Form 4: Silver Lake Entities and Director Egon Durban Execute Significant Dell Technologies Stock Sales and Distributions

Various Silver Lake investment entities and director Egon Durban reported the conversion, sale, and in-kind distribution of Dell Technologies Class C Common Stock totaling over 800,000 shares in early July 2025.

Summary

• On July 10, 2025, 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 814,201 shares of Dell Technologies Class B Common Stock into an equal number of Class C Common Stock.
• Concurrently on July 10, 2025, these Silver Lake entities sold a total of 600,000 shares of Class C Common Stock.
• Sales were executed at weighted average prices of $127.33 per share for 372,298 shares and $127.93 per share for 227,702 shares.
• On July 14, 2025, the same Silver Lake entities initiated in-kind distributions of 214,201 shares of Class C Common Stock.
• These distributions included pro rata allocations to certain employees and managing members of Silver Lake Group, L.L.C. or its affiliates, including Dell director Egon Durban.
• Following these transactions and distributions, Egon Durban 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.
• Silver Lake Group, L.L.C. holds 2,852 shares of Class C Common Stock, and an additional 115,292 shares are held through various Silver Lake entities on behalf of individuals, including shares distributed on July 14, 2025.

Sentiment

Score: 5

Explanation: The document is a factual report of insider transactions (sales and distributions) and does not contain language that indicates a positive or negative sentiment regarding the company's performance or outlook.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding Dell Technologies' future performance or strategy.

Management Comments

• 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.

Industry Context

This Form 4 details specific insider transactions by a major institutional investor and director in Dell Technologies. It does not provide broader industry context or trends, focusing solely on changes in beneficial ownership of the company's stock.

Related Party Transactions

• The transactions involve various Silver Lake investment entities (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., Silver Lake Technology Investors V, L.P., Silver Lake Group, L.L.C., and their general partners) and Egon Durban, who serves as a director of Dell Technologies Inc. and as Co-CEO and Managing Member of Silver Lake Group, L.L.C. These are considered related party transactions due to the common control and directorship.

Stakeholder Impact

• Shareholders: The sale of a significant number of shares by a major institutional investor and director could be interpreted by other shareholders as a signal regarding the company's valuation or future prospects, potentially influencing market sentiment and stock price.

Key Dates

Keywords

Dell Technologies, DELL, Silver Lake, Insider Trading, Form 4, Beneficial Ownership, Stock Sale, Stock Distribution, Class C Common Stock, Class B Common Stock, Egon Durban