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Dell Technologies Inc. — Director's Dealing 2025
Sep 24, 2025
29890_dirs_2025-09-24_3f455bbe-4ff3-4d9d-9139-f779597b67b8.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: 2025-09-22
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 |
|---|---|---|---|---|---|---|---|
| 2025-09-22 | Class C Common Stock | M | 431969 | — | Acquired | 431969 | Indirect |
| 2025-09-22 | Class C Common Stock | M | 443438 | — | Acquired | 443438 | Indirect |
| 2025-09-22 | Class C Common Stock | M | 240032 | — | Acquired | 240032 | Indirect |
| 2025-09-22 | Class C Common Stock | M | 6524 | — | Acquired | 6524 | Indirect |
| 2025-09-22 | Class C Common Stock | M | 2942 | — | Acquired | 2942 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 25052 | $134.88 | Disposed | 406917 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 29006 | $134.88 | Disposed | 414432 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 14900 | $134.88 | Disposed | 225132 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 552 | $134.88 | Disposed | 5972 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 249 | $134.88 | Disposed | 2693 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 193080 | $135.69 | Disposed | 213837 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 223553 | $135.69 | Disposed | 190879 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 114839 | $135.69 | Disposed | 110292 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 4252 | $135.69 | Disposed | 1721 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 1917 | $135.69 | Disposed | 776 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 40092 | $136.54 | Disposed | 173745 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 46419 | $136.54 | Disposed | 144459 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 23846 | $136.54 | Disposed | 86446 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 883 | $136.54 | Disposed | 838 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 398 | $136.54 | Disposed | 378 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 38053 | $137.57 | Disposed | 135692 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 44059 | $137.57 | Disposed | 100400 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 22633 | $137.57 | Disposed | 63813 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 838 | $137.57 | Disposed | 0 | Indirect |
| 2025-09-22 | Class C Common Stock | S | 378 | $137.57 | Disposed | 0 | Indirect |
Derivative Transactions
| Date | Security | Exercise Price | Code | Shares | A/D | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| 2025-09-22 | Class B Common Stock | $ | M | 431969 | Disposed | Class C Common Stock (431969) | Indirect | |
| 2025-09-22 | Class B Common Stock | $ | M | 443438 | Disposed | Class C Common Stock (443438) | Indirect | |
| 2025-09-22 | Class B Common Stock | $ | M | 240032 | Disposed | Class C Common Stock (240032) | Indirect | |
| 2025-09-22 | Class B Common Stock | $ | M | 6524 | Disposed | Class C Common Stock (6524) | Indirect | |
| 2025-09-22 | Class B Common Stock | $ | M | 2942 | Disposed | Class C Common Stock (2942) | Indirect |
Holdings (Non-Derivative)
| Security | Shares | Ownership |
|---|---|---|
| Class C Common Stock | 4777 | Indirect |
| Class C Common Stock | 151663 | Indirect |
| Class C Common Stock | 1086628 | Direct |
| Class C Common Stock | 44010 | Indirect |
| Class C Common Stock | 4114 | 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 September 22, 2025.
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 September 22, 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 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").
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: This amount reflects 44,760, 25,557, 42 and 81,304 shares held by SLTA SPV-2, L.P., SLTA V, SLTA IV and SLG, respectively, on behalf of such individuals.
F11: Represents shares of Class C Common Stock held by Mr. Durban.
F12: Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
F13: These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.
F14: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $134.21 to $135.20 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 $135.21 to $136.205 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 $136.21 to $137.14 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.
F17: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $137.25 to $137.99 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.