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Dell investor Silver Lake sells 1,054 Class C shares

Silver Lake–affiliated entities exercised Dell Class B into Class C and sold 1,054 Class C shares while retaining a large convertible Class B position.

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

Rhea-AI Filing Summary

Dell Technologies Inc. (DELL) received a Form 4 from entities affiliated with Silver Lake, including Silver Lake Technology Investors IV, L.P., reporting an exercise and sales on September 16, 2026. Silver Lake Technology Investors IV, L.P. converted 1,053 shares of Class B Common Stock into 1,053 shares of Class C Common Stock, then sold 1,054 Class C shares in multiple open‑market transactions, all reported as indirect holdings. No Rule 10b5‑1 trading plan is reported. After these transactions, affiliated entities report indirect holdings of 41,498,674 Class B shares convertible into the same number of Class C shares, plus other direct and indirect Class C positions, while disclaiming beneficial ownership beyond their pecuniary interests.

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Insights

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Insider Silver Lake Technology Investors IV, L.P., Silver Lake Technology Associates IV, L.P., SLTA IV (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 1,054 shs ($599K)
Approx. gross sale proceeds $599K
Type Security Shares Price Value
Exercise Class B Common Stock F2, F1, F3, F4 1,053 $0.00 $0.00
Exercise Class C Common Stock F1, F2, F3, F4 1,053 -- --
Sale Class C Common Stock F10, F3, F4 14 $561.56 $8K
Sale Class C Common Stock F11, F3, F4 18 $562.65 $10K
Sale Class C Common Stock F12, F3, F4 56 $563.48 $32K
Sale Class C Common Stock F13, F3, F4 46 $564.66 $26K
Sale Class C Common Stock F14, F3, F4 182 $565.84 $103K
Sale Class C Common Stock F15, F3, F4 168 $566.64 $95K
Sale Class C Common Stock F16, F3, F4 104 $567.77 $59K
Sale Class C Common Stock F17, F3, F4 92 $568.81 $52K
Sale Class C Common Stock F18, F3, F4 156 $569.72 $89K
Sale Class C Common Stock F19, F3, F4 98 $570.69 $56K
Sale Class C Common Stock F20, F3, F4 63 $571.64 $36K
Sale Class C Common Stock F21, F3, F4 31 $572.61 $18K
Sale Class C Common Stock F22, F3, F4 26 $573.28 $15K
holding Class B Common Stock F2, F24 -- -- --
holding Class C Common Stock F4, F5 -- -- --
holding Class C Common Stock F6 -- -- --
holding Class C Common Stock F7 -- -- --
holding Class C Common Stock F8 -- -- --
holding Class C Common Stock F9 -- -- --
holding Class C Common Stock F23 -- -- --
Holdings After Transaction: Class B Common Stock — 242,095 contracts (Indirect, Held through Silver Lake Technology Investors IV, L.P.); Class C Common Stock — 0 shares (Indirect, Held through Silver Lake Technology Investors IV, L.P.); Class B Common Stock — 41,498,674 contracts (Indirect, See footnote); Class C Common Stock — 3,215 shares (Indirect, Held through Silver Lake Group, L.L.C.); Class C Common Stock — 514,282 shares (Indirect, See footnote); Class C Common Stock — 1,385,600 shares (Direct)
Footnotes (24)
  1. F1. Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on September 16, 2026.
  2. F2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On September 16, 2026, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales described in footnote (1) above.
  3. F3. These securities are held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is Silver Lake Technology Associates IV, L.P. and the general partner of Silver Lake Technology Associates IV, L.P. is SLTA IV (GP), L.L.C.
  4. F4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA IV (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as the CEO and a Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
  5. F5. Reflects shares of Class C Common Stock held by SLG,.
  6. F6. Reflects shares of Class C Common Stock held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.
  7. F7. This amount reflects 41,375, 137,789, 35,426 and 24,766 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates.
  8. F8. Reflects shares of Class C Common Stock held directly by Mr. Durban. Mr. Durban has filed a separate Form 4 reporting transactions in securities of the Issuer on September 16, 2026.
  9. F9. Reflects shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
  10. F10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $560.8800 to $561.6900 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  11. F11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $561.9900 to $562.9800 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  12. F12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $563.0100 to $564.0000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  13. F13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $564.1300 to $565.0900 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  14. F14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $565.1800 to $566.1700 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  15. F15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $566.1800 to $567.1700 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  16. F16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $567.1824 to $568.1291 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  17. F17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $568.2193 to $569.1857 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  18. F18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $569.2194 to $570.2100 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  19. F19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $570.2208 to $571.2179 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  20. F20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $571.2209 to $572.2132 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  21. F21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $572.2320 to $572.9974 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  22. F22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $573.0000 to $573.7900 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
  23. F23. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 92,330 shares of Class C Common Stock, Silver Lake Partners IV, L.P. directly holds 81,555 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 47,746 shares of Class C Common Stock and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
  24. F24. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,028,648 shares of Class B Common Stock, Silver Lake Partners IV, L.P. directly holds 16,454,211 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 8,906,643 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 109,172 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Class B shares converted 1,053 shares Class B Common Stock converted into Class C on September 16, 2026
Class C shares acquired via conversion 1,053 shares Class C Common Stock received from Class B conversion on September 16, 2026
Class C shares sold 1,054 shares Net Class C Common Stock sold in multiple transactions on September 16, 2026
Sale price range for Class C $560.8800–$573.7900 per share Weighted‑average sales across multiple trades as described in footnotes
Indirect Class B position 41,498,674 shares Class B Common Stock indirectly held, convertible 1:1 into Class C after the transactions
Class C held through Silver Lake Group, L.L.C. 3,215 shares Reflects shares of Class C Common Stock held by Silver Lake Group, L.L.C.
Class C held directly by Egon Durban 1,385,600 shares Direct Class C Common Stock position of director Egon Durban
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.
pecuniary interest financial
"each Reporting Person disclaims beneficial ownership...except to the extent of such Reporting Person's pecuniary interest"
convertible financial
"Each share of Class B Common Stock...is convertible into one share of Class C Common Stock"
A convertible is a type of investment that starts as a loan or preferred stake (like a bond or preferred share) but can be exchanged for common shares of the company at a set price or under certain conditions. It matters to investors because it offers a mix of steady income and downside protection like a loan, plus the upside of stock ownership if the company does well—similar to holding a coupon that you can trade for a full ticket if the event becomes valuable.
director by deputization regulatory
"Each of the Reporting Persons may be deemed a director by deputization of the Issuer."
indirect pecuniary interest financial
"held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest."

