Document:

Summary of Severance Pay Plan

 Exhibit 10.2 
  
 SUMMARY PLAN DESCRIPTION 
  
 FOR 
  
 MAGELLAN MIDSTREAM HOLDINGS GP, LLC 
  
 SEVERANCE PAY PLAN 
  
 (Effective February 15, 2006) 
  

 1 

 SUMMARY PLAN DESCRIPTION 
 FOR 
 MAGELLAN MIDSTREAM HOLDINGS GP, LLC 
 SEVERANCE PAY PLAN 
  
 TABLE OF CONTENTS 
  

			
	 	  	Page

	 INTRODUCTION
	  	1
		
	 HIGHLIGHTS
	  	1
		
	 ELIGIBILITY
	  	2
		
	 Termination of Employment Due to a Reduction in Force or Job Elimination
	  	2
	 Termination of Employment Due to a Change in Control
	  	4
		
	 SEVERANCE PAY BENEFITS
	  	5
		
	 Notice
	  	6
	 Integration With Plant Closing Law(s)
	  	6
	 Other Benefit Plans
	  	7
	 Paid Time Off
	  	8
	 Rehired Employees
	  	8
		
	 CLAIM REVIEW PROCEDURE
	  	9
		
	 Initial Claim for Benefits
	  	9
	 Review of Claim Denial
	  	9
	 Exhaustion of Review Remedies
	  	10
	 Effect of Plan Administrator’s Decision on Claims
	  	10
		
	 TECHNICAL INFORMATION
	  	10
		
	 PARTICIPATING COMPANIES
	  	10
		
	 PLAN ADMINISTRATION
	  	10
		
	 LEGAL AGENT
	  	11
		
	 COMPANY LOCATION
	  	11
		
	 PLAN AMENDMENT OR TERMINATION
	  	11
		
	 RIGHT TO EMPLOYMENT
	  	11
		
	 ERISA RIGHTS
	  	1

  

 i 

 INTRODUCTION 
  
 Magellan Midstream Holdings GP, LLC (“Company”) provides a Severance Pay Plan (“Plan”) for eligible employees of the
Company on the United States payroll who are terminated because of a reduction in force, job elimination or a change in control, as defined herein, of Magellan Midstream Holdings GP, LLC. The term “Company” whenever used herein shall
include Magellan and each of its subsidiaries and affiliated companies that participate in the Plan. The term “Magellan” shall include only Magellan Midstream Holdings GP, LLC. 
  
 The summary of the Plan set out herein applies to eligible employees who are in the employ of the Company on or after February 15,
2006, the effective date of the most recent version of the Plan. 
  
 This general
summary is designed to highlight the Plan’s most important provisions. This summary may not contain every detail of the Plan or its specific terms. You will not gain any new rights because of a misstatement in, or omission from, this summary or
by operation of the Plan. 
  
 IF THERE IS ANY QUESTION OR CONFLICT BETWEEN WHAT IS
SAID IN THIS SUMMARY AND THE LANGUAGE IN THE PLAN’S LEGAL DOCUMENT, THE LEGAL DOCUMENT WILL PREVAIL. 
  
 Contact the Human Resources Department if you want to receive a copy of the Plan’s legal document. 
  
 This summary is for your information. Neither this summary nor the benefits provided by the
Plan is a promise of continued Company employment. Magellan may amend or terminate the Plan at any time without the consent of any eligible employee. If the Plan is amended or terminated, your benefits, if any, may be different than those
summarized. 
  
 HIGHLIGHTS 
  

	•	 	If you are an eligible employee whose employment is terminated as a result of a reduction in force or job elimination, and you remain employed until your designated termination
date, the Company may make a severance payment to you. 

  

	•	 	If you are an eligible employee whose employment is terminated voluntarily for good reason or involuntarily for other than performance reasons within two years after a change in
control of Magellan, the Company may make a severance payment to you. 

  

	•	 	Severance payments will be made to you based on your length of service. 

  

	•	 	Severance payments will be paid to you in a lump sum subject to deductions required by law. 

  

	•	 	Severance payments are subject to your signing (and not revoking) a release of claims prepared by the Company or other form of release of claims that the Company may, in its
discretion, require. 

	•	 	If you are eligible for severance payments under this Plan, your first three months of COBRA continuation health coverage may be purchased by you at active employee rates.

  

	•	 	Severance payments under the Plan are provided solely by the Company. 

  

	•	 	If you receive an offer of employment for a comparable position with the Company or any affiliated company or with a successor company to any of such entities, you will not be
eligible to receive benefits under this Plan. 

  

	•	 	If you accept an offer of employment with the Company or any affiliated company or with a successor company to any of such entities, even if the offer of employment is not
considered comparable, you will not be eligible to receive benefits under this Plan. 

  
 ELIGIBILITY 
  
 You
will receive severance pay only if your employment termination meets specific guidelines. To receive severance pay, you must be (1) an eligible employee whose employment terminated because of a reduction in force or job elimination, or
(2) an eligible employee whose employment is terminated voluntarily for good reason or involuntarily for other than performance reasons within two years after a change in control of Magellan. 
  
