STOCK TITAN

Silver Lake entities adjust Dell (DELL) stake with conversions and $176–$181 share sales

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

Rhea-AI Filing Summary

Dell Technologies disclosed that investment entities affiliated with Silver Lake converted Class B Common Stock into Class C Common Stock and sold part of their position. On April 15 and April 16, 2026, they exercised derivatives for 630,047 shares and sold 458,666 Class C shares in open-market transactions.

The sales occurred at weighted average prices ranging from $176.30 to $180.8671 per share, through funds such as SL SPV-2, Silver Lake Partners IV and V, and Silver Lake Technology Investors IV and V. The reporting entities and Silver Lake Group L.L.C. continue to hold significant indirect and direct stakes after these transactions.

Positive

  • None.

Negative

  • None.
Insider SLTA V (GP), L.L.C., Silver Lake Technology Associates V, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors V, L.P.
Role Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner
Sold 458,666 shs ($81.29M)
Type Security Shares Price Value
Exercise Class B Common Stock 241,941 $0.00 --
Exercise Class B Common Stock 248,365 $0.00 --
Exercise Class B Common Stock 134,439 $0.00 --
Exercise Class B Common Stock 3,654 $0.00 --
Exercise Class B Common Stock 1,648 $0.00 --
Exercise Class C Common Stock 241,941 $0.00 --
Exercise Class C Common Stock 248,365 $0.00 --
Exercise Class C Common Stock 134,439 $0.00 --
Exercise Class C Common Stock 3,654 $0.00 --
Exercise Class C Common Stock 1,648 $0.00 --
Sale Class C Common Stock 126,677 $176.58 $22.37M
Sale Class C Common Stock 144,741 $176.58 $25.56M
Sale Class C Common Stock 74,536 $176.58 $13.16M
Sale Class C Common Stock 2,788 $176.58 $492K
Sale Class C Common Stock 1,258 $176.58 $222K
Sale Class C Common Stock 5,898 $178.44 $1.05M
Sale Class C Common Stock 6,740 $178.44 $1.20M
Sale Class C Common Stock 3,471 $178.44 $619K
Sale Class C Common Stock 130 $178.44 $23K
Sale Class C Common Stock 59 $178.44 $11K
Sale Class C Common Stock 29,181 $179.43 $5.24M
Sale Class C Common Stock 33,342 $179.43 $5.98M
Sale Class C Common Stock 17,170 $179.43 $3.08M
Sale Class C Common Stock 642 $179.43 $115K
Sale Class C Common Stock 290 $179.43 $52K
Sale Class C Common Stock 4,250 $180.16 $766K
Sale Class C Common Stock 4,856 $180.16 $875K
Sale Class C Common Stock 2,501 $180.16 $451K
Sale Class C Common Stock 94 $180.16 $17K
Sale Class C Common Stock 42 $180.16 $8K
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
holding Class C Common Stock -- -- --
Holdings After Transaction: Class B Common Stock — 18,549,806 shares (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 241,941 shares (Indirect, Held through SL SPV-2, L.P.); Class C Common Stock — 1,313,489 shares (Direct)
Footnotes (1)
  1. SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on April 15, 2026 and April 16, 2026 and initiated in-kind distributions of shares of Class C Common Stock on April 16, 2026. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On April 15, 2026 and April 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 and distributions described in footnote (1) above. These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP"). These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP"). These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP"). These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP. These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer. Reflects shares held by SLG. Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on April 16, 2026. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest including shares received in connection with the distributions of shares of Class C Common Stock on April 16, 2026. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated to certain employees and managing members of SLG or its affiliates, including Mr. Durban. This amount reflects 24,563, 14,785 and 90,357 shares held by SLTA SPV, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the April 16, 2026 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Represents shares of Class C Common Stock held by Mr. Durban immediately following the receipt of shares in connection with the distributions of shares of Class C Common Stock on April 16, 2026. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $176.30 to $177.28 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $178.00 to $178.9969 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $179.0004 to $180.00 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $180.0005 to $180.8671 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.
Shares sold 458,666 shares Class C Common Stock sold in open-market trades
Shares exercised/converted 630,047 shares Derivative exercises or conversions into Class C Common Stock
Weighted price range (low) $176.30/share Lower end of reported weighted average sale price range
