Document:

EX-10.3

 Exhibit 10.3 

Execution Version 
  

 
  

REGISTRATION RIGHTS AGREEMENT 

Dated as of October 6, 2016 

By and Among 
 TARGA RESOURCES
PARTNERS LP, 
 TARGA RESOURCES PARTNERS FINANCE CORPORATION 

and 
 THE GUARANTORS NAMED HEREIN

 as Issuers, 
 and 

THE INITIAL PURCHASERS NAMED HEREIN 
  

 
  

$500,000,000 
 5 1⁄8% SENIOR NOTES DUE 2025 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	 1.
	 	DEFINITIONS	  	 	1	  
	 2.
	 	EXCHANGE OFFER	  	 	5	  
	 3.
	 	SHELF REGISTRATION	  	 	9	  
	 4.
	 	ADDITIONAL INTEREST	  	 	10	  
	 5.
	 	REGISTRATION PROCEDURES	  	 	12	  
	 6.
	 	REGISTRATION EXPENSES	  	 	21	  
	 7.
	 	INDEMNIFICATION	  	 	22	  
	 8.
	 	RULE 144A	  	 	24	  
	 9.
	 	UNDERWRITTEN REGISTRATIONS	  	 	25	  
	 10.    
	 	MISCELLANEOUS	  	 	25	  
		 	(a)	 	No Inconsistent Agreements	  	 	25	  
		 	(b)	 	Adjustments Affecting Registrable Securities	  	 	26	  
		 	(c)	 	Amendments and Waivers	  	 	26	  
		 	(d)	 	Notices	  	 	26	  
		 	(e)	 	Successors and Assigns	  	 	27	  
		 	(f)	 	Counterparts	  	 	27	  
		 	(g)	 	Headings	  	 	27	  
		 	(h)	 	Governing Law	  	 	27	  
		 	(i)	 	Severability	  	 	28	  
		 	(j)	 	Securities Held by the Issuers or their Affiliates	  	 	28	  
		 	(k)    	 	Third Party Beneficiaries	  	 	28	  
		 	(l)	 	Entire Agreement	  	 	28	  

  
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 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (the “Agreement”) is dated as of October 6, 2016 by and among Targa Resources
Partners LP, a Delaware limited partnership (the “Partnership”), Targa Resources Partners Finance Corporation, a Delaware corporation (the “Finance Co.” and, together with the Partnership, the “Targa
Companies”), the Guarantors listed on the signature pages hereto (the “Guarantors” and, together with the Partnership and Finance Co., the “Issuers”) and the several Initial Purchasers listed in Schedule 1A
to the Purchase Agreement (defined below) (the “Initial Purchasers”) for whom Wells Fargo Securities, LLC is acting as representative (the “Representative”). 

This Agreement is entered into in connection with the Purchase Agreement, dated as of September 22, 2016, by and among the Targa
Companies, the Guarantors and the Initial Purchasers (the “Purchase Agreement”) that provides for the sale by the Targa Companies to the Initial Purchasers of $500,000,000 aggregate principal amount of the Targa Companies’ 5 1⁄8% Senior Notes due 2025 (the “Notes”). The Notes will be guaranteed (the “Guarantees”) on a senior basis by the Guarantors.
The Notes and the Guarantees together are herein referred to as the “Securities.” In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Issuers have agreed to provide the registration rights set forth
in this Agreement for the benefit of the Holders (as defined herein). The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Securities under the Purchase Agreement. 

The parties hereby agree as follows: 
 1.
Definitions 
 As used in this Agreement, the following terms shall have the following meanings: 

Additional Interest: See Section 4(a) hereof. 

Advice: See the last paragraph of Section 5 hereof. 

Agreement: See the introductory paragraphs hereto. 

Applicable Period: See Section 2(b) hereof. 

Business Day: Any day that is not a Saturday, Sunday or a day on which banking institutions in New York are authorized or required by
law to be closed. 
 Effectiveness Date: The date that is the 370th day after the delivery of a Shelf Notice as required pursuant to
Section 2(c) hereof; provided, however, that if the Effectiveness Date would otherwise fall on a day that is not a Business Day, then the Effectiveness Date shall be the next succeeding Business Day. 

 Effectiveness Period: See Section 3(a) hereof. 

Event Date: See Section 4(b) hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

Exchange Notes: See Section 2(a) hereof. 

Exchange Offer: See Section 2(a) hereof. 

Exchange Offer Registration Statement: See Section 2(a) hereof. 

Exchange Securities: See Section 2(a) hereof. 

Filing Date: The 90th day after the delivery of a Shelf Notice as required pursuant to Section 2(c) hereof; provided,
however, that if the Filing Date would otherwise fall on a day that is not a Business Day, then the Filing Date shall be the next succeeding Business Day. 

Finance Co.: See the introductory paragraphs hereto. 

FINRA: See Section 5(s) hereof. 

Freely Tradable: With respect to a Security, a Security that at any time of determination (i) is freely transferable without volume
restrictions by holders that are not affiliates of the Targa Companies in accordance with Rule 144 (or any similar provision then in force) under the Securities Act or otherwise, (ii) does not bear a restrictive legend, and (iii) does not
bear a restricted CUSIP number. 
 Guarantees: See the introductory paragraphs hereto. 

Guarantors: See the introductory paragraphs hereto. 

Holder: Any holder of a Registrable Security or Registrable Securities. 

Indemnified Person: See Section 7(c) hereof. 

Indemnifying Person: See Section 7(c) hereof. 

Indenture: The Indenture, dated as of October 6, 2016, by and among the Issuers and U.S. Bank National Association, as Trustee,
pursuant to which the Securities are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 

Initial Purchasers: See the introductory paragraphs hereto. 

  
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 Inspectors: See Section 5(o) hereof. 

Issue Date: The date on which the Securities were sold to the Initial Purchasers pursuant to the Purchase Agreement. 

Issuers: See the introductory paragraphs hereto. 

Notes: See the introductory paragraphs hereto. 

Offering Memorandum: The final offering memorandum of the Targa Companies dated September 22, 2016, in respect of the offering of
the Securities to the Initial Purchasers. 
 Participant: See Section 7(a) hereof. 

Participating Broker-Dealer: See Section 2(a) hereof. 

Partnership: See the introductory paragraphs hereto. 

Person: An individual, trustee, corporation, partnership, limited liability company, joint stock company, trust, unincorporated
association, union, business association, firm or other legal entity. 
 Private Exchange: See Section 2(b) hereof. 

Private Exchange Notes: See Section 2(b) hereof. 

Private Exchange Securities: See Section 2(b) hereof. 

Prospectus: The prospectus included in any Registration Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus
supplement, and all other amendments and supplements to the Prospectus, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 Purchase Agreement: See the
introductory paragraphs hereto. 
 Records: See Section 5(o) hereof. 

Registrable Securities: Each Security upon original issuance of the Securities and at all times subsequent thereto, each Exchange
Security as to which Section 2(c)(v) hereof 

  
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is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Security upon original issuance thereof and at all times subsequent thereto, until in the case
of any such Security, Exchange Security or Private Exchange Security, as the case may be, the earliest to occur of (i) a Registration Statement (other than, with respect to any Exchange Security as to which Section 2(c)(v) hereof is
applicable, the Exchange Offer Registration Statement) covering such Security, Exchange Security or Private Exchange Security, as the case may be, has been declared effective by the SEC and such Security, Exchange Security or Private Exchange
Security, as the case may be, has been disposed of in accordance with such effective Registration Statement, (ii) such Security, Exchange Security or Private Exchange Security, as the case may be, is Freely Tradable and (iii) such
Security, Exchange Security or Private Exchange Security, as the case may be, ceases to be outstanding for purposes of the Indenture. 

Registration Statement: Any registration statement of the Targa Companies, including, but not limited to, the Exchange Offer
Registration Statement and any registration statement filed in connection with a Shelf Registration Statement, filed with the SEC pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration
statement, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

Registration Trigger Date: The 370th day from the Issue Date. 

Representative: See the introductory paragraphs hereto. 

Rule 144: Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than
Rule 144A) or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not affiliates of an issuer of such securities being
free of the registration and prospectus delivery requirements of the Securities Act. 
 Rule 144A: Rule 144A promulgated under the
Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the SEC. 

Rule 415: Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC. 
 SEC: The Securities and Exchange Commission. 

Securities: See the introductory paragraphs hereto. 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 

  
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 Shelf Notice: See Section 2(c) hereof. 

Shelf Registration Statement: See Section 3(a) hereof. 

Targa Companies: See the introductory paragraphs hereto. 

TIA: The Trust Indenture Act of 1939, as amended. 

Trustee: The trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Securities and Private
Exchange Securities. 
 Underwritten registration or underwritten offering: A registration in which securities of the Targa Companies
are sold to an underwriter for reoffering to the public. 
 Except as otherwise specifically provided, all references in this Agreement to
acts, laws, statutes, rules, regulations, releases, forms, no-action letters and other regulatory requirements (collectively, “Regulatory Requirements”) shall be deemed to refer also to any amendments thereto and all subsequent
Regulatory Requirements adopted as a replacement thereto having substantially the same effect therewith; provided that Rule 144 shall not be deemed to amend or replace Rule 144A. 

2. Exchange Offer 
 (a) With
respect to any Securities that on the Registration Trigger Date are Registrable Securities, no later than the Registration Trigger Date, the Issuers shall file with the SEC, to the extent not prohibited by any applicable law or applicable
interpretation of the staff of the SEC, a Registration Statement on an appropriate registration form (the “Exchange Offer Registration Statement”) with respect to a registered offer (the “Exchange Offer”) to
exchange any and all of the Registrable Securities (other than the Private Exchange Securities, if any) for a like aggregate principal amount of debt securities of the Targa Companies that are identical in all material respects to the Securities (
the “Exchange Notes” and, together with the guarantees thereon, the “Exchange Securities”) (and that are entitled to the benefits of the Indenture or a trust indenture that is identical in all material respects to
the Indenture (other than such changes to the Indenture or any such identical trust indenture as are necessary to comply with any requirements of the SEC to effect or maintain the qualification thereof under the TIA) and that, in either case, has
been qualified under the TIA), except that the Exchange Securities (other than Private Exchange Securities, if any) shall have been registered pursuant to an effective Registration Statement under the Securities Act and shall contain no restrictive
legend thereon. The Exchange Offer shall comply with all applicable tender offer rules and regulations under the Exchange Act. The Issuers agree to use their commercially reasonable efforts to (x) cause the Exchange Offer Registration Statement
to be declared (or to become automatically) effective under the Securities Act on or before the Registration Trigger Date; (y) keep the Exchange Offer open for not less than 30 days (or longer if required by applicable law) after the date that
notice of the Exchange Offer is mailed to Holders; and (z) consummate the Exchange Offer on or prior to the 30th day following the 

  
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effectiveness of the Exchange Offer Registration Statement; provided, however, that if such 30th day would otherwise fall on a day that is not a Business Day, then such Exchange
Offer must be consummated not later than the next succeeding Business Day. If after such Exchange Offer Registration Statement is declared effective by the SEC, the Exchange Offer or the issuance of the Exchange Securities thereunder is interfered
with by any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court, such Exchange Offer Registration Statement shall be deemed not to have become effective for purposes of this Agreement during the
period of such interference until the Exchange Offer may legally resume. 
 Each Holder (including, without limitation, each Participating
Broker-Dealer) who participates in the Exchange Offer will be required to represent to the Targa Companies in writing (i) that any Exchange Securities received by it will be acquired in the ordinary course of its business, (ii) that at the
time of the commencement of the Exchange Offer such Holder has no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of
the Securities Act, (iii) that such Holder is not an “affiliate” (as defined in Rule 405 promulgated under the Securities Act) of the Targa Companies or the Guarantors within the meaning of the Securities Act and is not acting on
behalf of any Persons who could not truthfully make the foregoing representations, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of Exchange Securities, and (v) if
such Holder is a broker-dealer (a “Participating Broker-Dealer”), that it will receive Exchange Securities for its own account in exchange for Securities that were acquired as a result of market-making or other trading activities
and that it will deliver a prospectus in connection with any resale of such Exchange Securities. 
 Upon consummation of the Exchange Offer
in accordance with this Section 2, the provisions of this Agreement shall continue to apply, mutatis mutandis, solely with respect to Registrable Securities that are Private Exchange Securities and Exchange Securities held by
Participating Broker-Dealers, and the Issuers shall have no further obligation to register Registrable Securities (other than Private Exchange Securities and other than in respect of any Exchange Securities as to which clause 2(c)(v) hereof applies)
pursuant to Section 3 hereof. No securities other than the Exchange Securities shall be included in the Exchange Offer Registration Statement. 

(b) The Issuers shall include within the Prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of
Distribution,” reasonably acceptable to the Representative, that shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential “underwriter” status of any Participating
Broker-Dealer that is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Exchange Securities received by such Participating Broker-Dealer in the Exchange Offer, whether such positions or policies have been publicly
disseminated by the staff of the SEC or such positions or policies, in the judgment of the Representative, represent the prevailing views of the staff of the SEC. Such “Plan of 

  
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Distribution” section shall also expressly permit, to the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Persons subject to the
prospectus delivery requirements of the Securities Act, including to the extent permitted by applicable policies and regulations of the SEC, all Participating Broker-Dealers, and include a statement describing the means by which Participating
Broker-Dealers may resell the Exchange Securities in compliance with the Securities Act. 
 The Issuers shall use their respective
commercially reasonable efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the Prospectus contained therein in order to permit such Prospectus to be lawfully delivered by all Persons subject to the
prospectus delivery requirements of the Securities Act for such period of time as is necessary to comply with applicable law in connection with any resale of the Exchange Securities covered thereby; provided, however, that such period
shall not be required to exceed 90 days or such longer period if extended pursuant to the last paragraph of Section 5 hereof (the “Applicable Period”). 

