Document:

EX-4.3

 Exhibit 4.3 

Execution Copy 

BOARD REPRESENTATION AND OBSERVATION RIGHTS AGREEMENT 

THIS BOARD REPRESENTATION AND OBSERVATION RIGHTS AGREEMENT, dated as of March 16, 2016 (this “Agreement”),
is entered into by and among Targa Resources Corp., a Delaware corporation (the “Company”), and Stonepeak Target Holdings LP (“Stonepeak” or the “Purchaser”). The Company and
the Purchaser are herein referred to as the “Parties.” Capitalized terms used but not defined herein shall have the meaning assigned to such terms in the Series A Preferred Stock Purchase Agreement, dated as of
February 18, 2016 (as amended by Amendment No. 1 thereto dated March 3, 2016 and by Amendment No. 2 thereto dated March 15, 2016), by and among the Company and the Purchaser (the “Purchase
Agreement”). 
 Recitals 

WHEREAS, pursuant to, and subject to the terms and conditions of, the Purchase Agreement, the Company has agreed to issue and sell
Series A Preferred Stock (the “Preferred Stock”) and Warrants that will be exercisable for shares of Common Stock of the Company to the Purchaser and certain other third party purchasers; 

WHEREAS, to induce the Parties to enter into the transactions evidenced by the Purchase Agreement, each of the Parties is required to
deliver this Agreement, duly executed by each of the Parties, contemporaneously with the Closing of the transactions contemplated by the Purchase Agreement; 

WHEREAS, the Purchaser’s investment in the Company pursuant to the Purchase Agreement is expected to benefit the Company; 

WHEREAS, the Purchaser will receive valuable consideration as a result of the investment in the Company pursuant to the Purchase
Agreement; 
 WHEREAS, to induce the parties to enter into the transactions contemplated, the Company desires to provide the
Purchaser with certain observation and designation rights in respect of the board of directors of the Company (the “Board”); 

WHEREAS, the Board has determined it to be in the best interests of the Company to provide the Purchaser with such observation and
designation rights in respect of the Board, pursuant to the terms of this Agreement; and 
 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 by each of the Parties hereto, the Parties hereby agree as follows: 

Agreement 

Section 1. Board Observation Rights. 

(a) Beginning on the date of this Agreement and ending on the date that the Purchaser and its Affiliates (collectively, the
“Purchaser Group Members”) no longer own at least 50% 

 
of the Preferred Stock issued to the Purchaser Group Members on the Closing Date (the “Board Rights Termination Date” and such period from the date of this Agreement to
the Board Rights Termination Date, the “Observation Period”), the Company hereby grants the Purchaser the option and right, exercisable at any time during the Observation Period by delivering a written notice of such
appointment to the Company (the “Observer Notice”), to appoint a single representative (the “Board Observer”), to attend all meetings (including, without limitation, telephonic meetings) of the full
Board during the Observation Period in an observer capacity. The Board Observer shall not constitute a member of the Board and shall not be entitled to vote on, or consent to, any matters presented to the Board. For the avoidance of doubt, the Board
Observer shall have no right to attend any meeting of any committee of the full Board (each, a “Committee”). The Board Observer shall be provided access to all Board materials and information as provided on the same terms and
in the same manner as provided to the other members of the Board. The Board Observer shall have the right to request to attend the executive sessions of the Board, subject to approval by the Board. 

(b) The Company shall (i) give the Board Observer notice of the applicable meeting or action taken by written consent at the same time
and in the same manner as notice is given to the members of the Board, (ii) provide the Board Observer with access to all materials and other information (including, without limitation, access to minutes of meetings or written consents of the
full Board) given to the members of the Board in connection with such meetings or actions taken by written consent at the same time and in the same manner such materials and information are furnished to such members of the Board, and
(iii) provide the Board Observer with all rights to attend (whether in person or by telephone or other means of electronic communication as solely determined by the Board Observer) such meetings as a member of the Board. The Board Observer
shall agree to maintain the confidentiality of all non-public information and proceedings of the Board and to enter into, comply with, and be bound by, in all respects, the terms and conditions of a confidentiality agreement, substantially in the
form attached hereto as Annex A (the “Confidentiality Agreement”); provided, however, upon request from any Purchaser Group Member, the Board Observer shall provide, on a confidential basis, such non-public
material and information to such Purchaser Group Member; provided that such Purchaser Group Member has agreed to comply with and be bound by, in all respects, the Confidentiality Agreement. For the avoidance of doubt, the recipient of such
confidential information from the Board Observer may further provide such information to any legal counsel, accountant and financial advisor that has been engaged by such recipient to discuss such matters or information; provided, that any
such recipient agrees and acknowledges in writing that they are bound by the provisions of the Confidentiality Agreement. 
 (c)
Notwithstanding any rights to be granted or provided to the Board Observer hereunder, the Company reserves the right to exclude the Board Observer from access to any material or meeting or portion thereof if the Board reasonably determines, in good
faith, that such access would prevent the members of the Board from engaging in attorney-client privileged communication; provided, however, that such exclusion shall be limited to the portion of the material and/or meeting that is the
basis for such exclusion and shall not extend to any portion of the material and/or meeting that does not involve or pertain to such exclusion. Notwithstanding any rights to be granted or provided to the Board Observer hereunder, the Board Observer
must notify the Board of any conflicts of interest between the Board Observer or its affiliates and the Company, and if such conflict of interest is to be discussed at a meeting of the Board, the Board

  
 2 

 
reserves the right to exclude the Board Observer from access to any material or meeting or portion thereof and the Board Observer shall recuse himself or herself from any discussions regarding
the conflict of interest. 
 (d) From and after the Board Rights Termination Date, the rights of the Purchaser in Sections 1(a)
and Section 1(b) shall cease. 
 (e) For the avoidance of doubt, the Board Observer in its capacity as a Board Observer shall
have (i) no fiduciary duty to the Company and (ii) no obligations to the Company under this Agreement, except as described in Section 1 of this Agreement, or to any stockholder. 

Section 2. Board Designation Rights. 

(a) In the event that the Board Observer becomes a member of the Board of Directors in accordance with Section 4(h) of the Certificate of
Designations (any such member, a “Purchaser Designated Director”), the Board Observer shall cease to be a Board Observer under this Agreement, and any rights of the Purchaser with respect to the Board Observer under this
Agreement shall cease to exist; provided, however, in the event that the director designation right in Section 4(h) of the Certificate of Designations shall cease to exist in accordance with the terms thereof, any such former director
shall immediately and automatically be the Board Observer pursuant to Section 1(a), and the Purchaser shall have the rights with respect to the Board Observer as set forth in this Agreement; provided further, however, that the Purchaser
shall cause any Purchaser Designated Director designated pursuant to Section 4(h) of the Certificate of Designations then serving as a member of the Board to resign as a member of the Board on the Board Rights Termination Date. 

(b) Any such Purchaser Designated Director shall, as determined in the reasonable judgment of the Board, (i) have the requisite skill and
experience to serve as a director of a public company, (ii) not be prohibited from serving as a director pursuant to any rule or regulation of the Securities and Exchange Commission (the “Commission”) or any national
securities exchange on which the Company’s shares of common stock are then listed or admitted to trading, and (iii) not be an employee or director of any Industry Competitor. In the event that the Board determines in its reasonable
judgment that a Purchaser Designated Director does not meet any of the qualifications set forth in the immediately preceding sentence, the Board shall promptly deliver to the Purchaser a statement describing the circumstances pursuant to which such
Purchaser Designated Director does not meet such qualifications. 
 (c) A Purchaser Designated Director may be removed or replaced by the
Purchaser at any time or by a majority of the remaining Directors for “cause” (as defined below), but not by any other Party; and any vacancy occurring by reason of the death, disability, resignation, removal or other cessation of a person
serving as a Purchaser Designated Director, and with respect to any removal or replacement for “cause” or for any other vacancy for any reason the Purchaser shall have the right for the ensuing 30 days, subject to the other provisions of
Section 2, to designate in writing furnished to the Nominating and Governance Committee of the Board the person to be appointed by the Board as the Purchaser Designated Director to fill the resulting vacancy (subject to such designee
meeting the standards set forth in Section 2(b)). As used herein, “cause” means that a Purchaser Designated Director (i) is prohibited from serving 

  
 3 

 
as a director of the Company under any rule or regulation of the Commission or any national securities exchange on which the Company’s Common Stock is then-listed; (ii) while serving as
a Purchaser Designated Director, is convicted by a court of competent jurisdiction of a felony; (iii) a court of competent jurisdiction has entered a final, non-appealable judgment finding the Purchaser Designated Director liable for gross
negligence, recklessness, fraud or willful misconduct against the Company (including, but not limited to, intentionally or willfully failing to observe the obligation of confidentiality contained in Section 4(a)); (iv) is determined
to have acted intentionally or in bad faith in a manner that results in a material detriment to the assets, business or prospects of the Company (provided, however, voting as a Purchaser Designated Director solely in the interest of the Purchaser,
or any effect on the Company as a result of the foregoing, shall be deemed not to result in a material detriment to the assets, business or prospects of the Company); (v) a court of competent jurisdiction has entered, a final, non-appealable
judgment finding a Purchaser Designated Director to be mentally incompetent, which mental incompetency directly affects his or her ability to serve as a director of the Company; or (vi) is terminated, removed or resigns for any reason from his
or her position, if any, with any such Purchaser Group Member at which a Purchaser Designated Director is then employed. 
 (d) The
Purchaser agrees, upon the Company’s request, to timely provide the Company with accurate and complete information relating to a Purchaser Designated Director as may be required to be disclosed by the Company under the Securities Exchange Act
of 1934, as amended, and the rules and regulations promulgated thereunder. 
 (e) At all times while either of the Purchaser Designated
Directors are serving as members of the Board or the Board Observer is serving in such capacity in accordance with Section 1 of this Agreement, such Board Observer and the Purchaser Group Members may engage in, possess an interest in, or
trade in the securities of, other business ventures of any nature or description, independently or with others, similar or dissimilar to the business of the Company, and the Company, the Board and their Affiliates shall have no rights by virtue of
this Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with the business of the Company, shall not be deemed wrongful or improper; provided, however,
that this Section 2(e) is subject to the conflicts of interest provisions of Section 1(c). None of the Board Observer, the Purchaser or their respective Affiliates shall be obligated to present any investment opportunity to the Company
even if such opportunity is of a character that the Company or any of their respective subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so, and each of the Board
Observer, the Purchaser and their respective Affiliates shall have the right to take for such person’s own account (individually or as a partner or fiduciary) or to recommend to others any such investment opportunity. Notwithstanding the
foregoing, the Board Observer shall be subject to, and comply with, the requirement to maintain confidential information pursuant to this Agreement. 

