Document:

EX-4.1

 Exhibit 4.1 

Execution Copy 

REGISTRATION RIGHTS AGREEMENT 

among 
 TARGA RESOURCES CORP.

 and 
 THE PURCHASERS
NAMED ON SCHEDULE A HERETO 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	  
				
		 	 Section 1.01
	  	 Definitions
	  	 	2	  
		 	 Section 1.02
	  	 Registrable Securities
	  	 	4	  
		
	 ARTICLE II REGISTRATION RIGHTS
	  	 	5	  
				
		 	 Section 2.01
	  	 Shelf Registration
	  	 	5	  
		 	 Section 2.02
	  	 Piggyback Registration
	  	 	6	  
		 	 Section 2.03
	  	 Underwritten Offering
	  	 	8	  
		 	 Section 2.04
	  	 Further Obligations
	  	 	9	  
		 	 Section 2.05
	  	 Cooperation by Holders
	  	 	13	  
		 	 Section 2.06
	  	 Restrictions on Public Sale by Holders of Registrable Securities
	  	 	13	  
		 	 Section 2.07
	  	 Expenses
	  	 	13	  
		 	 Section 2.08
	  	 Indemnification
	  	 	14	  
		 	 Section 2.09
	  	 Rule 144 Reporting
	  	 	16	  
		 	 Section 2.10
	  	 Transfer or Assignment of Registration Rights
	  	 	16	  
		 	 Section 2.11
	  	 Limitation on Subsequent Registration Rights
	  	 	17	  
		
	 ARTICLE III STOCKHOLDER VOTE
	  	 	17	  
		
	 ARTICLE IV MISCELLANEOUS
	  	 	17	  
				
		 	 Section 4.01
	  	 Communications
	  	 	17	  
		 	 Section 4.02
	  	 Binding Effect
	  	 	18	  
		 	 Section 4.03
	  	 Assignment of Rights
	  	 	18	  
		 	 Section 4.04
	  	 Recapitalization, Exchanges, Etc
	  	 	18	  
		 	 Section 4.05
	  	 Aggregation of Registrable Securities
	  	 	19	  
		 	 Section 4.06
	  	 Specific Performance
	  	 	19	  
		 	 Section 4.07
	  	 Counterparts
	  	 	19	  
		 	 Section 4.08
	  	 Governing Law, Submission to Jurisdiction
	  	 	19	  
		 	 Section 4.09
	  	 Waiver of Jury Trial
	  	 	19	  
		 	 Section 4.10
	  	 Entire Agreement
	  	 	20	  
		 	 Section 4.11
	  	 Amendment
	  	 	20	  
		 	 Section 4.12
	  	 No Presumption
	  	 	20	  
		 	 Section 4.13
	  	 Obligations Limited to Parties to Agreement
	  	 	20	  
		 	 Section 4.14
	  	 Interpretation
	  	 	21	  

 SCHEDULE A — Purchaser Name; Notice and Contact Information 

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of March 16, 2016 (this “Agreement”) is entered into
by and among TARGA RESOURCES CORP., a Delaware corporation (including such Person’s successors by merger, acquisition, reorganization or otherwise, the “Company”), and each of the Persons set forth on Schedule
A hereto (the “Purchasers”). 
 WHEREAS, this Agreement is made in connection with the issuance of
the Preferred Stock pursuant to the Series A Preferred Stock Purchase Agreement, dated as of February 18, 2016 (as amended by Amendment No. 1 thereto on March 3, 2016 and by Amendment No. 2 thereto on March 15, 2016), by and
among the Company and the Purchasers party thereto and the Series A Preferred Stock Purchase Agreement, dated as of March 11, 2016 (as amended by Amendment No. 1 thereto on March 15, 2016), by and among the Company and the Purchasers
party thereto (collectively, the “Purchase Agreement”); and 
 WHEREAS, the Company has agreed to provide the
registration and other rights set forth in this Agreement for the benefit of the Purchasers pursuant to the Purchase Agreement. 
 NOW
THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. As used in this Agreement, the following terms have the meanings indicated: 

“Affiliate” shall have the meaning ascribed to it, on the date hereof, in Rule 405 under the Securities Act; provided,
however, that an Additional Investor Vehicle (as defined in the Purchase Agreement) shall not be an Affiliate of Stonepeak. 

“Agreement” has the meaning set forth in the introductory paragraph of this Agreement. 

“Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking
institutions in the State of New York or State of Texas are authorized or required by Law or other governmental action to close. 

“Certificate of Designations” means the Certificate of Designations of the Series A Preferred Stock of the Company.

 “Commission” means the United States Securities and Exchange Commission. 

“Common Stock” means the common stock of the Company, par value $0.001 per share. 

“Effective Date” means the date of effectiveness of any Registration Statement. 

  
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 “Effectiveness Period” has the meaning specified in Section
2.01(a). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the
rules and regulations of the Commission promulgated thereunder. 
 “Holder” means the record holder of any
Registrable Securities. 
 “Holder Underwriter Registration Statement” has the meaning specified in Section
2.04(q). 
 “Included Registrable Securities” has the meaning specified in Section 2.02(a). 

“Issue Date” means the original date of issuance of the Preferred Stock, which shall be the date that the Certificate
of Designations is filed with the Secretary of State of the State of Delaware. 
 “Liquidated Damages” has the
meaning specified therefor in Section 2.01(b). 
 “Liquidated Damages Multiplier” means the product of (i) the
Purchased Preferred Stock Price and (ii) the number of Registrable Securities then held by the applicable Holder and included on the applicable Registration Statement. 

“Losses” has the meaning specified in Section 2.08(a). 

“Managing Underwriter” means, with respect to any Underwritten Offering, the book running lead manager of such
Underwritten Offering. 
 “NYSE” means the New York Stock Exchange. 

“Other Holder” has the meaning specified in Section 2.02(a) 

“Person” means any individual, corporation, company, voluntary association, company, joint venture, trust, limited
liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. 

“Piggyback Notice” has the meaning specified in Section 2.02(a). 

“Piggyback Opt-Out Notice” has the meaning specified in Section 2.02(a). 

“Piggyback Registration” has the meaning specified in Section 2.02(a). 

“Preferred Stock” means the Series A Preferred Stock of the Company. 

“Purchase Agreement” has the meaning specified in the Preamble of this Agreement. 

“Purchased Preferred Stock Price” means $1,000. 

“Purchasers” has the meaning set forth in the introductory paragraph of this Agreement. 

  
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 “Registration” means any registration pursuant to this Agreement,
including pursuant to a Registration Statement or a Piggyback Registration. 
 “Registrable Securities” means the
Common Stock issuable upon conversion of the Preferred Stock, all of which are subject to the rights provided herein until such time as such securities cease to be Registrable Securities pursuant to Section 1.02. 

“Registration Expenses” has the meaning specified in Section 2.07(a). 

“Registration Statement” has the meaning specified in Section 2.01(a). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the
Commission promulgated thereunder. 
 “Selling Expenses” has the meaning specified in Section 2.07(a). 

“Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement. 

“Selling Holder Indemnified Persons” has the meaning specified in Section 2.08(a). 

“Stonepeak” means Stonepeak Target Holdings, LP. 

“Target Effective Date” has the meaning specified therefor in Section 2.01(a). 

“Underwritten Offering” means an offering (including an offering pursuant to a Registration Statement) in which Common
Stock are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 

“WKSI” means a well-known seasoned issuer (as defined in the rules and regulations of the Commission). 

Section 1.02 Registrable Securities. Any Registrable Security will cease to be a Registrable Security upon the earliest to
occur of the following: (a) when a registration statement covering such Registrable Security becomes or has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such effective
registration statement, (b) when such Registrable Security has been disposed of (excluding transfers or assignments by a Holder to an Affiliate or to another Holder or any of its Affiliates or to any assignee or transferee to whom the rights
under this Agreement have been transferred pursuant to Section 2.10) pursuant to any section of Rule 144 (or any similar provision then in effect) under the Securities Act, (c) when such Registrable Security is held by the Company
or one of its direct or indirect subsidiaries and (d) when such Registrable Security has been sold or disposed of in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such
securities pursuant to Section 2.10. In addition, a Holder will cease to have rights to require registration of any Registrable Securities held by that Holder under this Agreement on the later of (i) the fourth anniversary of the
date on which all Preferred Stock has been converted into shares of Common Stock and (ii) the earlier of 

  
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(x) the date on which Stonepeak is no longer an “affiliate” (as such term is defined in Rule 144 promulgated under the Securities Act) of the Company and (y) the twenty-fourth
anniversary of the date hereof. 
 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.01 Shelf Registration. 

(a) Shelf Registration. The Company shall use its commercially reasonable efforts to (i) prepare and file an initial
registration statement under the Securities Act to permit the public resale of Registrable Securities from time to time as permitted by Rule 415 (or any similar provision adopted by the Commission then in effect) of the Securities Act (a
“Registration Statement”) and (ii) cause such initial Registration Statement to become effective no later than 60 days prior to the twelfth anniversary from the date hereof (the “Target Effective
Date”). The Company will use its commercially reasonable efforts to cause such initial Registration Statement filed pursuant to this Section 2.01(a) to be continuously effective under the Securities Act, with respect to any
Holder, until the earliest to occur of the following: (A) the date on which all Registrable Securities covered by the Registration Statement have been distributed in the manner set forth and as contemplated in such Registration Statement,
(B) the date on which there are no longer any Registrable Securities outstanding and (C) the later of (1) the fourth anniversary of the date on which all Preferred Stock has been converted into shares of Common Stock and (2) if
and only if the Holder is an “affiliate” (as such term is defined in Rule 144 promulgated under the Securities Act) of the Company, the earlier of (x) the date on which such Holder is no longer an “affiliate” (as such term
is defined in Rule 144 promulgated under the Securities Act) of the Company and (y) the twenty-fourth anniversary of the date hereof (in each case of clause (A), (B) and (C), the “Effectiveness Period”). A
Registration Statement filed pursuant to this Section 2.01(a) shall be on such appropriate registration form of the Commission as shall be selected by the Company; provided that, if the Company is then eligible, it shall file such
Registration Statement on Form S-3. A Registration Statement when declared effective (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act
and the Exchange Act and 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 not misleading (and, in the case of any prospectus contained
in such Registration Statement, in the light of the circumstances under which a statement is made). As soon as practicable following the date that a Registration Statement becomes effective, but in any event within three Business Days of such date,
the Company shall provide the Holders with written notice of the effectiveness of a Registration Statement. 
 (b) Failure to Become
Effective. If a Registration Statement required by Section 2.01(a) does not become or is not declared effective by the Target Effective Date, then each Holder shall be entitled to a payment (with respect to each of the Holder’s
Registrable Securities which are included in such Registration Statement), as liquidated damages and not as a penalty, (i) for each non-overlapping 30-day period for the first 60 days following the Target Effective Date, an amount equal to
0.25% of the Liquidated Damages Multiplier, which shall accrue daily, and (ii) for each non-overlapping 30-day period beginning on the 61st day following the Target 

  
 5 

 
Effective Date, an amount equal to the amount set forth in clause (i) plus an additional 0.25% of the Liquidated Damages Multiplier for each subsequent 60 days (i.e., 0.5% for 61-120 days,
0.75% for 121-180 days, and 1.0% thereafter), which shall accrue daily, up to a maximum amount equal to 1.0% of the Liquidated Damages Multiplier per non-overlapping 30 day period (the “Liquidated Damages”), until such time
as such Registration Statement is declared or becomes effective or there are no longer any Registrable Securities outstanding. The Liquidated Damages shall be payable within 10 Business Days after the end of each such 30 day period in immediately
available funds to the account or accounts specified by the applicable Holders. Any amount of Liquidated Damages shall be prorated for any period of less than 30 days accruing during any period for which a Holder is entitled to Liquidated Damages
hereunder. 
 (c) Waiver of Liquidated Damages. If the Company is unable to cause a Registration Statement to become effective
on or before the Target Effective Date, then the Company may request a waiver of the Liquidated Damages, which may be granted by the consent of the Holders of at least a majority of the outstanding Registrable Securities that have been included on
such Registration Statement, in their sole discretion, and which such waiver shall apply to all the Holders of Registrable Securities included on such Registration Statement. 

(d) Delay Rights. Notwithstanding anything to the contrary contained herein, the Company may, upon written notice to any Selling
Holder whose Registrable Securities are included in a Registration Statement, suspend such Selling Holder’s use of any prospectus which is a part of such Registration Statement (in which event the Selling Holder shall suspend sales of the
Registrable Securities pursuant to such Registration Statement) if (i) the Company is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and the Company determines in good faith that the Company’s
ability to pursue or consummate such a transaction would be materially and adversely affected by any required disclosure of such transaction in such Registration Statement or (ii) the Company has experienced some other material non-public
event, the disclosure of which at such time, in the good faith judgment of the Company, would materially and adversely affect the Company; provided, however, that in no event shall the Selling Holders be suspended from selling Registrable
Securities pursuant to such Registration Statement for a period that exceeds an aggregate of sixty (60) days in any 180-day period or ninety (90) days in any 365-day period. Upon disclosure of such information or the termination of the
condition described above, the Company shall provide prompt notice to the Selling Holders whose Registrable Securities are included in such Registration Statement, and shall promptly terminate any suspension of sales it has put into effect and shall
take such other actions necessary or appropriate to permit registered sales of Registrable Securities as contemplated in this Agreement. 

Section 2.02 Piggyback Registration. 