Weighted price range (high) $180.8671/share Upper end of reported weighted average sale price range
SL SPV-2 Class C holding 80,185 shares Class C Common Stock held by SL SPV-2 after reported sales
Silver Lake Partners IV Class C holding 63,542 shares Class C Common Stock held by Silver Lake Partners IV after sales
Direct Class C holding 1,313,489 shares Class C Common Stock directly held by Mr. Durban after distributions
Net share direction -458,666 shares Net buy/sell shares reported as net-sell in summary
Rule 16a-13 regulatory
"The receipt of shares of Class C Common Stock ... was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act."
weighted average price financial
"The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions..."
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.
pro rata distributions financial
"In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated..."
director by deputization regulatory
"Each of the Reporting Persons may be deemed a director by deputization of the Issuer."
indirect pecuniary interest financial
"These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest..."
Class B Common Stock financial
"Each share of Class B Common Stock ... is convertible into one share of Class C Common Stock at any time..."
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.
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*
SLTA V (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)
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)
04/15/2026
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 Stock04/15/2026M(1)(2)241,941A(1)(2)241,941IHeld through SL SPV-2, L.P.(3)(8)
Class C Common Stock04/15/2026M(1)(2)248,365A(1)(2)248,365IHeld through Silver Lake Partners IV, L.P.(4)(8)
Class C Common Stock04/15/2026M(1)(2)134,439A(1)(2)134,439IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(8)
Class C Common Stock04/15/2026M(1)(2)3,654A(1)(2)3,654IHeld through Silver Lake Technology Investors IV, L.P.(6)(8)
Class C Common Stock04/15/2026M(1)(2)1,648A(1)(2)1,648IHeld through Silver Lake Technology Investors V, L.P.(7)(8)
Class C Common Stock04/15/2026S126,677D$176.58(13)115,264IHeld through SL SPV-2, L.P.(3)(8)
Class C Common Stock04/15/2026S144,741D$176.58(13)103,624IHeld through Silver Lake Partners IV, L.P.(4)(8)
Class C Common Stock04/15/2026S74,536D$176.58(13)59,903IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(8)
Class C Common Stock04/15/2026S2,788D$176.58(13)866IHeld through Silver Lake Technology Investors IV, L.P.(6)(8)
Class C Common Stock04/15/2026S1,258D$176.58(13)390IHeld through Silver Lake Technology Investors V, L.P.(7)(8)
Class C Common Stock04/15/2026S5,898D$178.44(14)109,366IHeld through SL SPV-2, L.P.(3)(8)
Class C Common Stock04/15/2026S6,740D$178.44(14)96,884IHeld through Silver Lake Partners IV, L.P.(4)(8)
Class C Common Stock04/15/2026S3,471D$178.44(14)56,432IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(8)
Class C Common Stock04/15/2026S130D$178.44(14)736IHeld through Silver Lake Technology Investors IV, L.P.(6)(8)
Class C Common Stock04/15/2026S59D$178.44(14)332IHeld through Silver Lake Technology Investors V, L.P.(7)(8)
Class C Common Stock04/15/2026S29,181D$179.43(15)80,185IHeld through SL SPV-2, L.P.(3)(8)
Class C Common Stock04/15/2026S33,342D$179.43(15)63,542IHeld through Silver Lake Partners IV, L.P.(4)(8)
Class C Common Stock04/15/2026S17,170D$179.43(15)39,263IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(8)
Class C Common Stock04/15/2026S642D$179.43(15)94IHeld through Silver Lake Technology Investors IV, L.P.(6)(8)
Class C Common Stock04/15/2026S290D$179.43(15)42IHeld through Silver Lake Technology Investors V, L.P.(7)(8)
Class C Common Stock04/15/2026S4,250D$180.16(16)75,935IHeld through SL SPV-2, L.P.(3)(8)
Class C Common Stock04/15/2026S4,856D$180.16(16)58,686IHeld through Silver Lake Partners IV, L.P.(4)(8)
Class C Common Stock04/15/2026S2,501D$180.16(16)36,762IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(8)
Class C Common Stock04/15/2026S94D$180.16(16)0IHeld through Silver Lake Technology Investors IV, L.P.(6)(8)
Class C Common Stock04/15/2026S42D$180.16(16)0IHeld through Silver Lake Technology Investors V, L.P.(7)(8)
Class C Common Stock4,891IHeld through Silver Lake Group, L.L.C.(8)(9)
Class C Common Stock4,277ISee footnote(10)
Class C Common Stock129,705ISee footnote(11)
Class C Common Stock1,313,489D(12)
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)04/15/2026M(1)(2)241,941 (2) (2)Class C Common Stock241,941$018,549,806IHeld through SL SPV-2, L.P.(3)(8)
Class B Common Stock(2)04/15/2026M(1)(2)248,365 (2) (2)Class C Common Stock248,365$019,042,305IHeld through Silver Lake Partners IV, L.P.(4)(8)
Class B Common Stock(2)04/15/2026M(1)(2)134,439 (2) (2)Class C Common Stock134,439$010,307,577IHeld through Silver Lake Partners V DE (AIV), L.P.(5)(8)
Class B Common Stock(2)04/15/2026M(1)(2)3,654 (2) (2)Class C Common Stock3,654$0280,176IHeld through Silver Lake Technology Investors IV, L.P.(6)(8)
