=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-09-15
10b5-1 Pre-arranged Plan: No
--- Issuer ---
Name: Dell Technologies Inc. (DELL)
CIK: 0001571996
--- Reporting Owner ---
Name: Silver Lake Partners IV, L.P.
CIK: 0001552054
Role: Director, 10%+ Owner
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Class C Common Stock
Date: 2026-09-15 | Code: S (Open market sale)
Shares: -766 | Price: $564.46
Total Value: $432,376.36
Shares Owned After: 61,474 | Ownership: I (Indirect) | Nature: Held through Silver Lake Partners IV, L.P.
Footnotes:
[F1] Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. 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 15, 2026.
[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 15, 2026, 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.
[F10] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $564.1929 to $565.0000 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.
[F3] These securities are held by Silver Lake Partners IV, L.P. The general partner of Silver Lake Partners IV, L.P. is Silver Lake Technology Associates IV, L.P. and the general partner of Silver Lake Technology Associates IV, L.P. is SLTA IV (GP), L.L.C.
[F4] Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA IV (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as the CEO and a Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
[Transaction #2]
Security: Class C Common Stock
Date: 2026-09-15 | Code: S (Open market sale)
Shares: -800 | Price: $546.65
Total Value: $437,320.00
Shares Owned After: 1,394,850 | Ownership: D (Direct)
Footnotes:
[F11] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $546.0500 to $547.0000 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.
[F8] Reflects shares of Class C Common Stock held directly by Mr. Durban.
[Transaction #3]
Security: Class C Common Stock
Date: 2026-09-15 | Code: S (Open market sale)
Shares: -2,101 | Price: $547.48
Total Value: $1,150,255.48
Shares Owned After: 1,392,749 | Ownership: D (Direct)
Footnotes:
[F12] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $547.0600 to $547.9900 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.
[F8] Reflects shares of Class C Common Stock held directly by Mr. Durban.
[Transaction #4]
Security: Class C Common Stock
Date: 2026-09-15 | Code: S (Open market sale)
Shares: -1,449 | Price: $548.47
Total Value: $794,733.03
Shares Owned After: 1,391,300 | Ownership: D (Direct)
Footnotes:
[F13] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $548.0000 to $548.9400 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.
[F8] Reflects shares of Class C Common Stock held directly by Mr. Durban.
[Transaction #5]
Security: Class C Common Stock
Date: 2026-09-15 | Code: S (Open market sale)
Shares: -400 | Price: $549.16
Total Value: $219,664.00
Shares Owned After: 1,390,900 | Ownership: D (Direct)
Footnotes:
[F14] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $549.0800 to $549.2200 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.
[F8] Reflects shares of Class C Common Stock held directly by Mr. Durban.
--- Holdings ---
[Holding #1]
Security: Class C Common Stock
Ownership: I (Indirect)
Footnotes:
[F4] Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA IV (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as the CEO and a Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
[F5] Reflects shares of Class C Common Stock held by SLG.
[Holding #2]
Security: Class C Common Stock
Ownership: I (Indirect)
Footnotes:
[F6] Reflects shares of Class C Common Stock held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.
[Holding #3]
Security: Class C Common Stock
Ownership: I (Indirect)
Footnotes:
[F7] This amount reflects 41,375, 137,789, 35,426 and 24,766 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates.
[Holding #4]
Security: Class C Common Stock
Ownership: I (Indirect)
Footnotes:
[F9] Reflects shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
[Holding #5]
Security: Class C Common Stock
Ownership: I (Indirect)
Footnotes:
[F15] Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 69,601 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 35,988 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
--- Footnotes (Complete Index) ---
F1: Silver Lake Technology Investors V, L.P., SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P. 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 15, 2026.
F10: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $564.1929 to $565.0000 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.
F11: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $546.0500 to $547.0000 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.
F12: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $547.0600 to $547.9900 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.
F13: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $548.0000 to $548.9400 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.
F14: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $549.0800 to $549.2200 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: Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 69,601 shares of Class C Common Stock, Silver Lake Partners V DE (AIV), L.P. directly holds 35,988 shares of Class C Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 0 shares of Class C Common Stock and Silver Lake Technology Investors V, L.P. directly holds 0 shares of Class C Common Stock, which securities and transactions are reported on separate Form 4 filings.
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 15, 2026, 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 held by Silver Lake Partners IV, L.P. The general partner of Silver Lake Partners IV, L.P. is Silver Lake Technology Associates IV, L.P. and the general partner of Silver Lake Technology Associates IV, L.P. is SLTA IV (GP), L.L.C.
F4: Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA IV (GP), L.L.C. Egon Durban, who serves as a director of the Issuer, also serves as the CEO and a Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer.
F5: Reflects shares of Class C Common Stock held by SLG.
F6: Reflects shares of Class C Common Stock held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest.
F7: This amount reflects 41,375, 137,789, 35,426 and 24,766 shares held by SLTA SPV-2, L.P., Silver Lake Technology Associates IV, L.P., Silver Lake Technology Associates V, L.P. and SLG, respectively, on behalf of certain employees and managing members of SLG or its affiliates.
F8: Reflects shares of Class C Common Stock held directly by Mr. Durban.
F9: Reflects shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members.
--- Signature ---
/s/ By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA IV (GP), L.L.C., general partner of Silver Lake Technology Associates IV, L.P., general partner of Silver Lake Partners IV, L.P. (2026-09-17)
