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

Rhea-AI Filing Summary

David K. Lenhardt, a director of Casey's General Stores Inc. (CASY), reported several equity transactions on Form 4. The filing shows a non-derivative entry dated 09/03/2025 recording 442 shares acquired (transaction code M) at a reported price of $0, leaving 5,054 shares beneficially owned following that transaction. The filing also discloses restricted stock units: 326 RSUs granted on 09/04/2025 under the 2025 Stock Incentive Plan (vesting in full at the 2026 annual shareholders meeting) and 442 RSUs from the 2018 plan that vested on the date of the 2025 annual shareholders meeting. The Form is signed under power of attorney by Scott Faber on 09/05/2025.

Positive

• Director alignment: New 326 RSUs granted under the 2025 Stock Incentive Plan align the director’s interests with shareholders by tying compensation to stock ownership.
• Transparent disclosure: Filing clearly reports vesting of 442 RSUs from the 2018 plan and beneficial ownership figures, meeting Section 16 reporting requirements.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director equity compensation, limited market impact; increases director stake and aligns incentives.

The transactions are standard non-employee director equity awards and clearedupvesting events. The 326 RSUs under the 2025 plan are newly granted and will vest at the 2026 shareholders meeting, while the 442 RSUs from the 2018 plan vested at the 2025 meeting. The reported acquisition of 442 common shares (code M) at $0 likely reflects a plan-related conversion or tax withholding adjustment consistent with equity compensation mechanics. These events do not indicate material corporate actions or changes to operations or capital structure beyond routine compensation.

Corporate Governance Expert

TL;DR: Governance-standard disclosure of director awards and vesting; documentation and POA signature are in order.

The Form 4 discloses director compensation delivered as restricted stock units under the company’s incentive plans and the subsequent vesting of prior awards. The filing identifies the awards, vesting schedule for the 2025 grant, and the beneficial ownership post-transaction. The signature executed via power of attorney complies with filing procedure. No governance irregularities or departures are disclosed in this filing.

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^*

LENHARDT DAVID K

(Last) (First) (Middle)

5320 EAST PALO VERDE DRIVE

(Street)

PARADISE VALLEY AZ 85253

(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	5,054	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 March 6, 2018	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

Who filed this Form 4 for CASY?

The reporting person is David K. Lenhardt, a director of Casey's General Stores Inc.

What transactions are reported on the CASY Form 4 dated 09/03/2025?

A non-derivative entry shows 442 shares acquired (code M) at a reported price of $0, resulting in 5,054 shares beneficially owned following the transaction.

What restricted stock units were disclosed for CASY in this filing?

The filing reports 326 RSUs granted on 09/04/2025 under the 2025 Stock Incentive Plan (vests in full at the 2026 annual shareholders meeting) and 442 RSUs from the 2018 plan that vested on the 2025 annual shareholders meeting.

Was the Form 4 signed directly by the reporting person?

The filing was signed under power of attorney by Scott Faber (POA dated March 6, 2018) on 09/05/2025.

Does this Form 4 disclose any material corporate transactions or changes to Casey's capital structure?

No. The filing discloses routine director equity awards and vesting events; it does not report mergers, debt changes, or material corporate actions.