Document:

Targa Resources Investments Inc. Severance Program

 Exhibit 10.22 
 TARGA RESOURCES INVESTMENTS INC. 
 CHANGE OF CONTROL 
 EXECUTIVE OFFICER SEVERANCE PROGRAM 

 I. INTRODUCTION 
 In the event of a Change of Control (as defined herein), this Targa Resources Investments Inc. Change of Control Executive Officer Severance Program (the “C/C Executive Program”) shall be
automatically established and remain in full force and effect until one full year after the closing of the transaction giving rise to the Change of Control. As a result, no benefits will be payable under this C/C Executive Program for any employee
of the Company1 whose employment with the Company is terminated on or after one full year after the closing of the transaction giving rise to the
Change of Control. 
 The Company is pleased to provide this C/C Executive Program to its eligible employees, and wants you, as an eligible
employee, to know about and understand the C/C Executive Program. This document has been prepared to let you know how the C/C Executive Program works and about how the C/C Executive Program may benefit you. You should read all parts of this C/C
Executive Program carefully so that you will not only understand the ways in which it may benefit you, but certain exclusions to coverage and limitations on the receipt of benefits which may apply to you. As of a Change of Control, unless you are
also covered by another severance agreement or plan recognized and administered by the Company, the only Company severance benefits for which you are eligible are those offered under this C/C Executive Program. 
 For purposes of this C/C Executive Program, a “Change of Control” means an acquisition by any Person of a substantial equity interest in
the Company or other transaction by any Person such that a “Change of Control” has occurred under the terms of the Amended and Restated Stockholders’ Agreement as entered into between the Company and the stockholders of the Company
effective as of October 31, 2005, as amended. A “Person” means any individual, corporation, association, partnership (general or limited), joint venture, trust, estate, limited liability company, or other legal entity or
organization. 
 II. ELIGIBILITY 
 An
employee will be eligible to participate in the C/C Executive Program if he or she (1) is an executive officer of the Company on the date immediately prior to the Change of Control, and (2) is an employee of Targa Resources LLC on the date
immediately prior to the Change of Control, and (3) on or after the Change of Control, (i) incurs an involuntary termination other than for cause, (ii) voluntarily terminates employment following a written notice of reduction in base
salary or a relocation of his or her principal office more than 50 miles from the employee’s office as of the Change of Control, or (iii) voluntarily terminates employment after being requested or required to resign his or her position as
an officer of the Company or any successor entity to the Company in connection with the Change of Control. To be eligible to participate, an employee must meet all three of the criteria set forth in the preceding sentence. 
 For purposes of this C/C Executive Program, termination for “cause” shall mean any termination of employment with the Company based upon
a determination by the Board of 

	1	The term “Company” shall include Targa Resources Investments Inc., and each of its subsidiaries and affiliated entities. 

 
Directors of the Company that the employee (1) has been convicted of a misdemeanor involving moral turpitude or a felony, (2) has failed to
substantially perform his or her duties (other than any such failure resulting from his or her incapacity due to a physical or mental condition) which results in a materially adverse effect upon the Company, financial or otherwise, (3) has
refused without proper legal reason to perform the employee’s duties and responsibilities, or (4) has breached any material corporate policy maintained and established by the Company that is applicable to the employee, provided such breach
results in a materially adverse effect upon the Company, financial or otherwise. 
 III. SEVERANCE BENEFITS 
 The following severance benefits shall be provided under the C/C Executive Program. 
 A. Amount of Severance Pay 
 Under the C/C Executive Program, an eligible employee will receive a lump sum cash payment in an amount equal to (i) two (2) multiplied by fifty percent (50%) of the employee’s annual base pay in effect on the date
immediately preceding the Change of Control, multiplied by (ii) a fraction, the numerator of which is the number of days during the period beginning on the first day of such fiscal year and ending on the date of such involuntary termination,
and the denominator of which is three hundred sixty-five (365). 
 Severance pay will be paid to the eligible employee in a lump sum no later
than 75 days after the eligible employee’s date of termination from employment. All severance pay benefits will be subject to withholding for applicable employment and income taxes. The employee is responsible for informing the Company of any
change in the employee’s mailing address by written letter delivered to the Chief Financial Officer2 until the employee’s severance
benefits have been paid in full. 
 In the event that an employee dies after the termination of his or her employment and before having
received the full amount of the severance benefits for which he or she was qualified, benefits provided by this C/C Executive Program will be paid to the legal representative of the employee’s estate unless the employee notifies the Company in
writing that he or she specifically designates a different beneficiary. Benefits will be paid as soon as practicable after receipt of notice of proof of such death. 
 B. Continuation of Medical Coverage 
 During the Continuation Coverage Period (as defined
herein), the Company shall permit the employee, at his or her election, to continue to participate in the Company’s group health care plan that provides medical and dental coverage that the employee was participating in immediately prior to
such termination of employment; provided, however, that (a) the employee must continue to pay the premiums for such coverage based on the premiums paid by active employees of the Company for similar coverage, (b) the availability and terms
of such coverage, and the required premium payments, shall adjust as such availability, terms and premiums are adjusted for active employees, and (c) such coverage shall immediately end upon the employee’s 

	2	The individual who, at the time in question, holds the title of Chief Financial Officer of the Company. 

  

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obtaining new employment and eligibility for similar coverage (and the employee is obligated hereunder to promptly report such eligibility to the Company).
An employee’s election of this extended coverage shall not adversely affect in any way his or her right to health care continuation coverage as required under Part 6 of Title I of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) except that the period of such health care continuation coverage under the Company’s group health care plan shall be reduced by the period of the employee’s extended coverage as provided under the terms of this
paragraph. 
 For purposes herein, the term “Continuation Coverage Period” means twenty-four (24) months. 

