Lincoln International (LCLN) executive logs major IPO-linked equity awards

Rhea-AI Filing Summary

Lincoln International, Inc. director and executive Eric Dennis Malchow reported a series of equity awards and internal restructurings around the company’s IPO. On May 19, 2026, he was granted 5,525,000 shares of Class C Common Stock and 5,525,000 Common Units, plus several stock option awards on Common Units with exercise prices of $9.09 and $7.38 per unit, each vesting fully on specific future dates.

On May 21, 2026, Malchow acquired 225,000 shares of Class A Common Stock, described as restricted stock units that vest in two equal installments on the third and fourth anniversaries of May 21, 2026. The filing also shows a disposition to the issuer of 552,500 shares of Class C Common Stock and 552,500 Common Units, with related Class C shares cancelled for no consideration in connection with a sale of Common Units.

Footnotes explain these transactions occurred in connection with a reorganization tied to Lincoln International’s initial public offering and are being reported under Rule 16a‑2(a). The Common Units are redeemable at any time on a 1‑for‑1 basis for Class A Common Stock, with a corresponding number of Class C shares forfeited upon redemption.

Insights

Equity compensation analyst

Routine IPO-related equity grants and internal restructurings, not open-market trading.

The transactions for Lincoln International, Inc. primarily reflect equity awards and structural moves tied to its initial public offering. Large grants of Class C Common Stock and Common Units, plus options, align executive incentives with long-term equity performance rather than near-term cash.

The disposition entries are coded as transfers or cancellations to the issuer, with footnotes stating certain Class C shares were cancelled for no consideration in connection with Common Unit activity. No open-market purchases or sales were reported, so there is limited signaling value about Malchow’s view of the current share price.

The Common Units’ 1‑for‑1 redeemability into Class A Common Stock, with corresponding Class C forfeitures, sets up a flexible structure for future conversions as awards vest or are exercised. Future company filings will clarify how much of these large awards ultimately convert into tradable Class A shares over the vesting and option life.

Insider Trade Summary

10 transactions reported

Mixed 10 txns

Insider Malchow Eric Dennis

Role President & Global Head of M&A

Type	Security	Shares	Price	Value
Disposition	Common Units	552,500	$20.00	$11.05M
Grant/Award	Class A Common Stock	225,000	$0.00	--
Disposition	Class C Common Stock	552,500	$0.00	--
Grant/Award	Common Units	5,525,000	$0.00	--
Grant/Award	Stock Option	65,000	$0.00	--
Grant/Award	Stock Option	16,250	$0.00	--
Grant/Award	Stock Option	16,250	$0.00	--
Grant/Award	Stock Option	16,250	$0.00	--
Grant/Award	Stock Option	16,250	$0.00	--
Grant/Award	Class C Common Stock	5,525,000	$0.00	--

Holdings After Transaction: Common Units — 4,972,500 shares (Direct); Class A Common Stock — 225,000 shares (Direct); Class C Common Stock — 4,972,500 shares (Direct); Stock Option — 65,000 shares (Direct)

Footnotes (1)

1. This transaction occurred prior to the Issuer's registration of a class of equity securities under Section 12 of the Securities Exchange Act of 1934, as amended, in connection with the Issuer's initial public offering, and is reported herein pursuant to Rule 16a-2(a). Represents an acquisition of Class A Common Stock, Common Units and a corresponding number of Class C Common Stock pursuant to a reorganization of the Issuer. Represents an award of restricted stock units ("RSUs"), each of which represents a contingent right to receive one share of Class A Common Stock. The RSUs vest in two substantially equal annual installments on each of the third and fourth anniversaries of May 21, 2026. Reflects the cancellation for no consideration of Class C Common Stock in connection with the sale of Common Units. The common units of Lincoln International, LP ("Common Units") may be redeemed by the Reporting Person at any time at the option of the holder for shares of Class A Common Stock on a 1-to-1 basis, and a corresponding number of shares of Class C Common Stock will be forfeited in connection with the redemption. The Common Units have no expiration date. The stock option vests in full on January 1, 2027. The stock option vests in full on January 1, 2028. The stock option vests in full on January 1, 2029. The stock option vests in full on January 1, 2030.

Key Figures

Class C grant: 5,525,000 shares Common Units grant: 5,525,000 units Class C disposition: 552,500 shares +5 more

8 metrics

Class C grant 5,525,000 shares Class C Common Stock acquired on May 19, 2026

Common Units grant 5,525,000 units Common Units acquired on May 19, 2026

Class C disposition 552,500 shares Class C Common Stock disposed to issuer on May 21, 2026

Common Units disposition 552,500 units Common Units disposed to issuer on May 21, 2026

Class A RSU grant 225,000 shares Class A Common Stock RSUs granted May 21, 2026

Option strike price $9.09 per unit Stock options on Common Units granted May 19, 2026

Option strike price $7.38 per unit Additional stock options on Common Units granted May 19, 2026

Class C holding 4,972,500 shares Class C Common Stock held after May 21, 2026 disposition

Key Terms

Common Units, restricted stock units ("RSUs"), Rule 16a-2(a), Section 12 of the Securities Exchange Act of 1934, +2 more

6 terms

Common Units financial

"The common units of Lincoln International, LP ("Common Units") may be redeemed..."

Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.

restricted stock units ("RSUs") financial

"Represents an award of restricted stock units ("RSUs"), each of which represents a contingent right..."

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

Rule 16a-2(a) regulatory

"reported herein pursuant to Rule 16a-2(a)."

