Dell (NYSE: DELL) director sells 150K shares after option exercise

Rhea-AI Filing Summary

Dell Technologies director Ellen Jamison Kullman exercised stock options and sold shares in a coordinated transaction. She exercised options covering 150,346 shares of Class C Common Stock at exercise prices of $13.60 and $13.98 per share.

On the same date, she sold 150,346 shares of Class C Common Stock in multiple open-market trades at weighted average prices disclosed between about $144.04 and $145.94 per share. After these transactions, she directly held 65,662 shares of Dell Class C Common Stock, and the reported options were fully vested and fully exercised.

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

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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^*

Kullman Ellen Jamison

(Last) (First) (Middle)

ONE DELL WAY

(Street)

ROUND ROCK TX 78682

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

3. Date of Earliest Transaction (Month/Day/Year)
03/06/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	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	03/06/2026		M		8,801	A	$13.98	74,463	D
Class C Common Stock	03/06/2026		S		8,801	D	$145.92	65,662	D
Class C Common Stock	03/06/2026		M		15,287	A	$13.6	80,949	D
Class C Common Stock	03/06/2026		S		15,287	D	$145.72(1)	65,662	D
Class C Common Stock	03/06/2026		M		126,258	A	$13.6	191,920	D
Class C Common Stock	03/06/2026		S		57,131	D	$144.51(2)	134,789	D
Class C Common Stock	03/06/2026		S		69,127	D	$145.42(3)	65,662	D

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
Options to Acquire Class C Common Stock	$13.98	03/06/2026		M			8,801	(4)	09/14/2026	Class C Common Stock	8,801	$0	0	D
Options to Acquire Class C Common Stock	$13.6	03/06/2026		M			15,287	(4)	09/14/2026	Class C Common Stock	15,287	$0	126,258	D
Options to Acquire Class C Common Stock	$13.6	03/06/2026		M			126,258	(4)	09/14/2026	Class C Common Stock	126,258	$0	0	D

Explanation of Responses:

1. The price reported in Column 4 represents a weighted average sales price of $145.7164. These shares were sold in multiple transactions at prices ranging from $145.60 to $145.83, inclusive. The reporting person undertakes to provide to Dell Technologies Inc., any security holder of Dell Technologies Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth in footnotes 1 through 3.

2. The price reported in Column 4 represents a weighted average sales price of $144.5085. These shares were sold in multiple transactions at prices ranging from $144.04 to $145.03, inclusive.

3. The price reported in Column 4 represents a weighted average sales price of $145.4237. These shares were sold in multiple transactions at prices ranging from $145.04 to $145.94, inclusive.

4. The options are fully vested.

Remarks:

	/s/ James Williamson, Attorney-in-Fact	03/10/2026
	** 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.
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FAQ

What did Dell (DELL) director Ellen Jamison Kullman report in this Form 4?

Ellen Jamison Kullman reported exercising options for 150,346 Dell Class C shares and selling the same number in open-market transactions. The filing also shows her remaining direct ownership of 65,662 Class C shares after completing these transactions on March 6, 2026.

How many Dell (DELL) shares did Ellen Jamison Kullman sell and at what prices?

She sold 150,346 shares of Dell Class C Common Stock in several open-market trades. Weighted average sale prices reported were about $145.72, $144.51, and $145.42 per share, with individual trades ranging from $144.04 to $145.94, as detailed in the footnotes.

What options did Ellen Jamison Kullman exercise in Dell (DELL) stock?

She exercised fully vested options to acquire 150,346 Dell Class C shares. These options had exercise prices of $13.60 and $13.98 per share and were scheduled to expire on September 14, 2026, according to the transaction details in the Form 4 filing.

How many Dell (DELL) shares does Ellen Jamison Kullman own after these transactions?

Following the reported option exercises and share sales, Ellen Jamison Kullman directly holds 65,662 shares of Dell Class C Common Stock. The filing shows no remaining derivative (option) positions associated with these specific grants after the transactions on March 6, 2026.

Were Ellen Jamison Kullman’s Dell (DELL) option exercises fully vested?

Yes. A footnote states that the options exercised by Ellen Jamison Kullman were fully vested. She converted those vested options into 150,346 Dell Class C shares and then sold an equal number of shares in the open market on the same date.

What is the net effect of this Form 4 on Ellen Jamison Kullman’s Dell (DELL) holdings?

The net effect is an exercise-and-sell pattern: she exercised 150,346 options and sold 150,346 shares. Her direct ownership now totals 65,662 Dell Class C shares, with the reported option grants fully exercised and no remaining derivative balance from these specific awards.