 An eligible employee for purposes of the Plan is a regular full- or part-time employee on
United States payroll. Employees covered by a collective bargaining agreement are not eligible to participate in the Plan unless the applicable collective bargaining agreement expressly provides for coverage by the Plan or the employees’ union
bargains this Plan pursuant to bargaining obligations mandated by the National Labor Relations Act. Also excluded from participation in the Plan are nonresident aliens, seasonal employees, temporary employees, leased employees and independent
contractors who are reclassified by a court or governmental agency as “employees.” 
  
 Termination of Employment Due to a Reduction in Force or Job Elimination 
  
 To receive severance pay benefits due to a reduction in force or job elimination, your employment must be terminated because of a designated reduction in force or a job
elimination. If you are terminated from employment and your job is eliminated, you will not receive severance pay unless the officer of the Company administering this Plan, or his/her designee, approves the reduction in force or job elimination and
you are notified in writing that your employment is being terminated because of a reduction in force or job elimination. If your employment is terminated, you will not receive severance if you accept an offer of employment with the Company or any
affiliated company or with a successor company to any of such entities, even if the position is not considered comparable. 
  
 If you are given advance notice of a reduction in force or job elimination, you must remain in employment until the designated termination date in order to receive
severance pay. Severance pay may be paid if you leave prior to the designated termination date only if your early departure will not have an adverse effect on the activities of the department or Company and is approved in advance in writing by your
Vice President and Director of the Human Resources Department. 
  

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 Even if you meet the above requirements, you will not be entitled to severance pay under the Plan if you:

  

	•	 	Are discharged for unsatisfactory performance, including but not limited to, failure to adequately perform job responsibilities, poor attendance, violation of Company policy or
practice or acts of dishonesty; 

  

	•	 	Voluntarily resign for any reason, including retiring, prior to your scheduled termination date (this does not preclude you from retiring concurrent with your termination date);

  

	•	 	Accept any benefits under an incentive retirement plan established for the purpose of encouraging eligible employees to terminate employment within a specified time period;

  

	•	 	Are on educational or personal leave at the time you are notified that your employment is being terminated because of a reduction in force or job elimination;

  

	•	 	Are transferred or receive an offer of employment for a comparable position within the Company or an affiliated company. A position will be deemed “comparable” if the
position provides a total base salary and bonus target on the termination date at least equal to 90% of such eligible employee’s total base salary and bonus target as it existed on the termination date. Such a position includes any position
within the Company or any affiliate of any of them, regardless of whether such position requires the participant to transfer to a different work location, but only so long as the location of your principal place of employment is not more than 50
miles from the location you were employed prior to the termination date; 

  

	•	 	Receive an offer of comparable employment with a successor company, an affiliate of such a company or entity after a corporate rearrangement, total or partial merger, acquisition,
sale or other transaction. A position will be deemed “comparable” if the position provides a total base salary and bonus target on the termination date at least equal to 90% of such participant’s total base salary and bonus target as
it existed on the termination date. Such a position includes any position with a successor company or an affiliate of such a company or entity, regardless of whether such position requires the participant to transfer to a different work location,
but only so long as the location of your principal place of employment is not more than 50 miles from the location you were employed prior to the termination date; 

  

	•	 	Accept an offer of employment with the Company or with a successor company, an affiliate of such a company or entity after a corporate rearrangement, total or partial merger,
acquisition, sale, or other transaction, even if the offer of employment is not for a comparable position; 

  

	•	 	Establish employment with the Company within six months after it has been acquired by another company; 

  

	•	 	Die before your established termination date; 

  

 3 

	•	 	Are receiving short-term disability benefits at the time of termination of employment due to a reduction in force or job elimination unless you are released to return to work within
the initial six-month period of short-term disability and the officer of Magellan administering this Plan, or his/her designee, approves eligibility for severance upon release to return to work in his/her sole discretion; or

  

	•	 	Fail to sign and return a release of claims or revoke such a release of claims after signing it. 

  
 Termination of Employment Due to a Change in Control 
  
 To receive severance pay benefits due to a change in control of Magellan Midstream Holdings GP, LLC (hereinafter “Magellan”), your
employment must be terminated voluntarily for good reason or involuntarily for other than performance reasons within two years after a change in control of Magellan. 
  
