Exhibit 10.1
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This amended and restated employment agreement (this “Agreement”) is hereby entered into as of July 25, 2022 by and between Casey’s General Stores, Inc.,
an Iowa corporation (the “Company”), and Darren M. Rebelez (“Executive”) (each, a “Party”), to become effective as of June 24, 2022 (the “Effective Date”).
WITNESSETH:
WHEREAS, Executive and the Company previously entered into the employment agreement, dated as of May 31, 2019 and effective as of June 24, 2019 (the
“2019 Agreement”), pursuant to which Executive serves as the Company’s President and Chief Executive Officer;
WHEREAS, the Company wishes to continue uninterrupted Executive’s employment in his role as President and Chief Executive Officer;
WHEREAS, by entering into this Agreement, Executive and the Company desire to amend and restate the 2019 Agreement in its entirety such that, following
the Effective Date, the 2019 Agreement shall be of no further force or effect; and
WHEREAS, Executive is willing to continue his employment with the Company under the terms hereof and to enter into this Agreement.
NOW THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which
is hereby acknowledged, the Parties hereto agree as follows:
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POSITION; REPORTING; RESPONSIBILITIES.
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1.1 Executive shall
serve as President and Chief Executive Officer of the Company during the Term (as defined below). Executive shall at all times report directly to, and be subject to the supervision, control and direction of, the Board of Directors of the Company
(the “Board”). Executive shall have the duties, responsibilities and authorities commensurate with the position of chief executive officer of a company of the size and scope of the Company and as assigned to Executive from time to time by the
Board and not inconsistent with the Bylaws of the Company. Executive’s principal office shall be the Company’s corporate headquarters in Ankeny, Iowa, subject to necessary travel on the Company’s business.
1.2 During the Term,
Executive shall devote his full time and attention and give his best efforts and skills to furthering the business and interests of the Company; provided, that the foregoing shall not
prevent Executive from volunteering his time and efforts on behalf of charitable, civic and professional organizations to the extent it does not interfere or conflict with Executive’s responsibilities under this Agreement. Except as set forth in
Exhibit A attached hereto, Executive is not authorized to be a member of a board of another corporation or for-profit organization without the express written approval of the Board; provided that Executive shall be permitted to serve on up to one such board during the Term (with any changes in Executive’s membership of such board remaining subject to the Board’s
approval prior to such change).
The term of employment under this Agreement shall commence as of the Effective Date and shall continue through the third anniversary of the Effective
Date unless sooner terminated in accordance with this Agreement, and thereafter as herein provided. Executive’s term of employment shall automatically renew for subsequent one-year periods, the first of which would begin on June 24, 2025, subject to
the terms of this Agreement (including any earlier termination in accordance with this Agreement), unless either Party gives written notice at least six (6) months prior to the expiration of the then existing term of his or its decision not to renew.
The period during which Executive has been employed pursuant to the terms of the 2019 Agreement and is employed pursuant to the terms of this Agreement is collectively referred to as the “Term”. For the avoidance of doubt, the Parties agree that the
Term did not expire as a result of entry into this Agreement.
3.1 Base Salary. The Company shall pay Executive a base salary during the Term at an annual rate of One Million One-Hundred and Fifty Thousand Dollars ($1,150,000) (the “Base Salary”), less
applicable deductions and tax withholdings, payable in accordance with the standard payroll practices of the Company. During the Term, the Base Salary shall be reviewed annually and may be
increased by the Board at any time and from time to time as the Board may determine to be appropriate, in its reasonable discretion.
3.2 Annual Bonus. Executive shall be eligible to receive an annual bonus (the “Annual Bonus”) in respect of each fiscal year of the Company ending during the Term, with a target bonus
opportunity equal to 150% of Executive’s Base Salary earned by Executive in respect of such fiscal year and a maximum bonus opportunity equal to 200 % of such target bonus opportunity, subject to the achievement of performance goals as determined
by the Compensation Committee of the Board (the “Compensation Committee”). All Annual Bonuses payable to Executive shall be determined and paid as soon as practicable following the end of the applicable fiscal year and in any event no later than
July 15th of the calendar year following the fiscal year for which such bonus is earned and payable. During the Term, the Annual Bonus target opportunity shall be reviewed annually and may be increased by the Board at any time and from time to
time as the Board may determine to be appropriate, in its reasonable discretion.
3.3 Annual LTI Award.
Subject to approval of the Board or the Compensation Committee and Executive’s continued employment on the applicable grant date, Executive shall be eligible to receive an
annual equity award with a target grant date value equal to Six Million One-Hundred and Twenty-Five Thousand Dollars ($6,125,000) in respect of each fiscal year of the Company during the Term beginning in fiscal year 2023 (the “Annual LTI Award”).
Annual LTI Awards shall generally be subject to terms and conditions applicable to the Company’s other senior executives, and each Annual LTI Award shall be subject to and governed in all respects by the terms of the award agreement between Executive
and the Company entered into with respect to such award. Annual LTI Awards shall be made in accordance with the Company’s normal annual grant cycle. Executive acknowledges that Executive previously received an Annual LTI Award in respect of fiscal
year 2022. During the Term, the target Annual LTI Award shall be reviewed annually and may be increased by the Board at any time and from time to time as the Board may determine to be appropriate, in its reasonable discretion. The Parties
acknowledge and agree that the Make-Whole Award (as defined in the 2019 Agreement) vested in full on or before the Effective Date.
4.1 Benefits. Except as set forth in Section 7.4 herein, during the Term and subject to all eligibility requirements, and to the extent permitted by law, Executive shall have the opportunity to
participate in all incentive, savings, retirement, welfare and other employee benefit plans, practices, policies and programs generally available to the Company’s employees in accordance with the provisions thereof as in effect from time to time,
including the annual incentive plans and bonus pools established by the Compensation Committee; medical, prescription and dental insurance coverages; group life and accidental death and travel accident insurance coverages; holidays and vacations;
401(k) and deferred compensation plans and programs; short-term and long-term disability plans; and other fringe benefits as may be in effect from time to time.
4.2 Car Allowance. During the Term, Executive shall receive a car allowance in accordance with the Company’s policies and procedures, as in effect from time to time, which as of the date hereof
provide for a monthly cash payment of $1,500.
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LIFE INSURANCE BENEFITS.