(a) Participation. If at any time the Company proposes to file (i) a Registration Statement (other than a Registration
Statement contemplated by Section 2.01(a)) on its own behalf relating to the sale of Common Stock or on behalf of any other Persons who have or have been granted registration rights (the “Other Holders”) or
(ii) a prospectus supplement relating to the sale of Common Stock by the Company or any Other Holders to an effective “automatic” registration statement, so long as the Company is a WKSI at such time or, whether or not the Company is
a WKSI, so long as the Registrable Securities were previously included in the 

  
 6 

 
underlying shelf Registration Statement or are included on an effective Registration Statement, or in any case in which Holders may participate in such offering without the filing of a
post-effective amendment, in each case, for the sale of Common Stock by the Company or Other Holders in an Underwritten Offering (including an Underwritten Offering undertaken pursuant to Section 2.03), then the Company shall give not
less than four Business Days’ notice (or two Business Days in connection with any overnight or bought Underwritten Offering) (including, but not limited to, notification by electronic mail) (the “Piggyback Notice”) of
such proposed Underwritten Offering to each Holder (together with its Affiliates) owning more than $75 million of Common Stock (determined by multiplying the number of Registrable Securities owned by the Purchased Preferred Stock Price) or, in the
case of any of Stonepeak and its Affiliates, owning any Registrable Securities, and such Piggyback Notice shall offer such Holder the opportunity to include in such Underwritten Offering such number of Registrable Securities (the
“Included Registrable Securities”) as such Holder may request in writing (a “Piggyback Registration”); provided, however, that the Company shall not be required to offer such opportunity
(A) to any such Holders other than any of Stonepeak and its Affiliates if the Holders, together with their Affiliates, do not offer a minimum of $50 million of Registrable Securities in the aggregate (determined by multiplying the number of
Registrable Securities owned by the Purchased Preferred Stock Price ), or (B) to such Holders if and to the extent that the Company has been advised by the Managing Underwriter, acting in good faith, that the inclusion of Registrable Securities
for sale for the benefit of such Holders will have an adverse effect on the price, timing or distribution of the Common Stock in such Underwritten Offering, then the amount of Registrable Securities to be offered for the accounts of Holders shall be
determined based on the provisions of Section 2.02(b). Each Piggyback Notice shall be provided to Holders on a Business Day pursuant to Section 4.01. If practical in the context of the contemplated offering, the Company shall
use reasonable efforts to increase the length of the Piggyback Notice to provide more time for the applicable Holders to make an election to participate; provided, however, that any decision to increase the length of the Piggyback Notice for longer
than two Business Days shall be in the sole discretion of the Company. Each such Holder will have four Business Days (or two Business Days in connection with any overnight or bought Underwritten Offering), or such longer period as may be specified
by the Company, in its sole discretion, in the Piggyback Notice, after such Piggyback Notice has been delivered to request in writing the inclusion of Registrable Securities in the Underwritten Offering. If no request for inclusion from a Holder is
received within the specified time, such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving written notice of its intention to undertake such an Underwritten Offering and prior to the
closing of such Underwritten Offering, the Company shall determine for any reason not to undertake or to delay such Underwritten Offering, the Company may, at its election, give written notice of such determination to the Selling Holders and,
(1) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (2) in the case
of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities for the same period as the delay in the Underwritten Offering. Any Selling Holder shall have the right to withdraw such
Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in such Underwritten Offering by giving written notice to the Company of such withdrawal at least one Business Day prior to the time of pricing of such
Underwritten Offering. Any Holder may deliver written notice (a “Piggyback Opt-Out 

  
 7 

 
Notice”) to the Company requesting that such Holder not receive notice from the Company of any proposed Underwritten Offering; provided, however, that such Holder may
later revoke any such Piggyback Opt-Out Notice in writing. Following receipt of a Piggyback Opt-Out Notice from a Holder (unless subsequently revoked), the Company shall not be required to deliver any notice to such Holder pursuant to this
Section 2.02(a) and such Holder shall no longer be entitled to participate in Underwritten Offerings pursuant to this Section 2.02(a), unless such Piggyback Opt-Out Notice is revoked by such Holder. 

(b) Priority of Piggyback Registration. If the Managing Underwriter or Underwriters of any proposed Underwritten
Offering, acting in good faith, advise the Company that the total amount of Registrable Securities that the Selling Holders and any Other Holders intend to include in such offering exceeds the number that can be sold in such offering without being
likely to have an adverse effect on the price, timing or distribution of the Common Stock offered or the market for the Common Stock, then the Common Stock to be included in such Underwritten Offering shall include the number of Registrable
Securities that such Managing Underwriter or Underwriters advise the Company can be sold without having such adverse effect, with such number to be allocated pro rata among the Selling Holders and the Other Holders who have requested such
Underwritten Offering or participation in the Piggyback Registration (based, for each such Selling Holder or Other Holder, on the percentage derived by dividing (A) the number of shares of Common Stock proposed to be sold by such Selling Holder
or such Other Holder in such offering by (B) the aggregate number of shares of Common Stock proposed to be sold by all Selling Holders and all Other Holders in the Piggyback Registration). 

Section 2.03 Underwritten Offering. 

(a) S-3 Registration. In the event that any Holder elects to dispose of Registrable Securities under a Registration
Statement pursuant to an Underwritten Offering and reasonably expects gross proceeds of at least $100 million from such Underwritten Offering (together with any Registrable Securities to be disposed of by a Selling Holder who has elected to
participate in such Underwritten Offering pursuant to Section 2.02), the Company shall, at the request of such Selling Holder(s), enter into an underwriting agreement in a form as is customary in Underwritten Offerings of securities by
the Company with the Managing Underwriter or Underwriters selected by the Company, which shall include, among other provisions, indemnities to the effect and to the extent provided in Section 2.08, and shall take all such other
reasonable actions as are requested by the Managing Underwriter in order to expedite or facilitate the disposition of such Registrable Securities; provided, however, that the Company shall have no obligation to facilitate or
participate in, including entering into any underwriting agreement, more than two Underwritten Offerings requested by Stonepeak and its Affiliates; provided, further, that if the Company is conducting or actively pursuing a securities offering with
anticipated offering proceeds of at least $100 million (other than in connection with any at-the-market offering or similar continuous offering program), then the Company may suspend such Selling Holder’s right to require the Company to conduct
an Underwritten Offering on such Selling Holder’s behalf pursuant to this Section 2.03; provided, however, that the Company may only suspend such Selling Holder’s right to require the Company to conduct an Underwritten Offering
pursuant to this Section 2.03 once in any six month period. 

  
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 (b) General Procedures. In connection with any Underwritten Offering
contemplated by Section 2.03(a), the underwriting agreement into which each Selling Holder and the Company shall enter shall contain such representations, covenants, indemnities (subject to Section 2.08) and other rights and
obligations as are customary in Underwritten Offerings of securities by the Company. No Selling Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations,
warranties or agreements regarding such Selling Holder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution and any other
representation required by law. If any Selling Holder disapproves of the terms of an Underwritten Offering contemplated by this Section 2.03, such Selling Holder may elect to withdraw therefrom by notice to the Company and the Managing
Underwriter; provided, however, that such withdrawal must be made at least one Business Day prior to the time of pricing of such Underwritten Offering to be effective. No such withdrawal or abandonment shall affect the
Company’s obligation to pay Registration Expenses. 
 Section 2.04 Further Obligations. In connection with
its obligations under this Article II, the Company will: 
 (a) promptly prepare and file with the Commission such amendments and
supplements to a Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement; 
 (b) if a prospectus
supplement will be used in connection with the marketing of an Underwritten Offering under a Registration Statement and the Managing Underwriter at any time shall notify the Company in writing that, in the sole judgment of such Managing Underwriter,
inclusion of detailed information to be used in such prospectus supplement is of material importance to the success of such Underwritten Offering, the Company shall use its commercially reasonable efforts to include such information in such
prospectus supplement; 
 (c) furnish to each Selling Holder (i) as far in advance as reasonably practicable before filing a
Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and
each document incorporated by reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its
plan of distribution that is contained therein and, to the extent timely received, make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing such Registration Statement or such other
registration statement and the prospectus included therein or any supplement or amendment thereto, and (ii) such number of copies of such Registration Statement or such other registration statement and the prospectus included therein and any
supplements and amendments thereto as such Persons may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement or other registration statement; 

  
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 (d) if applicable, use its commercially reasonable efforts to promptly register or qualify the
Registrable Securities covered by any Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten
Offering, the Managing Underwriter, shall reasonably request; provided, however, that the Company will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any
action that would subject it to general service of process in any such jurisdiction where it is not then so subject; 
 (e) promptly notify
each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the filing of a Registration Statement or any other registration statement contemplated by this
Agreement or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to a Registration Statement or any other registration statement or any post-effective amendment
thereto, when the same has become effective; and (ii) the receipt of any written comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to
any such Registration Statement or any other registration statement or any prospectus or prospectus supplement thereto; 
 (f) promptly
notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement
contained in a Registration Statement or any other registration statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein not misleading (in the case of any prospectus contained therein, in the light of the circumstances under which a statement is made); (ii) the issuance or express threat of issuance by the Commission of
any stop order suspending the effectiveness of a Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Company of any
notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Company agrees to, as promptly
as practicable, amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include 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 not misleading in the light of the circumstances then existing and to take such other action as is reasonably necessary to remove a stop order, suspension, threat thereof or
proceedings related thereto; 
 (g) upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder
copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such
offering of Registrable Securities; 

  
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 (h) in the case of an Underwritten Offering, furnish, or use its reasonable efforts to cause to
be furnished, upon request, (i) an opinion of counsel for the Company addressed to the underwriters, dated the date of the closing under the applicable underwriting agreement and (ii) a “comfort” letter addressed to the
underwriters, dated the pricing date of such Underwritten Offering and a letter of like kind dated the date of the closing under the applicable underwriting agreement, in each case, signed by the independent public accountants who have certified the
Company’s financial statements included or incorporated by reference into the applicable registration statement, and each of the opinion and the “comfort” letter shall be in customary form and covering substantially the same matters
with respect to such registration statement (and the prospectus and any prospectus supplement) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten
Offerings of securities by the Company and such other matters as such underwriters may reasonably request; 
 (i) otherwise use its
commercially reasonable efforts to comply with all applicable rules and regulations of the Commission; 
 (j) make available to the
appropriate representatives of the Managing Underwriter during normal business hours access to such information and Company personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities
Act; provided, however, that the Company need not disclose any non-public information to any such representative unless and until such representative has entered into a confidentiality agreement with the Company; 

(k) use its commercially reasonable efforts to cause all Registrable Securities registered pursuant to this Agreement to be listed on each
securities exchange or nationally recognized quotation system on which similar securities issued by the Company are then listed; 
 (l) use
its commercially reasonable efforts to cause Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the
Selling Holders to consummate the disposition of such Registrable Securities; 
 (m) provide a transfer agent and registrar for all
Registrable Securities covered by any Registration Statement not later than the Effective Date of such Registration Statement; 
 (n) enter
into customary agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of Registrable Securities (including making appropriate officers
of the Company available to participate in customary marketing activities); provided, however, that the officers of the Company shall not be required to dedicate an unreasonably burdensome amount of time in connection with any roadshow and related
marketing activities for any Underwritten Offering; 
 (o) if reasonably requested by a Selling Holder, (i) incorporate in a prospectus
supplement or post-effective amendment such information as such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of
Registrable Securities being offered or sold, 

  
 11 

 
the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; and (ii) make all required filings of such prospectus
supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

(p) if reasonably required by the Company’s transfer agent, the Company shall promptly deliver any authorizations, certificates and
directions required by the transfer agent which authorize and direct the transfer agent to transfer such Registrable Securities without legend upon sale by the Holder of such Registrable Securities under the Registration Statement; and 

(q) if any Holder could reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in
connection with the Registration Statement and any amendment or supplement thereof (a “Holder Underwriter Registration Statement”), then the Company will reasonably cooperate with such Holder in allowing such Holder to
conduct customary “underwriter’s due diligence” with respect to the Company and satisfy its obligations in respect thereof. In addition, at any Holder’s request, the Company will furnish to such Holder, on the date of the
effectiveness of the Holder Underwriter Registration Statement and thereafter from time to time on such dates as such Holder may reasonably request (provided that such request shall not be more frequently than on an annual basis unless such Holder
is offering Registrable Securities pursuant to a Holder Underwriter Registration Statement), (i) a “comfort” letter, dated such date, from the Company’s independent certified public accountants in form and substance as has been
customarily given by independent certified public accountants to underwriters in Underwritten Public Offerings of securities by the Company, addressed to such Holder, (ii) an opinion, dated as of such date, of counsel representing the Company
for purposes of the Holder Underwriter Registration Statement, in form, scope and substance as has been customarily given in Underwritten Public Offerings of securities by the Company, including standard “10b-5” negative assurance for such
offerings, addressed to such Holder, and (iii) a standard officer’s certificate from the chief executive officer or chief financial officer, or other officers serving such functions, of the Company addressed to the Holder, as has been
customarily given by such officers in Underwritten Public Offerings of securities by the Company. The Company will also use its reasonable efforts to provide legal counsel to such Holder with an opportunity to review and comment upon any such Holder
Underwriter Registration Statement, and any amendments and supplements thereto, prior to its filing with the Commission. 
 Notwithstanding
anything to the contrary in this Section 2.04, the Company will not name a Holder as an underwriter (as defined in Section 2(a)(11) of the Securities Act) in any Registration Statement or Holder Underwriter Registration Statement,
as applicable, without such Holder’s consent. If the staff of the Commission requires the Company to name any Holder as an underwriter (as defined in Section 2(a)(11) of the Securities Act), and such Holder does not consent thereto, then
such Holder’s Registrable Securities shall not be included on the applicable Registration Statement and the Company shall have no further obligations hereunder with respect to Registrable Securities held by such Holder, unless such Holder has
not had an opportunity to conduct customary underwriter’s due diligence as set forth in subsection (q) of this Section 2.04 with respect to the Company at the time such Holder’s consent is sought. 

