SEC FORM 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person ^*

Silver Lake Partners V DE (AIV), L.P.

(Last)

(First)

(Middle)

C/O SILVER LAKE

2775 SAND HILL ROAD, SUITE 100

(Street)

MENLO PARK

94025

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Dell Technologies Inc. [ DELL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class C Common Stock	09/08/2026		M⁽¹⁾⁽²⁾		41,165	A	⁽¹⁾ ⁽²⁾	91,428	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		404	D	$ 516.27 ⁽¹⁰⁾	91,024	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		1,529	D	$ 517.42 ⁽¹¹⁾	89,495	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		1,336	D	$ 518.36 ⁽¹²⁾	88,159	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		820	D	$ 519.31 ⁽¹³⁾	87,338	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		423	D	$ 520.47 ⁽¹⁴⁾	86,916	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		1,278	D	$ 521.71 ⁽¹⁵⁾	85,637	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		856	D	$ 522.65 ⁽¹⁶⁾	84,781	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		1,306	D	$ 523.81 ⁽¹⁷⁾	83,475	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		1,537	D	$ 524.63 ⁽¹⁸⁾	81,938	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		2,073	D	$ 525.75 ⁽¹⁹⁾	79,866	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		1,669	D	$ 526.68 ⁽²⁰⁾	78,196	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		2,617	D	$ 527.7 ⁽²¹⁾	75,580	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		1,739	D	$ 528.68 ⁽²²⁾	73,841	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		3,109	D	$ 529.83 ⁽²³⁾	70,732	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		1,299	D	$ 530.66 ⁽²⁴⁾	69,433	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		2,225	D	$ 531.92 ⁽²⁵⁾	67,208	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		1,074	D	$ 532.85 ⁽²⁶⁾	66,134	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		968	D	$ 533.85 ⁽²⁷⁾	65,166	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		982	D	$ 534.94 ⁽²⁸⁾	64,184	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		803	D	$ 535.73 ⁽²⁹⁾	63,381	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		S		648	D	$ 536.4 ⁽³⁰⁾	62,733	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock	09/08/2026		J⁽¹⁾		50,263	D	⁽¹⁾	12,470	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class C Common Stock								2,562	I	Held through Silver Lake Group, L.L.C. ⁽⁴⁾ ⁽⁵⁾
Class C Common Stock								1,390	I	See footnote ⁽⁶⁾
Class C Common Stock								214,632	I	See footnote ⁽⁷⁾
Class C Common Stock								1,398,935	D ⁽⁸⁾
Class C Common Stock								51,173	I	See footnote ⁽⁹⁾
Class C Common Stock								45,451	I	See footnote ⁽³¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	⁽²⁾	09/08/2026		M⁽¹⁾⁽²⁾			41,165	⁽²⁾	⁽²⁾	Class C Common Stock	41,165	$ 0	9,103,686	I	Held through Silver Lake Partners V DE (AIV), L.P. ⁽³⁾ ⁽⁴⁾
Class B Common Stock	⁽²⁾							⁽²⁾	⁽²⁾	Class C Common Stock	33,560,516		33,560,516	I	See footnote ⁽³²⁾

Explanation of Responses:

1. 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 8, 2026 and initiated in-kind distributions of shares of Class C Common Stock on September 8, 2026. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

2. 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 8, 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 and distributions described in footnote (1) above.

3. These securities are held by Silver Lake Partners V DE (AIV), L.P. The general partner of Silver Lake Partners V DE (AIV), L.P. is Silver Lake Technology Associates V, L.P. and the general partner of Silver Lake Technology Associates V, L.P. is SLTA V (GP), L.L.C.

4. Silver Lake Group, L.L.C. ("SLG") is the managing member of SLTA V (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.

5. Reflects shares of Class C Common Stock held by SLG, including shares received in connection with the distribution of shares of Class C Common Stock described herein on September 8, 2026. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

6. These shares of Class C Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest including shares received in connection with the distributions of shares of Class C Common Stock on September 8, 2026. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

7. In connection with the distributions described in footnote (1) above, distributions of certain shares were initiated to certain employees and managing members of SLG or its affiliates, including Mr. Durban. This amount reflects 38,913, 123,469, 33,939 and 18,311 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 such individuals, including shares distributed in the September 8, 2026 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

8. Represents shares of Class C Common Stock held directly by Mr. Durban, including shares received by Mr. Durban in connection with the distribution of shares of Class C Common Stock on September 8, 2026. The deemed receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Mr. Durban has filed a separate Form 4 reporting transactions in securities of the Issuer on September 8, 2026.

9. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members, including shares received in connection with the distributions of shares of Class C Common Stock on September 8, 2026. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $515.8700 to $516.6300 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.

11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $516.9351 to $517.9300 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.

12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $517.9400 to $518.9300 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.

13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $518.9400 to $519.8700 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.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $519.9900 to $520.9600 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.

15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $521.1960 to $522.1952 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.

16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $522.1979 to $523.1700 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.

17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $523.2000 to $524.1998 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.

18. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $524.2092 to $525.1921 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.

19. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $525.2148 to $526.2100 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.

20. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $526.2200 to $527.2100 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.

21. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $527.2200 to $528.2100 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.

22. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $528.2300 to $529.2000 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.

23. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $529.2800 to $530.2600 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.

24. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $530.3000 to $531.2700 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.

25. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $531.4200 to $532.4000 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.

26. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $532.4200 to $533.3900 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.

27. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $533.4900 to $534.4800 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.

28. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $534.4900 to $535.4100 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.

29. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $535.5000 to $536.0000 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.

30. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $536.0400 to $537.0000 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.

31. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 24,134 shares of Class C Common Stock, Silver Lake Partners IV, L.P. directly holds 21,317 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.

32. Following the transactions described in footnote (1), SL SPV-2, L.P. directly holds 16,383,250 shares of Class B Common Stock, Silver Lake Partners IV, L.P. directly holds 16,818,228 shares of Class B Common Stock, Silver Lake Technology Investors IV, L.P. directly holds 247,451 shares of Class B Common Stock and Silver Lake Technology Investors V, L.P. directly holds 111,587 shares of Class B Common Stock, which securities and transactions are reported on separate Form 4 filings.

Remarks:

The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act. This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any. Due to certain reporting restrictions including that no more than 30 transactions can be listed on each Table of the Form 4 filing and no more than 10 reporting persons can file any one Form 4 through the Securities and Exchange Commission's EDGAR system, certain affiliates of the Reporting Persons have filed separate Forms 4 reporting additional transactions.

	By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., gen. partner of Silver Lake Technology Associates V, L.P., general partner of Silver Lake Partners V DE (AIV), L.P.	09/10/2026
	** Signature of Reporting Person	Date
	By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C., general partner of Silver Lake Technology Associates V, L.P.	09/10/2026
	** Signature of Reporting Person	Date
	By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C., managing member of SLTA V (GP), L.L.C.	09/10/2026
	** Signature of Reporting Person	Date
	By: /s/ Justin G. Hamill, Chief Legal Officer of Silver Lake Group, L.L.C.	09/10/2026
	** Signature of Reporting Person	Date
	By: /s/ Justin G. Hamill, Attorney-in-fact for Egon Durban	09/10/2026
	** Signature of Reporting Person	Date
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