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During the Term, the Company shall continue to maintain in full force and effect at its own expense a ten-year level premium term life insurance policy with a death benefit
of One Million Dollars ($1,000,000) that insures the life of Executive and is payable upon the death of Executive to a beneficiary designated by Executive (the “Policy”). The Company shall execute such documents as may be necessary or advisable to
assign the ownership of such Policy to Executive upon the expiration of the Term.
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EXPENSE REIMBURSEMENTS.
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During the Term, Executive shall be entitled to receive prompt reimbursement from the Company for all reasonable, out-of-pocket expenses incurred by him (in accordance with
policies and procedures established by the Company), in connection with his performing services hereunder, provided Executive properly accounts therefor.
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TERMINATION OF EMPLOYMENT.
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7.1 Death. In the event of the death of Executive during the Term (other than within twenty-four (24) months following a Change of Control (as defined below)), this Agreement shall terminate
and all obligations of the Company to Executive shall cease as of the date of death, with the exception of (a) all rights to advancement and indemnification in respect of Executive’s service as a director or officer of the Company or any of its
subsidiaries, which shall continue without regard to the termination of this Agreement or Executive’s employment with the Company, and (b) those obligations accrued or earned and vested (if applicable) by Executive as of the date of death,
including for this purpose Executive’s full Base Salary through the date of Executive’s termination at the rate then in effect, plus any compensation previously deferred by Executive (together with any accrued interest thereon) and not yet paid
by the Company, any accrued vacation pay not yet paid by the Company, any entitlement Executive has pursuant to Section 5 to have the Policy assigned to him (or his beneficiaries) and any reimbursements to which Executive is entitled pursuant to
Section 6 (those obligations described in this clause (b), together, the “Accrued Obligations”), all of which shall be paid to Executive’s estate or beneficiary, as applicable, in a lump sum in cash within thirty (30) calendar days following the
date of Executive’s death. All rights and benefits of Executive under any stock option, restricted stock, and/or restricted stock units award agreements, or arising under the benefit plans and programs of the Company in which Executive is then a
participant, or which are otherwise available to surviving family members of Company employees (collectively, “Benefit Plans and Agreements”), shall be provided as determined in accordance with the terms and provisions of such agreements, plans
and programs.
7.2 Disability. In the event of Executive’s Disability (as defined below), the Company may give Executive written notice that this Agreement shall terminate effective on the 30th calendar day
following the date of such notice due to Executive’s Disability. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by Executive; provided that, within the thirty (30) days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. In such event, (a) all obligations of the Company to Executive shall cease
on the date specified in the notice, other than the payment of the Accrued Obligations, which shall be paid to Executive in a lump-sum cash payment within thirty (30) calendar days following the date of such termination, and all rights to
advancement and indemnification in respect of Executive’s service as a director or officer of the Company or any of its subsidiaries, which shall continue without regard to the termination of this Agreement or Executive’s employment with the
Company, and (b) Executive shall thereafter be entitled to receive disability and other benefits payable under the Company’s long-term disability insurance coverage. All rights and benefits of Executive under any Benefit Plans and Agreements, or
which are otherwise available to disabled employees and/or their family members, shall be provided as determined in accordance with the terms and provisions of such agreements, plans and programs. For purposes of this Agreement, “Disability”
means (i) permanent and total disability as determined under the Company’s long-term disability plan applicable to Executive or (ii) if there is no such plan applicable to Executive, a disability which, at least twenty-six (26) weeks after its
commencement, is determined to be total and permanent by a physician selected by the Company or its insurers; provided, however,
that if any amounts payable under this Agreement constitute deferred compensation (within the meaning of Section 409A of the Internal Revenue Code, including current and future guidance and regulations interpreting such provisions (collectively,
“Code Section 409A”)), and payment of such amount is intended to be triggered pursuant to Code Section 409A(a)(ii) by Executive’s disability, such term shall mean that Executive is considered “disabled” within the meaning of Code Section 409A.
7.3 By Company For Cause. The Company may terminate Executive’s employment, remove him as an officer of the Company and terminate this Agreement at any time for “Cause” (as defined below). In
the event of such termination for Cause, all obligations of the Company to Executive shall cease, other than (i) the payment of the Accrued Obligations through the date of such termination for Cause, which shall be paid to Executive in a lump-sum
cash payment within thirty (30) calendar days following the date of such termination, and (ii) all rights to advancement and indemnification in respect of Executive’s service as a director or officer of the Company or any of its subsidiaries,
which shall continue without regard to the termination of this Agreement or Executive’s employment with the Company. Any rights and benefits Executive may have under any Benefit Plans and Agreements shall be determined in accordance with the
terms and provisions of such agreements, plans and programs. The term “Cause” shall mean (a) Executive’s willful misconduct in the performance of Executive’s duties, including material violation of any Company policy, this Agreement or any other
agreement between Executive and the Company or its subsidiaries, including the restrictive covenants to which Executive is subject under Section 8 hereof; provided that, in the event
such violation is capable of cure (as determined by the Company in its reasonable discretion), Executive shall have a period of 30 days in which to cure such violation after receipt of written notice from the Company, and if such violation is so
cured, then “Cause” shall be deemed not to exist; (b) embezzlement, fraud or dishonesty by Executive; (c) commission by Executive of a felony; or (d) other personal or professional conduct that can reasonably be expected to bring public
embarrassment or disgrace to the Company or its subsidiaries.
7.4 By Company Without Cause or by Executive for Good Reason (Other Than Within Twenty-Four (24) Months Following a Change of Control). The severance benefits to which Executive is entitled
under this Section 7.4 shall be in lieu of severance benefits under any severance plan of the Company, as may be in place from time to time, in which Executive is otherwise eligible to participate during the Term.