  
 12 

 Each Selling Holder, upon receipt of notice from the Company of the happening of any event of the
kind described in subsection (f) of this Section 2.04, shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of
the copies of the supplemented or amended prospectus contemplated by subsection (f) of this Section 2.04 or until it is advised in writing by the Company that the use of the prospectus may be resumed and has received copies
of any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Company, such Selling Holder will, or will request the Managing Underwriter or Managing Underwriters, if any, to deliver to the Company
(at the Company’s expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such
notice. 
 Section 2.05 Cooperation by Holders. The Company shall have no obligation to include Registrable
Securities of a Holder in a Registration Statement or in an Underwritten Offering pursuant to Section 2.03(a) if such Holder has failed to timely furnish such information that the Company determines, after consultation with its counsel,
is reasonably required in order for any registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

Section 2.06 Restrictions on Public Sale by Holders of Registrable Securities. Each Holder of Registrable Securities
participating in an Underwriting Offering included in a Registration Statement agrees to enter into a customary letter agreement with underwriters providing that such Holder will not effect any public sale or distribution of Registrable Securities
during the forty-five (45) calendar day period beginning on the date of a prospectus or prospectus supplement filed with the Commission with respect to the pricing of such Underwritten Offering; provided, however, that
(i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on the Company or the officers, directors or any other Affiliate of the Company on whom a
restriction is imposed and (ii) the restrictions set forth in this Section 2.06 shall not apply to any Registrable Securities that are included in such Underwritten Offering by such Holder. 

Section 2.07 Expenses. 

(a) Certain Definitions. “Registration Expenses” shall not include Selling Expenses but otherwise
means all expenses of the Company incident to the Company’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to Section 2.01, a Piggyback
Registration pursuant to Section 2.02, or an Underwritten Offering pursuant to Section 2.03, and the disposition of such Registrable Securities, including all registration, filing, securities exchange listing and NYSE fees,
all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, fees of transfer agents and registrars, all word processing, duplicating and
printing expenses, and the fees and disbursements of counsel and independent public accountants for the Company, including the expenses of any “cold comfort” letters required by or incident to such performance and compliance.
“Selling Expenses” means all underwriting fees, discounts and selling commissions and transfer taxes allocable to the sale of the Registrable Securities. 

  
 13 

 (b) Expenses. The Company will pay all reasonable Registration Expenses, as
determined in good faith, in connection with a shelf Registration, a Piggyback Registration or an Underwritten Offering, whether or not any sale is made pursuant to such shelf Registration, Piggyback Registration or Underwritten Offering. Each
Selling Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder. In addition, except as otherwise provided in Section 2.08, the Company shall not be responsible for
professional fees (including legal fees) incurred by Holders in connection with the exercise of such Holders’ rights hereunder. 

Section 2.08 Indemnification. 

(a) By the Company. In the event of a registration of any Registrable Securities under the Securities Act pursuant to
this Agreement, the Company will indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, partners, employees and agents and each Person, if any, who controls such Selling Holder within the meaning of the
Securities Act and the Exchange Act, and its directors, officers, managers, partners, employees or agents (collectively, the “Selling Holder Indemnified Persons”), against any losses, claims, damages, expenses or liabilities
(including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise,
insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of
the circumstances under which such statement is made) contained in (which, for the avoidance of doubt, includes documents incorporated by reference in) the applicable Registration Statement or other registration statement contemplated by this
Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and will reimburse each such
Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating, defending or resolving any such Loss or actions or proceedings; provided, however, that the Company
will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such
Selling Holder Indemnified Person in writing specifically for use in the applicable Registration Statement or other registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of such Selling Holder Indemnified Person, and shall survive the transfer of such securities by such Selling Holder. 

(b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless the
Company, the Company’s directors, officers, employees and agents and each Person, who, directly or indirectly, controls the Company within the meaning of the Securities Act or of the Exchange Act to the same extent as the foregoing indemnity
from the Company to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in a 

  
 14 

 
Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any
amendment or supplement thereto or any free writing prospectus relating thereto; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses)
received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification. 
 (c)
Notice. Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify
the indemnifying party in writing thereof, but the omission to so notify the indemnifying party shall not relieve it from any liability that it may have to any indemnified party other than under this Section 2.08(c) except to the extent
that the indemnifying party is materially prejudiced by such failure. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in
and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and
undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.08 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof
other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel reasonably satisfactory to the indemnified
party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party
that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have
the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such
participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified
party may be entitled to indemnification hereunder without the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, includes a complete and unconditional release from liability of, and does not
contain any admission of wrongdoing by, the indemnified party. 
 (d) Contribution. If the indemnification provided for in
this Section 2.08 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu
of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one
hand, and of the indemnified party, on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall any Selling
Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling 

  
 15 

 
Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying party, on the one hand, and the indemnified party, on the other, 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 has been made by, or relates to, information supplied by such party,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph
were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the
first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection with investigating, defending or resolving any Loss that is the subject of this paragraph. 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 is not guilty of such fraudulent misrepresentation. 

(e) Other Indemnification. The provisions of this Section 2.08 shall be in addition to any other rights to
indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 
 Section 2.09
Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use
its commercially reasonable efforts to: 
 (a) make and keep public information regarding the Company available, as those terms are
understood and defined in Rule 144 under the Securities Act (or any similar provision then in effect), at all times from and after the date hereof; 

(b) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act at all times from and after the date hereof; and 
 (c) so long as a Holder owns any Registrable Securities, furnish
(i) to the extent accurate, forthwith upon request, a written statement of the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act (or any similar provision then in effect) and (ii) unless
otherwise available via the Commission’s EDGAR filing system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such Holder may reasonably
request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration. 

Section 2.10 Transfer or Assignment of Registration Rights. The rights to cause the Company to register Registrable
Securities under this Article II may be transferred or assigned by each Holder to one or more transferees or assignees of Registrable Securities or securities convertible into Registrable Securities except that no rights provided for in
Section 2.03(a) may be transferred or assigned by any Holder to any Person acquiring less than $50 million in 

  
 16 

 
Registrable Securities (determined by multiplying the number of Registrable Securities transferred or assigned by the Purchased Preferred Stock Price); provided, however, that (a) the
Company is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee or assignee and identifying the securities with respect to which such registration rights are being transferred or
assigned and (b) each such transferee or assignee assumes in writing responsibility for its portion of the obligations of such transferring Holder under this Agreement. 

Section 2.11 Limitation on Subsequent Registration Rights. From and after the date hereof, the Company shall not,
without the prior written consent of the Holders of a majority of the outstanding Registrable Securities and securities convertible or exercisable into Registrable Securities, voting as a single class on an as-converted basis, enter into any
agreement with any current or future holder of any securities of the Company that would allow such current or future holder to require the Company to include securities in any registration statement filed by the Company on a basis, other than pari
passu with, or expressly subordinate to the piggyback rights of the Holders of Registrable Securities hereunder. 
 ARTICLE III

 STOCKHOLDER VOTE 

If the Company is unable to obtain stockholder approval pursuant to Section 6(j) of the Certificate of Designations by the seventh anniversary
of the Issue Date, the Company shall pay to the holders of the outstanding shares of the Preferred Stock of the Company (on a pro rata basis across all such holders based on their respective ownership of the outstanding Preferred Stock of the
Company) an amount equal to $50,000 per day, payable no later than 5 Business Days after the end of each month after such seventh anniversary until such approval is obtained. 

ARTICLE IV 

MISCELLANEOUS 

Section 4.01 Communications. All notices and demands provided for hereunder shall be in writing and shall be given
by registered or certified mail, return receipt requested, telecopy, air courier guaranteeing overnight delivery, personal delivery or (in the case of any notice given by the Company to the Purchasers) email to the following addresses: 

(a) If to the Purchasers, to the addresses set forth on Schedule A, with a copy to (which shall not constitute notice): 

Sidley Austin LLP 
 1000
Louisiana Street 
 Suite 6000 

Houston, TX 77002 
 Attention:
Cliff Vrielink and Timothy Langenkamp 

  
 17 

 (b) If to the Company: 

Targa Resources Corp. 
 1000
Louisiana Street, 
 Suite 4300 

Houston, Texas 77002 

Attention: General Counsel 

Email: PaulChung@targaresources.com 

with a copy to (which shall not constitute notice): 

Vinson & Elkins L.L.P. 

1001 Fannin Street 
 Suite 2500

 Houston TX 77002-6760 

Attention: Christopher S. Collins 

Facsimile: (713) 615-5883 

Email: ccollins@velaw.com 
 or to such other
address as the Company or the Purchasers may designate to each other in writing from time to time or, if to a transferee or assignee of the Purchasers or any transferee or assignee thereof, to such transferee or assignee at the address provided
pursuant to Section 2.10. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by certified or registered mail, return receipt
requested, or regular mail, if mailed; upon actual receipt of the facsimile or email copy, if sent via facsimile or email; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery. 

Section 4.02 Binding Effect. This Agreement shall be binding upon the Company, each of the Purchasers and their
respective successors and permitted assigns, including subsequent Holders of Registrable Securities to the extent permitted herein. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or
benefit upon any Person other than the parties to this Agreement and their respective successors and permitted assigns. 

Section 4.03 Assignment of Rights. Except as provided in Section 2.10, neither this Agreement nor any of
the rights, benefits or obligations hereunder may be assigned or transferred, by operation of law or otherwise, by any party hereto without the prior written consent of the other party. 

Section 4.04 Recapitalization, Exchanges, Etc. Affecting Units. The provisions of this Agreement shall apply to the
full extent set forth herein with respect to any and all units of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in
substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, unit splits, recapitalizations, pro rata distributions of units and the like occurring after the date of this Agreement. 

  
 18 

 Section 4.05 Aggregation of Registrable Securities. All Registrable
Securities held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

Section 4.06 Specific Performance. Damages in the event of breach of this Agreement by a party hereto may be
difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to seek an injunction or other equitable relief in any court
of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of
the court to grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may have. 

Section 4.07 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same agreement. 

Section 4.08 Governing Law, Submission to Jurisdiction. This Agreement, and all claims or causes of action (whether
in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation
or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the laws of the State of Delaware without regard to principles of conflicts of laws. Any action against any party relating to the
foregoing shall be brought in any federal or state court of competent jurisdiction located within the State of Delaware, and the parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any federal or state court located within
the State of Delaware over any such action. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court
or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 Section 4.09 Waiver of Jury Trial. THE PARTIES TO THIS AGREEMENT EACH HEREBY WAIVE, AND AGREE TO CAUSE
THEIR AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH
HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL  

  
 19 

 
COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

Section 4.10 Entire Agreement. This Agreement, the Purchase Agreement and the other agreements and documents
referred to herein are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein
and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or in the Purchase Agreement with respect to the rights granted by the Company or any of its Affiliates or the Purchasers
or any of their respective Affiliates set forth herein or therein. This Agreement, the Purchase Agreement and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings between the parties with
respect to such subject matter. 
 Section 4.11 Amendment. This Agreement may be amended only by means of a
written amendment signed by the Company and the Holders of a majority of the outstanding Registrable Securities or securities convertible into Registrable Securities, as applicable; provided, however, that no such amendment shall adversely
affect the rights of any Holder hereunder without the consent of such Holder. Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement, and any consent to any departure by the
Company or any Purchaser from the terms of any provision of this Agreement shall be effective only in the specific instance and for the specific purpose for which such amendment, supplement, modification, waiver or consent has been made or given.

 Section 4.12 No Presumption. This Agreement has been reviewed and negotiated by sophisticated parties with
access to legal counsel and shall not be construed against the drafter. 
 Section 4.13 Obligations Limited to Parties to
Agreement. Each of the parties hereto covenants, agrees and acknowledges that, other than as set forth herein, no Person other than the Purchasers, the Selling Holders, their respective permitted assignees and the Company shall have any
obligation hereunder and that, notwithstanding that one or more of such Persons may be a corporation, Company or limited liability company, no recourse under this Agreement or under any documents or instruments delivered in connection herewith shall
be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or their respective permitted assignees, or any former, current or future
director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable
law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager,
member, stockholder or Affiliate of any of such Persons or any of their respective assignees, or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the
foregoing, as such, for any obligations of such Persons or their respective permitted assignees under this Agreement or any documents or instruments delivered in connection herewith or for any claim based on, in respect of or by reason of such
obligation or its creation, except, in each case, for any assignee of any Purchaser or a Selling Holder hereunder. 

