Michael B. Drazin - 16 Dec 2025 Form 4 Insider Report for Medline Inc. (MDLN)

Reporting relationship: Chief Financial Officer
Issuer ticker: MDLN
Reported as of: 16 Dec 2025
Net transaction value: $0
SEC form: 4
Accepted by SEC: 06 Mar 2026, 16:30:12 UTC
Next SEC filing: 17 Dec 2025
Source filing: View source filing
Reporting owner signature: /s/ Nicole Fritz, Attorney-in-Fact

Key filing fact

Michael B. Drazin filed Form 4 for Medline Inc. (MDLN) on 06 Mar 2026.

Key facts

This page summarizes Michael B. Drazin's Form 4 filing for Medline Inc. (MDLN).
7 reported transactions and 5 derivative rows are listed below.
Accepted by SEC: 06 Mar 2026, 16:30.

Change

No earlier filing in this sequence is available for direct comparison.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0002060967 Primary reporting owner

Drazin Michael B

Relationship: Chief Financial Officer
Address: C/O MEDLINE INC., 3 LAKES DRIVE, NORTHFIELD
Signature: /s/ Nicole Fritz, Attorney-in-Fact
Signature date: 06 Mar 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

MDLN transaction

Class B Common Stock

Award

Transaction value
Shares: +486,028
Change %
Price
Shares after: 486,028
Date: 16 Dec 2025
Ownership: Direct
Footnotes: F1, F2

MDLN transaction

Class A Common Stock

Award

Transaction value
Shares: +25,788
Change %
Price: $0.000000^*
Shares after: 25,788
Date: 05 Mar 2026
Ownership: Direct
Footnotes: F3

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

MDLN transaction Derivative

Common Units of Medline Holdings, LP

Award

Transaction value
Shares: +486,028
Change %
Price
Shares after: 486,028
Date: 16 Dec 2025
Ownership: See Footnote
Underlying class: Class A Common Stock
Underlying amount: 486,028
Exercise price
Footnotes: F1, F4

MDLN transaction Derivative

Incentive Units of Medline Holdings, LP

Award

Transaction value
Shares: +2,033,004
Change %
Price
Shares after: 2,033,004
Date: 16 Dec 2025
Ownership: See Footnote
Underlying class: Class A Common Stock
Underlying amount: 2,033,004
Exercise price: $15.42
Footnotes: F1, F5, F6, F7

MDLN transaction Derivative

Incentive Units of Medline Holdings, LP

Award

Transaction value
Shares: +273,782
Change %
Price
Shares after: 273,782
Date: 16 Dec 2025
Ownership: See Footnote
Underlying class: Class A Common Stock
Underlying amount: 273,782
Exercise price: $15.23
Footnotes: F1, F5, F6, F8

MDLN transaction Derivative

Incentive Units of Medline Holdings, LP

Award

Transaction value
Shares: +227,777
Change %
Price
Shares after: 227,777
Date: 16 Dec 2025
Ownership: See Footnote
Underlying class: Class A Common Stock
Underlying amount: 227,777
Exercise price: $19.01
Footnotes: F1, F5, F6, F9

MDLN transaction Derivative

Incentive Units of Medline Holdings, LP

Award

Transaction value
Shares: +157,133
Change %
Price
Shares after: 157,133
Date: 16 Dec 2025
Ownership: See Footnote
Underlying class: Class A Common Stock
Underlying amount: 157,133
Exercise price: $27.68
Footnotes: F1, F5, F6, F10

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 10 footnotes

Footnote F1

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.

Footnote F2

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.

Footnote F3

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.

Footnote F4

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.

Footnote F5

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.

Footnote F6

(Continued from Footnote 5 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.

Footnote F7

80% of these Incentive Units have vested, and the remaining 20% vest on October 21, 2026.

Footnote F8

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

Footnote F9

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

Footnote F10

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