Summary of Director Compensation for Non-Employee Directors of the General Partner
This document outlines the compensation for non-employee directors of the General Partner. Non-employee directors receive an annual retainer, meeting fees, and reimbursement for expenses. Additional compensation is provided for committee service. Directors also receive grants of company units upon joining the board and annually, with these grants vesting over three years. Employees who serve as directors do not receive extra pay for their board service.
Exhibit 10.45
Director compensation summary
We pay no additional remuneration to our employees who also serve as directors of the General Partner. Each director of our general partner who is not an employee of our General Partner receives an annual retainer of $20,000, plus $2,000 per board meeting attended, and is reimbursed for any travel, lodging and other out-of-pocket expenses related to meeting attendance or otherwise related to service on the board. Each non-employee director serving as a member or chairman of a designated committee receives from $5,000 to $7,500 annually, depending upon the position and the committee, plus $1,000 per committee meeting attended. In addition, non-employee directors receive an Initial Director’s Grant of 2,000 units upon their initial election or appointment to the Board, and an Annual Director’s Grant on September 1 of each year, equal to $15,000 divided by the fair market value of a Common Unit on September 1, provided that such director is in office on such date. Director’s grants vest ratably over a three-year period.
