TARGA RESOURCES CORP. (NYSE:TRGP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
(e) 2017 Annual Incentive Compensation Plan. On
January20, 2017, the Compensation Committee (the
Committee) of the Board of Directors of Targa Resources
Corp. (the Company), which is the indirect parent of the
general partner of Targa Resources Partners LP (the
Partnership), approved the Companys 2017 Annual Incentive
Compensation Plan (the Bonus Plan). The Bonus Plan is a
discretionary annual cash bonus plan available to all of the
Companys employees, including its executive officers, who also
serve as executive officers of the Partnerships general partner.
The purpose of the Bonus Plan is to reward employees for
contributions toward the Companys business priorities (including
business priorities with respect to the Partnership) approved by
the Committee and to aid the Company in retaining and motivating
employees. Under the Bonus Plan, the level of funding of the
discretionary cash bonus pool is based on the Companys
achievement of certain business priorities, including strategic,
financial and operational objectives.
The Committee has established the following eight key business
priorities for 2017:
|
execute on all business dimensions, including the 2017 business plan and public guidance, |
|
continue priority emphasis and strong performance relative to a safe workplace, |
|
reinforce business philosophy and mindset that promotes compliance in all aspects of the Companys business including environmental and regulatory compliance, |
|
continue to attract and retain the operational and professional talent needed in the Companys businesses, |
|
continue to control all costsoperating, capital and general and administrativeconsistent with existing business environment, |
|
execute on major capital and development projectsfinalizing negotiations, completing projects on time and on budget, and optimizing economics and capital funding, |
|
pursue selected growth opportunities including gathering and processing build outs, fee-based capex projects, and potential purchases of strategic assets, and |
|
pursue commercial and financial approaches to achieve maximum value and manage risks, including contract, credit, inventory, interest rate and commodity price exposures. |
The Committee has targeted a total cash bonus pool for
achievement of the business priorities based on the sum of
individual employee market-based target bonus opportunities,
which are based on a percentage of each employees eligible
earnings. Generally, eligible earnings are an employees base
salary and overtime pay. Near or following the end of the year,
the Chief Executive Officer (CEO) recommends to the Committee the
total amount of cash to be allocated to the bonus pool based upon
overall performance of the Company relative to the established
objectives, generally ranging from 0 to 2x the aggregate target
bonus opportunities for all employees in the pool. Upon receipt
of the CEOs recommendation, the Committee, in its sole
discretion, determines the total amount of cash to be allocated
to the bonus pool. The Committee has discretion to adjust the
cash bonus pool attributable to the achievement of business
priorities based on accomplishment of the applicable objectives
as determined by the Committee and the CEO. Additionally, the
Committee, in its sole discretion, determines the amount of the
cash bonus award to each of the Companys executive officers,
including the CEO. The executive officers determine the amount of
the cash bonus pool to be allocated to the Companys departments,
groups and employees (other than the executive officers of the
Company) based on performance and upon the recommendation of
their supervisors, managers and line officers.
A copy of the Bonus Plan is filed as Exhibit 10.1 to the
Partnerships Current Report on Form 8-K (File No.001-33303),
filed with the Securities and Exchange Commission (SEC) on
January25, 2017, and incorporated herein by reference.
Item9.01 Financial Statements and Exhibits.
| (d) | Exhibits |
|
Exhibit Number |
Description |
|
| Exhibit10.1 |
Targa Resources Corp. 2017 Annual Incentive Compensation Plan (incorporated by reference to Exhibit 10.1 to Targa Resources Partners Current Report on Form 8-K (File No. 001-33303) filed January 25, 2017). |
About TARGA RESOURCES CORP. (NYSE:TRGP)
Targa Resources Corp., through its general and limited partner interests in Targa Resources Partners LP (the Partnership), is a provider of midstream natural gas and natural gas liquid (NGL) services in the United States. The Partnership is engaged in the business of gathering, compressing, treating, processing and selling natural gas and storing, fractionating, treating, transporting, terminaling and selling NGLs, NGL products, and gathering, storing and terminaling crude oil and refined petroleum products. The Partnership operates in two divisions: Gathering and Processing, and Logistics and Marketing. The Gathering and Processing division consists of two segments: Field Gathering and Processing, and Coastal Gathering and Processing. The Logistics and Marketing division consists of two segments: Logistics Assets, and Marketing and Distribution. TARGA RESOURCES CORP. (NYSE:TRGP) Recent Trading Information
TARGA RESOURCES CORP. (NYSE:TRGP) closed its last trading session up +0.06 at 59.46 with 2,078,752 shares trading hands.
