Magellan GP, LLC Non-Management Director Compensation Program Effective January 1, 2017 CompensationTiming of Payment(1)Annual Board Retainer:(2)Cash Common Units $65,000 $110,000(3) Paid quarterly as of January 1st, April 1st, July 1stand October 1st As of January 1stAnnual Chairman Retainer:(2)Audit CommitteeCompensation CommitteeConflicts CommitteeNominating and Governance CommitteePresiding Director $15,000$15,000$10,000$10,000$15,000Paid quarterly as of January 1st, April 1st, July 1stand October 1stMeeting Fees: Board Meeting FeesCommittee Meeting Fees $1,500 per meeting$1,500 per meeting Paid quarterly as of January 1st, April 1st, July 1stand October 1st
EX-10.C 3 exhibit10c201610-k.htm EXHIBIT 10.C Exhibit
Exhibit 10(c)
Magellan GP, LLC
Non-Management Director
Compensation Program
Effective January 1, 2017
Compensation | Timing of Payment(1) | |
Annual Board Retainer:(2) Cash Common Units | $65,000 $110,000(3) | Paid quarterly as of January 1st, April 1st, July 1st and October 1st As of January 1st |
Annual Chairman Retainer:(2) Audit Committee Compensation Committee Conflicts Committee Nominating and Governance Committee Presiding Director | $15,000 $15,000 $10,000 $10,000 $15,000 | Paid quarterly as of January 1st, April 1st, July 1st and October 1st |
Meeting Fees: Board Meeting Fees Committee Meeting Fees | $1,500 per meeting $1,500 per meeting | Paid quarterly as of January 1st, April 1st, July 1st and October 1st |
(1) | For newly elected directors or a newly appointed committee chairman, the annual board retainer and annual chairman retainer, if applicable, are payable pro-rata for the year of election. |
(2) | Directors who resign from the board or relinquish their role of committee chairman after a payment date has occurred, but prior to the payment having been received, will receive a pro-rata annual board retainer and annual chairman retainer for the period of time between the payment date and the resignation/relinquishment. |
(3) | The number of common units to be issued for the annual board retainer will be determined based on the closing price on the first business day immediately following the January 1st payment date. |