Document:

exhibit10_13.htm

    
      

       

      Exhibit
10.13

       

       

      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.exhibit10_14.htm

    EXHIBIT
10.14

    

    Targa Resources, Inc. 2009
Annual Incentive Plan Description

    

    On
January 22, 2009, 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 2009 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 (including business
priorities of Targa Resources Partners LP) approved by the Committee and to aid
the Company in retaining and motivating employees.  Under the Bonus
Plan, funding of a discretionary cash bonus pool is expected to be recommended
by the Company’s chief executive officer (the “CEO”) and approved by
the Committee based on the Company’s achievement of certain business
priorities.  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 on
performance and upon the recommendation of their supervisors, managers and line
officers.

     

    The
Committee has established the following eight key business priorities for
2009:

    

    
      	
              ·  

            	
              manage
      controllable costs to levels at or below plan levels – with a continuous
      effort to improve costs for 2009 and
beyond;

            

    

    
      	
              ·  

            	
              examine,
      prioritize, and approve each capital project closely for economics (or
      necessity) in the current
environment;

            

    

    
      	
              ·  

            	
              increase
      scrutiny and proactively manage credit and liquidity across finance,
      credit and commercial areas;

            

    

    
      	
              ·  

            	
              reduce
      (eliminate where appropriate) downstream’s inventory exposure (for the
      Company only);

            

    

    
      	
              ·  

            	
              continue
      to invest in our businesses primarily within existing cash
      flow;

            

    

    
      	
              ·  

            	
              pursue
      selected opportunities including new shale play gathering and processing
      build outs, other fee-based capex projects and the potential to purchase
      distressed strategic assets;

            

    

    
      	
              ·  

            	
              analyze
      and recommend approaches to achieve maximum value;
  and

            

    

    
      	
              ·  

            	
              execute
      on the above priorities, including the 2009 financial business
      plan.

            

    

    

    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.exhibit4_3.htm

    Exhibit
4.3

     

    Supplemental
Indenture (this “Supplemental Indenture”), dated as of February 14, 2007, among
Targa Resources GP LLC (the “Guaranteeing Subsidiary”), a subsidiary of Targa
Resources, Inc. (or its permitted successor), a Delaware corporation (the
“Company”), Targa Resources Finance Corporation, a Delaware corporation (the
“Co-Issuer”), the other Subsidiary Guarantors (as defined in the Indenture
referred to herein) and Wells Fargo Bank, National Association, as trustee under
the Indenture referred to below (the “Trustee”).

     

    WITNESSETH

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    4.           GOVERNING
LAW.   This Supplemental Indenture shall be governed by and
construed in accordance with the laws of the State of New York.

     

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

     

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

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    7.           THE
TRUSTEE.  The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Guaranteeing Subsidiaries, the Co-Issuer and the
Company.

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to
be duly executed and attested, all as of the date first above
written.

     

    Dated:
February 14, 2007

     

    
      	
               
      

            	
              TARGA
      RESOURCES GP LLC

            

    

    

    

    
      	
               
      

            	
              By:

            	
              /s/ Howard M.
      Tate

            	 

    

    Name:                 Howard
M. Tate

    
      	
               
      

            	
              Title:

            	
              Vice
      President - Finance and Assistant
Treasurer

            

    

    

    
      	
               
      

            	
              TARGA
      RESOURCES, INC.