 A “Change in Control” shall be deemed to have occurred upon the occurrence of one or more of the following events: (i) any
sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of Magellan Midstream Partners, L.P., Magellan GP, LLC, Magellan Midstream Holdings, L.P. (“MMH,
L.P.”) or MGG Midstream Holdings, L.P. (MGGH,L.P.”) to any person or its affiliates, other than to Magellan and/or its affiliates; (ii) the consolidation, reorganization, merger or other transaction pursuant to which more than 50% of
the combined voting power of the outstanding equity interests in Magellan GP, LLC cease to be owned by MMH, L.P., Magellan and/or their affiliates; (iii) the general partner of Magellan Midstream Partners, L.P. (whether Magellan GP, LLC or any
other person) ceases to be an affiliate of Magellan; (iv) the sale, consolidation, reorganization, merger or other transaction pursuant to which more than 50% of the combined voting power of the outstanding equity interest of Magellan ceases to
be owned by MGGH, L.P., MGG Midstream Holdings GP, LLC (“MGGHGP, LLC”) and/or their controlling affiliates (v) the general partner (whether Magellan or any other person ) of MMH, L.P. ceases to be an affiliate of MGGHGP, LLC; or
(vi) the sale, consolidation, reorganization, merger or other transaction pursuant to which more than 50% of the combined voting power of the outstanding equity interests in MGGHGP, LLC is owned by persons not having an ownership position in
MGGHGP, LLC on January 1, 2006. 
  
 Voluntary termination of employment for
“good reason” occurs if you voluntarily terminate your employment with the Company within two years after a change in control of Magellan because of a reduction of more than 10% in your base salary or incentive compensation opportunities
after the change in control, or a requirement that you transfer the location of your principal place of employment more than 50 miles from the location you were employed immediately prior to the change in control. 
  
 Even if you meet the above requirements, you will not
be entitled to severance pay under the Plan if you: 
  

	•	 	Are discharged for unsatisfactory performance, including but not limited to, failure to adequately perform job responsibilities, poor attendance, violation of Company policy or
practice or acts of dishonesty; 

  

 4 

	•	 	Retire under the terms of a Company retirement plan; 

  

	•	 	Accept any benefits under an incentive retirement plan established for the purpose of encouraging eligible employees to terminate employment within a specified time period;

  

	•	 	Are on educational or personal leave at the time you are notified that your employment is being terminated because of a reduction in force or job elimination;

  

	•	 	Are terminated due to the sale of a business after the change in control and are offered employment in a comparable position with the successor company. A position will be deemed
“comparable” if the position provides for a base salary and bonus target at least equal to 90% of such participant’s total base salary and bonus target as it existed on the termination date. Such a position includes any position
within the successor company, a participating company or any affiliate of any of them, regardless of whether such position requires the participant to transfer to a different work location, but only so long as the location of your principal place of
employment is not more than 50 miles from the location you were employed prior to the termination date; 

  

	•	 	Die before your established termination date; 

  

	•	 	Are receiving short-term disability benefits at the time of a change in control unless you are released to return to work within the initial six-month period of short-term
disability and the officer of the Company administering this Plan, or his/her designee, approves eligibility for severance upon release to return to work in his/her sole discretion; or 

  

	•	 	Fail to sign and return a release of claims or revoke such a release of claims after signing it. 

  
 SEVERANCE PAY BENEFITS 
  
 Subject to your signing (and not revoking) a release of claims and an agreement regarding protection of confidential information and business reputation and
transition of business prepared by Magellan and as posted on the Magellan Employee Intranet, the amount of severance pay you receive will be based on your length of employment service with the Company, as set by your latest hire or rehire date.
These releases of claims and agreements are incorporated into the Summary Description and the Plan. If you become entitled to severance benefits under the Plan due to a reduction in force or job elimination, you will receive two weeks of
severance pay for each full, completed year of your employment service with the Company, with a minimum of six (6) weeks and a maximum of fifty-two (52) weeks of severance pay. Only full years of employment service will be counted in
setting the amount of severance pay. If you have less than one full, completed year of employment service with the Company and you are otherwise eligible for benefits under this Plan, you will receive two weeks of severance pay. The Company will
recognize years of employment service with The Williams Companies, Inc. and its affiliates in calculating your length of employment service with the Company. The Plan Administrator will make all determinations regarding whether an employer is an
affiliate of The Williams Companies, Inc. 
  

 5 

 If you become entitled to severance benefits under the Plan due to a change in control of Magellan, you will receive two
weeks of severance pay for each full, completed year of your employment service with the Company, with a minimum of twelve (12) weeks of severance pay and a maximum of fifty-two (52) weeks of severance pay. Only full years of employment
service will be counted in setting the amount of severance pay. If you have less than one full, completed year of employment service with the Company and you are otherwise eligible for benefits under this Plan, you will receive two weeks of
severance pay. 
  
 Your weekly severance pay shall be determined by reference to
your regular, normal workweek base wage, as determined by the Plan Administrator, on the date of employment termination. Your regular, normal workweek base wage is your total weekly salary or wages, including any salary deferral contributions you
make to the Company’s defined contribution and deferred compensation plans, and salary deferral contributions made to any cafeteria or flexible benefit plan maintained by the Company. Unless otherwise determined by the Plan Administrator, your
regular, normal workweek base wage does not include bonuses, overtime, commissions, cost of living pay, housing pay, relocation pay, other taxable fringe benefits and extraordinary compensation. Severance pay will be equal to the number of
weeks of severance pay granted according to the above formula multiplied by your regular, normal workweek base wage, as described above. 
  
