Jeremy Simmons Spivey - 09 Dec 2025 Form 4 Insider Report for Cardinal Infrastructure Group Inc. (CDNL)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: /s/ Tiffany Gidley, Attorney-in-fact
Issuer symbol: CDNL
Transactions as of: 09 Dec 2025
Transactions value $: -$83,337,576
Form type: 4
Filing time: 11 Dec 2025, 17:55:00 UTC
Next filing: 10 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Spivey Jeremy Simmons	Chief Executive Officer, Director, 10%+ Owner	C/O CARDINAL INFRASTRUCTURE GROUP INC., 100 E. SIX FORKS ROAD, #300, RALEIGH	/s/ Tiffany Gidley, Attorney-in-fact	11 Dec 2025	0002092830

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CDNL	Class B Common Stock	Award		+13.5M			13.5M	09 Dec 2025	Direct	F1
transaction	CDNL	Class B Common Stock	Disposed to Issuer		-3.3M	-24.5%		10.2M	11 Dec 2025	Direct	F2
transaction	CDNL	Class B Common Stock	Award		+2.72M			2.72M	09 Dec 2025	By Spivey Family 2024 Irrevocable Trust U/A dated 5/13/24, as amended	F1, F3
transaction	CDNL	Class B Common Stock	Disposed to Issuer		-665K	-24.5%		2.05M	11 Dec 2025	By Spivey Family 2024 Irrevocable Trust U/A dated 5/13/24, as amended	F2, F3

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	CDNL	LLC Units	Award		+13.5M			13.5M	09 Dec 2025	Class A Common Stock	13.5M		Direct	F1, F4
transaction	CDNL	LLC Units	Disposed to Issuer	-$69.4M	-3.3M	-24.5%	$21.00	10.2M	11 Dec 2025	Class A Common Stock	3.3M		Direct	F4
transaction	CDNL	LLC Units	Award		+2.72M			2.72M	09 Dec 2025	Class A Common Stock	2.72M		By Spivey Family 2024 Irrevocable Trust U/A dated 5/13/24, as amended	F1, F3, F4
transaction	CDNL	LLC Units	Disposed to Issuer	-$14M	-665K	-24.5%	$21.00	2.05M	11 Dec 2025	Class A Common Stock	665K		By Spivey Family 2024 Irrevocable Trust U/A dated 5/13/24, as amended	F3, F4

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

Explanation of Responses:

Id	Content
F1	Represents securities received as part of the Issuer's reorganization in connection with its initial public offering, as described in the registration statement on Form S-1 relating to the initial public offering. These securities were previously reported on a Form 3 filed by the Reporting Person.
F2	Reflects the cancellation for no consideration of Class B Common Stock in connection with the redemption of the membership units of Cardinal Civil Contracting Holdings LLC (the "LLC Units").
F3	The Reporting Person is the spouse of the trustee of Spivey Family 2024 Irrevocable Trust U/A dated 5/13/24, as amended ("Spivey Trust"), and as a result, may be deemed to share beneficial ownership of the securities held of record by Spivey Trust.
F4	The LLC Units may be redeemed by the Reporting Person at any time at the option of the holder for shares of Class A Common Stock on a 1-to-1 basis, and a corresponding number of shares of Class B Common Stock will be forfeited in connection with the redemption. The LLC Units have no expiration date.