(f) The Company shall provide and maintain (or reimburse a Purchaser Designated Director for the cost of) insurance (“D&O
Insurance”), on behalf of a Purchaser Designated Director, against any liability that may be asserted against, or expense that may be incurred by, such Purchaser Designated Director in connection with the Company’s activities or
such Purchaser Designated Director’s activities on behalf of the Company, on the same terms and in the same manner that such D&O Insurance is provided and maintained for the other members of the Board. 

  
 4 

 (g) Promptly upon the designation of a Purchaser Designated Director, the Company shall enter
into and maintain an indemnification agreement with such Purchaser Designated Director so as to indemnify such person and provide for the advancement of expenses therefor on the same terms and in the same manner as provided in the most recent such
agreement that was entered into and maintained by the Company with a member of the Board. 
 Section 3. Additional
Covenant 
 In connection with any redemption pursuant to Section 8(c) of the Certificate of Designations (as defined below)
that constitutes a Going-Private Transaction (as defined below), Stonepeak shall have the option to acquire, at a per-share price and on such other reasonable and customary terms as may be agreed by Stonepeak and the surviving entity, common equity
in the surviving entity with an aggregate value (based on such mutually agreed per-share price) up to the amount of Applicable Redemption Proceeds (as defined below). Such option may be exercised by written notice delivered to the Company or
surviving entity, as applicable, by Stonepeak within 10 calendar days following any Change of Control Redemption Notice pursuant to Section 8(e) of the Certificate of Designations relating to a transaction which constitutes a Going-Private
Transaction. “Applicable Redemption Proceeds” means the aggregate proceeds to be received by Stonepeak pursuant to any required redemption pursuant to Section 8(c) of the Certificate of Designations that constitutes a
Going-Private Transaction. “Certificate of Designations” means that certain Certificate of Designations of Series A Preferred Stock of Targa Resources Corp. “Going-Private Transaction” means a
transaction or series of transactions which constitutes a Change of Control under the Certificate of Designations and as a result of which the Company terminates its public company status and related reporting obligations under the Securities
Exchange Act of 1934, as amended, and, if the Company is not the surviving entity, the surviving entity is not a public company which is subject to the reporting obligations of the Securities Exchange Act of 1934, as amended. 

Section 4. Miscellaneous. 

(a) Confidentiality. Each Board Observer and Purchaser Designated Director shall agree to maintain the confidentiality of all
non-public information and proceedings of the Board and to enter into, comply with, and be bound by, in all respects, the terms and conditions of a Confidentiality Agreement; provided, however, upon request from a Purchaser Group
Member, a Board Observer or Purchaser Designated Director shall provide, on a confidential basis, such non-public information to such Purchaser Group Member; provided that such Purchaser Group Member has agreed to comply with and be bound by,
in all respects, the Confidentiality Agreement. For the avoidance of doubt, the recipient of such confidential information from a Board Observer or Purchaser Designated Director may further provide such information to (i) any other Purchaser
Group Member and (ii) any legal counsel that has been engaged by such recipient to discuss such matters or information; provided, that any such recipient in clause (i) or (ii) agrees and acknowledges in writing
that they are bound by the provisions of the Confidentiality Agreement. The Purchaser agrees to indemnify the Company from any and all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever arising from the breach by a
Board Observer or Purchaser Designated Director of the confidentiality obligations under the Confidentiality Agreement or this Section 4(a). 

  
 5 

 (b) Entire Agreement. This Agreement is 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. There are no restrictions, promises, warranties or
undertakings other than those set forth or referred to herein with respect to the rights granted by the Company or any of its Affiliates or the Purchaser Group Members set forth herein. This Agreement supersedes all prior agreements and
understandings between the Parties with respect to the subject matter hereof. 
 (c) Notices. All notices and demands provided
for in this Agreement shall be in writing and shall be given as provided in the Purchase Agreement. 
 (d)
Interpretation. Section references in this Agreement are references to the corresponding Section to this Agreement, unless otherwise specified. 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 any determination, consent or approval is to be made or given by a Party, such action shall be
in such Party’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, (i) 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 (ii) 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, and 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 division of this
Agreement into 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. 

(e) 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 

  
 6 

 
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. Each of the Parties hereby irrevocably waives, to the fullest extent permitted by applicable Law, any objection that it 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. 
 (f) Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, AND AGREES TO CAUSE ITS
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 (i) ARISING UNDER THIS AGREEMENT OR (ii) 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. EACH OF THE PARTIES TO THIS AGREEMENT
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. 
 (g) No Waiver;
Modifications in Writing. 
 (i) Delay. No failure or delay on the part of any Party in exercising any right, power or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided
for herein are cumulative and are not exclusive of any remedies that may be available to a Party at law or in equity or otherwise. 
 (ii)
Specific Waiver. Except as otherwise provided herein, no amendment, waiver, consent, modification or termination of any provision of this Agreement shall be effective unless signed by each of the Parties hereto affected by such
amendment, waiver, consent, modification or termination. 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 a Party from the terms of
any provision of this Agreement shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on a Party in any case
shall entitle such Party to any other or further notice or demand in similar or other circumstances. Any investigation by or on behalf of any Party shall not be deemed to constitute a waiver by the Party taking such action of compliance with any
representation, warranty, covenant or agreement contained herein. 

  
 7 

 (h) Execution in 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 one and the same
agreement. 
 (i) Binding Effect; Assignment. This Agreement will be binding upon and inure to the benefit of the Parties
hereto and their respective successors and permitted assigns, but will not be assignable or delegable by any Party hereto without the prior written consent of each of the other Parties. 

(j) Independent Counsel. Each of the Parties acknowledges that it has been represented by independent counsel of its choice
throughout all negotiations that have preceded the execution of this Agreement and that it has executed the same with consent and upon the advice of said independent counsel. Each Party and its counsel cooperated in the drafting and preparation of
this Agreement and the documents referred to herein, and any and all drafts relating thereto will be deemed the work product of the Parties and may not be construed against any Party by reason of its preparation. Accordingly, any rule of Law or any
legal decision that would require interpretation of any ambiguities in this Agreement against the Party that drafted it is of no application and is hereby expressly waived. 

(k) Specific Enforcement. Each of the Parties acknowledges and agrees that monetary damages would not adequately compensate an
injured Party for the breach of this Agreement by any Party, that this Agreement shall be specifically enforceable and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or
restraining order without a requirement of posting bond. Further, each Party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 

(l) Further Assurances. Each of the Parties hereto shall, from time to time and without further consideration, execute such
further instruments and take such other actions as any other Party hereto shall reasonably request in order to fulfill its obligations under this Agreement to effectuate the purposes of this Agreement. 

[Signature Page Follows] 

  
 8 

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

			
	TARGA RESOURCES CORP.
		
	By:	 	 /s/ Matthew J. Meloy

	Name:	 	Matthew J. Meloy
	Title:	 	Executive Vice President and Chief Financial Officer
	
	PURCHASER:
	
	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

		 	Michael Dorrell
		 	Managing Member

 Signature Page to Board Representation and Observation Rights Agreement 

 ANNEX A  

FORM OF CONFIDENTIALITY AGREEMENT 

                    ,
20     
 Targa Resources Corp. 
 1000
Louisiana Street, Suite 4300 
 Houston, Texas 77002 
 Attn:

 Dear Ladies and Gentlemen: 
 Pursuant to
Section 4(a) of that certain Board Representation and Observation Rights Agreement (the “Board Rights Agreement”), dated as of March 16, 2016, by and among Targa Resources Corp., a Delaware corporation (the
“Company”) and Purchaser (the “Purchaser”), the Purchaser has exercised its right to appoint the undersigned as [an observer (the “Board Observer”)/its representative (the
“Purchaser Designated Director”)] to the board of directors of the Company (the “Board”), although the individual serving as the [Board Observer/Purchaser Designated Director] may be changed from time
to pursuant to the terms of the Board Rights Agreement and upon such other individual signing a confidentiality agreement in substantially the form hereof. The [Board Observer/Purchaser Designated Director] acknowledges that at the meetings of the
Board and at other times the [Board Observer/Purchaser Designated Director] may be provided with and otherwise have access to non-public information concerning the Company and their Affiliates. Capitalized terms used but not otherwise defined
herein, shall have the respective meanings ascribed therefor in the Board Rights Agreement. In consideration for and as a condition to the Company furnishing access to such information, the [Board Observer/Purchaser Designated Director] hereby
agrees to the terms and conditions set forth in this letter agreement (the “Agreement”): 
 1. As used in this
Agreement, subject to Paragraph 3 below, “Confidential Information” means any and all non-public financial or other non-public information concerning the Company and its Affiliates that may hereafter be disclosed to the Board
Observer by the Company, its Affiliates or by any of their directors, officers, employees, agents, consultants, advisors or other representatives (including financial advisors, accountants or legal counsel) of the Company (the
“Representatives”), including all notices, minutes, consents, materials, ideas or other information (to the extent constituting information concerning the Company and its Affiliates that is non-public financial or other
non-public information) provided to the [Board Observer/Purchaser Designated Director]. 
 2. Except to the extent permitted by this
Paragraph 2 or by Paragraph 3 or 4, the [Board Observer/Purchaser Designated Director] shall keep such Confidential Information strictly confidential, and the [Board Observer/Purchaser Designated Director] shall not use any Confidential
Information made available to the [Board Observer/Purchaser Designated Director] in his or her capacity as a member of the Board for any purpose other than management of the business and operations of the Company, or gathering information on behalf
of his or her Affiliates in his or her observer capacity; provided, that the [Board Observer/Purchaser 

 
Designated Director] may, upon request from a Purchaser Group Member, share Confidential Information with such Purchaser Group Member so long as such individuals or entities agree to comply with,
and be bound by, in all respects, the terms of this Agreement. For the avoidance of doubt, the recipient of such Confidential Information from the [Board Observer/Purchaser Designated Director] may further provide such Confidential Information to
(i) any other Purchaser Group Member and (ii) any legal counsel that has been engaged by such recipient to discuss such matters or Confidential Information; provided, that any such recipient in clause (i) or (ii) above agrees and
acknowledges in writing to be bound by the terms of this Agreement. The [Board Observer/Purchaser Designated Director] may not record the proceedings of any meeting of the Board by means of an electronic recording device. 