  
 20 

 Section 4.14 Interpretation. Article, Section and Schedule references
in this Agreement are references to the corresponding Article, Section or Schedule to this Agreement, unless otherwise specified. All Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in full herein and are
an integral part of this Agreement. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time
to time, unless otherwise specified. The word “including” shall mean “including but not limited to” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately
following it. Whenever the Company has an obligation under this Agreement, the expense of complying with that obligation shall be an expense of the Company unless otherwise specified. Any reference in this Agreement to “$” shall mean U.S.
dollars. Whenever any determination, consent or approval is to be made or given by a Purchaser, such action shall be in such Purchaser’s sole discretion, unless otherwise specified in this Agreement. If any provision in this Agreement is held
to be illegal, invalid, not binding or unenforceable, (a) such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never comprised a part
of this Agreement, and the remaining provisions shall remain in full force and effect, and (b) the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. When calculating the period of time before which, within which or following which any act is to be
done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is a non-Business Day, the period in question shall end on the next succeeding Business
Day. Any words imparting the singular number only shall include the plural and vice versa. The words such as “herein,” “hereinafter,” “hereof” and “hereunder” refer to this Agreement as a whole and not merely
to a subdivision in which such words appear unless the context otherwise requires. The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience
of reference only and shall not affect or be utilized in construing or interpreting this Agreement. 
 [Remainder of Page Left
Intentionally Blank] 

  
 21 

 IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first
above written. 
  

	
	 TARGA RESOURCES CORP.

	
	 /s/ Matthew J. Meloy

	 Matthew J. Meloy

	 Executive Vice President and Chief Financial Officer

 
					
	BTO Targa Holdings L.P.
		
		 	 By: BTO Holdings Manager L.L.C., its

general partner

			
		 	By:	 	         /s/ Christopher J. James

		 	Name:	 	        Christopher J. James
		 	Title:	 	        Authorized Person

 
					
	Blackstone Tactical Opportunities Fund – U L.P.
		
		 	By: Blackstone Tactical Opportunities Associates L.L.C., its general partner
			
		 	By:	 	         /s/ Christopher J. James

		 	Name:	 	        Christopher J. James
		 	Title:	 	        Authorized Person

 
					
	Blackstone Tactical Opportunities Fund II.F – Q L.P.
		
		 	By: Blackstone Tactical Opportunities Associates II L.L.C., its general partner
			
		 	By:	 	         /s/ Christopher J. James

		 	Name:	 	        Christopher J. James
		 	Title:	 	        Authorized Person

 
					
	Blackstone Tactical Opportunities Fund II – Q L.P.
		
		 	By: Blackstone Tactical Opportunities Associates II L.L.C., its general partner
			
		 	By:	 	         /s/ Christopher J. James

		 	Name:	 	        Christopher J. James
		 	Title:	 	        Authorized Person

 
					
	Blackstone Tactical Opportunities Fund II – AD (P-USRPHC) – Q L.P.
		
		 	By: Blackstone Tactical Opportunities Associates L.L.C., its general partner
			
		 	By:	 	         /s/ Christopher J. James

		 	Name:	 	        Christopher J. James
		 	Title:	 	        Authorized Person

 
					
	Blackstone Tactical Opportunities Fund II – T – Q L.P.
		
		 	By: Blackstone Tactical Opportunities Associates L.L.C., its general partner
			
		 	By:	 	         /s/ Christopher J. James

		 	Name:	 	        Christopher J. James
		 	Title:	 	        Authorized Person

 
					
	ENERGY CAPITAL PARTNERS MEZZANINE OPPORTUNITIES FUND, LP
		
		 	By: Energy Capital Partners Mezzanine GP, LP, its general partner
		
		 	By: Energy Capital Partners Mezzanine, LLC, its general partner
			
		 	By:	 	         /s/ Peter Labbat

		 	Name:	 	        Peter Labbat
		 	Title:	 	        Authorized Signatory

 
					
	ENERGY CAPITAL PARTNERS MEZZANINE OPPORTUNITIES FUND A, LP
		
		 	By: Energy Capital Partners Mezzanine GP, LP, its general partner
		
		 	By: Energy Capital Partners Mezzanine, LLC, its general partner
			
		 	By:	 	         /s/ Peter Labbat

		 	Name:	 	        Peter Labbat
		 	Title:	 	        Authorized Signatory

 
					
	ENERGY CAPITAL PARTNERS MEZZANINE OPPORTUNITIES FUND B, LP
		
		 	By: Energy Capital Partners Mezzanine GP, LP, its general partner
		
		 	By: Energy Capital Partners Mezzanine, LLC, its general partner
			
		 	By:	 	         /s/ Peter Labbat

		 	Name:	 	        Peter Labbat
		 	Title:	 	        Authorized Signatory

 
					
	MMF Moore ET Investments, LP, as Purchaser
		
		 	By: Moore Capital Management, LP, its Investment Manager
			
		 	By:	 	         /s/ James Kaye

		 	Name:	 	        James Kaye
		 	Title:	 	        Vice President

 
					
	TORTOISE ENERGY INFRASTRUCTURE CORP., as Purchaser
		
		 	By: Tortoise Capital Advisors, L.L.C., as Investment Advisor
			
		 	By:	 	         /s/ Matthew Sallee

		 	Name:	 	        Matthew Sallee
		 	Title:	 	        Managing Director

 
					
	TORTOISE POWER AND ENERGY INFRASTRUCTURE FUND, INC., as Purchaser
		
		 	By: Tortoise Capital Advisors, L.L.C., as Investment Advisor
			
		 	By:	 	         /s/ Matthew Sallee

		 	Name:	 	        Matthew Sallee
		 	Title:	 	        Managing Director

 
					
	TORTOISE MLP FUND, INC., as Purchaser
		
		 	By: Tortoise Capital Advisors, L.L.C., as Investment Advisor
			
		 	By:	 	         /s/ Matthew Sallee

		 	Name:	 	        Matthew Sallee
		 	Title:	 	        Managing Director

 
					
	TORTOISE PIPELINE & ENERGY FUND, INC., as Purchaser
		
		 	By: Tortoise Capital Advisors, L.L.C., as Investment Advisor
			
		 	By:	 	         /s/ Matthew Sallee

		 	Name:	 	        Matthew Sallee
		 	Title:	 	        Managing Director

 
					
	TORTOISE ENERGY INDEPENDENCE FUND, INC., as Purchaser
		
		 	By: Tortoise Capital Advisors, L.L.C., as Investment Advisor
			
		 	By:	 	         /s/ Matthew Sallee

		 	Name:	 	        Matthew Sallee
		 	Title:	 	        Managing Director

 
					
	Volkel Holdings, LLC
			
		 	By:	 	         /s/ David B. Duncan

		 	Name:	 	        David B. Duncan
		 	Title:	 	        Managing Director

 
					
	STONEPEAK TARGET HOLDINGS LP
	
	By: Stonepeak Associates II LLC, its general partner
	
	By: Stonepeak GP Holdings II LP, its sole member
	
	By: Stonepeak GP Investors II LLC, its general partner
	
	By: Stonepeak GP Investors Manager LLC, its managing member
			
		 	By:	 	 /s/ Michael Dorrell

		 	Name:	 	Michael Dorrell
		 	Title:	 	Managing Member

 
					
	STONEPEAK TARGET UPPER HOLDINGS LLC
	
	MANAGING MEMBER: STONEPEAK INFRASTRUCTURE FUND II (AIV II) LP
	
	By: Stonepeak Associates II LLC, its general partner
	
	By: Stonepeak GP Holdings II LP, its sole member
	
	By: Stonepeak GP Investors II LLC, its general partner
	
	By: Stonepeak GP Investors Manager LLC, its managing member
			
		 	By:	 	 /s/ Michael Dorrell

		 	Name:	 	Michael Dorrell
		 	Title:	 	Managing Member

  

 Schedule A 

Purchaser Name; Notice and Contact Information 
  

			
	 Purchaser
	  	 Contact Information

		
	Stonepeak Target Holdings, LP	  	 717 Fifth Avenue, 25th Floor
 New York, NY
10022
 Attn: Adrienne Saunders
 Email:
saunders@stonepeakpartners.com
 and
 Attn: Jack Howell

Email: howell@stonepeakpartners.com

		
	BTO Targa Holdings L.P.	  	 c/o The Blackstone Group
 345 Park Ave.

New York, NY 10154

Attn:    Viral Patel

             Daniel Lee

Email:  Patel@blackstone.com

             Daniel.Lee@blackstone.com

 
 With copies to (which shall not constitute notice):

 
 Kirkland & Ellis LLP

600 Travis St., Suite 3300
 Houston, TX 77002

Attn:    Andrew Calder

             Rhett Van Syoc

Email:  andrew.calder@kirkland.com

             rhett.vansyoc@kirkland.com

		
	Blackstone Tactical Opportunities Fund – U L.P.	  	 c/o The Blackstone Group
 345 Park Ave.

New York, NY 10154

Attn:    Viral Patel

             Daniel Lee

Email:  Patel@blackstone.com

             Daniel.Lee@blackstone.com

 
 With copies to (which shall not constitute notice):

 
 Kirkland & Ellis LLP

600 Travis St., Suite 3300
 Houston, TX 77002

Attn:    Andrew Calder

             Rhett Van Syoc

Email:  andrew.calder@kirkland.com

             
rhett.vansyoc@kirkland.com

  
 Schedule A-1 

			
	 Purchaser
	  	 Contact Information

		
	Blackstone Tactical Opportunities Fund II.F – Q L.P.	  	 c/o The Blackstone Group
 345 Park Ave.

New York, NY 10154

Attn:    Viral Patel

             Daniel Lee

Email:  Patel@blackstone.com

             Daniel.Lee@blackstone.com

 
 With copies to (which shall not constitute notice):

 
 Kirkland & Ellis LLP

600 Travis St., Suite 3300
 Houston, TX 77002

Attn:    Andrew Calder

             Rhett Van Syoc

Email:  andrew.calder@kirkland.com

             rhett.vansyoc@kirkland.com

		
	Blackstone Tactical Opportunities Fund II – Q L.P.	  	 c/o The Blackstone Group
 345 Park Ave.

New York, NY 10154

Attn:    Viral Patel

             Daniel Lee

Email:  Patel@blackstone.com

             Daniel.Lee@blackstone.com

 
 With copies to (which shall not constitute notice):

 
 Kirkland & Ellis LLP

600 Travis St., Suite 3300
 Houston, TX 77002

Attn:    Andrew Calder

             Rhett Van Syoc

Email:  andrew.calder@kirkland.com

             
rhett.vansyoc@kirkland.com

  
 Schedule A-2 

			
	 Purchaser
	  	 Contact Information

		
	Blackstone Tactical Opportunities Fund II – AD (P-USRPHC) – Q L.P.	  	 c/o The Blackstone Group
 345 Park Ave.

New York, NY 10154

Attn:    Viral Patel

             Daniel Lee

Email:  Patel@blackstone.com

             Daniel.Lee@blackstone.com

 
 With copies to (which shall not constitute notice):

 
 Kirkland & Ellis LLP

600 Travis St., Suite 3300
 Houston, TX 77002

Attn:    Andrew Calder

             Rhett Van Syoc

Email:  andrew.calder@kirkland.com

             rhett.vansyoc@kirkland.com

		
	Blackstone Tactical Opportunities Fund II – T – Q L.P.	  	 c/o The Blackstone Group
 345 Park Ave.

New York, NY 10154

Attn:    Viral Patel

             Daniel Lee

Email:  Patel@blackstone.com

             Daniel.Lee@blackstone.com

 
 With copies to (which shall not constitute notice):

 
 Kirkland & Ellis LLP

600 Travis St., Suite 3300
 Houston, TX 77002

Attn:    Andrew Calder

             Rhett Van Syoc

Email:  andrew.calder@kirkland.com

             rhett.vansyoc@kirkland.com

		
	MMF Moore ET Investments, LP	  	 MMF Moore ET Investments, LP
 c/o Moore
Capital Management, LP
 11 Times Square, 38th Floor

New York, NY 10036
  

Attn: Salvaotore Bonello
 Tel. (212) 278-6044

Email: Salvaotore.Bonello@moorecap.com

  
 Schedule A-3 

			
	 Purchaser
	  	 Contact Information

		
	 ENERGY CAPITAL PARTNERS
 MEZZANINE
OPPORTUNITIES FUND, LP
  
 ENERGY CAPITAL PARTNERS

MEZZANINE OPPORTUNITIES FUND A, LP
  

ENERGY CAPITAL PARTNERS
 MEZZANINE OPPORTUNITIES FUND B,
LP
	  	 Energy Capital Partners Mezzanine Opportunities Fund, LP

Energy Capital Partners Mezzanine Opportunities Fund A, LP
 Energy
Capital Partners Mezzanine Opportunities Fund B, LP
  
 1000 Louisiana Street, Suite
5200
 Houston, Texas 77002
 Attn: Scott Rogan, Principal

 

		  	                     and

 
 Kirkland & Ellis LLP

600 Travis Street, Suite 3300
 Houston, Texas 77002

Attn: William J. Benitez, Partner

		
	 Tortoise Energy Infrastructure Corp.

