Karen L. Carnahan’s SEC Form 4 activity over the past year reveals a pattern almost entirely devoid of discretionary trading. Across 107 filings, all tied to a single company—Cintas Corporation (CTAS)—she has executed zero open-market purchases and zero open-market sales. Instead, every transaction falls under code “A,” denoting grants or awards of stock-based compensation. The aggregate value of these acquisitions reached roughly $1.51 million, but the amounts are mechanical and recurring, reflecting scheduled equity awards rather than conviction-based positioning.
The recent filings underscore this rhythm. On July 28, 2026, Carnahan received a grant valued at $28,749.32, following a smaller award of $2,998.54 on June 15, 2026. The pattern repeats with near-clockwork precision: quarterly awards of approximately $28,749 (e.g., April 14, 2026; January 20, 2026; October 28, 2025) interspersed with smaller semi-annual grants in the $2,200–$2,900 range (e.g., March 13, 2026; December 15, 2025; August 15, 2025). Two filings on October 29, 2025, show zero-dollar awards, likely administrative adjustments. No “S,” “D,” or “F” codes appear in the recent data, meaning Carnahan has not sold shares, returned them to the issuer, or had shares withheld for taxes during this window.
The absence of any open-market activity—buying or selling—combined with the steady, formulaic cadence of compensation grants, paints a portrait of an insider whose holdings evolve purely through corporate equity plans. There is no directional signal in the data: no accumulation beyond what the board grants, no trimming of positions, and no exercise of options. For investors parsing insider behavior, Carnahan’s filings offer transparency but no trading narrative—just the quiet, administrative accretion of CTAS stock.
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