|
|
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Iowa
|
|
42-0935283
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification Number)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, no par value per share
|
CASY
|
The NASDAQ Global Select Market
|
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
|
|
|
|
Class
|
|
Outstanding at November 25, 2019
|
Common stock, no par value per share
|
|
36,791,648 shares
|
|
|
|
Page
|
|
PART I
|
|
||
|
Item 1.
|
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
Item 2.
|
||
|
Item 3.
|
||
|
Item 4.
|
||
PART II
|
|
||
|
Item 1.
|
||
|
Item 1A.
|
||
|
Item 2
|
||
|
Item 6.
|
||
|
October 31,
2019 |
|
April 30,
2019 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
43,976
|
|
|
$
|
63,296
|
|
Receivables
|
44,775
|
|
|
37,856
|
|
||
Inventories
|
271,443
|
|
|
273,040
|
|
||
Prepaid expenses
|
13,783
|
|
|
7,493
|
|
||
Income tax receivable
|
21,344
|
|
|
28,895
|
|
||
Total current assets
|
395,321
|
|
|
410,580
|
|
||
Other assets, net of amortization
|
66,016
|
|
|
41,154
|
|
||
Goodwill
|
157,648
|
|
|
157,223
|
|
||
Property and equipment, net of accumulated depreciation of $1,934,418 at October 31, 2019 and $1,826,936 at April 30, 2019
|
3,246,884
|
|
|
3,122,419
|
|
||
Total assets
|
$
|
3,865,869
|
|
|
$
|
3,731,376
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Lines of credit
|
$
|
25,000
|
|
|
$
|
75,000
|
|
Current maturities of long-term debt
|
577,698
|
|
|
17,205
|
|
||
Accounts payable
|
327,114
|
|
|
335,240
|
|
||
Accrued expenses
|
154,249
|
|
|
163,487
|
|
||
Total current liabilities
|
1,084,061
|
|
|
590,932
|
|
||
Long-term debt and finance lease obligations, net of current maturities
|
715,060
|
|
|
1,283,275
|
|
||
Deferred income taxes
|
417,271
|
|
|
385,788
|
|
||
Deferred compensation
|
15,847
|
|
|
15,881
|
|
||
Insurance accruals, net of current portion
|
22,247
|
|
|
22,663
|
|
||
Other long-term liabilities
|
49,535
|
|
|
24,068
|
|
||
Total liabilities
|
2,304,021
|
|
|
2,322,607
|
|
||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock, no par value
|
—
|
|
|
—
|
|
||
Common stock, no par value
|
24,428
|
|
|
15,600
|
|
||
Retained earnings
|
1,537,420
|
|
|
1,393,169
|
|
||
Total shareholders’ equity
|
1,561,848
|
|
|
1,408,769
|
|
||
Total liabilities and shareholders' equity
|
$
|
3,865,869
|
|
|
$
|
3,731,376
|
|
|
Three Months Ended
October 31, |
|
Six Months Ended
October 31, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Total revenue (a)
|
$
|
2,487,586
|
|
|
$
|
2,538,005
|
|
|
$
|
5,114,215
|
|
|
$
|
5,126,437
|
|
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) (a)
|
1,930,521
|
|
|
2,027,684
|
|
|
3,991,464
|
|
|
4,094,348
|
|
||||
Operating expenses
|
373,383
|
|
|
344,186
|
|
|
753,224
|
|
|
703,578
|
|
||||
Depreciation and amortization
|
62,888
|
|
|
61,356
|
|
|
122,696
|
|
|
120,196
|
|
||||
Interest, net
|
12,683
|
|
|
14,191
|
|
|
26,404
|
|
|
28,597
|
|
||||
Income before income taxes
|
108,111
|
|
|
90,588
|
|
|
220,427
|
|
|
179,718
|
|
||||
Federal and state income taxes