Tortoise Power and Energy
 Infrastructure Fund,
Inc.
 Tortoise MLP Fund, Inc.
 Tortoise
Pipeline & Energy Fund, Inc.
 Tortoise Energy Independence Fund, Inc.
	  	 11550 Ash Street, Suite 300
 Leawood, KS
66211
 Attn: Ryan Channell, Tortoise Capital Advisors
 Phone:
913-890-2161
 Email: rchannell@tortoiseadvisors.com

		
	 Volkel Holdings, LLC
 David B.
Duncan
 Managing Director
	  	 950 Echo Lane, Suite 115
 Houston, TX 77024

Email: dduncan@wolfcreekholdings.com

		
	Stonepeak Target Upper Holdings LLC	  	 717 Fifth Avenue, 25th Floor
 New York, NY 10022
Attn: Adrienne Saunders
 Email: saunders@stonepeakpartners.com

and
 Attn: Jack Howell

Email: howell@stonepeakpartners.com

  
 Schedule A-4EX-4.2

 Exhibit 4.2 

Execution Copy 

REGISTRATION RIGHTS AGREEMENT 

among 
 TARGA RESOURCES CORP.

 and 
 THE PURCHASERS
NAMED ON SCHEDULE A HERETO 

 TABLE OF CONTENTS 

 

									
	 	 	 	    	 	  	Page	 
		
	ARTICLE I DEFINITIONS	  	 	2	  
				
		 	Section 1.01	    	Definitions	  	 	2	  
		 	Section 1.02	    	Registrable Securities	  	 	4	  
		
	ARTICLE II REGISTRATION RIGHTS	  	 	5	  
				
		 	Section 2.01	    	Shelf Registration	  	 	5	  
		 	Section 2.02	    	Piggyback Registration	  	 	7	  
		 	Section 2.03	    	Underwritten Offering	  	 	8	  
		 	Section 2.04	    	Further Obligations	  	 	9	  
		 	Section 2.05	    	Cooperation by Holders	  	 	13	  
		 	Section 2.06	    	Restrictions on Public Sale by Holders of Registrable Securities	  	 	13	  
		 	Section 2.07	    	Expenses.	  	 	13	  
		 	Section 2.08	    	Indemnification	  	 	14	  
		 	Section 2.09	    	Rule 144 Reporting	  	 	16	  
		 	Section 2.10	    	Transfer or Assignment of Registration Rights	  	 	17	  
		 	Section 2.11	    	Limitation on Subsequent Registration Rights	  	 	17	  
		
	ARTICLE III MISCELLANEOUS	  	 	17	  
				
		 	Section 3.01	    	Communications	  	 	17	  
		 	Section 3.02	    	Binding Effect	  	 	18	  
		 	Section 3.03	    	Assignment of Rights	  	 	18	  
		 	Section 3.04	    	Recapitalization, Exchanges, Etc	  	 	18	  
		 	Section 3.05	    	Aggregation of Registrable Securities	  	 	18	  
		 	Section 3.06	    	Specific Performance	  	 	18	  
		 	Section 3.07	    	Counterparts	  	 	19	  
		 	Section 3.08	    	Governing Law, Submission to Jurisdiction	  	 	19	  
		 	Section 3.09	    	Waiver of Jury Trial	  	 	19	  
		 	Section 3.10	    	Entire Agreement	  	 	19	  
		 	Section 3.11	    	Amendment	  	 	20	  
		 	Section 3.12	    	No Presumption	  	 	20	  
		 	Section 3.13	    	Obligations Limited to Parties to Agreement	  	 	20	  
		 	Section 3.14	    	Interpretation	  	 	20	  
		
	SCHEDULE A — Purchaser Name; Notice and Contact Information	  			

 REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT, dated as of March 16, 2016 (this “Agreement”) is entered into
by and among TARGA RESOURCES CORP., a Delaware corporation (including such Person’s successors by merger, acquisition, reorganization or otherwise, the “Company”), and each of the Persons set forth on Schedule
A hereto (the “Purchasers”). 
 WHEREAS, this Agreement is made in connection with the issuance of
the Warrant pursuant to the Warrant Agreement, dated as of March 16, 2016, by and among the Company and the Purchasers (the “Warrant Agreement”); and 

WHEREAS, the Company has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Purchasers
pursuant to the Warrant Agreement. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 ARTICLE I

 DEFINITIONS 

Section 1.01 Definitions. As used in this Agreement, the following terms have the meanings indicated: 

“Affiliate” shall have the meaning ascribed to it, on the date hereof, in Rule 405 under the Securities Act;
provided, however, that an Additional Investor Vehicle (as defined in the Series A Preferred Stock Purchase Agreement, dated as of February 18, 2016, by and among the Company and the purchasers thereunder) shall not be an Affiliate of
Stonepeak. 
 “Agreement” has the meaning set forth in the introductory paragraph of this
Agreement. 
 “Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or
day on which banking institutions in the State of New York or State of Texas are authorized or required by Law or other governmental action to close. 

“Certificate of Designations” means the Certificate of Designations of the Series A Preferred Stock of the
Company. 
 “Commission” means the United States Securities and Exchange Commission. 

“Common Stock” means the common stock of the Company, par value $0.001 per share. 

“Effective Date” means the date of effectiveness of any Registration Statement. 

“Effectiveness Period” has the meaning specified in Section 2.01(a). 

  
 2 

 “Exchange Act” means the Securities Exchange Act of 1934, as
amended from time to time, and the rules and regulations of the Commission promulgated thereunder. 

“Holder” means the record holder of any Registrable Securities. 

“Holder Underwriter Registration Statement” has the meaning specified in Section 2.04(q). 

“Included Registrable Securities” has the meaning specified in Section 2.02(a). 

“Issue Date” means the original date of issuance of the Preferred Stock, which shall be the date that the
Certificate of Designations is filed with the Secretary of State of the State of Delaware. 
 “Liquidated
Damages” has the meaning specified therefor in Section 2.01(b). 
 “Liquidated Damages
Multiplier” means the product of (i) the Purchased Preferred Stock Price and (ii) the number of Registrable Securities then held by the applicable Holder and included on the applicable Registration Statement. 

“Losses” has the meaning specified in Section 2.08(a). 

“Managing Underwriter” means, with respect to any Underwritten Offering, the book running lead manager of such
Underwritten Offering. 
 “NYSE” means the New York Stock Exchange. 

“Other Holder” has the meaning specified in Section 2.02(a) 

“Person” means any individual, corporation, company, voluntary association, company, joint venture, trust,
limited liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. 

“Piggyback Notice” has the meaning specified in Section 2.02(a). 

“Piggyback Opt-Out Notice” has the meaning specified in Section 2.02(a). 

“Piggyback Registration” has the meaning specified in Section 2.02(a). 

“Preferred Stock” means the Series A Preferred Stock of the Company. 

“Purchased Preferred Stock Price” means $1,000. 

“Purchasers” has the meaning set forth in the introductory paragraph of this Agreement. 

“Registration” means any registration pursuant to this Agreement, including pursuant to a Registration
Statement or a Piggyback Registration. 

  
 3 

 “Registrable Securities” means the Warrant Shares, all of which
are subject to the rights provided herein until such time as such securities cease to be Registrable Securities pursuant to Section 1.02. 

“Registration Expenses” has the meaning specified in Section 2.07(a). 

“Registration Statement” has the meaning specified in Section 2.01(a). 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations
of the Commission promulgated thereunder. 
 “Selling Expenses” has the meaning specified in
Section 2.07(a). 
 “Selling Holder” means a Holder who is selling Registrable Securities
pursuant to a registration statement. 
 “Selling Holder Indemnified Persons” has the meaning
specified in Section 2.08(a). 
 “Stonepeak” means Stonepeak Target Holdings, LP. 

“Target Effective Date” has the meaning specified therefor in Section 2.01(a). 

“Underwritten Offering” means an offering (including an offering pursuant to a Registration Statement) in which
Common Stock are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 

“Warrant” means each Warrant, granted pursuant to the Warrant Agreement including Warrants entered into at the
initial closing under the Warrant Agreement and additional Warrants granted after the initial closing in connection with the addition of accumulated dividends to the liquidation preference of the Company’s Series A Preferred Stock in accordance
with Section 3(b) of the Series A Preferred Stock Certificate of Designations. 
 “Warrant
Agreement” has the meaning specified in the Preamble of this Agreement. 
 “Warrant
Shares” means the Common Stock issuable on exercise of the Warrants. 
 “WKSI” means a
well-known seasoned issuer (as defined in the rules and regulations of the Commission). 
 Section 1.02 Registrable
Securities. Any Registrable Security will cease to be a Registrable Security upon the earliest to occur of the following: (a) when a registration statement covering such Registrable Security becomes or has been declared effective by the
Commission and such Registrable Security has been sold or disposed of pursuant to such effective registration statement, (b) when such Registrable Security has been disposed of (excluding transfers or assignments by a Holder to an Affiliate or
to another Holder or any of its Affiliates or to any assignee or transferee to whom the rights under this Agreement have been transferred pursuant to Section 2.10) pursuant to any section of Rule 144 (or any similar 

  
 4 

 
provision then in effect) under the Securities Act, (c) when such Registrable Security is held by the Company or one of its direct or indirect subsidiaries and (d) when such Registrable
Security has been sold or disposed of in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to Section 2.10. In addition, a Holder will cease to
have rights to require registration of any Registrable Securities held by that Holder under this Agreement on the later of (i) the fourth anniversary of the date on which all Warrants have been converted into shares of Common Stock and
(ii) the earlier of (x) the date on which Stonepeak is no longer an “affiliate” (as such term is defined in Rule 144 promulgated under the Securities Act) of the Company and (y) the twelfth anniversary of the date hereof.

 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.01 Shelf Registration. 

(a) Shelf Registration. The Company shall use its commercially reasonable efforts to (i) prepare and file an initial
registration statement under the Securities Act to permit the public resale of Registrable Securities from time to time as permitted by Rule 415 (or any similar provision adopted by the Commission then in effect) of the Securities Act (a
“Registration Statement”) and (ii) cause such initial Registration Statement to become effective no later than 120 days from the date of this Agreement (the “Target Effective Date”). The Company
will use its commercially reasonable efforts to cause such initial Registration Statement filed pursuant to this Section 2.01(a) to be continuously effective under the Securities Act, with respect to any Holder, until the earliest to
occur of the following: (A) the date on which all Registrable Securities covered by the Registration Statement have been distributed in the manner set forth and as contemplated in such Registration Statement, (B) the date on which there
are no longer any Registrable Securities outstanding and (C) the later of (1) the fourth anniversary of the date on which all Warrants have been converted into shares of Common Stock and (2) if and only if the Holder is an
“affiliate” (as such term is defined in Rule 144 promulgated under the Securities Act) of the Company, the earlier of (x) the date on which such Holder is no longer an “affiliate” (as such term is defined in Rule 144
promulgated under the Securities Act) of the Company and (y) the twelfth anniversary of the date hereof (in each case of clause (A), (B) and (C), the “Effectiveness Period”). A Registration Statement filed pursuant
to this Section 2.01(a) shall be on such appropriate registration form of the Commission as shall be selected by the Company; provided that, if the Company is then eligible, it shall file such Registration Statement on Form S-3. A
Registration Statement when declared effective (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and 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 not misleading (and, in the case of any prospectus contained in such Registration Statement, in
the light of the circumstances under which a statement is made). As soon as practicable following the date that a Registration Statement becomes effective, but in any event within three Business Days of such date, the Company shall provide the
Holders with written notice of the effectiveness of a Registration Statement. 

  
 5 

 (b) Failure to Become Effective. If a Registration Statement required by
Section 2.01(a) does not become or is not declared effective by the Target Effective Date, then each Holder shall be entitled to a payment (with respect to each of the Holder’s Registrable Securities which are included in such Registration
Statement), as liquidated damages and not as a penalty, (i) for each non-overlapping 30-day period for the first 60 days following the Target Effective Date, an amount equal to 0.25% of the Liquidated Damages Multiplier, which shall accrue
daily, and (ii) for each non-overlapping 30-day period beginning on the 61st day following the Target Effective Date, an amount equal to the amount set forth in clause (i) plus an additional 0.25% of the Liquidated Damages Multiplier for
each subsequent 60 days (i.e., 0.5% for 61-120 days, 0.75% for 121-180 days, and 1.0% thereafter), which shall accrue daily, up to a maximum amount equal to 1.0% of the Liquidated Damages Multiplier per non-overlapping 30 day period (the
“Liquidated Damages”), until such time as such Registration Statement is declared or becomes effective or there are no longer any Registrable Securities outstanding. The Liquidated Damages shall be payable within 10 Business
Days after the end of each such 30 day period in immediately available funds to the account or accounts specified by the applicable Holders. Any amount of Liquidated Damages shall be prorated for any period of less than 30 days accruing during any
period for which a Holder is entitled to Liquidated Damages hereunder. 
 (c) Waiver of Liquidated Damages. If the Company is
unable to cause a Registration Statement to become effective on or before the Target Effective Date, then the Company may request a waiver of the Liquidated Damages, which may be granted by the consent of the Holders of at least a majority of the
outstanding Registrable Securities that have been included on such Registration Statement, in their sole discretion, and which such waiver shall apply to all the Holders of Registrable Securities included on such Registration Statement. 

(d) Delay Rights. Notwithstanding anything to the contrary contained herein, the Company may, upon written notice to any
Selling Holder whose Registrable Securities are included in a Registration Statement, suspend such Selling Holder’s use of any prospectus which is a part of such Registration Statement (in which event the Selling Holder shall suspend sales of
the Registrable Securities pursuant to such Registration Statement) if (i) the Company is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and the Company determines in good faith that the Company’s
ability to pursue or consummate such a transaction would be materially and adversely affected by any required disclosure of such transaction in such Registration Statement or (ii) the Company has experienced some other material non-public
event, the disclosure of which at such time, in the good faith judgment of the Company, would materially and adversely affect the Company; provided, however, that in no event shall the Selling Holders be suspended from selling
Registrable Securities pursuant to such Registration Statement for a period that exceeds an aggregate of sixty (60) days in any 180-day period or ninety (90) days in any 365-day period. Upon disclosure of such information or the
termination of the condition described above, the Company shall provide prompt notice to the Selling Holders whose Registrable Securities are included in such Registration Statement, and shall promptly terminate any suspension of sales it has put
into effect and shall take such other actions necessary or appropriate to permit registered sales of Registrable Securities as contemplated in this Agreement.  

  
 6 

 Section 2.02 Piggyback Registration. 

