Form 4: Silver Lake Entities and Director Egon Durban Divest Over 310,000 Dell Technologies Class C Shares

Key insider Silver Lake, along with director Egon Durban, reported the sale of over 310,000 shares of Dell Technologies Class C Common Stock on June 10, 2025, following conversions from Class B shares.

Summary

• 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 Silver Lake Technology Investors V, L.P. converted a total of 578,681 shares of Class B Common Stock into Class C Common Stock on June 10, 2025.
• These entities subsequently sold a total of 310,313 shares of Class C Common Stock at a weighted average price of $113.99 per share.
• An additional 458 shares of Class C Common Stock were sold at a weighted average price of $114.51 per share by the same entities.
• The sales were conducted pursuant to a Rule 10b5-1(c) contract, instruction, or written plan for the purchase or sale of equity securities.
• Following these transactions, Silver Lake entities and Egon Durban collectively retain significant beneficial ownership, including 1,234,412 shares of Class C Common Stock and 61,336,122 shares of Class B Common Stock (convertible to Class C Common Stock).
• Egon Durban, a director of Dell Technologies, directly holds 877,339 Class C Common Stock shares and indirectly holds an additional 39,639 Class C Common Stock shares through trusts and other entities.

Sentiment

Score: 4

Explanation: The sentiment is moderately negative due to significant insider selling by a major shareholder and director. While the sales were pre-planned under a 10b5-1 plan, the sheer volume of shares divested can still be interpreted as a bearish signal by the market.

Positives

• The transactions were made pursuant to a Rule 10b5-1(c) plan, indicating pre-scheduled sales rather than a reaction to recent events, which can mitigate negative market interpretation.

Negatives

• A significant volume of shares (over 310,000) was sold by a major insider and 10% owner, Silver Lake, and director Egon Durban, which can sometimes be perceived negatively by the market.

Future Outlook

This Form 4 filing reports past transactions and does not provide any forward-looking statements or guidance regarding Dell Technologies' future performance or strategic outlook.

Management Comments

• Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., signed the filing on behalf of the various Silver Lake reporting persons and as Attorney-in-fact for Egon Durban.

Industry Context

This Form 4 filing is a routine disclosure of insider stock transactions and does not provide broader industry context or trends. It reflects specific ownership changes by a major institutional investor and director within the technology sector.

Related Party Transactions

• The reported transactions involve sales of Dell Technologies shares by Silver Lake entities and Egon Durban, who are classified as related parties due to their roles as 10% owners and/or directors of the Issuer.

Stakeholder Impact

• Shareholders: May interpret the significant insider selling as a negative signal, potentially impacting investor confidence and stock price perception.
• Company: The transactions represent a reduction in ownership by a key institutional investor and director, which could be a point of discussion for corporate governance.

Key Dates

Recommendation

Keywords

Dell Technologies, DELL, SEC Form 4, Insider Trading, Beneficial Ownership, Stock Sale, Silver Lake, Egon Durban, Class C Common Stock, Class B Common Stock, Rule 10b5-1