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

Summary

This document outlines the compensation program for non-management directors of Magellan GP, LLC, effective January 1, 2020. Directors receive annual cash and equity retainers, additional retainers for committee chair roles, and meeting fees, all paid quarterly. Compensation is prorated for new directors or those who resign mid-year. The number of equity units awarded is based on the market price after January 1. The program ensures directors are compensated for their service and participation in board and committee activities.

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.