(a) Participation. If at any time the Company proposes to file (i) a Registration Statement (other than a
Registration Statement contemplated by Section 2.01(a)) on its own behalf relating to the sale of Common Stock or on behalf of any other Persons who have or have been granted registration rights (the “Other
Holders”) or (ii) a prospectus supplement relating to the sale of Common Stock by the Company or any Other Holders to an effective “automatic” registration statement, so long as the Company is a WKSI at such time or,
whether or not the Company is a WKSI, so long as the Registrable Securities were previously included in the underlying shelf Registration Statement or are included on an effective Registration Statement, or in any case in which Holders may
participate in such offering without the filing of a post-effective amendment, in each case, for the sale of Common Stock by the Company or Other Holders in an Underwritten Offering (including an Underwritten Offering undertaken pursuant to
Section 2.03), then the Company shall give not less than four Business Days’ notice (or two Business Days in connection with any overnight or bought Underwritten Offering) (including, but not limited to, notification by electronic
mail) (the “Piggyback Notice”) of such proposed Underwritten Offering to each Holder (together with its Affiliates) owning more than $75 million of Common Stock (determined by multiplying the number of Registrable Securities
owned by the Purchased Preferred Stock Price) or, in the case of any of Stonepeak and its Affiliates, owning any Registrable Securities, and such Piggyback Notice shall offer such Holder the opportunity to include in such Underwritten Offering such
number of Registrable Securities (the “Included Registrable Securities”) as such Holder may request in writing (a “Piggyback Registration”); provided, however, that the Company
shall not be required to offer such opportunity (A) to any such Holders other than any of Stonepeak and its Affiliates if the Holders, together with their Affiliates, do not offer a minimum of $50 million of Registrable Securities in the
aggregate (determined by multiplying the number of Registrable Securities owned by the Purchased Preferred Stock Price ), or (B) to such Holders if and to the extent that the Company has been advised by the Managing Underwriter, acting in good
faith, that the inclusion of Registrable Securities for sale for the benefit of such Holders will have an adverse effect on the price, timing or distribution of the Common Stock in such Underwritten Offering, then the amount of Registrable
Securities to be offered for the accounts of Holders shall be determined based on the provisions of Section 2.02(b). Each Piggyback Notice shall be provided to Holders on a Business Day pursuant to Section 3.01. If practical
in the context of the contemplated offering, the Company shall use reasonable efforts to increase the length of the Piggyback Notice to provide more time for the applicable Holders to make an election to participate; provided, however, that any
decision to increase the length of the Piggyback Notice for longer than two Business Days shall be in the sole discretion of the Company. Each such Holder will have four Business Days (or two Business Days in connection with any overnight or bought
Underwritten Offering), or such longer period as may be specified by the Company, in its sole discretion, in the Piggyback Notice, after such Piggyback Notice has been delivered to request in writing the inclusion of Registrable Securities in the
Underwritten Offering. If no request for inclusion from a Holder is received within the specified time, such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving written notice of its
intention to undertake such an Underwritten Offering and prior to the closing of such Underwritten Offering, the Company shall determine for any reason not to undertake or to delay such Underwritten Offering, the Company may, at its election, give
written notice of such determination to the Selling Holders and, (1) in the case of a determination not to undertake such  

  
 7 

 
Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (2) in the case of a
determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities for the same period as the delay in the Underwritten Offering. Any Selling Holder shall have the right to withdraw such
Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in such Underwritten Offering by giving written notice to the Company of such withdrawal at least one Business Day prior to the time of pricing of such
Underwritten Offering. Any Holder may deliver written notice (a “Piggyback Opt-Out Notice”) to the Company requesting that such Holder not receive notice from the Company of any proposed Underwritten Offering;
provided, however, that such Holder may later revoke any such Piggyback Opt-Out Notice in writing. Following receipt of a Piggyback Opt-Out Notice from a Holder (unless subsequently revoked), the Company shall not be required to
deliver any notice to such Holder pursuant to this Section 2.02(a) and such Holder shall no longer be entitled to participate in Underwritten Offerings pursuant to this Section 2.02(a), unless such Piggyback Opt-Out Notice is
revoked by such Holder. 
 (b) Priority of Piggyback Registration. If the Managing Underwriter or Underwriters
of any proposed Underwritten Offering, acting in good faith, advise the Company that the total amount of Registrable Securities that the Selling Holders and any Other Holders intend to include in such offering exceeds the number that can be sold in
such offering without being likely to have an adverse effect on the price, timing or distribution of the Common Stock offered or the market for the Common Stock, then the Common Stock to be included in such Underwritten Offering shall include the
number of Registrable Securities that such Managing Underwriter or Underwriters advise the Company can be sold without having such adverse effect, with such number to be allocated pro rata among the Selling Holders and the Other Holders who have
requested such Underwritten Offering or participation in the Piggyback Registration (based, for each such Selling Holder or Other Holder, on the percentage derived by dividing (A) the number of shares of Common Stock proposed to be sold by such
Selling Holder or such Other Holder in such offering by (B) the aggregate number of shares of Common Stock proposed to be sold by all Selling Holders and all Other Holders in the Piggyback Registration). 

Section 2.03 Underwritten Offering. 

(a) S-3 Registration. In the event that any Holder elects to dispose of Registrable Securities under a Registration
Statement pursuant to an Underwritten Offering and reasonably expects gross proceeds of at least $100 million from such Underwritten Offering (together with any Registrable Securities to be disposed of by a Selling Holder who has elected to
participate in such Underwritten Offering pursuant to Section 2.02), the Company shall, at the request of such Selling Holder(s), enter into an underwriting agreement in a form as is customary in Underwritten Offerings of securities by
the Company with the Managing Underwriter or Underwriters selected by the Company, which shall include, among other provisions, indemnities to the effect and to the extent provided in Section 2.08, and shall take all such other
reasonable actions as are requested by the Managing Underwriter in order to expedite or facilitate the disposition of such Registrable Securities; provided, however, that the Company shall have no obligation to facilitate or
participate in, including entering into any underwriting agreement, more than two Underwritten Offerings requested by Stonepeak and its Affiliates; provided, further, that if the Company is conducting or actively pursuing a securities offering with
 

  
 8 

 
anticipated offering proceeds of at least $100 million (other than in connection with any at-the-market offering or similar continuous offering program), then the Company may suspend such Selling
Holder’s right to require the Company to conduct an Underwritten Offering on such Selling Holder’s behalf pursuant to this Section 2.03; provided, however, that the Company may only suspend such Selling Holder’s right to
require the Company to conduct an Underwritten Offering pursuant to this Section 2.03 once in any six month period. 

(b) General Procedures. In connection with any Underwritten Offering contemplated by Section 2.03(a), the
underwriting agreement into which each Selling Holder and the Company shall enter shall contain such representations, covenants, indemnities (subject to Section 2.08) and other rights and obligations as are customary in Underwritten
Offerings of securities by the Company. No Selling Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Selling
Holder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution and any other representation required by law. If any Selling
Holder disapproves of the terms of an Underwritten Offering contemplated by this Section 2.03, such Selling Holder may elect to withdraw therefrom by notice to the Company and the Managing Underwriter; provided,
however, that such withdrawal must be made at least one Business Day prior to the time of pricing of such Underwritten Offering to be effective. No such withdrawal or abandonment shall affect the Company’s obligation to pay
Registration Expenses. 
 Section 2.04 Further Obligations. In connection with its obligations under this
Article II, the Company will: 
 (a) promptly prepare and file with the Commission such amendments and supplements to a Registration
Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the
disposition of all Registrable Securities covered by such Registration Statement; 
 (b) if a prospectus supplement will be used in
connection with the marketing of an Underwritten Offering under a Registration Statement and the Managing Underwriter at any time shall notify the Company in writing that, in the sole judgment of such Managing Underwriter, inclusion of detailed
information to be used in such prospectus supplement is of material importance to the success of such Underwritten Offering, the Company shall use its commercially reasonable efforts to include such information in such prospectus supplement; 

(c) furnish to each Selling Holder (i) as far in advance as reasonably practicable before filing a Registration Statement or any other
registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated by
reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is
contained therein and, to the extent timely received, make the corrections reasonably requested by such 

  
 9 

 
Selling Holder with respect to such information prior to filing such Registration Statement or such other registration statement and the prospectus included therein or any supplement or amendment
thereto, and (ii) such number of copies of such Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as such Persons may reasonably request in order to
facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement or other registration statement; 

(d) if applicable, use its commercially reasonable efforts to promptly register or qualify the Registrable Securities covered by any
Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall
reasonably request; provided, however, that the Company will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that would subject it to general
service of process in any such jurisdiction where it is not then so subject; 
 (e) promptly notify each Selling Holder, at any time when a
prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the filing of a Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus
supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to a Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; and
(ii) the receipt of any written comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to any such Registration Statement or any other
registration statement or any prospectus or prospectus supplement thereto; 
 (f) promptly notify each Selling Holder, at any time when a
prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in a Registration Statement or any other
registration statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading
(in the case of any prospectus contained therein, in the light of the circumstances under which a statement is made); (ii) the issuance or express threat of issuance by the Commission of any stop order suspending the effectiveness of a
Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Company of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Company agrees to, as promptly as practicable, amend or supplement the prospectus
or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include 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 not misleading in the light of the circumstances then existing and to take such other action as is reasonably necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 

  
 10 

 (g) upon request and subject to appropriate confidentiality obligations, furnish to each Selling
Holder copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating
to such offering of Registrable Securities; 
 (h) in the case of an Underwritten Offering, furnish, or use its reasonable efforts to cause
to be furnished, upon request, (i) an opinion of counsel for the Company addressed to the underwriters, dated the date of the closing under the applicable underwriting agreement and (ii) a “comfort” letter addressed to the
underwriters, dated the pricing date of such Underwritten Offering and a letter of like kind dated the date of the closing under the applicable underwriting agreement, in each case, signed by the independent public accountants who have certified the
Company’s financial statements included or incorporated by reference into the applicable registration statement, and each of the opinion and the “comfort” letter shall be in customary form and covering substantially the same matters
with respect to such registration statement (and the prospectus and any prospectus supplement) as have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten
Offerings of securities by the Company and such other matters as such underwriters may reasonably request; 
 (i) otherwise use its
commercially reasonable efforts to comply with all applicable rules and regulations of the Commission; 
 (j) make available to the
appropriate representatives of the Managing Underwriter during normal business hours access to such information and Company personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities
Act; provided, however, that the Company need not disclose any non-public information to any such representative unless and until such representative has entered into a confidentiality agreement with the Company; 

(k) use its commercially reasonable efforts to cause all Registrable Securities registered pursuant to this Agreement to be listed on each
securities exchange or nationally recognized quotation system on which similar securities issued by the Company are then listed; 
 (l) use
its commercially reasonable efforts to cause Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the
Selling Holders to consummate the disposition of such Registrable Securities; 
 (m) provide a transfer agent and registrar for all
Registrable Securities covered by any Registration Statement not later than the Effective Date of such Registration Statement; 
 (n) enter
into customary agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of Registrable Securities (including making appropriate officers
of the Company available to participate in customary marketing activities); provided, however, that the officers of the Company shall not be required to dedicate an unreasonably burdensome amount of time in connection with any roadshow and related
marketing activities for any Underwritten Offering; 

  
 11 

 (o) if reasonably requested by a Selling Holder, (i) incorporate in a prospectus supplement
or post-effective amendment such information as such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of Registrable
Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; and (ii) make all required filings of such prospectus supplement or
post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

(p) if reasonably required by the Company’s transfer agent, the Company shall promptly deliver any authorizations, certificates and
directions required by the transfer agent which authorize and direct the transfer agent to transfer such Registrable Securities without legend upon sale by the Holder of such Registrable Securities under the Registration Statement; and 

(q) if any Holder could reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in
connection with the Registration Statement and any amendment or supplement thereof (a “Holder Underwriter Registration Statement”), then the Company will reasonably cooperate with such Holder in allowing such Holder to
conduct customary “underwriter’s due diligence” with respect to the Company and satisfy its obligations in respect thereof. In addition, at any Holder’s request, the Company will furnish to such Holder, on the date of the
effectiveness of the Holder Underwriter Registration Statement and thereafter from time to time on such dates as such Holder may reasonably request (provided that such request shall not be more frequently than on an annual basis unless such Holder
is offering Registrable Securities pursuant to a Holder Underwriter Registration Statement), (i) a “comfort” letter, dated such date, from the Company’s independent certified public accountants in form and substance as has been
customarily given by independent certified public accountants to underwriters in Underwritten Public Offerings of securities by the Company, addressed to such Holder, (ii) an opinion, dated as of such date, of counsel representing the Company
for purposes of the Holder Underwriter Registration Statement, in form, scope and substance as has been customarily given in Underwritten Public Offerings of securities by the Company, including standard “10b-5” negative assurance for such
offerings, addressed to such Holder, and (iii) a standard officer’s certificate from the chief executive officer or chief financial officer, or other officers serving such functions, of the Company addressed to the Holder, as has been
customarily given by such officers in Underwritten Public Offerings of securities by the Company. The Company will also use its reasonable efforts to provide legal counsel to such Holder with an opportunity to review and comment upon any such Holder
Underwriter Registration Statement, and any amendments and supplements thereto, prior to its filing with the Commission. 
 Notwithstanding
anything to the contrary in this Section 2.04, the Company will not name a Holder as an underwriter (as defined in Section 2(a)(11) of the Securities Act) in any Registration Statement or Holder Underwriter Registration Statement,
as applicable, without such Holder’s consent. If the staff of the Commission requires the Company to name any Holder as an underwriter (as defined in Section 2(a)(11) of the Securities Act), and such Holder does not

