MARKWEST ENERGY PARTNERS L P
EX-10.3
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.3</font></b></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2005 INCENTIVE COMPENSATION PLAN</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PERFORMANCE TARGETS</font></b></p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Officers and Executives:</font></b></p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Intent:&#160;
</font></b>To provide a long term and a short term
incentive for retention and align company and employee goals.</p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Short-term Incentive
Component</font></i></b></p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Measurement Criteria:&#160; </font></b>Award based on
achieving operating income budgeted plans of MarkWest Hydrocarbon and MarkWest Energy, and on department/individual
goals and performance, with each criterion weighted based on individual and
department responsibilities to align performance and goals.</p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Threshold:&#160; </font></b>The payout of incentive awards is contingent
upon EBITDA (earnings before interest, taxes, depreciation, depletion and
amortization) being a minimum of 90% of target for both MarkWest Energy and
MarkWest Hydrocarbon.</p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Incentive Award Range:&#160; </font></b>The incentive award range is set from 30% to
50% of base salary depending on level and performance achievement, with
opportunity for stretch incentive awards in the range of 30% to 50% if stretch
performance is achieved.</p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Payout:&#160; </font></b>cash.</p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Long-term Incentive Component</font></i></b></p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Measurement Criteria:&#160; </font></b>Award based on
achieving operating income budgeted plans of MarkWest Hydrocarbon and MarkWest Energy and department/individual goals
and performance, with each criteria weighted based on individual and department
responsibilities to align performance and goals.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Incentive Award Range:&#160; </font></b>The incentive award range is set from 30% to
50% of base salary depending on level and performance achievement.</p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Payout:&#160; </font></b>MarkWest Hydrocarbon restricted shares or
MarkWest Energy phantom shares.&#160;
Share/Units will vest over a three year period.</p>

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