3. The term “Confidential Information” does not include information that (i) is or becomes generally available to
the public other than (a) as a result of a disclosure by the [Board Observer/Purchaser Designated Director] in violation of this Agreement or (b) in violation of a confidentiality obligation to the Company known to the [Board
Observer/Purchaser Designated Director], (ii) is or becomes available to the [Board Observer/Purchaser Designated Director] on a non-confidential basis from a source not known to have an obligation of confidentiality to the Company,
(iii) was already known to the [Board Observer/Purchaser Designated Director] at the time of disclosure, or (iv) is independently developed by the [Board Observer/Purchaser Designated Director] without reference to any Confidential
Information disclosed to the [Board Observer/Purchaser Designated Director]. 
 4. In the event that the [Board Observer/Purchaser
Designated Director] is legally required or compelled to disclose the Confidential Information, the [Board Observer/Purchaser Designated Director] shall use reasonable best efforts, to the extent permitted and practicable, to provide the Company
with prompt prior written notice of such requirement so that the Company may seek, at such entities sole expense and cost, an appropriate protective order. If in the absence of a protective order, the [Board Observer/Purchaser Designated Director]
is nonetheless legally required or compelled to disclose Confidential Information, the [Board Observer/Purchaser Designated Director] may disclose only the portion of the Confidential Information or other information that it is so legally required
or compelled to disclose. 
 5. All Confidential Information disclosed by the Company or its Representatives to the [Board
Observer/Purchaser Designated Director] is and will remain the property of the Company, so long as such information remains Confidential Information. 

6. It is understood and acknowledged that neither the Company nor any Representative makes any representation or warranty as to the accuracy
or completeness of the Confidential Information or any component thereof. 
 7. It is further understood and agreed that money damages would
not be a sufficient remedy for any breach of this Agreement by the [Board Observer/Purchaser Designated Director] and that the Company shall be entitled to seek specific performance or any other appropriate form of equitable relief as a remedy for
any such breach in addition to the remedies available to the Company at law. 
 8. This Agreement is personal to the [Board
Observer/Purchaser Designated Director], is not assignable by the [Board Observer/Purchaser Designated Director] and may be 

 
modified or waived only in writing. This Agreement is binding upon the parties hereto and their respective successors and assigns and inures to the benefit of the parties hereto and their
respective successors and assigns. 
 9. If any provision of this Agreement is not enforceable in whole or in part, the remaining provisions
of this Agreement will not be affected thereby. No failure or delay in exercising any right, power or privilege hereunder operates as a waiver thereof, nor does any single or partial exercise thereof preclude any other or further exercise thereof or
the exercise of any other right, power or privilege hereunder. 
 10. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF
DELAWARE. 
 11. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this
Agreement, and all of which, when taken together, will constitute one and the same agreement. The exchange of copies of this Agreement and of signature pages by facsimile or electronic transmission constitutes effective execution and delivery of
this Agreement as to the parties and may be used in lieu of the original Agreement. Signatures of the parties transmitted by facsimile or electronic transmission will be deemed to be their original signatures for any purpose whatsoever. 

[SIGNATURE PAGE FOLLOWS] 

 
	
	Very truly yours,
	
	  

	[                    ]

 Agreed to and Accepted, effective as of the 

        day of                 ,
20     : 
 [NAME OF BOARD OBSERVER/PURCHASER DESIGNATED DIRECTOR]EX-4.4

 Exhibit 4.4 

Execution Copy 

TARGA RESOURCES CORP. 

(as Issuer) 
 and

 Computershare Inc. and Computershare Trust Company, N.A. 

(as Warrant Agent) 
  

 
 Warrant
Agreement 
 Dated as of March 16, 2016 

Warrants Exercisable for 

Shares of Common Stock or Cash 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE 1.

DEFINITIONS
	  			
			
	Section 1.01	  	Definitions	  	 	  1	  
	Section 1.02	  	Rules of Construction	  	 	  5	  
		
	 ARTICLE 2.

APPOINTMENT OF WARRANT AGENT
	  			
			
	Section 2.01	  	Appointment Of Warrant Agent	  	 	  5	  
		
	 ARTICLE 3.

THE WARRANTS
	  			
			
	Section 3.01	  	Form And Dating; Legends	  	 	  6	  
	Section 3.02	  	Execution and Countersignature	  	 	  6	  
	Section 3.03	  	Warrant Registrar and Countersignature Agent	  	 	  6	  
	Section 3.04	  	Replacement Warrants	  	 	  7	  
	Section 3.05	  	Outstanding Warrants	  	 	  7	  
	Section 3.06	  	Cancellation	  	 	  7	  
	Section 3.07	  	CUSIP Numbers	  	 	  7	  
	Section 3.08	  	Registration, Transfer And Exchange	  	 	  7	  
	Section 3.09	  	Restrictions On Transfer And Exchange	  	 	  8	  
		
	 ARTICLE 4.

SEPARATION OF WARRANTS; TERMS OF WARRANTS;
EXERCISE OF WARRANTS
	  			
			
	Section 4.01	  	Terms Of Warrants; Exercise Of Warrants	  	 	  9	  
	Section 4.02	  	Conditional Exercise	  	 	11	  
	Section 4.03	  	Opinion of Counsel	  	 	12	  
	Section 4.04	  	Change of Control	  	 	12	  
		
	 ARTICLE 5.

COVENANTS OF THE COMPANY
	  			
			
	Section 5.01	  	Maintenance Of Office Or Agency	  	 	12	  
	Section 5.02	  	Payment Of Taxes	  	 	12	  
	Section 5.03	  	Rule 144A(d)(4) Information	  	 	12	  
	Section 5.04	  	Reservation Of Warrant Shares	  	 	12	  
	Section 5.05	  	Tax Treatment of Net Share Settlement	  	 	13	  
		
	 ARTICLE 6.

ADJUSTMENT OF EXERCISE PRICE AND NUMBER
OF WARRANT SHARES ISSUABLE
	  			
			
	Section 6.01	  	Adjustment to Number of Warrant Shares	  	 	13	  
	Section 6.02	  	Fractional Interests	  	 	19	  
	Section 6.03	  	Notices to Warrant Holders	  	 	19	  
	Section 6.04	  	No Rights As Stockholders	  	 	20	  

  
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	 	  	 	  	Page	 
	 ARTICLE 7.

WARRANT AGENT
	  			
			
	Section 7.01	  	Warrant Agent	  	 	20	  
	Section 7.02	  	Compensation; Indemnity; Limitation on Liability	  	 	22	  
	Section 7.03	  	Individual Rights Of Warrant Agent	  	 	23	  
	Section 7.04	  	Replacement of Warrant Agent	  	 	23	  
	Section 7.05	  	Successor Warrant Agent By Merger	  	 	24	  
	Section 7.06	  	Eligibility	  	 	25	  
	Section 7.07	  	Holder Lists	  	 	25	  
		
	 ARTICLE 8.

MISCELLANEOUS
	  			
			
	Section 8.01	  	Warrantholder Actions	  	 	25	  
	Section 8.02	  	Notices	  	 	25	  
	Section 8.03	  	Supplements And Amendments	  	 	26	  
	Section 8.04	  	Governing Law	  	 	28	  
	Section 8.05	  	No Adverse Interpretation of Other Agreements	  	 	28	  
	Section 8.06	  	Successors and Assigns	  	 	28	  
	Section 8.07	  	Duplicate Originals	  	 	28	  
	Section 8.08	  	Separability	  	 	28	  
	Section 8.09	  	Table of Contents and Headings	  	 	28	  
	Section 8.10	  	Benefits Of This Agreement	  	 	28	  
	Section 8.11	  	Good Faith Determinations	  	 	28	  
	Section 8.12	  	Obligations Limited to Parties to Agreement	  	 	29	  
	Section 8.13	  	Bank Accounts	  	 	29	  
	Section 8.14	  	Further Assurances	  	 	29	  
	Section 8.15	  	Confidentiality	  	 	29	  
	Section 8.16	  	Force Majeure	  	 	29	  
		  	EXHIBITS	  			
	Exhibit A	  	Form of Series A Warrant	  			
	Exhibit B	  	Form of Series B Warrant	  			
	Exhibit C	  	Restricted Legend	  			
	Exhibit D	  	Rule 144A Certificate	  			
	Exhibit E	  	Accredited Investor Certificate	  			

  
 ii 

 WARRANT AGREEMENT, dated as of March 16, 2016, between TARGA RESOURCES CORP., a Delaware
corporation (as further defined below, the “Company”), and Computershare Inc., a Delaware corporation (“Computershare”) and its subsidiary Computershare Trust Company, N.A., a federally chartered trust company
(collectively, the “Warrant Agent”). 
 WHEREAS, the Company proposes to issue warrants (the
“Warrants”), that upon exercise may be net share settled for shares of common stock, par value $0.001 per share (the “Common Stock”), of the Company (the Common Stock issuable on exercise of the Warrants being
referred to herein as the “Warrant Shares”) or may be net cash settled for cash, to certain third party purchasers; and 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act in connection with
the issuance of the Warrants and other matters as provided herein; 
 NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein set forth, the parties hereto agree as follows: 
 Article 1. 

