8-KLeadership ChangesExhibits & Filings

Targa Resources Corp. 8-K Report, Executive Changes (Jan 18, 2013)

Filed January 18, 2013For Securities:TRGP

Summary

This Form 8-K filing from Targa Resources Corp. reports on the approval of its 2013 Annual Incentive Compensation Plan (Bonus Plan) and the grant of restricted stock awards under its 2010 Stock Incentive Plan. The Bonus Plan is a discretionary annual cash bonus program for all employees, including executive officers, designed to reward contributions to the company's business priorities and aid in retention and motivation. Funding for the bonus pool will be recommended by the CEO and approved by the Compensation Committee based on Targa's achievement of strategic, financial, and operational objectives. Furthermore, the filing details specific restricted stock awards granted on January 15, 2013, to key executives, including Rene R. Joyce, Joe Bob Perkins, James W. Whalen, Michael A. Heim, and Matthew J. Meloy. These awards are subject to a three-year vesting period. The disclosure provides insight into Targa Resources' executive compensation strategies and its commitment to incentivizing performance and retaining talent.

Key Highlights

  • 1Targa Resources Corp. approved its 2013 Annual Incentive Compensation Plan (Bonus Plan) on January 15, 2013.
  • 2The Bonus Plan is a discretionary annual cash bonus program for all employees, including executive officers.
  • 3Bonus pool funding is contingent on achieving Targa's strategic, financial, and operational objectives for 2013.
  • 4Ten key business priorities for 2013 were outlined, including EBITDA and distribution/dividend growth, Bakken Shale acquisition integration, safety, compliance, talent retention, cost control, capital project execution, growth opportunities, and risk management.
  • 5Restricted stock awards were granted on January 15, 2013, under the 2010 Stock Incentive Plan to key executives, vesting over three years.
  • 6Specific grants were made to Rene R. Joyce, Joe Bob Perkins, James W. Whalen, Michael A. Heim, and Matthew J. Meloy.

Frequently Asked Questions

The primary purpose of the 2013 Annual Incentive Compensation Plan is to reward employees, including executive officers, for their contributions towards Targa Resources Corp.'s business priorities and to help the company retain and motivate its workforce.

The bonus pool is discretionary. The CEO recommends a total amount based on the company's overall performance against business objectives, and the Compensation Committee makes the final determination. Individual bonuses for executive officers are also determined at the Committee's sole discretion.

Key business priorities for 2013 include achieving 2013 guidance for EBITDA and distribution/dividend growth, successfully integrating and commercializing the Bakken Shale midstream acquisition, maintaining a strong focus on safety and compliance, controlling costs, executing major capital projects, pursuing growth opportunities, and managing financial risks.

Restricted stock awards were granted to executives Rene R. Joyce, Joe Bob Perkins, James W. Whalen, Michael A. Heim, and Matthew J. Meloy. These awards will vest three years from the grant date of January 15, 2013.