Cintas (CTAS) director builds phantom stock unit balance via deferred fees

Q: What insider activity at Cintas (CTAS) is disclosed in this report?

The report shows director Karen L. Carnahan deferring portions of her cash retainer fees into phantom stock units linked to Cintas common stock over multiple dates.

Q: How many phantom stock units does the Cintas (CTAS) director hold after the reported transactions?

Following the latest reported transaction on July 25, 2023 , the director beneficially owned 4,756.09 phantom stock units under the deferred compensation plan.

Q: How did Cintas (CTAS) adjust the reported phantom stock data for its stock split?

Cintas states that on September 4, 2024 it completed a four-for-one stock split of its common stock, and all share amounts and stock prices in the report have been adjusted to reflect this split.

Q: Does the Cintas (CTAS) director’s phantom stock carry shareholder voting rights?

No. The disclosure specifies that phantom stock units are not actual shares of common stock and carry no voting rights .

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Cintas Corporation director Karen L. Carnahan reported ongoing participation in the company’s Directors’ Deferred Compensation Plan by electing to defer portions of her cash retainer fees into phantom stock units tied to Cintas common stock. The table shows multiple acquisitions of these units from July 23, 2019 through July 25, 2023, with the balance reaching 4,756.09 phantom stock units following the latest reported transaction.

Each phantom stock unit has a value equal to one share of Cintas common stock but is not an actual share and carries no voting rights. These units are payable only in cash after the director’s termination of service. All share amounts and stock prices in the report have been adjusted to reflect Cintas Corporation’s four-for-one stock split of its common stock completed on September 4, 2024.

Insider Trade Summary

30 transactions reported

Mixed 30 txns

Insider CARNAHAN KAREN L

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	188.79	$129.11	$24K
Grant/Award	Phantom Stock Units	11.17	$117.27	$1K
Grant/Award	Phantom Stock Units	216.54	$112.57	$24K
Grant/Award	Phantom Stock Units	11.2	$111.16	$1K
Grant/Award	Phantom Stock Units	219.12	$111.24	$24K
Grant/Award	Phantom Stock Units	10.6	$111.20	$1K
Grant/Award	Phantom Stock Units	237.58	$102.60	$24K
Grant/Award	Phantom Stock Units	10.09	$109.76	$1K
Grant/Award	Phantom Stock Units	245.08	$99.46	$24K
Grant/Award	Phantom Stock Units	9.05	$94.43	$854.59
Grant/Award	Phantom Stock Units	234.5	$103.94	$24K
Grant/Award	Phantom Stock Units	8.43	$94.44	$796.13
Grant/Award	Phantom Stock Units	240.68	$101.28	$24K
Grant/Award	Phantom Stock Units	6.72	$109.73	$737.39
Grant/Award	Phantom Stock Units	226.48	$107.63	$24K
Grant/Award	Phantom Stock Units	7.01	$97.35	$682.42
Grant/Award	Phantom Stock Units	250.73	$97.22	$24K
Grant/Award	Phantom Stock Units	5.48	$89.52	$490.57
Grant/Award	Phantom Stock Units	271.46	$88.87	$24K
Grant/Award	Phantom Stock Units	5.13	$85.61	$439.18
Grant/Award	Phantom Stock Units	299.65	$80.51	$24K
Grant/Award	Phantom Stock Units	20.79	$85.23	$2K
Grant/Award	Phantom Stock Units	297.83	$81.00	$24K
Grant/Award	Phantom Stock Units	214.27	$73.39	$16K
Grant/Award	Phantom Stock Units	478.43	$50.43	$24K
Grant/Award	Phantom Stock Units	342.78	$70.38	$24K
Grant/Award	Phantom Stock Units	6.65	$65.22	$433.71
Grant/Award	Phantom Stock Units	351.52	$68.63	$24K
Grant/Award	Phantom Stock Units	14.28	$63.04	$900.21
Grant/Award	Phantom Stock Units	314.05	$65.20	$20K

Holdings After Transaction: Phantom Stock Units — 4,756.09 shares (Direct)

Footnotes (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. On September 4, 2024, Cintas Corporation completed a four-for-one stock split of its common stock. All share amounts and stock prices have been adjusted to give effect to this stock split.