Class B Common Stock(2)04/15/2026M(1)(2)1,648 (2) (2)Class C Common Stock1,648$0126,343IHeld through Silver Lake Technology Investors V, L.P.(7)(8)
1. Name and Address of Reporting Person*
SLTA V (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 Technology Associates V, 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 Partners V DE (AIV), 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 Investors V, 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)
Explanation of Responses:
1. SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on April 15, 2026 and April 16, 2026 and initiated in-kind distributions of shares of Class C Common Stock on April 16, 2026. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
2. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On April 15, 2026 and April 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 and distributions described in footnote (1) above.
3. These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP").
4. These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP").
5. These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP").
6. These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP.
7. These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP.
8. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
9. Reflects shares held by SLG. Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on April 16, 2026. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
10. These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest including shares received in connection with the distributions of shares of Class C Common Stock on April 16, 2026. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
11. In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated to certain employees and managing members of SLG or its affiliates, including Mr. Durban. This amount reflects 24,563, 14,785 and 90,357 shares held by SLTA SPV, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the April 16, 2026 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
12. Represents shares of Class C Common Stock held by Mr. Durban immediately following the receipt of shares in connection with the distributions of shares of Class C Common Stock on April 16, 2026. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $176.30 to $177.28 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 $178.00 to $178.9969 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 $179.0004 to $180.00 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 $180.0005 to $180.8671 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
Remarks:
The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any. Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed a separate Form 4. Because no more than 30 transactions can be listed on each Table of the Form 4 filing, the Reporting Persons have filed separate Forms 4 reporting additional transactions.
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C.04/17/2026
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P.04/17/2026
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., gen. partner of Silver Lake Technology Associates V, L.P., general partner of Silver Lake Partners V DE (AIV), L.P.04/17/2026
By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., gen. partner of Silver Lake Technology Associates V, L.P., gen. partner of Silver Lake Technology Investors V, L.P.04/17/2026
** 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)

FAQ

What did Silver Lake-affiliated entities report in this Dell (DELL) Form 4?

Silver Lake-affiliated entities reported converting Class B into Class C Common Stock and selling part of their Dell stake. They exercised derivatives for 630,047 shares and sold 458,666 Class C shares in open-market trades around mid-April 2026, while retaining substantial remaining holdings.

How many Dell (DELL) shares did Silver Lake entities sell in this filing?

The filing shows Silver Lake-affiliated funds sold 458,666 shares of Dell Class C Common Stock. These open-market transactions were executed through multiple trades over April 15–16, 2026, while the entities continued to hold sizable indirect positions following the sales.

How many Dell (DELL) shares were acquired via conversions in this Form 4?

Entities affiliated with Silver Lake exercised or converted derivatives into 630,047 shares of Dell Class C Common Stock. These conversions came from Class B Common Stock and related instruments and occurred in connection with the same April 15–16, 2026 sales and in-kind distributions described in the footnotes.

Which entities associated with Silver Lake are involved in the Dell (DELL) transactions?

The filing lists 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 V, L.P., and Silver Lake Group, L.L.C. These entities hold Dell shares and executed the reported conversions and sales, with governance links described in the footnotes.