SLTA V (GP), L.L.C. 4

What Happened

• SLTA V (GP), L.L.C., a Silver Lake-related reporting person and a 10% owner, converted/exercised a total of 616,993 shares (derivative/Conversion, code M) and sold those shares in multiple open-market sales (code S) on March 20, 2026.
• The open-market sales totaled approximately $49.36 million in proceeds across multiple trades at weighted-average prices reported in ranges of about $163.00–$165.9992 per share (see footnotes F14–F16 for price ranges).
• These were sales (dispositions), not purchases — the activity generated cash proceeds rather than signalling a new buy stake.

Key Details

• Transaction date: March 20, 2026 (also footnotes reference sales on March 23, 2026 by related entities).
• Actions reported: multiple exercises/conversions of Class B into Class C shares (M) totaling 616,993 shares, followed by multiple open-market sales (S) of those shares.
• Approximate proceeds from sales: $49,357,591 (sum of reported sale amounts).
• Price ranges: sales occurred in multiple transactions with weighted-average price reporting; underlying trades ranged roughly $163.00–$165.9992 per share (F14–F16).
• Shares owned after transaction: not stated in the provided excerpt; filing footnotes disclose various indirect holdings and amounts held on behalf of employees/affiliates (see F10–F13).
• Footnotes of note:
  • F2: conversions were from Class B to Class C common stock (1-for-1 conversion).
  • F9–F11: these entities are Silver Lake affiliates; some holdings may reflect indirect pecuniary interests and shares held on behalf of employees or by related entities.
• Timeliness: Form filed March 24, 2026 for transactions on March 20 (filed within the required two business days).

Context

• Derivative explanation: the filing shows conversion/exercise of convertible shares (Class B to Class C) followed by sales — effectively an issuance/conversion event coupled with immediate market sales (cashing out converted shares).
• Institutional note: SLTA V (GP) is a Silver Lake affiliate and a 10% owner — this is institutional/affiliate activity rather than a routine executive insider buy/sell by an individual officer. Footnotes tie these entities to Silver Lake Group and to Egon Durban (a Dell director) for context on relationships.
• For retail investors: sales by large shareholders can be routine (liquidity, portfolio rebalancing, distributions to investors). The filing is factual disclosure of conversion + sales and does not state the parties’ motivations.