Magellan GP, LLC Non-Management Director Compensation Program Effective January 27, 2011 CompensationTiming of Payment(1)Annual Board Retainer:(2) Cash Common Units $50,000 $70,000(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 Presiding Director $15,000$10,000$10,000$5,000 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

EX-10.C 4 ex10c.htm NON-MANAGEMENT DIRECTOR COMPENSATION PROGRAM WebFilings | EDGAR view

Exhibit 10(c)

Magellan GP, LLC

Non-Management Director

Compensation Program

Effective January 27, 2011


	Compensation	Timing of Payment⁽¹⁾
Annual Board Retainer:⁽²⁾ Cash Common Units	$50,000 $70,000⁽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 &n bsp; 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.

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(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.