Guardian Pharmacy (GRDN) 10% Owner Forbes Kendall Converts 608,570 Shares

What Happened
Forbes Kendall, listed as a 10% owner of Guardian Pharmacy Services, Inc. (GRDN), had 608,570 shares reflected as an exercise/conversion of a derivative on September 27, 2026. The Form 4 records both an "acquired" and a matching "disposed" entry for 608,570 shares because the company's Amended and Restated Certificate of Incorporation automatically converted Kendall's Class B common stock into Class A common stock on a one-for-one basis. No price or cash consideration is reported (N/A), and there was no open‑market sale reported.

Key Details

• Transaction date: 2026-09-27; Form 4 filed: 2026-09-28 (timely filing).
• Transaction code: M (exercise or conversion of derivative); shares involved: 608,570 (one-for-one conversion Class B → Class A).
• Price / proceeds: N/A — conversion, not a cash sale or purchase.
• Shares owned after the transaction: not specified in the filing.
• Footnote F1: Automatic One-for-One conversion of Class B to Class A under the charter.
• Footnote F2: Kendall forfeited 19,337 unvested restricted stock units and 50,000 unvested stock options in connection with his retirement.
• Filing appears timely (no late filing flag).

Context
This was an in‑charter conversion of share classes, recorded as a derivative exercise/conversion for reporting purposes; it is bookkeeping and does not indicate a purchase or sale in the open market. The forfeitures noted relate to unvested awards tied to Kendall’s retirement and reduce his future awarded holdings but do not indicate a market transaction. As a 10% owner, Kendall’s reported conversion reflects ownership structure changes rather than a trading decision; retail investors should treat this as administrative rather than a bullish or bearish insider purchase/sale.