DEFINITIONS 

Section 1.01 Definitions. As used in this Agreement, the following terms shall have the following respective meanings. 

“act” has the meaning set forth in Section 8.01. 

“Accredited Investor Certificate” means a certificate substantially in the form of Exhibit E hereto. 

“Affiliate” shall have the meaning ascribed to it, on the date hereof, in Rule 405 under the Securities Act. 

“Agent” means any Registrar or Countersignature Agent as the context so requires. 

“Agreement” means this Warrant Agreement, as amended or supplemented from time to time. 

“Average VWAP” per share over a certain period shall mean the arithmetic average of the VWAP per share for each Trading Day
in such period. 
 “Board of Directors” shall mean the Board of Directors of the Company or, with respect to any action to
be taken by the Board of Directors, any committee of the Board of Directors duly authorized to take such action. 
 “Business
Combination” means a merger, consolidation, statutory exchange or similar transaction that requires the approval of the Company’s stockholders. 

“Business Day” shall mean Monday through Friday of each week, except that a legal holiday recognized as such by the
government of the United States of America or the States of Texas or New York shall not be regarded as a Business Day. 
 “Capital
Stock” means: 
  

	 	(1)	in the case of a corporation, corporate stock; 

	 	(2)	in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 

 

	 	(3)	in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests, respectively; and 

 

	 	(4)	any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt
securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

“Certificate of Designations” shall mean the Certificate of Designations of Series A Preferred Stock of Targa
Resources Corp, dated as of March 16, 2016. 
 “Certificate of Incorporation” shall mean the Amended and
Restated Certificate of Incorporation of the Company, as amended or modified. 
 “Closing Sale Price” of the
Common Stock shall mean, as of any date, the closing sale price per share (or if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the
average closing ask prices) on such date as reported on the principal United States securities exchange on which the Common Stock is traded or, if the Common Stock is not listed on a United States national or regional securities exchange, in the
over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. In the absence of such a quotation, the Closing Sale Price shall be an amount determined by the Board of Directors to be the fair market value of a share of
Common Stock. 
 “Commission” means the Securities and Exchange Commission. 

“Common Stock” shall mean the common stock, par value $0.001 per share, of the Company or any other Capital Stock of the
Company into which such common stock shall be reclassified or changed. 
 “Company” shall mean Targa Resources Corp., a
Delaware corporation or any successor to the Company. 
 “Corporate Trust Office” means the office of the Warrant Agent
designated for the purposes contemplated hereunder, which at the Issue Date is located at Computershare Trust Company, N.A., 250 Royall Street, Canton MA 02021. 

“Countersignature Agent” refers to a Person engaged to countersign the Warrants in the stead of the Warrant Agent. 

“Ex-Date” means, when used with respect to any issuance of or distribution in respect of the Common Stock or any other
securities, the first date on which the Common Stock or such other securities trade without the right to receive such issuance or distribution. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Exercise Notice” has the meaning assigned to such term in Section 4.01(b). 

  
 2 

 “Exercise Price” means the applicable exercise prices for the Series A
Warrants and Series B Warrants as set forth on Exhibit A and Exhibit B, subject to adjustment pursuant to Section 6.01. 

“Exercise Shares” has the meaning assigned to such term in Section 4.01(c). 

“Expiration Time” has the meaning assigned to such term in Section 4.01(a). 

“Funds” has the meaning assigned to such term in Section 8.13. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board Accounting Standards Codification or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, which are in effect on the Issue Date. 
 “Holder” or
“Warrantholder” means the registered holder of any Warrant. 
 “Industry Competitor” means any Person that
is (or one or more of whose Affiliates are) actively engaged as one of its principal businesses in gathering, storing, fractionating, transporting, compressing, treating, processing, terminaling or selling crude oil, natural gas liquids, natural gas
or refined petroleum products; provided, however, that a private equity or similar fund shall not be deemed to be an “Industry Competitor” solely due to the activities of its portfolio companies. 

“Issue Date” means the date of this Agreement. 

“Market Value” means the Average VWAP during a 10 consecutive Trading Day period ending on the Trading Day immediately
prior to the date of determination. 
 “National Securities Exchange” shall mean an exchange registered with
the Commission under Section 6(a) of the Exchange Act. 
 “Net Cash Settlement” has the meaning assigned
to such term in Section 4.01(b). 
 “Net Cash Settlement Election” has the meaning assigned to such term
in Section 4.01(b). 
 “Net Share Settlement” has the meaning assigned to such term in
Section 4.01(b). 
 “Net Share Settlement Election” has the meaning assigned to such term in
Section 4.01(b). 
 “Officer” shall mean the Chief Executive Officer, the President, the President–Finance
Administration, any Executive Vice President, any Senior Vice President, any Vice President, the Treasurer, the Secretary or any Assistant Secretary of the Company. 

“Officers’ Certificate” means a certificate signed by two Officers of the Company, and delivered to the Warrant
Agent, that meets the requirements set forth herein. 
 “Opinion of Counsel” means a written opinion of counsel who shall
be reasonably acceptable to the Warrant Agent that meets the requirements set forth herein. 

  
 3 

 “Person” shall mean any individual, corporation, general partnership,
limited partnership, limited liability partnership, joint venture, association, joint-stock company, trust, limited liability company, unincorporated organization or government or any agency or political subdivision thereof. 

“Preferred Shares” shall mean the preferred shares of the Company, par value $0.001 per share, issued pursuant to the
Purchase Agreements and designated as Series A Preferred Stock and as described in the Certificate of Designations as Preferred Stock. 

“Pro Rata Repurchases” means any purchase of shares of Common Stock by the Company or any Affiliate thereof pursuant to
(i) any tender offer or exchange offer directed to all of the holders of Common Stock subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (ii) any other tender offer available to
substantially all holders of Common Stock, in the case of both (i) and (ii), whether for cash, shares of Capital Stock of the Company, other securities of the Company, evidences of indebtedness of the Company or any other Person or any other
property (including shares of Capital Stock, other securities or evidences of indebtedness of a subsidiary), or any combination thereof, effected while the Warrants are outstanding. The “Effective Date” of a Pro Rata Repurchase shall
mean the date of purchase with respect to any Pro Rata Purchase. 
 “Purchase Agreement” shall mean (i) the
Series A Preferred Stock Purchase Agreement, dated February 18, 2016 (as amended by Amendment No. 1 thereto on March 3, 2016 and by Amendment No. 2 thereto on March 15, 2016), entered into by and among the Company and the
purchasers party thereto and (ii) the Series A Preferred Stock Purchase Agreement, dated March 11, 2016 (as amended by Amendment No. 1 thereto on March 15, 2016), entered into by and among the Company and the purchasers party
thereto. 
 “Register” means the register established by the Warrant Agent pursuant to Section 3.08.

 “Registrar” means a Person engaged to maintain the Register. 

“Restricted Legend” means the legend set forth in Exhibit C. 

“Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Certificate” means a certificate substantially in the form of Exhibit D hereto. 

“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Trading Day” shall mean a day during which trading in securities generally occurs on the New
York Stock Exchange or, if the Common Stock is not listed on the New York Stock Exchange, on the principal other national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not listed on a national or
regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, “Trading Day” shall mean a Business Day. 

“Transfer Agent” has the meaning assigned to such term in Section 5.04(b). 

“Trigger Event” has the meaning assigned to such term in Section 6.01(a)(ix). 

  
 4 

 “VWAP” per share of Common Stock on any Trading Day means the per share
volume-weighted average price as displayed on Bloomberg page “TRGP <Equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from 9:30 a.m. to 4:00 p.m., New York City time, on such
Trading Day; or, if such price is not available, “VWAP” means the market value per share of Common Stock on such Trading Day as determined, using a volume-weighted average method, by a nationally recognized independent investment banking
firm retained by the Company for this purpose. 
 “Warrant Agent” means the party named as such in the first
paragraph of this Agreement or any successor warrant agent under this Agreement pursuant to Article 7. 
 “Warrant
Exercise” has the meaning assigned to such term in Section 4.01(b). 
 “Warrant Shares” has the
meaning assigned to such term in the Recitals. 
 “Warrants” has the meaning assigned to such term in the Recitals
and includes Warrants issued on the Issue Date and additional Warrants, if any, which are issued to the holders of the Company’s Series A Preferred Stock pursuant to Section 3(b) of the Certificate of Designations. 

Section 1.02 Rules of Construction. Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) words in the singular include the plural, and words in the plural include the singular; 

(e) “herein,” “hereof” and other words of similar import refer to this Agreement as a whole and not to any particular
Article, Section or other subdivision; 
 (f) when the words “includes” or “including” are used herein, they shall be
deemed to be followed by the words “without limitation;” 
 (g) all references to Sections or Articles or Exhibits refer to
Sections or Articles or Exhibits of or to this Agreement unless otherwise indicated; and 
 (h) references to agreements or instruments, or
to statutes or regulations, are to such agreements or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and regulations). 

Article 2. 

APPOINTMENT OF WARRANT AGENT 

Section 2.01 Appointment Of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company with
respect to the Warrants in accordance with the instructions set forth hereinafter in this Agreement and the Warrant Agent hereby accepts such appointment and shall perform the same in accordance with the express terms and conditions set forth in
this Agreement. 

  
 5 

 Article 3. 

