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

Silver Lake unit sells 46,990 Dell shares

Dell Technologies Inc. (DELL) received a Form 4 from Silver Lake-affiliated reporting persons, including SL SPV-2, L.P. and Egon Durban, covering transactions on September 15, 2026.

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

Rhea-AI Filing Summary

Dell Technologies Inc. (DELL) received a Form 4 from Silver Lake-affiliated reporting persons, including SL SPV-2, L.P. and Egon Durban, covering transactions on September 15, 2026. SL SPV-2, L.P. converted 69,718 shares of Class B Common Stock into an equal number of Class C shares, then reported sales of 46,990 Class C shares at various prices, all held indirectly through SL SPV-2, L.P. The reporting persons state this is a joint filing, disclaim beneficial ownership beyond their pecuniary interests, 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 46,990 shs ($25.98M)
Approx. gross sale proceeds $25.98M
Type Security Shares Price Value
Exercise Class B Common Stock F2, F1, F3, F4 69,718 $0.00 $0.00
Exercise Class C Common Stock F1, F2, F3, F4 69,718 -- --
Sale Class C Common Stock F10, F3, F4 7,345 $542.78 $3.99M
Sale Class C Common Stock F11, F3, F4 1,266 $543.40 $688K
Sale Class C Common Stock F12, F3, F4 1,148 $544.95 $626K
Sale Class C Common Stock F13, F3, F4 2,266 $545.74 $1.24M
Sale Class C Common Stock F14, F3, F4 592 $546.74 $324K
Sale Class C Common Stock F15, F3, F4 955 $548.10 $523K
Sale Class C Common Stock F16, F3, F4 681 $548.58 $374K
Sale Class C Common Stock F17, F3, F4 1,924 $550.36 $1.06M
Sale Class C Common Stock F18, F3, F4 592 $551.58 $327K
Sale Class C Common Stock F19, F3, F4 1,406 $552.69 $777K
Sale Class C Common Stock F20, F3, F4 3,187 $553.54 $1.76M
Sale Class C Common Stock F21, F3, F4 1,147 $554.21 $636K
Sale Class C Common Stock F22, F3, F4 7,091 $555.46 $3.94M
Sale Class C Common Stock F23, F3, F4 6,334 $556.39 $3.52M
Sale Class C Common Stock F24, F3, F4 4,271 $557.38 $2.38M
Sale Class C Common Stock F25, F3, F4 454 $558.30 $253K
Sale Class C Common Stock F26, F3, F4 685 $559.94 $384K
Sale Class C Common Stock F27, F3, F4 1,481 $560.69 $830K
Sale Class C Common Stock F28, F3, F4 1,199 $561.36 $673K
Sale Class C Common Stock F29, F3, F4 762 $562.77 $429K
Sale Class C Common Stock F30, F3, F4 1,505 $563.66 $848K
Sale Class C Common Stock F31, F3, F4 699 $564.46 $395K
holding Class B Common Stock F2, F33 -- -- --
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 F32 -- -- --
Holdings After Transaction: Class B Common Stock — 16,098,371 contracts (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 69,601 shares (Indirect, Held through SL SPV-2, L.P.); Class B Common Stock — 25,823,966 contracts (Indirect, See footnote); Class C Common Stock — 3,215 shares (Indirect, Held through Silver Lake Group, L.L.C.); Class C Common Stock — 390,113 shares (Indirect, See footnote); Class C Common Stock — 1,390,900 shares (Direct)
Footnotes (33)
  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 15, 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 15, 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 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. 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 15, 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 $542.2300 to $543.2200 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 $543.2300 to $543.9400 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.
  12. F12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $544.3289 to $545.3100 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 $545.3700 to $546.2500 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 $546.4000 to $547.2200 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 $547.4000 to $548.3300 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 $548.4000 to $548.8100 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 $550.0000 to $550.9500 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 $551.0000 to $551.7700 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 $552.0000 to $552.9300 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 $553.0000 to $553.9900 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 $554.0000 to $554.6300 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 $555.0000 to $555.9900 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 $556.0000 to $556.9900 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 $557.0000 to $557.9900 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 $558.0000 to $558.9289 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 $559.1180 to $560.1165 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $560.1362 to $561.1037 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.
  28. F28. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $561.1500 to $562.1393 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.
  29. F29. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $562.1637 to $563.1068 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.
  30. F30. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $563.1900 to $564.1739 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.
  31. F31. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $564.1929 to $565.0000 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.
  32. F32. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 61,474 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 35,988 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.
  33. F33. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 16,525,785 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 8,945,386 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 243,148 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 109,647 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.
Class B to Class C conversion 69,718 shares Class B Common Stock converted into Class C Common Stock on September 15, 2026
Class C shares sold 46,990 shares Total Dell Class C Common Stock sold indirectly through SL SPV-2, L.P. on September 15, 2026
Representative sale price range $542.23–$543.22 per share Weighted average price range for one group of Dell Class C sales (footnote F10)
Highest disclosed sale price range $564.19–$565.00 per share Weighted average price range for another group of Dell Class C sales (footnote F31)
Remaining convertible Class B position 25,823,966 underlying shares Class B Common Stock indirectly held, convertible into Class C with no expiration date
Silver Lake Group Class C holding 3,215 shares Class C Common Stock held through Silver Lake Group, L.L.C.
Egon Durban direct Class C holding 1,390,900 shares Class C Common Stock held directly by Egon Durban
Class B Common Stock financial
"Each share of Class B Common Stock is convertible into one share of Class C Common Stock"
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
"sold certain 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.
pecuniary interest financial
"each Reporting Person disclaims beneficial ownership... except to the extent of such Reporting Person's pecuniary interest"
Rule 16a-3 regulatory
"jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act"
Section 16 regulatory
"beneficial owners of all securities covered by this filing for purposes of Section 16"
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.

