Magellan GP, LLC Non-Management Director Compensation Program (Effective January 27, 2011)

Summary

This agreement outlines the compensation program for non-management directors of Magellan GP, LLC, effective January 27, 2011. Non-management directors receive an annual board retainer paid in both cash and common units, as well as additional retainers for committee chair roles and meeting fees. Payments are made quarterly, and compensation is adjusted pro-rata for directors who join or leave during the year. The number of common units awarded is based on the market price after January 1st. The program ensures fair and structured compensation for board service.

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.