Exhibit 10.27

 

GRANT OF STOCK OPTION

 

THIS GRANT OF STOCK OPTION, made and entered into as of the          day of
                    , 200   (the “Date of Grant”), is delivered by Casey’s
General Stores, Inc., an Iowa corporation (the “Company”) to              (the
“Director”), who is a member of the Board of Directors of the Company.

 

WHEREAS, the Board of Directors of the Company on August 29, 1994, adopted,
subject to subsequent approval by the shareholders, the Casey’s General Stores,
Inc. Non-Employee Directors’ Stock Option Plan (the “Plan”); and

 

WHEREAS, the Plan provides for the granting of stock options to Eligible
Non-Employee Directors of the Company (as defined in the Plan) to purchase, or
to exercise certain rights with respect to, shares of Common Stock of the
Company (the “Common Stock”), in accordance with the terms and conditions
thereof; and

 

WHEREAS, the Plan was approved by the shareholders of the Company on September
15, 1995; and

 

WHEREAS, the Director is an Eligible Non-Employee Director under the Plan and is
entitled to receive an Annual Option Award described in Section 5 of the Plan.

 

NOW, THEREFORE, in consideration of the premises, it is agreed by and between
the parties as follows:

 

1. Grant of Option. Subject to the terms and conditions hereinafter set forth,
the Company hereby grants to the Director, as of the Date of Grant, an option to
purchase up to Two Thousand (2,000) shares of Common Stock at a price of
$             per share (the “Option”), which the parties agree was the Option
price per share, as of the Date of Grant, determined as provided in the Plan.

 

2. Exercise of Option. The Option may be exercised by Director at any time, and
from time to time, in whole or in part, until the termination thereof as
provided in paragraph 4 hereof.

 

3. Method of Exercise. The Option shall be exercised by written notice directed
to the Secretary of the Company, stating the number of shares with respect to
which the Option is being exercised and the expected date of purchase, which
date shall be at least five days after the giving of such notice unless an
earlier time shall have been mutually agreed upon. Shares of Common Stock
purchased under the Option shall be paid for in full at the time of purchase.
Such payment shall be made in cash or by

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tender of shares of Common Stock as provided in the Plan, and no shares shall be
issued or delivered until full payment therefor has been made. Upon receipt of
such payment, the Company shall make immediate delivery of such shares; provided
that if any law or regulation requires the Company to take any action with
respect to the shares specified in such notice before the issuance thereof, then
the date of delivery of such shares shall be extended for the period necessary
to take such action.

 

4. Termination of Option. Except as herein otherwise stated, the Option to the
extent not heretofore exercised shall terminate upon the first to occur of the
following dates:

 

(a) In the event of Director’s death, the legal representatives or beneficiaries
of Director may exercise, within twelve (12) months following the date of
Director’s death, the Option as to those shares of Common Stock subject to the
Option at the time of Director’s death; or

 

(b) May 1, 20     (being the expiration of ten (10) years from the Date of
Grant).

 

5. Adjustment of Option. In the event of any change in the outstanding shares of
Common Stock by reason of any stock dividend or split, recapitalization, merger,
consolidation, spin-off, combination or exchange of shares or other corporate
change, or any distributions to common shareholders other than cash dividends,
the Company shall make such adjustment as it deems to be equitable in the number
and kind of shares of Common Stock subject to the Option or in the Option price.

 

6. No Rights of Shareholders. Neither the Director nor any personal
representative shall be, or shall have any of the rights of privileges of, a
shareholder of the Company with respect to any shares of Common Stock
purchasable or issuable upon the exercise of the Option, in whole or in part,
until the shares of Common Stock are issued by the Company.

 

7. Non-Transferability of Option. During the Director’s lifetime, the Option may
be exercised only by the Director and the Option shall not be transferable,
except for exercise by the Director’s legal representatives or beneficiaries as
provided in the Plan, nor shall the Option be subject to attachment, execution
or other similar process. In the event of (i) any attempt by the Director to
alienate, assign, pledge, hypothecate or otherwise dispose of the Option, except
as provided for herein, or (ii) the levy of any attachment, execution or similar
process upon the rights or interests hereby conferred, the Company may terminate
the Option by notice to the Director and it shall thereupon become null and
void.

 

8. Service as Director Not Affected. The granting of the Option or its exercise
shall not be construed as granting to the Director any right with respect to
continuation of service as a member of the Board of Directors of the Company.

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9. Notice. Any notice to the Company provided for in this instrument shall be
addressed to it in care of its Secretary at its executive offices at One
Convenience Boulevard, Ankeny, Iowa 50021, and any notice to the Director shall
be addressed to the Director at the current address shown on the records of the
Company. Any notice shall be deemed to be duly given if and when properly
addressed and posted by registered or certified mail, postage pre-paid, or
delivered in person.

 

10. Incorporation of Plan by Reference. The Option is granted pursuant to the
terms of the Plan, the terms of which are incorporated herein by reference, and
the Option and this instrument shall in all respects be interpreted in
accordance with the Plan. The CEO of the Company shall interpret and construe
the Plan and this instrument, and his interpretation and determinations shall be
conclusive and binding on the parties hereto and any other person claiming an
interest hereunder with respect to any issue arising hereunder or thereunder.

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IN WITNESS WHEREOF, the Company has caused its duly authorized officers to
execute and attest this Grant of Stock Option, and the Director has placed his
or her signature hereon, effective as of the Date of Grant.

 

CASEY’S GENERAL STORES, INC.

By:

 

 

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Ronald M. Lamb,

   

Chief Executive Officer

 

ATTEST:

By:

 

 

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John G. Harmon, Senior Vice President

   

and Secretary

ACCEPTED AND AGREED TO:

By:

 

 

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