THE WARRANTS 

Section 3.01 Form And Dating; Legends. (a) The Warrants will be categorized as Series A Warrants and Series B Warrants,
respectively, and will be substantially in the respective forms attached as Exhibit A and Exhibit B. The terms and provisions contained in the form of the Warrants attached as Exhibit A and Exhibit B constitute, and are hereby expressly made, a part
of this Agreement. The Warrants may have notations, legends or endorsements required by law, rules of or agreements with national securities exchanges to which the Company is subject, or usage. Each Warrant will be dated the date of its
countersignature. 
 (b) Except as otherwise provided in Section 3.01(c) or Section 3.09, each Warrant will bear the
Restricted Legend. 
 (c) (i) If the Company determines (upon the advice of counsel and such other certifications and evidence as the
Company may reasonably require) that a Warrant is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without the need to satisfy current information or other requirements therein and that the Restricted
Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the Warrant are effected in compliance with the Securities Act, or (ii) after a Warrant is sold pursuant to an effective registration statement under
the Securities Act, then, in each case, the Company may instruct the Warrant Agent in writing to cancel the Warrant and issue to the Holder thereof (or to its transferee) a new Warrant of like tenor, registered in the name of the Holder thereof (or
its transferee), that does not bear the Restricted Legend, and the Warrant Agent will comply with such instruction. 
 (d) By its acceptance
of any Warrant bearing the Restricted Legend, each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Warrant set forth in this Agreement and in the Restricted Legend and agrees that it
will transfer such Warrant only in accordance with this Agreement and such legend. 
 Section 3.02 Execution and
Countersignature. (a) An Officer shall execute the Warrants for the Company by facsimile or manual signature in the name and on behalf of the Company. If an Officer whose signature is on a Warrant no longer holds that office at the time the
Warrant is countersigned, the Warrant will still be valid. 
 (b) A Warrant will not be valid until the Warrant Agent countersigns
the Warrant, by manual or facsimile signature, and the signature shall be conclusive evidence that the Warrant has been countersigned under this Agreement. At any time and from time to time after the execution and delivery of this Agreement, the
Company may deliver Warrants executed by the Company to the Warrant Agent for countersignature. The Warrant Agent will countersign and deliver Warrants for original issue after receipt by the Warrant Agent of an Officers’ Certificate specifying
(i) the number of Warrants to be countersigned and the date on which the Warrants are to be countersigned and (ii) other information the Company may determine to include or the Warrant Agent may reasonably request. 

Section 3.03 Warrant Registrar and Countersignature Agent. The Company may appoint one or more Registrars, and the Warrant Agent
may appoint a Countersignature Agent, in which case each reference in this Agreement to the Warrant Agent in respect of the obligations of the Warrant Agent to be performed by that Agent will be deemed to be references to the Agent. The Company may
act as Registrar. In each case the Company and the Warrant Agent will enter into an appropriate agreement with the Agent implementing the provisions of this Agreement relating to the obligations of the Warrant Agent to be performed by the
Agent and the related rights. The Company initially appoints the Warrant Agent as Registrar. 

  
 6 

 Section 3.04 Replacement Warrants. The Warrant Agent shall issue replacement Warrants
in a form mutually agreed to by Warrant Agent and the Company for those certificates alleged to have been lost, stolen or destroyed, upon receipt by Warrant Agent of an open penalty surety bond satisfactory to it and holding it and Company harmless,
absent notice to Warrant Agent that such certificates have been acquired by a bona fide purchaser. Warrant Agent may, at its option, issue replacement Warrants for mutilated certificates upon presentation thereof without such indemnity. The
Company may charge the Holder for the expenses of the Company and the Warrant Agent in replacing a Warrant. 
 Section 3.05
Outstanding Warrants. (a) Warrants outstanding at any time are all Warrants that have been countersigned by the Warrant Agent except for: 

(i) Warrants canceled by the Warrant Agent or Company or delivered to the Warrant Agent for cancellation; 

(ii) Warrants exercised by the Holder thereof; and 

(iii) any Warrant which has been replaced pursuant to Section 3.04 unless and until the Warrant Agent and the Company
receive proof satisfactory to them that the replaced Warrant is held by a bona fide purchaser, in which case the replacement Warrant issued pursuant to Section 3.04 shall be automatically canceled. 

Section 3.06 Cancellation. Notwithstanding any Warrants cancelled in accordance with Section 4.01, the Company must promptly
deliver to the Warrant Agent for cancellation any Warrants previously countersigned and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Warrant Agent for cancellation any Warrants previously
countersigned hereunder which the Company has not issued and sold. Any Registrar will forward to the Warrant Agent any Warrants surrendered to it for transfer or exchange. The Warrant Agent will cancel all Warrants surrendered for transfer, exchange
or cancellation and dispose of them in accordance with its normal procedures. Certification of the cancellation of all canceled Warrants shall be delivered to the Company upon written request. The Company may not issue new Warrants to replace
Warrants that have been exercised or delivered to the Warrant Agent for cancellation. 
 Section 3.07 CUSIP Numbers. The
Company in issuing the Warrants may use “CUSIP” numbers, and if the Company uses CUSIP numbers, the Warrant Agent will use such CUSIP numbers in notices as a convenience to Holders, with any such notice stating that no representation is
made as to the correctness of such numbers either as printed on the Warrants or as contained in any notice to any Holder. To the extent the Company uses CUSIP numbers, the Company will promptly notify the Warrant Agent in writing of any change in
such CUSIP numbers. 
 Section 3.08 Registration, Transfer And Exchange. (a) The Company shall cause the Registrar
to maintain a register (the “Register”) for registering the record ownership of the Warrants by the Holders and transfers and exchanges of the Warrants. Each Warrant will be registered in the name of the Holder thereof
or its nominee. 
 (b) A Holder may transfer a Warrant to another Person or exchange a Warrant for another Warrant by presenting to
the Registrar a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other document required by this Agreement. The Registrar will promptly register any
transfer or exchange that meets the 

  
 7 

 
requirements of this Section by noting the same in the Register maintained by the Registrar for such purpose; provided that no transfer or exchange will be effective until it is
registered in the Register. Prior to the registration of any transfer, the Company, the Warrant Agent and their agents will treat the Person in whose name the Warrant is registered as the owner and Holder thereof for all purposes, and will not be
affected by notice to the contrary. 
 From time to time the Company will execute and the Warrant Agent will countersign additional
Warrants as necessary in order to permit the registration of a transfer or exchange in accordance with this Section. All Warrants issued upon transfer or exchange shall be the duly authorized, executed and delivered Warrants of the Company entitled
to the benefits of this Agreement. 
 No service charge will be imposed in connection with any transfer or exchange of any Warrant, but the
Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. 

A party requesting transfer of Warrants or other securities must provide any evidence of authority that may be required by the Warrant Agent,
including but not limited to, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association. 

(c) Subject to compliance with Section 3.09(b), if a Warrant is transferred or exchanged for another Warrant, the Warrant Agent will
(i) cancel the Warrant being transferred or exchanged, (ii) deliver one or more new Warrants which (in the aggregate) reflect the amount equal to the amount of Warrants being transferred or exchanged to the transferee (in the case of a
transfer) or the Holder of the canceled Warrant (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (iii) if such transfer or exchange involves less than the entire amount of the canceled
Warrant, deliver to the Holder thereof one or more Warrants which (in the aggregate) reflect the amount of the untransferred or unexchanged portion of the canceled Warrant, registered in the name of the Holder thereof. 

Section 3.09 Restrictions On Transfer And Exchange. (a) The transfer or exchange of any Warrant may only be made in
accordance with this Section 3.09 and Section 3.08; provided, that no such transfer or exchange shall be made to an Industry Competitor. The Registrar shall refuse to register any requested transfer or exchange that does not comply with
the preceding sentence; however, the Warrant Agent and Registrar shall have no obligation under this Agreement to confirm or verify whether a proposed transferee is an Industry Competitor. The Person requesting the transfer or exchange must deliver
or cause to be delivered to the Warrant Agent a duly completed Rule 144A Certificate or Accredited Investor Certificate and such other certifications and evidence as the Company may reasonably require in order to determine that the proposed transfer
or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States. 

(b) No certification is required in connection with any transfer or exchange of any Warrant (or a beneficial interest therein): 

(i) after such Warrant is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision)
without the need to satisfy current information or other requirements therein; provided that the Company and Registrar may require from any Person requesting a transfer or exchange in reliance upon this clause (i) any other reasonable
certifications and evidence in order to support such certificate; or 
 (ii) sold pursuant to an effective registration
statement. 

  
 8 

 Any Warrant delivered in reliance upon this paragraph will not bear the Restricted Legend. 

(c) The Registrar will retain copies of all certificates and other documents received in connection with the transfer or exchange of a
Warrant, and the Company will have the right to inspect and make copies thereof at any reasonable time upon written notice to the Registrar. 

(d) In the event that the Holders elect to exercise the Warrants and the Company chooses to make a Net Share Settlement, the sum of
(i) the number of shares of Warrant Shares into which each Warrant is net settled pursuant to this Agreement and (ii) the number of shares of Common Stock into which the Preferred Shares are converted in accordance with the Certificate of
Designations, shall not exceed the maximum number of shares of Common Stock which the Company may issue under the Certificate of Incorporation or the maximum number of shares of Common Stock which the Company may issue without stockholder approval
under applicable law (including, for the avoidance of doubt, the stockholder approval rules of any National Securities Exchange on which the shares of Common Stock are listed). 

Article 4. 

