Document:

2003 Stock Option Plan as amended

 EXHIBIT 10.1 
 COUGAR BIOTECHNOLOGY, INC. 
 2003 Stock Option Plan 
 (including amendments through October 28, 2008) 
 1. Purpose. The purpose of the 2003 Stock Option Plan (the “Plan”) of Cougar Biotechnology, Inc. (the “Company”) is to increase shareholder value and to advance the
interests of the Company by furnishing a variety of economic incentives (“Incentives”) designed to attract, retain and motivate employees, directors and consultants. Incentives may consist of opportunities to purchase or receive
shares of Common Stock, $0.0001 par value, of the Company (“Common Stock”), monetary payments or both on terms determined under this Plan. 
 2. Administration. 
 2.1 The Plan shall be administered by a committee of
the Board of Directors of the Company (the “Committee”). The Committee shall consist of not less than two directors of the Company who shall be appointed from time to time by the board of directors of the Company. Each member of the
Committee shall be a “non-employee director” within the meaning of Rule 16b-3 of the Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”), and an
“outside director” as defined in Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). The Committee shall have complete authority to determine all provisions of all Incentives awarded under
the Plan (as consistent with the terms of the Plan), to interpret the Plan, and to make any other determination which it believes necessary and advisable for the proper administration of the Plan. The Committee’s decisions and matters relating
to the Plan shall be final and conclusive on the Company and its participants. No member of the Committee will be liable for any action or determination made in good faith with respect to the Plan or any Incentives granted under the Plan. Subject to
Section 11.11(b), the Committee will also have the authority under the Plan to amend or modify the terms of any outstanding Incentives in any manner; provided, however, that the amended or modified terms are permitted by the Plan as then in
effect and that any recipient on an Incentive adversely affected by such amended or modified terms has consented to such amendment or modification. No amendment or modification to an Incentive, however, whether pursuant to this Section 2 or any
other provisions of the Plan, will be deemed to be a re-grant of such Incentive for purposes of this Plan. If at any time there is no Committee, then for purposes of the Plan the term “Committee” shall mean the Company’s Board of
Directors. 
 2.2 In the event of (i) any reorganization, merger, consolidation, recapitalization, liquidation,
reclassification, stock dividend, stock split, combination of shares, rights offering, extraordinary dividend or divestiture (including a spin-off) or any other similar change in corporate structure or shares, (ii) any purchase, acquisition,
sale or disposition of a significant amount of assets or a significant business, (iii) any change in accounting principles or practices, or (iv) any other similar change, in each case with respect to the Company or any other entity whose
performance is relevant to the grant or vesting of an Incentive, the Committee (or, if the Company is not the surviving corporation in any such transaction, the board of directors of the surviving corporation) may, without the consent of any
affected participant, amend or modify the vesting criteria of any outstanding Incentive that is based in whole or in part on the financial performance of the Company (or any subsidiary or division thereof) or such other entity so as equitably to
reflect such event, with the desired result that the criteria for evaluating such financial performance of the Company or such other entity will be substantially the same (in the sole discretion of the Committee or the board of directors of the
surviving corporation) following such event as prior to such event; provided, however, that the amended or modified terms are permitted by the Plan as then in effect. 
 3. Eligible Participants. Employees of the Company or its subsidiaries (including officers and employees of the Company or its subsidiaries), directors and consultants, advisors or other independent
contractors who provide services to the Company or its subsidiaries (including members of the Company’s scientific advisory board) shall become eligible to receive Incentives under the Plan when designated by the Committee. Participants may be
designated individually or by groups or categories (for example, by pay grade) as the Committee deems appropriate. Participation by officers of the Company or its subsidiaries and any performance objectives relating to such officers must be approved
by the Committee. Participation by others and any performance objectives relating to others may be approved by groups or categories (for example, by pay grade) and authority to designate participants who are not officers and to set or modify such
targets may be delegated. 

 4. Types of Incentives. Incentives under the Plan may be granted in any one or a
combination of the following forms: (a) incentive stock options and non-statutory stock options (Section 6); (b) stock appreciation rights (“SARs”) (Section 7); (c) stock awards (Section 8); (d) restricted
stock (Section 8); and (e) performance shares (Section 9). 
 5. Shares Subject to the Plan. 
 5.1 Number of Shares. Subject to adjustment as provided in Section 11.6, the number of shares of Common Stock which
may be issued under the Plan shall not exceed 4,600,000 shares of Common Stock. Shares of Common Stock that are issued under the Plan or that are subject to outstanding Incentives will be applied to reduce the maximum number of shares of Common
Stock remaining available for issuance under the Plan. 
 5.2 Cancellation. To the extent that cash in lieu
of shares of Common Stock is delivered upon the exercise of an SAR pursuant to Section 7.4, the Company shall be deemed, for purposes of applying the limitation on the number of shares, to have issued the greater of the number of shares of
Common Stock which it was entitled to issue upon such exercise or on the exercise of any related option. In the event that a stock option or SAR granted hereunder expires or is terminated or canceled unexercised or unvested as to any shares of
Common Stock, such shares may again be issued under the Plan either pursuant to stock options, SARs or otherwise. In the event that shares of Common Stock are issued as restricted stock or pursuant to a stock award and thereafter are forfeited or
reacquired by the Company pursuant to rights reserved upon issuance thereof, such forfeited and reacquired shares may again be issued under the Plan, either as restricted stock, pursuant to stock awards or otherwise. 
 6. Stock Options. A stock option is a right to purchase shares of Common Stock from the Company. The Committee may designate whether an
option is to be considered an incentive stock option or a non-statutory stock option. To the extent that any incentive stock option granted under the Plan ceases for any reason to qualify as an “incentive stock option” for purposes of
Section 422 of the Code, such incentive stock option will continue to be outstanding for purposes of the Plan but will thereafter be deemed to be a non-statutory stock option. Each stock option granted by the Committee under this Plan shall be
subject to the following terms and conditions: 
 6.1 Price. The option price per share shall be determined
by the Committee, subject to adjustment under Section 11.6. 
 6.2 Number. The number of shares of
Common Stock subject to the option shall be determined by the Committee, subject to adjustment as provided in Section 11.6. The number of shares of Common Stock subject to a stock option shall be reduced in the same proportion that the holder
thereof exercises a SAR if any SAR is granted in conjunction with or related to the stock option. No individual may receive options to purchase more than 1,000,000 shares in any year. 
 6.3 Duration and Time for Exercise. Subject to earlier termination as provided in Section 11.4, the term of each
stock option shall be determined by the Committee but shall not exceed ten years and one day from the date of grant. Each stock option shall become exercisable at such time or times during its term as shall be determined by the Committee at the time
of grant. The Committee may accelerate the exercisability of any stock option. Subject to the foregoing and with the approval of the Committee, all or any part of the shares of Common Stock with respect to which the right to purchase has accrued may
be purchased by the Company at the time of such accrual or at any time or times thereafter during the term of the option. 
 6.4 Manner of Exercise. Subject to the conditions contained in this Plan and in the agreement with the recipient evidencing such option, a stock option may be exercised, in whole or in part, by giving written notice to the
Company, specifying the number of shares of Common Stock to be purchased and accompanied by the full purchase price for such shares. The exercise price shall be payable (a) in United States dollars upon exercise of the option and may be paid by
cash; uncertified or certified check; bank draft; (b) at the discretion of the Committee, by delivery of shares of Common Stock that are already owned by the participant in payment of all or any part. of the exercise price, which shares shall
be valued for this purpose at the Fair Market Value on the date such option is exercised; or (c) at the discretion of the Committee, by instructing the Company to withhold from the shares of Common Stock issuable upon exercise of the stock
option shares of Common Stock in payment of all or any 

