[Form 4] Medline Inc. Insider Trading Activity

Rhea-AI Filing Summary

Medline Inc. director and CEO James M. Boyle reported only equity acquisitions, with no sales. He received 31,739 shares of Class A common stock as a restricted stock unit grant, with 25% vesting on June 15, 2026 and the remaining 75% vesting in three equal annual installments beginning on March 1, 2027.

Boyle is also credited with acquiring large blocks of Common Units and Incentive Units of Medline Holdings, LP on December 16, 2025, many held indirectly through a family trust and Medline Management Aggregator LLC. Footnotes describe Incentive Units as profit interests convertible into Common Units, which are exchangeable one-for-one into Class A common stock under an exchange agreement, with various tranches already partially vested and others vesting in scheduled annual installments through dates including April 1, 2026, October 1, 2026, October 21, 2026, March 28, 2026 and March 29, 2026.

Insider Trade Summary

11 transactions reported

Mixed 11 txns

Insider Boyle James M

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	31,739	$0.00	--
Grant/Award	Common Units of Medline Holdings, LP	24,313	$0.00	--
Grant/Award	Common Units of Medline Holdings, LP	514,876	$0.00	--
Grant/Award	Incentive Units of Medline Holdings, LP	1,201,584	$0.00	--
Grant/Award	Incentive Units of Medline Holdings, LP	340,407	$0.00	--
Grant/Award	Incentive Units of Medline Holdings, LP	1,146,379	$0.00	--
Grant/Award	Incentive Units of Medline Holdings, LP	252,481	$0.00	--
Grant/Award	Incentive Units of Medline Holdings, LP	183,699	$0.00	--
Grant/Award	Incentive Units of Medline Holdings, LP	1,057,309	$0.00	--
Grant/Award	Class B Common Stock	24,313	$0.00	--
Grant/Award	Class B Common Stock	514,876	$0.00	--

Holdings After Transaction: Class A Common Stock — 31,739 shares (Direct); Common Units of Medline Holdings, LP — 24,313 shares (Indirect, See Footnote); Incentive Units of Medline Holdings, LP — 1,201,584 shares (Indirect, See Footnote); Class B Common Stock — 24,313 shares (Direct); Class B Common Stock — 514,876 shares (Indirect, See Footnote)

Footnotes (1)

1. These securities were acquired in connection with the reclassification of the interests of Medline Holdings, LP prior to the Issuer's initial public offering (as more fully described in the Registration Statement on Form S-1). These securities were previously reported on the Reporting Person's Form 3 filed on December 17, 2025. Shares of the Issuer's Class B common stock ("Class B Common Stock") have no economic value and have one vote per share. One share of Class B Common Stock is issued for each common unit of Medline Holdings, LP ("Common Units") held. Upon an exchange of Common Units for shares of the Issuer's Class A common stock ("Class A Common Stock"), an equivalent number of shares of Class B Common Stock held by such holder will be automatically cancelled. These securities are held by a family trust of which the Reporting Person's spouse is the trustee. Represents a grant of restricted stock units ("RSUs"), of which 25% vest on June 15, 2026 and the remaining 75% vest in three equal annual installments beginning on March 1, 2027. Pursuant to the terms of an exchange agreement, dated as of December 16, 2025 (the "Exchange Agreement"), holders have the right to exchange their Common Units for shares of the Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. These exchange rights do not expire. Such Common Units are held indirectly through Medline Management Aggregator LLC. Reflect incentive units of Medline Holdings, LP ("Incentive Units"), which are "profit interests" having economic characteristics similar to stock appreciation rights. Vested Incentive Units are convertible, at the holder's election, into a number of Common Units generally equal to (a) the product of the number of vested Incentive Units to be converted with a given per unit participation threshold and then-current difference between the per unit value of a Common Unit at the time of the conversion (based on the public trading price of a share of Class A Common Stock) and the per unit participation threshold of such vested Incentive Units divided by (b) the per unit value of a Common Unit at the time of the conversion (based on the public trading price of a share of Class A Common Stock), subject to certain adjustments. (Continued from Footnote 6 above) Common Units are exchangeable on a one-for-one basis for shares of Class A Common Stock pursuant to the terms of the Exchange Agreement. These Incentive Units have no expiration date. Such Incentive Units are held indirectly through Medline Management Aggregator LLC. 62% of these Incentive Units have vested, and the remaining 38% vest on October 21, 2026. 40% of these Incentive Units have vested, and the remaining 60% vest in three equal annual installments beginning on April 1, 2026. 40% of these Incentive Units have vested, and the remaining 60% vest in three equal annual installments beginning on October 1, 2026. 20% of these Incentive Units have vested, and the remaining 80% vest in four equal annual installments beginning on March 29, 2026. These Incentive Units vest in five equal annual installments beginning on March 28, 2026. These Incentive Units are fully vested.

Form 4 Insider Transactions: What Each Field Means →

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
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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^*

Boyle James M

(Last) (First) (Middle)

C/O MEDLINE INC.

