SEC Contract Filing

Filing Date: 2017-01-25

Document Content:
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<TYPE>EX-10.1
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<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Targa Resources Corp. 2017 Annual Incentive Compensation Plan Description </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;20, 2017, the Compensation Committee (the &#147;<U>Committee</U>&#148;) of the Board of Directors of Targa Resources Corp.
(the &#147;<U>Company</U>&#148;), the indirect parent of the general partner of Targa Resources Partners LP (the &#147;<U>Partnership</U>&#148;), approved the Company&#146;s 2017 Annual Incentive Compensation Plan (the &#147;<U>Bonus
Plan</U>&#148;). The Bonus Plan is a discretionary annual cash bonus plan available to all of the Company&#146;s employees, including its executive officers, who also serve as officers of the Partnership&#146;s general partner. The purpose of the
Bonus Plan is to reward employees for contributions toward the Company&#146;s 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 Company&#146;s achievement of certain business priorities, including strategic, financial and operational objectives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Committee has established the following eight key business priorities for 2017: </P>
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<TD ALIGN="left" VALIGN="top">execute on all business dimensions, including the 2017 business plan and public guidance, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">continue priority emphasis and strong performance relative to a safe workplace, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">reinforce business philosophy and mindset that promotes compliance in all aspects of our business including environmental and regulatory compliance, </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">continue to attract and retain the operational and professional talent needed in our businesses, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">continue to control all costs&#151;operating, capital and general and administrative&#151;consistent with existing business environment, </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">execute on major capital and development projects&#151;finalizing negotiations, completing projects on time and on budget, and optimizing economics and capital funding, </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">pursue selected growth opportunities including gathering and processing build outs, fee-based capex projects, and potential purchases of strategic assets, and </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top">pursue commercial and financial approaches to achieve maximum value and manage risks, including contract, credit, inventory, interest rate and commodity price exposures. </TD><