UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Michael D. Lambert
One Dell Way
TX, Round Rock 78682
2. Issuer Name and Ticker or Trading Symbol
Dell Computer Corporation (DELL)
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
3/2001
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Senior Vice President, Enterprise Systems Group
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
Common Stock |3/26/ |M | |100000 |A |$2.629 | |D | |
|2001 | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock |3/26/ |S | |100000 |D |$27.5625 |778049 1 |D | |
|2001 | | | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |1923 |I |Employer 401(k) Plan |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
Nonqualified Stock Opt|$2.629 |3/26/|M | |100000 |D |2 |10/21|Common Stock|100000 |N/A |1020000 |D | |
ions | | 2001| | | | | |/06 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Nonqualified Stock Opt|$9.26 | | | | | |3 |7/18/|Common Stock| | |240000 |D | |
ions | | | | | | | |07 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Nonqualified Stock Opt|$12.738 | | | | | |4 |3/20/|Common Stock| | |181852 |I |Family L.P. |
ions | | | | | | | |08 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Nonqualified Stock Opt|$28.899 | | | | | |5 |7/17/|Common Stock| | |86520 |D | |
ions | | | | | | | |08 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Nonqualified Stock Opt|$37.5938| | | | | |6 |8/22/|Common Stock| | |100000 |D | |
ion | | | | | | | |2010 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Nonqualified Stock Opt|$37.5938| | | | | |7 |8/22/|Common Stock| | |100000 |D | |
ions | | | | | | | |2010 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Nnonqualified Stock Op|$43.438 | | | | | |8 |3/02/|Common Stock| | |400000 |D | |
tions | | | | | | | |10 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Nonqualified Stock Opt|$44.6875| | | | | |9 |9/23/|Common Stock| | |78325 |D | |
ions | | | | | | | |09 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
1. Represents 298,049 shares held free of restrictions and 480,000 shares of
restricted stock scheduled to vest according to the following schedule: 160,000
shares on 10/21 of each year from 2001 through 2003.
2. Exercisable in accordance with the following schedule: 700,000 shares
currently exercisable and 320,000 shares on 10/21/01.
3. Exercisable in accordance with the following schedule: 48,000 shares on
7/18 of each year from 1998 through 2002.
4. Currently exercisable.
5. Exercisable in accordance with the following schedule: 17,304 shares on
12/22 of each year from 2002 through 2006.
6. Exercisable in accordance with the following schedule: 20,000 shares on
8/22 of each year from 2003 through 2007.
7. Exercisable in accordance with the following schedule: 20,000 shares on
8/22 of each year from 2001 through 2005.
8. Exercisable in accordance with the following schedule: 80,000 shares on 3/2
of each year from 2001 through 2005.
9. Exercisable according to the following schedule: 15,665 shares on 9/23 of
each year from 2000 through 2004.