 Your length of employment service with the Company may or may not include service with any predecessor company. Service with a predecessor company may be included to the
extent that the Plan Administrator determines that such employment service be included and notifies you that part or all of your service with any predecessor company will be counted. The Plan Administrator’s determination, in its discretion, of
the years of employment service completed and the weeks of severance pay granted will be final and binding on all persons. 
  
 Severance pay benefits will be paid to you in a lump sum, subject to deductions required by law which include, by example and not by limitation, applicable employment and
income taxes. 
  
 Notice 
  
 If a federal, state or local law does not require the Company, as an employer, to make a
payment to you or provide a specified period of notice related to your involuntary termination from employment, or pursuant to a plant closing law, and you are terminated because of a reduction in force or job elimination, the Company generally will
give you at least two weeks notice prior to your termination. If less than two weeks notice is provided by the Company, you will receive, in addition to the severance benefits described above, an amount of severance pay equal to your regular base
wage for your normal work week, multiplied by two, less the amount of your regular base wage paid over the period for which notice was given. 
  
 Integration With Plant Closing Law(s) 
  
 To the extent the Company makes a payment to you in connection with your involuntary termination from employment, because of a federal, state or local plant closing law,
the benefit 
  

 6 

 payable under this Plan shall be reduced by the amount of all such payments. The federal plant closing law (Worker
Adjustment and Retraining Notification Act) requires that notice be given under certain circumstances to certain employees that the Company will terminate their employment. If you are covered by this Plan and you are also entitled to a notice
pursuant to federal, state or local plant closing law, then the period for which severance pay under this Plan is payable shall be reduced for each week for which notice is required to be given to you, but only to the extent that you remain on
active payroll beyond the Company’s preferred termination date. 
  
 Other
Benefit Plans 
  
 If you are entitled to receive severance pay, you may be
eligible to continue participation in certain other benefits as well. However, continuation in various Company plans is subject to terms and conditions of the applicable plan documents or insurance contracts in effect on the date of your
termination. Each of these plans and contracts may be changed as provided by the terms of such plans. 
  
 When you terminate employment, you may elect to convert your group term life and dependent life insurance (spouse, child or both) to individual policies. If you choose to convert your life insurance benefits to
individual policies, contact the Human Resources Department and make application within 31 days of your termination. Your group participation in these life insurance plans will end on the last day of the month in which your employment is terminated.

  
 Your participation in Company medical and dental plans will end on the last
day of the month in which your employment is terminated. You have the option to continue your medical and dental coverage for up to 18 months under COBRA. If you elect COBRA continuation coverage, your premiums for COBRA will be limited to the
active employee rate for the first three months of coverage. At the end of such period, you will be required to pay the full cost under COBRA for the remainder of the 18-month period. To be eligible for this option, you must have elected COBRA
continuation coverage within the period of time allowed for making a COBRA election. You and your dependents will be notified by the COBRA Administrator of the opportunity to elect the COBRA continuation coverage. Participation in such plans will
generally cease on the date you or your dependents become covered under any other health plan which does not exclude coverage for pre-existing conditions you or your dependents may have. The full cost of COBRA coverage is explained in the
Continuation Coverage (COBRA) section in the Medical Plan and the Dental Plan Summary Plan Descriptions. 
  
 If you are age 50 at the time of the termination of employment due to a reduction in force or job elimination and you would otherwise meet eligibility
requirements for continuation of medical benefits under the Retiree Medical Program, such termination of employment will not change your eligibility for Retiree Medical coverage effective upon the attainment of age 55. You will have 30 days from the
date of your 55th birthday to contact the Company regarding your desire to commence your Retiree Medical benefits.
If you fail to notify the Company within 30 days of your 55th birthday, your opportunity to enroll in Retiree
Medical will end. 
  
 Your participation in any Flexible Spending Account ends on
the last day of the month in which your employment terminates. Participation in the Dependent Care Flexible Spending Account 
  

 7 

 cannot be continued. You may be eligible to continue participation in the Health Care Flexible Spending Account for a
limited time under COBRA. Participation under COBRA is on an after-tax basis. You and your dependents will be notified by the COBRA Administrator of the opportunity to elect the COBRA continuation coverage. 
  
 Participation in all other plans will end on the date of your employment termination. The
payment of any vested benefits in the Company’s retirement plans will be made in accordance with the respective plans’ terms. 
  
 You should schedule an exit interview to discuss these matters with your Human Resources Department at the time of your termination. 
  
 Paid Time Off 
  
 You will receive a single, lump sum payment for unused PTO time you have earned in accordance with the Company’s PTO policy.

  
 Rehired Employees 
  
 If you are rehired by the Company after you receive severance pay due to a reduction in
force or job elimination, you will be entitled to keep that portion of your severance pay equal to your regular, normal workweek base wage prior to your employment termination multiplied times the number of weeks and/or fraction of weeks between
your termination date and the rehire date. Any remainder must be either returned to the Company upon your rehire or it will be deducted from your pay as “overpaid wages.” 
  
