Chris Click - EVP, Strategy, Growth & Innovation | Murphy USA (MUSA) Executive Profile & Compensation

About Chris Click

Chris A. Click is Executive Vice President, Strategy, Growth & Innovation at Murphy USA, effective March 1, 2024, after previously serving as SVP, Strategy & Analytics . He currently oversees Asset Development, Strategy, Legal, and Human Resources . Education: MBA, Northwestern University (Kellogg); BA (History), Texas A&M University . Age: 52 . Tenure in current role began March 1, 2024 . Company performance context: 3-year TSR of 38.8% to 12/31/24 and 2024 Adjusted EBITDA of $1,006.8MM, Net Income $502.5MM .

Past Roles

Organization	Role	Years	Strategic Impact
Murphy USA	SVP Strategy & Development	2020–2024	Led corporate strategy and development prior to EVP promotion
KPMG	Principal, Advisory; Oil & Gas Strategy Leader	2014–2020	Led oil & gas strategy advisory practice
Strategy& (PwC), formerly Booz & Co.	Vice President and Partner	2004–2014	Partner in management consulting focused on strategy/transformation
JPMorgan Chase	Investment Banking Associate	1994–2001	Corporate finance and capital markets experience

External Roles

No public company directorships or external governance roles disclosed for Click in Murphy USA filings or IR pages .

Fixed Compensation

Metric	2023	2024
Base Salary (actual paid)	$466,667	$515,161
Base Salary Rate (effective year)	$470,000	$550,000 (effective March 2024)
Target Bonus % of Salary	75%	75%
All Other Compensation	$87,952	$103,974
Total Compensation	$1,595,987	$1,799,531

Performance Compensation

Metric	Weighting	Threshold	Target	Max	Actual	Payout % of Target	Weighted Score
Adjusted EBITDA ($MM)	40%	1,000.0	1,100.0	1,200.0	1,006.8	53.4%	21.4%
Fuel Volume (K-gal APSM)	20%	239.3	244.0	248.3	240.6	64.1%	12.8%
Fuel Contribution ($MM)	10%	1,395.0	1,580.0	1,615.0	1,469.7	70.2%	7.0%
Merchandise Contribution ($MM)	15%	850.0	870.0	890.0	833.7	0.0%	0.0%
Coverage Ratio (%)	15%	95.0	96.8	98.6	96.3	86.1%	12.9%
Total Corporate Score	100%	—	—	—	—	—	54.1%

AIP Outcome (2024)	Target ($)	AIP % Achieved	Actual Bonus ($)
Chris A. Click	$382,454 (prorated across promotion timing)	54.1%	$206,908

LTI Design (2024 grants)	Weighting	Vesting	Performance Metrics
Stock Options	25%	50% at year 2; 50% at year 3; 7-year term	Inherent linkage to stock price
RSUs	25%	Cliff vest at year 3	Time-based; dividend equivalents paid only if vest
PSUs	50%	Cliff vest at year 3 (subject to certification)	50% ROACE vs target; 50% relative TSR vs peer group; 0–200% payout

PSU Achievement (2022–2024 cycle)	Weighting	Threshold	Target	Max	Actual	Payout
ROACE (%)	50%	13.0	14.5	16.0	27.1	200%
Relative TSR (percentile)	50%	25th	50th	75th	94.1	200%
Total Payout	100%	—	—	—	—	200%

Equity Ownership & Alignment

Ownership (as of record date 3/4/2025)	Personal Shares	Equity Awards Settling ≤60 days	Total Beneficial	% Outstanding
Chris A. Click	4,414	2,050	6,464	<1%

Outstanding Options (12/31/2024)	Grant Date	Unexercisable (#)	Exercise Price ($)	Expiration
Option Award	02/09/2022	1,200	181.18	02/09/2029
Option Award	02/08/2023	1,700	263.48	02/08/2030
Option Award	02/15/2024	1,700	392.66	02/15/2031

