Summary of Independent Director Compensation Program

EX-10.(D) 3 dex10d.htm SUMMARY OF INDEPENDENT DIRECTOR COMPENSATION PROGRAM Summary of Independent Director Compensation Program

Exhibit 10(d)

Magellan GP, LLC

Non-Management Director Compensation Program


		Compensation		Timing of Payment⁽¹⁾
Annual Board Retainer:⁽²⁾ Cash Common Units		$30,000 $50,000⁽³⁾		Paid semi-annually as of January 1^st and June 1^st
Annual Chairman Retainer: Audit Committee Compensation Committee Conflicts Committee		$15,000 $10,000 $10,000		Paid semi-annually as of January 1^st and June 1^st
Meeting Fees: Board Meeting Fees Committee Meeting Fees		$1,500 per meeting $1,500 per meeting		Paid semi-annually as of June 1^st and December 1^st

(1)	For newly elected directors, the annual board retainer and annual chairman retainer, if applicable, are payable pro-rata for the year of election. Directors who resign prior to a payment date will receive a pro-rata annual board retainer and annual chairman retainer at time of resignation.

(2)	Non-management directors also serving on the board of directors of Magellan Midstream Holdings GP, LLC will only receive 50% of the annual board retainer.

(3)	Number of common units determined based on the closing price on the semi-annual payment date or, if the semi-annual payment date is not a business day, the business day immediately preceding such semi-annual payment date.