Casey’s (CASY) Director Reports RSU Awards and 442-Share Acquisition

Rhea-AI Filing Summary

Cara Kay Heiden, a director of Casey's General Stores, reported Section 16 transactions affecting her holdings. On 09/03/2025 the filing shows a transaction coded M resulting in 442 shares of Common Stock acquired at a price of $0, with total beneficial ownership reported as 9,543 shares after the transaction. The filing also reports restricted stock unit awards: 326 RSUs were acquired on 09/04/2025 (non-employee director compensation under the 2025 Stock Incentive Plan) and 442 RSUs were noted on 09/03/2025 under the 2018 plan; the 2018 award vested on the date of Casey's 2025 annual shareholders meeting while the 2025 award will vest in full at Casey's 2026 annual shareholders meeting. The form is signed under power of attorney on 09/05/2025.

Positive

• Reported acquisition of 442 shares increased the director's beneficial ownership to 9,543 shares
• 326 RSUs awarded under the 2025 Stock Incentive Plan (to vest at 2026 annual meeting) aligns director compensation with shareholder interests
• 2018 RSU award vested in connection with the 2025 annual shareholders meeting, converting to shares per the filing

Negative

• None.

Insights

Securities Analyst

TL;DR: Director received customary non-employee equity awards and reported an acquisition of 442 shares, increasing holdings to 9,543 shares.

The Form 4 discloses routine director compensation in the form of restricted stock units and a reported acquisition coded M for 442 shares at no cash price, consistent with equity vesting/conversion or plan issuance. The filing identifies two plan-based awards: one under the 2018 Stock Incentive Plan that vested with the 2025 annual meeting and a 2025 Stock Incentive Plan award that vests at the 2026 annual meeting. For investors, these are standard governance-alignment grants rather than open-market purchases; the reported post-transaction beneficial ownership of 9,543 shares provides a clear snapshot of the director's stake after these events.

Corporate Governance Expert

TL;DR: Transactions reflect routine non-employee director equity compensation and vesting; disclosure appears complete for the reported items.

The filing specifies the nature and vesting schedules of restricted stock units and documents a resulting change in beneficial ownership. The explanations state each RSU converts to one share upon vesting and identify the governing incentive plans and vesting milestones. The Form 4 is signed under a recorded power of attorney, fulfilling signature requirements. No regulatory exceptions or unusual terms are disclosed in the submission.

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
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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^*

Heiden Cara Kay

(Last) (First) (Middle)

12911 TIMBERLINE DRIVE

(Street)

URBANDALE IA 50323

(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)
09/03/2025

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	09/03/2025		M		442	A	$0	9,543	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	(1)	09/04/2025		A		326		(2)	(2)	Common Stock	326	$0	326	D
Restricted stock units	(1)	09/03/2025		M			442	(3)	(3)	Common Stock	442	$0	0	D

Explanation of Responses:

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

2. 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.

3. Non-employee director equity compensation pursuant to terms and conditions of 2018 Stock Incentive Plan. This award vested in full on the date of Casey's 2025 annual shareholder's meeting.

Remarks:

	Scott Faber, under Power of Attorney dated July 24, 2017	09/05/2025
	** 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 Cara Kay Heiden report on Form 4 for CASY?

The Form 4 reports a 09/03/2025 transaction coded M acquiring 442 Common Stock at $0, resulting in 9,543 shares beneficially owned, plus RSU activity.

How many restricted stock units were reported and when do they vest?

The filing shows 326 RSUs acquired on 09/04/2025 under the 2025 Stock Incentive Plan vesting in full at the 2026 annual meeting, and 442 RSUs noted on 09/03/2025 under the 2018 plan which vested at the 2025 annual meeting.

What is the reported beneficial ownership after the transaction?

The Form 4 reports total beneficial ownership of 9,543 shares following the reported 09/03/2025 transaction.

Was the Form 4 properly signed and when?

Yes. The filing shows the form was signed under power of attorney by Scott Faber on 09/05/2025.

Do the RSUs convert to shares?

Yes. The explanation states each restricted stock unit represents the right to receive one share of Common Stock following vesting.