C. Equipment Assistance 
 The Company shall provide an eligible employee with equipment assistance such that all Company-provided cell phones, blackberries, personal computers and similar electronic equipment will be transferred to the employee and the
employee’s personal account if the employee so requests. The Company shall also provide appropriate measures for voicemail “forwarding” from prior work phones and email “forwarding” from prior email accounts for up to six
(6) months if the employees so requests. 
 D. Effect of C/C Executive Program on other Company Benefits 
 An employee eligible for benefits under this C/C Executive Program may be eligible to continue participation in certain other Company benefits and/or
benefit plans. However, continuation in various Company plans is subject to the terms and conditions of the applicable plan documents or insurance contracts in effect on the date of the employee’s termination. An employee’s rights under
the other plans, documents or insurance contracts are not affected by his or her decision to participate or to not participate in this C/C Executive Program. 
 IV. C/C EXECUTIVE PROGRAM AMENDMENT OR TERMINATION 
 The Compensation Committee of the Board of Directors of the Company (the
“Committee”) reserves the right to amend, modify, supplement or terminate, in whole or in part, any or all of the provisions of the C/C Executive Program at any time prospectively or retroactively, for any reason, without notice or
further obligation to any employee or any other person entitled to receive benefits, if any, under the C/C Executive Program; provided, however, no such amendment, modification or termination may reduce any benefits payable hereunder once a Change
of Control has occurred. The Committee also reserves the right to make any modification, supplementation or amendment to the C/C Executive Program that is necessary or appropriate to qualify or maintain the C/C Executive Program so that it satisfies
the applicable provisions of ERISA and the Internal Revenue Code of 1986, as amended, if any. 
 V. GENERAL PROVISIONS 
 A. Governing Law 
 The
provisions of the C/C Executive Program shall be construed, administered and enforced according to the laws of the State of Texas. 
  

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 B. Severability 
 If any provision of the C/C Executive Program shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the
remaining provisions of the C/C Executive Program, and the C/C Executive Program shall be construed and enforced as if such illegal and invalid provisions had never been set forth in it. 
 C. Costs and Indemnification 
 All costs of administering the C/C Executive Program and providing benefits hereunder will be paid by the Company. 
 Executed on this 1st day of
August, 2006, to be effective upon a Change of Control. 
  

			
	TARGA RESOURCES INVESTMENTS INC.
		
	By:	 	 /s/ Jeffrey J. McParland

		 	Jeffrey J. McParland
		 	Executive Vice President & Chief Financial Officer

  

 -4-Targa Resources, Inc. 2006 Annual Incentive Plan

 Exhibit 10.23 
 Targa Resources, Inc. 2006 Annual Incentive Plan Description 
 On February 2, 2006, 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 Resources, Inc. 2006 Annual Incentive 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 achievement of financial and operational goals 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 strategic, financial and operational objectives 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. At 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 Company’s overall performance relative to certain financial and operational objectives. 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 or groups. Funds allocated to departments or groups within the Company will be used to pay cash bonuses to the Company’s employees (other than the
executive officers of the Company) based upon criteria established by management. The Committee has targeted a cash bonus pool for achievement of the financial performance and operational objectives based on 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, but some non-exempt employees’ overtime pay qualifies as eligible earnings. 

For 2006, 35% of the cash bonus pool was attributable to the achievement of an EBITDA component and 65% of the cash bonus pool was attributable to the
achievement of key strategic and operational objectives. The financial objective for 2006 was based on our achieving certain levels of EBITDA. EBITDA was selected as the financial objective for 2006 because it is used as a supplemental financial
measure by us and by external users of our financial statements such as investors, commercial banks and others, to assess our performance. The strategic and operational objectives were the following eight items: (i) selling North Texas;
(ii) executing an initial public offering of a master limited partnership; (iii) repairing the coastal Louisiana plants and reestablishing associated throughput volume performance; (iv) recovering insurance proceeds for hurricane
related damage; (v) renegotiating certain of our commercial contracts; (vi) increasing wellhead volumes connected to the Company’s gathering lines; (vii) monitoring and managing operating expenses and general and administrative
costs; and (viii) performance of development activities, such as acquisitions, project development and other opportunities involving synergies. The Bonus Plan established goals that the Committee considered when making awards under the Bonus
Plan and also established the following threshold, target and maximum levels for the Company’s bonus pool: 50% of the cash bonus pool for the threshold level; 100% for the target level and 200% for the maximum level. The funding of the cash
bonus pool and the payment of individual cash bonuses to employees, including our named executive officers, was subject to the sole discretion of the Committee.

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