Cardinal Equity Fund, L.P. - Mar 28, 2025 Form 4 Insider Report for Guardian Pharmacy Services, Inc. (GRDN)

Role: Member of 10% owner group
Signature: /s/ Douglas Towns, Attorney-in-Fact
Stock symbol: GRDN
Transactions as of: Mar 28, 2025
Transactions value $: -$6,476,662
Form type: 4
Date filed: 9/30/2025, 04:10 PM
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Cardinal Equity Fund, L.P.	Member of 10% owner group	401 PENNSYLVANIA PARKWAY, SUITE 100, INDIANAPOLIS	/s/ Douglas Towns, Attorney-in-Fact	2025-09-30	0001432819

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GRDN	Class A Common Stock	Sale	-$5.46M	-271K	-57.52%	$20.16	200K	May 27, 2025	Direct	F1
transaction	GRDN	Class A Common Stock	Sale	-$1.01M	-50.3K	-25.14%	$20.16	150K	May 28, 2025	Direct	F1
transaction	GRDN	Class A Common Stock	Options Exercise		+471K	+314.47%		621K	Sep 27, 2025	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	GRDN	Class B Common Stock	Options Exercise		-471K	-33.33%		942K	Sep 27, 2025	Class A Common Stock	471K		Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	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.