EX-4.6


 Exhibit 4.6 

TARGA RESOURCES CORP. 

RESTRICTED STOCK UNIT (RSU) AGREEMENT 

THIS RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) evidences an award made as of the
     day of             , 2015 (the “Date of Grant”), by TARGA RESOURCES CORP., a Delaware corporation (the
“Company”), to             (the “Employee”). 

1. Award. The Company hereby makes a grant of restricted stock units with respect to
            shares of the Company’s common stock, par value $0.001 per share (the “Restricted Stock Units” or
“RSUs”), with each Restricted Stock Unit granted hereunder relating to one share of Common Stock. This award of Restricted Stock Units shall be treated as an award of “Phantom Stock” pursuant to the
Targa Resources Corp. 2010 Stock Incentive Plan (the “Plan”) and shall be subject to all of the terms and provisions of the Plan, including future amendments thereto, if any, pursuant to the terms thereof. The grant of
Restricted Stock Units is being made in substitution for those phantom units and/or unit options with respect to the common units of Atlas Energy, LP (“ATLS”) granted to the employee pursuant to the equity incentive plans
maintained by ATLS (the “ATLS Equity Plans”) under the Award Agreements dated [dates] (the “ATLS Award Agreements”). 

2. Definitions. Capitalized terms used in this Agreement that are not defined below or in the body of this Agreement shall have
the meanings given to them in the Plan. In addition to the terms defined in the body of this Agreement, the following capitalized words and terms shall have the meanings indicated below: 

(a) “Cause” shall mean the Employee’s (i) failure to perform assigned duties and responsibilities,
(ii) engaging in conduct which is injurious (monetarily or otherwise) to the Company or any of its Affiliates, (iii) breach of any corporate policy or code of conduct established by the Company or breach of any agreement between the
Company and the Employee, or (iv) conviction of a misdemeanor involving moral turpitude or a felony. 
 (b)
“Disability” shall mean a disability that entitles the Employee to disability benefits under the Company’s long-term disability plan. 

(c) “Forfeiture Restrictions” shall have the meaning specified in Section 3(a) hereof. 

3. Restricted Stock Units. By acceptance of this Restricted Stock Unit award, Employee agrees with respect thereto as follows:

 (a) Forfeiture Restrictions. The Restricted Stock Units may not be sold, assigned, pledged, exchanged, hypothecated, or
otherwise transferred, encumbered, or disposed of, and in the event of termination of the Employee’s employment with the Company (as defined in Section 7 hereof) for any reason other than as would result in accelerated vesting pursuant to
Section 3(b) hereof, the Employee shall, for no consideration, forfeit to the Company all Restricted Stock Units to the extent then subject to the Forfeiture Restrictions. The prohibition against transfer







 
and the obligation to forfeit and surrender Restricted Stock Units to the Company upon termination of employment as provided in this Section 3(a) are herein referred to as the
“Forfeiture Restrictions.” The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of Restricted Stock Units. 

(b) Lapse of Forfeiture Restrictions (Vesting). Provided that the Employee has been continuously employed by the Company from
the Date of Grant through the lapse date(s) set forth on Exhibit A hereto, the Forfeiture Restrictions shall lapse, and the Restricted Stock Units will vest, with respect to the numbers of Restricted Stock Units determined in
accordance with the schedule set forth on Exhibit A hereto. Notwithstanding the schedule set forth on Exhibit A, (i) if the Employee’s employment with the Company is terminated by reason of death or Disability,
then the Forfeiture Restrictions shall lapse with respect to 100% of the Restricted Stock Units effective as of the date of such termination, (ii) if the Employee’s employment with the Company is terminated by the Company without Cause
prior to the first anniversary of the Date of Grant then the Forfeiture Restrictions shall lapse with respect to 100% of the Restricted Stock Units effective as of the date of such termination, and (iii) if a Change in Control occurs and the
Employee has remained continuously employed by the Company from the Date of Grant to the date upon which such Change in Control occurs, then the Forfeiture Restrictions shall lapse with respect to 100% of the Restricted Stock Units on the date upon
which such Change in Control occurs. Any Restricted Stock Units with respect to which the Forfeiture Restrictions do not lapse in accordance with the preceding provisions of this Section 3(b) (and any associated unvested dividend equivalents)
shall be forfeited to the Company for no consideration as of the date of the termination of the Employee’s employment with the Company. 