Unvested RSUs (12/31/2024)	Grant Date	RSUs (#)	Market Value ($)
RSU	02/09/2022	710	$356,243
RSU	02/08/2023	555	$278,471
RSU	02/15/2024	553	$277,468

Unvested PSUs (12/31/2024)	Grant Date	PSUs at Max (#)	Market/Payout Value ($)
PSU (earned cycle)	02/09/2022	2,838 (earned and vested early 2025)	$1,423,967
PSU (outstanding)	02/08/2023	2,220	$1,113,885
PSU (outstanding)	02/15/2024	2,212	$1,109,871

Stock ownership guidelines for EVPs: 3x annual salary; all NEOs met or were on track by 12/31/2024 . Pledging policy prohibits pledging until guideline met; none of the directors or executive officers had pledged as of 12/31/2024 . Hedging is prohibited for directors, officers, and employees .

Vesting Schedule (Key Upcoming)

Award Type	Grant Date	Standard Vest Policy	Next Vest Date(s)	Quantity
RSUs	02/09/2022	Cliff vest at 3 years	02/09/2025	710
RSUs	02/08/2023	Cliff vest at 3 years	02/08/2026	555
RSUs	02/15/2024	Cliff vest at 3 years	02/15/2027	553
PSUs	02/08/2023	Cliff vest at 3 years, subject to metrics	02/08/2026	Up to 2,220 (max)
PSUs	02/15/2024	Cliff vest at 3 years, subject to metrics	02/15/2027	Up to 2,212 (max)
Options	02/08/2023	50% at year 2; 50% at year 3	02/08/2025; 02/08/2026	1,700
Options	02/15/2024	50% at year 2; 50% at year 3	02/15/2026; 02/15/2027	1,700

Employment Terms

No employment, change-in-control or termination agreements for NEOs other than the CEO; Click is covered by plan-level provisions only .
Modified double-trigger for equity granted in 2023+ upon change-in-control (accelerates only if qualifying termination within two years or awards not assumed) .
Termination provisions for NEOs: involuntary termination without cause → RSUs granted in 2023+ accelerate pro-rata; other unvested awards forfeited. Death/disability → RSUs accelerate (full for 2023+; otherwise pro-rata), PSUs pro-rata subject to actual performance, 2023+ options accelerate; retirement → 2023+ RSUs and options accelerate subject to one-year-from-grant condition; PSUs pro-rata subject to actual performance .
Clawbacks: Dodd-Frank mandated policy adopted Aug 2023 plus supplemental misconduct-based recoupment across AIP and equity plans; CEO/CFO also subject to SOX clawbacks .
Insider trading and governance: Section 16 compliance noted with minor late filings for other directors; none indicated for Click . Say-on-Pay support 97.1% in May 2024 .

Compensation Structure Details (Year-over-Year)

Component	2023	2024	Observations
Salary	$466,667	$515,161	Increase aligned with EVP promotion effective March 2024
Stock Awards (RSUs/PSUs)	$471,427	$745,195	Higher equity grant value in 2024 reflecting expanded role
Option Awards	$150,501	$228,293	Larger option grant in 2024
Non-Equity Incentive (AIP)	$419,440	$206,908	Lower payout driven by 54.1% corporate score
Total	$1,595,987	$1,799,531	Mix shifted further to equity; cash variable reduced

Equity Alignment and Roles

Role scope: Responsible for Asset Development, Strategy, Legal, and HR in EVP role .
Promotion announcement: EVP Strategy, Growth & Innovation effective March 1, 2024; added responsibility for Asset Development and Digital Transformation .

