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Dell Technologies Inc. — Director's Dealing 2025
Oct 10, 2025
29890_dirs_2025-10-10_75f388fc-5ad5-4fb0-b270-bbb3d71bd3f5.zip
Director's Dealing
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SEC Form 4 — Statement of Changes in Beneficial Ownership
Issuer: Dell Technologies Inc. (DELL)
CIK: 0001571996
Period of Report: 2025-10-08
Reporting Person: SLTA IV (GP), L.L.C. (N/A)
Reporting Person: Silver Lake Group, L.L.C. (N/A)
Reporting Person: Silver Lake Technology Associates IV, L.P. (N/A)
Reporting Person: Silver Lake Partners IV, L.P. (N/A)
Reporting Person: Silver Lake Technology Investors IV, L.P. (N/A)
Reporting Person: SLTA SPV-2 (GP), L.L.C. (N/A)
Reporting Person: SLTA SPV-2, L.P. (N/A)
Reporting Person: SL SPV-2, L.P. (N/A)
Reporting Person: Durban Egon (N/A)
Non-Derivative Transactions
| Date | Security | Code | Shares | Price | A/D | Holdings After | Ownership |
|---|---|---|---|---|---|---|---|
| 2025-10-08 | Class C Common Stock | M | 263024 | — | Acquired | 263024 | Indirect |
| 2025-10-08 | Class C Common Stock | M | 270007 | — | Acquired | 270007 | Indirect |
| 2025-10-08 | Class C Common Stock | M | 146154 | — | Acquired | 146154 | Indirect |
| 2025-10-08 | Class C Common Stock | M | 3973 | — | Acquired | 3973 | Indirect |
| 2025-10-08 | Class C Common Stock | M | 1791 | — | Acquired | 1791 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 126013 | $161.15 | Disposed | 137011 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 145758 | $161.15 | Disposed | 124249 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 74546 | $161.15 | Disposed | 71608 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 2784 | $161.15 | Disposed | 1189 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 1255 | $161.15 | Disposed | 536 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 28726 | $161.93 | Disposed | 108285 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 33227 | $161.93 | Disposed | 91021 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 16994 | $161.93 | Disposed | 54614 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 635 | $161.93 | Disposed | 554 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 286 | $161.93 | Disposed | 250 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 25096 | $162.65 | Disposed | 83189 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 29028 | $162.65 | Disposed | 61993 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 14846 | $162.65 | Disposed | 39768 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 554 | $162.65 | Disposed | 0 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 250 | $162.65 | Disposed | 0 | Indirect |
| 2025-10-08 | Class C Common Stock | S | 1 | $164.53 | Disposed | 83188 | Indirect |
| 2025-10-10 | Class C Common Stock | J | 83188 | — | Disposed | 0 | Indirect |
| 2025-10-10 | Class C Common Stock | J | 61993 | — | Disposed | 0 | Indirect |
| 2025-10-10 | Class C Common Stock | J | 39768 | — | Disposed | 0 | Indirect |
Derivative Transactions
| Date | Security | Exercise Price | Code | Shares | A/D | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| 2025-10-08 | Class B Common Stock | $ | M | 263024 | Disposed | Class C Common Stock (263024) | Indirect | |
| 2025-10-08 | Class B Common Stock | $ | M | 270007 | Disposed | Class C Common Stock (270007) | Indirect | |
| 2025-10-08 | Class B Common Stock | $ | M | 146154 | Disposed | Class C Common Stock (146154) | Indirect | |
| 2025-10-08 | Class B Common Stock | $ | M | 3973 | Disposed | Class C Common Stock (3973) | Indirect | |
| 2025-10-08 | Class B Common Stock | $ | M | 1791 | Disposed | Class C Common Stock (1791) | Indirect |
Holdings (Non-Derivative)
| Security | Shares | Ownership |
|---|---|---|
| Class C Common Stock | 3538 | Indirect |
| Class C Common Stock | 3079 | Indirect |
| Class C Common Stock | 270064 | Indirect |
| Class C Common Stock | 1184092 | Direct |
| Class C Common Stock | 46985 | Indirect |
Footnotes
F1: SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on October 8, 2025 and initiated in-kind distributions of shares of Class C Common Stock on October 10, 2025. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
F2: Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On October 8, 2025, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales and distributions described in footnote (1) above.
F3: These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP").
F4: These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP").
F5: These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP").
F6: These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP.
F7: These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP.
F8: Reflects shares held by Silver Lake Group, L.L.C. ("SLG"). Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on October 10, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
F9: SLG is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
F10: These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest including shares received in connection with the distributions of shares of Class C Common Stock on October 10, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
F11: In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated to certain employees and managing members of SLG or its affiliates, including Egon Durban. This amount reflects 67,183, 85, 39,062 and 163,734 shares held by SLTA SPV, SLTA IV, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the October 10, 2025 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
F12: Represents shares of Class C Common Stock held by Mr. Durban immediately following the receipt of shares in connection with the distributions of shares of Class C Common Stock on October 10, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
F13: Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members, including shares received in connection with the distributions of shares of Class C Common Stock on October 10, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.
F14: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $160.4975 to $161.495 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F15: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $161.4981 to $162.4956 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
F16: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $162.50 to $163.00 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.