Director Compensation Policy for Non-Employee Directors
This agreement outlines the compensation for directors who are not officers or employees of the general partner. Non-employee directors receive an annual cash retainer, fees for attending meetings, additional compensation for committee service, and awards under the Long-Term Incentive Plan. Committee chairmen receive extra annual retainers. Directors are also reimbursed for meeting-related expenses and are fully indemnified for their actions as directors, as allowed by Delaware law.
Exhibit 10.11
Compensation of Directors
Directors who are not officers or employees of our general partner will receive (a) a $25,000 annual cash retainer fee, (b) $1,500 for each regularly scheduled meeting attended, (c) $750 for each special meeting attended and (d) awards under our Long-Term Incentive Plan. In addition to the foregoing, each director who serves on a committee will receive $1,000 for each committee meeting attended, the chairman of our audit committee will receive an annual retainer of $5,000 and the chairmen of our other committees will receive an annual retainer of $2,500. In addition, each non-employee director will be reimbursed for his out-of-pocket expenses in connection with attending meetings of the board of directors or committees. Each director will be fully indemnified by us for his actions associated with being a director to the fullest extent permitted under Delaware law.
