Magellan Midstream Holdings GP, LLC Independent Director Compensation Program Summary
This document outlines the compensation program for independent directors of Magellan Midstream Holdings GP, LLC. Independent directors receive an annual cash retainer of $30,000 and an annual grant of $50,000 in common units, both paid semi-annually. Additional annual retainers are provided for chairing the Audit Committee ($15,000) and Conflicts Committee ($10,000). Directors also earn $1,500 for each board or committee meeting attended, with payments made semi-annually. Compensation is prorated for new directors or those who resign before a payment date.
Exhibit 10.4
Magellan Midstream Holdings GP, LLC
Summary of Independent Director Compensation Program
| Compensation | Timing of Payment(1) | |||
| Annual Board Retainer:
Cash
Common Units |
$30,000
$50,000
(number of units determined on the semi-annual payment date)
|
Semi-annual payment of all retainers as of January 1st and July 1st | ||
| Chairman Retainer Fees:
Audit Committee
Conflicts Committee |
$15,000
$10,000
|
Semi-annual payment of all retainers as of January 1st and July 1st | ||
| Meeting Fees:
Board Meeting Fees
Committee Meeting Fees |
$1,500 per meeting
$1,500 per meeting |
Semi-annual payment of all meeting fees as of June 30th and December 15th |
| (1) | For newly elected directors, the annual unit and cash retainers are payable pro-rata for the year of election. Directors who resign prior to a payment date will receive a pro-rate retainer at time of resignation. |
