Cintas director acquires 17.82 phantom units

Q: What insider transaction did CTAS director Karen L. Carnahan report?

She reported an acquisition of 17.82 Phantom Stock Units on September 15, 2026, as a grant/award related to her service as a director, increasing her Phantom Stock Unit balance to 6,833.63 units.

Q: What are Phantom Stock Units in the context of CTAS?

For CTAS, Phantom Stock Units are bookkeeping units each valued like one share of Cintas common stock but are not actual shares, have no voting rights, and are payable only in cash after the director’s termination of service.

Q: How did Karen L. Carnahan receive the 17.82 Phantom Stock Units of CTAS?

She elected to defer a portion of her cash retainer fees into Phantom Stock Units under the Directors' Deferred Compensation Plan, including dividend equivalents credited as additional units.

Q: What is the reported value per CTAS Phantom Stock Unit in this Form 4?

The filing reports a value of $198.95 per Phantom Stock Unit for the 17.82 units acquired on September 15, 2026, with each unit having a value equal to one share of Cintas common stock.

Q: When will CTAS Phantom Stock Units be paid to Karen L. Carnahan?

The Phantom Stock Units are payable only in cash after termination of service as a director, according to the Directors' Deferred Compensation Plan referenced in the filing.

Q: Are the CTAS Phantom Stock Units reported by Karen L. Carnahan actual CTAS shares?

No. The Phantom Stock Units are not actual shares of Cintas common stock and carry no voting rights, although each unit’s value equals one share of Cintas common stock.

Q: Was the CTAS Form 4 transaction made under a Rule 10b5-1 trading plan?

The Form 4 indicates the Rule 10b5-1 checkbox is not affirmed, and the footnote describes a deferred compensation election, not a Rule 10b5-1 trading plan.

Cintas director Karen L. Carnahan deferred part of her cash retainer into additional cash-settled Phantom Stock Units tied to CTAS share value.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

CINTAS CORP (CTAS) director Karen L. Carnahan reported an acquisition of 17.82 Phantom Stock Units on September 15, 2026, as a grant/award tied to her service as a director. These units, valued at $198.95 per unit, increase her directly held Phantom Stock Units to 6,833.63 units. The units track the value of Cintas common stock but are not actual shares, carry no voting rights, and are payable only in cash after her termination of service as a director under the Directors' Deferred Compensation Plan, including credited dividend equivalents.

Insider Trade Summary

Grant/Award: 17.82 shares

Grant/Award 1 txn

Insider CARNAHAN KAREN L

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units ^F1	17.82	$198.95	$4K

Holdings After Transaction: Phantom Stock Units — 6,833.63 contracts (Direct)

Footnotes (1)

F1. Reporting Person elected to defer a portion of the Reporting Person's cash retainer fees into Phantom Stock Units pursuant to the Directors' Deferred Compensation Plan (including dividend equivalents that have been credited as additional Phantom Stock Units), each unit having a value equal to one share of Cintas Corporation common stock but are not actual shares of common stock and carry no voting rights. Phantom Stock Units are payable only in cash after termination of service as a director.

Key Figures

Phantom Stock Units acquired: 17.82 units Value per Phantom Stock Unit: $198.95 per unit Total Phantom Stock Units after transaction: 6,833.63 units +1 more

4 metrics

Phantom Stock Units acquired 17.82 units Grant/award acquisition reported for September 15, 2026

Value per Phantom Stock Unit $198.95 per unit Value assigned to units acquired on September 15, 2026

Total Phantom Stock Units after transaction 6,833.63 units Directly held Phantom Stock Units following the September 15, 2026 acquisition

Underlying security shares per unit 1.00 share equivalent Each Phantom Stock Unit has a value equal to one share of Cintas common stock

Key Terms

Phantom Stock Units, Directors' Deferred Compensation Plan, dividend equivalents

3 terms

Phantom Stock Units financial

"Reporting Person elected to defer a portion of the Reporting Person's cash retainer fees into Phantom Stock Units"

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

Directors' Deferred Compensation Plan financial

"Phantom Stock Units pursuant to the Directors' Deferred Compensation Plan"

dividend equivalents financial

"including dividend equivalents that have been credited as additional Phantom Stock Units"

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did CTAS director Karen L. Carnahan report?

She reported an acquisition of 17.82 Phantom Stock Units on September 15, 2026, as a grant/award related to her service as a director, increasing her Phantom Stock Unit balance to 6,833.63 units.

What are Phantom Stock Units in the context of CTAS?

For CTAS, Phantom Stock Units are bookkeeping units each valued like one share of Cintas common stock but are not actual shares, have no voting rights, and are payable only in cash after the director’s termination of service.

How did Karen L. Carnahan receive the 17.82 Phantom Stock Units of CTAS?

She elected to defer a portion of her cash retainer fees into Phantom Stock Units under the Directors' Deferred Compensation Plan, including dividend equivalents credited as additional units.

What is the reported value per CTAS Phantom Stock Unit in this Form 4?

The filing reports a value of $198.95 per Phantom Stock Unit for the 17.82 units acquired on September 15, 2026, with each unit having a value equal to one share of Cintas common stock.

When will CTAS Phantom Stock Units be paid to Karen L. Carnahan?

The Phantom Stock Units are payable only in cash after termination of service as a director, according to the Directors' Deferred Compensation Plan referenced in the filing.

Are the CTAS Phantom Stock Units reported by Karen L. Carnahan actual CTAS shares?

No. The Phantom Stock Units are not actual shares of Cintas common stock and carry no voting rights, although each unit’s value equals one share of Cintas common stock.

Was the CTAS Form 4 transaction made under a Rule 10b5-1 trading plan?

The Form 4 indicates the Rule 10b5-1 checkbox is not affirmed, and the footnote describes a deferred compensation election, not a Rule 10b5-1 trading plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/17/2026 - 04:51 PM Accepted by SEC EDGAR 09/17/2026 - 04:50 PM

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^*

CARNAHAN KAREN L

(Last)

(First)

(Middle)

P.O. BOX 625737

(Street)

CINCINNATI

OHIO

45262

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CINTAS CORP [ CTAS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock Units	⁽¹⁾	09/15/2026		A		17.82		⁽¹⁾	⁽¹⁾	Common Stock	17.82	$198.95	6,833.63	D

Explanation of Responses:

1. Reporting Person elected to defer a portion of the Reporting Person's cash retainer fees into Phantom Stock Units pursuant to the Directors' Deferred Compensation Plan (including dividend equivalents that have been credited as additional Phantom Stock Units), each unit having a value equal to one share of Cintas Corporation common stock but are not actual shares of common stock and carry no voting rights. Phantom Stock Units are payable only in cash after termination of service as a director.

	/s/ Brock Denton as Attorney-in-Fact for Karen L. Carnahan	09/17/2026
	** 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)

Source: View Original Filing on SEC EDGAR