CASY Insider Filing: Rebelez Cuts Stake by 18%, Retains 89.8k Shares

Rhea-AI Filing Summary

Casey’s General Stores, Inc. (CASY) – Form 4 Insider Transaction

President & CEO Darren M. Rebelez reported a series of open-market sales on 17 June 2025 totaling 20,000 common shares. The sales were executed in nine tranches at weighted-average prices ranging from $503.43 to $511.80, generating approximately $10.2 million in gross proceeds.

Following the transactions, Rebelez’ direct ownership declined from 109,377 to 89,840 shares, a reduction of roughly 18%. He continues to hold 499 shares indirectly through the company’s 401(k) plan and an aggregate 11,380 restricted stock units (RSUs) granted under the 2018 Stock Incentive Plan with scheduled vesting dates between 2026 and 2028. The filing does not state whether the sales were executed under a pre-arranged Rule 10b5-1 trading plan.

No derivative transactions were reported; existing RSUs remain unchanged. The filing was signed on 18 June 2025 by Scott Faber under power of attorney.

Positive

• None.

Negative

• CEO Darren Rebelez sold 20,000 CASY shares (~$10.2 M), reducing direct stake by 18%
• Filing does not indicate sales occurred under a Rule 10b5-1 plan, potentially raising signal risk for investors

Insights

Financial Analyst

TL;DR: CEO sold 20k CASY shares (~$10.2 M), cutting stake by 18%.

The magnitude (≈$10 M) and percentage reduction are noteworthy for a single-day sale by the company’s top executive. While Rebelez still owns nearly 90 k shares and 11 k RSUs, the move trims a meaningful portion of his direct holdings—often interpreted by the market as a modestly negative signal on near-term valuation. The transaction was executed near record highs (~$507) and the form does not confirm 10b5-1 plan protection, which investors may scrutinize. That said, the CEO retains material equity exposure, preserving long-term alignment.

Corporate Governance Specialist

TL;DR: Material but routine diversification; alignment remains.

A one-day 20 k-share sale by the CEO triggers governance attention, yet his remaining 89.8 k shares, indirect 401(k) balance and multi-year RSU awards suggest continued skin in the game. The absence of a disclosed 10b5-1 box tick weakens optics, but the filing complies with Section 16 rules and offers transparent pricing ranges. No red flags on undisclosed pledging or margin use appear. Overall impact is modestly negative given perceived signal risk, not structural governance concern.

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^*

REBELEZ DARREN M

(Last) (First) (Middle)

ONE SE CONVENIENCE BOULEVARD

(Street)

ANKENY IA 50021

(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
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

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	06/17/2025		S		463	D	$503.43(1)	109,377	D
Common Stock	06/17/2025		S		1,566	D	$505.08(2)	107,811	D
Common Stock	06/17/2025		S		3,021	D	$506.13(3)	104,790	D
Common Stock	06/17/2025		S		3,453	D	$507.17(4)	101,337	D
Common Stock	06/17/2025		S		5,992	D	$508.1(5)	95,345	D
Common Stock	06/17/2025		S		2,407	D	$509.08(6)	92,938	D
Common Stock	06/17/2025		S		1,075	D	$510.04(7)	91,863	D
Common Stock	06/17/2025		S		1,540	D	$511(8)	90,323	D
Common Stock	06/17/2025		S		483	D	$511.8(9)	89,840	D
Common Stock								499(10)	I	Voting and tender rights under 401k plan

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	(11)							(12)	(12)	Common Stock	2,422		2,422	D
Restricted stock units	(11)							(13)	(13)	Common Stock	3,747		3,747	D
Restricted stock units	(11)							(14)	(14)	Common Stock	5,211		5,211	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $503.22 to $503.73. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

2. This transaction was executed in multiple trades at prices ranging from $504.47 to $505.45. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

3. This transaction was executed in multiple trades at prices ranging from $505.52 to $506.49. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

4. This transaction was executed in multiple trades at prices ranging from $506.54 to $507.53. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

5. This transaction was executed in multiple trades at prices ranging from $507.55 to $508.53. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

6. This transaction was executed in multiple trades at prices ranging from $508.57 to $509.56. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

7. This transaction was executed in multiple trades at prices ranging from $509.57 to $510.41. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

8. This transaction was executed in multiple trades at prices ranging from $510.61 to $511.54. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

9. This transaction was executed in multiple trades at prices ranging from $511.62 to $511.95. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

10. Allocated to 401k plan account as of April 30, 2025. Does not include any shares allocated by the plan trustee after that date. This includes a correction for the amount of shares previously included due to a plan administrator error in reporting the balance.

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

12. Pursuant to terms and conditions of 2018 Stock Incentive Plan. The remainder of this award will vest on June 15, 2026. Not included in the reported award amount is a target amount of performance-based restricted stock units that will vest on June 15, 2026, but which are subject to the satisfaction of certain performance criteria other than solely the price of Casey's Common Stock; the final amount of shares earned, if any, will be reported upon vest and satisfaction of those performance measures.

13. Pursuant to the terms and conditions of the 2018 Stock Incentive Plan. The remainder of this award will vest in equal installments on June 15, 2026 and June 15, 2027. Not included in the reported award amount is a target amount of performance-based restricted stock units that will vest on June 15, 2027, but which are subject to the satisfaction of certain performance criteria other than solely the price of Casey's Common Stock; the final amount of shares earned, if any, will be reported upon vest and satisfaction of those performance measures.

14. Pursuant to terms and conditions of 2018 Stock Incentive Plan. This award will vest in equal installments on June 15, 2026, June 15, 2027 and June 15, 2028. Not included in the reported award amount is a target amount of performance-based restricted stock units that will vest on June 15, 2028, but which are subject to the satisfaction of certain performance criteria other than solely the price of Casey's Common Stock; the final amount of shares earned, if any, will be reported upon vest and satisfaction of those performance measures.

Remarks:

	Scott Faber, under Power of Attorney dated June 24, 2019	06/18/2025
	** 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

How many Casey's (CASY) shares did the CEO sell on 17 Jun 2025?

20,000 common shares were sold in nine separate trades.

What was the average sale price of the CASY shares sold?

Prices ranged from $503.43 to $511.80; total proceeds were about $10.2 million.

How many CASY shares does the CEO still own after the sale?

He holds 89,840 shares directly and 499 shares indirectly via the 401(k) plan.

Were any derivative securities such as options exercised?

No derivatives were exercised; existing 11,380 RSUs remain outstanding with future vesting dates.

Does the Form 4 state the sale was under a 10b5-1 trading plan?

The filing includes the 10b5-1 check box, but it is not marked as selected; therefore no confirmation is provided.