Lineage officer granted 25,626 LTIP Units

Lineage, Inc. officer Natalie Matsler received a grant of 25,626 LTIP Units in Lineage OP, LP as equity-based compensation.

Rhea-AI Filing Summary

Lineage, Inc. officer Natalie Matsler received a grant of 25,626 LTIP Units in Lineage OP, LP as equity-based compensation. These partnership interest units were granted at $0.00 per unit and are tied to the company’s long-term performance and her continued service.

The LTIP Units vest in three equal annual installments, with one-third vesting on April 1, 2027, April 1, 2028, and April 1, 2029, as long as she remains with the company through those dates. Once vested and after certain capital account conditions are met, each LTIP Unit can be converted into one Partnership Common Unit, which may then be redeemed for cash or, at the company’s election, one share of common stock on a one-for-one basis after at least 18 months from the grant date. The LTIP Units and resulting Partnership Common Units do not have expiration dates.

Insider Trade Summary

Grant/Award: 25,626 shares

Grant/Award 1 txn

Insider Matsler Natalie

Role See Remarks.

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	25,626	$0.00	$0.00

Holdings After Transaction: LTIP Units — 25,626 contracts (Direct)

Footnotes (2)

1. F1. Represents the grant of time-based units of partnership interest in Lineage OP, LP (the "Operating Partnership") designated as LTIP Units ("LTIP Units") under the Agreement of Limited Partnership of the Operating Partnership dated as of July 24, 2024 (the "Partnership Agreement"). The LTIP Units vest in equal annual installment as to 1/3 of the LTIP Units on April 1, 2027, 2028 and 2029, subject to continued service with the Issuer through such dates. Subject to achieving certain capital account balances, each vested LTIP Unit may be converted, at the election of the holder, on a one-for-one basis to Partnership Common Units ("Partnership Common Units"),
2. F2. (Continued from footnote 1) which are units of partnership interest in the Operating Partnership, as designated under the Partnership Agreement. Holders of Partnership Common Units acquired from the conversion of LTIP Units have the right to redeem their Partnership Common Units in exchange for cash or, at the election of the Issuer, shares of common stock, on a one-for-one basis (subject to certain adjustments), provided at least 18 months have passed since the LTIP Units were granted. LTIP Units and Partnership Common Units do not have expiration dates.

Key Figures

LTIP Units granted: 25,626 LTIP Units Price per LTIP Unit: $0.00 per unit Units after transaction: 25,626 LTIP Units +3 more

6 metrics

LTIP Units granted 25,626 LTIP Units Time-based equity award on April 1, 2026

Price per LTIP Unit $0.00 per unit Stated grant price for award

Units after transaction 25,626 LTIP Units Total LTIP Units beneficially owned following grant

Vesting schedule 1/3 each in 2027, 2028, 2029 Equal annual vesting on April 1 of each year

Redemption waiting period 18 months Minimum time from LTIP grant before redemption of resulting units

Conversion ratio 1:1 to common stock Each Partnership Common Unit may be redeemed for one share at issuer’s election

Key Terms

LTIP Units, Partnership Common Units, capital account balances, Agreement of Limited Partnership, +1 more

5 terms

LTIP Units financial

"Represents the grant of time-based units of partnership interest in Lineage OP, LP designated as LTIP Units"

LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.

Partnership Common Units financial

"each vested LTIP Unit may be converted, at the election of the holder, on a one-for-one basis to Partnership Common Units"

capital account balances financial

"Subject to achieving certain capital account balances, each vested LTIP Unit may be converted"

Agreement of Limited Partnership financial

"under the Agreement of Limited Partnership of the Operating Partnership dated as of July 24, 2024"

Operating Partnership financial

"Lineage OP, LP (the "Operating Partnership") designated as LTIP Units"

An operating partnership is a separate legal entity set up to own and run a company’s core assets and day-to-day businesses, while investors hold interests indirectly through the parent company. Think of it like a dedicated garage that actually stores and services the cars while the owner keeps the dealership; it matters to investors because it affects how income, taxes, liability and voting rights are allocated and therefore can influence distributions and risk.

FAQ

What did Lineage (LINE) officer Natalie Matsler report in this Form 4?

Natalie Matsler reported receiving 25,626 LTIP Units as compensation. These units represent partnership interests in Lineage OP, LP, vest in three equal annual tranches from 2027 to 2029, and can ultimately be exchanged for cash or, at the company’s election, common stock.

How many LTIP Units were granted to the Lineage (LINE) officer?

The grant totals 25,626 LTIP Units. All 25,626 units were acquired in a single award at a stated price of $0.00 per unit and represent time-based equity compensation linked to future vesting and potential conversion into Partnership Common Units and then common stock.

When do the Lineage (LINE) LTIP Units granted to Natalie Matsler vest?

The LTIP Units vest in three equal annual installments starting in 2027. One-third of the 25,626 LTIP Units vests on April 1, 2027, another third on April 1, 2028, and the final third on April 1, 2029, subject to continued service.

Can the granted LTIP Units at Lineage (LINE) convert into common stock?

Yes, the LTIP Units can ultimately lead to common stock. After vesting and achieving required capital account balances, each LTIP Unit may convert into one Partnership Common Unit, which can then be redeemed for cash or, at the issuer’s election, one share of common stock.

Is there a holding period before Lineage (LINE) LTIP Units can be redeemed?

Yes, at least 18 months must pass from the grant date. Partnership Common Units obtained from LTIP Unit conversions can only be redeemed for cash or, at the issuer’s election, common stock on a one-for-one basis after this 18‑month period has elapsed.

Do the LTIP Units granted at Lineage (LINE) have an expiration date?

No, the LTIP Units and related Partnership Common Units do not expire. Once granted and, if applicable, converted, these interests remain outstanding indefinitely, subject to the partnership agreement terms and any future redemptions or exchanges allowed under that agreement.

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Accepted by SEC EDGAR 04/03/2026 - 04:13 PM Learn about SEC filing dates

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^*

Matsler Natalie

(Last) (First) (Middle)

C/O LINEAGE, INC.

46500 HUMBOLDT DRIVE

(Street)

NOVI MICHIGAN 48377

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Lineage, Inc. [ LINE ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

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

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
LTIP Units	(1)(2)	04/01/2026		A		25,626		(1)(2)	(1)(2)	Common Stock	25,626	$0(1)(2)	25,626	D

Explanation of Responses:

1. Represents the grant of time-based units of partnership interest in Lineage OP, LP (the "Operating Partnership") designated as LTIP Units ("LTIP Units") under the Agreement of Limited Partnership of the Operating Partnership dated as of July 24, 2024 (the "Partnership Agreement"). The LTIP Units vest in equal annual installment as to 1/3 of the LTIP Units on April 1, 2027, 2028 and 2029, subject to continued service with the Issuer through such dates. Subject to achieving certain capital account balances, each vested LTIP Unit may be converted, at the election of the holder, on a one-for-one basis to Partnership Common Units ("Partnership Common Units"),

2. (Continued from footnote 1) which are units of partnership interest in the Operating Partnership, as designated under the Partnership Agreement. Holders of Partnership Common Units acquired from the conversion of LTIP Units have the right to redeem their Partnership Common Units in exchange for cash or, at the election of the Issuer, shares of common stock, on a one-for-one basis (subject to certain adjustments), provided at least 18 months have passed since the LTIP Units were granted. LTIP Units and Partnership Common Units do not have expiration dates.

Remarks:

Chief Legal Officer and Corporate Secretary

	/s/ Brian Golper, as Attorney-in-Fact for Natalie Matsler	04/03/2026
	** 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)