FAQ

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

What insider activity in DELL stock did Silver Lake affiliates report on September 16, 2026?
They reported converting 1,053 Class B shares into 1,053 Class C shares of Dell Technologies Inc. and selling 1,054 Class C shares in multiple open‑market transactions, all held indirectly through Silver Lake Technology Investors IV, L.P.

What prices were DELL Class C shares sold for in this Form 4?
The reported per‑share prices are weighted averages for each trade, with underlying transactions occurring at prices ranging from $560.8800 to $573.7900 per share, as detailed across several footnotes describing the sale price ranges.

How many Dell (DELL) Class B shares do the reporting entities hold after these transactions?
After the reported transactions, affiliated entities indirectly hold 41,498,674 shares of Class B Common Stock, each convertible into one share of Class C Common Stock, with no expiration date on the conversion right.

Are the Dell (DELL) insider transactions linked to a Rule 10b5-1 trading plan?
No. The filing indicates no Rule 10b5‑1 trading plan; the document‑level checkbox for such a plan is not marked, and the footnotes do not state that the transactions were made pursuant to a trading plan.

What Dell (DELL) holdings are reported directly by Egon Durban in this Form 4 data?
Egon Durban is reported as directly holding 1,385,600 shares of Class C Common Stock, separate from the indirect holdings through Silver Lake–related entities and family or employee-related vehicles described in the footnotes.