  
 12 

 
consent thereto, then such Holder’s Registrable Securities shall not be included on the applicable Registration Statement and the Company shall have no further obligations hereunder with
respect to Registrable Securities held by such Holder, unless such Holder has not had an opportunity to conduct customary underwriter’s due diligence as set forth in subsection (q) of this Section 2.04 with respect to
the Company at the time such Holder’s consent is sought. 
 Each Selling Holder, upon receipt of notice from the Company of the
happening of any event of the kind described in subsection (f) of this Section 2.04, shall forthwith discontinue offers and sales of the Registrable Securities by means of a prospectus or prospectus supplement until such
Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by subsection (f) of this Section 2.04 or until it is advised in writing by the Company that the use of the prospectus may be
resumed and has received copies of any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Company, such Selling Holder will, or will request the Managing Underwriter or Managing Underwriters,
if any, to deliver to the Company (at the Company’s expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities
current at the time of receipt of such notice. 
 Section 2.05 Cooperation by Holders. The Company shall have no
obligation to include Registrable Securities of a Holder in a Registration Statement or in an Underwritten Offering pursuant to Section 2.03(a) if such Holder has failed to timely furnish such information that the Company determines,
after consultation with its counsel, is reasonably required in order for any registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

Section 2.06 Restrictions on Public Sale by Holders of Registrable Securities. Each Holder of Registrable Securities
participating in an Underwriting Offering included in a Registration Statement agrees to enter into a customary letter agreement with underwriters providing that such Holder will not effect any public sale or distribution of Registrable Securities
during the forty-five (45) calendar day period beginning on the date of a prospectus or prospectus supplement filed with the Commission with respect to the pricing of such Underwritten Offering; provided, however, that
(i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on the Company or the officers, directors or any other Affiliate of the Company on whom a
restriction is imposed and (ii) the restrictions set forth in this Section 2.06 shall not apply to any Registrable Securities that are included in such Underwritten Offering by such Holder. 

Section 2.07 Expenses. 

(a) Certain Definitions. “Registration Expenses” shall not include Selling Expenses but otherwise
means all expenses of the Company incident to the Company’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to Section 2.01, a Piggyback
Registration pursuant to Section 2.02, or an Underwritten Offering pursuant to Section 2.03, and the disposition of such Registrable Securities, including all registration, filing, securities exchange listing and NYSE fees,
all registration, filing, qualification and other fees and expenses of  

  
 13 

 
complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, fees of transfer agents and registrars, all word processing, duplicating and printing
expenses, and the fees and disbursements of counsel and independent public accountants for the Company, including the expenses of any “cold comfort” letters required by or incident to such performance and compliance. “Selling
Expenses” means all underwriting fees, discounts and selling commissions and transfer taxes allocable to the sale of the Registrable Securities. 

(b) Expenses. The Company will pay all reasonable Registration Expenses, as determined in good faith, in connection with a shelf
Registration, a Piggyback Registration or an Underwritten Offering, whether or not any sale is made pursuant to such shelf Registration, Piggyback Registration or Underwritten Offering. Each Selling Holder shall pay its pro rata share of all Selling
Expenses in connection with any sale of its Registrable Securities hereunder. In addition, except as otherwise provided in Section 2.08, the Company shall not be responsible for professional fees (including legal fees) incurred by
Holders in connection with the exercise of such Holders’ rights hereunder. 
 Section 2.08 Indemnification. 

(a) By the Company. In the event of a registration of any Registrable Securities under the Securities Act pursuant to
this Agreement, the Company will indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, partners, employees and agents and each Person, if any, who controls such Selling Holder within the meaning of the
Securities Act and the Exchange Act, and its directors, officers, managers, partners, employees or agents (collectively, the “Selling Holder Indemnified Persons”), against any losses, claims, damages, expenses or liabilities
(including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise,
insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of
the circumstances under which such statement is made) contained in (which, for the avoidance of doubt, includes documents incorporated by reference in) the applicable Registration Statement or other registration statement contemplated by this
Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and will reimburse each such
Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating, defending or resolving any such Loss or actions or proceedings; provided, however, that the Company
will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such
Selling Holder Indemnified Person in writing specifically for use in the applicable Registration Statement or other registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of such Selling Holder Indemnified Person, and shall survive the transfer of such securities by such Selling Holder. 

  
 14 

 (b) By Each Selling Holder. Each Selling Holder agrees severally and not
jointly to indemnify and hold harmless the Company, the Company’s directors, officers, employees and agents and each Person, who, directly or indirectly, controls the Company within the meaning of the Securities Act or of the Exchange Act to
the same extent as the foregoing indemnity from the Company to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in a
Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereto or any free writing prospectus
relating thereto; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of
the Registrable Securities giving rise to such indemnification. 
 (c) Notice. Promptly after receipt by an indemnified
party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission to so
notify the indemnifying party shall not relieve it from any liability that it may have to any indemnified party other than under this Section 2.08(c) except to the extent that the indemnifying party is materially prejudiced by such
failure. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake
the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall
not be liable to such indemnified party under this Section 2.08 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison
with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel reasonably satisfactory to the indemnified party or (ii) if the defendants in any such action
include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those available
to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume
such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as
incurred. Notwithstanding any other provision of this Agreement, no indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified party may be entitled to indemnification hereunder without
the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, includes a complete and unconditional release from liability of, and does not contain any admission of wrongdoing by, the indemnified party.

 (d) Contribution. If the indemnification provided for in this Section 2.08 is held by a court or
government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the  

  
 15 

 
amount paid or payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and
of the indemnified party, on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall any Selling Holder be
required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the
indemnifying party, on the one hand, and the indemnified party, on the other, 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 has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree
that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to herein. The
amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection with investigating,
defending or resolving any Loss that is the subject of this paragraph. 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 is not
guilty of such fraudulent misrepresentation. 
 (e) Other Indemnification. The provisions of this
Section 2.08 shall be in addition to any other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 

Section 2.09 Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of
the Commission that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the
Securities Act (or any similar provision then in effect), at all times from and after the date hereof; 
 (b) file with the Commission in a
timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at all times from and after the date hereof; and 

(c) so long as a Holder owns any Registrable Securities, furnish (i) to the extent accurate, forthwith upon request, a written statement
of the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act (or any similar provision then in effect) and (ii) unless otherwise available via the Commission’s EDGAR filing system, to such Holder
forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing
such Holder to sell any such securities without registration. 

  
 16 

 Section 2.10 Transfer or Assignment of Registration Rights. The rights
to cause the Company to register Registrable Securities under this Article II may be transferred or assigned by each Holder to one or more transferees or assignees of Registrable Securities or securities convertible into Registrable
Securities except that no rights provided for in Section 2.03(a) may be transferred or assigned by any Holder to any Person acquiring less than $50 million in Registrable Securities (determined by multiplying the number of Registrable
Securities transferred or assigned by the Purchased Preferred Stock Price); provided, however, that (a) the Company is given written notice prior to any said transfer or assignment, stating the name and address of each such
transferee or assignee and identifying the securities with respect to which such registration rights are being transferred or assigned and (b) each such transferee or assignee assumes in writing responsibility for its portion of the obligations
of such transferring Holder under this Agreement. 
 Section 2.11 Limitation on Subsequent Registration
Rights. From and after the date hereof, the Company shall not, without the prior written consent of the Holders of a majority of the outstanding Registrable Securities and securities convertible or exercisable into Registrable Securities,
voting as a single class on an as-converted basis, enter into any agreement with any current or future holder of any securities of the Company that would allow such current or future holder to require the Company to include securities in any
registration statement filed by the Company on a basis, other than pari passu with, or expressly subordinate to the piggyback rights of the Holders of Registrable Securities hereunder. 

ARTICLE III 

MISCELLANEOUS 

Section 3.01 Communications. All notices and demands provided for hereunder shall be in writing and shall be given
by registered or certified mail, return receipt requested, telecopy, air courier guaranteeing overnight delivery, personal delivery or (in the case of any notice given by the Company to the Purchasers) email to the following addresses: 

(a) If to the Purchasers, to the addresses set forth on Schedule A, with a copy to (which shall not constitute notice): 

Sidley Austin LLP 
 1000
Louisiana Street 
 Suite 6000 

Houston, TX 77002 
 Attention:
Cliff Vrielink and Timothy Langenkamp 
 (b) If to the Company: 

Targa Resources Corp. 
 1000
Louisiana Street, 
 Suite 4300 

Houston, Texas 77002 

Attention: General Counsel 

Email: PaulChung@targaresources.com 

  
 17 

 with a copy to (which shall not constitute notice): 

Vinson & Elkins L.L.P. 

1001 Fannin Street 
 Suite 2500

 Houston TX 77002-6760 

Attention: Christopher S. Collins 

Facsimile: (713) 615-5883 

Email: ccollins@velaw.com 
 or to such other
address as the Company or the Purchasers may designate to each other in writing from time to time or, if to a transferee or assignee of the Purchasers or any transferee or assignee thereof, to such transferee or assignee at the address provided
pursuant to Section 2.10. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by certified or registered mail, return receipt
requested, or regular mail, if mailed; upon actual receipt of the facsimile or email copy, if sent via facsimile or email; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery. 

Section 3.02 Binding Effect. This Agreement shall be binding upon the Company, each of the Purchasers and their
respective successors and permitted assigns, including subsequent Holders of Registrable Securities to the extent permitted herein. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or
benefit upon any Person other than the parties to this Agreement and their respective successors and permitted assigns. 

Section 3.03 Assignment of Rights. Except as provided in Section 2.10, neither this Agreement nor any of
the rights, benefits or obligations hereunder may be assigned or transferred, by operation of law or otherwise, by any party hereto without the prior written consent of the other party. 

Section 3.04 Recapitalization, Exchanges, Etc. Affecting Units. The provisions of this Agreement shall apply to the
full extent set forth herein with respect to any and all units of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in
substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, unit splits, recapitalizations, pro rata distributions of units and the like occurring after the date of this Agreement. 

Section 3.05 Aggregation of Registrable Securities. All Registrable Securities held or acquired by Persons who are
Affiliates of one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

Section 3.06 Specific Performance. Damages in the event of breach of this Agreement by a party hereto may be
difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to seek an injunction or other equitable relief in any court
of competent  

  
 18 

 
jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of
lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may
have. 
 Section 3.07 Counterparts. This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same agreement. 

Section 3.08 Governing Law, Submission to Jurisdiction. This Agreement, and all claims or causes of action (whether
in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation
or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the laws of the State of Delaware without regard to principles of conflicts of laws. Any action against any party relating to the
foregoing shall be brought in any federal or state court of competent jurisdiction located within the State of Delaware, and the parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any federal or state court located within
the State of Delaware over any such action. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court
or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 Section 3.09 Waiver of Jury Trial. THE PARTIES TO THIS AGREEMENT EACH HEREBY WAIVE, AND AGREE TO CAUSE
THEIR AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH
HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 Section 3.10
Entire Agreement. This Agreement, the Warrant Agreement and the other agreements and documents referred to herein are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of the subject matter contained  

  
 19 

 
herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or in the Warrant Agreement with respect to the rights
granted by the Company or any of its Affiliates or the Purchasers or any of their respective Affiliates set forth herein or therein. This Agreement, the Warrant Agreement and the other agreements and documents referred to herein or therein supersede
all prior agreements and understandings between the parties with respect to such subject matter. 
 Section 3.11
Amendment. This Agreement may be amended only by means of a written amendment signed by the Company and the Holders of a majority of the outstanding Registrable Securities or securities convertible into Registrable Securities, as
applicable; provided, however, that no such amendment shall adversely affect the rights of any Holder hereunder without the consent of such Holder. Any amendment, supplement or modification of or to any provision of this Agreement, any waiver
of any provision of this Agreement, and any consent to any departure by the Company or any Purchaser from the terms of any provision of this Agreement shall be effective only in the specific instance and for the specific purpose for which such
amendment, supplement, modification, waiver or consent has been made or given. 
 Section 3.12 No Presumption.
This Agreement has been reviewed and negotiated by sophisticated parties with access to legal counsel and shall not be construed against the drafter. 

Section 3.13 Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and
acknowledges that, other than as set forth herein, no Person other than the Purchasers, the Selling Holders, their respective permitted assignees and the Company shall have any obligation hereunder and that, notwithstanding that one or more of such
Persons may be a corporation, Company or limited liability company, no recourse under this Agreement or under any documents or instruments delivered in connection herewith shall be had against any former, current or future director, officer,
employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or their respective permitted assignees, or any former, current or future director, officer, employee, agent, general or limited partner,
manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal
liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of such Persons or any of
their respective assignees, or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of such Persons or their
respective permitted assignees under this Agreement or any documents or instruments delivered in connection herewith or for any claim based on, in respect of or by reason of such obligation or its creation, except, in each case, for any assignee of
any Purchaser or a Selling Holder hereunder. 
 Section 3.14 Interpretation. Article, Section and Schedule
references in this Agreement are references to the corresponding Article, Section or Schedule to this Agreement, unless otherwise specified. All Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in full
herein and are an integral part of this Agreement. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise 

  
 20 

 
modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to” and shall not be construed to limit any general
statement that it follows to the specific or similar items or matters immediately following it. Whenever the Company has an obligation under this Agreement, the expense of complying with that obligation shall be an expense of the Company unless
otherwise specified. Any reference in this Agreement to “$” shall mean U.S. dollars. Whenever any determination, consent or approval is to be made or given by a Purchaser, such action shall be in such Purchaser’s sole discretion,
unless otherwise specified in this Agreement. If any provision in this Agreement is held to be illegal, invalid, not binding or unenforceable, (a) such provision shall be fully severable and this Agreement shall be construed and enforced as if
such illegal, invalid, not binding or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions shall remain in full force and effect, and (b) the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. When
calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such
period is a non-Business Day, the period in question shall end on the next succeeding Business Day. Any words imparting the singular number only shall include the plural and vice versa. The words such as “herein,” “hereinafter,”
“hereof” and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires. The provision of a Table of Contents, the division of this Agreement
into Articles, Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. 

