[Form 4] Guardian Pharmacy Services, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Pharmacy Investors, LLC reported changes in its beneficial ownership of Guardian Pharmacy Services, Inc. (GRDN). The reporting person sold a total of 964,316 shares of Class A common stock in two transactions on May 27, 2025 (813,318 shares) and May 28, 2025 (150,998 shares) at $20.16 per share under an underwriting agreement.

The filing also shows a merger/conversion event: 1,413,940 shares of Class B common stock are scheduled to convert into Class A common stock on September 27, 2025 (part of staggered tranches with later conversions in March and September 2026). After the reported transactions and recognizing the conversion tranche, the reporting person beneficially owns 1,863,564 Class A shares (direct) and, counting derivative holdings, a total of 2,827,878 shares shown as beneficially owned following the transactions.

Positive

• None.

Negative

• Large secondary sale: Reporting person sold 964,316 Class A shares at $20.16, which could increase available float and affect share supply.
• Upcoming conversion increases Class A supply: 1,413,940 Class B shares scheduled to convert into Class A on September 27, 2025, with additional tranches in 2026, increasing potential tradable shares.

Insights

Securities Analyst

TL;DR: Insider sold ~964k Class A shares at $20.16; conversion of 1.41m Class B shares will increase Class A supply in Sept 2025.

The May sales of 964,316 Class A shares at $20.16 each were executed pursuant to an underwriting agreement and are explicitly disclosed in the filing, indicating a meaningful liquidity event by the selling stockholders. The filing also details an automatic conversion schedule for Class B shares into Class A shares in substantially equal tranches beginning September 27, 2025, which will increase the number of freely tradable Class A shares over time. From an investor-materiality perspective, these are substantive ownership and supply changes; the filing does not state any uses of proceeds or insider intentions beyond the transactions and conversion mechanics.

Corporate Governance Expert

TL;DR: Reported activity is a standard Section 16 disclosure showing secondary sales and scheduled charter-mandated conversions.

The Form 4 documents routine sales under an underwriting agreement and a corporate-governance-driven conversion of Class B to Class A stock per the amended certificate of incorporation. The signature by an attorney-in-fact indicates proper procedural handling. No additional governance actions, option exercises, or amendments are disclosed. This filing is informative about share class mechanics and stockholder liquidity but does not by itself indicate change in control or new governance arrangements.

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
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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).

1. Name and Address of Reporting Person^*

Pharmacy Investors, LLC

(Last) (First) (Middle)

401 PENNSYLVANIA PARKWAY, SUITE 100

(Street)

INDIANAPOLIS IN 46280

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Guardian Pharmacy Services, Inc. [ GRDN ]

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

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Member of 10% owner group

3. Date of Earliest Transaction (Month/Day/Year)
03/28/2025

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

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

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

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	05/27/2025		S(1)		813,318	D	$20.16	600,622	D
Class A Common Stock	05/28/2025		S(1)		150,998	D	$20.16	449,624	D
Class A Common Stock	09/27/2025		M		1,413,940	A	(2)	1,863,564	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
Class B Common Stock	(2)	09/27/2025		M			1,413,940	(2)	(2)	Class A Common Stock	1,413,940	(2)	2,827,878	D

Explanation of Responses:

1. Represents shares of Guardian Pharmacy Services, Inc.'s (the "Issuer") Class A common stock sold pursuant to the Underwriting Agreement, dated May 22, 2025, by and among the Issuer, the selling stockholders party thereto and Raymond James & Associates, Inc., as representative of the several underwriters named therein.

2. Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Reporting Person's shares of Class B common stock automatically convert into shares of the Issuer's Class A common stock, on a one-for-one basis, in substantially equal tranches on each of September 27, 2025, March 28, 2026 and September 27, 2026.

	/s/ Douglas Towns, Attorney-in-Fact	09/30/2025
	** 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.

FAQ

What shares did Pharmacy Investors, LLC sell in the GRDN Form 4?

The reporting person sold a total of 964,316 Class A common shares in two transactions: 813,318 on 05/27/2025 and 150,998 on 05/28/2025 at $20.16 per share.

How many Class B shares will convert to Class A and when?

The filing states 1,413,940 Class B shares automatically convert into Class A on 09/27/2025, with additional equal tranches on 03/28/2026 and 09/27/2026.

What is the reporting person's beneficial ownership after these transactions?

After the reported sales and the noted conversion tranche, the filing shows 1,863,564 Class A shares beneficially owned (direct) and 2,827,878 shares when counting derivative holdings following the reported transactions.

Were the sales part of an underwriting agreement?

Yes. The May sales are reported as made pursuant to the Underwriting Agreement dated May 22, 2025 among the issuer, selling stockholders and Raymond James & Associates, Inc.

Who signed the Form 4 and when?

The Form 4 was signed by /s/ Douglas Towns, Attorney-in-Fact on 09/30/2025 as the signature of the reporting person.