SEPARATION OF WARRANTS; TERMS OF WARRANTS;
EXERCISE OF WARRANTS 
 Section 4.01 Terms Of Warrants; Exercise Of
Warrants. 
 (a) Subject to the terms of this Agreement, a Warrant shall be exercisable, at the election of the Holder thereof,
either in full or from time to time in part during the period commencing at the opening of business on September 16, 2016 and until 5:00 p.m., New York City time, on March 16, 2023 (the “Expiration Time”), and shall
entitle the Holder thereof to receive from the Company either: (i) Warrant Shares pursuant to the Company’s option to effect a Net Share Settlement pursuant to Section 4.01(c) or (ii) cash pursuant to the Company’s option to
effect a Net Cash Settlement pursuant to Section 4.01(d); provided that Holders shall be able to exercise their Warrants only if the exercise of such Warrants is exempt from, or in compliance with, the registration requirements of the
Securities Act and such securities are qualified for sale or exempt from qualification under the applicable securities laws of the states in which the various holders of the Warrants or other persons to whom it is proposed that any Warrant Shares be
issued on exercise of the Warrants reside. No adjustments as to dividends will be made upon exercise of the Warrants. Each Warrant not exercised prior to the Expiration Time shall become void and all rights thereunder and all rights in respect
thereof under this agreement shall cease as of such time. 
 (b) In order to exercise all or any of the Warrants, the Holder thereof must
deliver to the Company (i) such Warrants and (ii) the form of election to exercise on the reverse thereof duly filled in and signed (the “Exercise Notice”). Following its receipt of any Exercise Notice, the Company will
promptly provide written notice to the Warrant Agent whether (A) the Company elects (a “Net Share Settlement Election”) to have the exercise of Warrants set forth in the Exercise Notice (the “Warrant Exercise”)
net share settled pursuant to the procedures set forth in Section 4.01(c) (a “Net Share Settlement”) or (B) the Company elects (a “Net Cash Settlement Election”) to have the Warrant Exercise net cash
settled pursuant to the procedures set forth in Section 4.01(d) (a “Net Cash Settlement”); provided, however, that if the Company is unable to successfully accomplish full Net Share Settlement for any reason (including the
Company not having authorized or reserved sufficient shares of Common Stock therefor or pursuant to Section 3.09(d)), then the Company shall be required to elect Net Cash Settlement to the extent of such deficit. 

(c) If the Company makes a Net Share Settlement Election pursuant to Section 4.01(b) with respect to a Warrant Exercise, then the Warrant
Exercise shall be “net share settled” whereupon the 

  
 9 

 
Warrant will be converted into shares of Common Stock pursuant to a cashless exercise, after which the Company will issue to the Holder the Warrant Shares equal to the result obtained by
(i) subtracting B from A, (ii) dividing the result by A, and (iii) multiplying the difference by C as set forth in the following equation: 

X = ((A - B)/A) × C 
 where: 

 

					
	 X
	 	=	 	the Warrant Shares issuable upon exercise pursuant to this paragraph (c).
			
	 A
	 	=	 	the Market Value on the day immediately preceding the date on which the Holder delivers the applicable Exercise Notice.
			
	 B
	 	=	 	the Exercise Price.
			
	 C
	 	=	 	the number of shares of Common Stock as to which the Warrants are then being exercised (the “Exercise Shares”).

 If the foregoing calculation results in a negative number, then no shares of Common Stock shall be issued upon exercise
pursuant to this paragraph (c). 
 (d) If the Company makes a Net Cash Settlement Election pursuant to Section 4.01(b) with
respect to a Warrant Exercise, then the Warrant Exercise will be “net cash settled” whereupon an amount of cash will be paid to the exercising Holder (in lieu of delivery of Warrant Shares) calculated as follows: 

X = (A - B) × C 
 where: 

 

					
	 X
	 	=	 	amount of cash payable pursuant to a Net Cash Settlement.
			
	 A
	 	=	 	the Market Value on the day immediately preceding the date on which the Holder delivers the applicable Election Notice.
			
	 B
	 	=	 	the Exercise Price paid by the Holder in cash.
			
	 C
	 	=	 	the Exercise Shares

 If the foregoing calculation results in a negative number, then no cash shall be issued upon exercise pursuant
to this paragraph (d). 
 (e) Upon compliance with the provisions set forth above, the Company shall deliver or cause to be delivered
with all reasonable dispatch: (i) in the case of a Net Share Settlement, to or upon the written order of the Holder and in such name or names as the Holder may designate, a certificate or certificates for the number of whole Warrant Shares
issuable upon the exercise of such Warrants or other securities or property to which such Holder is entitled, together with cash in lieu of fractional shares as provided in Section 6.02 hereof, or (ii) in the case of a Net Cash Settlement,
the applicable payment by the Company pursuant to Section 4.01(d), which payment shall be in immediately available funds to the accounts designated in writing by the exercising Holder. Such certificate or certificates or other securities or
property shall be deemed to have been issued, and any person so designated to be named therein shall 

  
 10 

 
be deemed to have become a holder of record of such Warrant Shares or other securities or property, as of the date of the surrender of such Warrants, notwithstanding that the stock transfer books
of the Company shall then be closed or the certificates or other securities or property have not been delivered. If applicable, the Company shall provide to Computershare an initial funding of one thousand dollars ($1000) for the purpose of issuing
cash in lieu of fractional shares. From time to time thereafter, Computershare may request additional funding to cover fractional payments. Computershare shall have no obligation to make fractional payments unless the Company shall have provided the
necessary funds to pay in full all amounts due and payable with respect thereto. 
 (f) If less than all the Warrants represented by a
Warrant certificate are exercised, such Warrant certificate shall be surrendered and a new Warrant certificate of the same tenor and for the number of Warrants which were not exercised shall be executed by the Company and delivered to the Warrant
Agent and the Warrant Agent shall countersign the new Warrant certificate, registered in such name or names as may be directed in writing by the Holder, and shall deliver the new Warrant certificate to the Person or Persons entitled to receive the
same. 
 (g) All Warrant certificates surrendered upon exercise of Warrants shall be canceled by the Company. Such canceled Warrant
certificates shall then be canceled and disposed of by the Company in accordance with its standard procedures. The Company shall promptly notify the Warrant Agent in writing of any exercise of Warrants, and to the extent that less than all the
Warrants represented by a Warrant certificate are exercised, the Company shall notify the Warrant Agent in writing of such exercise of Warrants concurrently with the delivery of the executed Warrant certificate as provided in Section 4.01(f).

 (h) The Warrant Agent shall keep copies of this Agreement and any notices given or received hereunder available for inspection by the
Holders during normal business hours at its office. The Company shall supply the Warrant Agent from time to time with such numbers of copies of this Agreement as the Warrant Agent may request. 

(i) Certificates, if any, representing Warrant Shares shall bear a Restricted Legend (with all references to Warrants therein replaced by
references to Common Stock, and with such changes thereto as the Company may deem appropriate) if (i) the Warrants for which they were issued carried a Restricted Legend or (ii) the Warrant Shares are issued in a transaction exempt from
registration under the Securities Act (other than the exemption provided by Section 3(a)(9) of the Securities Act), in each case until and unless the circumstances set forth in Section 3.01(c) apply to such Shares, and any transfers
thereof shall comply with the Restricted Legend. 
 (j) Notwithstanding anything to the contrary herein, unless otherwise agreed by the
Company, the Warrant Shares shall be in uncertificated, book entry form as permitted by the bylaws of the Company and the Delaware General Corporation Law. 

(k) If a Holder elects to partially exercise a Warrant, the number of Warrant Shares deliverable upon such partial exercise pursuant to a Net
Share Settlement must be not less than 20,000 Warrant Shares. 
 Section 4.02 Conditional Exercise. Notwithstanding any other
provision hereof, if an exercise of any portion of a Warrant is to be made in connection with a public offering or a sale of the Company (pursuant to a merger, sale of stock, or otherwise), such exercise may at the election of the Holder be
conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective until immediately prior to the consummation of such transaction. 

  
 11 

 Section 4.03 Opinion of Counsel. The Company shall provide an Opinion of Counsel
prior to the issuance of Warrants in connection with establishing a reserve of Warrants and related Common Stock. The opinion shall state that (i) the offer, issuance and sale of the Warrants solely in the manner contemplated by the Purchase
Agreements and this Agreement and the issuance of the Warrant Shares upon exercise solely in the manner contemplated by this Agreement and the applicable Warrants, as applicable, are registered under the Securities Act or are exempt from the
registration requirements of the Securities Act; provided, however, that such counsel shall express no opinion as to any subsequent sale or resale and (ii) the Warrants have been validly issued and that the Common Stock issuable upon exercise
of the Warrants and payment of the exercise price provided in the Warrants will, upon such issuance, be validly issued, fully paid and non-assessable. 

Section 4.04 Change of Control. In the event of a Change of Control (as defined in the Certificate of Designations) in which the
Company is not the surviving entity, if requested in writing by any Holder, the Company shall use its reasonable efforts to deliver or to cause to be delivered to such Holder, in exchange for its outstanding Warrants, one or more warrants in the
surviving entity that has substantially similar rights, preferences and privileges as the Warrants. 
 Article 5. 

COVENANTS OF THE COMPANY 

Section 5.01 Maintenance Of Office Or Agency. The Company will maintain in the United States an office or agency where Warrants
may be surrendered for registration of transfer or exchange or for presentation for exercise. The Company hereby initially designates the Corporate Trust Office of the Warrant Agent as such office of the Company. The Company will give prompt written
notice to the Warrant Agent of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Warrant Agent with the address thereof,
such presentations and surrenders may be made or served to the Warrant Agent. 
 The Company may also from time to time designate one
or more other offices or agencies where the Warrants may be surrendered or presented for any of such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Warrant Agent of any such
designation or rescission and of any change in the location of any such other office or agency. 
 Section 5.02 Payment Of
Taxes. The Company will pay all documentary, stamp or similar issue or transfer taxes in respect of the issuance or delivery of Warrant Shares upon the exercise of Warrants; provided that the exercising Holder shall be required to pay any
tax or taxes which may be payable in respect of any transfer involved in the issue of any Warrants or any Warrant Shares in a name other than that of the registered holder of a Warrant surrendered upon exercise. 

Section 5.03 Rule 144A(d)(4) Information. For so long as any of the Warrants or Warrant Shares remain outstanding and
constitute “restricted securities” under Rule 144, the Company will make available upon request to any prospective purchaser of the Warrants or Warrant Shares or beneficial owner of Warrants or Warrants Shares in connection with any
sale thereof the information required by Rule 144A(d)(4) under the Securities Act; provided that such information shall be deemed conclusively to be made available pursuant to this Section 5.03 if the Company has filed such
information with the Commission via its Electronic Data Gathering, Analysis and Retrieval System and such information is publicly available on such system. 

