Form 4: Silver Lake Entities Sell Dell Shares in Planned Transaction

Entities affiliated with Silver Lake, including a Dell director, sold over 222,000 shares of Dell Technologies Class C Common Stock under a pre-arranged trading plan.

Summary

• Entities affiliated with Silver Lake, including SLTA V (GP), L.L.C., Silver Lake Technology Associates V, L.P., Silver Lake Partners V DE (AIV), L.P., and Silver Lake Technology Investors V, L.P., disposed of 222,434 shares of Dell Technologies Inc. Class C Common Stock.
• The transactions occurred on March 2, 2026, and were executed under a Rule 10b5-1(c) pre-arranged trading plan.
• Shares were sold at weighted average prices of $150.97 (ranging from $150.5455 to $151.5445) and $151.78 (ranging from $151.5455 to $152.1100).
• The sales involved the conversion of Class B Common Stock into an equal number of Class C Common Stock immediately prior to the sales.
• Following these transactions, various Silver Lake entities and affiliates, including Dell director Egon Durban, retain significant direct and indirect beneficial ownership of Dell Class C Common Stock.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event. While insider selling can sometimes be a negative signal, the use of a Rule 10b5-1 plan suggests a pre-planned portfolio adjustment rather than a reaction to new, adverse information.

Positives

• The sales were conducted under a Rule 10b5-1(c) plan, indicating they were pre-scheduled and not based on new, non-public information, which can mitigate concerns about insider sentiment.

Negatives

• Significant insider selling by entities affiliated with a director and 10% owner could be perceived negatively by some investors, even if pre-planned.

Management Comments

• Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
• 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

StockSavvy.ai notes that insider sales, particularly by significant shareholders like private equity firms, are common as funds mature and seek to return capital to limited partners. The use of a Rule 10b5-1 plan indicates a pre-scheduled divestment strategy rather than a reaction to immediate market conditions or non-public information, which is a standard practice for managing large equity positions.

Related Party Transactions

• The sales were made by entities affiliated with Silver Lake, a significant shareholder and whose Co-CEO, Egon Durban, serves as a director of Dell Technologies Inc.

Stakeholder Impact

• Shareholders: The sale of a significant number of shares by a large institutional investor and director-affiliated entity could lead to short-term price volatility or be interpreted as a lack of confidence, though the 10b5-1 plan mitigates this.

Key Dates

Recommendation

The insider sales, while substantial, were executed under a Rule 10b5-1 plan, suggesting a pre-determined divestment strategy rather than a reaction to new information. This typically makes such transactions less indicative of future stock performance. Investors should hold and monitor Dell's operational performance and broader market trends rather than reacting solely to this planned insider activity.

Keywords

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