Casey’s (CASY) Director Receives 326 RSUs, Purchases Shares

Rhea-AI Filing Summary

Mike Spanos, a director of Casey's General Stores Inc. (CASY), reported transactions on Form 4 showing a purchase of 186 shares of Common Stock on 09/10/2025 at $539.51 per share, bringing his total beneficial ownership to 4,192 shares (which includes 4 shares acquired through the dividend reinvestment plan). The filing also reports 326 restricted stock units (RSUs) granted as non-employee director equity compensation under the 2025 Stock Incentive Plan; each RSU converts to one share upon vesting and the award vests in full at Casey's 2026 annual shareholders meeting.

The Form 4 was signed by Erika Bertrand under power of attorney on 09/11/2025. All information is limited to the transactions and awards disclosed in this filing.

Insights

Corporate Governance Expert

TL;DR: Routine director equity purchase and standard RSU award align executive pay with shareholders; no unusual trading disclosed.

The reported purchase of 186 shares and the grant of 326 RSUs reflect typical director compensation and share accumulation rather than material corporate action. The RSU award vests at the 2026 annual meeting, indicating time-based retention for a non-employee director under the 2025 Stock Incentive Plan. The filing was executed under power of attorney, which is customary for timely Form 4 reporting.

Securities Analyst

TL;DR: Transaction size is modest relative to a public company; disclosure is timely and contains standard details.

The acquisition of 186 shares at $539.51 each increases the director's direct stake to 4,192 shares including a small dividend reinvestment amount. The 326 RSUs are compensatory and will convert to common shares upon vesting. No derivative transactions, sales, or unusual codes are shown beyond standard grant and purchase entries.

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

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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^*

Spanos Mike

(Last) (First) (Middle)

180 BEACH DRIVE NE

UNIT 1902

(Street)

ST. PETERSBURG FL 33701

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CASEYS GENERAL STORES INC [ CASY ]

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)
09/10/2025

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/10/2025		A		186	A	$539.51	4,192(1)	D

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
Restricted stock units	(2)							(3)	(3)	Common Stock	326		326	D

Explanation of Responses:

1. Includes 4 shares acquired through dividend reinvestment plan.

2. Each restricted stock unit represents the right to receive, following vesting, one share of Common Stock.

3. Non-employee director equity compensation pursuant to terms and conditions of 2025 Stock Incentive Plan. This award will vest in full on the date of Casey's 2026 annual shareholder's meeting.

Remarks:

Exhibit 24 - Power of Attorney

	Erika Bertrand, under Power of Attorney dated September 3, 2025	09/11/2025
	** 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 transactions did CASY director Mike Spanos report on Form 4?

The Form 4 reports a purchase of 186 shares on 09/10/2025 at $539.51 and a grant of 326 RSUs as director compensation.

How many shares does Mike Spanos beneficially own after the reported transaction?

Following the reported purchase, Mike Spanos beneficially owns 4,192 shares, which includes 4 shares acquired via dividend reinvestment.

When will the 326 RSUs granted to Mike Spanos vest?

The 326 restricted stock units vest in full on the date of Casey's 2026 annual shareholders meeting.

At what price were the 186 shares purchased?

The 186 shares were purchased at a price of $539.51 per share on 09/10/2025.

Who signed the Form 4 filing for Mike Spanos?

The Form 4 was signed under power of attorney by Erika Bertrand on 09/11/2025.