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

Rhea-AI Filing Summary

Form 4 filing by Forbes Kendall, Executive Vice President, Sales & Operations of Guardian Pharmacy Services, Inc. (GRDN). The filing reports that on 09/27/2025 the reporting person had a transaction converting 608,570 shares into Class A Common Stock (transaction code M). After the reported transaction, the reporting person beneficially owned 812,476 shares of Class A common stock according to Table I. Table II shows the corresponding Class B common stock conversion of 608,570 shares, resulting in aggregate beneficial ownership of 1,217,140 shares of Class A common stock following the conversion. The filing notes these Class B shares convert into Class A shares on a one-for-one basis in substantially equal tranches on 09/27/2025, 03/28/2026 and 09/27/2026. The form is signed by an attorney-in-fact on behalf of the reporting person on 09/30/2025.

Positive

• Conversion is governed by the amended certificate of incorporation, providing clarity on timing and mechanics
• Filing discloses precise share counts: 608,570 shares converted and post-transaction beneficial ownership figures reported

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider conversion of Class B to Class A increases the reporting person’s Class A holdings without an open-market trade.

The Form 4 documents an internal conversion (code M) of 608,570 Class B shares into Class A shares under the company’s charter. This transaction is non‑market and reflects a change in share class exposure rather than a purchase or sale in the public market. The filing discloses post-transaction beneficial ownership of 812,476 Class A shares and an aggregate 1,217,140 Class A-equivalent shares following the reported conversions, with further tranches scheduled through 09/27/2026.

Corporate Governance Expert

TL;DR: The filing clarifies charter-driven share-class conversions; it is a governance/capital-structure event, not a trading signal.

The disclosure indicates automatic, charter-prescribed conversion of Class B to Class A shares in substantially equal tranches on specified dates. The report identifies Forbes Kendall and lists her executive role, and the transaction is documented via Form 4 with attorney-in-fact signature. This is a routine governance implementation of the amended certificate of incorporation rather than an ad hoc insider disposition.

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^*

Forbes Kendall

(Last) (First) (Middle)

300 GALLERIA PARKWAY SE, SUITE 800

(Street)

ATLANTA GA 30339

(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
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
09/27/2025

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	09/27/2025		M		608,570	A	(1)	812,476	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)	09/27/2025		M			608,570	(1)	(1)	Class A Common Stock	608,570	(1)	1,217,140	D

Explanation of Responses:

1. Pursuant to Guardian Pharmacy Services, Inc.'s (the "Issuer") 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.

Remarks:

Executive Vice President, Sales & Operations

	/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 did the Form 4 for GRDN filed by Forbes Kendall report?

The Form 4 reports a conversion on 09/27/2025 of 608,570 shares into Class A common stock and post-transaction beneficial ownership figures.

How many Class A-equivalent shares does Forbes Kendall beneficially own after the transaction?

The filing shows an aggregate of 1,217,140 Class A-equivalent shares beneficially owned following the reported conversions.

What is the nature of the transaction code 'M' on the Form 4?

Transaction code M denotes shares acquired through a conversion or other non-market corporate action; here it reflects Class B to Class A conversion.

When will the remaining Class B shares convert to Class A shares?

The filing states remaining Class B shares convert one-for-one in substantially equal tranches on 09/27/2025, 03/28/2026, and 09/27/2026.

What is the reporting person's role at Guardian Pharmacy Services (GRDN)?

The filing identifies the reporting person as Forbes Kendall, Executive Vice President, Sales & Operations.