If, prior to consummation of the Exchange Offer, such Initial Purchaser holds any Securities acquired by it and having, or that are reasonably
likely to be determined to have, the status of an unsold allotment in the initial distribution, the Issuers, upon the request of such Initial Purchaser simultaneously with the delivery of the Exchange Securities in the Exchange Offer, shall issue
and deliver to such Initial Purchaser in exchange (the “Private Exchange”) for such Securities held by such Initial Purchaser a like principal amount of debt securities of the Issuers that are identical in all material respects to
the Exchange Securities (the “Private Exchange Notes” and, together with the guarantees thereon, the “Private Exchange Securities”), except for the placement of a restrictive legend on such Private Exchange
Securities. The Private Exchange Securities shall be issued pursuant to the same indenture as the Exchange Securities and bear the same CUSIP number as the Exchange Securities if permitted by the CUSIP Service Bureau. 

Interest on each Exchange Note will accrue (A) from the later of (i) the last interest payment date on which interest was paid on
the Note surrendered in exchange therefor, or (ii) if the Note is surrendered for exchange on a date in a period that includes the record date for an interest payment date to occur on or after the date of such exchange and as to which interest
will be paid, the date of such interest payment date or (B) if no interest has been paid on such Note, from the Issue Date. 
 In
connection with the Exchange Offer, the Issuers shall: 
 (1) mail to each Holder a copy of the Prospectus forming part of
the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 

  
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 (2) use their respective commercially reasonable efforts to keep the Exchange
Offer open for not less than 30 days after the date that notice of the Exchange Offer is mailed to Holders (or longer if required by applicable law); 

(3) permit Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last
Business Day on which the Exchange Offer shall remain open; and 
 (4) otherwise comply in all material respects with all
applicable laws, rules and regulations. 
 As soon as practicable after the close of the Exchange Offer or the Private Exchange, as the case
may be, the Issuers shall: 
 (1) accept for exchange all Registrable Securities properly tendered and not validly withdrawn
pursuant to the Exchange Offer or the Private Exchange; 
 (2) deliver to the Trustee for cancellation all Registrable
Securities so accepted for exchange; and 
 (3) cause the Trustee to authenticate and deliver promptly to each Holder of
Securities, Exchange Securities or Private Exchange Securities, as the case may be, equal in principal amount to the Securities of such Holder so accepted for exchange; provided that, in the case of any Notes held in global form by a
depositary, authentication and delivery to such depositary of one or more replacement Notes in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication
and delivery requirement. 
 The Exchange Securities and the Private Exchange Securities may be issued under (i) the Indenture or
(ii) an indenture identical in all material respects to the Indenture, which in either event has been qualified under the TIA or is exempt from such qualification and shall provide that (1) the Exchange Securities shall not be subject to
the transfer restrictions set forth in the Indenture and (2) the Private Exchange Securities shall be subject to the transfer restrictions set forth in the Indenture. The Indenture or such indenture described in (ii) above shall provide
that the Exchange Securities, the Private Exchange Securities and the Securities shall vote and consent together on all matters as one class and that none of the Exchange Securities, the Private Exchange Securities or the Securities will have the
right to vote or consent as a separate class on any matter. 
 (c) If, (i) the Issuers would otherwise be required to consummate an
Exchange Offer pursuant to Section 2(a) hereof but because of any change in law or in currently prevailing interpretations of the staff of the SEC, the Issuers are not permitted to effect an Exchange Offer, (ii) the Exchange Offer is not
consummated within 370 days of the Issue Date; provided, however, that if such 370th day would otherwise fall on a day that is not 

  
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a Business Day, then such Exchange Offer must be consummated not later than the next succeeding Business Day (provided that if the Exchange Offer shall be consummated after such 370-day period,
then the Issuers’ obligation under this clause (ii) arising from the failure of the Exchange Offer to be consummated within such 370-day period shall terminate), (iii) the holder of Private Exchange Securities so requests at any time
within 90 days after the consummation of the Private Exchange, (iv) because of any changes in law or in currently prevailing interpretations of the staff of the SEC, a Holder (other than an Initial Purchaser holding Securities acquired
directly from the Issuers) is not permitted to participate in the Exchange Offer or (v) in the case of any Holder that participates in the Exchange Offer, such Holder does not receive Exchange Securities on the date of the exchange that are
Freely Tradable, then the Issuers shall promptly deliver written notice thereof (the “Shelf Notice”) to the Trustee and in the case of clauses (i), (ii) and (iv), all Holders, in the case of clause (iii), the Holders
of the Private Exchange Securities and in the case of clause (v), the affected Holder, shall file a Shelf Registration Statement pursuant to Section 3 hereof. 

3. Shelf Registration 
 If a Shelf
Notice is delivered as contemplated by Section 2(c) hereof, then: 
 (a) Shelf Registration. The Issuers shall
file with the SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Securities not exchanged in the Exchange Offer, Private Exchange Notes and Exchange Notes as to which
Section 2(c)(iv) is applicable (the “Shelf Registration Statement”). The Issuers shall use their respective commercially reasonable efforts to file with the SEC the Shelf Registration Statement on or prior to the Filing Date.
The Shelf Registration Statement shall be on Form S-1 or another appropriate form permitting registration of such Registrable Securities for resale by Holders in the manner or manners designated by them (including, without limitation, one or more
underwritten offerings). The Issuers shall not permit any securities other than the Registrable Securities to be included in the Shelf Registration Statement. 

In the event that the Issuers are required to file a Shelf Registration Statement, the Issuers shall use their respective
commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act on or prior to the Effectiveness Date and to keep the Shelf Registration Statement continuously effective under the
Securities Act until no Securities covered by such Shelf Registration Statement constitute Registrable Securities (the “Effectiveness Period”); provided, however, that the Effectiveness Period in respect of the Shelf
Registration Statement shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein. 

In the event that a Shelf Registration Statement is filed, the Targa Companies shall provide to each Holder of Registrable
Securities covered thereby copies of the 

  
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prospectus that is part of the Shelf Registration Statement, notify each such Holder when the Shelf Registration Statement for the Registrable Securities covered by the Shelf Registration
Statement has become effective and take certain other actions as are required to permit unrestricted resales of the Registrable Securities covered by the Shelf Registration Statement. A Holder that sells Registrable Securities covered by the Shelf
Registration Statement pursuant to the Shelf Registration Statement will be (x) required to be named as a selling security holder in the related prospectus and to deliver a prospectus to purchasers, (y) subject to certain of the civil
liability provisions under the Securities Act in connection with such sales and (z) bound by the provisions of this Agreement that are applicable to such a Holder (including Section 7 hereof). 

(b) Withdrawal of Stop Orders. If the Shelf Registration Statement ceases to be effective for any reason at any time
during the Effectiveness Period (other than because of the sale of all of the securities registered thereunder), the Issuers shall use their commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness
thereof. 
 (c) Supplements and Amendments. The Issuers shall promptly supplement and amend the Shelf Registration
Statement if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement, if required by the Securities Act, or if reasonably requested by the Holders of a majority in aggregate
principal amount of the Registrable Securities covered by such Registration Statement or by any underwriter of such Registrable Securities. 
 4.
Additional Interest 
 (a) The Issuers and the Initial Purchasers agree that the Holders will suffer damages if the Issuers
fail to fulfill their respective obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuers agree to pay, as liquidated damages,
additional interest on the Registrable Securities (“Additional Interest”) under the circumstances and to the extent set forth below (without duplication): 

(i) if an Exchange Offer Registration Statement is required pursuant to Section 2(a) hereof or a Shelf Registration
Statement is required pursuant to Section 3(a) hereof and such Exchange Offer Registration Statement or Shelf Registration Statement does not become effective on or prior to the Registration Trigger Date, then, commencing on the day after the
Registration Trigger Date, Additional Interest shall accrue on the principal amount of the Notes over and above the stated interest at a rate of 0.25% per annum for the first 90 days immediately following the Registration Trigger Date, such
Additional Interest rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period; 

  
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 (ii) if an Exchange Offer Registration Statement is required pursuant to
Section 2(a) hereof or a Shelf Registration Statement is required pursuant to Section 3(a) hereof and (A) neither the Exchange Offer Registration Statement nor the Shelf Registration Statement is declared effective by the SEC (or
becomes automatically effective) on or prior to the Registration Trigger Date or (B) notwithstanding that the Issuers have consummated or will consummate the Exchange Offer, the Issuers are required to file a Shelf Registration Statement and
such Shelf Registration Statement is not declared effective by the SEC (or fails to become automatically effective) on or prior to the 90th day following the date such Shelf Registration Statement was filed, then, commencing on the day after such
required effective date, Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the first 90 days immediately following each such filing date, such Additional Interest rate increasing by an
additional 0.25% per annum at the beginning of each subsequent 90-day period; and 
 (iii) if an Exchange Offer
Registration Statement is required pursuant to Section 2(a) hereof or a Shelf Registration Statement is required pursuant to Section 3(a) hereof and if either (A) the Issuers have not exchanged Exchange Notes for all Notes validly
tendered in accordance with the terms of the Exchange Offer on or prior to the 30th day after the date on which the Exchange Offer Registration Statement was declared (or became automatically) effective; provided, however, that if such
30th day would otherwise fall on a day that is not a Business Day, then such Exchange Offer must be consummated not later than the next succeeding Business Day or (B) if applicable, a Shelf Registration Statement has been declared effective and
such Shelf Registration Statement ceases to be effective at any time during the Effectiveness Period (other than after such time as all Notes have been disposed of thereunder), then Additional Interest shall accrue on the principal amount of the
Notes at a rate of 0.25% per annum for the first 90 days commencing on (x) the 31st day after such effective date, in the case of (A) above, or (y) the day such Shelf Registration Statement ceases to be effective, in the case of
(B) above, such Additional Interest rate increasing by an additional 0.25% per annum at the beginning of each such subsequent 90-day period; 

provided, however, that the Additional Interest rate on the Registrable Securities may not accrue under more than one of the foregoing clauses
(i) through (iii) of this Section 4(a) at the same time and at no time shall the aggregate amount of Additional Interest accruing exceed at any one time in the aggregate 1.0% per annum; and provided, further,
however, that (1) upon the filing of the Exchange Offer Registration Statement or a Shelf Registration Statement (in the case of clause (i) of this Section 4(a)), (2) upon the effectiveness of the Exchange Offer Registration
Statement or the Shelf Registration Statement (in the case of clause (ii) of this Section 4(a)), or (3) upon the exchange of Exchange Securities for all Securities tendered (in the case of clause (iii)(A) of this Section 4(a)),
or upon the effectiveness of the applicable Shelf Registration Statement that had ceased to remain effective (in the case of (iii)(B) of this Section 4(a)), Additional Interest on the Registrable Securities as a result of such clause (or the
relevant subclause thereof), as the case may be, shall cease to accrue. 

  
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 (b) The Issuers shall notify the Trustee within one Business Day after each and every date on
which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Any amounts of Additional Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be payable in cash semi-annually on the same original interest dates as the Notes, commencing with the first such date occurring after any such Additional Interest commences to accrue. The amount of Additional Interest will be
determined by multiplying the applicable Additional Interest rate by the principal amount of the Registrable Securities, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such
period (determined on the basis of a 360-day year consisting of twelve 30-day months and, in the case of a partial month, the actual number of days elapsed) and the denominator of which is 360. 

5. Registration Procedures 
 In
connection with the filing of any Registration Statement pursuant to Sections 2 or 3 hereof, if a Registration Statement is required to be filed pursuant to such sections, the Issuers shall effect such registrations to permit the sale of the
securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder, the Issuers shall: 

(a) Prepare and file with the SEC on or before the date required herein, a Registration Statement or Registration Statements as
prescribed by Sections 2 or 3 hereof, and use its commercially reasonable efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided, however, that, if (1) such filing
is pursuant to Section 3 hereof or (2) a Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Securities during the Applicable Period, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuers shall furnish to and afford the Holders of the Registrable Securities
covered by such Registration Statement or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any
documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least three Business Days prior to such filing). The Issuers shall not file any Registration Statement or Prospectus or any amendments
or supplements thereto if the Holders of a majority in aggregate principal amount of the Registrable Securities covered by such Registration Statement, or any such Participating Broker-Dealer, as the case may be, or their counsel, or the managing
underwriters, if any, shall reasonably object on a timely basis. 
 (b) Prepare and file with the SEC such amendments and
post-effective amendments to each Shelf Registration Statement or Exchange Offer Registration 

  
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Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the
related Prospectus to be supplemented by any prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply in all
material respects with the provisions of the Securities Act and the Exchange Act applicable to the Issuers with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so
supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus; the Issuers shall be deemed not to have used their respective commercially reasonable efforts to
keep a Registration Statement effective during the Applicable Period if any of the Issuers voluntarily takes any action that would result in selling Holders of the Registrable Securities covered thereby or Participating Broker-Dealers seeking to
sell Exchange Securities not being able to sell such Registrable Securities or such Exchange Securities during that period, unless such action is required by applicable law or unless the Issuers comply in all material respects with this Agreement,
including without limitation, the provisions of paragraph 5(k) hereof and the last paragraph of this Section 5. 

(c) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a Prospectus contained in
an Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, the Targa
Companies shall notify the selling Holders, or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, promptly (but in any event within two Business Days) and confirm such notice in writing,
(i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including
in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Issuers, one conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents
incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary
prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Securities or resales of Exchange Securities
by Participating Broker-Dealers the representations and warranties of the Issuers contained in any agreement (including any underwriting agreement), contemplated by Section 5(n) hereof cease to be true and correct, (iv) of the receipt by
the Issuers of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Securities or the 

  
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Exchange Securities to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or written threat of any
proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any information becoming known that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respects or that requires the making of any material changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the
Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus,
it will not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (vi) of the Issuers’
determination that a post-effective amendment to a Registration Statement would be appropriate. 

