Form 4: Murphy USA SVP Fuels Reports Equity Transactions

Keith A. Emery, SVP Fuels at Murphy USA, reported the vesting of performance-based restricted stock units and the grant of new equity awards.

Summary

• Keith A. Emery, SVP Fuels at Murphy USA Inc. (MUSA), reported several equity transactions on February 11, 2026.
• Acquired 838 shares of common stock from the vesting and settlement of performance-based restricted stock units, which included 165.3% of the original award plus dividend equivalents.
• Disposed of 368 shares of common stock at a price of $363.36 per share to cover tax liabilities related to the PSU vesting.
• Received a grant of 809 stock options with an exercise price of $380.92, vesting in two equal installments over two and three years, and expiring on February 11, 2033.
• Received grants of 490 and 1,226 Performance Stock Units (PSUs) and 245 and 1,226 Restricted Stock Units (RSUs).
• Following these transactions, Emery directly beneficially owns 899 shares of common stock, 809 stock options, 1,190 PSUs, and 2,421.348 RSUs (597.674 + 1,823.674).

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive indicator of executive retention and alignment with shareholder interests, reflecting the successful vesting of performance awards and ongoing incentive grants.

Positives

• Vesting of 838 performance-based restricted stock units, indicating achievement of performance targets.
• Grant of 809 new stock options, aligning management incentives with shareholder value.
• Grant of additional Performance Stock Units (PSUs) and Restricted Stock Units (RSUs).

Negatives

• Disposal of 368 shares of common stock to cover tax liabilities, reducing direct share ownership.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that these transactions represent routine executive compensation activities, including the vesting of previously awarded performance-based units and the grant of new equity incentives. Such activities are common across the energy and retail sectors to align executive interests with long-term company performance.

Comparison to Industry Standards

• The structure of equity awards, including performance-based restricted stock units, restricted stock units, and stock options, is consistent with common executive compensation practices observed in the retail fuel and convenience store industry.
• Companies like Casey's General Stores (CASY) and Alimentation Couche-Tard (ATD.B.TO) frequently utilize similar long-term incentive plans to retain and motivate key executives.
• The vesting schedule for stock options (two and three years) and the inclusion of dividend equivalents on RSUs are standard features designed to encourage long-term commitment and reward sustained performance.

Stakeholder Impact

• Shareholders: The vesting of performance-based awards suggests management achieved targets, potentially benefiting shareholders. New equity grants align executive incentives with long-term shareholder value creation.
• Employees: Reflects standard executive compensation practices, which can influence broader employee incentive structures.

Next Steps

• Stock options will vest in two equal installments, two and three years after the grant date.

Key Dates

Recommendation

This Form 4 details routine executive compensation activities, including the vesting of performance awards and the grant of new equity. While these transactions align executive incentives with company performance, they do not provide new fundamental information to warrant a change in investment recommendation. The stock's performance should continue to be evaluated based on broader financial results and market conditions.

Keywords

Murphy USA, MUSA, SEC Form 4, Insider Trading, Equity Grant, Stock Options, Restricted Stock Units, Performance Stock Units, Executive Compensation, Keith A. Emery