Document:

2008 Annual Incentive Plan

 Exhibit 10.25 
 TARGA RESOURCES, INC. 2008 ANNUAL INCENTIVE PLAN DESCRIPTION 
 On January 17, 2008, the
Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Targa Resources Investments Inc. (“Targa Investments”), the indirect parent of Targa Resources, Inc. (the
“Company”), approved the Targa Investments 2008 Annual Incentive Compensation Plan (the “Bonus Plan”). The Bonus Plan is a discretionary annual cash bonus plan available to all of the Company’s employees, including
its executive officers. The purpose of the Bonus Plan is to reward employees for contributions toward the Company’s business priorities approved by the Committee and to aid the Company in retaining and motivating employees. Under the Bonus
Plan, a discretionary cash bonus pool may be funded based on the Company’s achievement of certain business priorities recommended by the Company’s chief executive officer (the “CEO”) and approved by the Committee. The
Bonus Plan is administered by the Committee, which considers certain recommendations by the CEO. Following the end of the year, the CEO recommends to the Committee the total amount of cash to be allocated to the bonus pool based upon the achievement
of the business priorities of the Company, generally ranging from 0 to 2x the total target bonus for the employees in the pool. Upon receipt of the CEO’s recommendation, the Committee, in its sole discretion, determines the total amount of cash
to be allocated to the bonus pool. Additionally, the Committee, in its sole discretion, determines the amount of the cash bonus award to each of the Company’s executive officers, including the CEO. The executive officers determine the amount of
the cash bonus pool to be allocated to certain of the Company’s departments, groups and employees (other than the executive officers of the Company) based upon the recommendation of their supervisors, managers and line officers. 
 The Committee has established the following six key business priorities for 2008: 
  

	 	•	 	 Identify opportunities to strengthen organization and develop plans to address them 

  

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

  

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

 

	 	•	 	 Improve insurance recovery situation with resolution or clear path to resolution 

  

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

  

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

 The Committee has targeted a total cash bonus pool for achievement of the business priorities based on the sum of individual employee market-based target
percentages ranging from approximately 3% to 50% of each employee’s eligible earnings. Generally, eligible earnings are an employee’s base salary and overtime pay. The Committee has discretion to adjust the cash bonus pool attributable to
the business priorities based on accomplishment of the applicable objectives as determined by the Committee and the CEO. Funding of the Company’s cash bonus pool and the payment of individual cash bonuses to employees are subject to the sole
discretion of the Committee.Form of Performance Unit Grant Agreement

 Exhibit 10.29 
 TARGA RESOURCES INVESTMENTS INC. 
 LONG TERM INCENTIVE PLAN 
 PERFORMANCE UNIT GRANT AGREEMENT 
  

			
	 Grantee:
	  	 
		
	 Date of Grant:
	  	                                      
      , 200    
		
	 Number of Performance Units Granted:
	  	 

 1. Performance Unit Grant. I am pleased to inform you that you have been granted the above
number of Performance Units with respect to Common Units (“Common Units” or “Units”) of Targa Resources Partners LP (the “MLP”) under the Targa Resources Investments Inc. Long Term Incentive Plan (the “Plan”).
A Performance Unit is a notional Common Unit of the MLP. Each Performance Unit also includes a tandem Distribution Equivalent Right (“DER”). A DER is a right to receive an amount equal to the cash distributions made with respect to a
Common Unit after the Date of Grant and prior to payment of your Performance Unit, if earned. The terms of the grant are subject to the terms of the Plan and this Performance Unit Grant Agreement (this “Agreement”), which includes
Attachment A hereto. 
 2. Performance Goal and Payment. Subject to the further provisions of this Agreement, if, and to the extent,
the Performance Goal (set forth on Attachment A) is achieved for the Performance Period (set forth on Attachment A), then as soon as reasonably practical following the end of the Performance Period you will receive, in cancellation of your
Performance Units, an amount of cash equal to the product of (i) your number of Performance Units times (ii) the Performance Percentage (set forth in Item II on Attachment A) for the Performance Period times (iii) the Fair Market
Value of a Common Unit on the last day of the Performance Period. In addition, you will receive cash relating to the amount of the DER that you are entitled to as described in Section 4. If, however, the minimum Performance Goal is not achieved
for the Performance Period, all of your Performance Units and DERs will be cancelled automatically without payment at the end of the Performance Period. 
 3. Vesting. 
 (a) If you cease to be employed by Targa Resources Investments Inc. and
its Affiliates (collectively, the “Company”) during the Performance Period for any reason other than as provided below, all Performance Units and tandem DERs awarded to you shall be automatically forfeited without payment upon your
termination. For purposes of this Agreement, “employment with the Company” shall include being an employee or a Director of, or a Consultant to, the Company. 
 (b) If you cease to be employed by the Company during the Performance Period as a result of your death or a disability that entitles you
to disability benefits under the Company’s long-term disability plan, or your employment is terminated by the Company other than for Cause, you will be vested in any Performance Units that you are otherwise qualified to receive payment for
based on achievement of the Performance Goal at the end of the Performance Period. If you are a party to an agreement with the Company in which the term cause is defined, that definition of cause shall apply for purposes of the Plan and this
Agreement. Otherwise, “Cause” means (i) failure to perform assigned duties and responsibilities (ii) engaging in conduct which is injurious (monetarily or otherwise) to the Company or any of its Affiliates, (iii) breach of
any corporate policy or code of conduct established by the Company or breach of any agreement between the Company and you, or (iv) conviction of a misdemeanor involving moral turpitude or a felony. 
 4. DERs. Beginning on the Date of Grant and ending on the last day of the Performance Period, on each date during such period that the MLP makes a
cash distribution with respect to its Units you will be credited with an amount of cash equal to the product of (i) the cash distributions paid with respect to a Common Unit times 

 
(ii) your number of Performance Units. Your DERs shall be credited to a bookkeeping account by the Company. As soon as practical following the end of
the Performance Period, your DER account will be paid (without interest) to you in cash or forfeited, as the case may be. The amount of your DER account to be paid to you will be equal to the product of the Performance Percentage times the amount
credited to your DER account. DERs shall not be payable with respect to any Performance Unit that is forfeited or as to which you are not otherwise qualified to receive payment for based on the Performance Goal at the end of the Performance Period.