(d) Use their respective commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of a
Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Securities or the Exchange Securities for sale in any jurisdiction
and, if any such order is issued, to use their commercially reasonable efforts to obtain the withdrawal of any such order at the earliest possible moment. 

(e) If a Shelf Registration Statement is filed pursuant to Section 3 and if requested by the managing underwriter or
underwriters, if any, or the Holders of a majority in aggregate principal amount of the Registrable Securities being sold in connection with an underwritten offering, (i) promptly incorporate in a prospectus supplement or post-effective
amendment such information as the managing underwriter or underwriters, if any, such Holders or counsel for any of them determine is reasonably necessary to be included therein, (ii) make all required filings of such prospectus supplement or
such post-effective amendment as soon as practicable after the Issuers have received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment and (iii) supplement or make amendments to such
Registration Statement; provided, however, that the Issuers shall not be required to take any action pursuant to this Section 5(e) that would, in the opinion of counsel for the Issuers, violate applicable law. 

(f) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a Prospectus contained in
an Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, furnish to
each selling Holder of Registrable Securities and to each such Participating Broker-Dealer who so requests and to their respective counsel and 

  
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each managing underwriter, if any, at the sole expense of the Issuers, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto,
including financial statements and schedules and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 

(g) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a Prospectus contained in
an Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, deliver to
each selling Holder of Registrable Securities, or each such Participating Broker-Dealer, as the case may be, their respective counsel and the underwriters, if any, at the sole expense of the Issuers, as many copies of the Prospectus or Prospectuses
(including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 5, the
Issuers hereby consent to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers, if any,
in connection with the offering and sale of the Registrable Securities covered by, or the sale by Participating Broker-Dealers of the Exchange Securities pursuant to, such Prospectus and any amendment or supplement thereto. 

(h) Prior to any public offering of Registrable Securities or Exchange Securities or any delivery of a Prospectus contained in
the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, to use their commercially reasonable efforts to register or qualify and to cooperate with the selling
Holders or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or
qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer or the managing underwriter or underwriters
reasonably request in writing; provided, however, that where Exchange Securities held by Participating Broker-Dealers or Registrable Securities are offered other than through an underwritten offering, the Issuers agree to cause their
counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h); use their commercially reasonable efforts to keep each such registration or qualification (or exemption
therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the Exchange Securities
held by Participating Broker-Dealers or the Registrable Securities covered by the applicable Registration Statement; provided, however, that none of the Issuers 

  
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shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process
in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in any such jurisdiction where it is not then so subject. 

(i) If a Shelf Registration Statement is filed pursuant to Section 3 hereof, cooperate with the selling Holders and the
managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible
for deposit with The Depository Trust Company; and enable such Registrable Securities to be in such authorized denominations and registered in such names as the managing underwriter or underwriters, if any, or Holders may reasonably request. 

(j) Use their respective commercially reasonable efforts to cause the Registrable Securities covered by the Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable
Securities, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Issuers will cooperate in all reasonable respects with the filing of such Registration Statement and the granting
of such approvals. 
 (k) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a
Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the
Applicable Period, upon the occurrence of any event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable, prepare and (subject to Section 5(a) hereof) file with the SEC, at the Issuers’ sole expense, a
supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Securities being sold thereunder or to the purchasers of the Exchange Securities to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(l) Use their respective commercially reasonable efforts to cause the Registrable Securities covered by a Registration
Statement or the Exchange Securities, as the case may be, to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal amount of Registrable Securities covered by such Registration Statement
or the Exchange Securities, as the case may be, or the managing underwriter or underwriters, if any, if the Notes are not then so rated. 

  
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 (m) Prior to the effective date of the first Registration Statement relating to
the Registrable Securities, (i) provide the Trustee with certificates for the Registrable Securities or Exchange Securities, as the case may be, in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP
number for the Registrable Securities or Exchange Securities, as the case may be. 
 (n) In connection with any underwritten
offering of Registrable Securities pursuant to a Shelf Registration Statement, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Securities and take all such other actions as are
reasonably requested by the managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Securities and, in such connection, (i) make such representations and warranties to, and
covenants with, the underwriters with respect to the business of the Issuers and their subsidiaries (including any acquired business, properties or entity, if applicable) and the Registration Statement, Prospectus and documents, if any, incorporated
or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Securities, and confirm the same in writing if and when requested;
(ii) obtain the written opinion of counsel to the Issuers and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters
customarily covered in opinions requested in underwritten offerings of debt similar to the Securities and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) obtain “cold comfort”
letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuers (and, if necessary, any other independent certified public
accountants of any subsidiary of the Issuers or of any business acquired by the Issuers for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to
each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings of debt securities similar to the Securities and such
other matters as reasonably requested by the managing underwriter or underwriters; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable than those set forth in
Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Registrable Securities covered by such Registration Statement and the managing underwriter or underwriters or agents)
with respect to all parties to be indemnified pursuant to said Section. The above shall be done at each closing under such underwriting agreement, or as and to the extent required thereunder. 

  
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 (o) If (1) a Shelf Registration Statement is filed pursuant to
Section 3 hereof or (2) a Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Securities during the Applicable Period, upon reasonable advance notice make available for inspection by any selling Holder of such Registrable Securities being sold, or each such Participating Broker-Dealer, as the case may be, any
underwriter participating in any such disposition of Registrable Securities, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter
(collectively, the “Inspectors”), at the offices where normally kept, during reasonable business hours without interfering in the orderly business of the Issuers, all financial and other relevant records, pertinent corporate
documents and instruments of the Issuers and their subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the respective
officers, directors and employees of the Issuers and their subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration Statement. Any such access granted to the Inspectors under this
Section 5(o) shall be subject to the prior receipt by the Issuers of written undertakings, in form and substance reasonably satisfactory to the Issuers, to preserve the confidentiality of any information deemed by the Issuers to be
confidential. Records that the Issuers determine, in good faith, to be confidential and any Records that they notify the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the Issuers based upon advice of counsel
determine that disclosure of such Records is necessary to avoid or correct a material misstatement or omission in such Registration Statement, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction, (iii) after giving reasonable prior notice to the Targa Companies, disclosure of such information is, in the opinion of counsel for any Inspector, necessary or advisable in connection with any action, claim, suit or
proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon, relating to or involving this Agreement or any transactions contemplated hereby or arising hereunder or (iv) the information
in such Records has been made generally available to the public. Each selling Holder of such Registrable Securities and each such Participating Broker-Dealer will be required to agree that information obtained by it as a result of such inspections
shall be deemed confidential and shall not be used by it as the basis for any market transactions in the securities of the Targa Companies unless and until such information is generally available to the public. Each selling Holder of such
Registrable Securities and each such Participating Broker-Dealer will be required to further agree that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Targa Companies and
allow the Targa Companies to undertake appropriate action to prevent disclosure of the Records deemed confidential at the Targa Companies’ sole expense. 

  
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 (p) Provide an indenture trustee for the Registrable Securities or the Exchange
Securities, as the case may be, and cause the Indenture or the trust indenture provided for in Section 2(a) hereof, as the case may be, to be qualified under the TIA not later than the effective date of the Exchange Offer or the first
Registration Statement relating to the Registrable Securities; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Securities, to effect such changes to such indenture as may be
required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use their commercially reasonable efforts to cause such trustee to execute, all documents as may be required to effect such changes and all
other forms and documents required to be filed with the SEC to enable such indenture to be so qualified in a timely manner. 

(q) Comply in all material respects with all applicable rules and regulations of the SEC and make generally available to the
Partnership’s securityholders earning statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any
12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in a firm commitment or reasonable best
efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Issuers after the effective date of a Registration Statement, which statements shall cover
said 12-month periods. 
 (r) Upon consummation of an Exchange Offer or a Private Exchange, obtain an opinion of counsel to
the Issuers, who may, at the Issuers’ election, be internal counsel to the Issuers, in a form customary for underwritten transactions, addressed to the Trustee for the benefit of all Holders participating in the Exchange Offer or the Private
Exchange, as the case may be, that the Exchange Securities or Private Exchange Securities, as the case may be, and the related indenture constitute legal, valid and binding obligations of the Issuers, enforceable against the Issuers in accordance
with its respective terms, subject to customary exceptions and qualifications. 
 (s) If an Exchange Offer or a Private
Exchange is to be consummated, upon delivery of the Registrable Securities by Holders to the Targa Companies (or to such other Person as directed by the Targa Companies) in exchange for the Exchange Securities or the Private Exchange Securities, as
the case may be, the Targa Companies shall mark, or cause to be marked, on such Registrable Securities that such Registrable Securities are being cancelled in exchange for the Exchange Securities or the Private Exchange Securities, as the case may
be; in no event shall such Registrable Securities be marked as paid or otherwise satisfied. 

  
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 (t) Cooperate with each seller of Registrable Securities covered by any
Registration Statement and each underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority
(the “FINRA”). 
 (u) Use their respective commercially reasonable efforts to take all other steps necessary
or advisable to effect the registration of the Registrable Securities covered by a Registration Statement contemplated hereby. 
 The
Issuers may require each seller of Registrable Securities as to which any registration is being effected to furnish to the Issuers such information regarding such seller and the distribution of such Registrable Securities as the Issuers may, from
time to time, reasonably request. The Issuers may exclude from such registration the Registrable Securities of any seller who unreasonably fails to furnish such information within a reasonable time after receiving such request and in such event
shall have no further obligation under this Agreement (including, without limitation, obligations under Section 4 hereof) with respect to such seller or any subsequent holder of such Registrable Securities. Each seller as to which any Shelf
Registration Statement is being effected agrees to furnish promptly to the Issuers all information required to be disclosed in order to make the information previously furnished to the Issuers by such seller not materially misleading. 

Each Holder of Registrable Securities and each Participating Broker-Dealer agrees by acquisition of such Registrable Securities or Exchange
Securities to be sold by such Participating Broker-Dealer, as the case may be, that, upon actual receipt of any notice from the Targa Companies of the happening of any event of the kind described in Sections 5(c)(ii), 5(c)(iv), 5(c)(v) or 5(c)(vi)
hereof, such Holder will forthwith discontinue disposition of such Registrable Securities covered by such Registration Statement or Prospectus or Exchange Securities to be sold by such Holder or Participating Broker-Dealer, as the case may be, until
such Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof, or until it is advised in writing (the “Advice”) by the Targa
Companies that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto. During any such discontinuance, no Additional Interest shall accrue or otherwise be payable on the Registrable
Securities. In the event that the Targa Companies shall give any such notice, each of the Effectiveness Period and the Applicable Period shall be extended by the number of days during such periods from and including the date of the giving of such
notice to and including the date when each seller of Registrable Securities covered by such Registration Statement or Exchange Securities to be sold by such Participating Broker-Dealer, as the case may be, shall have received (x) the copies of
the supplemented or amended Prospectus contemplated by Section 5(k) hereof or (y) the Advice. 

  
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 6. Registration Expenses 

(a) All fees and expenses incident to the performance of or compliance with this Agreement by the Issuers shall be borne by the Issuers whether
or not the Exchange Offer or a Shelf Registration Statement is filed or becomes effective, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be
made with the FINRA in connection with an underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of counsel in connection with Blue
Sky qualifications of the Registrable Securities or Exchange Securities and determination of the eligibility of the Registrable Securities or Exchange Securities for investment under the laws of such jurisdictions (x) where the Holders are
located, in the case of the Exchange Securities, or (y) as provided in Section 5(h) hereof, in the case of Registrable Securities or Exchange Securities to be sold by a Participating Broker-Dealer
during the Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Securities or Exchange Securities in a form eligible for deposit with The Depository Trust Company and of
printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, by the Holders of a majority in aggregate principal amount of the Registrable Securities included in any Registration Statement
or sold by any Participating Broker-Dealer, as the case may be, (iii) reasonable messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Targa Companies and fees and disbursements of special counsel for
the sellers of Registrable Securities (subject to the provisions of Section 6(b) hereof), (v) fees and disbursements of all independent certified public accountants referred to in Section 5(n)(iii) hereof (including, without
limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) rating agency fees, if any, and any fees associated with making the Registrable Securities or Exchange
Securities eligible for trading through The Depository Trust Company, (vii) Securities Act liability insurance, if the Targa Companies desire such insurance, (viii) fees and expenses of all other Persons retained by the Targa Companies,
(ix) internal expenses of the Targa Companies (including, without limitation, all salaries and expenses of officers and employees of the Targa Companies performing legal or accounting duties), (x) the expense of any annual audit,
(xi) the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, if applicable, and (xii) the expenses relating to printing, word processing and distributing of all
Registration Statements, underwriting agreements, securities sales agreements, indentures and any other documents necessary to comply with this Agreement. 

(b) The Issuers shall reimburse the Holders of the Registrable Securities being registered in a Shelf Registration Statement for the reasonable
fees and disbursements of not more than one counsel chosen by the Holders of a majority in aggregate principal amount of the Registrable Securities to be included in such Registration Statement. 

  
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 7. Indemnification 

(a) Each of the Issuers agrees to indemnify and hold harmless each Holder of Registrable Securities offered pursuant to a Shelf Registration
Statement and each Participating Broker-Dealer selling Exchange Securities during the Applicable Period, the officers and directors of each such Person or its affiliates, and each other Person, if any, who controls any such Person or its affiliates
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Participant”), from and against any and all losses, claims, damages and liabilities (including, without limitation,
the reasonable legal fees and other expenses actually incurred in connection with any suit, action or proceeding or any claim asserted) caused by, arising out of or based upon any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement pursuant to which the offering of such Registrable Securities or Exchange Securities, as the case may be, is registered (or any amendment thereto) or related Prospectus (or any amendments or supplements
thereto) or any related preliminary prospectus, or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided, however, that none of the Issuers will be required to indemnify a Participant if such losses, claims, damages or liabilities are caused by any untrue statement or
omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any Participant furnished to the Targa Companies in writing by or on behalf of such Participant expressly for use therein. 

