Lincoln International (LCLN) CFO Theodore Heidloff Exercises 8,450 Options

What Happened
Theodore J. Heidloff, CFO of Lincoln International (LCLN), exercised stock options on August 14, 2026 to acquire 8,450 shares at $6.83 per share, for a cash outlay of approximately $57,714. The Form 4 also shows the issuance of 8,450 common units (award) and a related disposition of 8,450 derivative/class B shares as part of the exercise mechanics. This was an acquisition (exercise) rather than an open-market sale.

Key Details

• Transaction date: 2026-08-14; filing date: 2026-08-17 (timely filing).
• Main economic terms: 8,450 shares acquired at $6.83 each = $57,714 (code M = exercise/conversion).
• Additional entries: 8,450 shares reported as an award/acquisition (code A) and an 8,450-share derivative disposition at $0 (code M) reflecting the unit/stock mechanics.
• Shares owned after transaction: not disclosed in the provided filing excerpt.
• Notable footnotes from the filing:
  • F1: The 8,450 award represents common units of Lincoln International, LP issued upon option exercise and a corresponding number of Class B common stock.
  • F2: The common units may be redeemed for Class A common stock on a 1-for-1 basis; redeeming units causes the corresponding Class B shares to be forfeited. Common units have no expiration date.
  • F3: The stock option exercised was fully vested and exercisable.

Context

• This was an option exercise (derivative transaction) rather than a market purchase; no immediate open-market sale is reported in this filing.
• The mechanics include issuance of LP common units and related Class B shares; those units can be converted into Class A shares (with forfeiture of the Class B shares) per the footnotes.
• Exercise transactions reflect the CFO converting vested options into company equity; they are informative about insider ownership changes but do not by themselves reveal motivation.