[Form 4] Casey's General Stores Inc Insider Trading Activity

Rhea-AI Filing Summary

Mike Spanos, a director of Casey's General Stores Inc. (CASY), reported equity transactions involving common stock and restricted stock units. The Form 4 shows a non‑derivative acquisition of 442 shares at no cash price, bringing his beneficial ownership of common stock to 4,002 shares. The filing also reports restricted stock unit activity: 326 RSUs were granted (non‑derivative acquisition) and 442 RSUs were reported as a transaction under code M with no RSUs remaining for that line. The filing explains each RSU converts to one share upon vesting and identifies the 326‑RSU award as non‑employee director compensation that vests in full at the next annual shareholders meeting, while the 442‑RSU award vested at the prior annual meeting.

Positive

• Director received equity compensation: 326 restricted stock units awarded as non‑employee director compensation under the 2025 Stock Incentive Plan.
• Vesting completed for prior award: 442 RSUs from the 2018 plan vested in connection with the prior annual shareholder meeting and are reflected as a non‑derivative acquisition of 442 shares.
• Increased direct ownership: Reporting person’s beneficial ownership of common stock reported as 4,002 shares after the transaction.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director equity compensation and a reported share acquisition; appears administrative rather than material.

The filing documents standard non‑employee director compensation and vesting activity. The 326 RSUs are a future equity award that will convert to common shares on vesting under the 2025 Stock Incentive Plan. The 442 RSUs previously vested per the 2018 plan and a corresponding non‑derivative entry shows 442 shares acquired without cash consideration, consistent with RSU settlement. For governance review, this is normal director compensation disclosure and does not indicate related‑party transactions or unusual transfers beyond plan terms.

Securities Analyst

TL;DR: Insignificant for valuation; small share movements from director awards and settlements.

The transactions increase the director’s direct common stock holdings to 4,002 shares and record granted RSUs totaling 326 units pending vesting. The acquisition price entries of $0 align with equity awards settling into shares rather than cash purchases. Given the modest share counts relative to a public company’s outstanding stock, these movements are routine insider reporting of compensation and settlement activity with limited market impact.

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^*

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)
09/03/2025

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	4,002	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 August 24, 2022	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 insider activity did CASY director Mike Spanos report?

The Form 4 reports a non‑derivative acquisition of 442 shares and awards/settlements of restricted stock units totaling 768 RSUs reported across two lines (326 and 442) with 326 RSUs outstanding pending vesting.

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

The filing states he beneficially owns 4,002 shares of Casey's common stock following the reported transactions.

Are the reported restricted stock units (RSUs) immediately vested?

The filing explains the 326 RSU award vests in full at the next annual shareholders meeting, while the 442 RSU award vested at the prior annual meeting according to the document.

Do the transactions involve cash purchases?

No; the reported price for the share acquisition and RSU entries is listed as $0, consistent with equity awards settling into shares rather than cash purchases.

Under which plans were the RSU awards issued?

The 326 RSUs are issued under the 2025 Stock Incentive Plan and the 442 RSUs relate to the 2018 Stock Incentive Plan, per the filing explanations.