FAQ

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

What insider transactions in DELL stock did the Silver Lake entities report on September 15, 2026?
The reporting persons disclosed that SL SPV-2, L.P. converted 69,718 Class B Dell shares into Class C and reported sales of 46,990 Class C shares on September 15, 2026, all held indirectly through SL SPV-2, L.P.

At what prices were the DELL Class C shares sold in this Form 4?
The Class C shares of Dell were sold in multiple transactions at weighted average prices, with ranges disclosed in footnotes, such as $542.23–$543.22 per share and subsequent bands up to a range of $564.19–$565.00 per share.

How many Dell Class B shares remain convertible for the Silver Lake entities after these transactions?
A derivative position in Dell remains: 25,823,966 shares of Class B Common Stock, indirectly held, are stated as convertible into an equal number of Class C shares and have no expiration date.

Were the Dell (DELL) insider transactions made under a Rule 10b5-1 trading plan?
No. The filing’s Rule 10b5-1 checkbox is not marked, and the reporting persons do not indicate that the September 15, 2026 Dell transactions were made pursuant to any Rule 10b5-1 trading plan.

Who is identified as holding the Dell shares involved in the reported sales?
The sold Dell Class C shares are held by SL SPV-2, L.P.; its general partner is SLTA SPV-2, L.P., whose general partner is SLTA SPV-2 (GP), L.L.C., with Silver Lake Group, L.L.C. as managing member, and the reporting persons file jointly and disclaim full beneficial ownership.

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)
09/15/2026		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 Stock09/15/2026M(1)(2)69,718A(1)(2)116,591IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S7,345D$542.78(10)109,246IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S1,266D$543.4(11)107,980IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S1,148D$544.95(12)106,833IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S2,266D$545.74(13)104,566IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S592D$546.74(14)103,974IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S955D$548.1(15)103,019IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S681D$548.58(16)102,338IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S1,924D$550.36(17)100,414IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S592D$551.58(18)99,822IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S1,406D$552.69(19)98,416IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S3,187D$553.54(20)95,229IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S1,147D$554.21(21)94,082IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S7,091D$555.46(22)86,991IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S6,334D$556.39(23)80,656IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S4,271D$557.38(24)76,386IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S454D$558.3(25)75,932IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S685D$559.94(26)75,247IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S1,481D$560.69(27)73,766IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S1,199D$561.36(28)72,567IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S762D$562.77(29)71,805IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S1,505D$563.66(30)70,300IHeld through SL SPV-2, L.P.(3)(4)
Class C Common Stock09/15/2026S699D$564.46(31)69,601IHeld through SL SPV-2, 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 Stock1,390,900D(8)
Class C Common Stock51,433ISee footnote(9)
Class C Common Stock97,462ISee footnote(32)
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)09/15/2026M(1)(2)69,718 (2) (2)Class C Common Stock69,718$016,098,371IHeld through SL SPV-2, L.P.(3)(4)
Class B Common Stock(2) (2) (2)Class C Common Stock25,823,96625,823,966ISee footnote(33)
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 15, 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 15, 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 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. 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 15, 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 $542.2300 to $543.2200 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 $543.2300 to $543.9400 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.
12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $544.3289 to $545.3100 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 $545.3700 to $546.2500 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 $546.4000 to $547.2200 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 $547.4000 to $548.3300 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 $548.4000 to $548.8100 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 $550.0000 to $550.9500 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 $551.0000 to $551.7700 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 $552.0000 to $552.9300 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 $553.0000 to $553.9900 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 $554.0000 to $554.6300 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 $555.0000 to $555.9900 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 $556.0000 to $556.9900 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 $557.0000 to $557.9900 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 $558.0000 to $558.9289 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 $559.1180 to $560.1165 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $560.1362 to $561.1037 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.
28. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $561.1500 to $562.1393 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.
29. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $562.1637 to $563.1068 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.
30. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $563.1900 to $564.1739 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.
31. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $564.1929 to $565.0000 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.
32. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 61,474 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 35,988 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.
33. Following the transactions described in footnote (1), Silver Lake Partners IV, L.P. directly holds 16,525,785 shares of Class B Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 8,945,386 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 243,148 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 109,647 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.09/17/2026
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.09/17/2026
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.09/17/2026
By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C.09/17/2026
By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban09/17/2026
** 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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