Cardinal Infrastructure (CDNL) director receives 3,101 RSUs in equity grant

Rhea-AI Filing Summary

Cardinal Infrastructure Group Inc. director Austin J. Shanfelter received an equity award of 3,101 Class A common shares as restricted stock units on May 7, 2026. The grant is compensation, not an open-market purchase, and increased his direct holdings to 8,726 shares.

The RSUs vest in four tranches, subject to continued service: 775 vested immediately on grant, 775 are scheduled to vest on June 30, 2026, another 775 on September 30, 2026, and 776 on December 31, 2026. As each tranche vests, the units convert into common shares the director can own directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SHANFELTER AUSTIN J

Role null

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	3,101	$24.18	$75K

Holdings After Transaction: Class A Common Stock — 8,726 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

RSU grant size: 3,101 shares Grant reference price: $24.18 per share Shares after grant: 8,726 shares +4 more

7 metrics

RSU grant size 3,101 shares Restricted stock units granted May 7, 2026

Grant reference price $24.18 per share Transaction price per share for RSU grant

Shares after grant 8,726 shares Total Class A common stock held directly after transaction

Immediate vesting tranche 775 RSUs Vested immediately upon execution of the award agreement

Second vesting tranche 775 RSUs Scheduled to vest on June 30, 2026

Third vesting tranche 775 RSUs Scheduled to vest on September 30, 2026

Final vesting tranche 776 RSUs Scheduled to vest on December 31, 2026

Key Terms

restricted stock units, RSUs, Grant, award, or other acquisition, Class A Common Stock

4 terms

restricted stock units financial

"These shares represent restricted stock units ("RSUs") granted on May 7, 2026."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

RSUs financial

"The RSUs vest as follows, subject to the Reporting Person's continued service..."

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

Grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

Class A Common Stock financial

"security_title": "Class A Common Stock""

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SHANFELTER AUSTIN J

(Last) (First) (Middle)

C/O CARDINAL INFRASTRUCTURE GROUP INC.

100 E. SIX FORKS ROAD, #300

(Street)

RALEIGH NORTH CAROLINA 27609

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Cardinal Infrastructure Group Inc. [ CDNL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	05/07/2026		A		3,101	A	$24.18(1)	8,726	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares represent restricted stock units ("RSUs") granted on May 7, 2026. The RSUs vest as follows, subject to the Reporting Person's continued service through each applicable vesting date: (i) 775 RSUs vested immediately upon execution of the award agreement; (ii) 775 RSUs will vest on June 30, 2026; (iii) 775 RSUs will vest on September 30, 2026; and (iv) 776 RSUs will vest on December 31, 2026.

	/s/ Tiffany Gidley, Attorney-in-Fact	05/11/2026
	** Signature of Reporting Person	Date
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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Cardinal Infrastructure Group (CDNL) report for Austin J. Shanfelter?

Cardinal Infrastructure Group reported that director Austin J. Shanfelter received 3,101 Class A common shares as restricted stock units on May 7, 2026. This was a compensation-related grant, not an open-market trade, and increased his direct ownership position in the company.

How many CDNL shares does Austin J. Shanfelter hold after this Form 4 transaction?

After the May 7, 2026 grant, Austin J. Shanfelter directly holds 8,726 Class A common shares of Cardinal Infrastructure Group. This total reflects the newly awarded restricted stock units that vested immediately combined with his prior balance reported in the same Form 4 filing.

What is the vesting schedule for Austin J. Shanfelter’s 3,101 CDNL RSUs?

The 3,101 restricted stock units vest in four parts, subject to his continued service: 775 vested immediately, 775 are scheduled for June 30, 2026, another 775 for September 30, 2026, and 776 for December 31, 2026. Each vesting converts units into common shares.

Was the May 7, 2026 CDNL insider transaction a market purchase or a grant?

The May 7, 2026 insider transaction for Cardinal Infrastructure Group was a grant, classified as a “Grant, award, or other acquisition.” It reflects equity compensation via restricted stock units, not an open-market stock purchase or sale by director Austin J. Shanfelter.

At what reference price were the 3,101 CDNL RSUs granted to Austin J. Shanfelter?

The 3,101 restricted stock units were recorded at a reference price of $24.18 per share. This price appears in the Form 4 as the transaction price per share associated with the grant and is used for valuation and disclosure rather than indicating a market trade.