Medline director reports trust share restructuring

Medline Inc. director Patrick J. Healy reported trust-related movements in Class A common stock, rather than open-market trading.

Rhea-AI Filing Summary

Medline Inc. director Patrick J. Healy reported trust-related movements in Class A common stock, rather than open-market trading. A distribution in kind shifted shares previously held by investment funds into entities associated with the reporting person and a family trust.

After these J-code “other” transactions on the same date, 179,762 shares were held directly, 172,383 shares were held indirectly through a family trust, and 39,189 shares were held indirectly through a children’s trust. The filing notes that Healy disclaims beneficial ownership of trust-held shares beyond his pecuniary interest.

Insider Trade Summary

Other: 202,106 shares

Other 3 txns

Insider HEALY PATRICK J

Role Director

Type	Security	Shares	Price	Value
Other	Class A Common Stock	179,762	$0.00	$0.00
Other	Class A Common Stock	22,344	$0.00	$0.00
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 1,387,921 shares (Direct); Class A Common Stock — 172,383 shares (Indirect, By a family trust); Class A Common Stock — 39,189 shares (Indirect, By a children's trust)

Footnotes (3)

1. F1. Represents a distribution in kind of shares of the Class A common stock of Medline Inc. ("Class A Common Stock") previously held directly by Hellman & Friedman Capital Partners X (Parallel), L.P. and HFCP X (Parallel - A), L.P. in relation to the Reporting Person's and a family trust's respective indirect interests in such distributing entities.
2. F2. Represents shares of Class A Common Stock beneficially owned indirectly by the Reporting Person through a trust for the benefit of certain of the Reporting Person's family members. The Reporting Person disclaims beneficial ownership of the shares of Class A Common Stock held by the trust, except to the extent of his pecuniary interest therein.
3. F3. Represents shares of Class A Common Stock beneficially owned indirectly by the Reporting Person through a trust for the benefit of certain of the Reporting Person's family members. The Reporting Person disclaims beneficial ownership of the shares of Class A Common Stock held by the trust, except to the extent of his pecuniary interest therein.

Key Figures

Children’s trust holdings: 39,189 shares Family trust holdings: 172,383 shares Direct holdings after restructuring: 179,762 shares +3 more

6 metrics

Children’s trust holdings 39,189 shares Class A common stock held indirectly by a children’s trust after transactions

Family trust holdings 172,383 shares Class A common stock held indirectly through a family trust after transactions

Direct holdings after restructuring 179,762 shares Class A common stock held directly by the reporting person after J-code transaction

J-code restructuring volume 202,106 shares Total shares involved in J-code restructuring transactions

Family trust J-code transaction 22,344 shares Shares moved in J-code transaction to a family trust

Direct J-code transaction 179,762 shares Shares moved in J-code transaction to direct ownership

Key Terms

distribution in kind, beneficially owned indirectly, pecuniary interest, family trust, +1 more

5 terms

distribution in kind financial

"Represents a distribution in kind of shares of the Class A common stock of Medline Inc."

beneficially owned indirectly financial

"Represents shares of Class A Common Stock beneficially owned indirectly by the Reporting Person through a trust"

pecuniary interest financial

"The Reporting Person disclaims beneficial ownership of the shares ... except to the extent of his pecuniary interest therein"

family trust financial

"beneficially owned indirectly by the Reporting Person through a trust for the benefit of certain of the Reporting Person's family members"

children's trust financial

"Class A Common Stock ... nature of ownership: By a children's trust"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did Medline Inc. (MDLN) report for Patrick J. Healy?

Medline Inc. reported that director Patrick J. Healy recorded J-code “other” transactions involving Class A common stock. Shares were redistributed from investment funds into direct holdings and family-related trusts, with no open-market buying or selling disclosed in this filing.

How many Medline (MDLN) shares does Patrick J. Healy hold directly after the Form 4?

Following the reported transactions, Patrick J. Healy held 179,762 shares of Medline Class A common stock directly. This figure reflects the position after the in-kind distribution and internal restructuring transactions described as J-code “other acquisition or disposition.”

What indirect Medline (MDLN) holdings are reported through family trusts?

The filing shows 172,383 Medline Class A shares held indirectly through a family trust and 39,189 shares held indirectly through a children’s trust. These positions reflect interests for certain family members rather than solely for the reporting person himself.

What does the J transaction code mean in this Medline (MDLN) Form 4?

In this Form 4, the J code is described as “other acquisition or disposition.” Here it reflects an in-kind distribution and restructuring between investment funds, the reporting person’s direct holdings, and related family trusts, rather than a typical market purchase or sale.

How does Patrick J. Healy treat beneficial ownership of Medline (MDLN) trust shares?

The filing states that shares held by the family-related trusts are beneficially owned indirectly. Patrick J. Healy disclaims beneficial ownership of those shares, except to the extent of his pecuniary interest in the trusts, limiting what portion he treats as economically his.

Were Medline (MDLN) shares moved from investment funds to trusts in this filing?

Yes. A footnote explains that the reported transactions represent a distribution in kind of Medline Class A shares previously held directly by specified investment funds, in relation to the reporting person’s and a family trust’s indirect interests in those distributing entities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/01/2026 - 06:05 PM EDT 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^*

HEALY PATRICK J

(Last) (First) (Middle)

C/O HELLMAN & FRIEDMAN LLC

415 MISSION STREET, SUITE 5700

(Street)

SAN FRANCISCO CALIFORNIA 94105

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/28/2026

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 A Common Stock	05/28/2026		J(1)		179,762	A	(1)	1,387,921	D
Class A Common Stock	05/28/2026		J(1)		22,344	A	(1)	172,383	I	By a family trust(2)
Class A Common Stock								39,189	I	By a children's trust(3)

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

Explanation of Responses:

1. Represents a distribution in kind of shares of the Class A common stock of Medline Inc. ("Class A Common Stock") previously held directly by Hellman & Friedman Capital Partners X (Parallel), L.P. and HFCP X (Parallel - A), L.P. in relation to the Reporting Person's and a family trust's respective indirect interests in such distributing entities.

2. Represents shares of Class A Common Stock beneficially owned indirectly by the Reporting Person through a trust for the benefit of certain of the Reporting Person's family members. The Reporting Person disclaims beneficial ownership of the shares of Class A Common Stock held by the trust, except to the extent of his pecuniary interest therein.

3. Represents shares of Class A Common Stock beneficially owned indirectly by the Reporting Person through a trust for the benefit of certain of the Reporting Person's family members. The Reporting Person disclaims beneficial ownership of the shares of Class A Common Stock held by the trust, except to the extent of his pecuniary interest therein.

	/s/ Patrick J. Healy	06/01/2026
	** 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)