# EDGAR Filing Document

**Accession Number:** 0001088859
**File Stem:** 0001085146-25-003652
**Filing Date:** 2025-7
**Character Count:** 30496
**Document Hash:** e70a79027cc23bb36de07befcb0279e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-003652.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001085146-25-003652

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PARTHENON LLC
- **CENTRAL INDEX KEY:** 0001088859

**ORGANIZATION NAME:**
- **EIN:** 611337517
- **STATE OF INCORPORATION:** KY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05239
- **FILM NUMBER:** 251113875

**BUSINESS ADDRESS:**
- **STREET 1:** 435 NORTH WHITTINGTON PARKWAY
- **STREET 2:** SUITE 180
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40222
- **BUSINESS PHONE:** 5023275660

**MAIL ADDRESS:**
- **STREET 1:** 435 NORTH WHITTINGTON PARKWAY
- **STREET 2:** SUITE 180
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40222

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PARTHENON CAPITAL MANAGEMENT LLC/KY
- **DATE OF NAME CHANGE:** 19990616

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001088859

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** PARTHENON LLC

**Address:** 435 NORTH WHITTINGTON PARKWAY, LOUISVILLE, KY 40222

**Telephone number:** 502-327-5661

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-05239

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                         | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                  | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| The JM Smucker Co                      | 832696405 | 08/14/2024     | Advisory approval of the company's executive compensation                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          33750 |                0 | FOR         |                                    33750 | FOR                         |  |
| Marathon Oil Corporation               | 565849106 | 08/29/2024     | To approve by a non-biding advisory vote certain compensation that may be paid to executive officers that is based on or otherwise relates to the merger contemplated by the merger agreement.    | SECTION 14A SAY-ON-PAY VOTES |           5634 |                0 | FOR         |                                     5634 | FOR                         |  |
| Medtronic PLC                          | G5960L103 | 10/17/2024     | Approving, on an advisory basis, the Company's executive compensation                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          79915 |                0 | FOR         |                                    79915 | FOR                         |  |
| The Procter  Gamble Company            | 742718109 | 10/08/2024     | Advisory vote to approve the Company's Executive Compensation (the "say on pay" vote)                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         123117 |                0 | FOR         |                                   123117 | FOR                         |  |
| Paychex Inc                            | 704326107 | 10/10/2024     | advisory vote to approve named executive offier compensation                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         204978 |                0 | FOR         |                                   204978 | FOR                         |  |
| Automatic Data Processing Inc.         | 053015103 | 11/06/2024     | advisory vote on executive compensation                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           4700 |                0 | FOR         |                                     4700 | FOR                         |  |
| Oracle Corporation                     | 68389X105 | 11/14/2024     | Advisory vote to approve the compensation of our named executive officers                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           6754 |                0 | FOR         |                                     6754 | FOR                         |  |
| Cisco Systems Inc                      | 17275R102 | 12/09/2024     | Approval, on an advisory basis, of executive compensation                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         173725 |                0 | FOR         |                                   173725 | FOR                         |  |
| Micrsoft Corporation                   | 594918104 | 12/10/2024     | advisory vote to approve named executive offier compensation ("say-on-pay vote")                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         199969 |                0 | FOR         |                                   199969 | FOR                         |  |
| Valvoline Inc                          | 92047W101 | 01/28/2025     | Non-binding advisoroy resolution approving our executive compensation                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          13441 |                0 | FOR         |                                    13441 | FOR                         |  |
| Ashland Inc                            | 044186104 | 01/19/2025     | Approval of the non-binfing advisory resolution approving the compensation paid to Ashland's named executive officers                                                                             | SECTION 14A SAY-ON-PAY VOTES |           4378 |                0 | FOR         |                                     4378 | FOR                         |  |
| Scotts Miracle-Grow Co                 | 810186106 | 01/27/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officerrs                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          35175 |                0 | FOR         |                                    35175 | FOR                         |  |
| Jabil Inc                              | 466313103 | 01/23/2025     | Approve (on an advisory basis) Jabil's executive compensation                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           2000 |                0 | FOR         |                                     2000 | FOR                         |  |
| Walgreens Boots Alliance Inc.          | 931427108 | 01/30/2025     | advisory vote to approve named executive officer compensation                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          39923 |                0 | AGAINST     |                                    39923 | AGAINST                     |  |
| The Walt Disney Co                     | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          64441 |                0 | FOR         |                                    64441 | FOR                         |  |
| Dow Inc                                | 260557103 | 04/10/2025     | Adisvory resolution to approve executive compensation                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           6165 |                0 | FOR         |                                     6165 | FOR                         |  |
| Schlumberger Limited                   | 806857108 | 04/02/2025     | Advisory approval of our executive compensation                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           2400 |                0 | FOR         |                                     2400 | FOR                         |  |
| Churchill Downs Inc                    | 171484108 | 04/22/2025     | To approve on a nonbind advisory basis the company's executive compensation as disclosed in the proxy statement                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          64772 |                0 | FOR         |                                    64772 | FOR                         |  |