(a) Without Cause. The other provisions of this Agreement notwithstanding, the Company may terminate Executive’s employment, remove him as an officer and terminate this Agreement at any time
for whatever reason it deems appropriate, without Cause and with or without prior notice. In the event of such a termination, all rights and benefits of Executive under any Benefit Plans and Agreements shall be determined in accordance with the
provisions of such agreements, plans and programs. Furthermore, in the event of any termination of Executive’s employment by the Company without Cause during the Term (other than within twenty-four (24) months following a Change of Control),
subject, in the cases of clauses (ii), (iii), (iv) and (v) of this Section 7.4(a), to Executive satisfying the Severance Condition (as defined below) pursuant to Section 7.5, Executive shall be entitled to:
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i. |
any Accrued Obligations through the date of such termination, which shall be paid to Executive in a lump-sum cash payment within thirty (30) calendar days following the date of
such termination, and all rights to advancement and indemnification in respect of Executive’s service as a director or officer of the Company or any of its subsidiaries, which shall continue without regard to the termination of this Agreement
or Executive’s employment with the Company;
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ii. |
severance pay equal to twenty-four (24) months’ Base Salary, which shall be payable to Executive in a lump-sum cash payment within seventy (70) calendar days following the date
of such termination;
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iii. |
accelerated vesting of a pro-rata portion of any then-outstanding unvested, time-based restricted stock unit award granted to Executive pursuant to an Annual LTI Award, which
portion shall be deemed to be a number of shares equal to the product of (i) the number of shares remaining unvested and subject to such restricted stock unit award as of the termination date and (ii) a fraction, the numerator of which is the
number of calendar days elapsed from (1) the latest to occur of (x) the grant date of such award and (y) the day immediately following the most recent scheduled vesting date to occur under such award prior to the termination date through (2)
the termination date, and the denominator of which is the aggregate number of calendar days in the period from the latest of the foregoing clauses (x) and (y) through the scheduled vesting date under such award immediately following the
termination date;
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iv. |
a prorated Annual Bonus for the fiscal year of such termination, which shall be determined by prorating the Annual Bonus at the target bonus opportunity level for such fiscal
year (as described in Section 3.2) for the portion of such fiscal year during which Executive was employed and which such amount shall be paid in a lump sum cash payment within seventy (70) calendar days following the date of such termination
(together with the amount described in clauses (ii) and (iii) of this Section 7.4(a), the “Severance Pay”); and
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v. |
a monthly cash payment equal to the monthly COBRA premium Executive would be required to pay to continue group health coverage as in effect on the date of such termination for
Executive and his eligible covered dependents for a period of twenty-four (24) months following the date of such termination (collectively, the “Benefits Continuation Payments”); provided that any monthly payments that would otherwise have
been paid prior to satisfaction of the Release Period shall be paid in a lump sum within ten (10) days after the Release Period has been satisfied.
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(b) For Good Reason. Executive may terminate his employment at any time during the Term for Good Reason (as defined below), subject to the terms of this Section 7.4(b). In the event of any
termination of Executive’s employment by Executive for Good Reason during the Term pursuant to this Section 7.4(b) (other than within twenty-four (24) months following a Change of Control), Executive shall receive all payments and benefits
described in Section 7.4(a), and Executive shall be subject to all obligations and conditions set forth in Section 7.4(a) in respect of a Good Reason termination by Executive, including in respect of Executive satisfying the Severance Condition
pursuant to Section 7.5. The term “Good Reason” shall mean any of the following actions taken by the Company without Executive’s consent: (i) a material diminution of Executive’s title, authority, duties or responsibility; (ii) a reduction in
Executive’s Base Salary, Annual Bonus target opportunity or target Annual LTI Award; (iii) requiring that Executive report to an individual or entity other than the Board; or (iv) requiring that Executive relocate Executive’s primary workplace
more than fifty (50) miles from the workplace in effect on the Effective Date; provided, however, that the occurrence of any of the events described in clauses (i) through (iv) above
shall not constitute Good Reason unless (x) Executive provides the Company with written notice within sixty (60) calendar days after the initial occurrence of any of such event that Executive believes that such event constitutes Good Reason; (y)
the Company thereafter fails to cure any such event within thirty (30) calendar days after receipt of such notice; and (z) Executive’s date of termination as a result of such event occurs within thirty (30) calendar days after the expiration of
the cure period.
7.5 Conditions for Severance Pay and Benefits Continuation Payments. Notwithstanding anything above to the contrary, Executive agrees that his entitlement to the Severance Pay and Benefits
Continuation Payments under Section 7.4 shall be contingent upon (a) Executive executing a general release of any claims related to his employment and termination hereunder, with such release to be substantially in the form attached hereto as Exhibit B, subject to updates required by applicable law, and such release becoming effective and irrevocable no later than the sixtieth (60th) calendar date after Executive’s date of
termination from the Company (or such longer period as may be required by applicable law) (the “Release Period”) and (b) Executive strictly complying with the terms of this Agreement and any other written agreements between the Company and
Executive, including Executive’s compliance with the obligations under Section 8 below that survive the termination of Executive’s employment (collectively, the “Severance Condition”). Executive further agrees that the Severance Pay and Benefits
Continuation Payments shall be full and adequate compensation to Executive for all damages Executive may suffer as a result of the termination of his employment without Cause or for Good Reason.
7.6 Change of Control. In the event of a “Change of Control” of the Company, as such term is defined in the Company’s 2018 Stock
Incentive Plan, Executive shall thereupon become entitled to all of the rights, payments and benefits set forth in the Change of Control Agreement between Executive and the Company, dated as of May 31, 2019 and effective as of June 24, 2019 (the
“Change of Control Agreement”), and this Agreement shall automatically terminate, and the Company shall have no further obligation to Executive under this Agreement; provided, however, that (a) Sections 5 and 8 hereof shall continue in effect and be binding on the Company and Executive following any “Change of Control” and (b) all rights to advancement and
indemnification in respect of Executive’s service as a director or officer of the Company or any of its subsidiaries shall continue in effect following any “Change of Control”.
7.7 Voluntary Termination. Executive may terminate his employment of his own volition and without Good Reason at any time prior to the end of the Term upon thirty (30) calendar days’ prior
written notice to the Company, unless waived in writing by the Company. Such termination shall constitute a voluntary termination, and in such event the Company’s only obligation to Executive shall be to pay all Accrued Obligations to Executive
through the date of such termination in a lump-sum cash payment within thirty (30) calendar days following the date of such termination, and all rights to advancement and indemnification in respect of Executive’s service as a director or officer
of the Company or any of its subsidiaries, which shall continue without regard to the termination of this Agreement or Executive’s employment with the Company. All rights and benefits Executive may have under any Benefit Plans and Agreements
shall be determined in accordance with the terms and provisions of such agreements, plans and programs.
