Silver Lake Group, L.L.C. 4

What Happened
SLTA IV (GP), L.L.C., a Silver Lake affiliate and reported 10% owner, executed conversions/exercises that resulted in 616,993 shares of Dell Class C common stock being recorded as acquired (derivative conversion/exercise) on March 20, 2026. On the same date the entity sold 299,979 shares in open-market transactions, generating total proceeds of approximately $49.36 million. The filing lists the exercise/conversion transactions with $0 cash proceeds (derivative conversion) and separate open-market sales at weighted-average prices of about $163.51, $164.60 and $165.49.

Key Details

• Transaction date: March 20, 2026 (Form 4 filed March 24, 2026 — timely under Section 16 filing rules).
• Derivative activity (code M): 616,993 shares recorded as acquired via exercise/conversion.
• Open-market sales (code S): 299,979 shares sold for total proceeds ≈ $49,357,591.
• Reported sale price ranges (per footnotes): roughly $163.00–$165.9992 per share; the filing reports weighted-average prices of ~$163.51, $164.60 and $165.49 for different batches.
• Shares owned after the transactions: not specified in the provided excerpt.
• Notable footnotes: conversions involved Class B → Class C shares (F2); several Silver Lake entities sold shares (F1); some holdings may reflect indirect pecuniary interests of Egon Durban, a Dell director and Silver Lake Co-CEO/Managing Member (F9, F10). The reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest.

Context

• The filing combines derivative conversion/exercise entries (M) and open-market sales (S). The presence of immediate sales after conversion is consistent with exercises/conversions followed by market sales rather than a long-term purchase — this is an institutional liquidity event rather than a clear bullish signal.
• This report concerns a large institutional/affiliate holder (Silver Lake entities), not an individual executive making a personal investment decision.
• The filing notes weighted-average prices and offers to provide breakdowns by exact prices on request (F14–F16).