Magellan GP, LLC Non-Management Director Compensation Program Effective January 1, 2010

EX-10.(C) 4 dex10c.htm MAGELLAN GP, LLC NON-MANAGEMENT DIRECTOR COMPENSATION PROGRAM Magellan GP, LLC Non-Management Director Compensation Program

Exhibit 10(c)

Magellan GP, LLC

Non-Management Director

Compensation Program

Effective January 1, 2010


	Compensation			Timing of Payment⁽¹⁾
Annual Board Retainer:⁽²⁾ Cash	$	50,000		Paid quarterly as of January 1^st, April 1^st, July 1^stand October 1^st
Common Units	$	70,000	⁽³⁾	As of January 1^st

Annual Chairman Retainer:⁽²⁾ Audit Committee Compensation Committee Conflicts Committee	$ $ $	15,000 10,000 10,000		Paid quarterly as of January 1^st, April 1^st, July 1^stand 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^stand 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.