7.8 Expiration of Term. Any termination of Executive’s employment at the end of the then-current Term due to a notice of non-renewal provided by either Party pursuant to Section 2 of this
Agreement shall be considered an expiration of the Agreement governed by the terms of this Section 7.8. Under such circumstances, Executive’s employment will cease, Executive will be removed as an officer of the Company and Executive’s
resignation as a Director will become effective and all obligations of the Company to Executive shall cease other than as provided herein. Solely in the event that Executive’s employment terminates because the Term is not renewed due to the
Company giving notice of non-renewal of the Term, such termination shall be treated as a termination by the Company without Cause, and Executive shall be entitled to the severance benefits described in Section 7.4 or the Change of Control
Agreement, as applicable. Notwithstanding the foregoing, in the event that Executive’s employment terminates because the Term is not renewed due to (i) the Company giving notice of non-renewal of the Term due to Cause, then such termination
shall be deemed a termination for Cause and treated in accordance with Section 7.3 or (ii) Executive giving notice of non-renewal of the Term due to Good Reason, then such termination shall be deemed a resignation for Good Reason and treated in
accordance with Section 7.4(b).
7.9 Resignation Upon Termination. Executive acknowledges that a condition precedent to his being appointed to the position of President and Chief Executive Officer and receiving any of the
compensation or benefits set forth in this Agreement was his execution and delivery to the Company of an irrevocable letter of resignation from the Board and all other positions and offices of the Company and its subsidiaries. Such letter
provides that if Executive’s employment ends for any reason, Executive tenders his resignation from the Board and all other positions and offices of the Company and its subsidiaries simultaneously with such termination of employment. The Board
shall have unfettered discretion to accept or not accept such resignation.
7.10 Survival following Termination. Executive acknowledges and agrees that the obligations of Executive set forth under Section 8 herein shall remain in full force and effect following
termination of this Agreement and Executive’s termination of employment for any reason (other than in the event of Executive’s death).
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COVENANTS OF EXECUTIVE.
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8.1 Executive shall
promptly disclose to the Company and assign to the Company his entire right, title, and interest in any invention, idea, or work, whether patentable or not or copyrightable or not, which is conceived or made solely or jointly by him while
employed by the Company and which relates in any manner to the actual or reasonably anticipated business, research, or other activities of the Company or which is suggested by or results from any task assigned to or performed by Executive on
behalf of the Company. Executive further agrees that he promptly shall disclose to the Company any and all inventions, ideas, or works covered by this paragraph, and that he, if requested, shall promptly execute a specific assignment of title to
the Company for such inventions, ideas, or works, and that he shall take all reasonable actions necessary to enable the Company to secure patent, copyright or other protection in the United States and in foreign countries. If the Company is
unable because of Executive’s mental or physical incapacity to secure Executive’s signature to apply for or to pursue any application for any United States or foreign letters patent or copyright registrations covering inventions and original
works of authorship belonging to the Company hereunder, then Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as his agent and attorney in fact, to act for and in his behalf to execute
and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by him. Executive hereby
waives and quitclaims to the Company any and all claims, of any nature whatsoever, that he may hereafter have for infringement of any patents or copyright resulting from any such application for letters patent or copyright registrations belonging
to the Company hereunder.
8.2 As used in this
Agreement, the term “Confidential Information” includes so much of the Company’s information, knowledge, inventions, discoveries, ideas, research, methods, practices, processes, systems, formulae, designs, concepts, products, projects,
improvements and developments that have unique and special value to the Company, and that are not generally known to the public or its competitors. The term shall include but not be limited to (a) trade secrets, as defined by law; (b)
information relating to possible store locations or acquisitions, current or possible new products or services to be offered for sale in the Company’s stores, operating methods or procedures used in the business of the Company, in each case, that
are not generally known to the public, other than as a result of Executive’s breach of this Agreement; (c) financial condition, profits, and indebtedness of the Company; (d) people and entities with whom the Company has existing or prospective
business and employment relationships and information the Company has or may receive regarding those relationships, in each case, that are not generally known to the public, other than as a result of Executive’s breach of this Agreement; (e)
information the Company has received from others that carries an obligation to treat it as confidential or proprietary; and (f) other matters or details not otherwise publicly disclosed, including disclosures in the Company’s filings with the
U.S. Securities and Exchange Commission (“SEC”) whether in the form of memoranda, reports, computer software and data banks, customer lists, employee lists, books, records, financial statements, manuals, papers, contracts or strategic plans.
8.3 Executive
acknowledges that the Company competes with other organizations that are or could be located in any of the states in which the Company does business. Executive further acknowledges that in the course of the Company’s business, it has amassed a
significant body of Confidential Information, which has been acquired over a number of years and at great expense, to which Executive will be provided access in order to perform his duties at the Company, and that Executive will add to the
Confidential Information during the course of his employment. Executive further acknowledges that the Confidential Information is and shall remain the sole and exclusive property of the Company, and that the Company has proprietary interests in
maintaining the secrecy of its Confidential Information. Executive further acknowledges that as a result of the services to be rendered to the Company hereunder, Executive will be brought into close contact with Confidential Information of the
Company, its subsidiaries and affiliates that is not readily available to the public.
8.4 Executive shall
hold in a fiduciary capacity for the benefit of the Company all Confidential Information of the Company or any of its subsidiaries, and their respective businesses, which shall have been obtained by Executive during Executive’s employment by the
Company or any of its subsidiaries and which shall not be or become public knowledge (other than by acts by Executive or his representatives in violation of this Agreement). Specifically, during his employment, Executive shall exercise the
utmost care to safeguard the Confidential Information and, except as required or appropriate in the proper performance of his duties to the Company, shall only Disclose (as defined below) the Confidential Information as directed or permitted by
the Company and in order to further the Company’s best interests, as required to comply with a validly issued court order or administrative subpoena. Except as required for the proper performance of his duties, Executive shall not copy any
documents, data, tapes, or other media containing the Confidential Information or remove any of the Confidential Information. During his employment, Executive shall, upon the request of the Company, immediately return any and all of the
Confidential Information in Executive’s possession, custody, or control. For purposes of this provision, “Disclose” shall mean to directly or indirectly divulge, convey, reproduce, summarize, reformat, show, discuss, use, or tangibly possess in
verbal, written, or electronic form, the Confidential Information.
8.5 Upon termination of
the employment relationship between Executive and the Company, regardless of the reason, Executive shall immediately return to the Company any and all Confidential Information within Executive’s possession, custody, or control. In addition,
Executive shall immediately return to the Company all Company-owned property, including keys, passwords, passcards, identification cards, credit cards, vehicles, computers, printers, pagers, smart phones and PDAs. In addition, upon termination
of the employment relationship between Executive and the Company, regardless of the reason, without the prior written consent of the Company, Executive shall not ever Disclose any Confidential Information other than to those designated by the
Company, or except as may be required to comply with a validly issued court order or administrative subpoena or as contemplated under Section 8.8 below.