Section 5.04 Reservation Of Warrant Shares. (a) The Company will at all times reserve and keep available for issuance and
delivery, free and clear of all liens, security interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive rights, such number of its  

  
 12 

 
authorized but unissued shares of Common Stock or other securities of the Company as will from time to time be sufficient to permit the exercise in full of all outstanding Warrants pursuant to
Net Share Settlements, and shall use commercially reasonable efforts to increase the authorized number of shares of Common Stock or other securities if at any time there shall be insufficient unissued shares of Common Stock or other securities to
permit such reservation. 
 (b) The Company or, if appointed, the transfer agent for the Common Stock (the “Transfer
Agent”) and every subsequent transfer agent for any securities of the Company issuable upon the exercise of the Warrants will be irrevocably authorized and directed at all times to reserve such number of authorized securities as shall be
required for such purpose. The Company will keep a copy of this Agreement on file with the Transfer Agent and with every subsequent transfer agent for any of the Company’s securities issuable upon the exercise of the Warrants. The Company will
supply such Transfer Agent with duly executed certificates for such purposes and will provide or otherwise make available any cash which may be payable as provided in Sections 4.01 and 6.02 hereof. The Company will furnish such Transfer Agent a
copy of all notices of adjustments, and certificates related thereto, transmitted to each Holder pursuant to Section 6.01(d) hereof. 

Section 5.05 Tax Treatment of Net Share Settlement. The Company will use commercially reasonable efforts to cause any Net Share
Settlement to qualify for nonrecognition of the applicable Holder’s gain or loss for Federal income tax purposes, including (as may be necessary or appropriate) adopting a “plan of reorganization” in order for such Net Share
Settlement to be treated as occurring pursuant to a “reorganization” within the meaning of Section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended. 

Article 6. 

ADJUSTMENT OF EXERCISE PRICE AND NUMBER
OF WARRANT SHARES ISSUABLE 
 Section 6.01 Adjustment to Number of
Warrant Shares. The Exercise Price and the number of Warrant Shares issuable upon the exercise of each Warrant pursuant to a Net Share Settlement are subject to adjustment from time to time upon the occurrence of the events enumerated in this
Section 6.01. 
 In the event that, at any time as a result of the provisions of this Section 6.01, the Holders of the
Warrants shall become entitled upon subsequent exercise to receive any shares of Capital Stock of the Company other than Common Stock, the number of such other shares so receivable upon exercise of this Warrant pursuant to a Net Share Settlement
shall thereafter be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions contained herein. 

(a) Adjustments for Change in Capital Stock. 

(i) If the Company pays a dividend (or other distribution) in shares of Common Stock to all holders of the Common Stock, then
the Exercise Price in effect immediately following the record date for such dividend (or distribution) shall be divided by the following fraction: 

OS1 

 
 OS0 
 where 
  

					
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the record date for such dividend or distribution; and

  
 13 

					
	OS1	  	=	  	the sum of (A) the number of shares of Common Stock outstanding immediately prior to the record date for such dividend or distribution and (B) the total number of shares of Common Stock constituting such
dividend.

 In any such event, the number of Warrant Shares issuable upon exercise of each Warrant at the
time of the record date for such dividend or distribution shall be proportionately adjusted so that the Holder, after such date, shall be entitled to purchase the number of shares of Common Stock that such Holder would have owned or been entitled to
receive in respect of the shares of Common Stock subject to the Warrant after such date had the Warrant been exercised immediately prior to such date.

(ii) If the Company issues to all holders of shares of the Common Stock rights, options or warrants entitling them, for a
period of not more than 60 days from the date of issuance of such rights, options or warrants, to subscribe for or purchase shares of Common Stock at less than the Market Value determined on the Ex-Date for such issuance, then the Exercise Price in
effect immediately following the close of business on the Ex-Date for such issuance shall be divided by the following fraction: 
 OS0 + X 
  

OS0 + Y 

where 
  

					
	OS0	  	=	  	the number of shares of Common Stock outstanding at the close of business on the record date for such issuance;
			
	X	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
			
	Y	  	=	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants divided by the Market Value determined as of the Ex-Date for such issuance.

 In any such event, the number of Warrant Shares issuable upon the exercise of each Warrant
immediately prior to the date of the agreement on pricing of such rights, options or warrants (the “Initial Number”) shall be increased to the number obtained by multiplying the Initial Number by a fraction (i) the numerator of
which shall be the sum of (x) the number of shares of Common Stock outstanding on such date and (y) the number of additional shares of Common Stock issuable in connection with such rights, options or warrants and (ii) the denominator
of which shall be the sum of (1) the number of shares of Common Stock outstanding on such date and (2) the number of shares of Common Stock that the aggregate consideration receivable by the Company for the total number of shares of Common
Stock so issuable in connection with such rights, options or warrants would purchase at the Market Value on the last trading day preceding the date of the agreement on pricing such rights, options or warrants. 

To the extent that such rights, options or warrants are not exercised prior to their expiration or shares of Common Stock are
otherwise not delivered pursuant to such rights or warrants upon the exercise of such rights or warrants, the Exercise Price and the number of Warrant Shares shall be readjusted to the Exercise Price and the number of Warrant Shares that would have
then been in effect had the adjustment made upon the issuance of such rights, options 

  
 14 

 
or warrants been made on the basis of the delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are only exercisable upon the occurrence of
certain triggering events, then the Exercise Price and the number of Warrant Shares shall not be adjusted until such triggering events occur. In determining the aggregate offering price payable for such shares of Common Stock, the conversion agent
shall take into account any consideration received for such rights, options or warrants and the value of such consideration (if other than cash, to be determined by the Board of Directors). 

(iii) If the Company subdivides, combines or reclassifies the shares of Common Stock into a greater or lesser number of shares
of Common Stock, then the Exercise Price in effect immediately following the effective date of such share subdivision, combination or reclassification shall be divided by the following fraction: 

OS1 

 
 OS0 
 where 
  

					
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the effective date of such share subdivision, combination or reclassification; and
			
	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after the opening of business on the effective date of such share subdivision, combination or reclassification.

 In any such event, the number of Warrant Shares issuable upon exercise of each Warrant at the
time of the effective date of such subdivision, combination or reclassification. shall be proportionately adjusted so that the Holder, after such date, shall be entitled to purchase the number of shares of Common Stock that such Holder would have
owned or been entitled to receive in respect of the shares of Common Stock subject to the Warrant after such date had the Warrant been exercised immediately prior to such date. 

(iv) If the Company distributes to all holders of shares of Common Stock evidences of indebtedness, shares of Capital Stock
(other than Common Stock) or other assets (including securities, but excluding any dividend or distribution referred to in clause (i) above; any rights or warrants referred to in clause (ii) above; and any dividend of shares of Capital
Stock of any class or series, or similar equity interests, of or relating to a subsidiary or other business unit in the case of certain spin-off transactions as described below), then the Exercise Price in effect immediately following the close of
business on the record date for such distribution shall be divided by the following fraction: 
 SP0 
  

SP0 – FMV 

where 
  

					
	SP0	  	=	  	the Closing Sale Price per share of Common Stock on the Trading Day immediately preceding the Ex-Date; and

  
 15 

					
	FMV	  	=	  	the fair market value of the portion of the distribution applicable to one share of Common Stock on the Trading Day immediately preceding the Ex-Date as determined by the Board of Directors.

 In any such event, the number of Warrant Shares issuable upon the exercise of each Warrant
shall be increased to the number obtained by dividing (x) the product of (1) the number of Warrant Shares issuable upon the exercise of the Warrant before such adjustment, and (2) the Exercise Price in effect immediately prior to the
distribution giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. 

In a spin-off, where the Company makes a distribution to all holders of shares of Common Stock consisting of Capital Stock of
any class or series, or similar equity interests of, or relating to, a subsidiary or other business unit the Exercise Price shall be adjusted on the fourteenth Trading Day after the effective date of the distribution by dividing the Exercise Price
in effect immediately prior to such fourteenth Trading Day by the following fraction: 

MP0 + MPS 

 
 MP0 
 where 
  

					
	MP0	  	=	  	the average of the Closing Sale Price of the Common Stock over each of the first 10 Trading Days commencing on and including the fifth Trading Day following the effective date of such distribution; and
			
	MPS	  	=	  	the average of the closing sale price of the Capital Stock or equity interests representing the portion of the distribution applicable to one share of Common Stock over each of the first 10 Trading Days commencing on and including
the fifth Trading Day following the effective date of such distribution, or, as reported in the principal securities exchange or quotation system or market on which such shares are traded, or if not traded on a national or regional securities
exchange or over-the-counter market, the fair market value of the Capital Stock or equity interests representing the portion of the distribution applicable to one share of Common Stock on such date as determined by the Board of Directors.

 In any such event, the number of Warrant Shares issuable upon the exercise of each Warrant
shall be increased to the number obtained by dividing (x) the product of (1) the number of Warrant Shares issuable upon the exercise of the Warrant before such adjustment, and (2) the Exercise Price in effect immediately prior to the
distribution giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the immediately preceding sentence. 

In the event that such distribution described in this clause (iv) is not so made, the Exercise Price shall be readjusted,
effective as of the date the Board of Directors publicly announces its decision not to pay such dividend or distribution, to the Exercise Price that would then be in effect if such dividend distribution had not been declared. 

(v) In case the Company effects a Pro Rata Repurchase of Common Stock, then the Exercise Price shall be adjusted to the price
determined by multiplying the Exercise Price in effect immediately prior to the effective date of such Pro Rata Repurchase by a fraction of which 

  
 16 

 
the numerator shall be (i) the product of (x) the number of shares of Common Stock outstanding immediately before such Pro Rata Repurchase and (y) the Market Value of a share of
Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase,
and of which the denominator shall be the product of (1) the number of shares of Common Stock outstanding immediately prior to such Pro Rata Repurchase minus the number of shares of Common Stock so repurchased and (2) the Market Value per
share of Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase. In such event, the number of Warrant Shares be adjusted to
the number obtained by dividing (A) the product of (I) the number of Warrant Shares issuable upon the exercise of the Warrant before such adjustment, and (II) the Exercise Price in effect immediately prior to the Pro Rata Repurchase
giving rise to this adjustment by (B) the new Exercise Price determined in accordance with the immediately preceding sentence. 

