MURPHY USA INC. (NYSE:MUSA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b)
On June 18, 2018, Murphy USA Inc. (the “Company”) announced that effective immediately Daryl Schofield would no longer serve as the Company's Executive Vice President, Fuels. On July 6, 2018, the Company entered into a separation agreement and release of claims with Mr. Schofield (the "Agreement") which ended his employment with the Company effective July 2, 2018. to the Agreement, Mr. Schofield will receive the following severance payments and benefits: (i) a lump sum payment of $262,500, which equals six months of Mr. Schofield's base salary, (ii) a lump sum payment of $560,000 as consideration for transition and advisory services, (iii) reimbursement of legal fees up to $3,500 in connection with the Agreement and (iv) if Mr. Schofield elects COBRA continuing health insurance coverage, the Company will reimburse him his premiums through June 30, 2019. The Company also agrees to release Mr. Schofield from any obligation to repay his signing bonus or relocation payments from the Company. Under the Agreement, Mr. Schofield has agreed to certain restrictive covenants and a release of claims in favor of the Company.
The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
About MURPHY USA INC. (NYSE:MUSA)
Murphy USA Inc. (Murphy USA) is engaged in the marketing of retail motor fuel products and convenience merchandise through a chain of retail stores. The Company operates through the Marketing segment. The Marketing segment includes its retail marketing sites and product supply, and wholesale assets. Its retail stores are located in over 20 states, in the Southwest, Southeast and Midwest United States. Of these stores, over 1,110 are branded Murphy USA and over 220 are standalone Murphy Express locations. Its retail stores under the brand name Murphy USA participate in the Walmart discount program. Its business also includes certain product supply and wholesale assets, including product distribution terminals and pipeline positions. In addition to the motor fuel sold at its stores, its stores carry snacks, beverages, tobacco products and non-food merchandise, including private label products, such as an isotonic drink offered in various flavors and a private label energy drink.