|
26,130
|
|
|
23,973
|
|
|
52,631
|
|
|
42,879
|
|
||||
Net income
|
$
|
81,981
|
|
|
$
|
66,615
|
|
|
$
|
167,796
|
|
|
$
|
136,839
|
|
Net income per common share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
2.22
|
|
|
$
|
1.82
|
|
|
$
|
4.55
|
|
|
$
|
3.73
|
|
Diluted
|
$
|
2.21
|
|
|
$
|
1.80
|
|
|
$
|
4.52
|
|
|
$
|
3.70
|
|
Basic weighted average shares outstanding
|
36,916,937
|
|
|
36,698,528
|
|
|
36,891,324
|
|
|
36,683,450
|
|
||||
Plus effect of stock compensation
|
219,248
|
|
|
318,943
|
|
|
218,189
|
|
|
314,181
|
|
||||
Diluted weighted average shares outstanding
|
37,136,185
|
|
|
37,017,471
|
|
|
37,109,513
|
|
|
36,997,631
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.32
|
|
|
$
|
0.29
|
|
|
$
|
0.64
|
|
|
$
|
0.58
|
|
|
|
|
|
|
|
|
|
||||||||
(a) Includes excise taxes of:
|
$
|
289,109
|
|
|
$
|
255,114
|
|
|
$
|
563,726
|
|
|
$
|
513,083
|
|
|
Shares Outstanding
|
|
Common
Stock
|
|
Retained
Earnings
|
|
Shareholders' Equity
|
|||||||
Balance at April 30, 2019
|
36,664,521
|
|
|
$
|
15,600
|
|
|
$
|
1,393,169
|
|
|
$
|
1,408,769
|
|
Net income
|
—
|
|
|
—
|
|
|
85,815
|
|
|
85,815
|
|
|||
Dividends declared (32 cents per share)
|
—
|
|
|
—
|
|
|
(11,772
|
)
|
|
(11,772
|
)
|
|||
Exercise of stock options
|
50,931
|
|
|
2,261
|
|
|
—
|
|
|
2,261
|
|
|||
Stock based compensation
|
67,182
|
|
|
4,141
|
|
|
—
|
|
|
4,141
|
|
|||
Balance at July 31, 2019
|
36,782,634
|
|
|
22,002
|
|
|
1,467,212
|
|
|
1,489,214
|
|
|||
Net income
|
—
|
|
|
—
|
|
|
81,981
|
|
|
81,981
|
|
|||
Dividends declared (32 cents per share)
|
—
|
|
|
—
|
|
|
(11,773
|
)
|
|
(11,773
|
)
|
|||
Exercise of stock options
|
1,030
|
|
|
46
|
|
|
—
|
|
|
46
|
|
|||
Stock based compensation
|
7,984
|
|
|
2,380
|
|
|
—
|
|
|
2,380
|
|
|||
Balance at October 31, 2019
|
36,791,648
|
|
|
$
|
24,428
|
|
|
$
|
1,537,420
|
|
|
$
|
1,561,848
|
|
|
Shares Outstanding
|
|
Common
Stock
|
|
Retained
Earnings
|
|
Shareholders' Equity
|
|||||||
Balance at April 30, 2018
|
36,874,322
|
|
|
$
|
—
|
|
|
$
|
1,271,141
|
|
|
$
|
1,271,141
|
|
Implementation of ASU 2014-09
|
—
|
|
|
—
|
|
|
(4,140
|
)
|
|
(4,140
|
)
|
|||
Net income
|
—
|
|
|
—
|
|
|
70,224
|
|
|
70,224
|
|
|||
Dividends declared (29 cents per share)
|
—
|
|
|
—
|
|
|
(10,601
|
)
|
|
(10,601
|
)
|
|||
Exercise of stock options
|
3,600
|
|
|
148
|
|
|
—
|
|
|
148
|
|
|||
Repurchase of common stock
|
(352,592
|
)
|
|
—
|
|
|
(35,247
|
)
|
|
(35,247
|
)
|
|||
Stock based compensation
|
67,895
|
|
|
7,174
|
|
|
—
|
|
|
7,174
|
|
|||
Balance at July 31, 2018
|
36,593,225
|
|
|
7,322
|
|
|
1,291,377
|
|
|
1,298,699
|
|
|||
Net income
|
—
|
|
|
—
|
|
|
66,615
|
|
|
66,615
|
|
|||
Dividends declared (29 cents per share)
|
—
|
|
|
—
|
|
|
(10,615
|
)
|
|
(10,615
|
)
|
|||
Exercise of stock options
|
7,692
|
|
|
231
|
|
|
—
|
|
|
231
|
|
|||
Stock based compensation
|
3,089
|
|
|
2,149
|
|
|
—
|
|
|
2,149
|
|
|||
Balance at October 31, 2018
|
36,604,006
|
|
|
$
|
9,702
|
|
|
$
|
1,347,377
|
|
|
$
|
1,357,079
|
|
|
Six months ended October 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
