Director at Cardinal Infrastructure (CDNL) receives grant of 1,817 RSUs

Rhea-AI Filing Summary

Zelman Ivy reported acquisition or exercise transactions in this Form 4 filing.

Cardinal Infrastructure Group Inc. director Zelman Ivy received a grant of 1,817 shares of Class A Common Stock in the form of restricted stock units on June 5, 2026. The RSUs were granted at no cash cost and increase Ivy’s direct holdings to 20,244 shares.

The RSUs vest on the earlier of the next annual stockholder meeting following the grant date, if it is at least 50 weeks after the prior year’s meeting, or the one-year anniversary of the grant, so long as Ivy continues serving as a director through the vesting date.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Zelman Ivy

Role null

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	1,817	$0.00	--

Holdings After Transaction: Class A Common Stock — 20,244 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

RSUs granted: 1,817 shares Grant price per share: $0.00 per share Shares after transaction: 20,244 shares +1 more

4 metrics

RSUs granted 1,817 shares Restricted stock units granted on June 5, 2026

Grant price per share $0.00 per share Equity compensation award, not an open-market purchase

Shares after transaction 20,244 shares Total direct Class A Common Stock holdings following grant

Vesting trigger Next annual meeting or 1-year anniversary Vests on earlier of stockholder meeting (50-week condition) or one-year anniversary, with continued service

Key Terms

restricted stock units ("RSUs"), vest, annual meeting of the Company's stockholders, one-year anniversary of the date of grant

4 terms

restricted stock units ("RSUs") financial

"These shares represent restricted stock units ("RSUs") granted on June 5, 2026."

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

vest financial

"The RSUs vest on the earlier to occur of (1) the next annual meeting..."

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

annual meeting of the Company's stockholders financial

"the next annual meeting of the Company's stockholders following the date of grant..."

one-year anniversary of the date of grant financial

"and (2) the one-year anniversary of the date of grant, provided that..."

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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^*

Zelman Ivy

(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)
06/05/2026

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	06/05/2026		A		1,817	A	$0(1)	20,244	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 June 5, 2026. The RSUs vest on the earlier to occur of (1) the next annual meeting of the Company's stockholders following the date of grant (so long as such next annual meeting is at least 50 weeks after the immediately preceding year's annual meeting of stockholders) and (2) the one-year anniversary of the date of grant, provided that, in each case, the Reporting Person continues to serve as a director of the Company through such date.

	/s/ Tiffany Gidley, Attorney-in-Fact	06/09/2026
	** 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 did Cardinal Infrastructure Group (CDNL) disclose in this Form 4?

Cardinal Infrastructure Group reported a stock-based compensation grant to director Zelman Ivy. He received 1,817 restricted stock units, increasing his direct Class A Common Stock holdings to 20,244 shares, with the award vesting over roughly one year, subject to continued board service.

How many shares did CDNL director Zelman Ivy acquire in this transaction?

Zelman Ivy acquired 1,817 shares of Class A Common Stock through a restricted stock unit grant. These shares were awarded at no cash purchase price and represent additional equity compensation tied to his service on Cardinal Infrastructure Group’s board of directors.

At what price were the Cardinal Infrastructure (CDNL) shares granted to Zelman Ivy?

The 1,817 shares tied to the restricted stock unit grant were issued at a reported price of $0.00 per share. This reflects an equity compensation award rather than an open-market purchase, consistent with typical non-employee director stock-based compensation programs.

What are the vesting terms of Zelman Ivy’s restricted stock units at CDNL?

The restricted stock units vest on the earlier of the next annual meeting of stockholders following the grant date, if at least 50 weeks after the prior meeting, or the one-year grant anniversary, provided Ivy continues serving as a director through the applicable vesting date.

How many Cardinal Infrastructure (CDNL) shares does Zelman Ivy hold after this grant?

Following the grant of 1,817 restricted stock units, Zelman Ivy’s direct ownership totals 20,244 shares of Class A Common Stock. This figure includes the newly awarded RSUs subject to vesting conditions tied to his continued service on the company’s board.