 
part of the exercise price and/or any related withholding tax obligations, which shares shall be valued for this purpose at the Fair Market Value or in such
other manner as may be authorized from time to time by the Committee. The shares of Common Stock delivered by the participant pursuant to Section 6.4(b) must have been held by the participant for a period of not less than six months prior to
the exercise of the option, unless otherwise determined by the Committee. Prior to the issuance of shares of Common Stock upon the exercise of a stock option, a participant shall have no rights as a shareholder. Except as otherwise provided in the
Plan, no adjustment will be made for dividends or distributions with respect to such stock options as to which there is a record date preceding the date the participant becomes the holder of record of such shares, except as the Committee may
determine in its discretion. 
 6.5 Incentive Stock Options. Notwithstanding anything in the Plan to the
contrary, the following additional provisions shall apply to the grant of stock options which are intended to qualify as Incentive Stock Options (as such term is defined in Section 422 of the Code): 
 (a) The aggregate Fair Market Value (determined as of the time the option is granted) of the shares of Common Stock with respect to
which Incentive Stock Options are exercisable for the first time by any participant during any calendar year (under the Plan and any other incentive stock option plans of the Company or any subsidiary or parent corporation of the Company) shall not
exceed $100,000. The determination will be made by taking incentive stock options into account in the order in which they were granted. 
 (b) Any Incentive Stock Option certificate authorized under the Plan shall contain such other provisions as the Committee shall deem advisable, but shall in all events be consistent with and contain all
provisions required in order to qualify the options as Incentive Stock Options. 
 (c) All Incentive Stock Options must
be granted within ten years from the earlier of the date on which this Plan was adopted by the board of directors or the date this Plan was approved by the Company’s shareholders. 
 (d) Unless sooner exercised, all Incentive Stock Options shall expire no later than 10 years after the date of grant. No Incentive
Stock Option may be exercisable after ten (10) years from its date of grant (five (5) years from its date of grant if, at the time the Incentive Stock Option is granted, the Participant owns, directly or indirectly, more than 10% of the
total combined voting power of all classes of stock of the Company or any parent or subsidiary corporation of the Company). 
 (e) The exercise price for Incentive Stock Options shall be not less than 100% of the Fair Market Value of one share of Common Stock on the date of grant with respect to an Incentive Stock Option; provided that the exercise price shall
be 110% of the Fair Market Value if, at the time the Incentive Stock Option is granted, the participant owns, directly or indirectly, more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary
corporation of the Company. 
 7. Stock Appreciation Rights. An SAR is a right to receive, without payment to the Company, a
number of shares of Common Stock, cash or any combination thereof, the amount of which is determined pursuant to the formula set forth in Section 7.4. An SAR may be granted (a) with respect to any stock option granted under this Plan,
either concurrently with the grant of such stock option or at such later time as determined by the Committee (as to all or any portion of the shares of Common Stock subject to the stock option), or (b) alone, without reference to any related
stock option. Each SAR granted by the Committee under this Plan shall be subject to the following terms and conditions: 
 7.1 Number; Exercise Price. Each SAR granted to any participant shall relate to such number of shares of Common Stock as shall be determined by the Committee, subject to adjustment as provided in Section 11.6. In the
case of an SAR granted with respect to a stock option, the number of shares of Common Stock to which the SAR pertains shall be reduced in the same proportion that the holder of the option exercises the related stock option. The exercise price of an
SAR will be determined by the Committee, in its discretion, at the date of grant but may not be less than 100% of the Fair Market Value of one share of Common Stock on the date of grant. 

 7.2 Duration. Subject to earlier termination as provided in
Section 11.4, the term of each SAR shall be determined by the Committee but shall not exceed ten years and one day from the date of grant. Unless otherwise provided by the Committee, each SAR shall become exercisable at such time or times, to
such extent and upon such conditions as the stock option, if any, to which it relates is exercisable. The Committee may in its discretion accelerate the exercisability of any SAR. 
 7.3 Exercise. An SAR may be exercised, in whole or in part, by giving written notice to the Company, specifying the
number of SARs which the holder wishes to exercise. Upon receipt of such written notice, the Company shall, within 90 days thereafter, deliver to the exercising holder certificates for the shares of Common Stock or cash or both, as determined by the
Committee, to which the holder is entitled pursuant to Section 7.4. 
 7.4 Payment. Subject to the right
of the Committee to deliver cash in lieu of shares of Common Stock (which, as it pertains to officers and directors of the Company, shall comply with all requirements of the Exchange Act), the number of shares of Common Stock which shall be issuable
upon the exercise of an SAR shall be determined by dividing: 
 (a) the number of shares of Common Stock as to which the
SAR is exercised multiplied by the amount of the appreciation in such shares (for this purpose, the “appreciation” shall be the amount by which the Fair Market Value of the shares of Common Stock subject to the SAR on the exercise date
exceeds (1) in the case of an SAR related to a stock option, the exercise price of the shares of Common Stock under the stock option or (2) in the case of an SAR granted alone, without reference to a related stock option, an amount which
shall be determined by the Committee at the time of grant, subject to adjustment under Section 11.6); by 
 (b) the
Fair Market Value of a share of Common Stock on the exercise date. 
 In lieu of issuing shares of Common Stock upon the exercise of a SAR,
the Committee may elect to pay the holder of the SAR cash equal to the Fair Market Value on the exercise date of any or all of the shares which would otherwise be issuable. No fractional shares of Common Stock shall be issued upon the exercise of an
SAR; instead, the holder of the SAR shall be entitled to receive a cash adjustment equal to the same fraction of the Fair Market Value of a share of Common Stock on the exercise date or to purchase the portion necessary to make a whole share at its
Fair Market Value on the date of exercise. 
 8. Stock Awards and Restricted Stock. A stock award consists of the transfer
by the Company to a participant of shares of Common Stock, without other payment therefor, as additional compensation for services to the Company. The participant receiving a stock award will have all voting, dividend, liquidation and other rights
with respect to the shares of Common Stock issued to a participant as a stock award under this Section 8 upon the participant becoming the holder of record of such shares. A share of restricted stock consists of shares of Common Stock which are
sold or transferred by the Company to a participant at a price determined by the Committee (which price shall be at least equal to the minimum price required by applicable law for the issuance of a share of Common Stock) and subject to restrictions
on their sale or other transfer by the participant, which restrictions and conditions may be determined by the Committee as long as such restrictions and conditions are not inconsistent with the terms of the Plan. The transfer of Common Stock
pursuant to stock awards and the transfer and sale of restricted stock shall be subject to the following terms and conditions: 
 8.1 Number of Shares. The number of shares to be transferred or sold by the Company to a participant pursuant to a stock award or as restricted stock shall be determined by the Committee. 
 8.2 Sale Price. The Committee shall determine the price, if any, at which shares of restricted stock shall be sold or
granted to a participant, which may vary from time to time and among participants and which may be below the Fair Market Value of such shares of Common Stock at the date of sale. 
 8.3 Restrictions. All shares of restricted stock transferred or sold hereunder shall be subject to such restrictions as
the Committee may determine, including, without limitation any or all of the following: 
 (a) a prohibition against the
sale, transfer, pledge or other encumbrance of the shares of restricted stock, such prohibition to lapse at such time or times as the Committee shall determine (whether in annual or more frequent installments, at the time of the death, disability or
retirement of the holder of such shares, or otherwise); 
 (b) a requirement that the holder of shares of restricted
stock forfeit, or (in the case of shares sold. to a participant) resell back to the Company at his or her cost, all or a part of such shares in the event of termination of his or her employment or consulting engagement during any period in which
such shares are subject to restrictions; or 

 (c) such other conditions or restrictions as the Committee may deem advisable.

 8.4 Escrow. In order to enforce the restrictions imposed by the Committee pursuant to Section 8.3,
the participant receiving restricted stock shall enter into an agreement with the Company setting forth the conditions of the grant. Shares of restricted stock shall be registered in the name of the participant and deposited, together with a stock
power endorsed in blank, with the Company. Each such certificate shall bear a legend in substantially the following form: 
 The
transferability of this certificate and the shares of Common Stock represented by it are subject to the terms and conditions (including conditions of forfeiture) contained in the 2003 Stock Option Plan of Cougar Biotechnology, Inc., (the
“Company”), and an agreement entered into between the registered owner and the Company. A copy of the 2003 Stock Option Plan and the agreement is on file in the office of the secretary of the Company. 
 8.5 End of Restrictions. Subject to Section 11.5, at the end of any time period during which the shares of
restricted stock are subject to forfeiture and restrictions on transfer, such shares will be delivered free of all restrictions to the participant or to the participant’s legal representative, beneficiary or heir. 
 8.6 Shareholder. Subject to the terms and conditions of the Plan, each participant receiving restricted stock shall have
all the rights of a shareholder with respect to shares of stock during any period in which such shares are subject to forfeiture and restrictions on transfer, including without limitation, the right to vote such shares. Dividends paid in cash or
property other than Common Stock with respect to shares of restricted stock shall be paid to the participant currently. Unless the Committee determines otherwise in its sole discretion, any dividends or distributions (including regular quarterly
cash dividends) paid with respect to shares of Common Stock subject to the restrictions set forth above will be subject to the same restrictions as the shares to which such dividends or distributions relate. In the event the Committee determines not
to pay dividends or distributions currently, the Committee will determine in its sole discretion whether any interest will be paid on such dividends or distributions. In addition, the Committee in its sole discretion may require such dividends and
distributions to be reinvested (and in such case the participant consents to such reinvestment) in shares of Common Stock that will be subject to the same restrictions as the shares to which such dividends or distributions relate. 
 9. Performance Shares. A performance share consists of an award which shall be paid in shares of Common Stock, as described below. The
grant of a performance share shall be subject to such terms and conditions as the Committee deems appropriate, including the following: 
 9.1 Performance Objectives. Each performance share will be subject to performance objectives for the Company or one of its operating units to be achieved by the participant before the end of a
specified period. The number of performance shares granted shall be determined by the Committee and may be subject to such terms and conditions, as the Committee shall determine. If the performance objectives are achieved, each participant will be
paid in shares of Common Stock or cash as determined by the Committee. If such objectives are not met, each grant of performance shares may provide for lesser payments in accordance with formulas established in the award. 
 9.2 Not Shareholder. The grant of performance shares to a participant shall not create any rights in such participant as
a shareholder of the Company, until the payment of shares of Common Stock with respect to an award. 
 9.3 No
Adjustments. No adjustment shall be made in performance shares granted on account of cash dividends which may be paid or other rights which may be issued to the holders of Common Stock prior to the end of any period for which performance
objectives were established. 
 9.4 Expiration of Performance Share. If any participant’s employment or
consulting engagement with the Company is terminated for any reason other than normal retirement, death or disability prior to the achievement of the participant’s stated performance objectives, all the participant’s rights on the
performance shares shall expire and terminate unless otherwise determined by the Committee. In the event of termination of employment or consulting by reason of death, disability, or normal retirement, the Committee, in its own discretion may
determine what portions, if any, of the performance shares should be paid to the participant. 