3 LAKES DRIVE

(Street)

NORTHFIELD IL 60093

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Medline Inc. [ MDLN ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/16/2025

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

6. 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 (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 B Common Stock	12/16/2025		A(1)		24,313(2)	A	(1)	24,313	D
Class B Common Stock	12/16/2025		A(1)		514,876(2)	A	(1)	514,876	I	See Footnote(3)
Class A Common Stock	03/05/2026		A(4)		31,739	A	$0	31,739	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 of Medline Holdings, LP	(5)	12/16/2025		A(1)		24,313		(5)	(5)	Class A Common Stock	24,313	(1)	24,313	I	See Footnote(5)
Common Units of Medline Holdings, LP	(5)	12/16/2025		A(1)		514,876		(5)	(5)	Class A Common Stock	514,876	(1)	514,876	I	See Footnote(3)(5)
Incentive Units of Medline Holdings, LP	$15.42(6)(7)	12/16/2025		A(1)		1,201,584		(6)(7)(8)	(6)(7)(8)	Class A Common Stock	1,201,584	(1)	1,201,584	I	See Footnote(6)(7)
Incentive Units of Medline Holdings, LP	$15.23(6)(7)	12/16/2025		A(1)		340,407		(6)(7)(9)	(6)(7)(9)	Class A Common Stock	340,407	(1)	340,407	I	See Footnote(6)(7)
Incentive Units of Medline Holdings, LP	$16.49(6)(7)	12/16/2025		A(1)		1,146,379		(6)(7)(10)	(6)(7)(10)	Class A Common Stock	1,146,379	(1)	1,146,379	I	See Footnote(6)(7)
Incentive Units of Medline Holdings, LP	$19.01(6)(7)	12/16/2025		A(1)		252,481		(6)(7)(11)	(6)(7)(11)	Class A Common Stock	252,481	(1)	252,481	I	See Footnote(6)(7)
Incentive Units of Medline Holdings, LP	$27.68(6)(7)	12/16/2025		A(1)		183,699		(6)(7)(12)	(6)(7)(12)	Class A Common Stock	183,699	(1)	183,699	I	See Footnote(6)(7)
Incentive Units of Medline Holdings, LP	$15.42(6)(7)	12/16/2025		A(1)		1,057,309		(6)(7)(13)	(6)(7)(13)	Class A Common Stock	1,057,309	(1)	1,057,309	I	See Footnote(3)(6)(7)

Explanation of Responses:

1. These securities were acquired in connection with the reclassification of the interests of Medline Holdings, LP prior to the Issuer's initial public offering (as more fully described in the Registration Statement on Form S-1). These securities were previously reported on the Reporting Person's Form 3 filed on December 17, 2025.

2. Shares of the Issuer's Class B common stock ("Class B Common Stock") have no economic value and have one vote per share. One share of Class B Common Stock is issued for each common unit of Medline Holdings, LP ("Common Units") held. Upon an exchange of Common Units for shares of the Issuer's Class A common stock ("Class A Common Stock"), an equivalent number of shares of Class B Common Stock held by such holder will be automatically cancelled.

3. These securities are held by a family trust of which the Reporting Person's spouse is the trustee.

4. Represents a grant of restricted stock units ("RSUs"), of which 25% vest on June 15, 2026 and the remaining 75% vest in three equal annual installments beginning on March 1, 2027.

5. Pursuant to the terms of an exchange agreement, dated as of December 16, 2025 (the "Exchange Agreement"), holders have the right to exchange their Common Units for shares of the Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications. These exchange rights do not expire. Such Common Units are held indirectly through Medline Management Aggregator LLC.

6. Reflect incentive units of Medline Holdings, LP ("Incentive Units"), which are "profit interests" having economic characteristics similar to stock appreciation rights. Vested Incentive Units are convertible, at the holder's election, into a number of Common Units generally equal to (a) the product of the number of vested Incentive Units to be converted with a given per unit participation threshold and then-current difference between the per unit value of a Common Unit at the time of the conversion (based on the public trading price of a share of Class A Common Stock) and the per unit participation threshold of such vested Incentive Units divided by (b) the per unit value of a Common Unit at the time of the conversion (based on the public trading price of a share of Class A Common Stock), subject to certain adjustments.

7. (Continued from Footnote 6 above) Common Units are exchangeable on a one-for-one basis for shares of Class A Common Stock pursuant to the terms of the Exchange Agreement. These Incentive Units have no expiration date. Such Incentive Units are held indirectly through Medline Management Aggregator LLC.

8. 62% of these Incentive Units have vested, and the remaining 38% vest on October 21, 2026.

9. 40% of these Incentive Units have vested, and the remaining 60% vest in three equal annual installments beginning on April 1, 2026.

10. 40% of these Incentive Units have vested, and the remaining 60% vest in three equal annual installments beginning on October 1, 2026.

11. 20% of these Incentive Units have vested, and the remaining 80% vest in four equal annual installments beginning on March 29, 2026.

12. These Incentive Units vest in five equal annual installments beginning on March 28, 2026.

13. These Incentive Units are fully vested.

	/s/ Nicole Fritz, Attorney-in-Fact	03/06/2026
	** Signature of Reporting Person	Date
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