Document:

exhibit4_6.htm

    Exhibit
4.6

    Exhibit
A

     

    SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”), dated as of December 14, 2005, among
Targa Gas Marketing LLC (the “Guaranteeing Subsidiary”), a subsidiary of Targa
Resources, Inc. (or its permitted successor), a Delaware corporation (the
“Company”), Targa Resources Finance Corporation, a Delaware corporation (the
“Co-Issuer”), the other Subsidiary Guarantors (as defined in the Indenture
referred to herein) and Wells Fargo Bank, National Association, as trustee under
the Indenture referred to below (the “Trustee”).

     

    W
I T N E S S E T H

     

    WHEREAS,
the Company and the Co-Issuer have heretofore executed and delivered to the
Trustee a senior unsecured indenture (the “Indenture”), dated as of October 31,
2005 providing for the issuance of 81⁄2% Senior Notes Due 2013 (the
“Notes”);

     

    WHEREAS,
the Indenture provides that under certain circumstances the Guaranteeing
Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee
all of the Company’s and the Co-Issuer’s Obligations under the Notes and the
Indenture on the terms and conditions set forth herein (the “Subsidiary
Guarantee”); and

     

    WHEREAS,
pursuant to Section 901 of the Indenture, the Trustee is authorized to execute
and deliver this Supplemental Indenture.

     

    NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Guaranteeing
Subsidiary and the Trustee mutually covenant and agree for the equal and ratable
benefit of the Holders of the Notes as follows:

     

    1.           CAPITALIZED
TERMS.  Capitalized terms used herein without definition shall have
the meanings assigned to them in the Indenture.

     

    2.           AGREEMENT
TO SUBSIDIARY GUARANTEE.  The Guaranteeing Subsidiary hereby agrees to
provide an unconditional Subsidiary Guarantee on the terms and subject to the
conditions set forth in the Note Subsidiary Guarantee and in the Indenture
including but not limited to Article 12 thereof.

     

    3.           NO
RECOURSE AGAINST OTHERS.  No past, present or future director,
officer, employee, incorporator, stockholder or agent of the Guaranteeing
Subsidiary, as such, shall have any liability for any obligations of the
Company, the Co-Issuer or any Guaranteeing Subsidiary under the Notes, any Note
Guarantees, the Indenture or this Supplemental Indenture or for any claim based
on, in respect of, or by reason of, such obligations or their creation; provided
that the foregoing shall not limit any of the Company’s or the Co-Issuer’s
obligations under the Notes.  Each Holder of the Notes by accepting a
Note waives and releases all such liability.  The waiver and release
are part of the consideration for issuance of the Notes.  Such waiver
may not be effective to waive liabilities under the federal securities laws and
it is the view of the SEC that such a waiver is against public
policy.

     

    4.           GOVERNING
LAW.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     

    5.           COUNTERPARTS.  The
parties may sign any number of copies of this Supplemental
Indenture.  Each signed copy shall be an original, but all of them
together represent the same agreement.

     

    6.           EFFECT
OF HEADINGS.  The Section headings herein are for convenience only and
shall not affect the construction hereof.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    7.           THE
TRUSTEE.  The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Guaranteeing Subsidiary, the Co-Issuer and the
Company. IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed and attested, all as of the date first above
written.

     

    Dated:
December 14, 2005

     

    

     

    TARGA GAS MARKETING LLC

    

    By: __/s/ Jeffrey J.
McParland______

    Name:               Jeffrey
J. McParland

    
      	
               
      

            	
              Title:

            	
              Executive
      Vice President and

            

    

    
      	
               
      

            	
              Chief
      Financial Officer

            

    

    

     

    

     

    TARGA RESOURCES, INC.

    

    By: __/s/ Jeffrey J.
McParland______

    Name:               Jeffrey
J. McParland

    
      	
               
      

            	
              Title:

            	
              Executive
      Vice President and

            

    

    
      	
               
      

            	
              Chief
      Financial Officer

            

    

    

    

    TARGA
RESOURCES FINANCE CORPORATION

    

    By: __/s/ Jeffrey J.
McParland______

    Name:               Jeffrey
J. McParland

    
      	
               
      

            	
              Title:

            	
              Executive
      Vice President and

            

    

    
      	
               
      

            	
              Chief
      Financial Officer

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TARGA
TEXAS FIELD SERVICES LP

    TARGA
LOUISIANA FIELD SERVICES LLC

    TARGA
LOUISIANA INTRASTATE LLC

    TARGA
RESOURCES LLC

    TARGA
RESOURCES II LLC

    TARGA
RESOURCES HOLDINGS GP LLC

    TARGA
RESOURCES HOLDINGS LP

    TARGA
RESOURCES TEXAS GP LLC

    TARGA
TEXAS FIELD SERVICES LP

    TARGA
MIDSTREAM GP LLC

    TARGA
MIDSTREAM SERVICES LIMITED PARTNERSHIP (formerly known as Dynegy Midstream
Services, Limited Partnership)

    TARGA
ENERGY PIPELINE LLC (formerly known as Dynegy Energy Pipeline,
L.L.C.)

    TARGA
INTRASTATE PIPELINE LLC .

    (formerly
known as Dynegy Intrastate Pipeline, L.L.C.)

    TARGA
LIQUIDS GP LLC (formerly known as Dynegy Liquids G.P., L.L.C.)

    TARGA
LIQUIDS MARKETING AND TRADE

    (formerly
known as Dynegy Liquids Marketing and Trade)

    TARGA NGL
PIPELINE COMPANY LLC

    (formerly
known as Dynegy NGL Pipeline

    Company,
LLC)

    TARGA OPI
LLC (formerly known as Dynegy OPI, LLC)

    TARGA
REGULATED HOLDINGS LLC

    (formerly
known as Dynegy Regulated Holdings LLC)

    MIDSTREAM
BARGE COMPANY LLC (formerly known as Midstream Barge Company
L.L.C.)

    

     

    

    By: __/s/ Jeffrey J.
McParland______

    Name:               Jeffrey
J. McParland

    
      	
               
      

            	
              Title:

            	
              Executive
      Vice President and

            

    

    
      	
               
      

            	
              Chief
      Financial Officer

            

    

    

     

    WELLS
FARGO BANK, NATIONAL

     

    ASSOCIATION,
as Trustee

     

    By:           __/s/ Joseph
O’Donnell_______

     

    Authorized Signatoryexhibit10_24.htm

    Exhibit
10.24

     

    

    Targa Resources, Inc. 2008
Annual Incentive Plan Description

    

    On
January 17, 2008, 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 2008 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. Following 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 total 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
2008:

    

    
      	
               
      

            	
              •

            	
              Identify
      opportunities to strengthen organization and develop plans to address
      them

            

    

    
      	
               
      

            	
              •

            	
              Expand
      on existing processes to enhance the involvement of the organization in
      making our businesses better

            

    

    
      	
               
      

            	
              •

            	
              Aggressively
      develop attractive return projects and opportunities and proactively
      invest in and expand the Company’s
businesses

            

    

    
      	
               
      

            	
              •

            	
              Improve
      insurance recovery situation with resolution or clear path to
      resolution

            

    

    
      	
               
      

            	
              •

            	
              Make
      a significant third-party acquisition(s) at Targa Resources Partners LP
      (our MLP) and/or continue to effectively drop down Company assets to our
      MLP

            

    

    
      	
               
      

            	
              •

            	
              Execute
      on all fronts (including the 2008 business plan and above
      priorities)

            

    

     

    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.

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