Form 4: Murphy USA Director Receives RSU Grant

Murphy USA Inc. Director David B. Miller received 64.457 fully-vested Restricted Stock Units as part of his quarterly compensation, deferring settlement until board service termination.

Summary

• David B. Miller, a Director of Murphy USA Inc. (MUSA), was granted 64.457 Restricted Stock Units (RSUs) on December 31, 2025.
• These RSUs were awarded under the company's 2023 Omnibus Incentive Plan.
• The grant represents fully-vested RSUs issued in lieu of his quarterly cash retainer(s).
• Miller has elected to defer the settlement of these RSUs and any accrued dividend equivalent units until his termination of service from the Board.
• Following this transaction, Miller beneficially owns 791.772 derivative securities, which include accrued dividend equivalent units.

Sentiment

Score: 5

Explanation: The filing reports a routine equity compensation grant to a director, which is a neutral event in terms of company performance or outlook. It reflects standard corporate governance and compensation practices.

Positives

• The grant of fully-vested RSUs aligns the director's interests with long-term shareholder value.
• Deferral of RSU settlement until termination of service demonstrates a commitment to the company's long-term performance.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the deferral election for RSU settlement until the director's termination of service.

Industry Context

This is a routine insider transaction related to director compensation, common across publicly traded companies. It reflects standard corporate governance practices where non-employee directors receive a portion of their compensation in equity to align their interests with shareholders.

Corporate Governance

Related Party Transactions

• Director David B. Miller received 64.457 Restricted Stock Units as compensation, which is a transaction between the company and a related party (a director).

Stakeholder Impact

• Shareholders: The equity grant aligns the director's interests with long-term shareholder value.
• Employees: No direct impact on employees is indicated by this filing.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated by this filing.

Next Steps

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

Key Dates

Keywords

Murphy USA, MUSA, SEC Form 4, Restricted Stock Units, RSU, Director Compensation, Equity Grant, Insider Transaction, Omnibus Incentive Plan