(b) Each Participant agrees, severally and not jointly, to indemnify and hold harmless the Targa Companies and each of the Guarantors, each of
the Targa Companies’ directors and officers, each Guarantor’s directors and officers and each Person who controls the Targa Companies within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the
same extent as the foregoing indemnity from the Issuers to each Participant, but only (i) with reference to information relating to such Participant furnished to the Targa Companies in writing by or on behalf of such Participant expressly for
use in any Registration Statement or Prospectus, any amendment or supplement thereto or any preliminary prospectus or (ii) with respect to any untrue statement or representation made by such Participant in writing to the Targa Companies. The
liability of any Participant under this paragraph shall in no event exceed the proceeds received by such Participant from sales of Registrable Securities or Exchange Securities giving rise to such obligations. 

(c) If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted
against any Person in respect of which indemnity may be sought pursuant to either of the two preceding paragraphs, such Person (the “Indemnified Person”) shall promptly notify the Person against whom such indemnity may be sought
(the “Indemnifying Person”) in writing, and the Indemnifying Person, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to 

  
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the Indemnified Person to represent the Indemnified Person and any others the Indemnifying Person may reasonably designate in such proceeding and shall pay the reasonable fees and expenses
actually incurred by such counsel related to such proceeding; provided, however, that the failure to so notify the Indemnifying Person shall not relieve it of any obligation or liability that it may have hereunder or otherwise (unless
and only to the extent that such failure directly results in the loss or compromise of any material rights or defenses by the Indemnifying Person and the Indemnifying Person was not otherwise aware of such action or claim). In any such proceeding,
any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have
mutually agreed in writing to the contrary, (ii) the Indemnifying Person shall have failed within a reasonable period of time to retain counsel reasonably satisfactory to the Indemnified Person or (iii) the named parties in any such
proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them.
It is understood that, unless there exists a conflict among Indemnified Persons, the Indemnifying Person shall not, in connection with any one such proceeding or separate but substantially similar related proceeding in the same jurisdiction arising
out of the same general allegations, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed promptly as they are
incurred. Any such separate firm for the Participants and such control Persons of Participants shall be designated in writing by Participants who sold a majority in interest of Registrable Securities and Exchange Securities sold by all such
Participants and shall be reasonably satisfactory to the Targa Companies and any such separate firm for the Targa Companies, their directors, their officers and such control Persons of the Targa Companies shall be designated in writing by the Targa
Companies. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its prior written consent, but if settled with such consent or if there be a final non-appealable judgment for the plaintiff for which the
Indemnified Person is entitled to indemnification pursuant to this Agreement, the Indemnifying Person agrees to indemnify and hold harmless each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. No
Indemnifying Person shall, without the prior written consent of the Indemnified Person (which consent shall not be unreasonably withheld or delayed), effect any settlement or compromise of any pending or threatened proceeding in respect of which any
Indemnified Person is or could have been a party, and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional written release of such Indemnified Person, in form and substance
reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to an admission of fault, culpability or failure to act by or on behalf of
any Indemnified Person. 
 (d) If the indemnification provided for in the first and second paragraphs of this Section 7 is for any
reason unavailable to, or insufficient to hold harmless, an Indemnified Person in respect of any losses, claims, damages or liabilities referred to therein, then each 

  
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Indemnifying Person under such paragraphs, in lieu of indemnifying such Indemnified Person thereunder and in order to provide for just and equitable contribution, shall contribute to the amount
paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Person or Persons on the one hand and the Indemnified Person
or Persons on the other in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof). The relative fault of the parties shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers on the one hand or such
Participant or such other Indemnified Person, as the case may be, on the other, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission, and any other equitable
considerations appropriate in the circumstances. 
 (e) The parties agree that it would not be just and equitable if contribution pursuant to
this Section 7 were determined by pro rata allocation (even if the Participants were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in
the immediately preceding paragraph. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Person in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7, in no
event shall a Participant be required to contribute any amount in excess of the amount by which proceeds received by such Participant from sales of Registrable Securities or Exchange Securities, as the case may be, exceeds the amount of any damages
that such Participant has otherwise been required to pay or has paid by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (f) The
indemnity and contribution agreements contained in this Section 7 will be in addition to any liability that the Indemnifying Persons may otherwise have to the Indemnified Persons referred to above. 

8. Rule 144A 
 Whether or not
required by the rules and regulations of the SEC, so long as any Registrable Securities are outstanding, the Partnership shall use its reasonable best efforts to furnish (whether through hard copy or by posting on its website) to the Holders or
cause the Trustee to furnish to the Holders, within the time periods specified in the SEC’s rules and regulations: (1) all quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the
Partnership were required to file such reports; and (2) all current reports that would be required to be filed with the SEC on Form 8-K if the Partnership were required to file such reports. 

  
 -24- 

 If, at any time the Partnership is no longer subject to the periodic reporting requirements of
the Exchange Act for any reason, the Partnership shall nevertheless use its reasonable best efforts to continue filing the reports specified in the preceding paragraph with the SEC unless the SEC will not accept such a filing; provided that,
for so long as the Partnership is not subject to the periodic reporting requirements of the Exchange Act for any reason, the time period for filing reports on Form 8-K shall be five Business Days after the event giving rise to the obligation to file
such report. If, notwithstanding the foregoing, the SEC will not accept the Partnership’s filings for any reason, the Partnership shall use its reasonable best efforts to post the reports referred to in the preceding paragraphs on its website
within the time periods that would apply if Targa Resources Partners were required to file those reports with the SEC. 
 The Issuers
further covenant for so long as any Registrable Securities remain outstanding, if at any time the Partnership is not required to file periodic reports with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, to use their reasonable
best efforts to make available to any Holder or beneficial owner of Registrable Securities in connection with any sale thereof and any prospective purchaser of such Registrable Securities from such Holder or beneficial owner the information required
by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Registrable Securities pursuant to Rule 144A. 
 9. Underwritten
Registrations 
 If any of the Registrable Securities covered by any Shelf Registration Statement are to be sold in an underwritten
offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Securities included in such offering and
reasonably acceptable to the Targa Companies. 
 No Holder of Registrable Securities may participate in any underwritten registration
hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

10. Miscellaneous 
 (a) No
Inconsistent Agreements. The Issuers have not entered into, as of the date hereof, and shall not, after the date of this Agreement, enter into any agreement with respect to any of the Targa Companies’ securities that is inconsistent with
the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The Issuers 

  
 -25- 

 
have not entered and will not enter into any agreement with respect to any of the Targa Companies’ securities that will grant to any Person piggy-back registration rights with respect to a
Registration Statement. Notwithstanding the foregoing, the Targa Companies may enter into the Registration Right Agreement of even date herewith relating to the Targa Companies’ Notes, and any Registration Statement may also include any such
securities. 
 (b) Adjustments Affecting Registrable Securities. The Issuers shall not, directly or indirectly, take any action with
respect to the Registrable Securities as a class that would adversely affect the ability of the Holders to include such Registrable Securities in a registration undertaken pursuant to this Agreement. 

(c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, otherwise than with the prior written consent of the Holders of not less than a majority in aggregate principal amount of the then outstanding Registrable Securities. Notwithstanding the
foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose securities are being sold pursuant to a Registration Statement and that does not directly or
indirectly affect, impair, limit or compromise the rights of other Holders may be given by Holders of at least a majority in aggregate principal amount of the Registrable Securities being sold by such Holders pursuant to such Registration Statement;
provided, however, that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the immediately preceding sentence. 

(d) Notices. All notices and other communications (including without limitation any notices or other communications to the Trustee)
provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or facsimile: 

1. if to a Holder of the Registrable Securities or any Participating Broker-Dealer, at the most current address of such Holder
or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture, with a copy in like manner to the Representative as follows: 

Wells Fargo Securities, LLC 

375 Park Avenue 

New York, NY 10152 

Attention: Transaction Management 

2. if to the Initial Purchasers, at the address specified above in Section 10(d)(1); and 

  
 -26- 

 3. if to any Issuer, at the address as follows: 

Targa Resources Partners LP 

Targa Resources Partners Finance Corporation 

1000 Louisiana, Suite 4300 

Houston, Texas 77002 

Facsimile No.: (713) 584-1110 

Attention: General Counsel 

with a copy to: 

Vinson & Elkins L.L.P. 

1001 Fannin, Suite 2500 

Houston, Texas 77002 

Facsimile No.: (713) 615-5883 

Attention: Christopher S. Collins 

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier; and when receipt is acknowledged by the addressee, if sent by facsimile. 

Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at
the address and in the manner specified in such Indenture. 
 (e) Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties hereto; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or
assign holds Registrable Securities. 
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE COMPETENT COURTS OF THE STATE OF
NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

  
 -27- 

 (i) Severability. If any term, provision, covenant or restriction of this Agreement is
held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable. 
 (j) Securities Held by the Issuers or their Affiliates. Whenever the consent or approval of Holders
of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Issuers or their affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage. 
 (k) Third Party Beneficiaries. Holders and Participating
Broker-Dealers are intended third party beneficiaries of this Agreement and this Agreement may be enforced by such Persons. 
 (l) Entire
Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained
herein and therein and any and all prior oral or written agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Initial Purchasers on the one hand and the Issuers on the other,
or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 

[Remainder of page intentionally left blank] 

  
 -28- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

					
	TARGA RESOURCES PARTNERS LP
		
	By:	 	 Targa Resources GP LLC,
 Its general
partner

		
	By:	 	            /s/ Matthew J. Meloy
		 	Name:	 	Matthew J. Meloy
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	 TARGA RESOURCES PARTNERS FINANCE CORPORATION

		
	By:	 	            /s/ Matthew J. Meloy
		 	Name:	 	Matthew J. Meloy
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 Signature Page to
the Registration Rights Agreement 

 
					
	 TARGA BADLANDS LLC
 TARGA CAPITAL
LLC
 TARGA COGEN LLC
 TARGA DOWNSTREAM LLC

TARGA GAS MARKETING LLC
 TARGA GAS PIPELINE LLC

TARGA GAS PROCESSING LLC
 TARGA INTRASTATE PIPELINE LLC

TARGA LIQUIDS MARKETING AND TRADE LLC
 TARGA LOUISIANA INTRASTATE
LLC
 TARGA MIDSTREAM SERVICES LLC
 TARGA MLP CAPITAL LLC

TARGA NGL PIPELINE COMPANY LLC
 TARGA RESOURCES OPERATING GP
LLC
 TARGA RESOURCES OPERATING LLC
 TARGA SOUND TERMINAL
LLC
 TARGA TERMINALS LLC
 TARGA TRANSPORT LLC

		
	By:	 	            /s/ Matthew J. Meloy
		 	Name:	 	Matthew J. Meloy
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 Signature Page to
the Registration Rights Agreement 

							
	WELLS FARGO SECURITIES, LLC
	
	 Acting on behalf of themselves and as the

Representative of the several Initial Purchasers

		
	By:	 	    WELLS FARGO SECURITIES, LLC
			
		 	By:	 	  /s/ Jeff Gore
		 		 	Name:	 	Jeff Gore
		 		 	Title:	 	Managing Director

  
 Signature Page to
the Registration Rights AgreementEX-10.14

 Exhibit 10.14 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into between Vantage Drilling International (the “Company”) and
Thomas Cimino (“Executive”) as of September 22, 2016 (the “Effective Date”). 
 R E C I T A L S: 

WHEREAS, Executive desires to be employed by the Company effective as of the Effective Date and the Company desires to employ Executive as an
integral part of the Company’s management as the Chief Financial Officer of the Company; and 
 WHEREAS, the Company desires to obtain
assurances from Executive that he will devote his best efforts to the Company and will not enter into competition with the Company, solicit its customers, or solicit employees of the Company after termination of his employment; and 

WHEREAS, Executive is expected to serve as a key employee with special and unique talents and skills of peculiar benefit and importance to the
Company; and 
 WHEREAS, Executive is desirous of committing himself to serve on the terms herein provided. 

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the parties hereto agree to
this Agreement as follows: 
 1. EMPLOYMENT TERM AND DUTIES 

1.1 Term of Employment. Effective as of the Effective Date, the Company hereby agrees to employ Executive as its Chief Financial
Officer, and Executive hereby agrees to accept such employment, on the terms and conditions set forth herein, for the period commencing on the Effective Date and expiring as of the second anniversary of the Effective Date (the “Basic
Term”) (unless sooner terminated as hereinafter set forth). Unless sooner terminated as hereinafter set forth, the Basic Term shall be automatically extended by one year commencing at the end of the Basic Term and on each subsequent one-year
anniversary date thereafter (each such date being a “Renewal Date”), unless and until at least ninety (90) days prior to a Renewal Date either party hereto gives written notice to the other that the Basic Term should not be further
extended after the next Renewal Date (a “Notice of Non-Renewal”), in which event the Termination Date shall be the Renewal Date next following receipt of the Notice of Non-Renewal. For the removal of any doubt, unless the Company provides
Executive with written notice of its intention not to renew this Agreement at least ninety (90) days prior to the expiration of the Basic Term or before the Renewal Date, this Agreement shall automatically renew for an additional one-year
period. The period of time commencing on the Effective Date until the Agreement has been terminated as set forth herein shall be referred to as the “Employment Period.” 

