock1,390ISee footnote(6)
Class C Common Stock214,632ISee footnote(7)
Class C Common Stock1,397,035D(8)
Class C Common Stock51,173ISee footnote(9)
Class C Common Stock66,337ISee 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)09/09/2026M(1)(2)71,348 (2) (2)Class C Common Stock71,348$016,311,902IHeld through SL SPV-2, L.P.(3)(4)
Class B Common Stock(2) (2) (2)Class C Common Stock26,166,49826,166,498ISee footnote(28)
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 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 SPV-2, 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 SPV-2 (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 9, 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 9, 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 SL SPV-2, L.P. The general partner of SL SPV-2, L.P. is SLTA SPV-2, L.P. and the general partner of SLTA SPV-2, L.P. is SLTA SPV-2 (GP), L.L.C.
4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA SPV-2 (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. Represents shares of Class C Common Stock held directly 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 38,913, 123,469, 33,939 and 18,311 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 $533.4301 to $534.4162 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 $534.4320 to $535.4300 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.
12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $535.4590 to $536.4549 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 $536.4600 to $537.4450 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 $537.4642 to $538.4300 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 $538.4360 to $538.8850 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 $539.8860 to $540.8854 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 $540.9289 to $541.9097 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 $541.9512 to $542.9400 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 $542.9600 to $543.9473 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 $543.9600 to $544.9552 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 $544.9700 to $545.9444 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 $545.9700 to $546.9470 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 $547.0000 to $547.8400 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 $548.0000 to $548.8700 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 $549.5090 to $549.9400 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 $550.4100 to $551.0000 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.
27. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 41,849 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 24,488 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), Silver Lake Partners IV, L.P. directly holds 16,744,985 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 9,064,039 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 246,373 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 111,101 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 SPV-2 (GP), L.L.C., general partner of SLTA SPV-2, L.P., general partner of SL SPV-2, L.P.09/11/2026
By: /s/ Justin G. Hamill, 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.09/11/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA SPV-2 (GP), L.L.C.09/11/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C.09/11/2026
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban09/11/2026
** 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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