[Remainder of Page Left Intentionally Blank] 

  
 21 

 IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first
above written. 
  

	
	TARGA RESOURCES CORP.
	
	 /s/ Matthew J. Meloy

	Matthew J. Meloy
	Executive Vice President and Chief Financial Officer

 
					
	BTO Targa Holdings L.P.
		
		 	 By: BTO Holdings Manager L.L.C., its

general partner

			
		 	By:	 	         /s/ Christopher J. James

		 	Name:	 	        Christopher J. James
		 	Title:	 	        Authorized Person

 
					
	Blackstone Tactical Opportunities Fund – U L.P.
		
		 	By: Blackstone Tactical Opportunities Associates L.L.C., its general partner
			
		 	By:	 	         /s/ Christopher J. James

		 	Name:	 	        Christopher J. James
		 	Title:	 	        Authorized Person

 
					
	Blackstone Tactical Opportunities Fund II.F – Q L.P.
		
		 	By: Blackstone Tactical Opportunities Associates II L.L.C., its general partner
			
		 	By:	 	         /s/ Christopher J. James

		 	Name:	 	        Christopher J. James
		 	Title:	 	        Authorized Person

 
					
	Blackstone Tactical Opportunities Fund II – Q L.P.
		
		 	By: Blackstone Tactical Opportunities Associates II L.L.C., its general partner
			
		 	By:	 	         /s/ Christopher J. James

		 	Name:	 	        Christopher J. James
		 	Title:	 	        Authorized Person

 
					
	Blackstone Tactical Opportunities Fund II – AD (P-USRPHC) - Q L.P.
		
		 	By: Blackstone Tactical Opportunities Associates L.L.C., its general partner
			
		 	By:	 	         /s/ Christopher J. James

		 	Name:	 	        Christopher J. James
		 	Title:	 	        Authorized Person

 
					
	Blackstone Tactical Opportunities Fund II – T– Q L.P.
		
		 	By: Blackstone Tactical Opportunities Associates L.L.C., its general partner
			
		 	By:	 	         /s/ Christopher J. James

		 	Name:	 	        Christopher J. James
		 	Title:	 	        Authorized Person

 
					
	ENERGY CAPITAL PARTNERS MEZZANINE OPPORTUNITIES FUND, LP
		
		 	By: Energy Capital Partners Mezzanine GP, LP, its general partner
		
		 	By: Energy Capital Partners Mezzanine, LLC, its general partner
			
		 	By:	 	         /s/ Peter Labbat

		 	Name:	 	        Peter Labbat
		 	Title:	 	        Authorized Signatory

 
					
	ENERGY CAPITAL PARTNERS MEZZANINE OPPORTUNITIES FUND A, LP
		
		 	By: Energy Capital Partners Mezzanine GP, LP, its general partner
		
		 	By: Energy Capital Partners Mezzanine, LLC, its general partner
			
		 	By:	 	         /s/ Peter Labbat

		 	Name:	 	        Peter Labbat
		 	Title:	 	        Authorized Signatory

 
					
	ENERGY CAPITAL PARTNERS MEZZANINE OPPORTUNITIES FUND B, LP
		
		 	By: Energy Capital Partners Mezzanine GP, LP, its general partner
		
		 	By: Energy Capital Partners Mezzanine, LLC, its general partner
			
		 	By:	 	         /s/ Peter Labbat

		 	Name:	 	        Peter Labbat
		 	Title:	 	        Authorized Signatory

 
					
	MMF Moore ET Investments, LP, as Purchaser
		
		 	By: Moore Capital Management, LP, its Investment Manager
			
		 	By:	 	         /s/ James Kaye

		 	Name:	 	        James Kaye
		 	Title:	 	        Vice President

 
					
	TORTOISE ENERGY INFRASTRUCTURE CORP., as Purchaser
		
		 	By: Tortoise Capital Advisors, L.L.C., as Investment Advisor
			
		 	By:	 	         /s/ Matthew Sallee

		 	Name:	 	        Matthew Sallee
		 	Title:	 	        Managing Director

 
					
	TORTOISE POWER AND ENERGY INFRASTRUCTURE FUND, INC., as Purchaser
		
		 	By: Tortoise Capital Advisors, L.L.C., as Investment Advisor
			
		 	By:	 	         /s/ Matthew Sallee

		 	Name:	 	        Matthew Sallee
		 	Title:	 	        Managing Director

 
					
	TORTOISE MLP FUND, INC., as Purchaser
		
		 	By: Tortoise Capital Advisors, L.L.C., as Investment Advisor
			
		 	By:	 	         /s/ Matthew Sallee

		 	Name:	 	        Matthew Sallee
		 	Title:	 	        Managing Director

 
					
	 TORTOISE PIPELINE & ENERGY FUND, INC., as

Purchaser

		
		 	 By: Tortoise Capital Advisors, L.L.C., as

Investment Advisor

			
		 	By:	 	         /s/ Matthew Sallee

		 	Name:	 	        Matthew Sallee
		 	Title:	 	        Managing Director

 
							
	TORTOISE ENERGY INDEPENDENCE FUND, INC., as Purchaser
		
		 	By: Tortoise Capital Advisors, L.L.C., as Investment Advisor
			
		 	By:	 	         /s/ Matthew Sallee

		 	Name:	 	        Matthew Sallee
		 	Title:	 	        Managing Director

 
							
	Volkel Holdings, LLC
			
		 	By:	 	         /s/ David B. Duncan

		 	Name:	 	         David B. Duncan

		 	Title:	 	        Managing Director

 
							
	STONEPEAK TARGET HOLDINGS LP
	
	By: Stonepeak Associates II LLC, its general partner
	
	By: Stonepeak GP Holdings II LP, its sole member
	
	By: Stonepeak GP Investors II LLC, its general partner
	
	By: Stonepeak GP Investors Manager LLC, its managing member
			
		 	By:	 	 /s/ Michael Dorrell

		 	Name:	 	Michael Dorrell
		 	Title:	 	Managing Member

 
							
	STONEPEAK TARGET UPPER HOLDINGS LLC
	
	MANAGING MEMBER: STONEPEAK INFRASTRUCTURE FUND II (AIV II) LP
	
	By: Stonepeak Associates II LLC, its general partner
	
	By: Stonepeak GP Holdings II LP, its sole member
	
	By: Stonepeak GP Investors II LLC, its general partner
	
	By: Stonepeak GP Investors Manager LLC, its managing member
			
		 	By:	 	 /s/ Michael Dorrell

		 	Name:	 	     Michael Dorrell
		 	Title:	 	     Managing Member

 Schedule A 

Purchaser Name; Notice and Contact Information 
  

			
	 Purchaser
	  	 Contact Information

		
	Stonepeak Target Holdings, LP	  	 717 Fifth Avenue, 25th Floor
 New York, NY
10022
 Attn: Adrienne Saunders
 Email:
saunders@stonepeakpartners.com
 and
 Attn: Jack Howell

Email: howell@stonepeakpartners.com

		
	BTO Targa Holdings L.P.	  	 c/o The Blackstone Group
 345 Park Ave.

New York, NY 10154
 Attn:   Viral Patel

            Daniel Lee

Email: Patel@blackstone.com

            Daniel.Lee@blackstone.com

 
 With copies to (which shall not constitute notice):

 
 Kirkland & Ellis LLP

600 Travis St., Suite 3300
 Houston, TX 77002

Attn:   Andrew Calder

            Rhett Van Syoc

Email: andrew.calder@kirkland.com

            rhett.vansyoc@kirkland.com

		
	Blackstone Tactical Opportunities Fund – U L.P.	  	 c/o The Blackstone Group
 345 Park Ave.

New York, NY 10154
 Attn:   Viral Patel

            Daniel Lee

Email: Patel@blackstone.com

            Daniel.Lee@blackstone.com

 
 With copies to (which shall not constitute notice):

 
 Kirkland & Ellis LLP

600 Travis St., Suite 3300
 Houston, TX 77002

Attn:   Andrew Calder

            Rhett Van Syoc

Email: andrew.calder@kirkland.com

            
rhett.vansyoc@kirkland.com

  
 Schedule A-1 

			
	 Purchaser
	  	 Contact Information

		
	Blackstone Tactical Opportunities Fund II.F – Q L.P.	  	 c/o The Blackstone Group
 345 Park Ave.

New York, NY 10154
 Attn:   Viral Patel

            Daniel Lee

Email: Patel@blackstone.com

            Daniel.Lee@blackstone.com

 
 With copies to (which shall not constitute notice):

 
 Kirkland & Ellis LLP

600 Travis St., Suite 3300
 Houston, TX 77002

Attn:   Andrew Calder

            Rhett Van Syoc

Email: andrew.calder@kirkland.com

            rhett.vansyoc@kirkland.com

		
	Blackstone Tactical Opportunities Fund II – Q L.P.	  	 c/o The Blackstone Group
 345 Park Ave.

New York, NY 10154
 Attn:   Viral Patel

            Daniel Lee

Email: Patel@blackstone.com

            Daniel.Lee@blackstone.com

 
 With copies to (which shall not constitute notice):

 
 Kirkland & Ellis LLP

600 Travis St., Suite 3300
 Houston, TX 77002

Attn:   Andrew Calder

            Rhett Van Syoc

Email: andrew.calder@kirkland.com

            
rhett.vansyoc@kirkland.com

  
 Schedule A-2 

			
	 Purchaser
	  	 Contact Information

		
	Blackstone Tactical Opportunities Fund II – AD (P-USRPHC) – Q L.P.	  	 c/o The Blackstone Group
 345 Park Ave.

New York, NY 10154
 Attn:   Viral Patel

            Daniel Lee

Email: Patel@blackstone.com

            Daniel.Lee@blackstone.com

 
 With copies to (which shall not constitute notice):

 
 Kirkland & Ellis LLP

600 Travis St., Suite 3300
 Houston, TX 77002

Attn:   Andrew Calder

            Rhett Van Syoc

Email: andrew.calder@kirkland.com

            rhett.vansyoc@kirkland.com

		
	Blackstone Tactical Opportunities Fund II – T – Q L.P.	  	 c/o The Blackstone Group
 345 Park Ave.

New York, NY 10154
 Attn:   Viral Patel

            Daniel Lee

Email: Patel@blackstone.com

            Daniel.Lee@blackstone.com

 
 With copies to (which shall not constitute notice):

 
 Kirkland & Ellis LLP

600 Travis St., Suite 3300
 Houston, TX 77002

Attn:   Andrew Calder

            Rhett Van Syoc

Email: andrew.calder@kirkland.com

            rhett.vansyoc@kirkland.com

		
	MMF Moore ET Investments, LP	  	 MMF Moore ET Investments, LP
 c/o Moore
Capital Management, LP
 11 Times Square, 38th Floor

New York, NY 10036
  

Attn: Salvaotore Bonello
 Tel. (212) 278-6044

Email: Salvaotore.Bonello@moorecap.com

  
 Schedule A-3 

			
	 Purchaser
	  	 Contact Information

		
	 ENERGY CAPITAL PARTNERS
 MEZZANINE
OPPORTUNITIES FUND, LP
  
 ENERGY CAPITAL PARTNERS

MEZZANINE OPPORTUNITIES FUND A, LP
  

ENERGY CAPITAL PARTNERS
 MEZZANINE OPPORTUNITIES FUND B,
LP
	  	 Energy Capital Partners Mezzanine Opportunities Fund, LP

Energy Capital Partners Mezzanine Opportunities Fund A, LP
 Energy
Capital Partners Mezzanine Opportunities Fund B, LP
  
 1000 Louisiana Street, Suite
5200
 Houston, Texas 77002
 Attn: Scott Rogan, Principal

 
 and
  

Kirkland & Ellis LLP
 600 Travis Street, Suite 3300

Houston, Texas 77002
 Attn: William J. Benitez,
Partner

		
	 Tortoise Energy Infrastructure Corp.

Tortoise Power and Energy Infrastructure Fund, Inc.

Tortoise MLP Fund, Inc.
 Tortoise Pipeline &
Energy Fund, Inc.
 Tortoise Energy Independence Fund, Inc.
	  	 11550 Ash Street, Suite 300
 Leawood, KS
66211
 Attn: Ryan Channell, Tortoise Capital Advisors
 Phone:
913-890-2161
 Email: rchannell@tortoiseadvisors.com

		
	 Volkel Holdings, LLC
 David B.
Duncan
 Managing Director
	  	 950 Echo Lane, Suite 115
 Houston, TX 77024

Email: dduncan@wolfcreekholdings.com

		
	Stonepeak Target Upper Holdings LLC	  	 717 Fifth Avenue, 25th Floor
 New York, NY 10022
Attn: Adrienne Saunders
 Email: saunders@stonepeakpartners.com

and
 Attn: Jack Howell

Email: howell@stonepeakpartners.com

  
 Schedule A-4

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