exhibit10_24.htm


    Exhibit
10.24

     

    


    Targa Resources, Inc. 2008
Annual Incentive Plan Description

    


    On
January 17, 2008, the Compensation Committee (the “Committee”) of the
Board of Directors (the “Board”) of Targa
Resources Investments Inc. (“Targa Investments”), the indirect parent of Targa
Resources, Inc. (the “Company”), approved the Targa Investments 2008 Annual
Incentive Compensation Plan (the “Bonus
Plan”).  The Bonus Plan is a discretionary annual cash bonus
plan available to all of the Company’s employees, including its executive
officers.  The purpose of the Bonus Plan is to reward employees for
contributions toward the Company’s business priorities approved by the Committee
and to aid the Company in retaining and motivating employees.  Under
the Bonus Plan, a discretionary cash bonus pool may be funded based on the
Company’s achievement of certain business priorities recommended by the
Company’s chief executive officer (the “CEO”) and approved by
the Committee.  The Bonus Plan is administered by the Committee, which
considers certain recommendations by the CEO. Following the end of the year, the
CEO recommends to the Committee the total amount of cash to be allocated to the
bonus pool based upon the achievement of the business priorities of the Company,
generally ranging from 0 to 2x the total target bonus for the employees in the
pool. Upon receipt of the CEO’s recommendation, the Committee, in its sole
discretion, determines the total amount of cash to be allocated to the bonus
pool.  Additionally, the Committee, in its sole discretion, determines
the amount of the cash bonus award to each of the Company’s executive officers,
including the CEO. The executive officers determine the amount of the cash bonus
pool to be allocated to certain of the Company’s departments, groups and
employees (other than the executive officers of the Company) based upon the
recommendation of their supervisors, managers and line officers.

     

    The
Committee has established the following six key business priorities for
2008:

    


    
      	
               
      

            	
              •

            	
              Identify
      opportunities to strengthen organization and develop plans to address
      them

            


    

    
      	
               
      

            	
              •

            	
              Expand
      on existing processes to enhance the involvement of the organization in
      making our businesses better

            


    

    
      	
               
      

            	
              •

            	
              Aggressively
      develop attractive return projects and opportunities and proactively
      invest in and expand the Company’s
businesses

            


    

    
      	
               
      

            	
              •

            	
              Improve
      insurance recovery situation with resolution or clear path to
      resolution

            


    

    
      	
               
      

            	
              •

            	
              Make
      a significant third-party acquisition(s) at Targa Resources Partners LP
      (our MLP) and/or continue to effectively drop down Company assets to our
      MLP

            


    

    
      	
               
      

            	
              •

            	
              Execute
      on all fronts (including the 2008 business plan and above
      priorities)

            


    

     

    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
percentages ranging from approximately 3% to 50% of each employee’s eligible
earnings.  Generally, eligible earnings are an employee’s base salary
and overtime pay.  The Committee has discretion to adjust the cash
bonus pool attributable to the business priorities based on accomplishment of
the applicable objectives as determined by the Committee and the
CEO.  Funding of the Company’s cash bonus pool and the payment of
individual cash bonuses to employees are subject to the sole discretion of the
Committee.