 10. Change of Control. 
 10.1 Change in Control. For purposes of this Section 10, a “Change in Control” of the Company will
mean the following: 
 (a) the sale, lease, exchange or other transfer, directly or indirectly, of substantially all of
the assets of the Company (in one transaction or in a series of related transactions) to a person or entity that is not controlled by the Company; 
 (b) the approval by the shareholders of the Company of any plan or proposal for the liquidation or dissolution of the Company; 
 (c) any person becomes after the effective date of the Plan the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of (i) 20% or more, but not 50% or more, of the combined voting power of the Company’s outstanding securities ordinarily having the right to vote at elections of directors, unless the transaction
resulting in such ownership has been approved in advance by the Continuing Directors (as defined below), or (ii) 50% or more of the combined voting power of the Company’s outstanding securities ordinarily having the right to vote at
elections of directors (regardless of any approval by the Continuing Directors); provided that a traditional institution or venture capital financing transaction shall be excluded from this definition; 
 (d) a merger or consolidation to which the Company is a party if the shareholders of the Company immediately prior to effective date
of such merger or consolidation have “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act), immediately following the effective date of such merger or consolidation, of securities of the surviving corporation
representing (i) 50% or more, but less than 80%, of the combined voting power of the surviving corporation’s then outstanding securities ordinarily having the right to vote at elections of directors, unless such merger or consolidation has
been approved in advance by the Continuing Directors, or (ii) less than 50% of the combined voting power of the surviving corporation’s then outstanding securities ordinarily having the right to vote at elections of directors (regardless
of any approval by the Continuing Directors); or 
 (e) after the date the Company’s securities are first sold in a
registered public offering, the Continuing Directors cease for any reason to constitute at least a majority of the Board. 
 10.2 Continuing Directors. For purposes of this Section 10, “Continuing Directors” of the Company will mean any individuals who are members of the Board on the effective date of the Plan and any
individual who subsequently becomes a member of the Board whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the Continuing Directors (either by specific vote or by
approval of the Company’s proxy statement in which such individual is named as a nominee for director without objection to such nomination). 
 10.3 Acceleration of Incentives. Without limiting the authority of the Committee under the Plan, if a Change in Control of the Company occurs whereby the acquiring entity or successor to the Company
does not assume the Incentives or replace them with substantially equivalent incentive awards, then, unless otherwise provided by the Committee in its sole discretion in the agreement evidencing an Incentive at the time of grant, as of the date of
the Change of Control (a) all outstanding options and SARs will vest and will become immediately exercisable in full and will remain exercisable for the remainder of their terms, regardless of whether the participant to whom such options or
SARs have been granted remains in the employ or service of the Company or any subsidiary of the Company or any acquiring entity or successor to the Company; (b) the restrictions on all shares of restricted stock awards shall lapse immediately;
and (c) all performance shares shall be deemed to be met and payment made immediately. 
 10.4 Cash Payment for
Options. If a Change in Control of the Company occurs, then the Committee, if approved by the Committee in its sole discretion either in an agreement evidencing an option at the time of grant or at any time after the grant of an option, and
without the consent of any participant affected thereby, may determine that: 
 (a) some or all participants holding
outstanding options will receive, with respect to some or all of the shares of Common Stock subject to such options, as of the effective date of any such Change in Control of the Company, cash in an amount equal to the excess of the Fair Market
Value of such shares immediately prior to the effective date of such Change in Control of the Company over the exercise price per share of such options; and 

 (b) any options as to which, as of the effective date of any such Change in Control,
the Fair Market Value of the shares of Common Stock subject to such options is less than or equal to the exercise price per share of such options, shall terminate as of the effective date of any such Change in Control. 
 If the Committee makes a determination as set forth in subparagraph (a) of this Section 10.4, then as of the effective date of any such Change in Control of
the Company such options will terminate as to such shares and the participants formerly holding such options will only have the right to receive such cash payment(s). If the Committee makes a determination as set forth in subparagraph (b) of
this Section 10.4, then as of the effective date of any such Change in Control of the Company such options will terminate, become void and expire as to all unexercised shares of Common Stock subject to such options on such date, and the
participants formerly holding such options will have no further rights with respect to such options. 
 11. General. 

11.1 Effective Date. The Plan will become effective upon approval by the Company’s board of directors.

 11.2 Duration. The Plan shall remain in effect until all Incentives granted under the Plan have either
been satisfied by the issuance of shares of Common Stock or the payment of cash or been terminated under the terms of the Plan and all restrictions imposed on shares of Common Stock in connection with their issuance under the Plan have lapsed. No
Incentives may be granted under the Plan after the tenth anniversary of the date the Plan is approved by the shareholders of the Company. 
 11.3 Non-transferability of Incentives. Except, in the event of the holder’s death, by will or the laws of descent and distribution to the limited extent provided in the Plan or the Incentive,
unless approved by the Committee, no stock option, SAR, restricted stock or performance award may be transferred, pledged or assigned by the holder thereof, either voluntarily or involuntarily, directly or indirectly, by operation of law or
otherwise, and the Company shall not be required to recognize any attempted assignment of such rights by any participant. During a participant’s lifetime, an Incentive may be exercised only by him or her or by his or her guardian or legal
representative. 
 11.4 Effect of Termination or Death. In the event that a participant ceases to be an
employee of or consultant to the Company, or the participants other service with the Company is terminated, for any reason, including death, any Incentives may be exercised or shall expire at such times as may be determined by the Committee in its
sole discretion in the agreement evidencing an Incentive. Notwithstanding the other provisions of this Section 10.4, upon a participant’s termination of employment or other service with the Company and all subsidiaries, the Committee may,
in its sole discretion (which may be exercised at any time on or after the date of grant, including following such termination), cause options and SARs (or any part thereof) then held by such participant to become or continue to become exercisable
and/or remain exercisable following such termination of employment or service and Restricted Stock Awards, Performance Shares and Stock Awards then held by such participant to vest and/or continue to vest or become free of transfer restrictions, as
the case may be, following such termination of employment or service, in each case in the manner determined by the Committee; provided, however, that no Incentive may remain exercisable or continue to vest beyond its expiration date. Any Incentive
Stock Option that remains unexercised more than one (1) year following termination of employment by reason of death or disability or more than three (3) months following termination for any reason other than death or disability will
thereafter be deemed to be a Non-Statutory Stock Option. 
 11.5 Additional Conditions. Notwithstanding
anything in this Plan to the contrary: (a) the Company may, if it shall determine it necessary or desirable for any reason, at the time of award of any Incentive or the issuance of any shares of Common Stock pursuant to any Incentive, require
the recipient of the Incentive, as a condition to the receipt thereof or to the receipt of shares of Common Stock issued pursuant thereto, to deliver to the Company a written representation of present intention to acquire the Incentive or the shares
of Common Stock issued pursuant thereto for his or her own account for investment and not for distribution; and (b) if at any time the Company further determines, in its sole discretion, that the listing, registration or qualification (or any
updating of any such document) of any Incentive or the shares of Common Stock issuable pursuant thereto is necessary on any securities exchange or under any federal or state securities or blue sky law, or that the consent or approval of any
governmental regulatory body is necessary or desirable as a condition of, or in connection with the 