 If you are rehired within the same calendar year in which your employment was terminated because of a reduction in force or job elimination
and you received payment for PTO earned but not taken, you may either retain the payment and forfeit the PTO time for which you were eligible prior to your employment termination, or you may return to the Company the amount you received and
reinstate PTO time for which you were eligible prior to termination. 
  
 If your
employment ends because of a reduction in force or job elimination and you are rehired by the Company, your years of service with the Company prior to such termination will be counted in determining your PTO benefits eligibility in future years.
Applicable PTO time on rehire will be determined in accordance with the Company’s PTO policy. 
  
 Prior years of service also will be counted for purposes of determining benefits under the short-term disability plan for employees who are rehired after being terminated due to a reduction in force or job
elimination. 
  
 If your employment ends because of a reduction in force or job
elimination and you are rehired by the Company within 12 months of your termination date, your years of service with the Company prior to such termination will be counted in determining your years of service for purposes of determining the amount of
your severance pay benefit in the event you should again become eligible for severance pay. 
  

 8 

 CLAIM REVIEW PROCEDURE 
  
 Initial Claim for Benefits 
  
 In order to claim benefits under this Plan, the claimant must be an eligible employee. Unless the Company automatically pays severance benefits otherwise, a written claim
must be filed within 90 days of the date upon which the claimant first knew (or should have known) of the facts upon which the claim for benefits is based. The claims review procedure described in this section shall apply to all claims any person
has with respect to the Plan, including claims against fiduciaries and former fiduciaries, except to the extent the Plan Administrator determines, in its sole discretion, that it does not have the power to grant, in substance, all relief reasonably
being sought by the claimant. You will have no right to seek review of a denial of benefits under the Plan prior to having filed a claim for benefits. The Plan Administrator shall have the power, including, without limitation, discretionary power,
to make all determinations that the Plan requires for its administration, and to construe and interpret the Plan whenever necessary to carry out its intent and purpose and to facilitate its administration, including, but not by way of limitation,
the discretion to grant or to deny claims for benefits under the Plan. All such rules, regulations, determinations, constructions and interpretations made by the Plan Administrator shall be conclusive and binding. 
  
 You will be notified of your claim’s approval or denial within 90 days after the receipt
of such claim unless special circumstances require an extension of time for processing the claim. If such an extension of time for processing is required, written notice of the extension shall be furnished to you prior to termination of the initial
90-day period which will specify the special circumstances requiring an extension and the date by which a final decision will be reached (which date will not be later than 180 days after the date of which the claim was filed). You will be given a
written notice as to whether the claim is granted or denied, in whole or in part. If you do not receive a written notice within the time periods stated above, your claim will be deemed denied. If the claim is denied, in whole or in part, you will be
given written notice that will contain: 1) the specific reasons for the denial, 2) reference(s) to pertinent Plan provisions upon which the denial is based, 3) a description of any additional material or information necessary to perfect the claim
and an explanation of why such material or information is necessary, and 4) notice of your right to seek a review of the denial. 
  
 Review of Claim Denial 
  
 If your claim is denied, in whole or in part, you will have the right to request that the Plan Administrator (or its designate), review the denial, provided you file a written request for review with the Plan
Administrator within 60 days after the date on which you received written notification of the denial. You (or your duly authorized representative) may review pertinent documents and submit issues and comments in writing to the Plan Administrator.
Within 60 days after a request for review is received, the review will be made and you will be advised in writing of the decision on review, unless special circumstances require an extension of time for processing the review, in which case you will
be given a written notification within such initial 60-day period specifying the reasons for the extension and when such review will be completed (provided that such review will be completed within 120 days after the date on which the request for
review was filed). 
  

 9 

 The decision on review will be forwarded to you in writing and will include specific reasons for the decision and
references to Plan provisions upon which the decision is based. 
  
 Exhaustion
of Review Remedies 
  
 You must properly file a claim for benefits, and
request a review of any complete or partial denial, prior to seeking a review of your claim for benefits in a court of law. A decision on a Review of Claim Denial (see preceding paragraph) will be the final decision of the Plan Administrator. After
this final decision is provided by the Plan Administrator, you may seek judicial remedies in accordance with your rights under the Employee Retirement Income Security Act of 1974 (ERISA). See the ERISA Information section in LiveLink on the Company
intranet. 
  
 Effect of Plan Administrator’s Decision on Claims

  
 The Plan Administrator will have the power, including, without
limitation, discretionary power, to make all determinations that the Plan requires for its administration, and to construe and interpret the Plan whenever necessary to carry out its intent and purpose and to facilitate its administration, including,
but not by way of limitation, the discretion to grant or to deny claims for benefits under the Plan. All such rules, regulations, determinations, constructions and interpretations made by the Plan Administrator will be conclusive and binding.