Section 12 of the Securities Exchange Act of 1934 regulatory

"registration of a class of equity securities under Section 12 of the Securities Exchange Act of 1934..."

initial public offering financial

"in connection with the Issuer's initial public offering, and is reported herein..."

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

Class C Common Stock financial

"Represents an acquisition of Class A Common Stock, Common Units and a corresponding number of Class C Common Stock..."

A class C common stock is a type of company share that usually represents ownership but often carries limited or no voting power compared with other share classes. For investors, that matters because it can affect influence over company decisions and sometimes the stock’s price or dividend priority — think of it as owning a ticket to the same event but in a section with less say in how the event is run.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 05/26/2026 - 05:30 PM Accepted by SEC EDGAR 05/26/2026 - 05:29 PM Learn about SEC filing dates

FAQ

What insider transactions did Eric Dennis Malchow report for Lincoln International (LCLN)?

Eric Dennis Malchow reported equity grants and restructurings, including Class C Common Stock, Common Units, stock options, and Class A Common Stock. These were tied to a reorganization and Lincoln International’s initial public offering, rather than open-market purchases or sales of existing shares.

How many Class A shares did Eric Dennis Malchow receive in the latest Lincoln International Form 4?

Malchow acquired 225,000 shares of Class A Common Stock. Footnotes describe these as restricted stock units that vest in two substantially equal annual installments on the third and fourth anniversaries of May 21, 2026, aligning compensation with longer-term company performance.

What happened to Eric Dennis Malchow’s Class C Common Stock in Lincoln International (LCLN)?

Malchow was granted 5,525,000 shares of Class C Common Stock, then 552,500 shares were disposed of to the issuer. Footnotes state this reflects cancellation for no consideration of Class C shares in connection with a sale of Common Units, rather than an open-market sale.

What are Lincoln International Common Units and how can Eric Dennis Malchow use them?

Common Units of Lincoln International, LP may be redeemed by Malchow at any time for Class A Common Stock on a 1‑to‑1 basis. A corresponding number of Class C Common Stock shares are forfeited upon redemption, and the Common Units have no expiration date according to the filing.

What stock options were granted to Eric Dennis Malchow in the Lincoln International Form 4?

Malchow received several stock option awards on Common Units. Each option covers between 16,250 and 65,000 Common Units, with exercise prices of $9.09 or $7.38 per unit. Footnotes state these options vest in full on January 1 of 2027, 2028, 2029, or 2030, as applicable.

Are Eric Dennis Malchow’s transactions in Lincoln International shares related to the IPO?

Yes. A footnote explains the transactions occurred before Lincoln International registered a class of equity securities under Section 12 for its initial public offering. They are reported under Rule 16a‑2(a) and include a reorganization involving Class A, Class C, and Common Units.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Malchow Eric Dennis

(Last) (First) (Middle)

110 NORTH WACKER DRIVE, 51ST FLOOR

(Street)

CHICAGO ILLINOIS 60606

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Lincoln International, Inc. [ LCLN ]

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

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President & Global Head of M&A

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/19/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Class C Common Stock	05/19/2026(1)		A		5,525,000	A	(2)	5,525,000	D
Class A Common Stock	05/21/2026		A		225,000(3)	A	$0	225,000	D
Class C Common Stock	05/21/2026		D		552,500	D	(4)	4,972,500	D

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Units	(5)	05/19/2026(1)		A		5,525,000		(5)	(5)	Class A Common Stock	5,525,000	(2)	5,525,000	D
Stock Option	$7.38	05/19/2026(1)		A		65,000		(6)	12/31/2027	Common Units	65,000	$0	65,000	D
Stock Option	$9.09	05/19/2026(1)		A		16,250		(6)	12/31/2027	Common Units	16,250	$0	16,250	D
Stock Option	$9.09	05/19/2026(1)		A		16,250		(7)	12/31/2028	Common Units	16,250	$0	16,250	D
Stock Option	$9.09	05/19/2026(1)		A		16,250		(8)	12/31/2029	Common Units	16,250	$0	16,250	D
Stock Option	$9.09	05/19/2026(1)		A		16,250		(9)	12/31/2030	Common Units	16,250	$0	16,250	D
Common Units	(5)	05/21/2026		D			552,500	(5)	(5)	Class A Common Stock	552,500	$20	4,972,500	D

Explanation of Responses:

1. This transaction occurred prior to the Issuer's registration of a class of equity securities under Section 12 of the Securities Exchange Act of 1934, as amended, in connection with the Issuer's initial public offering, and is reported herein pursuant to Rule 16a-2(a).

2. Represents an acquisition of Class A Common Stock, Common Units and a corresponding number of Class C Common Stock pursuant to a reorganization of the Issuer.

3. Represents an award of restricted stock units ("RSUs"), each of which represents a contingent right to receive one share of Class A Common Stock. The RSUs vest in two substantially equal annual installments on each of the third and fourth anniversaries of May 21, 2026.

4. Reflects the cancellation for no consideration of Class C Common Stock in connection with the sale of Common Units.

5. The common units of Lincoln International, LP ("Common Units") may be redeemed by the Reporting Person at any time at the option of the holder for shares of Class A Common Stock on a 1-to-1 basis, and a corresponding number of shares of Class C Common Stock will be forfeited in connection with the redemption. The Common Units have no expiration date.

6. The stock option vests in full on January 1, 2027.

7. The stock option vests in full on January 1, 2028.

8. The stock option vests in full on January 1, 2029.

9. The stock option vests in full on January 1, 2030.

Remarks:

	/s/ Julie Nelson, Attorney-in-Fact	05/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)