8.6 Executive
acknowledges that part of the information included in Confidential Information in this Section 8 includes information regarding the Company’s personnel (including information about salaries, duties, qualifications, performance levels, and terms
of compensation of other employees), customers and suppliers. Executive agrees that during the time Executive is employed by the Company and for a period of two (2) years following the date of the termination of Executive’s employment
relationship with the Company, regardless of the reason for the termination, Executive shall not directly or indirectly (such as by providing information or assistance to any other person or entity) (i) encourage any person who was an employee of
the Company during the time Executive was employed by the Company to leave the employ of the Company, or (ii) interfere with, disrupt or attempt to disrupt, any existing relationship, contractual or otherwise, between the Company, its
subsidiaries or affiliated entities, and any customer, client, supplier or agent of the Company.
8.7 Executive agrees
that during the time Executive is employed by the Company and for a period of two (2) years following the date of termination of the employment relationship between Executive and the Company, regardless of the reason for the termination,
Executive shall not, directly or indirectly, own, manage, operate, control be employed by (whether as an employee, consultant, independent contractor or otherwise, and whether or not for compensation) or render services to any person, firm,
corporation or other entity, in whatever form, that is a competitor of the Company without the prior written consent of the Company, which may be granted or withheld by the Company in its sole and absolute discretion. Notwithstanding the
foregoing, nothing herein shall prohibit Executive from owning not more than 2% of the equity securities of a publicly traded corporation engaged in a business that is a competitor of the Company or any of its subsidiaries, so long as the
Executive (a) has no active participation in the business of such corporation and (b) is not a controlling person of, or a member of a group which controls, such publicly traded corporation. For purposes of this Section 8.7, the word
“competitor” means any person or entity engaged, directly or indirectly through a subsidiary or affiliate, in the business of operating retail “convenience stores”; gasoline stations, travel plazas or other vehicle fuel outlets; or “quick serve”
pizza restaurants or other “fast food” pizza outlets, in each case, in two or more states, at least one of which is a state in which the Company has operations or that Executive knows is a state in which the Company is actively considering the
establishment of operations.
8.8 (a) This Agreement
is not intended to limit or restrict, and shall not be interpreted in any manner that limits or restricts, Executive from exercising any legally protected whistleblower rights (including pursuant to Section 21F of the Securities Exchange Act of
1934 (“Section 21F”)) or receiving an award for information provided to any government agency under any legally protected whistleblower rights. Notwithstanding anything in this Agreement to the contrary, nothing in or about this Agreement
prohibits Executive from: (i) filing and, as provided for under Section 21F, maintaining the confidentiality of a claim with the SEC; (ii) providing Confidential Information to the SEC, or providing the SEC with information that would otherwise
violate this Section 8, to the extent permitted by Section 21F; (iii) cooperating, participating or assisting in an SEC investigation or proceeding without notifying the Company; or (iv) receiving a monetary award as set forth in Section 21F.
(b) Executive acknowledges that Executive has been notified that under the Defend Trade Secrets Act: (i) no individual will be held criminally or
civilly liable under federal or state trade secret law for disclosure of a trade secret (as defined in the Economic Espionage Act) that is: (x) made in confidence to a federal, state, or local government official, either directly or indirectly, or to
an attorney, and made solely for the purpose of reporting or investigating a suspected violation of law, or (y) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made
public; and (ii) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court
proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order
8.9 Upon termination of
the employment relationship between Executive and the Company, regardless of the reason, Executive shall cooperate with and respond to the Company’s reasonable requests for information or follow-up assistance pertaining to work Executive
performed on behalf of the Company or its subsidiaries or other matters in which Executive was involved or of which he was otherwise aware, including any investigation, administrative proceeding or litigation relating to any matter that occurred
prior to the date of his termination of employment from the Company. Executive’s cooperation shall include but not be limited to making himself available for interviews or testimony if reasonably requested by the Company’s legal department. The
Company shall reimburse Executive for any reasonable expenses incurred by Executive in connection with such requests or assistance if supported by required documentation (including Executive’s reasonable attorney fees and expenses incurred in
connection with such cooperation and assistance), and shall use commercially reasonable efforts to ensure that any such requested interviews or testimony do not interfere with Executive’s subsequent employment. Executive shall be free to choose
his own counsel. No payment made to Executive hereunder is intended to be or shall be interpreted as a payment for particular testimony or assistance with respect to the legal matters specified above or any other matter. Executive understands
that he is to provide his good faith assistance and agrees to provide truthful responses to any requests for information or testimony.
8.10 Upon termination of
the employment relationship between Executive and the Company, regardless of the reason, Executive agrees that he shall not knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes,
differences, grievances, claims, charges, or complaints by any third party, other than a law enforcement or authorized regulatory agency of the United States Government or any state or local government, against the Company or its subsidiaries.
Executive agrees that, in the event he is subpoenaed by any person or entity (including any government agency) to give testimony (in a deposition, court proceeding or otherwise) which in any way relates to Executive’s employment by the Company or
its subsidiaries, to the extent reasonably practicable and subject to all applicable legal requirements, Executive shall give prompt notice of such request to the Company pursuant to Section 14 and will make no disclosure until the Company and/or
its subsidiaries have had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure. Executive shall notify any such person or entity of Executive’s obligations with respect to confidentiality under this
Agreement, and any other applicable agreements, and Executive shall continue to honor such obligations in the course of responding to law enforcement or regulatory agency inquiries, as lawfully permitted and subject to the foregoing.
8.11 Executive agrees
that the remedy at law for any breach or threatened breach of any covenant contained in this Section 8 may be inadequate and that the Company, in addition to such other remedies as may be available to it, in law or in equity, shall be entitled to
injunctive relief without bond or other security.
8.12 In addition to any
other remedies that may be available to it under this Agreement, in the event of any breach by Executive of this Section 8, Executive shall forfeit without payment therefor all outstanding equity awards held by Executive, including any
outstanding awards granted pursuant to Section 3.3 hereof, and any unpaid portion of the Severance Pay and Benefits Continuation Payments; provided that, in the event such breach is
capable of cure (as determined by the Company in its reasonable discretion), Executive shall have a period of 30 days in which to cure such breach after receipt of written notice from the Company, and if such breach is so cured, then a breach
shall be deemed not to have occurred.