  
 TECHNICAL INFORMATION 
  
 The Plan is a welfare benefit plan providing benefits from the general assets of the Company.
Magellan Midstream Holdings GP, LLC is the Plan Sponsor. For identification purposes, the Plan Sponsor has assigned to the Plan number 506. The employer identification number for Magellan Midstream Holdings GP, LLC is 20-0019326. 
  
 PARTICIPATING COMPANIES 
  
 Magellan Midstream Holdings GP, LLC offers participation in the Plan to certain of its
subsidiaries. Participants and beneficiaries may receive from the Plan Sponsor, upon written request, information as to whether a particular subsidiary participates in the Plan and, if so, such subsidiary’s address. 
  
 PLAN ADMINISTRATION 
  
 The administration and operation of the Plan is directed by a Benefits Committee appointed by
the Chairman of Magellan Midstream Holdings GP, LLC. The Benefits Committee is the Plan Administrator. The Plan Administrator has the authority to interpret the Plan, manage its operation and determine all questions arising in the administration,
interpretation and application of the Plan. The Benefits Committee does not receive any form of compensation from the Plan. 
  

 10 

 LEGAL AGENT 
  
 The agent for legal service is: 
  
 Benefits Committee 
 Magellan Midstream Holdings GP, LLC Severance Pay Plan

 c/o Magellan Midstream Holdings GP, LLC 
 One Williams Center,
28-4 
 P.O. Box 22186 
 Tulsa, OK 74121-2186 
 (918) 574-7000 
  
 COMPANY LOCATION 
  
 The address of the
Company’s executive offices is: 
  
 One Williams Center 
 Tulsa, OK 74172 
  
 PLAN AMENDMENT OR TERMINATION 
  
 The Plan
Sponsor reserves the right to amend, modify or terminate the Plan at any time without notice or further obligation to any employee or any other person entitled to receive benefits, if any, under the Plan. The Plan Sponsor also reserves the right to
make any modifications or amendments to the Plan that are necessary or appropriate to qualify or maintain the Plan so that it satisfies the applicable provisions of the Internal Revenue Code and ERISA. 
  
 Nothing contained in the Plan or this summary will be construed to constitute a contract to
provide benefits. 
  
 RIGHT TO EMPLOYMENT 
  
 The Company reserves the right to discharge any employee and to pay such employee only the
benefits, if any, to which he/she is entitled under Plan terms. The Plan is not an employment contract and does not give any employee any right to be retained in the service of the Company. 
  

 11 

 ERISA RIGHTS 
 Employee Retirement Income Security Act of 1974 (ERISA) Rights 
  
 Participants in the Magellan Midstream Holdings GP, LLC Severance Pay Plan have certain rights and protections under the Employee Retirement Income Security Act of 1974 as amended (ERISA). ERISA provides that all Plan
participants shall be entitled to: 
  

	1.	Examine without charge at the Plan Administrator’s office and at other specified locations, all Plan documents, including insurance contracts and copies of all documents filed
by the Plan with the U.S. Department of Labor, such as annual reports and Plan descriptions. 

  

	2.	Obtain copies of all Plan documents and other Plan information applicable to such Plan participants upon written request to the Plan Administrator. The Plan Administrator may make a
reasonable charge for the copies. 

  

	3.	Receive a summary of the Plan’s annual financial report. The Administrator is required by law to furnish each participant with a copy of this summary annual report.

  
 In addition to creating rights for Plan participants, ERISA
imposes duties upon the people who are responsible for the operation of an employee benefit plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan
participants and beneficiaries. No one, including your employer, your union, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA. If your
claim for a benefit is denied in whole or in part, you must receive a written explanation of the reason for the denial. You have the right to have the claim reviewed and reconsidered. 
  
 Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request materials from the Plan and do not
receive them within 30 days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent
because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits that is denied or ignored, in whole or in part, you may file suit in a state or federal court. If it should happen that Plan fiduciaries misuse the
Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor or you may file suit in a federal court. The court will decide who should pay court costs and legal fees. If
you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 
  
 If you have any questions about your Plan, you should contact the Plan Administrator. If you
have any questions about this statement or about your rights under ERISA, you should contact the nearest Area Office of the U.S. Labor-Management Services Administration, Department of Labor. 
  
 The Plan is an employee welfare benefit plan within the
meaning of ERISA.Working Capital Loan Agreement

 Exhibit 10.3 
  
 WORKING CAPITAL LOAN AGREEMENT 
  
 WORKING CAPITAL LOAN AGREEMENT (this “Agreement”), dated as of February 15, 2006 (the
“Effective Date”), between MGG MIDSTREAM HOLDINGS, L.P., a limited partnership organized and existing under the laws of the State of Delaware with principal offices at One Williams Center, Tulsa, Oklahoma 74172
(“Lender”) and MAGELLAN MIDSTREAM HOLDINGS, L.P., a limited partnership organized and existing under the laws of the State of Delaware with principal offices at One Williams Center, Tulsa, Oklahoma 74172
(“Borrower”). 
  
