Form 4: Murphy USA Director Keyes Acquires Additional Dividend Equivalent Units

Director James W. Keyes acquired additional dividend equivalent units related to restricted stock units in Murphy USA Inc.

Summary

• On June 3, 2024, James W. Keyes, a director of Murphy USA Inc., acquired dividend equivalent units related to previously granted restricted stock units (RSUs).
• These units were accrued under the 2013 Stock Plan for Non-employee Directors and the 2023 Omnibus Plan.
• Specifically, 0.788 dividend equivalent units were accrued related to RSUs granted on February 10, 2022, resulting in a total of 9.533 units.
• Additionally, 0.441 dividend equivalent units were accrued related to RSUs granted on February 15, 2024, resulting in a total of 0.894 units.
• Each dividend equivalent unit represents the right to receive one share of Murphy USA common stock, subject to the terms and conditions of the corresponding RSUs.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects standard director compensation practices and alignment with shareholder interests.

Positives

• The accrual of dividend equivalent units indicates continued alignment of the director's interests with those of the shareholders.
• The director is accumulating more rights to receive common stock through the dividend equivalent units.

Future Outlook

The director will continue to accrue dividend equivalent units as long as they hold the underlying restricted stock units.

Industry Context

This filing is a routine disclosure related to director compensation and equity ownership, common in publicly traded companies. It reflects standard practices for aligning director interests with shareholder value through equity-based compensation.

Comparison to Industry Standards

• Equity compensation for board members is a common practice across the industry.
• Companies like Marathon Petroleum (MPC) and Valero Energy (VLO) also use restricted stock units and dividend equivalent programs to compensate their directors.
• The specific amounts and terms of these programs vary, but the underlying principle of aligning director interests with shareholder value remains consistent.

Stakeholder Impact

• The accrual of dividend equivalent units has a minor positive impact on shareholders by aligning director interests with shareholder value.

Key Dates