8.13 Although the
obligations and restrictions contained in this Section 8 are considered by the Parties hereto to be fair and reasonable in the circumstances, it is recognized that restrictions of such nature may fail for technical reasons, and accordingly it is
hereby agreed that if any of such restrictions shall be adjudged to be void or unenforceable for whatever reason, but would be valid if part of the wording thereof were deleted, or the period thereof reduced or the area dealt with thereby reduced
in scope, the obligations and restrictions contained in this Section 8 shall be enforced to the maximum extent permitted by law, and the Parties consent and agree that such scope or wording may be accordingly judicially modified in any proceeding
brought to enforce such restrictions.
8.14 Notwithstanding that
Executive’s employment hereunder may expire or be terminated as provided in Sections 2 or 7 above, this Agreement shall continue in full force and effect insofar as is necessary to enforce the covenants and agreements of the Company and the
Executive, including Executive’s obligations contained in this Section 8. In addition, for purposes of this Section 8, the Company shall mean the Company and its subsidiaries.
8.15 Executive
acknowledges and agrees that Executive is subject to the policies and procedures of the Company, as in effect from time to time, including the Code of Business Conduct and Ethics, the Company’s stock ownership policy and the Company’s clawback
policy related to incentive compensation.
| 9. |
SUCCESSORS AND ASSIGNS.
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9.1 Assignment by the Company. This Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of
the Company.
9.2 Assignment by Executive. Executive may not assign this Agreement or any part thereof; provided, however, that nothing herein shall preclude one or more beneficiaries of Executive from receiving any amount that may be payable following the occurrence of his legal incompetency or his death and shall not
preclude the legal representative of his estate from receiving such amount or from assigning any right hereunder to the person or persons entitled thereto under his will or, in the case of intestacy, to the person or persons entitled thereto
under the laws of the intestacy applicable to his estate.
| 10. |
GOVERNING LAW; JURISDICTION.
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This Agreement and any disputes arising hereunder or related hereto shall be governed by, and for all purposes shall be construed in accordance with, the laws of the State
of Iowa, without regard to the principles or rules of conflict of laws thereof. Unless the Parties agree otherwise, any legal action, suit or proceeding against either Party arising out of or in connection with this Agreement or disputes relating
hereto shall be brought exclusively in the United States District Court for the Southern District of Iowa or, if such court does not have subject matter jurisdiction, the state courts of Iowa located in Des Moines, Iowa. The Parties hereby consent
and agree to submit to the jurisdiction of the State of Iowa for purposes of enforcing this Agreement.
This Agreement is intended to satisfy, or be exempt from, the requirements of Code Section 409A and should be interpreted accordingly. For purposes of Code Section 409A,
any installment payments provided under this Agreement shall each be treated as a separate payment. Notwithstanding anything to the contrary in this Agreement, if any amount payable pursuant to this Agreement constitutes a deferral of compensation
subject to Code Section 409A, and if such amount is payable as a result of Executive’s “separation from service” at such time as Executive is a “specified employee” (within the meaning of those terms as defined in Code Section 409A), then no payment
shall be made, except as permitted under Code Section 409A, prior to the first business day after the date that is six (6) months after Executive’s separation from service. To the extent necessary to comply with Code Section 409A, if the Release
Period spans two (2) calendar years, payment of the Severance Pay described in Section 7.4 hereof shall be made in the second calendar year, and payment of the Benefits Continuation Payments described in Section 7.4 shall commence in the second
calendar year. Except for any tax amounts withheld by the Company from the payments or other consideration hereunder and any employment taxes required to be paid by the Company, Executive shall be responsible for payment of any and all taxes owed in
connection with the consideration provided for in this Agreement. To the extent required to avoid any accelerated taxation or penalties under Code Section 409A, amounts reimbursable to Executive under this Agreement shall be paid on or before the
last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursements (and in-kind benefits provided) during any one year may not affect amounts reimbursable or provided in any subsequent
year. Executive shall be solely responsible for the payment of any taxes and penalties incurred under Code Section 409A.
This Agreement and those plans and agreements referenced herein, including the Change of Control Agreement, contain all the understandings and representations between the
Parties hereto pertaining to the subject of the employment of Executive by the Company and supersede all undertakings, term sheets and agreements (including the 2019 Agreement), whether oral or in writing, if any there be, previously entered into by
them with respect thereto.
| 13. |
AMENDMENT OR MODIFICATION; WAIVER.
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No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing, signed by Executive and by a duly authorized
officer of the Company and approved in advance by the Board. Except as otherwise specifically provided in this Agreement, no waiver by either Party hereto of any breach by the other Party of any condition or provision of the Agreement to be
performed by such other Party shall be deemed a waiver of a similar or dissimilar provision or condition at the same or any prior or subsequent time.
Any notice to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally or sent by overnight mail, such as Federal Express,
addressed to the Party concerned at the address indicated below or to such other address as such Party may subsequently give notice of hereunder in writing:
If to Company:
Casey’s General Stores, Inc.
One Convenience Boulevard
Ankeny, Iowa 50021
Attn: General Counsel
If to Executive:
Darren M. Rebelez
(at Executive’s primary address on the books and records of the Company from time to time)
In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions or portions of this
Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law.
Anything to the contrary notwithstanding, all payments required to be made by the Company hereunder to Executive or his beneficiaries, including his estate, shall be
subject to withholding and deductions as the Company may reasonably determine it should withhold or deduct pursuant to any applicable law or regulation. In lieu of withholding or deducting, such amounts, in whole or in part, the Company may, in its
sole discretion, accept other provision for payment as permitted by law, provided it is satisfied in its sole discretion that all requirements of law affecting its responsibilities to withhold such taxes have been satisfied.
The respective rights and obligations of the Parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such
rights and obligations.
Headings of the sections of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the title of any
section. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.
Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission or electronic means (including by “pdf”) shall be effective as delivery of a manually executed counterpart of this Agreement.
| 20. |
KNOWLEDGE AND REPRESENTATION.
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Executive acknowledges that the terms of this Agreement have been fully explained to him, that Executive understands the nature and extent of the rights and obligations
provided under this Agreement, and that Executive has had the opportunity and sought such legal counsel in the negotiation and preparation of this Agreement as he has determined to be appropriate.