 
award of any Incentive, the issuance of shares of Common Stock pursuant thereto, or the removal of any restrictions imposed on such shares, such Incentive
shall not be awarded or such shares of Common Stock shall not be issued or such restrictions shall not be removed, as the case may be, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been
effected or obtained free of any conditions not acceptable to the Company. Notwithstanding any other provision of the Plan or any agreements entered into pursuant to the Plan, the Company will not be required to issue any shares of Common Stock
under this Plan, and a participant may not sell, assign, transfer or otherwise dispose of shares of Common Stock issued pursuant to any Incentives granted under the Plan, unless (a) there is in effect with respect to such shares a registration
statement under the Securities Act of 1933, as amended (the “Securities Act”), and any applicable state or foreign securities laws or an exemption from such registration under the Securities Act and applicable state or foreign
securities laws, and (b) there has been obtained any other consent, approval or permit from any other regulatory body which the Committee, in its sole discretion, deems necessary or advisable. The Company may condition such issuance, sale or
transfer upon the receipt of any representations or agreements from the parties involved, and the placement of any legends on certificates representing shares of Common Stock, as may be deemed necessary or advisable by the Company in order to comply
with such securities law or other restrictions. 
 11.6 Adjustment. In the event of any merger, consolidation
or reorganization of the Company with any other corporation or corporations, there shall be substituted for each of the shares of Common Stock then subject to the Plan, including shares subject to restrictions, options, or achievement of performance
share objectives, the number and kind of shares of stock or other securities to which the holders of the shares of Common Stock will be entitled pursuant to the transaction. In the event of any recapitalization, reclassification, stock dividend,
stock split, combination of shares or other similar change in the corporate structure of the Company or shares of the Company, the exercise price of an outstanding Incentive and the number of shares of Common Stock then subject to the Plan,
including shares subject to restrictions, options or achievements of performance shares, shall be adjusted in proportion to the change in outstanding shares of Common Stock in order to prevent dilution or enlargement of the rights of the
participants. In the event of any such adjustments, the purchase price of any option, the performance objectives of any Incentive, and the shares of Common Stock issuable pursuant to any Incentive shall be adjusted as and to the extent appropriate,
in the discretion of the Committee, to provide participants with the same relative rights before and after such adjustment. 
 11.7 Incentive Plans and Agreements. Except in the case of stock awards or cash awards, the terms of each Incentive shall be stated in a plan or agreement approved by the Committee. The Committee may also determine to enter
into agreements with holders of options to reclassify or convert certain outstanding options, within the terms of the Plan, as Incentive Stock Options or as non-statutory stock options and in order to eliminate SARs with respect to all or part of
such options and any other previously issued options. 
 11.8 Withholding. 
 (a) The Company shall have the right to (i) withhold and deduct from any payments made under the Plan or from future wages of
the participant (or from other amounts that may be due and owing to the participant from the Company or a subsidiary of the Company), or make other arrangements for the collection of, all legally required amounts necessary to satisfy any and all
foreign, federal, state and local withholding and employment-related tax requirements attributable to an Incentive, or (ii) require the participant promptly to remit the amount of such withholding to the Company before taking any action,
including issuing any shares of Common Stock, with respect to an Incentive. At any time when a participant is required to pay to the Company an amount required to be withheld under applicable income tax laws in connection with a distribution of
Common Stock or upon exercise of an option or SAR, the participant may satisfy this obligation in whole or in part by electing (the “Election”) to have the Company withhold from the distribution shares of Common Stock having a value
up to the amount required to be withheld. The value of the shares to be withheld shall be based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined (“Tax Date”).

 (b) Each Election must be made prior to the Tax Date. The Committee may disapprove of any Election, may suspend or
terminate the right to make Elections, or may provide with respect to any Incentive that the right to make Elections shall not apply to such Incentive. An Election is irrevocable. 

 (c) If a participant is an officer or director of the Company within the meaning of
Section 16 of the Exchange Act, then an Election is subject to the following additional restrictions: 
 (i) No
Election shall be effective for a Tax Date which occurs within six months of the grant or exercise of the award, except that this limitation shall not apply in the event death or disability of the participant occurs prior to the expiration of the
six-month period. 
 (ii) The Election must be made either six months prior to the Tax Date or must be made during a
period beginning on the third business day following the date of release for publication of the Company’s quarterly or annual summary statements of sales and earnings and ending on the twelfth business day following such date. 
 11.9 No Continued Employment, Engagement or Right to Corporate Assets. No participant under the Plan shall have any
right, because of his or her participation, to continue in the employ of the Company for any period of time or to continue his or her present or any other rate of compensation. Nothing contained in the Plan shall be construed as giving an employee,
a consultant, such persons’ beneficiaries or any other person any equity or interests of any kind in the assets of the Company or creating a trust of any kind or a fiduciary relationship of any kind between the Company and any such person.

 11.10 Deferral Permitted. Payment of cash or distribution of any shares of Common Stock to which a
participant is entitled under any Incentive shall be made as provided in the Incentive. Payment may be deferred at the option of the participant if provided in the Incentive. 
 11.11 Amendment of the Plan.
 (a) The Board may amend, suspend or discontinue the Plan at any time; provided, however, that no amendments to the Plan will be effective without approval of the shareholders of the Company if shareholder approval of
the amendment is then required pursuant to Section 422 of the Code or the rules of any stock exchange or Nasdaq or similar regulatory body. No termination, suspension or amendment of the Plan may adversely affect any outstanding Incentive
without the consent of the affected participant; provided, however, that this sentence will not impair the right of the Committee to take whatever action it deems appropriate under Section 11.6 of the Plan. 
 (b) Except as provided in Section 11.6, no Incentive granted under the Plan may be amended to decrease the exercise price thereof, or
be cancelled in conjunction with the grant of any new Incentive with a lower exercise price, or otherwise be altered in any way that would be treated under accounting rules or otherwise as a “repricing” of such Incentive at a lower
exercise price, unless such action is approved by the Company’s shareholders. 
 11.12 Definition of Fair Market
Value. For purposes of this Plan, the “Fair Market Value” of a share of Common Stock at a specified date shall, unless otherwise expressly provided in this Plan, be the amount which the Committee or the board of directors
of the Company determines in good faith in the exercise of its reasonable discretion to be 100% of the fair market value of such a share as of the date in question; provided, however, that notwithstanding the foregoing, if such shares are listed on
a U.S. securities exchange or are quoted on the Nasdaq National Market System or Nasdaq SmallCap Stock Market (“Nasdaq”), then Fair Market Value shall be determined by reference to the last sale price of a share of Common Stock on
such U.S. securities exchange or Nasdaq on the applicable date. If such U.S. securities exchange or Nasdaq is closed for trading on such date, or if the Common Stock does not trade on such date, then the last sale price used shall be the one on the
date the Common Stock last traded on such U.S. securities exchange or Nasdaq. 
 11.13 Breach of Confidentiality,
Assignment of Inventions, or Non-Compete Agreements. Notwithstanding anything in the Plan to the contrary, in the event that a participant materially breaches the terms of any confidentiality, assignment of inventions, or non-compete agreement
entered into with the Company or any subsidiary of the Company, whether such breach occurs before or after termination of such participant’s employment or other service with the Company or any subsidiary, the Committee in its sole discretion
may immediately terminate all rights of the participant under the Plan and any agreements evidencing an Incentive then held by the participant without notice of any kind. 

 11.14 Governing Law. The validity, construction, interpretation,
administration and effect of the Plan and any rules, regulations and actions relating to the Plan will be governed by and construed exclusively in accordance with the laws of the State of Delaware, notwithstanding the conflicts of laws principles of
any jurisdictions. 
 11.15 Successors and Assigns. The Plan will be binding upon and inure to the benefit of
the successors and permitted assigns of the Company and the participants in the Plan.Services Agreement

 Exhibit 10.1 
 Execution Version 
  
  
  
 SERVICES AGREEMENT 
 AMONG 
 MAGELLAN GP LLC

 MAGELLAN MIDSTREAM PARTNERS L.P. 
 AND 
 MAGELLAN MIDSTREAM HOLDINGS GP, LLC 
  
  
  

 Exhibit 10.1 
 Execution Version 
  
  
  
 TABLE OF CONTENTS 
  

					
		
	ARTICLE I	  	
		
	DEFINITIONS	  	
			
	 Section 1.01
	 	Definitions	  	3
	 Section 1.02
	 	Construction	  	6
		
	ARTICLE II	  	
		
	RETENTION OF MMHGP; SCOPE OF SERVICES	  	
			
	 Section 2.01
	 	Retention of MMHGP	  	6
	 Section 2.02
	 	Scope of Services	  	6
	 Section 2.03
	 	Exclusion of Services	  	7
	 Section 2.04
	 	Performance of Services by Affiliates	  	7
	 Section 2.05
	 	Representations and Warranties of MMHGP	  	7
	 Section 2.06
	 	Representations and Warranties of GP and MMP	  	8
	 Section 2.07
	 	Intellectual Property	  	8
		
	ARTICLE III	  	
		
	BOOKS, RECORDS AND REPORTING	  	
			
	 Section 3.01
	 	Books and Records	  	9
	 Section 3.02
	 	Audits	  	9
	 Section 3.03
	 	Reports	  	9
		
	ARTICLE IV	  	
		
	PAYMENT AMOUNT	  	
			
	 Section 4.01
	 	Payment Amount	  	9
	 Section 4.02
	 	Payment of Payment Amount	  	9
	 Section 4.03
	 	Disputed Charges	  	9
	 Section 4.04
	 	Set Off	  	10
	 Section 4.05
	 	MMHGP’s Employees	  	10
		
	ARTICLE V	  	
		
	FORCE MAJEURE	  	
			
	 Section 5.01
	 	Force Majeure	  	10

					
		
	ARTICLE VI	  	
		
	ASSIGNMENTS AND SUBCONTRACTS	  	
			
	 Section 6.01
	 	Assignments	  	11
	 Section 6.02
	 	Other Requirements	  	11
		
	ARTICLE VII	  	
		
	DISPUTE RESOLUTION	  	
			
	 Section 7.01
	 	Disputes	  	12
	 Section 7.02
	 	Negotiation to Resolve Disputes	  	12
	 Section 7.03
	 	Selection of Arbitrator	  	12
	 Section 7.04
	 	Conduct of Arbitration	  	12
		