            

    

    

    

    
      	
               
      

            	
              By:

            	
              /s/ Howard M.
      Tate

            	 

    

    Name:                 Howard
M. Tate

    
      	
               
      

            	
              Title:

            	
              Vice
      President - Finance and Assistant
Treasurer

            

    

    

    
      	
               
      

            	
              TARGA
      RESOURCES FINANCE CORPORATION

            

    

    

    

    
      	
               
      

            	
              By:

            	
              /s/ Howard M.
      Tate

            	 

    

    Name:                 Howard
M. Tate

    
      	
               
      

            	
              Title:

            	
              Vice
      President - Finance and Assistant
Treasurer

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              TARGA
      LOUISIANA FIELD SERVICES LLC

            

    

    
      	
               
      

            	
              TARGA
      LOUISIANA INTRASTATE LLC

            

    

    
      	
               
      

            	
              TARGA
      RESOURCES LLC

            

    

    
      	
               
      

            	
              TARGA
      RESOURCES II LLC

            

    

    
      	
               
      

            	
              TARGA
      RESOURCES HOLDINGS GP LLC

            

    

    
      	
               
      

            	
              TARGA
      RESOURCES HOLDINGS LP

            

    

    
      	
               
      

            	
              TARGA
      RESOURCES TEXAS GP, LLC

            

    

    
      	
               
      

            	
              TARGA
      TEXAS FIELD SERVICES LP

            

    

    
      	
               
      

            	
              TARGA
      MIDSTREAM GP, LLC

            

    

    
      	
               
      

            	
              TARGA
      GAS MARKETING LLC

            

    

    
      	
               
      

            	
              TARGA
      MIDSTREAM SERVICES LIMITED PARTNERSHIP (formerly known as
      Dynegy

            

    

    
      	
               
      

            	
              Midstream
      Services, Limited Partnership)

            

    

    
      	
               
      

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

            

    

    
      	
               
      

            	
              TARGA
      INTRASTATE PIPELINE LLC (formerly known as Dynegy Intrastate Pipeline,
      L.L.C.)

            

    

    
      	
               
      

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

            

    

    
      	
               
      

            	
              TARGA
      LIQUIDS MARKETING AND TRADE (formerly known as Dynegy Liquids Marketing
      and Trade)

            

    

    
      	
               
      

            	
              TARGA
      NGL PIPELINE COMPANY LLC (formerly known as Dynegy NGL Pipeline Company,
      LLC)

            

    

    
      	
               
      

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

            

    

    
      	
               
      

            	
              TARGA
      REGULATED HOLDINGS LLC (formerly known as Dynegy Regulated Holdings
      LLC)

            

    

    
      	
               
      

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

            

    

    
      	
               
      

            	
              TARGA
      GP INC.

            

    

    
      	
               
      

            	
              TARGA
      LP INC.

            

    

    
      	
               
      

            	
              TARGA
      NORTH TEXAS GP LLC

            

    

    
      	
               
      

            	
              TARGA
      VERSADO GP LLC

            

    

    
      	
               
      

            	
              TARGA
      STRADDLE GP LLC

            

    

    
      	
               
      

            	
              TARGA
      PERMIAN GP LLC

            

    

    
      	
               
      

            	
              TARGA
      DOWNSTREAM GP LLC

            

    

    
      	
               
      

            	
              TARGA
      NORTH TEXAS LP

            

    

    
      	
               
      

            	
              TARGA
      VERSADO LP

            

    

    
      	
               
      

            	
              TARGA
      STRADDLE LP

            

    

    
      	
               
      

            	
              TARGA
      PERMIAN LP

            

    

    
      	
               
      

            	
              TARGA
      DOWNSTREAM LP

            

    

    
      	
               
      

            	
              TARGA
      LSNG GP LLC

            

    

    
      	
               
      

            	
              TARGA
      LSNG LP

            

    

    

    
      	
               
      

            	
              By:

            	
              /s/ Howard M.
      Tate

            	 

    

    Name:                 Howard
M. Tate

    
      	
               
      

            	
              Title:

            	
              Vice
      President - Finance and Assistant
Treasurer

            

    

    

    

    
      	
               
      

            	
              WELLS
      FARGO BANK, NATIONAL ASSOCIATION, as
Trustee

            

    

    

    
      	
               
      

            	
              By:

            	
              __/s/ Joseph
      O’Donnell_______

            	 

    

    
      	
               
      

            	
              Authorized
      Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00154-of-00352.parquet"}]]