8-KLeadership ChangesExhibits & Filings

Targa Resources Corp. 8-K Report, Executive Changes (Feb 28, 2024)

Filed February 28, 2024For Securities:TRGP

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.

Frequently Asked Questions

The filing states that Robert B. Evans retired from the Board of Directors of Targa Resources Corp. effective February 26, 2024, due to his retirement. There were no disagreements noted between Mr. Evans and the Company on any matters related to the Company's operations, policies, or practices.

Robert Keith Teague has been appointed to the Board of Directors to fill the vacancy created by Mr. Evans' retirement. He has been designated as a Class I Director, with his term set to expire at the Company's 2026 annual meeting of stockholders. He has also been appointed as a member of the Board's Audit Committee and Compensation Committee.

As a non-employee director, Mr. Teague will receive compensation according to the Company's policies. This includes an Expected Restricted Stock Award of 1,947 shares, which is expected to vest on February 26, 2025, contingent on his continued service on the Board. He will also be party to the Company's standard indemnification agreement.

The filing indicates that there are no understandings or arrangements between Mr. Teague and any other person regarding his selection as director. Furthermore, there are no relationships between Mr. Teague and the Company or its subsidiaries that require disclosure under Item 404(a) of Regulation S-K. The indemnification agreement is a standard agreement for directors.