Summary
Targa Resources Corp. (TRGP) announced a change to its Board of Directors, with the retirement of long-standing director Robert B. Evans and the immediate appointment of Robert Keith Teague to fill the vacancy. Mr. Evans, who served since 2016 and was a member of the Audit and Compensation Committees, retired effective February 26, 2024, with no disagreements noted between him and the company. His departure marks the end of a significant tenure on the board. Mr. Teague's appointment is effective immediately, and he has also been assigned to the Audit and Compensation Committees, ensuring continuity in committee functions. As a non-employee director, Mr. Teague will receive compensation in line with the company's established policies, including a restricted stock award expected to vest in February 2025, contingent on continued service. The company has also entered into an indemnification agreement with Mr. Teague, a standard practice to protect directors against potential liabilities. Investors should note that this filing primarily addresses board composition changes and standard director compensation and governance practices.
Key Highlights
- 1Robert B. Evans retired from the Targa Resources Corp. Board of Directors, effective February 26, 2024, after serving since March 2016.
- 2Robert Keith Teague was appointed to the Board of Directors to fill the vacancy left by Mr. Evans' retirement.
- 3Mr. Teague has been appointed as a Class I Director with a term expiring at the 2026 annual meeting.
- 4Mr. Teague has joined the Board's Audit Committee and Compensation Committee, effective February 27, 2024.
- 5Mr. Teague will receive compensation as a non-employee director, including an Expected Restricted Stock Award of 1,947 shares vesting on February 26, 2025.
- 6The company entered into a standard indemnification agreement with Mr. Teague.
- 7No disagreements were reported between the departing director, Mr. Evans, and the Company.