Performance Compensation — Detailed Plan Table (Click)

Metric	Weight	Target (Click-specific)	Actual (Click-specific)	Vesting
Annual Incentive (AIP)	—	$382,454 target (prorated)	$206,908 paid	Paid Mar 2025
PSUs – ROACE	25% of LTI	Company 3-year ROACE target (set at period start)	ROACE 27.1%; PSU payout 200% (cycle ended 2024)	Cliff vest at 3 years
PSUs – Relative TSR	25% of LTI	50th percentile = 100%; 75th = 200%	TSR 94.1 percentile; PSU payout 200% (cycle ended 2024)	Cliff vest at 3 years
RSUs	25% of LTI	550 units granted 02/15/2024	Unvested at 12/31/2024	Cliff vest at 3 years
Options	25% of LTI	1,700 options @ $392.66 (02/15/2024)	Unexercisable at 12/31/2024	50% vest at year 2; 50% at year 3

Investment Implications

Pay-for-performance alignment: AIP paid at 54.1% reflecting operational outcomes; PSU cycle paid at 200% on outsized ROACE and top-decile TSR, directly linking upside to value creation metrics .
Retention and insider-selling pressure: Material unvested RSUs (710/555/553) and PSUs (2,220 and 2,212 at max) plus options maturing through 2027 create retention incentives and potential scheduled selling around vesting; option strikes ($181.18, $263.48, $392.66) versus $501.75 year-end price indicate in-the-money optionality at 12/31/2024 .
Governance risk mitigants: No individual employment/CIC agreement for Click; modified double-trigger equity vesting; strict clawbacks; prohibitions on hedging/pledging and guideline-based ownership requirements reduce misalignment risk .
Ownership skin-in-the-game: Beneficial ownership of 6,464 shares (<1%) plus substantial unvested equity; EVP guideline 3x salary with Company disclosure that NEOs are on track to comply supports alignment .
Organizational leverage: Expanded remit across Asset Development, Strategy, Legal, HR indicates influence on capital allocation and growth initiatives, a lever for execution and value creation .

Additional context: Murphy USA’s Say-on-Pay received 97.1% support in May 2024, suggesting broad shareholder endorsement of compensation design used for NEOs including Click .

Sources:
**[1573516_0001573516-25-000021_musa-20250318.htm:28]** DEF 14A – NEO list and appointment timing
**[1573516_0001573516-25-000021_musa-20250318.htm:33]** DEF 14A – Base salary rates and target bonus %
**[1573516_0001573516-25-000021_musa-20250318.htm:34]** DEF 14A – AIP metrics, weightings, outcomes
**[1573516_0001573516-25-000021_musa-20250318.htm:35]** DEF 14A – Individual AIP target and payout
**[1573516_0001573516-25-000021_musa-20250318.htm:36]** DEF 14A – LTI design, weightings, vesting
**[1573516_0001573516-25-000021_musa-20250318.htm:37]** DEF 14A – PSU cycle results (200% payout)
**[1573516_0001573516-25-000021_musa-20250318.htm:39]** DEF 14A – Ownership guidelines, pledging, hedging policy
**[1573516_0001573516-25-000021_musa-20250318.htm:42]** DEF 14A – Summary Compensation Table (Click)
**[1573516_0001573516-25-000021_musa-20250318.htm:47]** DEF 14A – Outstanding equity awards (Click)
**[1573516_0001573516-25-000021_musa-20250318.htm:48]** DEF 14A – Market value basis and vesting details
**[1573516_0001573516-25-000021_musa-20250318.htm:55]** DEF 14A – Pay vs performance table (TSR, Net Income, Adjusted EBITDA)

IR Leadership page (role scope): https://ir.corporate.murphyusa.com/investor-relations/governance/leadership--team/default.aspx
Promotion press release: https://ir.corporate.murphyusa.com/investor-relations/news-releases/press-release-details/2024/Murphy-USA-Announces-Executive-Leadership-Changes-to-Drive-Next-Wave-of-Advantaged-Growth/default.aspx
Education and prior roles: https://rocketreach.co/christopher-click-email_8390973
Age reference: https://www.morningstar.com/stocks/xnys/musa/executive