8-KLeadership ChangesExhibits & Filings

Targa Resources Corp. 8-K Report, Executive Changes (Jan 20, 2015)

Filed January 20, 2015For Securities:TRGP

Summary

This Form 8-K filing by Targa Resources Corp. announces the approval of its 2015 Annual Incentive Compensation Plan (Bonus Plan) by the Compensation Committee of its Board of Directors on January 15, 2015. This discretionary, cash-based bonus plan is designed to reward all employees, including executive officers, for contributions towards the company's business priorities and to aid in employee retention and motivation. The plan's funding is tied to the achievement of specific strategic, financial, and operational objectives set for 2015. Key objectives for the bonus plan include meeting EBITDA and distribution/dividend growth guidance, successfully closing the Atlas Mergers while retaining talent and pursuing growth, expanding system capabilities in Targa Badlands, maintaining a strong safety record, ensuring compliance, controlling costs, managing financial exposures, executing major capital projects, and pursuing strategic growth opportunities. The bonus pool's size will be determined at the committee's discretion, based on the CEO's recommendation and the company's performance against these objectives, with individual bonus opportunities ranging from 6% to 100% of eligible earnings.

Key Highlights

  • 1Targa Resources Corp. approved its 2015 Annual Incentive Compensation Plan (Bonus Plan) on January 15, 2015.
  • 2The Bonus Plan is a discretionary annual cash bonus program for all employees, including executives.
  • 3The plan aims to incentivize performance against strategic, financial, and operational objectives.
  • 4Key 2015 priorities include meeting financial guidance, completing the Atlas Mergers, and expanding Targa Badlands operations.
  • 5Employee retention and talent acquisition are explicitly mentioned as objectives.
  • 6Cost control, risk management, and the execution of capital projects are also core to the plan.
  • 7The total bonus pool funding is discretionary and based on the achievement of these stated business priorities.

Frequently Asked Questions

The primary purpose of the 2015 Annual Incentive Compensation Plan is to provide a discretionary annual cash bonus to employees, including executive officers, to reward their contributions towards the company's business priorities and to aid in retaining and motivating talent.

The funding for the bonus pool is discretionary and is based on the company's achievement of eleven key business priorities established by the Compensation Committee for 2015. The Chief Executive Officer makes a recommendation to the Committee regarding the total bonus pool amount based on overall performance, and the Committee makes the final determination.

Key business priorities include meeting 2015 EBITDA and distribution/dividend growth guidance, successfully closing the Atlas Mergers, expanding operations in Targa Badlands, maintaining a strong safety and compliance record, controlling costs, managing financial risks, executing major capital projects, and pursuing strategic growth opportunities.

Individual employee target bonus opportunities can range from approximately 6% to 100% of their eligible earnings, which generally include base salary and overtime pay. The actual bonus awarded is subject to the Compensation Committee's discretion and the company's performance against its objectives.