Director Slta V (Gp), L.L.C. sold $49,669,800 worth of Class C Common Stock (327,827 units at $151.51) (SEC Form 4)

10/8/25 4:51:05 PM ET

$DELL

Computer Manufacturing

Technology

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SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SLTA V (GP), L.L.C.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		58,804	D	$149.99⁽¹⁴⁾	233,318	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		67,957	D	$149.99⁽¹⁴⁾	201,219	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		34,835	D	$149.99⁽¹⁴⁾	118,654	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		1,297	D	$149.99⁽¹⁴⁾	1,457	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		585	D	$149.99⁽¹⁴⁾	657	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		2,815	D	$150.45⁽¹⁵⁾	230,503	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		3,253	D	$150.45⁽¹⁵⁾	197,966	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		1,667	D	$150.45⁽¹⁵⁾	116,987	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		62	D	$150.45⁽¹⁵⁾	1,395	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		28	D	$150.45⁽¹⁵⁾	629	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		9,126	D	$152.51⁽¹⁶⁾	221,377	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		10,547	D	$152.51⁽¹⁶⁾	187,420	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		5,406	D	$152.51⁽¹⁶⁾	111,581	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		201	D	$152.51⁽¹⁶⁾	1,194	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		91	D	$152.51⁽¹⁶⁾	538	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		47,176	D	$153.28⁽¹⁷⁾	174,201	I	Held through SL SPV-2, L.P.⁽³⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		54,519	D	$153.28⁽¹⁷⁾	132,901	I	Held through Silver Lake Partners IV, L.P.⁽⁴⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		27,947	D	$153.28⁽¹⁷⁾	83,634	I	Held through Silver Lake Partners V DE (AIV), L.P.⁽⁵⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		1,041	D	$153.28⁽¹⁷⁾	153	I	Held through Silver Lake Technology Investors IV, L.P.⁽⁶⁾⁽⁹⁾
Class C Common Stock	10/07/2025		S⁽¹⁾⁽²⁾		470	D	$153.28⁽¹⁷⁾	69	I	Held through Silver Lake Technology Investors V, L.P.⁽⁷⁾⁽⁹⁾
Class C Common Stock								2,366	I	Held through Silver Lake Group, L.L.C.⁽⁸⁾⁽⁹⁾
Class C Common Stock								2,055	I	See footnote⁽¹⁰⁾
Class C Common Stock								249,043	I	See footnote⁽¹¹⁾
Class C Common Stock								1,166,822	D⁽¹²⁾
Class C Common Stock								46,457	I	See footnote⁽¹³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

1. Name and Address of Reporting Person^*

SLTA V (GP), L.L.C.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Technology Associates V, L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Partners V DE (AIV), L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Silver Lake Technology Investors V, L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. 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 6, 2025 and October 7, 2025 and initiated in-kind distributions of shares of Class C Common Stock on October 8, 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.

2. 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 6, 2025 and October 7, 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.

3. 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").

4. 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").

5. 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").

6. 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.

7. 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.

8. 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 8, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

9. 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.

10. 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 8, 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.

11. 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 63,154, 78, 36,638 and 149,173 shares held by SLTA SPV, SLTA IV, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the October 8, 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.

12. 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 8, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

13. 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 8, 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.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $149.2356 to $150.2239 per share, inclusive. The 14. 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.

15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $150.2364 to $151.0700 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.

16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $152.00 to $152.9948 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.

17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $153.00 to $153.9993 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.

Remarks:

The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. 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. Because no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 4. Because no more than 30 transactions can be listed on each Table of the Form 4 filing, the Reporting Persons have filed separate Forms 4 reporting additional transactions.

	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C.	10/08/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P.	10/08/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P., general partner of Silver Lake Partners V DE (AIV), LP	10/08/2025
	By: /s/ Justin G. Hamill, Managing Director and Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., gen. partner of Silver Lake Technology Associates V, L.P., gen. partner of Silver Lake Technology Investors V, L.P.	10/08/2025
	** Signature of Reporting Person	Date
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Date	Price Target	Rating	Analyst
9/16/2025	$175.00	Outperform	Bernstein
8/29/2025		Overweight → Equal Weight	Fox Advisors
8/29/2025	$125.00 → $130.00	Hold	TD Cowen
6/26/2025		Sector Weight	KeyBanc Capital Markets
5/30/2025	$120.00 → $125.00	Hold	TD Cowen
2/28/2025	$128.00 → $120.00	Hold	TD Cowen
2/12/2025		Negative → Positive	OTR Global
9/27/2024	$144.00	Buy	Deutsche Bank

Director Slta V (Gp), L.L.C. sold $49,669,800 worth of Class C Common Stock (327,827 units at $151.51) (SEC Form 4)

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Chief Executive Officer Dell Michael S sold $1,000,053,261 worth of Class C Common Stock (6,253,968 units at $159.91), decreasing direct ownership by 28% to 16,158,273 units (SEC Form 4)

Director Slta V (Gp), L.L.C. sold $80,741,800 worth of Class C Common Stock (499,999 units at $161.48), disposed of 184,949 units of Class C Common Stock and converted options into 684,949 units of Class C Common Stock (SEC Form 4)

Director Slta Iv (Gp), L.L.C. converted options into 684,949 units of Class C Common Stock, sold $80,741,800 worth of Class C Common Stock (499,999 units at $161.48) and disposed of 184,949 units of Class C Common Stock (SEC Form 4)

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Dell Technologies Increases Its Long-Term Financial Framework at Securities Analyst Meeting

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Director Slta V (Gp), L.L.C. sold $49,669,800 worth of Class C Common Stock (327,827 units at $151.51) (SEC Form 4)

Crush Q3 2025 with the Best AI Superconnector

Recent Analyst Ratings for $DELL

$DELL Insider Trading

Chief Executive Officer Dell Michael S sold $1,000,053,261 worth of Class C Common Stock (6,253,968 units at $159.91), decreasing direct ownership by 28% to 16,158,273 units (SEC Form 4)

Director Slta V (Gp), L.L.C. sold $80,741,800 worth of Class C Common Stock (499,999 units at $161.48), disposed of 184,949 units of Class C Common Stock and converted options into 684,949 units of Class C Common Stock (SEC Form 4)

Director Slta Iv (Gp), L.L.C. converted options into 684,949 units of Class C Common Stock, sold $80,741,800 worth of Class C Common Stock (499,999 units at $161.48) and disposed of 184,949 units of Class C Common Stock (SEC Form 4)

$DELL Press Releases

Dell Technologies Increases Its Long-Term Financial Framework at Securities Analyst Meeting

New Dell PowerEdge Server Delivers Breakthrough Performance and Lowers Costs for Telecom and Enterprise Edge Deployments

Dell Technologies Data Center Breakthroughs Power Smarter, Faster and More Secure Private Clouds

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