Cardinal Equity Fund raises Class A holdings in Guardian (GRDN)

Rhea-AI Filing Summary

Cardinal Equity Fund, L.P., a member of a 10% owner group of Guardian Pharmacy Services, Inc., exercised a derivative position as part of an automatic conversion. On March 28, 2026, 471,057 shares of Class B common stock converted into 471,057 shares of Class A common stock on a one-for-one basis at $0.0000 per share, as provided in the company’s Amended and Restated Certificate of Incorporation. Following this conversion, Cardinal Equity Fund directly holds 816,180 shares of Class A common stock. The footnote states that the Class B shares convert in substantially equal tranches on March 28, 2026 and September 27, 2026.

Insider Trade Summary

471,057 shares exercised/converted

Mixed 2 txns

Insider Cardinal Equity Fund, L.P.

Role Insider

Type	Security	Shares	Price	Value
Exercise	Class B Common Stock	471,057	$0.00	--
Exercise	Class A Common Stock	471,057	$0.00	--

Holdings After Transaction: Class B Common Stock — 471,057 shares (Direct); Class A Common Stock — 816,180 shares (Direct)

Footnotes (1)

1. [object Object]

Key Figures

Shares converted: 471,057 shares Conversion ratio: 1-for-1 Conversion price: $0.0000 per share +2 more

5 metrics

Shares converted 471,057 shares Class B to Class A conversion on March 28, 2026

Conversion ratio 1-for-1 Class B common stock into Class A common stock

Conversion price $0.0000 per share Automatic conversion of Class B into Class A

Class A holdings after transaction 816,180 shares Directly held by Cardinal Equity Fund after March 28, 2026

Conversion tranches 2 dates Substantially equal tranches on March 28, 2026 and September 27, 2026

Key Terms

Class B common stock, Class A common stock, Amended and Restated Certificate of Incorporation, automatic convert, +1 more

5 terms

Class B common stock financial

"the Reporting Person's shares of Class B common stock automatically convert"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

Class A common stock financial

"convert into shares of the Issuer's Class A common stock, on a one-for-one basis"

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.

Amended and Restated Certificate of Incorporation regulatory

"Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Reporting Person's shares"

A company’s amended and restated certificate of incorporation is an updated version of its foundational legal charter that replaces the older document and folds in all changes into one clear copy; it spells out corporate structure, classes of stock, shareholder rights and key governance rules. Investors care because it can change who controls the company, how votes are counted, what claims shareholders have on assets or dividends, and can introduce or remove protections against takeovers—like updating a house title after a major renovation to show who owns what and under what rules.

automatic convert financial

"shares of Class B common stock automatically convert into shares of the Issuer's Class A common stock"

derivative exercise/conversion financial

"transaction_action": "derivative exercise/conversion""

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^*

Cardinal Equity Fund, L.P.

(Last) (First) (Middle)

401 PENNSYLVANIA PARKWAY, SUITE 115

(Street)

INDIANAPOLIS INDIANA 46280

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/28/2026

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	03/28/2026		M		471,057	A	(1)	816,180	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	(1)	03/28/2026		M			471,057	(1)	(1)	Class A Common Stock	471,057	(1)	471,057	D

Explanation of Responses:

1. 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 March 28, 2026 and September 27, 2026.

	/s/ Douglas Towns, Attorney-in-Fact	03/31/2026
	** 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 Equity Fund report for GRDN?

Cardinal Equity Fund reported an automatic conversion of 471,057 Class B shares into 471,057 Class A shares. The conversion occurred on March 28, 2026 at a stated price of $0.0000 per share under Guardian Pharmacy Services’ charter terms.

How many Guardian Pharmacy Services (GRDN) Class A shares does Cardinal Equity Fund now hold?

After the March 28, 2026 conversion, Cardinal Equity Fund directly holds 816,180 shares of Guardian Pharmacy Services’ Class A common stock. This reflects the addition of 471,057 Class A shares received from the automatic conversion of an equal number of Class B shares.

Was the GRDN insider transaction a market buy or sell?

The transaction was not a market buy or sell; it was a derivative exercise and automatic conversion. 471,057 Class B shares converted into 471,057 Class A shares at $0.0000 per share, consistent with the company’s Amended and Restated Certificate of Incorporation.

What triggers the Class B to Class A conversion for GRDN shares?

Guardian Pharmacy Services’ Amended and Restated Certificate of Incorporation provides that Cardinal Equity Fund’s Class B common stock automatically converts into Class A shares. The footnote states this happens on a one-for-one basis in substantially equal tranches on March 28, 2026 and September 27, 2026.

How many GRDN shares were involved in the reported derivative exercise?

The reported derivative exercise involved 471,057 underlying shares. Specifically, 471,057 shares of Class B common stock converted into 471,057 shares of Class A common stock, with both the conversion price and transaction price listed as $0.0000 per share in the filing.