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first set forth above.
[Signature Page Follows]
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DARREN M. REBELEZ
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CASEY’S GENERAL STORES, INC.
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By:
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/s/ Darren M. Rebelez
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By:
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/s/ H. Lynn Horak
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Darren M. Rebelez |
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Name: H. Lynn Horak |
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Title: Chairman of the Board of Directors |
[Signature Page to Darren M. Rebelez Employment Agreement]
EXHIBIT A
EXECUTIVE’S EXISTING BOARD MEMBERSHIPS
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1. |
Globe Life Inc., Member of Board of Directors
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2. |
Children of Fallen Patriots Foundation, Member of Board of Advisors
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Form of General Release
[CASEY’S LETTERHEAD]
[DATE]
Darren M. Rebelez
Re: Separation and General Release
Dear Darren:
This general release agreement (“Release Agreement”) confirms our understanding and agreement with respect to the terms and conditions associated with
the separation of your employment from Casey’s General Stores, Inc. (“Casey’s” or the “Company”). Your employment with Casey’s ended on [●]. Your salary or wages, less applicable withholdings and deductions, has been or will be paid in full through
that date, pursuant to Section 7.4 of the Employment Agreement entered into by you and the Company on July 25, 2022, effective June 24, 2022 (the “Employment Agreement”).
1. In consideration of the “General Release”
you provide in Paragraph 2 below (as defined therein) and the other promises and representations you make in this Release Agreement, and subject to your compliance with Section 8 of the Employment Agreement, Casey’s agrees to provide you with the
Severance Pay and Benefits Continuation Payments (each as defined in the Employment Agreement) under Section 7.4 of the Employment Agreement (collectively, the “Release Pay”).
(a) You acknowledge and represent that, except
with regard to the Release Pay, all compensation and benefits due to you by Casey’s, whether by contract or by law, have been paid in full, and you have been provided all rights and benefits to which you are entitled without interference by
Casey’s, including but not limited to vacation, sick time, paid or unpaid time off, Family and Medical Leave (“FMLA”), accommodation for any disability, and any contractual rights or privileges, and that you have no outstanding claims for any
compensation or benefits.
(b) You further acknowledge and represent that
the consideration provided by Casey’s in this Release Agreement is adequate and satisfactory in exchange for the General Release provided by you in Paragraph 2 below (including subparagraphs a, b, and c) and for the other commitments you make to
Casey’s in this Release Agreement.
(c) In the event this Release Agreement does
not take effect (as provided in Paragraph 8), Casey’s shall have no obligation to provide you with the Release Pay described above.
2. General Release: In exchange for the
Release Pay set forth in Paragraph 1 above, and other consideration provided to you in this Release Agreement, you hereby agree unconditionally to release, acquit, and forever discharge Casey’s, and all of its parents, subsidiaries, affiliates,
predecessors, successors, and assigns, and all of their current and former owners, shareholders, general or limited partners, joint venturers, directors, officers, employees, agents, representatives, and attorneys, and any persons acting by,
through, under, or in concert with any of them, and all successors and assigns thereof (collectively, “Released Parties”) from any and all claims, charges, complaints, demands, liabilities, obligations, promises, agreements, controversies,
damages, actions, causes of action, suits, rights, entitlements, costs, losses, debts, and expenses (including attorneys’ fees and legal expenses), of any nature whatsoever, whether or not you know about them at the time this Release Agreement
becomes effective and enforceable, and even if you would not have entered into this Release Agreement had you known about them, which you now have or may later claim to have against the Released Parties, individually or collectively, because of
any matter, act, omission, transaction, occurrence, or event that has or is alleged to have occurred up to the date you sign this Release Agreement and is related in any way to Casey’s, its operations, your employment with Casey’s, or your
separation from said employment, other than as set forth in Section 2(c) below (collectively, “Claims”). You hereby waive any right to receive any benefits or remedial relief as a consequence of any Claims filed with or by the Equal Employment
Opportunity Commission (the “EEOC”), any other state or federal agency or any other person or entity (governmental or otherwise), including any class or collective action lawsuit or complaint filed by any individual or entity against any of the
Released Parties (such waiver together with the release in preceding sentence, the “General Release”). This General Release does not release or waive any rights or claims that may
arise after the date this Release Agreement is executed.
(a) Without limiting the General Release
above, you also knowingly and voluntarily waive and release any and all Claims under the Age Discrimination in Employment Act, codified at Chapter 14 of Title 29 of the United States Code, 29 U.S.C. § 621-634 (the “ADEA”). However, you are not
releasing any age discrimination claims that may arise under the ADEA after the date this Release Agreement becomes effective (as provided in Paragraph 8).
(b) Also without limiting the General Release
above, you knowingly and voluntarily waive and release any and all Claims under:
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(1) |
Title VII of the Civil Rights Act of 1964, as amended, and 42 U.S.C. § 1981 and 42 U.S.C. § 1983;
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(2) |
The Equal Pay Act and the Fair Labor Standards Act, as amended;
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(3) |
The Americans with Disabilities Act;
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(5) |
The Employee Retirement Income Security Act of 1974 and The Consolidated Omnibus Budget Reconciliation Act;
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(6) |
The Occupational Safety and Health Act of 1970;
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(7) |
The Rehabilitation in Employment Act;
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(8) |
The Older Workers Benefits Protection Act;
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(9) |
Any and all claims based on “public policy”;
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(10) |
Any and all claims under any federal, state or local laws pertaining to employment, employment compensation, or employment benefits; personal injury; injury to reputation; injury to property;
intentional torts; negligence; wrongful termination; constructive discharge; retaliation; discrimination; harassment; breach of express or implied contract; promissory estoppel, misrepresentation, and any and all claims for recovery of lost
wages or back pay, stock options, fringe benefits, pension benefits, liquidated damages, front pay, compensatory and/or punitive damages, attorneys’ fees, injunctive or equitable relief, or any other form of relief; and
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(11) |
Any and all other claims of any kind based on any federal, state, or local constitution, statute, law, rule, regulation, judicial doctrine, contract, or common law, or other theory arising out of any
matter, act, omission, transaction, occurrence, or event that has occurred or is alleged to have occurred up to the effective date of this Release Agreement, whether or not involving alleged continuing violations.
