Sunoco Partners LLC 2005 Independent Director Compensation Summary Sheet
This document outlines the 2005 compensation program for independent directors of Sunoco Partners LLC. Independent directors receive an annual retainer paid partly in cash and partly in restricted units, as well as fees for attending board and committee meetings. Additional retainers are provided for committee chairs. Directors can defer their compensation under the Directors’ Deferred Compensation Plan, with deferred amounts credited as restricted units and paid out in cash at a later date. Directors are also reimbursed for meeting-related expenses.
Exhibit 10.16
Sunoco Partners LLC
Independent Director Compensation Summary Sheet
for 2005
The table below summarizes the 2005 compensation program for independent directors of Sunoco Partners LLC
2005 INDEPENDENT DIRECTOR COMPENSATION SUMMARY
| Component | Amount ($) | Medium of | Timing of Payment | |||
| Annual Retainer | 17,500 per year | Restricted Units | $4,375 credited quarterly1 | |||
| 17,500 per year | Cash | $4,375 paid quarterly | ||||
| Board Meeting Fee | 1,500 per meeting | Cash | Paid quarterly | |||
| Committee Meeting Fee | 1,000 per meeting | Cash | Paid quarterly | |||
| Compensation Committee Chair Retainer | 2,500 per year | Cash | $ 625 paid quarterly | |||
| Audit/Conflicts Committee Chair Retainer | 6,500 per year | Cash | $1,625 paid quarterly |
NOTE TO TABLE:
| 1. | The portion of the annual retainer paid in the form of Restricted Units is required to be deferred, and is credited to each independent director’s account in the Sunoco Partners LLC Directors’ Deferred Compensation Plan. |
In addition to the foregoing, each independent director is reimbursed for out-of-pocket expenses in connection with attending meetings of the board of directors or committees.
DIRECTORS’ DEFERRED COMPENSATION PLAN:
In addition to the mandatory deferral of the Restricted Unit portion of the annual retainer, the Sunoco Partners LLC Directors’ Deferred Compensation Plan also permits directors voluntarily to defer all or a portion of their cash compensation. Voluntarily deferred amounts are credited in the form of Restricted Units, the value of which varies as though invested in Common Units of Sunoco Logistics Partners L.P. (the “Partnership”). All amounts deferred in the form of Restricted Units are credited with Distribution Equivalent Rights (in the form of additional Restricted Units), credited on the applicable date for the quarterly payment of Partnership cash distributions. Payments of compensation deferred under the Directors’ Deferred Compensation Plan are restricted in terms of the earliest and latest dates that payments may begin. All deferrals, whether mandatory or voluntary, will be paid out in cash.