167,796
|
|
|
$
|
136,839
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
122,696
|
|
|
120,196
|
|
||
Stock-based compensation
|
9,922
|
|
|
9,323
|
|
||
Loss on disposal of assets and impairment charges
|
1,257
|
|
|
1,130
|
|
||
Deferred income taxes
|
31,483
|
|
|
34,214
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Receivables
|
(6,919
|
)
|
|
(1,830
|
)
|
||
Inventories
|
1,912
|
|
|
(16,923
|
)
|
||
Prepaid expenses
|
(6,290
|
)
|
|
(2,157
|
)
|
||
Accounts payable
|
(9,577
|
)
|
|
2,030
|
|
||
Accrued expenses
|
(8,706
|
)
|
|
(3,330
|
)
|
||
Income taxes
|
9,475
|
|
|
35,160
|
|
||
Other, net
|
(1,640
|
)
|
|
(10,363
|
)
|
||
Net cash provided by operating activities
|
311,409
|
|
|
304,289
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of property and equipment
|
(242,173
|
)
|
|
(198,409
|
)
|
||
Payments for acquisition of businesses, net of cash acquired
|
(6,191
|
)
|
|
(2,590
|
)
|
||
Proceeds from sales of property and equipment
|
2,940
|
|
|
3,155
|
|
||
Net cash used in investing activities
|
(245,424
|
)
|
|
(197,844
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repayments of long-term debt
|
(8,682
|
)
|
|
(7,743
|
)
|
||
Net repayments of short-term debt
|
(50,000
|
)
|
|
(39,600
|
)
|
||
Proceeds from exercise of stock options
|
2,307
|
|
|
379
|
|
||
Payments of cash dividends
|
(22,405
|
)
|
|
(20,193
|
)
|
||
Repurchase of common stock
|
—
|
|
|
(37,479
|
)
|
||
Tax withholdings on employee share-based awards
|
(6,525
|
)
|
|
(3,601
|
)
|
||
Net cash used in financing activities
|
(85,305
|
)
|
|
(108,237
|
)
|
Net decrease in cash and cash equivalents
|
(19,320
|
)
|
|
(1,792
|
)
|
||
Cash and cash equivalents at beginning of the period
|
63,296
|
|
|
53,679
|
|
||
Cash and cash equivalents at end of the period
|
$
|
43,976
|
|
|
$
|
51,887
|
|
|
Six months ended October 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash paid (received) during the period for:
|
|
|
|
||||
Interest, net of amount capitalized
|
$
|
26,997
|
|
|
$
|
24,256
|
|
Income taxes, net
|
10,000
|
|
|
(27,477
|
)
|
||
|
|
|
|
||||
Noncash investing and financing activities:
|
|
|
|
||||
Purchased property and equipment in accounts payable
|
17,067
|
|
|
3,589
|
|
||
Noncash additions from adoption of ASC 842
|
22,635
|
|
|
—
|
|
||
|
|
|
|
1.
|
Presentation of Financial Statements
|
2.
|
Basis of Presentation
|
3.
|
Revenue and Cost of Goods Sold
|
4.
|
Long-Term Debt and Finance Lease Obligations, Lines of Credit, and Fair Value Disclosure
|
5.
|
Compensation Related Costs and Share Based Payments
|
|
Number of
option shares
|
|
Weighted
average option
exercise price
|
|||
Outstanding at April 30, 2019
|
109,827
|
|
|
$
|
44.39
|
|
Granted
|
—
|
|
|
—
|
|
|
Exercised
|
51,961
|
|
|
44.39
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Outstanding at October 31, 2019
|
57,866
|
|
|
$
|
44.39
|
|
|
|
|
Unvested at April 30, 2019
|
388,800
|
|
Granted
|
178,268
|
|
Vested
|
(108,484
|
)
|
Forfeited
|
(17,448
|
)
|
Unvested at October 31, 2019
|
441,136
|
|
6.
