Emery Keith A. 4

What Happened

• Keith A. Emery, SVP Fuels at Murphy USA (MUSA), had performance-based and other equity awards vest/convert on 2026-02-11. The filing shows a series of acquisitions/settlements (totaling 3,608 shares) and share dispositions used to cover taxes and settlements.
• Specifics: acquisitions/settlements include 838 shares (exercise/conversion) and grant/award entries of 809, 490, 245, and 1,226 shares (total acquired 3,608). Dispositions include 368 shares withheld for taxes at $363.36 per share (value ≈ $133,716) and 500 shares shown as disposed (reported $0 value). Net from these entries: +2,740 shares.
• This activity reflects awards vesting/settlement rather than an open-market purchase; the 368-share disposition is tax withholding (a routine administrative sale).

Key Details

• Transaction date: 2026-02-11; Form 4 filed 2026-02-13 (timely).
• Prices reported: most awards/settlements at $0.00 (typical for vested RSUs/PSUs); 368 shares withheld at $363.36 each (≈ $133,716).
• Net change from listed entries: +2,740 shares (3,608 acquired − 868 disposed/withheld).
• Shares owned after the transactions: not specified in the filing.
• Notable footnotes: F1 indicates performance-based RSUs vested and settled at 165.3% of the original award plus dividend equivalents; F2 confirms shares withheld to cover taxes; F3/F7 identify the applicable incentive plans; F6 notes dividend equivalents accrued. F5/F4 are plan mechanics references for conversion/exercise/vesting schedules.
• Filing timeliness: appears timely (filed two days after the transaction date).

Context

• These were primarily award vestings/derivative conversions (codes A and M). The 368-share disposition is a tax-withholding event (code F), a routine administrative action that does not necessarily indicate selling for investment reasons. The transactions do not reflect an open-market buy/sell intention by the insider.