Targa Resources, Inc. 2007 Annual Incentive Plan



 Exhibit 10.24 
 Targa Resources, Inc. 2007 Annual Incentive Plan Description 
 On January 23, 2007, 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 2007 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. At 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 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 2007: 
  

	 	•	 	 Involving employees in improving Targa Investments’ businesses; 


  

	 	•	 	 Proactively and aggressively investing in Targa Investments’ businesses and developing the pipeline of projects and opportunities;



  

	 	•	 	 Bringing closure to hurricane repair and recovery; 


  

	 	•	 	 Identifying and pursuing new opportunities in the downstream sector; 


  

	 	•	 	 Debt reduction and achievement of capital structure goals; and 


  

	 	•	 	 Executing on all fronts (including the financial business plan). 


 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.