8-KLeadership ChangesExhibits & Filings

Targa Resources Corp. 8-K Report, Executive Changes (Mar 1, 2013)

Filed March 1, 2013For Securities:TRGP

Summary

This Form 8-K filing from Targa Resources Corp. (TRGP), dated March 1, 2013, reports significant changes to its Board of Directors. Effective February 26, 2013, Mr. In Seon Hwang resigned from the Board. His departure was amicable and not due to any disagreements with the company's operations or policies. To fill the vacancy, the Board elected Ms. Laura C. Fulton as a Class I Director, with her term set to expire in 2014. Ms. Fulton's appointment is effective immediately and she has also been appointed to the Company's Audit Committee. Investors should note that Ms. Fulton's selection was independent, with no prior arrangements or undisclosed relationships with the company. She will receive standard compensation for non-employee directors, including a bonus stock award of 1,492 shares and will be subject to the company's standard indemnification agreement.

Key Highlights

  • 1Resignation of Director: Mr. In Seon Hwang resigned from the Board of Directors effective February 26, 2013. The resignation was not due to any disagreements.
  • 2New Director Appointment: Ms. Laura C. Fulton was elected to the Board of Directors to fill the vacancy left by Mr. Hwang.
  • 3Director Term: Ms. Fulton will serve as a Class I Director with a term expiring in 2014.
  • 4Audit Committee Appointment: Ms. Fulton has been appointed as a member of the Company's Audit Committee.
  • 5No Pre-existing Arrangements: There are no undisclosed understandings or arrangements concerning Ms. Fulton's appointment.
  • 6Director Compensation: Ms. Fulton will receive compensation for non-employee directors, including a bonus stock award of 1,492 shares.
  • 7Indemnification Agreement: Targa Resources entered into an indemnification agreement with Ms. Fulton, effective February 26, 2013.

Frequently Asked Questions

Mr. In Seon Hwang resigned from the Board of Directors effective February 26, 2013. The filing explicitly states that his resignation was not a result of any disagreement with Targa Resources Corp. regarding its operations, policies, or practices.

Ms. Laura C. Fulton was elected to the Board of Directors on February 26, 2013, to fill the vacancy created by Mr. Hwang's resignation. She will serve as a Class I Director with a term expiring in 2014. Additionally, she has been appointed as a member of the Company's Audit Committee.

As a non-employee director, Ms. Fulton will receive compensation in accordance with Targa Resources' standard policies for non-employee directors. This includes awards under the Company's 2010 Stock Incentive Plan. Specifically, on February 27, 2013, she received a bonus stock award of 1,492 shares.

The filing indicates that there are no undisclosed understandings or arrangements between Ms. Fulton and any other person regarding her selection as a director. Furthermore, there are no relationships between Ms. Fulton and the company or its subsidiaries that require disclosure under Item 404(a) of Regulation S-K. She will, however, be subject to a standard indemnification agreement, ensuring she is protected against liability related to her service to the company.