 1. Loan. Lender shall
make revolving loans (“Loans”) to Borrower during the term of this Agreement in an aggregate principal amount outstanding of up to, but not exceeding, $5,000,000 at any time. There shall be no more than five (5) Loans
outstanding at any time. 
  
 2. Term. Borrower may borrow
Loans from Lender up to the total loan commitment of $5,000,000 at any time from the Effective Date to December 31, 2006 (the “Maturity Date”). Borrower hereby promises to pay to Lender all outstanding principal, interest and
other payments owing under this Agreement in full on the Maturity Date. 
  
 3. Revolving Nature and Availability. Subject to the terms and conditions hereof, Borrower may increase or decrease Loans under this Agreement by making borrowings, repayments and further borrowings. 
  
 4. Procedure for Borrowing. Borrower may borrow in amounts of not less
than $50,000.00, and in integral multiples of not less than $5,000.00 in excess thereof, by giving written notice to Lender. Each borrowing shall be requested with a same-day notice by 10:00 a.m. (Tulsa time) the day of the proposed
borrowing, and Lender shall make such borrowing available to Borrower by 12:00 noon (Tulsa time) on such day. 
  
 5. Conditions of Loans. The obligation of Lender to make the Loans described herein is subject to the following conditions: 
  
 (a) no Default (as defined below) has occurred and is
continuing; 
  
 (b) the proceeds of the
proposed Loan are, at the date of the relevant request, to be used by Borrower for working capital purposes, as reasonably determined by Borrower; and 
  
 (c) Lender has received the notice of borrowing. 
  

6. Interest. Each Loan made hereunder shall bear interest from the date made to the date paid in full at a rate per annum equal to the LIBOR
Rate (as defined below) in effect from time to time plus 2.00% per annum. If all or a portion of the principal amount of any Loan shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount
shall bear interest at a rate per annum that is equal to the rate that would otherwise be applicable thereto pursuant to the foregoing sentence plus 2%. Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for
the actual days elapsed. 
  
 Borrower promises to pay all accrued
and unpaid interest on the unpaid principal amount of any Loan on the earlier to occur of (i) the last day of each calendar month of Borrower that such Loan is outstanding, or (ii) the date that the applicable Loan is repaid. All payments
of principal and interest shall be payable in lawful currency of the United States of America at the office of Lender as provided above or such other address as the holder hereof shall have designated to Borrower, in immediately available funds.

  

 1 

 For each calendar month of Borrower, the “LIBOR Rate” shall mean the rate per annum
determined on the basis of the rate for deposits in United States Dollars for a period equal to one month commencing on the first day of such calendar month, which rate appears on Bloomberg page BBAM two business days prior to the first day of each
calendar month. In the event that such rate does not appear on the Bloomberg page BBAM screen (or otherwise on such screen), the “LIBOR Rate” for purposes of this definition shall be determined by reference to such other comparable
publicly available service for displaying LIBOR rates as may be selected by Lender. 
  
 7. Commitment Fee. Borrower shall pay to Lender a commitment fee on the daily average unused amount of the commitment for the period from and including the Effective Date up to, but excluding, the Maturity Date
at a rate of 0.25% per annum. Accrued commitment fees shall be payable quarterly in arrears on the last day of each calendar quarter of Borrower and on the Maturity Date. All commitment fees shall be computed on the basis of a year of 365 days
(or 366 days in a leap year) and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
  
 8. Prepayment; Termination. Borrower may prepay all or part of any Loan outstanding hereunder at any time without payment of penalty. Any partial
prepayment, however, shall not be made in amounts of less than $5,000.00. Borrower may terminate this Agreement and the Commitment at any time by notice to Lender and repayment of any Loans and any accrued interest and accrued fees hereunder.

  
 9. Default. Borrower shall be in default
(“Default”) if any of the following events occur and continue: 
  
 (a) Borrower shall fail to pay any principal of any Loan when due in accordance with the terms hereof; or Borrower shall fail to pay
any interest on any Loan, or any other amount payable hereunder, within five days after any such interest or other amount becomes due in accordance with the terms hereof or thereof; or 
  
 (b) Borrower defaults in the performance of the terms and conditions of this Agreement (other than as
provided in paragraph (a) of this Section) and such default continues for 30 days after notice thereof from Lender; or 
  
 (c) Borrower or any of its Subsidiaries (as defined below) shall commence any case, proceeding or other action (i) under any existing
or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or
seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar
official for it or for all or any substantial part of its assets, or Borrower or any of its Subsidiaries shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against Borrower or any of its
Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or
unbonded for a period of 60 days; or (iii) there shall be commenced against Borrower or any of its Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against
all or any substantial part of 
  

 2 

 its assets that results in the entry of an order for any such relief that shall not have been vacated,
discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) Borrower or any of its Subsidiaries shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
acts set forth in clause (i), (ii), or (iii) above; or (v) Borrower or any of its Subsidiaries shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 
  
 (d) the Lender shall not own and control, of record and
beneficially, directly, at least 50.1% of each class of outstanding capital stock of Magellan Midstream Holdings GP, LLC. 
  