  
 1 

 1.2 Duties as Executive of the Company. Executive shall, subject to the supervision
of the Chief Executive Officer and Board of Directors of the Company (the “Board”), have general management and control of the Company’s finances in the ordinary course of its business with all such powers with respect to such
management and control as may be reasonably incident to such responsibilities. Executive shall devote his full time and attention to diligently attending to the business of the Company during the Employment Period. During the Employment Period,
Executive shall not directly or indirectly render any services of a business, commercial, or professional nature to any other person, firm, corporation, or organization, whether for compensation or otherwise, without the prior written consent of the
Board. However, Executive shall have the right to (i) serve on corporate, civic or charitable boards or committees, provided that the Board must approve in advance Executive’s service on any outside corporate board, (ii) deliver
lectures or fulfill speaking engagements at educational institutions, and (iii) engage in such activities as may be reasonably appropriate in order to manage his personal investments, so long as all activities set forth in the preceding clauses
(i), (ii) and (iii), in the aggregate, do not materially interfere or conflict with the performance of his duties to the Company hereunder. 

1.3 Fiduciary Duty. Executive acknowledges and agrees that he owes a fiduciary duty to the Company and further agrees to make
full disclosure to the Company of all business opportunities pertaining to the Company’s business. Executive shall not act for his own benefit concerning the subject matter of his fiduciary relationship. 

1.4 Compliance. Executive agrees that he will not take any action in violation of United States laws or other laws applicable to
Executive’s employment, including, but not limited to, the Foreign Corrupt Practices Act, the UK Bribery Act of 2010, and the Securities Exchange Act of 1934 (the “Exchange Act”). 

2. COMPENSATION AND RELATED MATTERS 

2.1 Base Salary. Executive shall receive a base salary (the “Base Salary”) paid by the Company at the annual rate of
$285,000 (Two Hundred Eighty-Five Thousand Dollars), payable in accordance with the Company’s general payment practices, but no less frequently than monthly, in substantially equal installments, with the opportunity for increases from time to
time thereafter in accordance with the Company’s regular executive compensation practices, subject to approval by the Compensation Committee of the Board (the “Compensation Committee”). 

2.2 Annual Bonus. Commencing with the Company’s 2017 fiscal year and continuing for each successive full fiscal year of the
Company that begins and ends during the Employment Period, Executive shall be eligible to earn an annual cash bonus in such amount as shall be determined by the Compensation Committee based on the achievement by the Company and/or Executive of
performance goals established by the Compensation Committee for each such fiscal year; provided that the “Target Annual Bonus Opportunity” shall be equal to 75% of Executive’s Base Salary, but with the actual bonus amount (if any)
determined by the Compensation Committee based upon the achievement of the applicable performance goals. The Compensation Committee shall establish criteria it deems appropriate to be used to determine the extent to which performance goals have been
satisfied.  

  
 2 

 2.3 Expenses. During the Employment Period, Executive shall be entitled to receive
prompt reimbursement for all reasonable expenses (including, without limitation, business, travel and entertainment expenses) incurred by him in accordance with the policies and procedures established by the Compensation Committee for the
Company’s senior executive officers in performing services for the Company, provided that Executive properly accounts for such expenses in accordance with the Company’s policies and procedures. 

2.4 Automobiles. The Company shall provide Executive with an automobile allowance of $1,200 per month during the Employment
Period, consistent with the practices of the Company.  
 2.5 Vacation. Executive shall be entitled to four
(4) weeks of vacation per year (pro-rated for 2016 as required by Section 2.9). Vacation not taken during the applicable fiscal year (but not in excess of three weeks) shall be carried over to the next following fiscal year, subject to the
Company’s then current practices. 
 2.6 Welfare, Pension and Other Retirement Benefit Plans. During the
Employment Period, Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare benefit plans and programs maintained by the Company from time-to-time for the benefit of its senior executives generally,
including, without limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs. In addition, during the Employment Period, Executive shall be eligible to
participate in all pension, retirement, savings and similar employee benefit plans and programs maintained from time-to-time by the Company for the benefit of its senior executives generally (for the avoidance of doubt, other than any equity or cash
incentive plans). All participation in any such plans or programs is governed by the terms of the applicable plan or program. Nothing in this Agreement is intended to alter the provisions of any Company benefit plan or program. 

2.7 Dues. During the Employment Period, the Company shall pay or promptly reimburse Executive for annual dues for membership in
professional organizations, to the extent that such dues are for the purpose of Executive maintaining continuing educational requirements and/or professional licenses directly related to the position in which Executive is employed. 

2.8 Initial Equity Award. As soon as reasonably practicable following the Effective Date, Executive shall be recommended to the
Board to receive time-based and performance-based restricted stock unit awards pursuant to award agreements substantially in the form attached hereto as Exhibits A and B, respectively. 

2.9 Proration. Any payments or benefits payable to Executive hereunder in respect of any calendar year during which Executive is
employed by the Company for less than the entire year, unless otherwise provided in the applicable plan or arrangement, shall be prorated in accordance with the number of days in such calendar year during which he is so employed. 

2.10 Insurance. The Company may, from time to time, apply for and take out, in its own name and at its own expense, naming
itself or one or more of its affiliates as the designated beneficiary (which it may change from time to time), policies for life, health, accident, disability  

  
 3 

 
or other insurance upon Executive in any amount or amounts that it may deem necessary or appropriate to protect its interest. Executive agrees to aid the Company in procuring such insurance
by submitting to medical examinations and by completing, executing and delivering such applications and other instruments in writing as may reasonably be required by an insurance company or companies to which any application or applications for
insurance may be made by or for the Company. 
 3. TERMINATION 

3.1 Definitions. For purposes of this Agreement, the following terms shall have the indicated meanings: 

A. “Anticipatory Termination” shall mean the termination of Executive’s employment by the Company
without Cause (but not because of Executive’s Disability or death) or by Executive for Good Reason, in either case within the six-month period immediately prior to the date on which a Change of Control occurred, which Change of Control is a
“change in the ownership or effective control of the corporation or in the ownership of a substantial portion of the assets of the corporation” under Treasury Regulation Section 1.409A-3(i)(5), provided that it is reasonably
demonstrated by Executive that such termination of employment was either (i) at the request of a third party who has taken steps reasonably calculated to effect such Change of Control or (ii) otherwise arose in connection with or
anticipation of such Change of Control. 
 B. “Cause” shall mean: 

(i) Material dishonesty with respect to the Company or any of its subsidiaries, which is not the result of an inadvertent or
innocent mistake of Executive; 
 (ii) Willful misfeasance or nonfeasance of duty by Executive intended to injure or having
the effect of injuring in some material fashion the reputation, business, or business relationships of the Company or any of its subsidiaries or any of their respective officers, directors, or employees; 

(iii) Material violation by Executive of this Agreement or any other agreement with the Company or any of its subsidiaries;

 (iv) Commission by Executive of (A) any felony, (B) any crime involving moral turpitude or (C) any crime
which could reflect in some material fashion unfavorably upon the Company or any of its subsidiaries, in each case other than a minor vehicular offense; or 

(v) Violation of Sections 1.3 or 1.4 above. 

  
 4 

 C. “Change of Control” shall mean a change in control of
the Company which results from the occurrence of any one or more of the following events: 
 (i) The acquisition by any
individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent
(50%) or more of either (A) the then outstanding shares of common stock of the Company (the “Outstanding Company Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to
vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from the Company or
any subsidiary, (B) any acquisition by the Company or any subsidiary or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any subsidiary, or (C) any acquisition by any corporation pursuant to a
reorganization, merger, consolidation or similar business combination involving the Company (a “Merger”), if, following such Merger, the conditions described in subsection (iv) (below) are satisfied; or 

(ii) A reverse merger involving the Company or the parent of the Company (as defined in Section 424(e) of the Internal
Revenue Code of 1986, as amended (the “Code”) or an equivalent non-corporate entity, the “Parent”), in which the Company or the Parent, as the case may be, is the surviving corporation but the shares of common stock of the
Company or the Parent outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise, and the shareholders of the Parent immediately prior to the
completion of such transaction hold, directly or indirectly, less than fifty percent (50%) of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of the surviving entity or, if more than one entity
survives the transaction, the controlling entity; or 
 (iii) Individuals who, as of the Effective Date, constitute the Board
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a member of the Board subsequent to the Effective Date whose election, or nomination for election
by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or 
 (iv) The effective date of a Merger, unless immediately
following such Merger, (A) substantially all of the holders of the Outstanding Company Voting Securities immediately prior to Merger beneficially own, directly or indirectly, more than fifty percent (50%) of the common stock of the
corporation resulting from such Merger (or its parent corporation) in substantially the same proportions as their ownership of Outstanding Company Voting Securities immediately prior to such Merger, and (B) at least a majority of the members of
the board of directors of the corporation resulting from such Merger (or its parent corporation) were members of the Incumbent Board at the time of the execution of the initial agreement providing for such Merger; or 

  
 5 

 (v) The sale or other disposition of all or substantially all of the assets of
the Company, unless immediately following such sale or other disposition, (A) substantially all of the holders of the Outstanding Company Voting Securities immediately prior to the consummation of such sale or other disposition beneficially
own, directly or indirectly, more than fifty percent (50%) of the common stock of the corporation acquiring such assets in substantially the same proportions as their ownership of Outstanding Company Voting Securities immediately prior to the
consummation of such sale or disposition, and (B) at least a majority of the members of the board of directors of such corporation (or its parent corporation) were members of the Incumbent Board at the time of execution of the initial agreement
or action of the Board providing for such sale or other disposition of assets of the Company. 
 Notwithstanding the foregoing provisions of this definition
of Change of Control, for purposes of this Agreement, a Change of Control shall not be deemed to occur unless such event or events would also be a “change in the ownership or effective control of the corporation or in the ownership of a
substantial portion of the assets of the corporation” under Treasury Regulation Section 1.409A-3(i)(5). 

D. “Disability” shall mean a disability suffered by Executive because he (i) is unable to engage in
any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, or (ii) is,
by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, receiving income replacement benefits for a period
of not less than three (3) months under an accident and health plan covering employees of the Company. 
 E. “Good
Reason” shall mean any of the following (without Executive’s prior consent): 
 (i) A material
reduction in Executive’s Base Salary; 
 (ii) Following a Change of Control, (A) a material adverse alteration in
the nature or status of Executive’s title, duties or responsibilities, or (B) the assignment of duties or responsibilities inconsistent with Executive’s status, title, duties and responsibilities; 

(iii) The non-renewal, or delivery of any notice of non-renewal, of this Agreement by the Company; 

(iv) Any material breach by the Company of this Agreement; or 

(v) Any failure by the Company to obtain the assumption and performance of this Agreement by any successor (by merger,
consolidation, or otherwise) or assign of all or substantially all of the Company. 

  
 6 

 Notwithstanding any other provision of this Agreement, Executive’s employment under this Agreement may be
terminated during the Employment Period by Executive for Good Reason, if one of the forgoing events shall occur without the prior consent of Executive. Any such termination by Executive for Good Reason shall be made by Executive providing written
notice to the Company specifying the event relied upon for such termination and given within sixty (60) days after such event. Any termination by Executive for Good Reason shall be effective thirty (30) days after the date Executive has
given the Company such written notice setting forth the grounds for such termination with specificity. However, Good Reason shall exist with respect to an above specified matter only if such matter is not corrected by the Company within thirty
(30) days of its receipt of such written notice of such matter from Executive, and in no event shall a termination by Executive more than ninety (90) days following the date of the event described above be a termination for Good Reason due
to such event. 
 F. “Retirement” shall mean any separation of employment of Executive from the
Company, other than a termination for Cause, so long as Executive has had at least five years of continuous service with the Company and/or any of its subsidiaries, and Executive provides at least six months advance notice to the Board of any such
planned Retirement, provided that the Compensation Committee determines that such termination of employment shall be treated as a “Retirement” for purposes of this Agreement. Notwithstanding any other provision of this Agreement to the
contrary, and for the avoidance of doubt, upon Retirement, Executive shall be entitled exclusively to the benefits provided in Section 3.10 hereof, and under no circumstances shall Retirement constitute a Termination Without Cause, or a
Termination by Executive with Good Reason. 
 G. “Termination Date” shall mean the date Executive is
terminated for any reason pursuant to Section 3.9.2 of this Agreement. 
 3.2 Notice to Cure. Executive may not be
terminated for Cause unless and until there has been delivered to Executive written notice from the Board supplying the particulars of Executive’s acts or omissions that the Board believes constitute Cause, a reasonable period of time (not less
than thirty (30) days) has been given to Executive after such notice to either cure the same or to meet with the Board (but in any event only to the extent the underlying action is capable of being cured), with his attorney if so desired by
Executive, and following which the Board by action of not less than two-thirds of its members (excluding Executive if Executive is then a member of the Board) furnishes to Executive a written resolution specifying in detail its findings that
Executive has been terminated for Cause as of the date set forth in the notice to Executive. 
 3.3 Good Faith Belief.
For purposes of this Agreement, no act or failure to act by Executive shall be considered “willful” if such act is done by Executive in the good faith belief that such act is or was to be beneficial to the Company or one or more of its
businesses or subsidiaries or affiliates, or such failure to act is due to Executive’s good faith belief that such action would be materially harmful to the Company or one of its businesses. Executive’s actions resulting in a violation of
law, including but not limited to laws specified in Section 1.4, shall not constitute a good faith belief for purposes of this Section 3 or this Agreement. 

  
 7 

 3.4 Termination Without Cause or Termination For Good Reason: Benefits. If
Executive’s employment is terminated either by the Company without Cause, but not because of Executive’s Disability or death, or by Executive for Good Reason, if Executive executes and delivers to the Company a Release Agreement in
accordance with Section 3.9.4, Executive shall receive the payments and benefits described in this Section 3.4 unless Executive is entitled to benefits under Section 3.8 below. 

