Form 4: Key Investor Adjusts Holdings in Technology Giant

A major institutional investor and director has reported significant conversions of Class B to Class C common stock and subsequent sales of Class C shares in Dell Technologies Inc. through pre-arranged trading plans.

Summary

• SLTA V (GP), L.L.C. and its affiliated entities, including Silver Lake Partners IV, L.P. and Silver Lake Partners V DE (AIV), L.P., along with director Egon Durban, reported changes in their beneficial ownership of Dell Technologies Inc. Class C Common Stock.
• On July 15 and July 16, 2025, reporting persons converted a total of 5,294 shares of Class B Common Stock into an equal number of Class C Common Stock shares.
• Concurrently, on July 15 and July 16, 2025, a total of 3,900 shares of Class C Common Stock were disposed of through sales at a weighted average price of $125.29 per share, with prices ranging from $125.04 to $125.42.
• Specific dispositions include 1,407 shares by SL SPV-2, L.P., 1,616 shares by Silver Lake Partners IV, L.P., 832 shares by Silver Lake Partners V DE (AIV), L.P., 31 shares by Silver Lake Technology Investors IV, L.P., and 14 shares by Silver Lake Technology Investors V, L.P.
• Following these transactions, significant indirect holdings of Class C Common Stock remain, including 29,641 shares through SL SPV-2, L.P., 23,024 shares through Silver Lake Partners IV, L.P., and 14,329 shares through Silver Lake Partners V DE (AIV), L.P.
• Egon Durban, a director of Dell Technologies Inc. and Co-CEO/Managing Member of Silver Lake Group, L.L.C., directly holds 980,295 shares of Class C Common Stock and indirectly holds an additional 40,559 shares through a family trust and 2,468 shares through other entities.

Sentiment

Score: 5

Explanation: The document is a factual report of pre-planned insider transactions (conversions and sales) and does not inherently convey positive or negative sentiment regarding the company's performance or prospects. It reflects routine portfolio management by a major investor.

Future Outlook

The filing details pre-planned transactions under a Rule 10b5-1(c) plan, indicating scheduled conversions of Class B Common Stock to Class C Common Stock and subsequent sales of Class C Common Stock on July 15 and 16, 2025.

Management Comments

• Egon Durban, a director of Dell Technologies Inc., also serves as a Co-CEO and Managing Member of Silver Lake Group, L.L.C., which is the managing member of the general partners of the reporting entities. He may be deemed a director by deputization of the Issuer.

Industry Context

This filing reports routine insider transactions by a significant institutional investor and director, which are common occurrences in publicly traded companies and reflect portfolio management decisions rather than broader industry trends.

Related Party Transactions

• Transactions were conducted by SLTA V (GP), L.L.C. and its affiliated entities (Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P., Silver Lake Technology Investors V, L.P., SL SPV-2, L.P.), which are 10% owners and have a director (Egon Durban) on the Issuer's board. These transactions are considered related party dealings.

Stakeholder Impact

• Shareholders: Changes in beneficial ownership by a significant institutional investor and director may influence market perception and trading activity, although these were pre-planned transactions.

Key Dates

Keywords

Dell Technologies, DELL, SEC filing, Form 4, insider transaction, stock sale, stock conversion, beneficial ownership, Silver Lake, Egon Durban, Class C Common Stock, Class B Common Stock, 10b5-1 plan