Magellan GP, LLC Summary of Independent Director Compensation Program

Summary

This document outlines the compensation program for independent directors of Magellan 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, Compensation, and Conflicts Committees. Directors also receive $1,500 for each board or committee meeting attended, with payments made semi-annually. Compensation is prorated for newly elected directors or those who resign before a payment date.

EX-10.1 2 rrd67231_3651.htm SUMMARY OF INDEPENDENT DIRECTOR COMPENSATION PROGRAM Director Compensation

Exhibit 10.1

Magellan 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 1^st and July 1^st

Chairman Retainer Fees:

Audit Committee

Compensation Committee

Conflicts Committee

$15,000

$10,000

Semi-annual payment of all retainers as of January 1^st and July 1^st

Meeting Fees:

Board Meeting Fees

Committee Meeting Fees

$1,500 per meeting

Semi-annual payment of all meeting fees as of June 30^th and December 15^th

^{(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.}