Casey's (CASY) Form 4: Director Greg Trojan Receives 442 Shares, 326 RSUs

Greg Trojan, a director of Casey's General Stores, reported equity changes on Form 4.

Rhea-AI Filing Summary

Greg Trojan, a director of Casey's General Stores, reported equity changes on Form 4. On 09/03/2025 he had a deemed/related transaction that resulted in 442 shares of Common Stock being acquired at a reported price of $0, bringing his total directly held common shares to 2,259. The filing also shows two restricted stock unit (RSU) events: an RSU grant of 326 units on 09/04/2025 under the 2025 Stock Incentive Plan that will vest in full on the date of Casey’s 2026 annual shareholders meeting, and an RSU event of 442 units on 09/03/2025 that vested in full on the date of Casey’s 2025 annual shareholders meeting and appears to have converted into common shares. All reported acquisitions list a price of $0, indicating director equity compensation rather than open-market purchases.

Positive

• Director compensation disclosed via RSU grants and vesting, supporting alignment with shareholder interests
• Clear vesting schedule for the 326 RSU grant (vests at the 2026 annual shareholders meeting)
• Transactions reported at $0 indicating plan-based awards rather than possibly confusing market purchases

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director equity compensation increased Greg Trojan’s direct shareholding to 2,259 shares; transactions are non-cash grants.

The Form 4 shows non-derivative and derivative security activity consistent with non-employee director compensation. A vested RSU award (442 units) converted around the 09/03/2025 date and is reflected as 442 acquired common shares at $0, and a separate 326 RSU grant dated 09/04/2025 is scheduled to vest at the 2026 annual meeting. The zero reported price and the explanations citing the 2018 and 2025 Stock Incentive Plans indicate these changes are plan-driven equity awards rather than market trades. For investors, this is routine governance-level equity issuance with limited immediate cashflow or dilution context provided in the filing.

Corporate Governance Expert

TL;DR: Disclosure reflects standard board compensation and timely reporting; vesting schedule and plan references are appropriately noted.

The filing identifies Trojan as a director and documents awards under the 2018 and 2025 Stock Incentive Plans. The 326-unit award explicitly vests at the 2026 annual meeting, which provides clarity on timing. The filing is signed under power of attorney and includes required explanatory notes about RSU-to-share conversion and plan-based compensation. There are no indications of insider sales or market trading in this filing; the activity is compensatory and procedural from a governance perspective.

Insider Trade Summary

442 shares exercised/converted

Exercise 3 txns

Insider Trojan Greg

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted stock units	326	$0.00	$0.00
Exercise	Restricted stock units	442	$0.00	$0.00
Exercise	Common Stock	442	$0.00	$0.00

Holdings After Transaction: Restricted stock units — 326 contracts (Direct); Common Stock — 2,259 shares (Direct)

Footnotes (3)

1. F1. Each restricted stock unit represents the right to receive, following vesting, one share of Common Stock.
2. F2. 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. F3. 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What transactions did Greg Trojan report on Casey's (CASY) Form 4?

The Form 4 reports acquisition of 442 common shares on 09/03/2025 and a grant of 326 restricted stock units on 09/04/2025, both at a reported price of $0.

How many Casey's (CASY) shares does Greg Trojan beneficially own after the reported transactions?

Following the reported transaction on 09/03/2025, the filing shows 2,259 shares beneficially owned directly by Greg Trojan.

Were the reported transactions purchases or compensation-related?

The filing indicates these were non-cash, compensation-related equity awards under the 2018 and 2025 Stock Incentive Plans.

When will the newly granted RSUs vest?

The 326 RSU grant dated 09/04/2025 is scheduled to vest in full at Casey's 2026 annual shareholders meeting.

Did any RSUs vest immediately according to the filing?

Yes, the filing notes a 442 RSU event dated 09/03/2025 that vested in full on the date of Casey's 2025 annual shareholders meeting and appears to have converted into common shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 09/05/2025 - 03:46 PM Learn about SEC filing dates

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^*

Trojan Greg

(Last) (First) (Middle)

7755 CENTER AVENUE

SUITE 300

(Street)

HUNTINGTON BEACH CA 92647

(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	2,259	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 6, 2021	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.
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