	ARTICLE VIII	  	
		
	TERMINATION	  	
			
	 Section 8.01
	 	Termination By GP	  	13
	 Section 8.02
	 	Termination by MMHGP	  	14
	 Section 8.03
	 	Effect of Termination	  	14
		
	ARTICLE IX	  	
		
	GENERAL PROVISIONS	  	
			
	 Section 9.01
	 	Notices	  	14
	 Section 9.02
	 	Entire Agreement; Superseding Effect	  	15
	 Section 9.03
	 	Effect of Waiver or Consent	  	15
	 Section 9.04
	 	Amendment or Restatement	  	15
	 Section 9.05
	 	Restriction on Assignment; Binding Effect	  	15
	 Section 9.06
	 	Governing Law; Severability	  	15
	 Section 9.07
	 	Further Assurances	  	15
	 Section 9.08
	 	Directly or Indirectly	  	15
	 Section 9.09
	 	Counterparts	  	15

  

 2 

 SERVICES AGREEMENT 
 This Services Agreement (this “Agreement”) is entered into as of the
24th day of December, 2005 (the “Effective Date”), among Magellan Midstream Partners L.P., a Delaware limited partnership
(“MMP”), Magellan GP LLC, a Delaware limited liability company (“GP”), and Magellan Midstream Holdings GP, LLC, a Delaware limited liability company (“MMHGP”, and collectively with MMP and GP, the
“Parties” and each, a “Party”). 
 RECITALS 
 A. MMP is the owner, directly or indirectly, of interests in certain pipelines and terminals (the “Assets,” as hereinafter defined);

 B. GP, MMP and their Subsidiaries (as hereinafter defined) require certain general and administrative services to conduct their business
(the “G&A Services” as hereinafter defined); 
 C. GP, in its capacity as the general partner of MMP, desires to engage
MMHGP, an Affiliate (as hereinafter defined) of GP, on its own behalf and for the benefit of MMP, to provide the services necessary to operate the Assets and provide the G&A Services; and 
 D. MMHGP is willing to undertake such engagement, subject to the terms and conditions of this Agreement; 
 NOW, THEREFORE, MMP, GP, for itself and in its capacity as the general partner of MMP, and MMHGP agree as follows: 
 ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. As used in this Agreement, the following terms have the respective meanings set forth below or set
forth in the Sections referred to below: 
 “Affiliate” shall mean with respect to any Person, any other Person that directly
or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person. For purposes of this definition, “control” when used with respect to any Person means the power to direct
the management and policies of such Person, directly or indirectly, through the ownership of voting securities, by contract or otherwise. 
 “Agreement” is defined in the introductory paragraph. 
 “Assets” shall mean the assets of
Magellan Midstream Partners L.P., Magellan OLP, L.P. and Magellan Pipe Line Company, L.P. and any Person controlled by any of them. 
 “Arbitration Notice” is defined in Section 7.02(c). 
 “Arbitrator” is defined in
Section 7.03(a). 
  

 3 

 “Bankrupt” with respect to any Person shall mean such Person shall generally be unable
to pay its debts as such debts become due, or shall so admit in writing or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against such Person seeking to adjudicate it a bankrupt or
insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the
entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), shall
remain undismissed or unstayed for a period of 30 days; or such Person shall take any action to authorize any of the actions set forth above. 
 “Change of Control” is defined in the Omnibus Agreement. 
 “Default Rate” shall mean an interest
rate (which shall in no event be higher than the rate permitted by applicable law) equal to 300 basis points over LIBOR. 
 “Dispute” is defined in Section 7.02(a). 
 “Effective Date” is defined in the introductory
paragraph. 
 “Environmental Law” shall mean current local, county, state, federal, and/or foreign law (including common
law), statute, code, ordinance, rule, order, judgment, decree, regulation or other legal obligation relating to the protection of health, safety or the environment or natural resources, including, without limitation, the Comprehensive Environmental
Response Compensation and Liability Act (42 U.S.C. section 9601 et seq.), as amended, the Resource Conservation and Recovery Act (42 U.S.C. section 6901 et seq.), as amended, the Federal Water Pollution Control Act (33 U.S.C. section 1251 et seq.),
as amended, the Clean Air Act (42 U.S.C. section 7401 et seq.), as amended, the Toxic Substances Control Act (15 U.S.C. section 2601 et seq.), as amended, the Occupational Safety and Health Act (29 U.S.C. section 651 et seq.), as amended, the Safe
Drinking Water Act (42 U.S.C. section 300(f) et seq.), as amended, analogous state, tribal or local laws, and any similar, implementing or successor law, and any amendment, rule, regulation, or directive issued thereunder, including any
determination by, or interpretation of any of the foregoing by any Governmental Authority that has the force of law. 
 “Force
Majeure” shall mean any cause beyond the reasonable control of a Party, including the following causes (unless they are within such Party’s reasonable control): acts of God, strikes, lockouts, acts of the public enemy, wars or warlike
action (whether actual or impending), arrests and other restraints of government (civil or military), blockades, embargoes, insurrections, riots, epidemics, landslides, lightning, earthquakes, fires, sabotage, tornadoes, named tropical storms and
hurricanes, and floods, civil disturbances, terrorism, mechanical breakdown of machinery or equipment, explosions, confiscation or seizure by any government or other public authority, any order of any court of competent jurisdiction, regulatory
agency or governmental body having jurisdiction. 
 “G&A Services” shall mean those general and administrative services
necessary or useful for the conduct of the business of GP, MMP and their respective Subsidiaries, including, but not limited to, tax, accounting, treasury, human resources, information technology, internal audit and legal. 
  

 4 

 “General Partner Interest” shall have the meaning set forth in 0 of the Partnership
Agreement. 
 “Governmental Approval” shall mean any material consent, authorization, certificate, permit, right-of-way
grant or approval of any Governmental Authority that is necessary for the construction, ownership and operation of the Assets in accordance with applicable Laws. 
 “Governmental Authority” shall mean any court or tribunal in any jurisdiction or any federal, state, tribal, municipal or local government or other governmental body, agency, authority, department,
commission, board, bureau, instrumentality, arbitrator or arbitral body or any quasi-governmental or private body lawfully exercising any regulatory or taxing authority. 
 “GP” is defined in the introductory paragraph. 
 “Laws” shall mean any
applicable statute, Environmental Law , common law, rule, regulation, judgment, order, ordinance, writ, injunction or decree issued or promulgated by any Governmental Authority. 
 “MMHGP” is defined in the introductory paragraph. 
 “MMHLP” is defined in Section 2.05(c). 
 “MMP” is defined in the
introductory paragraph. 
 “Omnibus Agreement” shall mean the New Omnibus Agreement dated June 17, 2003 by and among
MMH, Williams Energy Services, LLC, Williams Natural Gas Liquids, Inc. and The Williams Companies, Inc. 
 “Original Services
Agreement” shall mean that Services Agreement among the predecessors to GP, MMP and Magellan Midstream Holdings, L.P. dated as of June 17, 2003. 
 “Participant” is defined in Section 7.01. 
 “Parties” is defined in
the introductory paragraph. 
 “Partnership Agreement” shall mean that Fourth Amended and Restated Agreement of Limited
Partnership of Magellan Midstream Partners L.P., as may be amended or restated from time to time. 
 “Payment Amount” is
defined in Section 4.01. 
 “Person” means an individual, corporation, partnership, joint venture, trust, limited
liability company, unincorporated organization or other entity. 
 “Services” is defined in Section 2.02. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability 

  

 5 

 
company, partnership, association or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that
Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company,
partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or
control any general partner or other Person or board with the authority to direct the management of such limited liability company, partnership, association or other business entity. For purposes hereof, references to a “Subsidiary” of any
Person shall be given effect only at such times that such Person has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Partnership. Exhibit 2 hereto contains a list of the
Subsidiaries of GP and MMP as of the date of this Agreement. 
 Other terms defined herein have the meanings so given them. 
 Section 1.02 Construction. Unless the context requires otherwise: (a) the gender (or lack of gender) of all words used in this Agreement
includes the masculine, feminine, and neuter; (b) references to Articles and Sections refer to Articles and Sections of this Agreement; (c) references to Exhibits refer to the Exhibits attached to this Agreement, each of which is made a
part hereof for all purposes; and (d) references to money refer to legal currency of the United States of America. 
 ARTICLE II 

 RETENTION OF MMHGP; SCOPE OF SERVICES 
 Section 2.01 Retention of MMHGP. 
 (a) GP, on its own behalf and for the benefit of MMP, hereby
engages MMHGP to perform the Services (as defined below) and to provide all employees and any facilities and equipment not otherwise provided by MMP necessary to perform the Services. MMHGP hereby accepts such engagement and agrees to perform the
Services requested by GP and to provide any facilities and equipment not otherwise provided by MMP, and to provide all employees necessary to perform the Services. 
 Section 2.02 Scope of Services. The “Services” shall consist of any services necessary to operate the Assets and provide the G&A Services and to conduct the business associated with the
Assets, including, without limitation, those services described on Exhibit 1 hereto. The 

  