(c) Payments. Subject to Section 4 hereof, as soon as reasonably practicable after the lapse of the Forfeiture Restrictions
with respect to the specified number of Restricted Stock Units as provided in Section 3(b) hereof (but in no event later than the end of the calendar year in which the Forfeiture Restrictions so lapse), the Company shall deliver to the Employee
with respect to each share of the Common Stock covered by each such Restricted Stock Unit one share of the Common Stock. The Company shall deliver the shares of Common Stock in electronic, book-entry form, with such legends or restrictions thereon
as the Committee may determine to be necessary or advisable in order to comply with applicable securities laws. The Employee shall complete and sign any documents and take any additional action that the Company may request to enable it to deliver
shares of Common Stock on the Employee’s behalf. 
 (d) Dividend Equivalents. In the event the Company declares and pays
a cash dividend in respect of its Common Stock and, on the record date for such dividend, the Employee holds Restricted Stock Units granted pursuant to this Agreement that have not been settled in accordance with Section 3(c) hereof (or
forfeited), within 60 days following payment of such cash dividend, the Company shall pay to the Employee an amount equal to the cash dividends the Employee would have received if it were the holder of record, as of such record date, of the number
of shares of Common Stock related to the portion of the Restricted Stock Units that have not been settled or forfeited as of such record date. 

  
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 (e) Corporate Acts. The existence of the Restricted Stock Units shall not affect in
any way the right or power of the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization, or other change in the Company’s capital structure or its business, any merger or consolidation of
the Company, any issue of debt or equity securities, the dissolution or liquidation of the Company or any sale, lease, exchange, or other disposition of all or any part of its assets or business, or any other corporate act or proceeding. 

4. Withholding of Tax. To the extent that the receipt of the Restricted Stock Units (or any dividend equivalents related
thereto) or the lapse of any Forfeiture Restrictions results in compensation income or wages to the Employee for federal, state, or local tax purposes, the Employee shall deliver to the Company or its Affiliate at the time of such receipt or lapse,
as the case may be, such amount of money as the Company or its Affiliate may require to meet its minimum obligation under applicable tax laws or regulations, and if the Employee fails to do so (or if the Employee instructs the Company or its
Affiliate to withhold cash or stock to meet such obligation), the Company or its Affiliate shall withhold from any cash or stock remuneration (including withholding any shares of the Common Stock distributable to the Employee under this Agreement)
then or thereafter payable to the Employee any tax required to be withheld by reason of such resulting compensation income or wages. The Company and its Affiliates are making no representation or warranty as to the tax consequences to the Employee
as a result of the receipt of the Restricted Stock Units, the treatment of dividend equivalents, the lapse of any Forfeiture Restrictions, or the forfeiture of any Restricted Stock Units pursuant to the Forfeiture Restrictions. 

5. Rights as Stockholder. The Restricted Stock Units represent an unsecured and unfunded right to receive a payment in shares of
Common Stock, which right is subject to the terms, conditions, and restrictions set forth in this Agreement and the Plan. Accordingly, the Employee will have no rights as a stockholder with respect to any shares covered by this Agreement until the
Restricted Stock Units vest and the shares of Common Stock are issued by the Company and are deposited in the Employee’s account at a transfer agent or other custodian selected by the Committee, or are issued to the Employee with respect to
those vested units. 
 6. Clawback. Notwithstanding any provisions in the Agreement to the contrary, any compensation,
payments, or benefits provided hereunder (or profits realized from the sale of the Common Stock delivered hereunder), whether in the form of cash or otherwise, shall be subject to a clawback to the extent necessary to comply with the requirements of
any applicable law, including but not limited to, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Section 304 of the Sarbanes Oxley Act of 2002, or any regulations promulgated thereunder. 

