Boyle James M 4

What Happened
Medline CEO James M. Boyle reported multiple acquisitions/awards on Form 4. The filing shows grants and reclassifications dated December 16, 2025 (multiple awards/incentive units) and an additional grant on March 5, 2026 (31,739 shares at $0.00). In total the filing lists approximately 5,291,976 shares/units acquired, comprised largely of Incentive Units (derivative interests) and restricted stock units/awards tied to Medline Holdings, LP reclassification ahead of the company’s IPO.

Key Details

• Transaction dates/prices: Dec 16, 2025 (multiple grants; price listed as N/A) and Mar 5, 2026 (31,739 shares at $0.00).
• Total reported acquired: ~5,291,976 shares/units (combination of direct shares/RSUs and derivative Incentive Units).
• Vesting: multiple vesting schedules apply (examples from footnotes):
  • Some Incentive Units partially vested (e.g., 40% vested with remaining 60% vesting in three equal annual installments beginning Oct 1, 2026; 20% vested with remaining 80% vesting in four equal annual installments beginning Mar 29, 2026).
  • Other awards vest in five equal annual installments beginning Mar 28, 2026; some are fully vested; an RSU grant vests 25% on June 15, 2026 and the rest in three equal annual installments starting Mar 1, 2027.
• Derivative mechanics: Incentive Units are "profit interests" that can be converted into Common Units (per footnotes) and Common Units can be exchanged one‑for‑one for Class A shares under an exchange agreement. Class B common stock issued for units has one vote per share and no economic value and will be cancelled upon exchange.
• Shares owned after transaction: not specified in the provided filing data.
• Filing timeliness: Form 4 was filed on March 6, 2026 for transactions dated Dec 16, 2025 — ~80 days later than the transaction date, indicating a late filing relative to the usual two‑business‑day Form 4 deadline.

Context
These entries are acquisitions/awards and reclassifications tied to the pre‑IPO restructuring of Medline Holdings, LP, not open‑market purchases or sales. Many of the instruments are long‑term, vested over multiple years (and some are not yet vested), so they represent compensation and upside participation rather than immediate cash purchases or dispositions. The late filing is an administrative detail investors should note; it does not by itself indicate intent or future performance.