 6 

 
Services shall be provided as specified by GP, and the scope of the Services shall be provided consistent with the Services provided under the Original
Services Agreement immediately prior to the date hereof, unless agreed otherwise by GP and MMHGP. MMHGP hereby covenants and agrees that the Services will be performed (i) in accordance with applicable material Governmental Approvals and Laws
and (ii) in accordance with industry standards. 
 Section 2.03 Exclusion of Services. At any time, either GP or MMHGP may
temporarily or permanently exclude any particular service from the scope of the Services upon 90 days notice (or with respect to Magellan Ammonia Pipeline, L.P., upon reasonable notice) to the other Party. GP may permanently exclude services from
the scope of Services related to Magellan Ammonia Pipeline, L.P. upon reasonable notice to MMHGP. 
 Section 2.04 Performance of Services
by Affiliates. The Parties hereby agree that in discharging its obligations hereunder, MMHGP may engage any of its Affiliates to perform the Services (or any part of the Services) on its behalf and that the performance of the Services (or any
part of the Services) by any such Affiliate shall be treated as if MMHGP performed such Services itself. Notwithstanding the foregoing, nothing contained herein shall relieve MMHGP of its obligations hereunder. 
 Section 2.05 Representations and Warranties of MMHGP. MMHGP hereby represents, warrants and covenants to MMP and to GP that as of the date hereof:

 (a) MMHGP is duly organized, validly existing, and in good standing under the laws of the State of Delaware; MMHGP is duly qualified and in
good standing in the jurisdictions required in order to perform its obligations under this Agreement, except where failure to be so qualified or in good standing could not reasonably be expected to have a material adverse effect on GP or MMP; and
MMHGP has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; 
 (b) MMHGP has duly
executed and delivered this Agreement, and this Agreement constitutes the legal, valid and binding obligation of MMHGP, enforceable against it in accordance with its terms (except as may be limited by bankruptcy, insolvency or similar laws of
general application and by the effect of general principles of equity, regardless of whether considered at law or in equity); and 
 (c) The
authorization, execution, delivery, and performance of this Agreement by MMHGP does not and will not (i) conflict with, or result in a breach, default or violation of, (A) MMHGP’s certificate of formation or limited liability company
agreement, (B) the certificate of limited partnership or limited partnership agreement of Magellan Midstream Holdings, L.P., a Delaware limited partnership (“MMHLP”), (C) any contract or agreement to which MMHGP or MMHLP is a
party or is otherwise subject, or (D) any law, order, judgment, decree, writ, injunction or arbitral award to which MMHGP or MMHLP is subject; or (ii) require any consent, approval or authorization from, filing or registration with, or
notice to, any Governmental Authority or other Person, unless such requirement has already been satisfied, except, in the case of clauses (i)(C) and (i)(D), for such conflicts, breaches, defaults or violations that would not have a material adverse
effect on MMHGP or on its ability to perform its obligations hereunder, and except, in the case of clause (ii), for such consents, approvals, authorizations, filings, registrations or notices, the failure of which to obtain or make would not have a
material adverse effect on MMHGP or on its ability to perform its obligations hereunder. 
  

 7 

 Section 2.06 Representations and Warranties of GP and MMP. Each of GP and MMP hereby represents,
warrants and covenants to MMHGP that as of the date hereof: 
 (a) Each of GP and MMP is duly organized, validly existing, and in good
standing under the laws of the jurisdiction of its formation; each of GP and MMP is duly qualified and in good standing in the jurisdictions required in order to perform its obligations under this Agreement, except where failure to be so qualified
or in good standing could not reasonably be expected to have a material adverse effect on MMHGP; each of GP and MMP has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; 
 (b) Each of GP and MMP has duly executed and delivered this Agreement, and this Agreement constitutes the legal, valid and binding obligation of each
such Person enforceable against it in accordance with its terms (except as may be limited by bankruptcy, insolvency or similar laws of general application and by the effect of general principles of equity, regardless of whether considered at law or
in equity); 
 (c) The authorization, execution, delivery, and performance of this Agreement by each of GP and MMP does not and will not
(i) conflict with, or result in a breach, default or violation of, (A) the certificate of formation or limited liability company agreement of GP, (B) the certificate of limited partnership of MMP or the Partnership Agreement,
(C) any contract or agreement to which such Person is a party or is otherwise subject, or (D) any law, order, judgment, decree, writ, injunction or arbitral award to which such Person is subject; or (ii) require any consent, approval
or authorization from, filing or registration with, or notice to, any Governmental Authority or other Person, unless such requirement has already been satisfied, except, in the case of clauses (i)(C) and (i)(D), for such conflicts, breaches,
defaults or violations that would not have a material adverse effect on GP or MMP or on their ability to perform their obligations hereunder, and except, in the case of clause (ii), for such consents, approvals, authorizations, filings,
registrations or notices, the failure of which to obtain or make would not have a material adverse effect on GP or MMP or on their ability to perform their respective obligations hereunder. 
 Section 2.07 Intellectual Property. 
 (a) Any (i) inventions, whether patentable or not, developed or invented, or (ii) copyrightable material (and the intangible rights of copyright therein) developed, by MMHGP, its Affiliates or its or their employees in connection
with the performance of the Services shall be the property of MMHGP; provided, however, that MMP shall be granted an irrevocable, royalty-free, non-exclusive and non-transferable right and license to use such inventions or material;
and further provided, however, that MMP shall only be granted such a right and license to the extent such grant does not conflict with, or result in a breach, default, or violation of a right or license to use such inventions or
material granted to MMHGP by any Person other than an Affiliate of MMHGP. Notwithstanding the foregoing, MMHGP will use all commercially reasonable efforts to grant such right and license to MMP. 
  

 8 

 (b) MMP hereby grants to MMHGP and its Affiliates an irrevocable, royalty-free, non-exclusive and
non-transferable right and license to use, during the term of this Agreement, any intellectual property provided by MMP to MMHGP or its Affiliates, but only to the extent such use is necessary for the performance of the Services. MMHGP agrees that
it and its Affiliates will utilize such intellectual property solely in connection with the performance of the Services. 
 ARTICLE III

 BOOKS, RECORDS AND REPORTING 
 Section 3.01 Books and Records. MMHGP shall maintain accurate books and records regarding the performance of the Services and its calculation of the Payment Amount, and shall maintain such books and records for
the period required by applicable accounting practices or law. 
 Section 3.02 Audits. GP shall have the right, upon reasonable
notice, and at all reasonable times during usual business hours, to audit, examine and make copies of the books and records referred to in Section 3.01. Such right may be exercised through any agent or employee of GP designated in writing by it
or by an independent public accountant, engineer, attorney or other agent so designated. GP shall bear all costs and expenses incurred in any inspection, examination or audit. MMHGP shall review and respond in a timely manner to any claims or
inquiries made by the GP regarding matters revealed by any such inspection, examination or audit. 
 Section 3.03 Reports. MMHGP shall
prepare and deliver to GP any reports provided for in this Agreement and such other reports as GP may reasonably request from time to time regarding the performance of the Services. 
 ARTICLE IV 
 PAYMENT AMOUNT 
 Section 4.01 Payment Amount. GP shall pay, or cause MMP to pay, MMHGP for the amount of any direct or indirect expenses incurred by MMHGP in
connection with its or its Affiliates performance of the Services (the “Payment Amount”), it being understood and agreed that nothing in this Section 4.01 shall be deemed to amend or modify the provisions of the Omnibus
Agreement. 
 Section 4.02 Payment of Payment Amount. GP shall pay, or cause MMP to pay, to MMHGP, in immediately available funds, the
full Payment Amount due under Section 4.01. 
 Section 4.03 Disputed Charges. GP MAY, WITHIN 90 DAYS AFTER RECEIPT OF A CHARGE
FROM MMHGP, TAKE WRITTEN EXCEPTION TO SUCH CHARGE, ON THE GROUND THAT THE SAME WAS NOT A REASONABLE COST INCURRED BY MMHGP OR ITS AFFILIATES IN CONNECTION WITH THE SERVICES. GP SHALL NEVERTHELESS PAY OR CAUSE MMP TO PAY IN FULL WHEN DUE THE FULL
PAYMENT AMOUNT OWED TO MMHGP. SUCH PAYMENT SHALL NOT BE DEEMED 

  

