# EDGAR Filing Document

**Accession Number:** 0001460217
**File Stem:** 0001193125-25-323242
**Filing Date:** 2025-12
**Character Count:** 9749
**Document Hash:** 372305d0434c47677a4381bf10870f62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-323242.hdr.sgml**: 20251217

**ACCESSION NUMBER**: 0001193125-25-323242

**CONFORMED SUBMISSION TYPE**: 3

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251217

**FILED AS OF DATE**: 20251217

**DATE AS OF CHANGE**: 20251217

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Liberman Alexander M.
- **CENTRAL INDEX KEY:** 0001460217

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43022
- **FILM NUMBER:** 251580843

**MAIL ADDRESS:**
- **STREET 1:** C/O MEDLINE INC.
- **STREET 2:** 3 LAKES DRIVE
- **CITY:** NORTHFIELD
- **STATE:** IL
- **ZIP:** 60093
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Medline Inc.
- **CENTRAL INDEX KEY:** 0002046386
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 331845288
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 3 LAKES DRIVE
- **CITY:** NORTHFIELD
- **STATE:** IL
- **ZIP:** 60093
- **BUSINESS PHONE:** 847-949-3000

**MAIL ADDRESS:**
- **STREET 1:** 3 LAKES DRIVE
- **CITY:** NORTHFIELD
- **STATE:** IL
- **ZIP:** 60093

## Ex-24

**Exhibit 24**

POWER OF ATTORNEY

Know all by these presents that the undersigned, does hereby make, constitute and appoint each of **Alexander Liberman, Nicole Fritz and Katherine Morgan** or any one of them, as a true and lawful attorney-in-fact of the undersigned with full powers of substitution and revocation, for and in the name, place and stead of the undersigned (in the undersigned's individual capacity), to execute and deliver such forms that the undersigned may be required to file with the U.S. Securities and Exchange Commission as a result of the undersigned's ownership of or transactions in securities of **Medline Inc.** (i) pursuant to Section 16(a) of the Securities Exchange Act of 1934, as amended, including without limitation, statements on Form 3, Form 4, Form 5 (including any amendments thereto), (ii) pursuant to Rule 144 under the Securities Act of 1933, as amended, including without limitation notices on Form 144 (including any amendments thereto), and (iii) in connection with any applications for EDGAR access codes, including without limitation the Form ID. The Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, 5 or 144 with regard to their ownership of or transactions in securities of **Medline Inc.,** unless earlier revoked in writing. The undersigned acknowledges that **Alexander Liberman, Nicole Fritz and Katherine Morgan,** are not assuming any of the undersigned's responsibilities to comply with Section 16 of the Securities Exchange Act of 1934, as amended, or Rule 144 under the Securities Act of 1933, as amended.

---

| | |
|:---|:---|
| By: | /s/ Alexander M. Liberman |
| Name: | **Alexander M. Liberman** |

---

Date: March 13, 2025

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 3

### INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Liberman Alexander M.<br><sub>(Last) (First) (Middle)</sub><br>C/O MEDLINE INC.<br>3 LAKES DRIVE<br><sub>(Street)</sub><br>NORTHFIELD, IL 60093<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>Medline Inc. [ MDLN ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-12-17 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [ ] 10% Owner<br>[X] Officer (give title below)   [ ] Other (specify below)<br>_Chief Legal Officer_ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities Beneficially Owned

---

|  |  |  |  |
| --- | --- | --- | --- |
| 1. Title of Security | 2. Amount of Securities Beneficially Owned | 3. Ownership Form | 4. Nature of Indirect Beneficial Ownership |
| Class B Common Stock | 226923<sup>(1)</sup> | D |  |
| Class B Common Stock | 234177<sup>(1)</sup> | I | See Footnote<sup>(2)</sup> |

---

## Table II - Derivative Securities Beneficially Owned

---

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Underlying Securities | 3. Title and Amount of Underlying Securities | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| Common Units of Medline Holdings, LP | <sup>(3)</sup> | <sup>(3)</sup> | Class A Common Stock | 226923 | <sup>(3)</sup> | I | See Footnote<sup>(3)</sup> |
| Common Units of Medline Holdings, LP | <sup>(3)</sup> | <sup>(3)</sup> | Class A Common Stock | 234177 | <sup>(3)</sup> | I | See Footnotes<sup>(2)(3)</sup> |
| Incentive Units of Medline Holdings, LP | <sup>(4)(5)(6)</sup> | <sup>(4)(5)(6)</sup> | Class A Common Stock | 1129447 | 15.42<sup>(4)(5)</sup> | I | See Footnote<sup>(4)(5)</sup> |
| Incentive Units of Medline Holdings, LP | <sup>(4)(5)(7)</sup> | <sup>(4)(5)(7)</sup> | Class A Common Stock | 141836 | 15.23<sup>(4)(5)</sup> | I | See Footnote<sup>(4)(5)</sup> |
| Incentive Units of Medline Holdings, LP | <sup>(4)(5)(8)</sup> | <sup>(4)(5)(8)</sup> | Class A Common Stock | 105200 | 19.01<sup>(4)(5)</sup> | I | See Footnote<sup>(4)(5)</sup> |
| Incentive Units of Medline Holdings, LP | <sup>(4)(5)(9)</sup> | <sup>(4)(5)(9)</sup> | Class A Common Stock | 72245 | 27.68<sup>(4)(5)</sup> | I | See Footnote<sup>(4)(5)</sup> |

---

### Footnotes:

(1) 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.

(2) These securities are held by a trust, of which the Reporting Person's spouse is the trustee.

(3) 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 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.

(4) 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.

(5) (Continued from Footnote 4 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.

(6) 80% of these Incentive Units have vested, and the remaining 20% vest on October 21, 2026.

(7) 40% of these Incentive Units have vested, and the remaining 60% vest in three equal annual installments beginning on April 1, 2026.

(8) 20% of these Incentive Units have vested, and the remaining 80% vest in four equal annual installments beginning on March 29, 2026.

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

**Remarks:**
Exhibit 24 - Power of Attorney.

**Signature:** /s/ Nicole Fritz, Attorney-in-Fact  
**Date:** 2025-12-17

### Remarks:

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.**