| The PNC Financial Services Group, Inc. | 29248N100 | 04/23/2025     | advisory vote to approve named executive officer compensation                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          14776 |                0 | FOR         |                                    14776 | FOR                         |  |
| Dow Inc                                | 260557103 | 04/08/2025     | Advisor vote to approve executive compensation                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |            341 |                0 | FOR         |                                      341 | FOR                         |  |
| Johnson  Johnson                       | 478160104 | 04/24/2025     | Advisory vote to approve named excutive officer compensation                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         101880 |                0 | FOR         |                                   101880 | FOR                         |  |
| Colgate-Palmolive Co                   | 194162103 | 05/09/2025     | advisory vote on executive compensation                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          27286 |                0 | FOR         |                                    27286 | FOR                         |  |
| Fastenal Company                       | 311900104 | 04/24/2025     | Approval, by non-binding vote, of executive compensation                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         205935 |                0 | FOR         |                                   205935 | FOR                         |  |
| RTX Corporation                        | 75513e101 | 04/30/2025     | Advisory vote to approve executive compensation                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           2428 |                0 | FOR         |                                     2428 | FOR                         |  |
| International Business Machines Corp   | 489200101 | 04/29/2025     | advisory vote on executive compensation                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           2433 |                0 | FOR         |                                     2433 | FOR                         |  |
| Republic Bancorp Inc                   | 760281204 | 04/24/2025     | The non-binding advisoy vote on the compensation of our named executive officers                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           2550 |                0 | FOR         |                                     2550 | FOR                         |  |
| American Expresss Company              | 025816109 | 04/29/2025     | Approval, on an advisory basis, of the Company's executive compensation                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          62982 |                0 | FOR         |                                    62982 | FOR                         |  |
| Abbot Laboraries                       | 002824100 | 04/23/2025     | Say on pay - an advisory vote on the approval of executive compansation                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          20990 |                0 | FOR         |                                    20990 | FOR                         |  |
| Trust Financial Corp                   | 89832q109 | 04/27/2025     | Adisory vote to approve Trust/s executive compensation program                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           9155 |                0 | FOR         |                                     9155 | FOR                         |  |
| Pepsico Inc                            | 713448108 | 05/06/2025     | Advisory approval of the company's executive compensation                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          80122 |                0 | FOR         |                                    80122 | FOR                         |  |
| General Electric Co                    | 369604103 | 05/06/2025     | Advisory approval of our nameed executives' compensation                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          11041 |                0 | FOR         |                                    11041 | FOR                         |  |
| Eli Lillly and Co                      | 532457108 | 05/05/2025     | Approval, on an advisory basis, of the compensation paid to named executive officers                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           3859 |                0 | FOR         |                                     3859 | FOR                         |  |
| Dover Corporation                      | 260003108 | 05/01/2025     | To approve, on an advisory basis, named executive officer compensation                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          89950 |                0 | FOR         |                                    89950 | FOR                         |  |
| Corning Inc                            | 219350105 | 05/01/2025     | Advisory approval of our executive compensation                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         209801 |                0 | FOR         |                                   209801 | FOR                         |  |
| Philip Morris International Inc        | 718172109 | 05/07/2025     | Advisory vote approving executive compensation                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          26291 |                0 | FOR         |                                    26291 | FOR                         |  |
| The Hershey Company                    | 427866108 | 05/06/2025     | Approve named executive officer compensation on a non-binding basis                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          17560 |                0 | FOR         |                                    17560 | FOR                         |  |
| GE Aerospace                           | 369604301 | 05/06/2025     | Advisory approval of our named executives' compensation                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          10987 |                0 | FOR         |                                    10987 | FOR                         |  |
| Marathan Petroleum Corporation         | 56585A102 | 04/30/2025     | Approval, on an advisory basis, of the company's named executive officer compensation                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           3477 |                0 | FOR         |                                     3477 | FOR                         |  |
| Edwards Lifesciences Corporation       | 28176E108 | 05/08/2025     | advisory vote to approve named executive officer compensation                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           2526 |                0 | FOR         |                                     2526 | FOR                         |  |
| Abbvie Inc                             | 00287Y109 | 05/09/2025     | Say on pay - an advisory vote on the approval of executive compansation                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          14464 |                0 | FOR         |                                    14464 | FOR                         |  |
| Stryker Corporation                    | 863667101 | 05/08/2025     | Advisor vote to approve named exrcutive officer compensation                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          30903 |                0 | FOR         |                                    30903 | FOR                         |  |
