Murphy USA (NYSE: MUSA) SVP exercises 1,200 options, sells 517 shares

Rhea-AI Filing Summary

Murphy USA Inc. senior vice president and Chief Fuels Officer Keith A. Emery reported an option exercise-and-sale transaction in company stock. On May 15, 2026, he exercised stock options for 1,200 shares of common stock and then disposed of all resulting shares.

He sold 517 shares of common stock in an open-market transaction at an average price of $574.49 per share. A total of 683 shares were withheld by the company at $576.20 per share to cover the option exercise price and applicable taxes, as described in the footnotes. The exercised options covered 700 shares at a conversion price of $263.48 per share expiring on February 8, 2030, and 500 shares at $181.18 per share expiring on February 9, 2029. After these transactions, the filing shows no remaining stock options in this grant and no shares of common stock held directly.

Insights

Equity compensation analyst

Routine option exercise with full liquidation of resulting shares.

Keith A. Emery, SVP and Chief Fuels Officer of Murphy USA Inc., exercised stock options for 1,200 shares of common stock and simultaneously disposed of all resulting shares. This pattern reflects a classic exercise-plus-sale structure rather than an open-market share purchase.

The filing shows 683 shares withheld by the company at $576.20 per share to cover the exercise price and taxes, and 517 shares sold in the open market at $574.49 per share. The exercised options carried strike prices of $263.48 and $181.18, with expirations in 2029 and 2030.

With derivativeSummary empty and total_shares_following_transaction for the options reported as zero, this grant appears fully exercised, and the non-derivative entries indicate no common shares held directly after the sale. The overall pattern is consistent with compensation-driven liquidity rather than a directional bet on the stock.

Insider Trade Summary

Net Seller: 517 shares ($297,011)

Net Sell 7 txns

Insider Emery Keith A.

Role SVP, Chief Fuels Officer

Sold 517 shs ($297K)

Type	Security	Shares	Price	Value
Exercise	Stock Option	500	$0.00	--
Exercise	Stock Option	700	$0.00	--
Exercise	Common Stock	500	$0.00	--
Tax Withholding	Common Stock	255	$576.20	$147K
Exercise	Common Stock	700	$0.00	--
Tax Withholding	Common Stock	428	$576.20	$247K
Sale	Common Stock	517	$574.49	$297K

Holdings After Transaction: Stock Option — 0 shares (Direct, null); Common Stock — 500 shares (Direct, null)

Footnotes (1)

1. Represents a net exercise of outstanding stock options. These shares were withheld by the Company for payment of the exercise price and applicable taxes, using the closing price on May 14, 2026, of $576.20. Award granted under the 2013 Long-term Incentive Plan. The option vests in two equal installments, the first half two years after the grant date and the final half three years after the grant date.

Key Figures

Open-market sale: 517 shares at $574.49/share Options exercised: 1,200 shares Shares withheld: 683 shares at $576.20/share +3 more

6 metrics

Open-market sale 517 shares at $574.49/share Common stock sale on May 15, 2026

Options exercised 1,200 shares Stock option exercises into common stock

Shares withheld 683 shares at $576.20/share Withheld for exercise price and taxes

Option strike price 1 $263.48/share 700-share option, expires February 8, 2030

Option strike price 2 $181.18/share 500-share option, expires February 9, 2029

Net open-market direction 517 net shares sold transactionSummary netBuySellShares

Key Terms

net exercise, tax-withholding disposition, Stock Option, 2013 Long-term Incentive Plan, +1 more

5 terms

net exercise financial

"Represents a net exercise of outstanding stock options."

tax-withholding disposition financial

"transaction_action": "tax-withholding disposition""

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

Stock Option financial

""security_title": "Stock Option""

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

2013 Long-term Incentive Plan financial

"Award granted under the 2013 Long-term Incentive Plan."

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Emery Keith A.

(Last) (First) (Middle)

200 E. PEACH STREET

MURPHY USA

(Street)

EL DORADO ARKANSAS 71730

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Murphy USA Inc. [ MUSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Chief Fuels Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/15/2026		M		500	A	$0	500	D
Common Stock	05/15/2026		F(1)		255	D	$576.2	245	D
Common Stock	05/15/2026		M		700	A	$0	945	D
Common Stock	05/15/2026		F(1)		428	D	$576.2	517	D
Common Stock	05/15/2026		S		517	D	$574.49	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option(2)	$181.18	05/15/2026		M			500	(3)	02/09/2029	Common Stock	500	$0	0	D
Stock Option(2)	$263.48	05/15/2026		M			700	(3)	02/08/2030	Common Stock	700	$0	0	D

Explanation of Responses:

1. Represents a net exercise of outstanding stock options. These shares were withheld by the Company for payment of the exercise price and applicable taxes, using the closing price on May 14, 2026, of $576.20.

2. Award granted under the 2013 Long-term Incentive Plan.

3. The option vests in two equal installments, the first half two years after the grant date and the final half three years after the grant date.

	/s/ Gregory L. Smith, attorney-in-fact	05/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Murphy USA (MUSA) executive Keith Emery do in this Form 4 filing?

Keith Emery exercised stock options and disposed of all resulting Murphy USA shares. He exercised options for 1,200 common shares, sold 517 shares in the open market, and had 683 shares withheld by the company to cover the exercise price and related tax obligations.

How many Murphy USA shares did Keith Emery sell, and at what price?

Emery sold 517 Murphy USA common shares in an open-market transaction. The reported average sale price was $574.49 per share, according to the Form 4. This sale occurred after he exercised stock options that delivered 1,200 shares of common stock on the same date.

How many Murphy USA stock options did Keith Emery exercise, and at what strike prices?

Emery exercised options covering a total of 1,200 Murphy USA common shares. The exercised options were 700 shares at a conversion price of $263.48 per share and 500 shares at $181.18 per share, with stated expiration dates in 2029 and 2030, respectively.

Why were some Murphy USA shares withheld instead of sold in the market?

Shares were withheld by Murphy USA to pay the option exercise price and taxes. The Form 4 notes 683 shares withheld at $576.20 per share, described as a net exercise where the company retained shares to satisfy both the exercise cost and applicable tax liabilities.

What are Keith Emery’s Murphy USA holdings after these reported transactions?

The Form 4 shows no directly held Murphy USA common shares or remaining options from this grant. Non-derivative totals after the sale are reported as zero shares, and derivative option positions related to the 700- and 500-share grants show totals of zero following exercise.

Were Keith Emery’s Murphy USA options part of an incentive plan?

Yes, the exercised options were granted under a Murphy USA long-term incentive plan. A footnote specifies the award was granted under the 2013 Long-term Incentive Plan, with vesting in two equal installments two and three years after the original grant date.