3.4.1. Base Salary and Annual Bonus. The Company shall pay Executive an amount equal to the sum of
Executive’s annual Base Salary and Target Annual Bonus Opportunity, which shall be paid in substantially equal installments in accordance with the Company’s normal payroll practices commencing on the sixtieth (60th) day following the
Termination Date through the first (1st) anniversary of the Termination Date, provided that the first such payment shall include any amounts that would have otherwise been paid during the period from the Termination Date through the sixtieth
(60th) day following the Termination Date. 
 3.4.2. Stock Awards. If there is a Change of Control,
termination without Cause or termination for Good Reason, any outstanding equity-based awards under any long-term incentive plans or programs as Company may adopt from time to time (“Stock Awards”) which Executive has received shall be
treated in accordance with the terms of the applicable plan and award agreement. 
 3.4.3. Expenses. All
accrued compensation and unreimbursed expenses through the Termination Date. Such amounts shall be paid to Executive in a lump sum in cash within thirty (30) days after the Termination Date. 

3.5 Termination In Event of Death: Benefits. If Executive’s employment is terminated by reason of Executive’s death
during the Employment Period, this Agreement shall terminate, except as provided herein, without further obligation to Executive’s legal representatives under this Agreement, other than for payment of all accrued compensation and benefits which
shall be paid as otherwise provided in this Agreement, unreimbursed expenses which shall be reimbursed in accordance with the Company’s reimbursement policy, and a pro-rated portion (based on the number of days Executive was employed by the
Company during the full applicable year) of such annual cash bonus, if any, as Executive would otherwise have earned with respect to the year of Executive’s death. Such cash bonus, if any, shall be paid to Executive’s estate or
beneficiary, as applicable, at such time that such cash bonus would have been paid if Executive had remained employed. Additionally, in the event of Executive’s death during the Employment Period, any outstanding Stock Awards which Executive
has received shall be treated in accordance with the terms of the applicable plan and award agreement. 
 3.6 Termination In
Event of Disability: Benefits. If Executive’s employment is terminated by reason of Executive’s Disability during the Employment Period, this Agreement shall terminate, except as provided herein, without further obligation to
Executive under this Agreement, other than for payment of all accrued compensation and benefits which shall be paid as otherwise provided in this Agreement, unreimbursed expenses which shall be reimbursed in accordance with the Company’s
reimbursement policy, and a pro-rated portion (based on the number of days Executive was employed by the Company during the full applicable year) of such annual cash bonus, if any, as Executive would otherwise have earned with respect to the year of
Executive’s termination of employment. Such cash bonus, if any, shall be paid to Executive at such time that such cash bonus would have been paid if Executive had remained  

  
 8 

 
employed. In addition, if Executive’s employment is terminated by reason of Executive’s Disability during the Employment Period, any outstanding Stock Awards which Executive has
received shall be treated in accordance with the terms of the applicable plan and award agreement. 
 3.7 Voluntary Termination
by Executive and Termination for Cause: Benefits. Executive may terminate his employment with the Company without Good Reason by giving written notice of his intent and stating an effective Termination Date at least thirty (30) days
after the date of such notice; provided, however, that the Company may accelerate such effective date by paying Executive through the proposed Termination Date and also vesting awards that would have vested but for this acceleration of the proposed
Termination Date. Upon such a termination by Executive, except as provided in Section 5, or upon termination for Cause by the Company, this Agreement shall terminate and the Company shall pay to Executive all accrued compensation and benefits
and unreimbursed expenses through the Termination Date. Such amounts shall be paid to Executive in a lump sum in cash within thirty (30) days after the Termination Date. In addition, any outstanding Stock Awards which Executive has received
shall be treated in accordance with the terms of the applicable plan and award agreement. 
 3.8 Change of Control:
Benefits.  
 3.8.1. If (a) Executive’s employment is terminated either (i) by the
Company without Cause, but not because of Executive’s Disability or death, or (ii) by Executive for Good Reason, (b) Executive’s Termination Date is during the period beginning six (6) months immediately preceding a Change
of Control and ending twenty-four months after the date of the Change of Control, provided that if Executive’s Termination Date is prior to the date of a Change of Control such termination is an Anticipatory Termination, and (c) Executive
executes and delivers to the Company a Release Agreement in accordance with Section 3.9.4, Executive shall receive the following payments and benefits in lieu of any payments or benefits under Section 3.4.1 herein: 

(i) Base Salary and Annual Bonus. The Company shall pay Executive an amount equal to the sum of Executive’s Base
Salary plus Executive’s Average Bonus Amount (such amount, the “CIC Severance Amount”), which shall be paid in substantially equal installments in accordance with the Company’s normal payroll practices commencing on the sixtieth
(60th) day following the Termination Date through the first (1st) anniversary of the Termination Date, provided that the first such payment shall include any amounts that would have otherwise been paid during the period from the
Termination Date through the sixtieth (60th) day following the Termination Date. For purposes of this Section 3.8.1.i, “Average Bonus Amount” means the amount equal to the annual average of the annual bonuses earned in respect of
a fiscal year of the Company that was paid or payable to Executive by the Company and any subsidiary for each of the three fiscal years of the Company that immediately precede the fiscal year in which the Change of Control occurs (or which
immediately precede Executive’s Termination Date if a Change of Control has not yet occurred), or in any case such lesser number of full fiscal years of the Company as Executive was employed by the Company, but not less than the greater of
(A) Executive’s highest Target Annual Bonus Opportunity during any of such three 

  
 9 

 
preceding fiscal years or (B) Executive’s Target Annual Bonus Opportunity for the fiscal year in which the Change of Control occurs (or the year in which Executive’s Termination
Date occurs if a Change of Control has not yet occurred). Notwithstanding the foregoing, if Executive’s termination of employment is an Anticipatory Termination, then, in lieu of any payments pursuant to the first sentence of this
Section 3.8.1.i, Executive’s payments shall commence or continue in accordance with Section 3.4.1 (including, without limitation, the requirements of Section 3.9.4), except that the amount of each payment made following the
Change of Control shall be substantially equally adjusted such that the aggregate amount of payments received by Executive pursuant to Section 3.4.1 and this Section 3.8.1.i through the first (1st) anniversary of the Termination Date
equals the CIC Severance Amount. 
 (ii) Treatment of Stock Awards. Any outstanding Stock Awards which Executive has
received shall be treated in accordance with the terms of the applicable plan and award agreement. 
 (iii) Outplacement
Assistance. The Company shall provide Executive with outplacement services, for a twelve (12) month period commencing on the Termination Date, or in the event of an Anticipatory Termination the date of the occurrence of the Change of
Control, in an aggregate amount not to exceed $20,000. The Company shall establish reasonable procedures for the designation, review and approval of outplacement services, as well as for the payment or reimbursement of the charges for such services.
All requests for payment or reimbursement of outplacement services must be submitted to the Company within eighteen (18) months following the Termination Date, or in the event of an Anticipatory Termination the date of the occurrence of the
Change of Control, and, upon receipt and approval, will be paid or reimbursed by the Company within thirty (30) days thereafter, subject to Section 9 hereof. 

3.9 Termination Procedure. 

3.9.1. Notice of Termination. Any termination of Executive’s employment by the Company or by Executive
during the Employment Period (other than pursuant to Section 3.5) shall be communicated by written Notice of Termination to the other party. For purposes of this Agreement, a “Notice of Termination” shall mean a notice indicating the
specific termination provision in this Agreement relied upon and setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under that provision. 

3.9.2. Termination Date. “Termination Date” shall mean (i) if Executive’s employment is
terminated by his death, the date of his death, (ii) if Executive’s employment is terminated pursuant to Section 3.6, thirty (30) days after the date of receipt of the Notice of Termination (provided that Executive does not
return to the substantial performance of his duties on a full-time basis during such thirty (30) day period), (iii) if Executive’s employment is terminated voluntarily without Good Reason, the date determined in accordance with
Section 3.7, and (iv) if Executive’s employment is terminated for any other reason, the date on which a Notice of Termination is given or any later date (within thirty (30) days after the giving of such notice) set forth in such
Notice of Termination. 

  
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 3.9.3. Mitigation. Executive shall not be required to mitigate
damages with respect to the termination of his employment under this Agreement by seeking other employment or otherwise, and there shall be no offset against amounts due Executive under this Agreement on account of subsequent employment except as
specifically provided in this Agreement. Additionally, the Company’s obligation to make the payments provided for in this Agreement, and otherwise to perform its obligations hereunder, shall, subject to Section 25 hereof, not be affected
by any other circumstances, including, without limitation, any counterclaim, recoupment, defense or other right which the Company may have against Executive or others. 

3.9.4. Release Agreement. Notwithstanding any provision of this Agreement to the contrary, in order to receive
the benefits upon termination payable under this Section 3 (the “Termination Benefits”), Executive must first execute and deliver to the Company a fully effective release agreement (the “Release Agreement”) on a form
provided by the Company, and with all periods for revocation in the Release Agreement having expired, in return for such benefits, releasing any claims that Executive may have against the Company and its subsidiaries, including, without limitation,
for unlawful discrimination (e.g., Title VII of the U.S. Civil Rights Act); provided, however, the Release Agreement shall not release any claim by or on behalf of Executive for any severance payment or benefit that is provided under this
Agreement. For the avoidance of doubt, the foregoing release language itself will not serve as the release agreement to be provided by the Company. Executive must return the executed Release Agreement and any applicable revocation period must lapse
within sixty (60) days of the Termination Date. The Company shall also execute the Release Agreement following the Company’s receipt of Executive’s executed and fully effective Release Agreement; provided, however, that for the
avoidance of doubt the Company shall not be required to release any claims pursuant to the Release Agreement. Notwithstanding any provision herein to the contrary, no Termination Benefits shall be payable or provided by the Company unless and until
the Release Agreement has been executed by Executive, has not been revoked, and is no longer subject to revocation by Executive. The Termination Benefits shall be paid or provided by the Company at the end of such 60-day period, but only if the
Release Agreement has been properly executed by Executive and is not revocable, and has not been revoked, at that time, regardless of the date on which the Release Agreement was actually executed by Executive. If the conditions set forth in the
preceding sentence are not satisfied by Executive, the Termination Benefits hereunder shall be forfeited. 
 3.10 Treatment of
Benefits Upon Retirement. Upon the Retirement of Executive, all Stock Awards granted to Executive through the date of Retirement shall be treated in accordance with Section 3.4.2. 

  
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 3.11 Certain Excise Tax Matters. 

3.11.1. Notwithstanding any other provision of this Agreement to the contrary, if any payment or benefit by or from the
Company or any of its affiliates or successors to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise would be subject to the Excise Tax (as hereinafter
defined in Section 3.11.6) (all such payments and benefits being collectively referred to herein as the “Payments”), then except as otherwise provided in Section 3.11.2, the Payments shall be reduced (but not below zero) or
eliminated (as further provided for in Section 3.11.3) to the extent the Independent Tax Advisor (as hereinafter defined in Section 3.11.5) shall reasonably determine is necessary so that no portion of the Payments shall be subject to the
Excise Tax. 
 3.11.2. Notwithstanding the provisions of Section 3.11.1, if the Independent Tax Advisor
reasonably determines that Executive would receive, in the aggregate, a greater amount of the Payments on an after-tax basis (after including and taking into account all applicable federal, state, and local income, employment and other applicable
taxes and the Excise Tax) if the Payments were not reduced or eliminated pursuant to Section 3.11.1, then no such reduction or elimination shall be made notwithstanding that all or any portion of the Payments may be subject to the Excise Tax.

 3.11.3. For purposes of determining which of Section 3.11.1 and Section 3.11.2 shall be given effect, the
determination of which of the Payments shall be reduced or eliminated to avoid the Excise Tax shall be made by the Independent Tax Advisor, provided that the Independent Tax Advisor shall reduce or eliminate, as the case may be, the Payments in the
following order (and within the category described in each of the following Sections 3.11.3.1 through 3.11.3.5, in reverse order beginning with the Payments which are to be paid farthest in time except as otherwise provided in Section 3.11.3.4)
and in accordance with Section 409A of the Code: 
 3.11.3.1 by first reducing or eliminating the portion of the
Payments otherwise due and which are not payable in cash (other than that portion of the Payments subject to Sections 3.11.3.4 and 3.11.3.5); 

3.11.3.2 then by reducing or eliminating the portion of the Payments otherwise due and which are payable in cash (other
than that portion of the Payments subject to Sections 3.11.3.3, 3.11.3.4 and 3.11.3.5); 
 3.11.3.3 then by reducing
or eliminating the portion of the Payments otherwise due to or for the benefit of Executive pursuant to the terms of this Agreement and which are payable in cash; 

3.11.3.4 then by reducing or eliminating the portion of the Payments otherwise due that represent equity-based
compensation, such reduction or elimination to be made in reverse chronological order with the most recent equity-based compensation awards reduced first; and 

  
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 3.11.3.5 then by reducing or eliminating the portion of the Payments
otherwise due to or for the benefit of Executive pursuant to the terms of this Agreement and which are not payable in cash. 

3.11.4. The Independent Tax Advisor shall provide its determinations, together with detailed supporting calculations and
documentation, to the Company and Executive for their review no later than ten (10) days after the Termination Date. The determinations of the Independent Tax Advisor under this Section 3.11 shall, after due consideration of the
Company’s and Executive’s comments with respect to such determinations and the interpretation and application of this Section 3.11, be final and binding on all parties hereto absent manifest error. The Company and Executive shall
furnish to the Independent Tax Advisor such information and documents as the Independent Tax Advisor may reasonably request in order to make the determinations required under this Section 3.11. 

