Dell Technologies Inc. — Director's Dealing 2025

Jul 14, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Dell Technologies Inc. (DELL)
CIK: 0001571996
Period of Report: 2025-07-10

Reporting Person: SLTA V (GP), L.L.C. (N/A)
Reporting Person: Silver Lake Technology Associates V, L.P. (N/A)
Reporting Person: Silver Lake Partners V DE (AIV), L.P. (N/A)
Reporting Person: Silver Lake Technology Investors V, L.P. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-10	Class C Common Stock	M	312656	—	Acquired	312656	Indirect
2025-07-10	Class C Common Stock	M	320959	—	Acquired	320959	Indirect
2025-07-10	Class C Common Stock	M	173734	—	Acquired	173734	Indirect
2025-07-10	Class C Common Stock	M	4722	—	Acquired	4722	Indirect
2025-07-10	Class C Common Stock	M	2130	—	Acquired	2130	Indirect
2025-07-10	Class C Common Stock	S	134273	$127.33	Disposed	178383	Indirect
2025-07-10	Class C Common Stock	S	154311	$127.33	Disposed	166648	Indirect
2025-07-10	Class C Common Stock	S	79458	$127.33	Disposed	94276	Indirect
2025-07-10	Class C Common Stock	S	2933	$127.33	Disposed	1789	Indirect
2025-07-10	Class C Common Stock	S	1323	$127.33	Disposed	807	Indirect
2025-07-10	Class C Common Stock	S	82589	$127.93	Disposed	95794	Indirect
2025-07-10	Class C Common Stock	S	94078	$127.93	Disposed	72570	Indirect
2025-07-10	Class C Common Stock	S	48439	$127.93	Disposed	45837	Indirect
2025-07-10	Class C Common Stock	S	1789	$127.93	Disposed	0	Indirect
2025-07-10	Class C Common Stock	S	807	$127.93	Disposed	0	Indirect
2025-07-14	Class C Common Stock	J	95794	—	Disposed	0	Indirect
2025-07-14	Class C Common Stock	J	72570	—	Disposed	0	Indirect
2025-07-14	Class C Common Stock	J	45837	—	Disposed	0	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-10	Class B Common Stock	$	M	312656	Disposed		Class C Common Stock (312656)	Indirect
2025-07-10	Class B Common Stock	$	M	320959	Disposed		Class C Common Stock (320959)	Indirect
2025-07-10	Class B Common Stock	$	M	173734	Disposed		Class C Common Stock (173734)	Indirect
2025-07-10	Class B Common Stock	$	M	4722	Disposed		Class C Common Stock (4722)	Indirect
2025-07-10	Class B Common Stock	$	M	2130	Disposed		Class C Common Stock (2130)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class C Common Stock	2852	Indirect
Class C Common Stock	115292	Indirect
Class C Common Stock	980295	Direct
Class C Common Stock	40559	Indirect
Class C Common Stock	2468	Indirect

Footnotes

F1: SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV") and 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 July 10, 2025 and initiated in-kind distributions of shares of Class C Common Stock on July 14, 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 July 10, 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 distributions and 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"). Shares held includes additional shares of Class C Common Stock received in connection with the pro rata distributions described herein on July 14, 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: 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 27,650, 15,296, 9 and 72,337 shares held by SLTA SPV-2, L.P., SLTA V, SLTA IV and SLG, respectively, on behalf of such individuals, including shares distributed in the July 14, 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.

F11: 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 July 14, 2025. 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 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 July 14, 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.

F13: 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 July 14, 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 $126.86 to $127.855 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 $127.86 to $128.27 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.