7. Employment Relationship. For purposes of this Agreement, the Employee shall be considered to be in the employment of the
Company as long as the Employee remains an employee of either the Company or an Affiliate Without limiting the scope of the preceding sentence, it is specifically provided that the Employee shall be considered to have terminated employment or
service with the Company at the time of the termination of the “Affiliate” status 

  
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of the entity or other organization that employs or engages the Employee. Nothing in the adoption of the Plan, nor the award of the Restricted Stock Units thereunder pursuant to this Agreement,
shall confer upon the Employee the right to continued employment by or service with the Company or affect in any way the right of the Company or its Affiliate to terminate such employment or service at any time. Unless otherwise provided in a
written employment or consulting agreement or by applicable law, the Employee’s employment by or service with the Company and its Affiliates shall be on an at-will basis, and the employment or service relationship may be terminated at any time
by either the Employee or the Company or its Affiliate for any reason whatsoever, with or without cause or notice. Any question as to whether and when there has been a termination of such employment or service, and the cause of such termination,
shall be determined by the Committee or its delegate, and its determination shall be final. 
 8. Notices. Any notices or
other communications provided for in this Agreement shall be sufficient if in writing. In the case of the Employee, such notices or communications shall be effectively delivered if hand delivered to the Employee at the Employee’s principal
place of employment or if sent by registered or certified mail to the Employee at the last address the Employee has filed with the Company. In the case of the Company, such notices or communications shall be effectively delivered if sent by
registered or certified mail to the Company at its principal executive offices. 
 10. Entire Agreement; Amendment. This
Agreement replaces and merges all previous agreements and discussions relating to the same or similar subject matters between the Employee and the Company or any affiliate thereof and constitutes the entire agreement between the Employee and the
Company with respect to the subject matter of this Agreement. Without limiting the generality of the foregoing, the Employee expressly acknowledges that this Agreement supersedes and replaces any prior rights the Employee has or had pursuant to the
ATLS Equity Plans and ATLS Award Agreements and by accepting the Restricted Stock Units, Employee is waiving any prior rights pursuant to the ATLS Equity Plans and ATLS Award Agreements. This Agreement may not be modified in any respect by any
verbal statement, representation or agreement made by any employee, officer, or representative of the Company or by any written agreement unless signed by an officer of the Company who is expressly authorized by the Company to execute such document.

 11. Section 409A. This Agreement is not intended to constitute a deferral of compensation within the meaning of
Section 409A of the Code and shall be construed and interpreted in accordance with such intent. For purposes of Section 409A of the Code, to the extent applicable, to the extent that the Employee is a “specified employee” within
the meaning of the Treasury Regulations issued pursuant to Section 409A of the Code as of the Employee’s separation from service and to the limited extent necessary to avoid the imputation of any tax, penalty or interest pursuant to
Section 409A of the Code, no amount which is subject to Section 409A of the Code and is payable on account of Employee’s separation from service shall be paid to Employee before the date (the “Delayed Payment
Date”) which is the first day of the seventh month after the Employee’s separation from service or, if earlier, the date of the Employee’s death following such separation from service. All such amounts that would, but for the


  
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immediately preceding sentence, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date. Termination or cessation of employment or service or
similar terms as used in this Agreement means a “separation from service” within the meaning of Treasury Regulation § 1.409A-1(h). All payments pursuant to this Agreement shall be considered “separate payments” for purposes
of Section 409A of the Code. 
 12. Binding Effect; Survival. This Agreement shall be binding upon and inure to the
benefit of any successors to the Company and all persons lawfully claiming under the Employee. The provisions of Section 6 shall survive the lapse of the Forfeiture Restrictions without forfeiture. 

13. Controlling Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
Delaware, without regard to conflicts of law principles thereof, or, if applicable, the laws of the United States. 

  
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 IN WITNESS WHEREOF, the Company and Employee have caused this Agreement to be duly
executed as of the date first above written. 
  

					
	TARGA RESOURCES CORP.
		
	By:		  

			Name:		Joe Bob Perkins
			Title:		Chief Executive Officer
	
	EMPLOYEE
	
	  

	[employee name]



  
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 EXHIBIT A 

[Employee Name] 
  

			
	 Lapse (Vesting) Date
	 	 Number of Restricted Stock

Units Vesting

		 	
		 	
		 	
		 	
		 	
		 	

 [EXHIBIT A TO RESTRICTED STOCK UNIT
AWARD AGREEMENT]