Magellan GP, LLC Non-Management Director Compensation Program effective January 1, 2020

EX-10.C 4 exhibit10c201910-k.htm EXHIBIT 10.C Exhibit

Exhibit 10(c)

Magellan GP, LLC

Non-Management Director

Compensation Program

Effective January 1, 2020



	Compensation	Timing of Payment⁽¹⁾
Annual Board Retainer:⁽²⁾ Cash Common Units	$80,000 $120,000⁽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 Nominating and Governance Committee Lead Director	$20,000 $15,000 $10,000 $15,000 $20,000	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.