Form 4: Silver Lake Entities Convert and Sell Dell Technologies Class C Common Stock

Multiple Silver Lake affiliated entities, including 10% owners and entities associated with Director Egon Durban, converted Class B Common Stock to Class C and subsequently sold a total of 8,722 shares of Dell Technologies Class C Common Stock at a weighted average price of $114.12 per share.

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. sold a combined total of 8,722 shares of Dell Technologies Inc. Class C Common Stock.
• The sales occurred on June 11, 2025, at a weighted average price of $114.12 per share, with prices ranging from $113.75 to $114.40.
• In connection with these sales, the reporting persons converted 11,791 shares of Class B Common Stock into an equal number of Class C Common Stock shares on June 11, 2025.
• Following these transactions, SL SPV-2, L.P. beneficially owns 123,478 Class C shares and 23,548,825 convertible Class B shares indirectly.
• Silver Lake Partners IV, L.P. beneficially owns 96,349 Class C shares and 24,174,052 convertible Class B shares indirectly.
• Silver Lake Partners V DE (AIV), L.P. beneficially owns 59,775 Class C shares and 13,085,382 convertible Class B shares indirectly.
• Silver Lake Technology Investors IV, L.P. beneficially owns 68 Class C shares and 355,681 convertible Class B shares indirectly.
• Silver Lake Technology Investors V, L.P. beneficially owns 31 Class C shares and 160,391 convertible Class B shares indirectly.
• Egon Durban, a director of Dell Technologies and Co-CEO/Managing Member of Silver Lake Group, L.L.C., directly holds 877,339 Class C shares and indirectly holds an additional 37,313 Class C shares through a trust and 2,326 Class C shares through other entities.
• Silver Lake Group, L.L.C. indirectly holds 2,800 Class C shares and an additional 46,266 Class C shares on behalf of certain employees and managing members, including Mr. Durban.

Sentiment

Score: 3

Explanation: The sentiment is moderately negative due to significant insider selling by a major institutional investor and director, which can signal a lack of confidence or a strategic reduction in exposure.

Negatives

• Significant insider selling by a major institutional investor and director (Silver Lake entities and Egon Durban) could be perceived as a negative signal regarding future stock performance or a strategic reduction in exposure.

Future Outlook

This Form 4 filing does not provide any forward-looking statements or guidance regarding the company's future performance or strategic outlook.

Industry Context

This filing reports routine insider transactions and does not provide broader industry context or trends.

Related Party Transactions

• The transactions involve Silver Lake 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 are identified as 10% owners and/or directors of Dell Technologies Inc., making these related party transactions under SEC reporting rules.

Stakeholder Impact

• Shareholders: The sale of shares by a significant institutional investor and director may lead to concerns about the company's future performance or valuation, potentially influencing investor sentiment and stock price.

Key Dates

Recommendation

Keywords

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