Form 4: Lineage Inc. Executive Receives LTIP Unit Grant

Sudarsan V Thattai, a Lineage, Inc. officer, was granted 17,886 LTIP units on April 17, 2025, which vest annually over three years and can be converted into Partnership Common Units.

Summary

• On April 17, 2025, Sudarsan V Thattai, Chief Information Officer and Chief Transformation Officer of Lineage, Inc., received a grant of 17,886 LTIP Units.
• These units are part of the Lineage OP, LP Operating Partnership's agreement dated July 24, 2024.
• The LTIP Units vest in equal annual installments over three years, starting April 1, 2026, contingent upon continued service with Lineage, Inc.
• Vested LTIP Units can be converted into Partnership Common Units on a one-for-one basis, subject to certain capital account balances.
• Holders of Partnership Common Units can redeem them for cash or Lineage, Inc. common stock after 18 months from the grant date.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, indicating a positive outlook for management retention and alignment of interests. It is a routine filing, but positive in that it shows management is incentivized.

Positives

• The grant of LTIP units incentivizes Sudarsan V Thattai to remain with Lineage, Inc. for the vesting period.
• The structure of the LTIP units aligns the executive's interests with those of the company and its shareholders.

Risks

• The value of the LTIP units is dependent on the performance of Lineage, Inc. and the Operating Partnership.
• The executive must remain employed with Lineage, Inc. for the vesting period to realize the full value of the grant.

Future Outlook

The LTIP units are designed to incentivize long-term performance and retention of key personnel.

Industry Context

Granting LTIP units is a common practice in the industry to align management's interests with those of shareholders and incentivize long-term value creation.

Comparison to Industry Standards

• Many companies in the logistics and supply chain industry use LTIPs as part of their executive compensation packages.
• The vesting schedule of three years is fairly standard for LTIP grants.
• The ability to convert LTIP units into common stock or cash is also a common feature of these types of grants.

Stakeholder Impact

• Shareholders may view the LTIP unit grant as a positive sign, indicating that management is incentivized to create long-term value.
• Employees may see the grant as a sign of the company's commitment to its executives.

Key Dates

Keywords

LTIP Units, Lineage Inc., Sudarsan V Thattai, Partnership Common Units, Vesting, Equity Compensation, Form 4