 9 

 
A WAIVER OF THE RIGHT OF MMP TO RECOUP ANY CONTESTED PORTION OF ANY AMOUNT SO PAID. HOWEVER, IF THE AMOUNT AS TO WHICH SUCH WRITTEN EXCEPTION IS TAKEN, OR
ANY PART THEREOF, IS ULTIMATELY DETERMINED IN ACCORDANCE WITH ARTICLE VII NOT TO BE A REASONABLE COST INCURRED BY MMHGP OR ITS AFFILIATES IN CONNECTION WITH ITS PROVIDING THE SERVICES HEREUNDER, SUCH AMOUNT OR PORTION THEREOF (AS THE CASE MAY BE)
SHALL BE REFUNDED BY MMHGP TO MMP TOGETHER WITH INTEREST THEREON AT THE DEFAULT RATE DURING THE PERIOD FROM THE DATE OF PAYMENT BY GP OR MMP TO THE DATE OF REFUND BY MMHGP. 
 Section 4.04 Set Off. In the event that MMHGP owes MMP a sum certain in an uncontested amount under any other agreement, then any such amounts
shall be aggregated and MMP and MMHGP shall discharge their obligations by netting those amounts against any amounts owed by MMP to MMHGP under this Agreement. If MMP or MMHGP owes the other party a greater aggregate amount, that Party shall pay to
the other Party the difference between the amounts owed. 
 Section 4.05 MMHGP’s Employees. The obligations under Sections 4.01
and 4.02 shall be limited to payment of MMHGP or its Affiliates for expenses in connection with its employees engaged in the provision of Services hereunder, and neither GP nor MMP shall be obligated to pay to MMHGP’s employees directly any
compensation, salaries, wages, bonuses, benefits, social security taxes, workers’ compensation insurance, retirement and insurance benefits, training and other such expenses; provided, however, that if MMHGP fails to pay any employee within 30
days of the date such employee’s payment is due: 
 (a) GP or MMP may (i) pay such employee directly, (ii) employ such employee
directly, (iii) notify MMHGP and begin to pay all employees providing service to MMP directly, or (iv) notify MMHGP that this Agreement is terminated and employ all employees directly; and 
 (b) MMHGP shall reimburse GP or MMP, as the case may be, the amount MMP paid to MMHGP for employee services that MMHGP did not pay to any such employee.

 ARTICLE V 
 FORCE
MAJEURE 
 Section 5.01 Force Majeure. A Party’s obligation under this Agreement shall be excused when and to the extent its
performance of that obligation is prevented due to Force Majeure; provided, however, that a Party shall not be excused by Force Majeure from any obligation to pay money. The Party that is prevented from performing its obligation by
reason of 

  

 10 

 
Force Majeure shall promptly notify the other Parties of that fact and shall exercise due diligence to end its inability to perform as promptly as
practicable. Notwithstanding the foregoing, a Party is not required to settle any strike, lockout or other labor dispute in which it may be involved; provided, however, that, in the event of a strike, lockout or other labor dispute
affecting MMHGP, MMHGP shall use reasonable efforts to continue to perform all obligations hereunder by utilizing its management personnel and that of its Affiliates. 
 ARTICLE VI 
 ASSIGNMENTS AND SUBCONTRACTS 
 Section 6.01 Assignments. 
 (a)
Without the prior consent of MMHGP, neither MMP nor GP may sell, assign, transfer or convey any of its rights, or delegate any of its obligations, under this Agreement to any Person; provided, however, GP may assign its rights and
delegate its obligations under this Agreement to a transferee of its General Partner Interest pursuant to Section 4.6(a)(ii)(A) of the Partnership Agreement. 
 (b) Without the prior consent of GP, MMHGP may not sell, assign, transfer or convey any of its rights, or delegate any of its obligations, under this Agreement to any Person, other than the delegation of performance
of Services to an Affiliate of MMHGP as permitted by Section 2.04 and the sale, assignment, transfer or conveyance of its rights hereunder to any such Affiliate. 
 Section 6.02 Other Requirements. Subject to the other provisions hereof: 
 (a) All materials and
workmanship used or provided in performing the Services shall be in accordance with applicable drawings, specifications, and standards. 
 (b) MMHGP shall exercise reasonable diligence to obtain the most favorable terms or warranties available from vendors, suppliers and other third parties, and where appropriate, MMHGP shall assign such warranties to MMP. 
 (c) In rendering the Services, MMHGP shall not discriminate against any employee or applicant for employment because of race, creed, color, religion,
sex, national origin, age or handicap, and shall comply with all applicable provisions of Executive Order 11246 of September 24, 1965, and any successor order thereto. Subject to the above, MMHGP shall, to the extent practicable, engage
employees who reside in or whose businesses are located in the local area or state where the Services are performed. 
 (d) MMHGP agrees to
exercise reasonable diligence to ensure that, during the term of this Agreement, it shall not employ unauthorized aliens as defined in the Immigration Reform and Control Act of 1986, or any successor law. 
  

 11 

 ARTICLE VII 
 DISPUTE RESOLUTION 
 Section 7.01 Disputes. This Article VII shall apply to any dispute
arising under or related to this Agreement (whether arising in contract, tort or otherwise, and whether arising at law or in equity), including (a) any dispute regarding the construction, interpretation, performance, validity or enforceability
of any provision of this Agreement or whether any Person is in compliance with, or breach of, any provisions of this Agreement, and (b) the applicability of this Article VII to a particular dispute (collectively, a “Dispute”).
The provisions of this Article VII shall be the exclusive method of resolving Disputes. For purposes of this Article, each of MMHGP and GP, acting for itself and on behalf of MMP, shall be a “Participant”. 
 Section 7.02 Negotiation to Resolve Disputes. If a Dispute arises, the Participants shall attempt to resolve such Dispute through the following
procedure: 
 (a) first, an executive officer of MMHGP, and an executive officer of GP shall promptly meet (whether by phone or in person) in
a good faith attempt to resolve the Dispute; 
 (b) second, if the Dispute is still unresolved after 20 days following the commencement of
the negotiations described in Section 7.02(a), then the chief executive officers of MMHGP and GP will promptly meet (whether by phone or in person) in a good faith attempt to resolve the Dispute; and 
 (c) third, if the Dispute is still unresolved after 10 days following the commencement of the negotiations described in Section 7.02(b), then any
Participant may submit such Dispute to binding arbitration under this Article VII by notifying the other Participants (an “Arbitration Notice”). 
 Section 7.03 Selection of Arbitrator. 
 (a) Any arbitration conducted under this Article VII shall be
heard by a sole arbitrator (the “Arbitrator”) selected in accordance with this Section 7.03. Each Participant and each proposed Arbitrator shall disclose to the other Participants any business, personal or other relationship or
affiliation that may exist between such Participant and such proposed Arbitrator, and any Participant may disapprove of such proposed Arbitrator on the basis of such relationship or affiliation. 
 (b) The Participant that submits a Dispute to arbitration shall designate a proposed Arbitrator in its Arbitration Notice. If any other Participant
objects to such proposed Arbitrator, it may, on or before the tenth day following delivery of the Arbitration Notice, notify the other Participants of such objection. The Participants shall attempt to agree upon a mutually-acceptable Arbitrator. If
they are unable to do so within 20 days following delivery of the notice described in the immediately-preceding sentence, any Participant may request the American Arbitration Association (“AAA”) to designate the Arbitrator. If the
Arbitrator so chosen shall die, resign or otherwise fail or become unable to serve as Arbitrator, a replacement Arbitrator shall be chosen in accordance with this Section 7.03. 
 Section 7.04 Conduct of Arbitration. The Arbitrator shall expeditiously (and, if possible, within 90 days after the Arbitrator’s selection)
hear and decide all matters concerning the Dispute. Except as the Participants agree otherwise, the arbitration hearing shall be held in 

  

 12 

 
the City of Tulsa, Oklahoma. Except as the Participants agree otherwise, the arbitration shall be conducted in accordance with the then-current Commercial
Arbitration Rules of the AAA (excluding rules governing the payment of arbitration, administrative or other fees or expenses to the Arbitrator or the AAA), to the extent that such rules do not conflict with the terms of this Agreement. Except as
expressly provided to the contrary in this Agreement, the Arbitrator shall have the power (a) to gather such materials, information, testimony and evidence in the manner as it deems appropriate and relevant to the dispute before it (and each
Participant will provide such materials, information, testimony and evidence requested by the Arbitrator, except to the extent any information so requested is proprietary, subject to a third-party confidentiality restriction or to an attorney-client
or other privilege) and (b) to grant injunctive relief and enforce specific performance. If it deems necessary, the Arbitrator may propose to the Participants that one or more other experts be retained to assist it in resolving the Dispute. The
retention of such other experts shall require the unanimous consent of the Participants, which shall not be unreasonably withheld. Each Participant, the Arbitrator and any proposed expert shall disclose to each other any business, personal or other
relationship or affiliation that may exist between such Participant (or the Arbitrator) and such proposed expert; and any Participant may disapprove of such proposed expert on the basis of such relationship or affiliation. The decision of the
Arbitrator (which shall be rendered in writing) shall be final, nonappealable and binding upon the Participants and may be enforced in any court of competent jurisdiction; provided that the Participants agree that the Arbitrator and any court
enforcing the award of the Arbitrator shall not have the right or authority to award special, punitive, exemplary, consequential, indirect or other similar damages (including without limitation damages on account of lost profits or opportunities) to
any Participant. The responsibility for paying the costs and expenses of the arbitration, including compensation to the Arbitrator and any experts duly retained by the Arbitrator, shall be allocated between the Participants in a manner determined by
the Arbitrator to be fair and reasonable under the circumstances. Each Participant shall be responsible for the fees and expenses of its respective counsel, consultants and witnesses, unless the Arbitrator determines that compelling reasons exist
for allocating all or a portion of such costs and expenses in another manner. Any costs or expenses incurred by a Participant(s) in enforcing any Award of the Arbitrator shall be borne by the Participant challenging the enforcement. 
 ARTICLE VIII 
 TERMINATION

 Section 8.01 Termination By GP. 
 (a) Upon the occurrence of any of the following events, GP may terminate this Agreement by giving written notice of such termination to MMHGP: 
 (i) MMHGP becomes Bankrupt; 
 (ii) MMHGP
dissolves and commences liquidation or winding-up; or 
 (iii) there occurs a Change of Control of GP or MMHGP. 
 Any termination under this Section 8.01(a) shall become effective immediately upon delivery of the notice first described in this Section 8.01(a), or such
later time (not to exceed the first anniversary of the delivery of such notice) as may be specified by GP. 
  