3.11.5. For purposes of this Section 3.11, “Independent Tax Advisor” shall mean a lawyer with a
nationally recognized law firm, a certified public accountant with a nationally recognized accounting firm, or a compensation consultant with a nationally recognized actuarial and benefits consulting firm, in each case with expertise in the area of
executive compensation tax law, who shall be selected by the Company and shall be acceptable to Executive (Executive’s acceptance not to be unreasonably withheld, conditioned or delayed), and all of whose fees and disbursements shall be paid by
the Company. 
 3.11.6. As used in this Agreement, the term “Excise Tax” means, collectively, the excise tax
imposed by Section 4999 of the Code, together with any interest thereon, any penalties, additions to tax, or additional amounts with respect to such excise tax, and any interest in respect of such penalties, additions to tax or additional
amounts. 
 3.12 Sole Payments. The payments and benefits provided in this Agreement are the sole payments and benefits to be
provided to Executive in the event of Executive’s termination of employment, including, without limitation, under any severance or change of control severance plan or policy sponsored or maintained by the Company or any affiliate or any
predecessor or successor of the Company. 
 4. DIRECTOR POSITIONS 

Executive agrees that upon termination of employment, for any reason, at the request of the Chairman of the Board, he will immediately tender
his resignation from any and all Board and other positions held with the Company and/or any of its subsidiaries and affiliates. The Board is hereby empowered to remove Executive from any such position if Executive fails to resign as required by the
immediately preceding sentence. 

  
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 5. NON-COMPETITION, NON-SOLICITATION, AND CONFIDENTIALITY 

5.1 Company’s Trade Secrets and Goodwill. The Company shall provide Executive with its trade secrets, goodwill, and
confidential information of the Company and contact with the Company’s customers and potential customers. Executive agrees that the business of the Company is highly competitive and that the trade secrets, goodwill, and confidential
information of the Company is of primary importance to the success of the Company. In consideration of all of the foregoing, and in recognition of these conditions, and specifically for being provided trade secrets, goodwill, and confidential
information, Executive agrees as follows: 
 5.2 Non-Competition During Employment. Executive agrees during the Basic
Term, and any extension of the Basic Term under this Agreement, he will not compete with the Company by engaging in the conception, design, development, production, marketing, or servicing of any product or service that is substantially similar to
the products or services which the Company or any of its subsidiaries provides, and that he will not work for, in any capacity (including, without limitation, as a consultant), assist, or become affiliated with as an owner, partner, member, agent,
representative or creditor of, either directly or indirectly, any individual or business which offers or performs services, or offers or provides products substantially similar to the services and products provided by Company or any of its
subsidiaries. 
 5.3 Conflicts of Interest. Executive agrees that during the Basic Term, and any extension of the Basic
Term under this Agreement, he will not engage, either directly or indirectly, in any activity which might adversely affect the Company or its affiliates (a “Conflict of Interest”), including ownership of a material interest in any
supplier, contractor, distributor, subcontractor, customer or other entity with which the Company or any of its subsidiaries does business or accepting any material payment, service, loan, gift, trip, entertainment, or other favor from a supplier,
contractor, distributor, subcontractor, customer or other entity with which the Company or any of its subsidiaries does business, and that Executive will promptly inform the Board as to each offer received by Executive to engage in any such
activity. Executive further agrees to disclose to the Board any other facts of which Executive becomes aware which might in Executive’s good faith judgment reasonably be expected to involve or give rise to a Conflict of Interest or potential
Conflict of Interest. 
 5.4 Non-Competition After Termination. In further consideration of the Company providing
Executive with its confidential information, trade secrets, goodwill, and proprietary business information, Executive agrees that he shall not, at any time during the period of one (1) year after Executive’s Termination Date, for any
reason, within any market or country in which the Company or any of its subsidiaries has operated assets or provided services, or formulated a plan to operate its assets or provide services during the last twelve (12) months of Executive’s
employ, engage in or contribute Executive’s knowledge to any work which is competitive with or similar to a product, process, apparatus, services, or development on which Executive worked or with respect to which Executive had access to while
employed by the Company or its subsidiaries; provided, however, that the one (1) year period set forth in this Section 5.4 shall be a two (2) year period in the case of an Executive whose employment is terminated due to Retirement. It
is understood and agreed that the geographical area set forth in this covenant is divisible so that if this clause is invalid or unenforceable in an included geographic area, that area is severable and the clause remains in effect for the remaining
included geographic areas in which the clause is valid. 

  
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 5.5 Non-Solicitation of Customers. In further consideration of the Company
providing Executive with its confidential information, trade secrets, and proprietary business information, Executive further agrees that for a period of one (1) year after Executive’s Termination Date (or for a period of two
(2) years after termination due to Retirement), he will not solicit or accept any business similar in nature to the services provided by the Company or any of its subsidiaries from any customer or client or prospective customer or client with
whom Executive dealt or solicited while employed by Company or any of its subsidiaries during the last twelve (12) months of his employment. 

5.6 Non-Solicitation of Employees. Executive agrees that for the duration of the Employment Period, and for a period of one
(1) year after Executive’s Termination Date (or for a period of two (2) years after termination due to Retirement), he will not either directly or indirectly, on his own behalf or on behalf of others, solicit, attempt to hire, or hire
any person employed by Company or any of its subsidiaries, or otherwise providing services to any of them, to work or otherwise provide services for Executive or for another entity, firm, corporation, or individual. 

5.7 Confidential Information. Executive further agrees that he will not, except as the Company may otherwise consent or direct
in writing, reveal or disclose, sell, use, lecture upon, publish or otherwise disclose to any third party any Confidential Information or proprietary information of the Company or any of its subsidiaries, or authorize anyone else to do these things
at any time either during or subsequent to his employment with the Company. This Section 5.7 shall continue in full force and effect after termination of Executive’s employment and after the termination of this Agreement. Executive shall
continue to be obligated under the Confidential Information Section of this Agreement not to use or to disclose Confidential Information of the Company so long as it shall not be widely publicly available. Executive’s obligations under this
Section 5.7 with respect to any specific Confidential Information and proprietary information shall cease when that specific portion of the Confidential Information and proprietary information becomes widely publicly known, in its entirety and
without combining portions of such information obtained separately. It is understood that such Confidential Information and proprietary information of the Company includes, without limitation, matters that Executive conceives or develops, as well as
matters Executive learns from other employees of Company or any of its subsidiaries. Confidential Information is defined to include, without limitation, information: (1) disclosed to or known by Executive as a consequence of or through his
employment with the Company or any of its subsidiaries; (2) not widely and generally known outside the Company and its subsidiaries; and (3) which relates to any aspect of the Company, any of its subsidiaries or any of their respective
businesses, finances, operation plans, budgets, research, or strategic development. “Confidential Information” includes, but is not limited to the Company’s or any of its subsidiaries’ trade secrets, proprietary information,
financial documents, long range plans, customer lists, employer compensation, marketing strategy, data bases, costing data, computer software developed by the Company or any of its subsidiaries, investments made by the Company or any of its
subsidiaries, and any information provided to the Company or any of its subsidiaries by a third party under restrictions against disclosure or use by the Company or others. 

5.8 Original Material. Executive agrees that any inventions, discoveries, improvements, ideas, concepts or original works of
authorship relating directly to the Company’s business, including without limitation information of a technical or business nature such as ideas, discoveries, designs, inventions, improvements, trade secrets, know-how, manufacturing 

  
 15 

 
processes, product formulae, design specifications, writings and other works of authorship, computer programs, financial figures, marketing plans, customer lists and data, business plans or
methods and the like, which relate in any manner to the actual or anticipated business or the actual or anticipated areas of research and development of the Company and its divisions and affiliates, whether or not protectable by patent or copyright,
that have been originated, developed or reduced to practice by Executive alone or jointly with others during Executive’s employment with the Company or any of its subsidiaries shall be the property of and belong exclusively to the Company.
Executive shall promptly and fully disclose to the Company the origination or development by Executive of any such material and shall provide the Company with any information that it may reasonably request about such material. Either during the
subsequent to Executive’s employment, upon the request and at the expense of the Company or its nominee, and for no remuneration in addition to that due Executive pursuant to Executive’s employment by the Company, but at no expense to
Executive, Executive agrees to execute, acknowledge, and deliver to the Company or its attorneys any and all instruments which, in the judgment of the Company or its attorneys, may be necessary or desirable to secure or maintain for the benefit of
the Company or any of its subsidiaries adequate patent, copyright, and other property rights in the United States and foreign countries with respect to any such inventions, improvements, ideas, concepts, or original works of authorship embraced
within this Agreement. 
 5.9 Return of Documents, Equipment & Materials. All writings, records, and other
documents and things comprising, containing, describing, discussing, explaining, or evidencing any Confidential Information, and all equipment, components, parts, tools, and the like in Executive’s custody or possession that have been obtained
or prepared in the course of Executive’s employment with the Company or any of its subsidiaries shall be the exclusive property of the Company, shall not be copied and/or removed from the premises of the Company, except in pursuit of the
business of the Company, and shall be delivered to the Company, without Executive retaining any copies, upon notification of the termination of Executive’s employment or at any other time requested by the Company. The Company shall have the
right to retain, access, and inspect all property of Executive of any kind in the office, work area, and on the premises of the Company, as well as any property of the Company or any of its subsidiaries maintained off the Company’s premises by
Executive, upon termination of Executive’s employment and at any time during employment by the Company upon termination of Executive’s employment and at any time during employment by the Company to ensure compliance with the terms of this
Agreement. 
 5.10 Reaffirm Obligations. Upon termination of his employment with the Company, Executive, if requested
by Company, shall reaffirm in writing Executive’s recognition of the importance of maintaining the confidentiality of the Company’s Confidential Information and proprietary information, and reaffirm any other obligations set forth in this
Agreement. 
 5.11 Prior Disclosure. Executive represents and warrants that he has not used or disclosed any
Confidential Information he may have obtained from Company prior to signing this Agreement, in any way inconsistent with the provisions of this Agreement. 

5.12 Confidential Information of Prior Companies. Executive will not disclose or use during the period of his employment with
the Company any proprietary or Confidential Information or copyright works which Executive may have acquired because of employment with an employer other than the Company or acquired from any other third party, whether such information is in
Executive’s memory or embodied in a writing or other physical form. 

  
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 5.13 Non-Disparagement. At no time during or after Executive’s employment with
the Company shall Executive make any false or disparaging statements or remarks about or concerning the Company, its subsidiaries or affiliates, or any of their respective directors, officers, employees, products or services, in each case except
(a) for disparaging statements or remarks to Company personnel in the good faith performance of Executive’s proper duties for the Company while Executive remains employed by the Company or (b) for truthful statements required to be
made by a subpoena, court order or other applicable legal requirement. 
 5.14 Rights Upon Breach. If Executive
breaches, any of the provisions contained in Section 5 of this Agreement (the “Restrictive Covenants”), the Company shall have the following rights and remedies, each of which rights and remedies shall be independent of the others and
severally enforceable, and each of which is in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity: 

(a) Specific Performance. The right and remedy to have the Restrictive Covenants specifically enforced by any court of competent
jurisdiction (without the necessity of the Company to post any bond), it being agreed that any breach of the Restrictive Covenants would cause irreparable injury to the Company and that money damages would not provide an adequate remedy to the
Company. 
 (b) Accounting. The right and remedy to require Executive to account for and pay over to the Company all
compensation, profits, monies, accruals, increments or other benefits derived or received by Executive as the result of any action constituting a breach of the Restrictive Covenants. 

(c) Severance Cessation and Recovery. The right and remedy to cease the further payment or provision of severance compensation
and/or benefits to Executive, and to require Executive to repay to the Company all severance compensation and/or benefits previously paid or provided to Executive. 

5.15 Remedies For Violation of Non-Competition or Confidentiality Provisions. Without limiting the right of the Company to
pursue all other legal and equitable rights available to it for violation of any of the obligations and covenants made by Executive herein, it is agreed that: 

(a) the skills, experience and contacts of Executive are of a special, unique, unusual and extraordinary character which give them a
peculiar value; 
 (b) because of the business of the Company, the restrictions agreed to by Executive as to time and area contained
in this Agreement are reasonable; and 
 (c) the injury suffered by the Company by a violation of any obligation or covenant in this
Agreement resulting from loss of profits created by (i) the competitive use of such skills, experience contacts and otherwise and/or (ii) the use or communication of any information deemed confidential herein will be difficult to calculate
in damages in an action at law and cannot fully compensate the Company for any violation of any obligation or covenant in this Agreement, accordingly: 

(d) 

  
 17 

 (i) the Company shall be entitled to injunctive relief to prevent violations
thereof and prevent Executive from rendering any services to any person, firm or entity in breach of such obligation or covenant and to prevent Executive from divulging any confidential information (without the necessity of the Company to post any
bond); and 
 (ii) compliance with the Agreement is a condition precedent to the Company’s obligation to make payments
of any nature to Executive, subject to the other provisions hereof. 
 (e) Executive waives any objection to the enforceability of
the Restrictive Covenants and agrees to be estopped from denying the legality and enforceability of these provisions. 
 5.16
Severability of Covenants. Executive acknowledges and agrees that the Restrictive Covenants are reasonable and valid in duration and geographical scope and in all other respects. If any court determines that any of the Restrictive
Covenants, or any part thereof, is invalid or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect without regard to the invalid portions. 

5.17 Court Review. If any court determines that any of the Restrictive Covenants, or any part thereof, is unenforceable because
of the duration or geographical scope of, or scope of activities restrained by, such provision, such court shall have the power to reduce the duration or scope of such provision, as the case may be, and, in its reduced form, such provision shall
then be enforceable. 
 5.18 Enforceability in Jurisdictions. The Company and Executive intend to and hereby confer
jurisdiction to enforce the Restrictive Covenants upon the courts of any jurisdiction within the geographical scope of such Restrictive Covenants. If the courts of any one or more of such jurisdictions hold the Restrictive Covenants unenforceable by
reason of the breadth of such scope or otherwise, it is the intention of the Company that such determination not bar or in any way affect the right of the Company to the relief provided above in the courts of any other jurisdiction within the
geographical scope of such Restrictive Covenants, as to breaches of such Restrictive Covenants in such other respective jurisdictions, such Restrictive Covenants as they relate to each jurisdiction being, for this purpose, severable into diverse and
independent covenants. 
 5.19 Extension of Post-Employment Restrictions. In the event Executive breaches
Section 5 of this Agreement, the restrictive time periods contained in those provisions will be extended by the period of time Executive was in violation of such provisions. 

