8-KLeadership ChangesExhibits & Filings

Targa Resources Corp. 8-K Report, Executive Changes (Jan 25, 2017)

Filed January 25, 2017For Securities:TRGP

Summary

Targa Resources Corp. filed an 8-K on January 25, 2017, to report the approval of its 2017 Annual Incentive Compensation Plan. This plan, approved by the Compensation Committee of the Board of Directors, is a discretionary annual cash bonus plan designed for all employees, including executive officers. The primary purpose is to motivate employees and reward them for achieving the company's strategic, financial, and operational objectives for 2017. The Bonus Plan's funding is tied to the company's performance against eight key business priorities set for the year, ranging from executing the business plan and maintaining safety to cost control, project execution, growth opportunities, and commercial/financial risk management. The bonus pool's size is determined by the CEO's recommendation and the Compensation Committee's final discretion, with individual awards also subject to committee approval for executives and departmental allocation for other employees.

Key Highlights

  • 1Targa Resources Corp. established its 2017 Annual Incentive Compensation Plan, a discretionary cash bonus program.
  • 2The plan covers all employees, including executive officers.
  • 3Bonus pool funding is directly linked to the achievement of specific business priorities set by the Compensation Committee.
  • 4Eight key business priorities for 2017 have been outlined, focusing on operational execution, safety, compliance, talent retention, cost control, project management, growth, and risk management.
  • 5The size of the total bonus pool is determined by the CEO's recommendation and the Compensation Committee's discretion.
  • 6Individual bonus awards for executive officers are also determined at the Compensation Committee's discretion.

Frequently Asked Questions

The plan's main purpose is to reward employees for their contributions to Targa Resources' business priorities and to motivate and retain talent by offering discretionary annual cash bonuses based on company performance.

The bonus pool is determined by the Compensation Committee based on the Company's achievement of its eight key business priorities for 2017. The CEO makes a recommendation on the total bonus pool amount, and the Committee has the final discretion, generally allowing for a pool ranging from 0 to 2 times the aggregate target bonus opportunities.

No, the plan is discretionary. While executive officers are eligible, the amount of their cash bonus award is determined at the sole discretion of the Compensation Committee, based on the Company's overall performance and achievement of objectives.

The 2017 business priorities encompass a broad range of objectives including executing the business plan and public guidance, safety and compliance, talent acquisition and retention, cost management (operating, capital, and G&A), successful execution of major capital projects, pursuit of growth opportunities (gathering, processing, asset acquisitions), and effective commercial and financial risk management.