 13 

 (b) In addition to its rights under Section 8.01(a), GP may terminate this Agreement at any time by
giving notice of such termination to MMHGP. Any termination under this Section 8.01(b) shall become effective 90 days after delivery of such notice, or such later time (not to exceed the first anniversary of the delivery of such notice) as may
be specified by GP. 
 Section 8.02 Termination by MMHGP. 
 (a) MMHGP may terminate this Agreement by giving written notice of such termination to GP upon the occurrence of a Change of Control of GP or MMHGP.

 Any termination under this Section 8.02(a) shall become effective immediately upon delivery of the notice first described in this
Section 8.02(a). 
 (b) In addition to its rights under Section 8.02(a), MMHGP may terminate this Agreement at any time by giving
notice of such termination to GP. Any termination under this Section 8.02(b) shall become effective 90 days after delivery of such notice, or such later time (not to exceed the first anniversary of the delivery of such notice) as may be
specified by MMHGP. 
 Section 8.03 Effect of Termination. If this Agreement is terminated in accordance with Section 8.01 or
8.02, all rights and obligations under this Agreement shall cease except for (a) obligations that expressly survive termination of this Agreement; (b) liabilities and obligations that have accrued prior to such termination, including the
obligation to pay any amounts that have become due and payable prior to such termination, and (c) the obligation to pay any portion of the Payment Amount that has accrued prior to such termination, even if such portion has not become due and
payable at that time. 
 ARTICLE IX 
 GENERAL PROVISIONS 
 Section 9.01 Notices. Except as expressly set forth to the contrary in
this Agreement, all notices, requests or consents provided for or permitted to be given under this Agreement must be in writing and must be delivered to the recipient in person, by courier or mail or by facsimile, telegram, telex, cablegram or
similar transmission; and a notice, request or consent given under this Agreement is effective on receipt by the Party to receive it; provided, however, that a facsimile or other electronic transmission that is transmitted after the
normal business hours of the recipient shall be deemed effective on the next business day. All notices, requests and consents to be sent to MMP must be sent to GP. All notices, requests and consents (including copies thereof) to be sent to GP must
be sent to or made at the address given below for GP. 
  

 14 

					
	 Address for Notices:
	  	GP / MMP:	  	MMHGP:
			
		  	Magellan GP LLC	  	Magellan Midstream Holdings GP, L.P.
		  	One Williams Center	  	c/o Magellan GP LLC
		  	Tulsa, Oklahoma 74172	  	One Williams Center
		  	Attention: Mr. Lonny Townsend	  	Tulsa, Oklahoma 74172
		  	Facsimile: (918) 574-7039	  	Attention: Mr. Lonny Townsend
		  		  	Facsimile: (918) 574-7039

 Section 9.02 Entire Agreement; Superseding Effect. This Agreement constitutes the entire
agreement of the Parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein. 
 Section 9.03 Effect of Waiver or Consent. Except as otherwise provided in this Agreement, a waiver or consent, express or implied, to or of any
breach or default by any Party in the performance by that Party of its obligations under this Agreement is not a consent or waiver to or of any other breach or default in the performance by that Party of the same or any other obligations of that
Party under this Agreement. Except as otherwise provided in this Agreement, failure on the part of a Party to complain of any act of another Party or to declare another Party in default under this Agreement, irrespective of how long that failure
continues, does not constitute a waiver by that Party of its rights with respect to that default until the applicable statute-of-limitations period has run. 
 Section 9.04 Amendment or Restatement. This Agreement may be amended or restated only by a written instrument executed by each of the Parties. 
 Section 9.05 Binding Effect. This Agreement is binding on and shall inure to the benefit of the Parties and their respective successors and
permitted assigns. 
 Section 9.06 Governing Law; Severability. THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, EXCLUDING ANY CONFLICT-OF-LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE CONSTRUCTION OR THE INTERPRETATION OF THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. If any provision of this Agreement or the
application thereof to any Person or any circumstance is held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected thereby and shall be
enforced to the greatest extent permitted by law. 
 Section 9.07 Further Assurances. In connection with this Agreement and the
transactions contemplated hereby, each Party shall execute and deliver any additional documents and instruments and perform any additional acts that may be reasonably necessary or appropriate to effectuate and perform the provisions of this
Agreement and those transactions. 
 Section 9.08 Directly or Indirectly. Where any provision of this Agreement refers to action to be
taken by any Party, or which such Party is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Party, including actions taken by or on behalf of any Affiliate of such Party.

 Section 9.09 Counterparts. This Agreement may be executed in counterparts with the same effect as if each signing party had signed
the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 
  

 15 

 Exhibit 10.1 
 Execution Version 
  
  
  
 IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the date first set forth above. 
  

					
	MAGELLAN GP LLC
		
	By:	 	 /s/ Don R. Wellendorf

	Name:	 	Don R. Wellendorf
	Title:	 	President and CEO
	
	MAGELLAN MIDSTREAM PARTNERS L.P.
		
	By:	 	MAGELLAN GP LLC, its General Partner
			
		 	By:	 	 /s/ Don R. Wellendorf

		 	Name:	 	Don R. Wellendorf
		 	Title:	 	President and CEO
	
	MAGELLAN MIDSTREAM HOLDINGS GP, LLC
			
		 	By:	 	 /s/ Don R. Wellendorf

		 	Name:	 	Don R. Wellendorf
		 	Title:	 	President and CEO

  

 Signature Page – Services Agreement 

 Exhibit 10.1 
 Execution Version 
  
  
  
  

 EXHIBIT 1 
 The Services shall include any services necessary for the operation of the Assets and provide the G&A Services and shall include, without limitation, the following services for the following named entities:

  

	 	1.	Magellan Terminals Holdings, L.P. 

 (a) facility
maintenance services, including preventative maintenance activities and equipment repairs; 
 (b) operations services, including loading rack
operations, internal product quality control, sampling, blending, general maintenance, building and grounds maintenance, and routine inspection; 
 (c) terminal marketing services; 
 (d) technical services, including engineering, safety, environmental and real estate services;
and 
 (e) professional services, including legal accounting, insurance, tax, credit, finance, government affairs, and regulatory affairs.

  

	 	2.	Magellan Pipe Line Company, L.P. 

 (a) facility maintenance
services, including preventative maintenance activities and equipment repairs; 
 (b) operations services, including loading rack operations,
internal product quality control, sampling, blending, engineering, manifold operations, filter vessels, ethanol unloading, rail loadings, general maintenance, building and grounds maintenance, routine inspection, lab services, mainline maintenance,
right-of-way patrol, right-of-way clearing, line depth issues, damage prevention program, emergency response, scheduling services, and pipeline control services; 
 (c) terminal and pipeline marketing services; 
 (d) technical services, including engineering, safety,
environmental and real estate services; and 
 (e) professional services, including legal, accounting, insurance, tax, credit, finance,
government affairs, and regulatory affairs. 
  

	 	3.	Magellan Ammonia Pipeline, L.P. 

 (a) facility maintenance
services, including preventative maintenance activities and equipment repairs; 

 (b) operations services, including loading rack operations, internal product quality control, manifold
operations, engineering, general maintenance, building and grounds maintenance, routine inspection, scheduling services, mainline maintenance, including right of way patrol, right-of-way clearing, line depth issues, damage prevention program,
emergency response and pipeline control services; 
 (c) pipeline marketing services; 
 (d) technical services, including engineering, safety, environmental and real estate services; and 
 (e) professional services, including legal accounting, insurance, tax, credit, finance, government affairs, and regulatory affairs. 
  

 1-2 

 EXHIBIT 2 
 Subsidiaries of Magellan GP, LLC 
 Magellan Midstream Partners, L.P. 
 Magellan IDR LP, LLC 
 Magellan IDR, L.P. 
 Subsidiaries of Magellan Midstream Partners, L.P. 
 Magellan Pipeline GP, LLC 
 Magellan Pipeline Company, L.P. 
 Magellan GP, Inc. 
 Magellan OLP, L.P. 
 Subsidiaries of Magellan OLP, L.P. 
 Magellan NGL, LLC 
 Magellan Ammonia Pipeline, L.P. 
 Magellan Asset Services, L.P. 
 Magellan Pipeline Holdings, L.P. 

Magellan Terminal Holdings, L.P. 
 Osage Pipe Line Company, LLC 

 

 1-3

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