  
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 6. INDEMNIFICATION 

6.1 General. The Company agrees that if Executive is made a party or is threatened to be made a party to any action, suit or
proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that Executive is or was a trustee, director or officer of the Company or is or was serving at the request of the Company as a
trustee, director, officer, member, employee or agent of another corporation or a partnership, joint venture, limited liability company, trust or other enterprise, including, without limitation, service with respect to employee benefit plans,
whether or not the basis of such Proceeding is alleged action in an official capacity as a trustee, director, officer, member, employee or agent while serving as a trustee, director, officer, member, employee or agent, Executive shall be indemnified
and held harmless by the Company to the fullest extent authorized by applicable law, as the same exists or may hereafter be amended, against all Expenses incurred or suffered by Executive in connection therewith, and such indemnification shall
continue as to Executive even if Executive has ceased to be an officer, director, trustee or agent, or is no longer employed by the Company and shall inure to the benefit of his heirs, executors and administrators. All obligations for
indemnification hereunder shall be subject to, and paid in accordance with, applicable Texas or Delaware law. 
 6.2
Expenses. As used in this Section 6, the term “Expenses” shall include, without limitation, damages, losses, judgments, liabilities, fines, penalties, excise taxes, settlements, and reasonable costs, attorneys’ fees,
accountants’ fees, and disbursements and costs of attachment or similar bonds, investigations, and any expenses of establishing a right to indemnification under this Agreement. 

6.3 Partial Indemnification. If Executive is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of any Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Executive for the portion of such Expenses to which Executive is entitled. 

6.4 Notice of Claim. Executive shall give to the Company prompt notice of any claim made against him for which indemnification
will or could be sought under this Agreement. In addition, Executive shall give the Company such information and cooperation as it may reasonably require and as shall be within Executive’s power. 

6.5 Defense of Claim. With respect to any Proceeding as to which Executive notifies the Company of the commencement thereof:

 (a) The Company will be entitled to participate therein at its own expense; 

(b) Except as otherwise provided below, to the extent that it may wish, the Company will be entitled to assume the defense thereof,
with counsel reasonably satisfactory to Executive (such consent not to be unreasonably withheld, conditioned or delayed), which in the Company’s sole discretion may be regular counsel to the Company and may be counsel to other officers and
directors of the Company or any subsidiary. Executive also shall have the right to employ his own counsel in such action, suit or proceeding if he reasonably concludes that failure to do so would involve a conflict of interest between the Company
and Executive, and under such circumstances the reasonable fees and expenses of such counsel shall be at the expense of the Company. 

  
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 (c) The Company shall not be liable to indemnify Executive under this Agreement for any
amounts paid in settlement of any action or claim effected without its written consent. The Company shall not settle any action or claim in any manner which would impose any penalty that would not be paid directly or indirectly by the Company or
limitation on Executive without Executive’s written consent. Neither the Company nor Executive will unreasonably withhold or delay their consent to any proposed settlement. 

6.6 Non-exclusivity. The right to indemnification and the payment of expenses incurred in defending a Proceeding in advance of
its final disposition conferred in this Section 6 shall not be exclusive of any other right which Executive may have or hereafter may acquire under any statute or certificate of incorporation or by-laws of the Company or any subsidiary,
agreement, vote of shareholders or disinterested directors or trustees or otherwise. 
 7. BREACH 

Executive agrees that any breach of restrictive covenants above cannot be remedied solely by money damages, and that in addition to any other
remedies the Company may have, the Company is entitled to obtain injunctive relief against Executive. Nothing herein, however, shall be construed as limiting the Company’s right to pursue any other available remedy at law or in equity,
including recovery of damages and termination of this Agreement and/or any payments that may be due pursuant to this Agreement. 
 8. RIGHT TO ENTER
AGREEMENT 
 Executive represents and covenants to Company that he has full power and authority to enter into this Agreement and that the
execution of this Agreement will not breach or constitute a default of any other agreement or contract to which he is a party or by which he is bound. 

9. COMPLIANCE WITH SECTION 409A. 
 9.1
Separation from Service. Notwithstanding anything to the contrary in this Agreement, with respect to any amounts payable to Executive under this Agreement in connection with a termination of Executive’s employment that would be
considered “non-qualified deferred compensation” under Section 409A of the Code, in no event shall a termination of employment be considered to have occurred under this Agreement unless such termination constitutes Executive’s
“separation from service” with the Company as such term is defined in Treasury Regulation Section 1.409A-1(h), and any successor provision thereto (“Separation from Service”). 

9.2 Section 409A Compliance; Payment Delays. 

A. Notwithstanding anything to the contrary in this Agreement, to the maximum extent permitted by applicable law, the severance
payments payable to Executive pursuant to this Agreement shall be made in reliance upon Treasury Regulation Section 1.409A-1(b)(9)(iii) (relating to separation pay plans) or Treasury Regulation Section 1.409A-1(b)(4)

  
 20 

 
(relating to short-term deferrals). However, to the extent any such payments are treated as “non-qualified deferred compensation” subject to Section 409A of the Code, and if
Executive is deemed at the time of his Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the benefits to which
Executive is entitled under this Agreement is required in order to avoid a prohibited payment under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s termination benefits shall not be provided to Executive prior to the
earlier of (i) the expiration of the six-month period measured from the date of Executive’s Separation from Service or (ii) the date of Executive’s death. Upon the earlier of such dates, all payments deferred pursuant to this
Section 9 shall be paid in a lump sum to Executive (or Executive’s estate), without interest. 
 B. The determination of
whether Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his Separation from Service shall be made by the Company in accordance with the terms of Section 409A of the Code,
and applicable guidance thereunder (including without limitation Treasury Regulation Section 1.409A-1(i) and any successor provision thereto). 

9.3 Section 409A; Separate Payments. This Agreement is intended to be written, administered, interpreted and construed in a
manner such that no payment or benefits provided under this Agreement become subject to (a) the gross income inclusion set forth within Section 409A(a)(1)(A) of the Code or (b) the interest and additional tax set forth within
Section 409A(a)(1)(B) of the Code (collectively, “Section 409A Penalties”), including, where appropriate, the construction of defined terms to have meanings that would not cause the imposition of Section 409A Penalties.
Notwithstanding the preceding, in no event shall the Company or any of its affiliates be required to provide a tax gross up payment to or otherwise reimburse Executive with respect to Section 409A Penalties or otherwise in connection with any
taxes or penalties owed by Executive, and in no event is any particular tax treatment of any income recognized by Executive in connection with this Agreement guaranteed. For purposes of Section 409A of the Code (including, without limitation,
for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), each payment that Executive may be eligible to receive under this Agreement shall be treated as a separate and distinct payment and shall not collectively be treated as a single
payment. 
 9.4 In-kind Benefits and Reimbursements. Notwithstanding anything to the contrary in this Agreement or in
any Company policy with respect to such payments, in-kind benefits and reimbursements provided under this Agreement during any tax year of Executive shall not affect in-kind benefits or reimbursements to be provided in any other tax year of
Executive and are not subject to liquidation or exchange for another benefit. Notwithstanding anything to the contrary in this Agreement, reimbursement requests must be timely submitted by Executive and, if timely submitted, reimbursement payments
shall be made to Executive as soon as administratively practicable following such submission in accordance with the Company’s policies regarding reimbursements, but (except as provided below in Section 9.5) in no event later than the last
day of Executive’s taxable year following the taxable year in which the expense was incurred. 
 9.5 Reformation.
If any provision of this Agreement would cause Executive to occur any additional tax under Section 409A of the Code, the parties will in good faith attempt to reform the provision in a manner that maintains the original intent of the applicable
provision without violating the provision of Section 409A of the Code. 

  
 21 

 10. ENFORCEABILITY 

The agreements contained in the restrictive covenant provisions of this Agreement are independent of the other agreements contained herein.
Accordingly, failure of the Company to comply with any of its obligations outside of Section 5 does not excuse Executive from complying with the agreements contained herein. 

11. SURVIVABILITY 
 The agreements
contained in Section 5, and any other obligations of Executive which by their nature require performance or satisfaction following termination of Executive’s employment, shall survive the termination of this Agreement for any reason. 

12. ASSIGNMENT 
 This Agreement cannot be
assigned by Executive. The Company may assign this Agreement only to a successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and assets of the Company, provided such
successor expressly agrees in writing to assume and perform this Agreement in the same manner and to the same extent that the Company would have been required to perform it if no such succession and assignment had taken place. Except in instances of
assignment by operation of law, failure of the Company to obtain such written agreement prior to the effectiveness of any such succession shall be a material breach of this Agreement. 

13. BINDING AGREEMENT 
 Executive
understands that his obligations under this Agreement are binding upon Executive’s heirs, successors, personal representatives, and legal representatives. 

14. NOTICES 
 All notices pursuant to this
Agreement shall be in writing and sent certified mail, return receipt requested, addressed as set forth below, or by delivering the same in person to such party, or by transmission by facsimile to the number set forth below. Notice deposited in the
United States Mail, mailed in the manner described hereinabove, shall be effective upon deposit. Notice given in any other manner shall be effective only if and when received: 

If to Executive: 
 At Executive’s most recent home address as
set forth in the employment records of the Company 
 If to the Company: 

Vantage Drilling International 
 Attn: General Counsel 

777 Post Oak Blvd., Suite 800 
 Houston, TX 77056 

  
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 15. WAIVER 

No waiver by either party to this Agreement of any right to enforce any term or condition of this Agreement, or of any breach hereof, shall be
deemed a waiver of such right in the future or of any other right or remedy available under this Agreement. Except as otherwise provided herein, Executive’s or the Company’s failure to insist upon strict compliance with any provision
hereof or any other provision of this Agreement or the failure to assert any right Executive or the Company may have hereunder, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

16. SEVERABILITY 
 If any provision of
this Agreement is determined to be void invalid, unenforceable, or against public policy, such provisions shall be deemed severable from the Agreement, and the remaining provisions of the Agreement will remain unaffected and in full force and
effect. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 

17. ENTIRE AGREEMENT 
 The terms and
provisions contained herein shall constitute the entire agreement between the parties with respect to Executive’s employment with the Company during the Employment Period. This Agreement replaces and supersedes any and all existing agreements
entered into between Executive and the Company relating generally to the same subject matter, if any, and shall be binding upon Executive’s heirs, executors, administrators, or other legal representatives or assigns. 

18. SECTION HEADINGS 
 The section
headings in this Agreement are for convenience of reference only, and they form no part of this Agreement and shall not affect its interpretation. 
 19.
MODIFICATION OF AGREEMENT 
 This Agreement may not be changed or modified or released or discharged or abandoned or otherwise
terminated, in whole or in part, except by an instrument in writing signed by Executive and an officer or other authorized executive of the Company. 

20. UNDERSTANDING OF AGREEMENT 
 Executive
represents and warrants that he has read and understood each and every provision of this Agreement, and Executive understands that he has the right (and has been afforded the opportunity) to obtain advice from legal counsel of choice, and that
Executive has freely and voluntarily entered into this Agreement. 

  
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 21. GOVERNING LAW 

This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, other than the conflicts of law provisions
thereof. 
 22. WITHHOLDING 
 All
payments hereunder shall be subject to any required withholding of Federal, state and local taxes pursuant to any applicable law or regulation. 
 23.
JURISDICTION AND VENUE. 
 The parties hereto consent to the exclusive jurisdiction of all state and federal courts located in Harris
County, Texas, as well as to the jurisdiction of all courts of which an appeal may be taken from such courts, for the purpose of any suit, action or other proceeding arising out of, or in connection with, this Agreement or that otherwise arise out
of the employment relationship. Each party hereto hereby expressly waives (i) any and all rights to bring any suit, action or other proceeding in or before any court or tribunal other than the courts described above, and covenants that it will
not seek in any manner to resolve any dispute other than as set forth in this paragraph, and (ii) any and all objections either may have to venue, including the inconvenience of such forum, in any of such courts. In addition, each party hereto
consents to the service of process by personal service or any manner in which notices may be delivered hereunder in accordance with this Agreement. This provision shall not, however, preclude the Company from obtaining injunctive relief in any court
of competent jurisdiction to enforce Section 5 of this Agreement. 
 24. NO PRESUMPTION AGAINST INTEREST. 

This Agreement has been negotiated, drafted, edited and reviewed by the respective parties, and therefore, no provision arising directly or
indirectly herefrom shall be construed against any party as being drafted by said party. 
 25. CLAWBACK. 

Notwithstanding any other provisions in this Agreement to the contrary, any compensation paid to Executive pursuant to this Agreement or any
other agreement or arrangement with the Company or any of its subsidiaries will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement, or pursuant
to any clawback or recoupment policy adopted by the Company or any of its subsidiaries. In no event will the application of any such clawback or recoupment requirement or policy be deemed to constitute or contribute to the existence of Good Reason.

  
 24 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first
above written. 
  

			
	VANTAGE DRILLING INTERNATIONAL
		
	By:	 	/s/ Douglas E. Stewart
	Title:	 	Vice President, General Counsel and Corporate Secretary

  

	
	EXECUTIVE
	
	/s/ Thomas Cimino
	Thomas Cimino

 EXHIBIT A 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

(TIME-BASED) 

 EXHIBIT B 

RESTRICTED STOCK UNIT AWARD AGREEMENT 

(PERFORMANCE-BASED)

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