Form 4 Insider Transactions: What Each Field Means →

12/17/2025 - 08:02 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

45262

(City)

(State)

(Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
07/23/2019

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)
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⁾⁽²⁾	07/23/2019		A		314.05		⁽¹⁾	⁽¹⁾	Common Stock	314.05	$65.2	314.05	D
Phantom Stock Units	⁽¹⁾⁽²⁾	09/24/2019		A		14.28		⁽¹⁾	⁽¹⁾	Common Stock	14.28	$63.04	328.32	D
Phantom Stock Units	⁽¹⁾⁽²⁾	10/29/2019		A		351.52		⁽¹⁾	⁽¹⁾	Common Stock	351.52	$68.63	679.85	D
Phantom Stock Units	⁽¹⁾⁽²⁾	11/08/2019		A		6.65		⁽¹⁾	⁽¹⁾	Common Stock	6.65	$65.22	686.49	D
Phantom Stock Units	⁽¹⁾⁽²⁾	01/14/2020		A		342.78		⁽¹⁾	⁽¹⁾	Common Stock	342.78	$70.38	1,029.27	D
Phantom Stock Units	⁽¹⁾⁽²⁾	04/14/2020		A		478.43		⁽¹⁾	⁽¹⁾	Common Stock	478.43	$50.43	1,507.71	D
Phantom Stock Units	⁽¹⁾⁽²⁾	07/28/2020		A		214.27		⁽¹⁾	⁽¹⁾	Common Stock	214.27	$73.39	1,721.97	D
Phantom Stock Units	⁽¹⁾⁽²⁾	10/27/2020		A		297.83		⁽¹⁾	⁽¹⁾	Common Stock	297.83	$81	2,019.8	D
Phantom Stock Units	⁽¹⁾⁽²⁾	11/06/2020		A		20.79		⁽¹⁾	⁽¹⁾	Common Stock	20.79	$85.23	2,040.6	D
Phantom Stock Units	⁽¹⁾⁽²⁾	01/19/2021		A		299.65		⁽¹⁾	⁽¹⁾	Common Stock	299.65	$80.51	2,340.25	D
Phantom Stock Units	⁽¹⁾⁽²⁾	02/15/2021		A		5.13		⁽¹⁾	⁽¹⁾	Common Stock	5.13	$85.61	2,345.38	D
Phantom Stock Units	⁽¹⁾⁽²⁾	04/13/2021		A		271.46		⁽¹⁾	⁽¹⁾	Common Stock	271.46	$88.87	2,616.84	D
Phantom Stock Units	⁽¹⁾⁽²⁾	05/15/2021		A		5.48		⁽¹⁾	⁽¹⁾	Common Stock	5.48	$89.52	2,622.32	D
Phantom Stock Units	⁽¹⁾⁽²⁾	07/27/2021		A		250.73		⁽¹⁾	⁽¹⁾	Common Stock	250.73	$97.22	2,873.05	D
Phantom Stock Units	⁽¹⁾⁽²⁾	08/13/2021		A		7.01		⁽¹⁾	⁽¹⁾	Common Stock	7.01	$97.35	2,880.06	D
Phantom Stock Units	⁽¹⁾⁽²⁾	10/26/2021		A		226.48		⁽¹⁾	⁽¹⁾	Common Stock	226.48	$107.63	3,106.54	D
Phantom Stock Units	⁽¹⁾⁽²⁾	11/15/2021		A		6.72		⁽¹⁾	⁽¹⁾	Common Stock	6.72	$109.73	3,113.27	D
Phantom Stock Units	⁽¹⁾⁽²⁾	01/11/2022		A		240.68		⁽¹⁾	⁽¹⁾	Common Stock	240.68	$101.28	3,353.95	D
Phantom Stock Units	⁽¹⁾⁽²⁾	02/15/2022		A		8.43		⁽¹⁾	⁽¹⁾	Common Stock	8.43	$94.44	3,362.38	D
Phantom Stock Units	⁽¹⁾⁽²⁾	04/12/2022		A		234.5		⁽¹⁾	⁽¹⁾	Common Stock	234.5	$103.94	3,596.89	D
Phantom Stock Units	⁽¹⁾⁽²⁾	05/16/2022		A		9.05		⁽¹⁾	⁽¹⁾	Common Stock	9.05	$94.43	3,605.93	D
Phantom Stock Units	⁽¹⁾⁽²⁾	07/26/2022		A		245.08		⁽¹⁾	⁽¹⁾	Common Stock	245.08	$99.46	3,851.01	D
Phantom Stock Units	⁽¹⁾⁽²⁾	08/15/2022		A		10.09		⁽¹⁾	⁽¹⁾	Common Stock	10.09	$109.76	3,861.1	D
Phantom Stock Units	⁽¹⁾⁽²⁾	10/25/2022		A		237.58		⁽¹⁾	⁽¹⁾	Common Stock	237.58	$102.6	4,098.68	D
Phantom Stock Units	⁽¹⁾⁽²⁾	11/15/2022		A		10.6		⁽¹⁾	⁽¹⁾	Common Stock	10.6	$111.2	4,109.28	D
Phantom Stock Units	⁽¹⁾⁽²⁾	01/10/2023		A		219.12		⁽¹⁾	⁽¹⁾	Common Stock	219.12	$111.24	4,328.39	D
Phantom Stock Units	⁽¹⁾⁽²⁾	02/15/2023		A		11.2		⁽¹⁾	⁽¹⁾	Common Stock	11.2	$111.16	4,339.59	D
Phantom Stock Units	⁽¹⁾⁽²⁾	04/11/2023		A		216.54		⁽¹⁾	⁽¹⁾	Common Stock	216.54	$112.57	4,556.13	D
Phantom Stock Units	⁽¹⁾⁽²⁾	05/15/2023		A		11.17		⁽¹⁾	⁽¹⁾	Common Stock	11.17	$117.27	4,567.3	D
Phantom Stock Units	⁽¹⁾⁽²⁾	07/25/2023		A		188.79		⁽¹⁾	⁽¹⁾	Common Stock	188.79	$129.11	4,756.09	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.