 For purposes of the foregoing, “Subsidiary” means, a corporation, partnership, limited liability company or other entity of which shares of
stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers
of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by Borrower. 
  
 10. Acceleration at Option of Lender. If any of the events listed in
paragraph 9 occur and continue, Lender may declare the amounts outstanding under this Agreement immediately due and payable, at which time all unpaid Loans (and all accrued and unpaid interest and all fees and other amounts) shall immediately become
due and payable. Lender shall promptly advise Borrower in writing of any acceleration under this paragraph, but the failure to do so shall not impair the effect of a subsequent declaration. 
  
 11. Binding Effect. This Agreement shall be binding on the respective
successors and assigns of Lender and Borrower and shall inure to the benefit of Lender’s successors and assigns. The Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of
Lender. 
  
 12. Non-Waiver. No delay or failure by Lender
to exercise any right under this Agreement, and no partial or single exercise of that right, shall constitute a waiver of that or any other right, unless otherwise expressly provided herein. 
  
 13. Governing Law. This Agreement shall be construed in accordance
with and governed by the laws of the State of New York. 
  
 14.
Headings. Headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions. 
  
 15. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together
shall constitute one and the same instrument. 
  
 16. Entire
Agreement; Modification. This instrument shall constitute the entire agreement between Lender and Borrower and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no oral
agreements between the parties. This Agreement may not be amended or modified except in a writing signed by both parties. 
  
 17. Notices. All notices under this Agreement shall be in writing and delivered to the respective parties at their principal offices stated at the
beginning hereof. 
  

 3 

 18. No Third Party Beneficiaries. The agreement of Lender to make Loans to Borrower for the
account of Borrower on the terms and conditions set forth in this Agreement, is solely for the benefit of Borrower and no other person has any rights hereunder against Lender or with respect to the extension of credit contemplated hereby.

  
 19. Special Exculpation. No claim may be made by
Borrower or any other person against Lender, directors, officers, employees, attorneys or agents of any of them for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of
liability arising out of or relating to this Agreement or any other financing document or the transactions contemplated hereby or thereby, or any act, omission or event occurring in connection therewith and Borrower hereby waives, releases and
agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 
  
 20. Waiver of Jury Trial. Each of Borrower and Lender hereby irrevocably waives, to the fullest extent permitted by law,
any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 
  
 21. Expenses. Borrower agrees to pay or reimburse Lender for all its out-of-pocket costs and expenses incurred in connection with the enforcement
or preservation of any rights under this Agreement and any other documents prepared in connection herewith, including the fees and disbursements of counsel to Lender. 
  
 22. Indemnification. Borrower agrees to the fullest extent permitted by law, to indemnify and hold harmless Lender
and each of its directors, officers, employees and agents (each an “Indemnified Party”) from and against any and all claims, damages, liabilities and expenses (including without limitation fees and disbursements of counsel) arising
out of or in connection with any investigation, litigation or proceeding (whether or not any Indemnified Party is a party) arising out of, related to or in connection with this Agreement, the Loans made hereunder or any transaction in which any
proceeds of all or any part of the Loans made hereunder are applied. 
  
 23. Severability. If any term or provision of this Agreement shall be determined to be illegal or unenforceable, all other terms and provisions of this Agreement shall nevertheless remain effective and shall be enforced to the
fullest extent permitted by applicable law. 
  
 24. Further
Assurances. The parties agree (a) to furnish upon request to each other such further information, (b) to execute and deliver to each other such other documents, and (c) to do such other acts and things, all as the other party may
reasonably request for the purpose of carrying out the intent of this Agreement. 
  
 25. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any amounts outstanding hereunder, together with all fees, charges and other amounts
which are treated as interest on such amounts under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or
reserved by Lender in accordance with applicable law, the rate of interest payable in respect of such amounts outstanding hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent
lawful, the interest and Charges that would have been payable in respect of such amounts outstanding but were not payable as a result of the operation of this Section 25 shall be cumulated and the interest and Charges payable to Lender in
respect of other amounts outstanding hereunder or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount shall have been received by Lender. 
  

 4 

 IN WITNESS WHEREOF the parties have caused this Agreement to be executed by their proper officers on the
day and year first above written. 
  

			
	MGG MIDSTREAM HOLDINGS, L.P.
	By:	 	MGG Midstream Holdings GP, LLC, its
	general partner
		
	By:	 	 /s/ Don Wellendorf

	Name:	 	Don Wellendorf
	Title:	 	President and Chief Executive Officer
	
	MAGELLAN MIDSTREAM HOLDINGS, L.P.
	By:	 	Magellan Midstream Holdings GP, LLC, its
	general partner
		
	By:	 	 /s/ John D. Chandler

	Name:	 	John D. Chandler
	Title:	 	Chief Financial Officer

  

 5

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