Form 4: Murphy USA Director David B. Miller Receives and Defers Restricted Stock Units

Murphy USA Inc. Director David B. Miller was granted 64.528 fully-vested restricted stock units (RSUs) as part of his quarterly compensation, electing to defer their settlement until his board service termination.

Summary

• David B. Miller, a Director of Murphy USA Inc. (MUSA), acquired 64.528 Restricted Stock Units (RSUs) on June 30, 2025.
• These RSUs were granted under the 2023 Omnibus Incentive Plan.
• The RSUs are fully-vested and were issued in lieu of the reporting person's quarterly cash retainer(s).
• Miller has elected to defer the settlement of these RSUs, along with accrued dividend equivalent units, until his termination of service from the Board, in accordance with his deferral election form.
• Following this transaction, David B. Miller beneficially owns 657.794 derivative securities (RSUs).

Sentiment

Score: 6

Explanation: The filing is neutral to slightly positive, reflecting a routine compensation event that aligns director interests with the company's long-term performance through RSU awards and deferral.

Positives

• The grant of fully-vested Restricted Stock Units (RSUs) to Director David B. Miller aligns his interests with shareholders, as the value of his compensation is tied to the company's stock performance.
• The election to defer RSU settlement until termination of service indicates a long-term commitment from the director to the company.

Future Outlook

The filing indicates a long-term commitment from Director David B. Miller through his election to defer the settlement of his Restricted Stock Units until his termination of service from the Board.

Industry Context

This Form 4 filing is a standard disclosure of director compensation, a common practice across industries to align executive and board member interests with shareholder value. It does not provide broader industry trends or competitive insights.

Corporate Governance

Related Party Transactions

• The grant of 64.528 Restricted Stock Units to Director David B. Miller, as compensation in lieu of cash retainers, constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The RSU award aligns the director's financial interests with shareholder value, as the value of his compensation is tied to the company's stock performance. The deferral indicates a long-term commitment.
• Management/Board: Reflects standard compensation practices for board members, potentially encouraging long-term strategic focus.

Next Steps

• Settlement of the deferred Restricted Stock Units and accrued dividend equivalent units will occur upon David B. Miller's termination of service from the Board.

Key Dates

Recommendation

Keywords

Murphy USA, MUSA, Form 4, SEC filing, Restricted Stock Units, RSU, Director compensation, Executive compensation, Stock award, Deferred compensation, Corporate governance