|
Commitments and Contingencies
|
|
Classification
|
|
|
|
October 31, 2019
|
||
Finance lease right-of-use assets
|
Property and equipment
|
|
|
|
14,937
|
|
|
Operating lease right-of-use assets
|
Other assets
|
|
|
|
$
|
20,582
|
|
|
|
|
|
|
October 31, 2019
|
||
Weighted-average remaining lease-term - finance lease
|
|
|
|
10.10 years
|
|
||
Weighted-average remaining lease-term - operating lease
|
|
|
|
22.20 years
|
|
||
|
|
|
|
|
|
||
Weighted-average discount rate - finance lease
|
|
|
|
5.29
|
%
|
||
Weighted-average discount rate - operating lease
|
|
|
|
4.21
|
%
|
||
|
|
|
|
|
|
||
Right-of-use assets obtained in exchange for new finance lease liabilities (in thousands)
|
|
$
|
831
|
|
Years ended October 31,
|
Finance
leases
|
|
Operating
leases
|
||||
2020
|
$
|
3,115
|
|
|
$
|
1,872
|
|
2021
|
3,119
|
|
|
1,821
|
|
||
2022
|
3,116
|
|
|
1,734
|
|
||
2023
|
3,118
|
|
|
1,669
|
|
||
2024
|
1,697
|
|
|
1,556
|
|
||
Thereafter
|
9,277
|
|
|
25,301
|
|
||
Total minimum lease payments
|
23,442
|
|
|
33,953
|
|
||
Less amount representing interest
|
6,142
|
|
|
13,106
|
|
||
Present value of net minimum lease payments
|
$
|
17,300
|
|
|
$
|
20,847
|
|
Years ended April 30,
|
Capital
leases
|
|
Operating
leases
|
||||
2020
|
$
|
3,103
|
|
|
$
|
1,703
|
|
2021
|
3,109
|
|
|
1,547
|
|
||
2022
|
3,096
|
|
|
1,354
|
|
||
2023
|
3,098
|
|
|
1,228
|
|
||
2024
|
2,548
|
|
|
1,066
|
|
||
Thereafter
|
9,215
|
|
|
10,438
|
|
||
Total minimum lease payments
|
24,169
|
|
|
$
|
17,336
|
|
|
Less amount representing interest
|
7,689
|
|
|
|
|||
Present value of net minimum lease payments
|
$
|
16,480
|
|
|
|
7.
|
Unrecognized Tax Benefits
|
8.
|
Segment Reporting
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in Thousands).
|
|
Store Count
|
Stores at 4/30/19
|
2,146
|
New store construction
|
36
|
Acquisitions
|
5
|
Prior acquisitions opened
|
3
|
Closed
|
(9)
|
Stores at 10/31/19
|
2,181
|
Three months ended 10/31/2019
|
Fuel
|
|
Grocery &
Other
Merchandise
|
|
Prepared
Food &
Fountain
|
|
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
1,514,474
|
|
|
$
|
660,562
|
|
|
$
|
297,846
|
|
|
$
|
14,704
|
|
|
$
|
2,487,586
|
|
Revenue less cost of goods sold (excluding depreciation and amortization)
|
$
|
140,798
|
|
|
$
|
220,134
|
|
|
$
|
181,452
|
|
|
$
|
14,681
|
|
|
$
|
557,065
|
|
|
9.3
|
%
|
|
33.3
|
%
|
|
60.9
|
%
|
|
99.8
|
%
|
|
22.4
|
%
|
|||||
Fuel gallons
|
614,071
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Three months ended 10/31/2018
|
Fuel
|
|
Grocery &
Other
Merchandise
|
|
Prepared
Food &
Fountain
|
|
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
1,621,868
|
|
|
$
|
618,250
|
|
|
$
|
283,062
|
|
|
$
|
14,825
|
|
|
$
|
2,538,005
|
|
Revenue less cost of goods sold (excluding depreciation and amortization)
|
$
|
118,656
|
|
|
$
|
200,193
|
|
|
$
|
176,675
|
|
|
$
|
14,797
|
|
|
$
|
510,321
|
|
|
7.3
|
%
|
|
32.4
|
%
|
|
62.4
|
%
|
|
99.8
|
%
|
|
20.1
|
%
|
|||||
Fuel gallons
|
593,750
|
|
|
|
|
|
|
|
|
|
Six months ended 10/31/2019
|
Fuel
|
|
Grocery &
Other Merchandise |
|
Prepared
Food & Fountain |
|
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
3,142,042
|
|
|
$
|
1,348,480
|
|
|
$
|
593,723
|
|
|
$
|
29,970
|
|
|
$
|
5,114,215
|
|
Revenue less cost of goods sold (excluding depreciation and amortization)
|
$
|
291,787
|
|
|
$
|
435,587
|
|
|
$
|
365,464
|
|
|
$
|
29,913
|
|
|
$
|
1,122,751
|
|
|
9.3
|
%
|
|
32.3
|
%
|
|
61.6
|
%
|
|
99.8
|
%
|
|
22.0
|
%
|
|||||
Fuel gallons
|
1,233,155
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Six months ended 10/31/2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
$
|
3,269,285
|
|
|
$
|
1,263,050
|
|
|
$
|
564,065
|
|
|
$
|
30,037
|
|
|
$
|
5,126,437
|
|
