8-KLeadership ChangesExhibits & Filings

Targa Resources Corp. 8-K Report, Executive Changes (Mar 14, 2024)

Filed March 14, 2024For Securities:TRGP

Summary

Targa Resources Corp. (TRGP) announced on March 14, 2024, a significant addition to its Board of Directors, appointing Ms. Caron A. Lawhorn. Ms. Lawhorn has been appointed as a Class III Director, with her term set to expire at the 2025 annual meeting. Furthermore, she has been named a member of the Board's Audit Committee, a critical oversight function for financial reporting and internal controls. This appointment is a standard governance update and does not indicate any unusual arrangements or relationships requiring further disclosure under SEC regulations. Ms. Lawhorn will receive compensation in line with the company's existing policies for non-employee directors, which includes equity awards under the Amended and Restated Targa Resources Corp. 2010 Stock Incentive Plan. The company also entered into a standard indemnification agreement with Ms. Lawhorn to ensure her protection in connection with her service.

Key Highlights

  • 1Appointment of Ms. Caron A. Lawhorn as a Class III Director to the Board of Directors.
  • 2Ms. Lawhorn's term as director will expire at the 2025 annual meeting.
  • 3Ms. Lawhorn has been appointed as a member of the Board's Audit Committee.
  • 4No special arrangements or undisclosed relationships exist between Ms. Lawhorn and the company.
  • 5Ms. Lawhorn will receive compensation as a non-employee director, including equity awards.
  • 6A pro-rated restricted stock award is expected to be granted to Ms. Lawhorn.
  • 7The company entered into a standard indemnification agreement with Ms. Lawhorn.

Frequently Asked Questions

Caron A. Lawhorn has been appointed as a Class III Director to Targa Resources Corp.'s Board. While the filing doesn't detail her specific background, her appointment is a standard governance action to fill a board seat and strengthen committee oversight, as evidenced by her appointment to the Audit Committee.

As a non-employee director, Ms. Lawhorn will be compensated according to Targa Resources' established policies for directors. This includes a pro-rated restricted stock award under the company's 2010 Stock Incentive Plan, consistent with what other non-employee directors receive.

No. The filing explicitly states there are no understandings or arrangements between Ms. Lawhorn and any other person regarding her selection, nor are there any relationships with the company that require disclosure under Regulation S-K, indicating a clean appointment.

The indemnification agreement is a standard legal document that protects Ms. Lawhorn by requiring the company to indemnify her to the fullest extent permitted by Delaware law against liabilities that may arise from her service as a director. It also includes provisions for advancing expenses.