Management Change/Compensation (Form 8-K)

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of Brent B. Secrest

On August 20, 2026, the Board of Directors (the "Board") of Targa Resources Corp. (the "Company") appointed Brent B. Secrest to serve as the Company's President - Logistics and Transportation, effective as of September 1, 2026.

Mr. Secrest, age 53, most recently served as Executive Vice President and Chief Commercial Officer at Enterprise Products Holdings LLC ("Enterprise GP") from September 2019 until May 2025. He previously served as Senior Vice President (Commercial) of Enterprise GP from July 2018 to August 2019, Senior Vice President (Liquid Hydrocarbons Marketing) of Enterprise GP from May 2016 to June 2018, as Vice President (Crude Oil and Refined Products Marketing) of Enterprise GP from October 2015 to May 2016, and as Vice President (Crude Oil Pipelines and Terminals) of Enterprise GP from October 2012 to October 2015. He has also served in various other leadership positions, including in the areas of NGL marketing and supply, commercial development, distribution, and business analysis.

There are no understandings or arrangements between Mr. Secrest and any other person pursuant to which Mr. Secrest was selected to serve as President - Logistics and Transportation of the Company. There are no relationships between Mr. Secrest and the Company or any of its subsidiaries that would require disclosure pursuant to Item 404(a) of Regulation S-K, nor are there any relationships between Mr. Secrest and any other person that would require disclosure pursuant to Item 401(d) of Regulation S-K.

Appointment of Benjamin J. Branstetter

On August 20, 2026, the Board of the Company approved the appointment of Benjamin J. Branstetter, the Company's current President - Logistics and Transportation, to serve as the Company's Chief Financial Officer and principal financial officer, succeeding William A. Byers, effective as of September 1, 2026. In connection with his new role, the Compensation Committee of the Board approved: (i) an increased annual base salary of $600,000; and (ii) an annual long-term incentive award of 400% of Mr. Branstetter's base salary, first applicable to his annual award for 2027. Mr. Branstetter's increased base salary will be prorated effective as of the date of his appointment. No other terms of Mr. Branstetter's compensation arrangements were modified in connection with this organizational change.

There are no understandings or arrangements between Mr. Branstetter and any other person pursuant to which Mr. Branstetter was selected to serve as Chief Financial Officer of the Company. There are no relationships between Mr. Branstetter and the Company or any of its subsidiaries that would require disclosure pursuant to Item 404(a) of Regulation S-K, nor are there any relationships between Mr. Branstetter and any other person that would require disclosure pursuant to Item 401(d) of Regulation S-K. For a description of Mr. Branstetter's prior business experience and other background information, please see the Company's definitive proxy statement filed with the Securities and Exchange Commission on March 26, 2026.

Retirement of William A. Byers

On August 19, 2026, William A. Byers informed the Company of his intent to retire from his position as Chief Financial Officer of the Company. The effective date of Mr. Byers retirement will be September 1, 2026. After such date, Mr. Byers will remain employed by the Company in a non-executive capacity until December 31, 2026 (the "Transition Period").

In connection with Mr. Byers' retirement and transition planning, the Company and Mr. Byers entered into a retirement, transition, separation, and general release agreement (the "Separation Agreement") setting forth certain compensation arrangements. Pursuant to the Separation Agreement entered into with Mr. Byers, (i) he will continue to receive his base salary during the Transition Period; (ii) his service requirement will be deemed fulfilled with respect to his outstanding 2024 restricted stock unit ("RSU") awards, 2024 performance stock unit ("PSU") awards and 2025 RSU awards and such awards will remain outstanding and settle in accordance with their existing terms; (iii) 2025 PSU awards and all 2026 RSU and PSU awards will be forfeited; and (iv) he will remain eligible to receive a 2026 annual incentive cash award, payable based on his target short-term incentive opportunity and the final corporate performance factor for 2026.

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