How do the reporting persons characterize their ownership of DELL shares?
They state that the filing should not be deemed an admission that they are beneficial owners of all reported securities and disclaim beneficial ownership except to the extent of any pecuniary interest they may have in the securities.

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

Form 4 Insider Transactions: What Each Field Means →
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SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Silver Lake Technology Investors IV, L.P.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
09/16/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Class C Common Stock09/16/2026M(1)(2)1,053A(1)(2)1,053IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S14D$561.56(10)1,039IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S18D$562.65(11)1,021IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S56D$563.48(12)965IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S46D$564.66(13)919IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S182D$565.84(14)737IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S168D$566.64(15)569IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S104D$567.77(16)465IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S92D$568.81(17)373IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S156D$569.72(18)218IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S98D$570.69(19)120IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S63D$571.64(20)56IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S31D$572.61(21)26IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock09/16/2026S26D$573.28(22)0IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class C Common Stock3,215IHeld through Silver Lake Group, L.L.C.(4)(5)
Class C Common Stock1,862ISee footnote(6)
Class C Common Stock239,356ISee footnote(7)
Class C Common Stock1,385,600D(8)
Class C Common Stock51,433ISee footnote(9)
Class C Common Stock221,631ISee footnote(23)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Class B Common Stock(2)09/16/2026M(1)(2)1,053 (2) (2)Class C Common Stock1,053$0242,095IHeld through Silver Lake Technology Investors IV, L.P.(3)(4)
Class B Common Stock(2) (2) (2)Class C Common Stock41,498,67441,498,674ISee footnote(24)
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 CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Technology Associates IV, 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 IV (GP), L.L.C.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Silver Lake Group, L.L.C.
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Durban Egon
(Last)(First)(Middle)
C/O SILVER LAKE
2775 SAND HILL ROAD, SUITE 100
(Street)
MENLO PARK CALIFORNIA 94025
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
XDirector10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on September 16, 2026.
2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On September 16, 2026, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales described in footnote (1) above.
3. These securities are held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is Silver Lake Technology Associates IV, L.P. and the general partner of Silver Lake Technology Associates IV, L.P. is SLTA IV (GP), L.L.C.
4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA IV (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as the CEO and a Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
5. Reflects shares of Class C Common Stock held by SLG,.
6. Reflects shares of Class C Common Stock held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.
7. This amount reflects 41,375, 137,789, 35,426 and 24,766 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates.
8. Reflects shares of Class C Common Stock held directly by Mr. Durban. Mr. Durban has filed a separate Form 4 reporting transactions in securities of the Issuer on September 16, 2026.
9. Reflects shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $560.8800 to $561.6900 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $561.9900 to $562.9800 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $563.0100 to $564.0000 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $564.1300 to $565.0900 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $565.1800 to $566.1700 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $566.1800 to $567.1700 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $567.1824 to $568.1291 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $568.2193 to $569.1857 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $569.2194 to $570.2100 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $570.2208 to $571.2179 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $571.2209 to $572.2132 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $572.2320 to $572.9974 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $573.0000 to $573.7900 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
23. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 92,330 shares of Class C Common Stock, Silver Lake Partners IV, L.P. directly holds 81,555 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 47,746 shares of Class C Common Stock and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
24. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,028,648 shares of Class B Common Stock, Silver Lake Partners IV, L.P. directly holds 16,454,211 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 8,906,643 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 109,172 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Remarks:
The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any. Due to certain reporting restrictions including that no more than 30 transactions can be listed on each Table of the Form 4 filing and no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 4 reporting additional transactions.
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., gen. partner of Silver Lake Technology Associates IV, L.P., gen. partner of Silver Lake Technology Investors IV, L.P09/18/2026
By: /s/ Justin G. Hamill, 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.09/18/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C.09/18/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C.09/18/2026
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban09/18/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

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