Revenue less cost of goods sold (excluding depreciation and amortization)
|
$
|
242,132
|
|
|
$
|
409,119
|
|
|
$
|
350,859
|
|
|
$
|
29,979
|
|
|
$
|
1,032,089
|
|
|
7.4
|
%
|
|
32.4
|
%
|
|
62.2
|
%
|
|
99.8
|
%
|
|
20.1
|
%
|
|||||
Fuel gallons
|
1,195,545
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
||||||||||
|
October 31, 2019
|
|
October 31, 2018
|
|
October 31, 2019
|
|
October 31, 2018
|
||||||
Net income
|
$
|
81,981
|
|
|
66,615
|
|
|
$
|
167,796
|
|
|
136,839
|
|
Interest, net
|
12,683
|
|
|
14,191
|
|
|
26,404
|
|
|
28,597
|
|
||
Federal and state income taxes
|
26,130
|
|
|
23,973
|
|
|
52,631
|
|
|
42,879
|
|
||
Depreciation and amortization
|
62,888
|
|
|
61,356
|
|
|
122,696
|
|
|
120,196
|
|
||
EBITDA
|
$
|
183,682
|
|
|
166,135
|
|
|
$
|
369,527
|
|
|
328,511
|
|
Loss on disposal of assets and impairment charges
|
730
|
|
|
785
|
|
|
1,257
|
|
|
1,130
|
|
||
Adjusted EBITDA
|
$
|
184,412
|
|
|
166,920
|
|
|
$
|
370,784
|
|
|
329,641
|
|
Period
|
Total Number of Shares Purchased
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
|
||||||
Second Quarter:
|
|
|
|
|
|
|
|
||||||
August 1 - August 31, 2019
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
300,000,000
|
|
September 1-September 30, 2019
|
—
|
|
|
—
|
|
|
—
|
|
|
300,000,000
|
|
||
October 1- October 31, 2019
|
—
|
|
|
—
|
|
|
—
|
|
|
300,000,000
|
|
||
Total
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
300,000,000
|
|
|
|
CASEY’S GENERAL STORES, INC.
|
|
|
|
Date: December 9, 2019
|
By:
|
/s/ William J. Walljasper
|
|
|
William J. Walljasper
|
|
Its:
|
Senior Vice President and
Chief Financial Officer
|
|
|
(Authorized Officer and Principal
Financial and Accounting Officer)
|
(i)
|
Claims for harassment, discrimination and retaliation, and those pursuant to the Family and Medical Leave Act (FMLA), 29 U.S.C. §2601; the Age Discrimination in Employment Act (ADEA), 29 U.S.C. §621, et seq.; Title VII of the Civil Rights Act of 1964, 42 U.S.C. §2000, et seq.; the Americans With Disabilities Act, 42 U.S.C. §12101, et seq.; the Equal Pay Act, 29 U.S.C. §621, et seq.; 42 U.S.C. §1981; the Civil Rights Act of 1991; the False Claims Act, 31 U.S.C. § 3729, et seq.; claims under the Rehabilitation Act of 1973, 29 U.S.C. §701, et seq.; the Civil Rights Act of 1866, 42 U.S.C. §1981, et seq.; the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1001, et seq. (“ERISA”); the National Labor Relations Act, 29 U.S.C. §151-169; the Occupational Safety and Health Act, 29 U.S.C. §651, et seq.; Worker Adjustment and Retraining Notification Act of 1988, 29 U.S.C. §2101, et seq.; claims under the Iowa Civil Rights Act; and any others under any applicable federal, state or other law, statute, constitution, ordinance or regulation; and
|
(ii)
|
Wage-related claims, including but not limited to those related to the under or non-payment of wages, off-the-clock work, vacation or sick pay, paid or unpaid time off, overtime/premium pay, front/back pay, make-up time, accommodation for any disability, expenses, separation of employment, employment classification, failure to provide meal/rest breaks, paystub violations, timeliness of wages, employment-related penalties and liquidated damages, and any contractual rights or privileges; and
|
(iii)
|
Tort-based or equitable claims, including but not limited to wrongful discharge, fraud, intentional/negligent misrepresentation, concealment, defamation, breach of fiduciary duty, infliction of emotional distress, interference with contract or economic advantage, unfair/unlawful business practices, invasion of privacy, conversion or declaratory relief; and
|
(iv)
|
Claims for attorneys’ fees or costs arising or related to those matters released herein.
