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

What Happened

• SLTA V (GP), a reporting 10% owner affiliated with Silver Lake, converted/exercised a total of 630,047 shares (derivative/convertible Class B → Class C) on April 15, 2026 and sold 458,666 Class C shares in multiple open‑market transactions that day for total proceeds of approximately $81,293,379. Sales were executed at several weighted‑average prices reported in the filing (notably $176.58, $178.44, $179.43 and $180.16 per share); the full trade price range was roughly $176.30 to $180.8671 per share (see footnotes F13–F16).
• The filing also shows matching “derivative” disposition lines at $0 for the converted amounts, reflecting conversion/transfer activity rather than additional cash proceeds.

Key Details

• Transaction date: April 15, 2026 (Form 4 filed April 17, 2026 — timely filing).
• Conversion/exercise (code M): 630,047 shares converted from Class B to Class C.
• Open‑market sales (code S): 458,666 shares sold for total proceeds ≈ $81.3M.
• Price detail: multiple trades with weighted averages of $176.58 / $178.44 / $179.43 / $180.16; overall trade prices ranged ≈ $176.30–$180.8671 (F13–F16).
• Shares remaining: the converted amount minus shares sold equals 171,381 shares; however, the filing and footnotes indicate some shares were distributed internally or exempt under Rule 16a‑13, so exact retained beneficial ownership for SLTA V (GP) after the transactions is not fully specified in the table.
• Notable footnotes: conversions and certain distributions of Class C stock on April 15–16 were exempt from reporting under Rule 16a‑13 (F1, F2, F11–F12). The reporting persons are Silver Lake affiliates; Egon Durban (a Dell director) is a managing member of Silver Lake Group (F8, F10).

Context

• These transactions reflect activity by a 10% institutional owner and affiliated entities of Silver Lake, not a typical single‑executive purchase or sale. Footnotes note pro rata in‑kind distributions on April 16 (exempt from reporting), and some converted shares appear to have been distributed to other affiliates/individuals rather than all being sold on the open market.
• For retail investors: purchases are generally viewed as stronger signals of insider conviction; this filing documents conversions and significant open‑market selling by an affiliate and related distributions, not a single officer buying stock.