Business Context and Reporting Period
This Form 8-K Current Report was filed by Targa Resources Corp. (TRGP) on June 3, 2020, covering events occurring on June 1 and June 2, 2020. The filing addresses corporate governance changes, specifically the expansion of the Board of Directors and the appointment of a new director.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel and governance matters rather than financial performance.
Material Changes
- Board Expansion: The Board of Directors increased its size from eleven to twelve members.
- New Appointment: Ms. Lindsey M. Cooksen was appointed as a Class II Director, with a term expiring at the 2021 annual meeting of stockholders.
- Related Service: Ms. Cooksen also serves on the board of directors of the general partner of Targa Resources Partners LP, which is wholly owned by the Company.
Compensation, Risks, and Unusual Items
- Compensation Arrangement: On June 2, 2020, the Compensation Committee granted Ms. Cooksen an award of 2,149 shares of restricted stock. This award vests on June 2, 2021, contingent on her continued service.
- Indemnification: On June 1, 2020, the Company entered into an indemnification agreement with Ms. Cooksen, requiring the Company to indemnify her to the fullest extent permitted under Delaware law and advance expenses related to proceedings.
- Risks and Contingencies: No specific financial risks or contingencies were disclosed in this filing. The text notes there are no relationships requiring disclosure under Item 404(a) of Regulation S-K.
Key Facts for Investor Verification
- Verify the total number of directors on the Board is now twelve.
- Confirm the vesting schedule of the 2,149 restricted stock shares granted to Ms. Cooksen.
- Review the full text of the Indemnification Agreement (Exhibit 10.1) for specific liability protections.
- Note that this filing contains no financial data; refer to the most recent 10-Q or 10-K for financial metrics.