|
(i)
|
Except with regard to the Payment, Employee possesses no outstanding claims for any compensation or benefits, whether by contract or law; and
|
(ii)
|
The Payment provided by Casey’s in this Agreement is adequate and satisfactory in exchange for the General Release provided by Employee and the other promises and representations Employee makes to Casey’s in this Agreement; and
|
(iii)
|
All, if any, known workplace injuries or occupational diseases were timely reported to Casey’s, and currently Employee has no known workplace injuries or occupational diseases that have not been reported. Employee has no pending workers’ compensation claims. This Agreement is not related in any way to any claim for workers’ compensation benefits, and Employee has no basis for such a claim.
|
(i)
|
This Agreement and the General Release is not intended to waive Employee’s entitlement to vested benefits under any 401(k) plan or other ERISA-governed benefit plan provided by Casey’s, or to entitlement to the payment of final wages and accrued but unused vacation, which will be paid in accordance with Casey’s policies and applicable law.
|
(ii)
|
This Agreement and the General Release do not apply to or include any claims that cannot be released or waived by law or private agreement (including, but not limited to, workers’ compensation claims, if available), actions to enforce this Agreement or to acts or practices which occur after the date Employee executes this Agreement.
|
(iii)
|
This Agreement and the General Release do not preclude Employee from consulting with legal counsel or communicating with, providing information to, or filing, testifying, assisting or participating in a charge, complaint, investigation or proceeding with the Equal Employment Opportunity Commission (EEOC), the Iowa Civil Rights Commission (ICRC) or applicable local agency, the Occupational Safety and Health Administration (OSHA), the Securities and Exchange Commission (SEC), the National Labor Relations Board (NLRB) or any other federal, state or local governmental or law enforcement agency or commission (“Government Agencies”). However, Employee agrees that the Payment shall be the sole relief provided to him/her and she releases and waives any right to monetary recovery, reinstatement or other personal relief from such Government Agencies arising from such claims, except that Employee is expressly permitted to accept a whistleblower award from the SEC pursuant to Section 21F of the Securities Exchange Act of 1934 or from any other Governmental Agencies.
|
(iv)
|
Nothing in this Agreement and General Release is intended to or shall limit or restrict Employee’s right to engage in protected activity, including but not limited to participating in concerted activity under the National Labor Relations Act.
|
EMPLOYEE:
/s/ Cindi W. Summers
By: Cindi W. Summers
Date: September 11, 2019
|
CASEY’S GENERAL STORES, INC.:
/s/ Darren M. Rebelez
By: Darren M. Rebelez
Title: President and Chief Executive Officer
Date: August 26, 2019
|
|
|
|
|
|
Dated: December 9, 2019
|
|
/s/ Darren M. Rebelez
|
|
|
Darren M. Rebelez
|
|
|
President and Chief Executive Officer
|
|
|
|
Dated: December 9, 2019
|
|
/s/ William J. Walljasper
|
|
|
William J. Walljasper
|
|
|
Senior Vice President and
Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
Dated: December 9, 2019
|
|
/s/ Darren M. Rebelez
|
|
|
Darren M. Rebelez
|
|
|
President and Chief Executive Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
Dated: December 9, 2019
|
|
/s/ William J. Walljasper
|
|
|
William J. Walljasper
|
|
|
Senior Vice President and
Chief Financial Officer
|