| Pfizer Inc.                            | 717081103 | 04/24/2025     | 2025 advisory approval of executive compensation                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          87358 |                0 | FOR         |                                    87358 | FOR                         |  |
| Conocophillips                         | 20825C104 | 05/13/2025     | Advisory approval of executive compensation                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           4032 |                0 | FOR         |                                     4032 | FOR                         |  |
| 3M Coompany                            | 205779693 | 05/18/2025     | Advisory approval of executive compensation                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           7812 |                0 | FOR         |                                     7812 | FOR                         |  |
| GE Vernova Inc                         | 36828A101 | 05/14/2025     | Approve the compensation of named executive officers compensation in an advisory role                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           3486 |                0 | FOR         |                                     3486 | FOR                         |  |
| The Kraft Heinz Co                     | 500754106 | 05/08/2025     | Advisory vote to approve executive compensation                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           3177 |                0 | FOR         |                                     3177 | FOR                         |  |
| Yum Brands Inc                         | 988498101 | 05/15/2025     | advisory vote on executive compensation                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           5604 |                0 | FOR         |                                     5604 | FOR                         |  |
| AT Inc                                 | 00206R102 | 05/15/2025     | Advisory approval of executive compensation                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          17955 |                0 | FOR         |                                    17955 | FOR                         |  |
| Altria Group Inc                       | 02209S103 | 05/15/2025     | Non-binding advisory vote to approve the compensation of Altria's named executive officers                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          48927 |                0 | FOR         |                                    48927 | FOR                         |  |
| Keycorp                                | 493267108 | 05/15/2025     | Advisory approval of executive compensation                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           3000 |                0 | FOR         |                                     3000 | FOR                         |  |
| CVS Health Corporation                 | 126650100 | 05/15/2025     | Say on pay, a proposal to approve, on an advisory basis, the company's executive compensation                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         121536 |                0 | FOR         |                                   121536 | FOR                         |  |
| United-Guardian Inc                    | 910571108 | 05/15/2025     | approval on an advisory basis of the compensationi of the company's named executive officers                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           3000 |                0 | FOR         |                                     3000 | FOR                         |  |
| Tractor Supply Company                 | 892356106 | 05/15/2025     | To approve, on a non-binding, advisory basis, the compensation of the named executive officers of the company                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           6625 |                0 | FOR         |                                     6625 | FOR                         |  |
| Landstar System, Inc                   | 515098101 | 05/16/2025     | Advisory vote to approve executive compensation                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          61890 |                0 | FOR         |                                    61890 | FOR                         |  |
| McDonald's Corporation                 | 580135101 | 05/20/2025     | Advisory vote to approve executive compensation                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           8620 |                0 | FOR         |                                     8620 | FOR                         |  |
| JP Morgan Chase  Co                    | 46625H100 | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          42513 |                0 | FOR         |                                    42513 | FOR                         |  |
| Kenvue Inc.                            | 49177J102 | 05/22/2025     | Approve, on a non-binding basis, the compensation of Kenvue Inc's executive officers                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          67697 |                0 | FOR         |                                    67697 | FOR                         |  |
| DuPont De Nemours Inc.                 | 26614N102 | 05/22/2025     | Advisory resolution to approve executive compensation                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           6165 |                0 | FOR         |                                     6162 | FOR                         |  |
| Waters Corporation                     | 941848103 | 05/22/2025     | To approve, on a non-binding, advisory basis, the compensation of the company's executive officers of the company                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          27950 |                0 | FOR         |                                    27950 | FOR                         |  |
| Exxonmobil Corporation                 | 30231G102 | 05/27/2025     | Advisory vote to approve executive compensation                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         161041 |                0 | FOR         |                                   161041 | FOR                         |  |
| The Kroger Co.                         | 501044101 | 06/27/2025     | Approval, on an advisory basis, of Kroger's executive compensation                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           3664 |                0 | FOR         |                                     3664 | FOR                         |  |
| Booking Holdings, Inc.                 | 09857L108 | 06/03/2025     | Advisory vote to approve 2024 executive compensation                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           3413 |                0 | FOR         |                                     3413 | FOR                         |  |
| Walmart Inc                            | 931142103 | 06/05/2025     | advisory vote to approve named executive officer compensation                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         187251 |                0 | FOR         |                                   187251 | FOR                         |  |
| Walgreens Boots Alliance Inc.          | 931427108 | 07/11/2025     | To approve, by non-binding advisory vote, certain compensation arrangements for the Company's named executive officers in connection with the merger (the "Merger-Related Compensation Proposal") | SECTION 14A SAY-ON-PAY VOTES |          31023 |                0 | FOR         |                                    31023 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** PARTHENON LLC

**By (Signature):** Todd P. Lowe

**By (Printed Signature):** Todd P. Lowe

**By (Title):** President

**Date:** 07/09/2025