[Form 4] MONRO, INC. Insider Trading Activity

Rhea-AI Filing Summary

Monro, Inc. (MNRO): Carl C. Icahn and affiliated funds reported open‑market purchases of Monro common stock as reflected on Form 4. The reporting persons bought shares on 11/05/2025 (108,270 at $17.23), 11/06/2025 (428,967 at $17.40), and 11/07/2025 (101,422 at $17.48).

Following these transactions, the group beneficially owned 5,078,573 shares indirectly. Footnotes state Icahn Partners directly owns 2,855,820 shares and Icahn Partners Master Fund directly owns 2,222,753 shares. The filing is made by more than one reporting person, and the relationship to the issuer is disclosed as Director and 10% Owner.

Insights

Equity Ownership Analyst

Open-market purchases increased indirect holdings to 5,078,573 shares by a director/10% owner; a material ownership change.

Carl C. Icahn, together with Icahn Partners LP and Icahn Partners Master Fund LP, reported open-market purchases of Monro common stock on Nov 5–7, 2025. The transactions totaled 638,659 shares at prices of $17.23, $17.40, and $17.48. Following these trades, indirect beneficial ownership rose to 5,078,573 shares. Footnotes specify direct holdings of 2,855,820 shares by Icahn Partners and 2,222,753 shares by Icahn Master.

The filing lists Mr. Icahn as both Director and 10% Owner, with a detailed control structure and standard beneficial ownership disclaimers limiting ownership to pecuniary interests. No derivative securities were reported. The purchases are coded “P,” indicating open-market buys, and the form is a joint filing by more than one reporting person.

Key dependencies include the layered ownership chain and indirect nature of the reported stake. Items to watch are any subsequent Form 4s reflecting further acquisition or disposition activity, and the reported share counts in future filings after Nov 7, 2025 to track changes in beneficial ownership.

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^*

ICAHN CARL C

(Last) (First) (Middle)

C/O ICAHN ENTERPRISES L.P.

16690 COLLINS AVE., PH-1

(Street)

SUNNY ISLES BEACH FL 33160

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MONRO, INC. [ MNRO ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	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)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.01 par value per share	11/05/2025		P		108,270	A	$17.23	4,548,184	I	Please see footnotes(1)(2)(3)(4)(5)(6)
Common Stock, $0.01 par value per share	11/06/2025		P		428,967	A	$17.4	4,977,151	I	Please see footnotes(1)(2)(3)(4)(5)(6)
Common Stock, $0.01 par value per share	11/07/2025		P		101,422	A	$17.48	5,078,573	I	Please see footnotes(1)(2)(3)(4)(5)(6)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

ICAHN CARL C

(Last) (First) (Middle)

C/O ICAHN ENTERPRISES L.P.

16690 COLLINS AVE., PH-1

(Street)

SUNNY ISLES BEACH FL 33160

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

ICAHN PARTNERS LP

(Last) (First) (Middle)

16690 COLLINS AVE., PH-1

(Street)

SUNNY ISLES BEACH FL 33160

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

ICAHN PARTNERS MASTER FUND LP

(Last) (First) (Middle)

16690 COLLINS AVE., PH-1

(Street)

SUNNY ISLES BEACH FL 33160

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. This Form 4 is being filed by, and on behalf of, Mr. Carl C. Icahn, Icahn Partners LP ("Icahn Partners"), and Icahn Partners Master Fund LP ("Icahn Master" and, collectively with Mr. Icahn and Icahn Partners, the "Reporting Persons").

2. Beckton Corp. ("Beckton") is the sole stockholder of Icahn Enterprises G.P. Inc. ("Icahn Enterprises GP"), which is the general partner of Icahn Enterprises Holdings L.P. ("Icahn Enterprises Holdings"). Icahn Enterprises Holdings is the sole member of AEPC Holdings LLC, which is the sole member of IPH GP LLC ("IPH"), which is the general partner of Icahn Capital LP ("Icahn Capital"). Icahn Capital is the general partner of each of Icahn Onshore LP ("Icahn Onshore") and Icahn Offshore LP ("Icahn Offshore"). Icahn Onshore is the general partner of Icahn Partners. Icahn Offshore is the general partner of Icahn Master.

3. Beckton is 100 percent owned by Mr. Icahn. As such, Mr. Icahn is in a position indirectly to determine the investment and voting decisions made by each of Icahn Partners and Icahn Master.

4. Each of Icahn Onshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton, and Mr. Icahn may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3 under Securities Exchange Act of 1934, as amended), the shares of the common stock, $0.01 par value per share (the "Shares"), of Monro, Inc. that Icahn Partners owns. Each of Icahn Onshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton, and Mr. Icahn disclaims beneficial ownership of such Shares except to the extent of their pecuniary interest therein, if any.

5. Each of Icahn Offshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton, and Mr. Icahn may be deemed to indirectly beneficially own the Shares which Icahn Master owns. Each of Icahn Offshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton, and Mr. Icahn disclaims beneficial ownership of such Shares except to the extent of their pecuniary interest therein, if any.

6. After giving effect to the transactions above, Icahn Partners directly beneficially owns 2,855,820 Shares and Icahn Master directly beneficially owns 2,222,753 Shares.

	CARL C. ICAHN /s/ Carl C. Icahn	11/07/2025
	ICAHN PARTNERS LP, /s/ Jesse Lynn, Chief Operating Officer	11/07/2025
	ICAHN PARTNERS MASTER FUND LP, /s/ Jesse Lynn, Chief Operating Officer	11/07/2025
	** 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.

FAQ

What did Carl Icahn report buying in Monro (MNRO)?

Open‑market purchases of common stock on 11/05/2025 (108,270 at $17.23), 11/06/2025 (428,967 at $17.40), and 11/07/2025 (101,422 at $17.48).

How many MNRO shares were beneficially owned after the reported trades?

The reporting persons beneficially owned 5,078,573 shares indirectly following the transactions.

Which Icahn entities hold MNRO shares directly and how many?

Footnotes state Icahn Partners directly owns 2,855,820 shares and Icahn Partners Master Fund directly owns 2,222,753 shares.

What prices did the MNRO purchases occur at?

Reported purchase prices were $17.23, $17.40, and $17.48 on the respective dates.

What is the relationship of the reporting persons to Monro (MNRO)?

The filing lists the reporting persons’ relationship as Director and 10% Owner.

Was the Form 4 filed by multiple reporting persons?

Yes. The box indicates the form was filed by more than one reporting person.