Magellan Midstream Holdings GP, LLC Non-Management Director Compensation Program Summary

Summary

This document outlines the compensation program for non-management directors of Magellan Midstream Holdings GP, LLC. Directors receive an annual cash retainer of $30,000 and $50,000 in common units, paid semi-annually. Additional annual retainers are provided for chairing the Audit ($15,000) and Conflicts ($10,000) Committees. Directors earn $1,500 per board or committee meeting attended, also paid semi-annually. Compensation is prorated for new or resigning directors, and those serving on the board of Magellan GP, LLC receive half the annual board retainer.

EX-10.(B) 2 dex10b.htm SUMMARY OF INDEPENDENT DIRECTOR COMPENSATION PROGRAM Summary of Independent Director Compensation Program

Exhibit 10(b)

Magellan Midstream Holdings GP, LLC

Non-management Director Compensation Program


	Compensation	Timing of Payment⁽¹⁾
Annual Board Retainer:⁽²⁾ Cash Common Units	$30,000 $50,000⁽³⁾	Paid semi-annually as of January 1^st and June 1^st
Annual Chairman Retainer: Audit Committee Conflicts Committee	$15,000 $10,000	Paid semi-annually as of January 1^st and June 1^st
Meeting Fees: Board Meeting Fees Committee Meeting Fees	$1,500 per meeting $1,500 per meeting	Paid semi-annually as of June 1^st and December 1^st

(1)	For newly elected directors, the annual board retainer and annual chairman retainer, if applicable, are payable pro-rata for the year of election. Directors who resign prior to a payment date will receive a pro-rata annual board retainer and annual chairman retainer at time of resignation.

(2)	Non-management directors also serving on the board of directors of Magellan GP, LLC will only receive 50% of the annual board retainer.

(3)	Number of common units determined based on the closing price on the semi-annual payment date or, if the semi-annual payment date is not a business day, the business day immediately preceding such semi-annual payment date.