2. On September 4, 2024, Cintas Corporation completed a four-for-one stock split of its common stock. All share amounts and stock prices have been adjusted to give effect to this stock split.

Remarks:

This Form 4 is the first of two Form 4s filed by the Reporting Person on the same date, December 17, 2025. The Form 4 has been split into two filings to cover all 49 individual transactions because the SEC's EDGAR filing system limits a single Form 4 to a maximum of 30 separate transactions.

	/s/ Karen L. Carnahan	12/17/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity at Cintas (CTAS) is disclosed in this report?

The report shows director Karen L. Carnahan deferring portions of her cash retainer fees into phantom stock units linked to Cintas common stock over multiple dates.

How many phantom stock units does the Cintas (CTAS) director hold after the reported transactions?

Following the latest reported transaction on July 25, 2023, the director beneficially owned 4,756.09 phantom stock units under the deferred compensation plan.

What are phantom stock units in the Cintas (CTAS) director compensation plan?

Each phantom stock unit has a value equal to one share of Cintas common stock but is not an actual share, carries no voting rights, and is payable only in cash after the director’s termination of service.

Over what period were the phantom stock unit transactions for Cintas (CTAS) reported?

The table lists multiple acquisitions of phantom stock units from July 23, 2019 through July 25, 2023 as the director deferred cash retainer fees.

How did Cintas (CTAS) adjust the reported phantom stock data for its stock split?

Cintas states that on September 4, 2024 it completed a four-for-one stock split of its common stock, and all share amounts and stock prices in the report have been adjusted to reflect this split.

Does the Cintas (CTAS) director’s phantom stock carry shareholder voting rights?

No. The disclosure specifies that phantom stock units are not actual shares of common stock and carry no voting rights.