Magellan GP, LLC Non-Management Director Compensation Program Effective January 26, 2012 CompensationTiming of Payment(1)Annual Board Retainer:(2)Cash Common Units $60,000 $85,000(3) Paid quarterly as of January 1st , April 1st, July 1stand October 1st As of January 1stAnnual Chairman Retainer:(2)Audit CommitteeCompensation CommitteeConflicts CommitteePresiding Director $15,000$10,000$10,000$5,000 Paid 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 ex-10c1.htm MMP NON-MANAGEMENT DIRECTOR COMP PROGRAM EX-10(c) (1)

Exhibit 10(c)

Magellan GP, LLC

Non-Management Director

Compensation Program

Effective January 26, 2012



	Compensation	Timing of Payment⁽¹⁾
Annual Board Retainer:⁽²⁾ Cash Common Units	$60,000 $85,000⁽³⁾	Paid quarterly as of January 1^st, April 1^st , July 1^st and October 1^st As of January 1^st
Annual Chairman Retainer:⁽²⁾ Audit Committee Compensation Committee Conflicts Committee Presiding Director	$15,000 $10,000 $10,000 $5,000	Paid quarterly as of January 1^st , April 1^st , July 1^st and October 1^st
Meeting Fees: Board Meeting Fees Committee Meeting Fees	$1,500 per meeting $1,500 per meeting	Paid quarterly as of January 1^st, April 1^st, July 1^st and October 1^st


(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 1^st payment date.