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(c) You also agree to secure the dismissal,
with prejudice, of any proceeding, grievance, action, charge or complaint, if any, that you or anyone else on your behalf has filed or commenced against Casey’s or any of the other Released Parties with respect to any matter involving your
employment with Casey’s, your separation from employment with Casey’s or any other matter that is the subject of the General Release. Notwithstanding the foregoing, nothing in this Release Agreement is intended to limit or interfere in any way
with the ability of either you or Casey’s to consult legal counsel, to provide testimony pursuant to a subpoena or notice of deposition or as otherwise required by law. Nothing in
this Release Agreement is intended to cause you to waive or release any claim which cannot be validly waived or released by private agreement. Specifically, nothing in this Release Agreement prohibits you from filing a charge or complaint
with, reporting possible violations of any law or regulation, making disclosures to, and/or participating in any investigation or proceeding conducted by any federal, state, or local agency, including the National Labor Relations Board (the
“NLRB”), the EEOC, the Securities and Exchange Commission (the “SEC”), the Department of Fair Employment and Housing (the “DFEH”) and/or any governmental authority charged with the enforcement of any employment laws. However, you understand
that by signing this Release Agreement you are waiving the right to recover any damages or to receive other relief in any claim or suit brought by or through the EEOC, the DFEH or any other state or local federal agency on your behalf to the
fullest extent permitted by law. Notwithstanding the foregoing, this Release Agreement is not intended to, and shall not be interpreted in any manner that limits or restricts you from, exercising any legally protected whistleblower rights
(including pursuant to Rule 21F under the Securities Exchange Act of 1934) or receiving an award for information provided to any government agency under any legally protected whistleblower rights. This General Release is not intended to, and shall not, serve as a release of your rights to (i) the Accrued Obligations (as defined in the Employment Agreement) or (ii) advancement and indemnification in respect of
your service as a director or officer of the Company or any of its subsidiaries, which shall continue without regard to the termination of the Employment Agreement or your employment with the Company.
3. You acknowledge that all, if any, known
workplace injuries or occupational diseases were timely reported to Casey’s and that currently you have no known workplace injuries or occupational diseases that have not been reported. You further acknowledge that you have no pending workers’
compensation claims and that this Release Agreement is not related in any way to any claim for workers’ compensation benefits, and that you have no basis for such a claim.
4. You covenant and agree that you will not
disclose the existence or terms of this Release Agreement to any person except (a) licensed attorney(s) for the purpose of obtaining legal advice; (b) licensed or certified accountant(s) for the purpose of preparing tax returns or other financial
services; (c) in formal proceedings to enforce the terms of this Release Agreement; or (d) as required by law or court order, provided that, if permitted by applicable law, you give Casey’s enough advance notice prior to any disclosure pursuant
to subsection (d) to intervene or take action as appropriate.
5. You acknowledge that you and the Company
continue to be bound by the terms of the Employment Agreement, including Section 8 thereof, and that you will not compete with Casey’s, solicit Casey’s employees and customers or use or disclose Confidential Information (as defined in the
Employment Agreement) except as may be permitted under the Employment Agreement (such obligations, “Restrictive Covenants”). You acknowledge that this Release Agreement supersedes any and all previous agreements between you and Casey’s (except
for the Restrictive Covenants), and that Casey’s has made no promise to you other than what is written in this Release Agreement or the Employment Agreement or what is set forth in the Benefit Plans and Agreements (as defined in the Employment
Agreement), with respect to the subject matter referred to in this Release Agreement. You further acknowledge that all rights and obligations under this Release Agreement shall be binding upon and be granted only to you, your heirs, legatees and
legal representatives and to Casey’s and each of the other Released Parties and their respective successors, assigns, heirs, legatees and legal representatives. You also agree not to assign or transfer any rights or obligations under this
Release Agreement. If a court of competent jurisdiction finds that any portion of this Release Agreement is illegal or invalid, that portion will be modified or excluded from the Release Agreement only to the extent required by law, but the
validity of the remaining portion will not be affected.
6. By entering into this Release Agreement
neither Casey’s nor you claim or admit to any liability or wrongdoing and each denies that it has any liability to the other or has acted wrongly toward the other.
7. You and Casey’s agree that the laws of
the State of Iowa shall govern the interpretation and performance of this Agreement, and that any lawsuit regarding this Release Agreement may be brought only in a court of
competent jurisdiction within the State of Iowa.
8. Regarding the ADEA, you acknowledge,
understand, agree, and/or declare the following:
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(a) |
Casey’s provided you with a copy of this Release Agreement before you signed it, and you have carefully read and fully understand Release the Agreement, and knowingly and voluntarily have decided to
enter into this Release Agreement, after having had a reasonable time to consider it.
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(b) |
Casey’s hereby advises you to consult with and have this Release Agreement reviewed by an attorney before you sign it.
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(c) |
In exchange for waiving any rights or claims, including rights or claims under the ADEA, you have received valid and sufficient consideration pursuant to this Agreement, and such consideration is in
addition to anything of value to which you already were entitled.
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(d) |
You have been given a period of at least twenty-one (21) calendar days within which to consider this Release Agreement. Changes to the Release Agreement, whether material or immaterial, have not
restarted the running of this twenty-one (21) day period.
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(e) |
You may revoke this Release Agreement for a period of seven (7) calendar days following the date you signed the Agreement (the “Revocation Period”). The Release Agreement will not become effective
or enforceable until the Revocation Period has expired. If you choose to revoke the Release Agreement, you must notify Casey’s in writing, and personally deliver the notice or deposit it in the United States Mail, postage prepaid, certified,
or registered mail, return receipt requested, addressed to: Casey’s General Stores, Inc., One Convenience Boulevard, Ankeny, Iowa 50021, Attn: Corporate Secretary.
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(f) |
If you do not execute this Release Agreement within fifty-three (53) calendar days following the date of your termination of employment from the Company, or if you revoke this Release Agreement
before the expiration of seven (7) days after executing it, or, in each case, such longer period as may be required by applicable law, the Release Agreement will not become effective or enforceable, and you will not be entitled to receive any
payments or benefits provided under this Release Agreement.
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Accepting the terms of this Release Agreement, and intending to be bound by its terms, you and Casey’s have signed this Release Agreement as of the dates
shown below.
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DARREN M. REBELEZ
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CASEY’S GENERAL STORES, INC.
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[Signature Page to Darren M. Rebelez General Release]