 5. Change of Control. Upon the occurrence of a Change of Control during the Performance Period, the Performance Percentage shall be
deemed to be 100% and your Performance Units and all DER amounts, if any, then credited to you shall be cancelled on such date and you will be paid an amount of cash equal to the sum of (i) the product of (a) the Fair Market Value of a
Common Unit times (b) the number of Performance Units granted to you plus (ii) the amount of DERs then credited to you, if any. 
 6. Nontransferability of Award. The Performance Units and DERs may not be transferred, assigned, encumbered or pledged by you in any manner otherwise than by will or by the laws of descent or distribution. The terms of the Plan and
this Agreement shall be binding upon your executors, administrators, heirs, successors and assigns. 
 7. Entire Agreement; Governing
Law. The Plan is incorporated herein by reference. The Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and, except as expressly provided in this Agreement, supersede in their
entirety all prior undertakings and agreements between you and Targa Resources Investments Inc. and its Affiliates with respect to the same. This Agreement is governed by the internal substantive laws, but not the choice of law rules, of the State
of Texas. 
 8. Withholding of Taxes. To the extent that the vesting or payment of Performance Units or DERs results in the receipt of
compensation by you with respect to which the Company has a tax withholding obligation pursuant to applicable law, the Company shall withhold such tax from any payment due you hereunder. 
 9. Amendments. This Agreement may be modified only by a written agreement signed by you and an authorized person on behalf of Targa Resources
Investments Inc. who is expressly authorized to execute such document; provided, however, notwithstanding the foregoing, Targa Resources Investments Inc. may make any change to this Agreement without your consent if such change is not materially
adverse to your rights under this Agreement. 
 10. Plan Controls. By accepting this grant, you agree that the Performance Units and
DERs are granted under and governed by the terms and conditions of the Plan and this Agreement. In the event of any conflict between the Plan and this Agreement, the terms of the Plan shall control. Unless otherwise defined herein, the terms defined
in the Plan shall have the same defined meanings in this Agreement. 
  

			
	TARGA RESOURCES INVESTMENTS INC.
		
	By:	 	 
	Name:	 	Rene R. Joyce
	Title:	 	Chief Executive Officer

  

 2 

 ATTACHMENT A 
  

	I.	The Performance Period shall begin on             , 2007 and end on
            , 20      . 

  

	II.	Performance Goal 

 The payment of a Performance Unit will
be determined based on the comparison of (i) the Total Return (as defined below) of a Common Unit for the Performance Period to (ii) the Total Return of a share of the common stock/unit of each member of the Peer Group for the Performance
Period. Total Return shall be measured by (i) subtracting the average closing price per share/unit for the first ten trading days of the Performance Period (the “Beginning Price”) from the sum of (a) the average closing price per
share/unit for the last ten trading days ending on the date that is 15 days prior to the end of the Performance Period plus (b) the aggregate amount of dividends/distributions paid with respect to a share/unit during such period (the result
being referred to as the “Value Increase”) and (ii) dividing the Value Increase by the Beginning Price. 
  

			
	 Peer Group Ranking
 (out of 13 companies)
	 	 Performance
 Percentage1

	No. 1-7	 	  100%
	No. 8	 	83.33%
	No. 9	 	66.67%
	No. 102	 	    50%
	No. 11-13	 	      0%

  

	 1
	 The Performance Percentage between No. 7 and No. 10 is a percentage between 50% and 100% based on a comparison
of the Total Returns described above. 

	 2
	 No. 10 is the minimum Performance Goal for which there is a Performance Percentage. 

 

	III.	Adjustments to Performance Goals for Certain Events 

 If,
during the Performance Period, there is a change in accounting standards required by the Financial Accounting Standards Board, the above performance goals shall be adjusted by the Committee as appropriate, in its discretion, to disregard the effect
of such change. 
  

	IV.	The Peer Group shall consist of the following companies: 

  

			
	 Company
	  	 Ticker

	 Energy Transfer Partners
	  	ETP
	 Oneok Partners
	  	OKS
	 Copano Energy
	  	CPNO
	 DCP Midstream
	  	DPM
	 Regency Energy Partners
	  	RGNC
	 Plains All American Pipeline
	  	PAA
	 MarkWest Energy Partners
	  	MWE
	 Williams Energy Partners
	  	WPZ
	 Magellan Midstream
	  	MMP
	 Martin Midstream
	  	MMLP
	 Enbridge Energy Partners
	  	EEP
	 Crosstex Energy
	  	XTEX
	 Targa Resources Partners LP
	  	NGLS

  

 A-1 

 The Committee may add or delete companies from the Peer Group and provide a related adjustment in the
rankings at any time during the Performance Period, wherever, in its discretion, such deletion or adjustment is appropriate to reflect that such peer company is no longer publicly traded or is determined by the Committee to no longer be a peer of
the MLP (for example due to a member no longer being publicly traded) or to reflect any other significant event. 
  

	V.	Committee Certification 

 As soon as reasonably practical
following the end of the Performance Period, the Committee shall review the results for the Performance Period and certify those results in writing to the Board. No Performance Units or DERs shall be paid prior to the Committee’s certification.
However, Committee certification shall not apply in the event of a Change of Control. 
  

 A-2

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