Silver Lake Group, L.L.C. 4

What Happened

• SL SPV-2, L.P. (a reported 10% owner) converted/exercised 93,479 Class B shares into Class C shares and sold 63,095 Class C shares in multiple open‑market transactions on July 8, 2026. The sales generated total gross proceeds of $26,951,338 (weighted average sale price ≈ $427.16 per share). Individual sale prices reported ranged roughly from $419.54 to $438.28 per share across multiple trades.
• This was primarily a sale (liquidity event) by an institutional/affiliated investor rather than an individual officer. The filing shows a derivative conversion/ exercise tied to the sales (reported as M = exercise/conversion).

Key Details

• Transaction date: July 8, 2026; Form filed July 10, 2026 (appears to be timely — within the Form 4 two‑business‑day window).
• Shares sold: 63,095 Class C shares in many trades; total proceeds $26,951,338; weighted avg ≈ $427.16/share.
• Conversion/exercise: 93,479 shares were converted/exercised (derivative conversion of Class B to Class C) in connection with the sales (reported as M). One line shows a 93,479 share derivative disposition at $0 (reflecting the conversion reporting).
• Price reporting: Several footnotes state reported prices are weighted averages for blocks sold at narrower ranges (see footnotes F10–F28); overall per‑share sale prices ranged from ~$419.54 to ~$438.28.
• Shares owned after transaction: Not explicitly stated for SL SPV-2 in this filing. Related footnotes (F29/F30) list post‑transaction holdings for other Silver Lake affiliates; consult those Form 4s for affiliate totals.
• Filing/Remarks: The parties are filing jointly under Rule 16a‑3(j). The filing disclaims beneficial ownership except to the extent of pecuniary interest.

Context

• Institutional/affiliate sale: This filing reports activity by investment vehicles/affiliates of Silver Lake (not a typical single executive buy/sell). Sales following conversion of Class B into Class C are often administrative/liquidity transactions for investors rather than direct signals about company fundamentals.
• Derivative note: The M code indicates conversion/exercise of derivative/convertible shares (Class B → Class C). Because converted shares were sold in the same period, this effectively resembles a cash‑out of converted shares.
• For retail investors: Purchases are generally considered more informative about insider confidence; this report documents an institutional sale and conversion—useful for tracking insider-related supply but not necessarily a commentary on management’s view.