(vi) In case of any Business Combination or reclassification of Common Stock (other than a reclassification of Common Stock
referred to in Section 6.01(a)(iii)), the Holder’s right to receive Warrant Shares upon exercise of the Warrants shall be converted into the right to exercise the Warrants to acquire the number of shares of stock or other securities or
property (including cash) that the Common Stock issuable (at the time of such Business Combination or reclassification) upon exercise of each Warrant immediately prior to such Business Combination or reclassification would have been entitled to
receive upon consummation of such Business Combination or reclassification; and in any such case, if necessary, the provisions set forth herein with respect to the rights and interests thereafter of the Holder shall be appropriately adjusted so as
to be applicable, as nearly as may reasonably be, to the Holder’s right to exercise each Warrant in exchange for any shares of stock or other securities or property pursuant to this Section 6.01(a)(vi). In determining the kind and
amount of stock, securities or the property receivable upon exercise of each Warrant following the consummation of such Business Combination, if the holders of Common Stock have the right to elect the kind or amount of consideration receivable upon
consummation of such Business Combination, then the Holder shall have the right to make a similar election (including being subject to similar proration constraints) upon exercise of each Warrant with respect to the number of shares of stock or
other securities or property that the Holder will receive upon exercise of a Warrant. 
 (vii) Notwithstanding anything
herein to the contrary, no adjustment under this Section 6.01 need be made to the Exercise Price unless such adjustment would require an increase or decrease of at least 2.0% of the Exercise Price then in effect. Any lesser adjustment shall be
carried forward and shall be made at the time of and together with the next subsequent adjustment, if any, which, together with any adjustment or adjustments so carried forward, shall amount to an increase or decrease of at least 2.0% of such
Exercise Price. 
 (viii) The Company reserves the right to make such reductions in the Exercise Price in addition to those
required in the foregoing provisions as it considers advisable in order that any event treated for Federal income tax purposes as a dividend of stock or stock rights will not be taxable to the recipients. In the event the Company elects to make such
a reduction in the Exercise Price, the Company shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder if and to the extent that such laws and regulations are applicable in
connection with the reduction of the Exercise Price. 
 (ix) Notwithstanding any other provisions of this
Section 6.01(a), rights or warrants distributed by the Company to all holders of Common Stock entitling the holders thereof to 

  
 17 

 
subscribe for or purchase shares of the Company’s Capital Stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or
events (“Trigger Event”): (A) are deemed to be transferred with such shares of Common Stock; (B) are not exercisable; and (C) are also issued in respect of future issuances of Common Stock, shall be deemed not to have
been distributed for purposes of this Section 6.01(a) (and no adjustment to the Exercise Price under this Section 6.01(a) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be
deemed to have been distributed and an appropriate adjustment (if any is required) to the Exercise Price shall be made under Section 6.01(a)(ii). In addition, in the event of any distribution (or deemed distribution) of rights or warrants, or
any Trigger Event or other event with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Exercise Price under this Section 6.01(a) was made, (1) in the case of any such rights
or warrants that shall all have been redeemed or repurchased without exercise by any holders thereof, the Exercise Price shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case
may be, as though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder or holders of Common Stock with respect to such rights or warrants (assuming such holder had retained such rights or warrants),
made to all holders of Common Stock as of the date of such redemption or repurchase, and (2) in the case of such rights or warrants that shall have expired or been terminated without exercise thereof, the Exercise Price shall be readjusted as
if such expired or terminated rights and warrants had not been issued. To the extent that the Company has a rights plan or agreement in effect upon exercise of the Warrants, which rights plan provides for rights or warrants of the type described in
this clause, then upon exercise of the Warrants pursuant to a Net Share Settlement, the Holder will receive, in addition to the Common Stock to which he is entitled, a corresponding number of rights in accordance with the rights plan, unless a
Trigger Event has occurred and the adjustments to the Exercise Price with respect thereto have been made in accordance with the foregoing. In lieu of any such adjustment, the Company may amend such applicable stockholder rights plan or agreement to
provide that upon exercise of the Warrants pursuant to a Net Share Settlement, the Holders will receive, in addition to the Common Stock issuable upon such exercise, the rights that would have attached to such Common Stock if the Trigger Event had
not occurred under such applicable stockholder rights plan or agreement. 
 (b) Notwithstanding anything to the contrary in
Section 6.01, no adjustment to the Exercise Price shall be made with respect to any distribution or other transaction if Holders are entitled to participate in such distribution or transaction as if they held a number of shares of Common Stock
issuable upon exercise of the Warrants pursuant to a Net Share Settlement immediately prior to such event, without having to exercise their Warrants. 

(c) If the Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend or other
distribution, and shall thereafter (and before the dividend or distribution has been paid or delivered to stockholders) abandon its plan to pay or deliver such dividend or distribution, then thereafter no adjustment in the Exercise Price then in
effect shall be required by reason of the taking of such record. 
 (d) Notice of Adjustment. Whenever the Exercise Price is
adjusted, the Company shall provide the notices required by Section 6.03 hereof. 
 (e) Company Determination
Final. Notwithstanding anything to the contrary herein, whenever the Board of Directors is permitted or required to determine fair market value, such determination shall be made in good faith. 

  
 18 

 (f) When Issuance or Payment May be Deferred. In any case in which this
Section 6.01 shall require that an adjustment in the Exercise Price be made effective as of a record date for a specified event, the Company may elect to defer until the occurrence of such event (i) issuing to the Holder of any Warrant
exercised after such record date the Warrant Shares and other Capital Stock of the Company, if any, issuable upon such exercise and pursuant to a Net Share Settlement over and above the Warrant Shares and other Capital Stock of the Company, if any,
issuable upon such exercise on the basis of the Exercise Price and (ii) paying to such Holder any amount in cash in lieu of a fractional share pursuant to Section 6.02 hereof or pursuant to a Net Cash Settlement; provided that the Company
shall deliver to such Holder a due bill or other appropriate instrument evidencing such Holder’s right to receive such additional Warrant Shares, other Capital Stock and cash upon the occurrence of the event requiring such adjustment.

 (g) Form of Warrants. Irrespective of any adjustments in the Exercise Price or the number or kind of shares purchasable
upon the exercise of the Warrants, Warrants theretofore or thereafter issued may continue to express the same price and number and kind of shares as are stated in the Warrants initially issuable pursuant to this Agreement. 

(h) No Adjustments Below Par Value. Notwithstanding anything herein to the contrary, no adjustment will be made to the Exercise
Price if, as a result of such adjustment, the Exercise Price per Warrant Share would be less than the par value of the Company’s Common Stock (or other Capital Stock for which any Warrant is exercisable); provided that, before taking any
action which would but for the foregoing limitation in this sentence have caused an adjustment to reduce the Exercise Price below the then par value (if any) of its Common Stock (or other Capital Stock for which any Warrant is exercisable), the
Company will take any corporate action which would, in the opinion of its counsel, be necessary in order that the Company may validly issue Warrant Shares at the Exercise Price as so adjusted. 

Section 6.02 Fractional Interests. The Company shall not be required to issue fractional Warrant Shares or scrip representing
fractional shares on the exercise of Warrants. If more than one Warrant shall be presented for exercise in full at the same time by the same Holder and the Company makes a Net Share Settlement Election, the number of full Warrant Shares which shall
be issuable upon the exercise thereof shall be computed on the basis of the aggregate number of Warrant Shares issuable on exercise of the Warrants so presented. If any fraction of a Warrant Share would, except for the provisions of this
Section 6.02, be issuable on the exercise of any Warrants (or specified portion thereof), the Company shall pay an amount in cash equal to the current Closing Sale Price per Warrant Share, as determined on the date the Warrant is presented for
exercise, multiplied by such fraction, computed to the nearest whole U.S. cent. 
 Section 6.03 Notices to Warrant
Holders. (a) Upon any adjustment of the Exercise Price pursuant to Section 6.01 hereof, the Company shall promptly thereafter (i) cause to be filed with the Warrant Agent a certificate of the Chief Financial Officer of the Company
setting forth the Exercise Price after such adjustment and setting forth in reasonable detail the method of calculation and the facts upon which such calculations are based and setting forth the number of Warrant Shares (or portion thereof) or other
securities or property issuable after such adjustment in the Exercise Price, upon exercise of a Warrant, which certificate shall be a rebuttable presumption of the correctness of the matters set forth therein, and (ii) cause to be given to each
of the Holders written notice of such adjustments by first-class mail, postage prepaid. Where appropriate, such notice may be given in advance and included as a part of the notice required to be mailed under the other provisions of this
Section 6.03. 

  
 19 

 (b) In case: 

(i) the Company shall authorize the issuance to all holders of shares of Common Stock of rights, options or warrants to
subscribe for or purchase shares of Common Stock or of any other subscription rights or warrants; 
 (ii) the Company shall
authorize the distribution to all holders of shares of Common Stock of evidences of its indebtedness or assets (other than dividends or distributions referred to in Section 6.01(a) hereof); 

(iii) of any reclassification or change of Common Stock issuable upon exercise of the Warrants (other than a change in par
value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), or a tender offer or exchange offer for shares of Common Stock by the Company; 

(iv) of the voluntary or involuntary dissolution, liquidation or winding up of the Company; or 

(v) the Company proposes to take any action which would require an adjustment of the Exercise Price pursuant to
Section 6.01 hereof; 
 then the Company shall cause to be filed with the Warrant Agent and shall cause to be given to each of the Holders, at least 10
days prior to any applicable record date, or promptly in the case of events for which there is no record date, by first-class mail, postage prepaid, a written notice stating (x) the date as of which the holders of record of shares of Common
Stock to be entitled to receive any such rights, options, warrants or distribution are to be determined, (y) the initial expiration date set forth in any tender offer or exchange offer for shares of Common Stock, or (z) the date on which
any such consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up is expected to become effective or consummated, and the date as of which it is expected that holders of record of shares of Common Stock shall be entitled
to exchange such shares for securities or other property, if any, deliverable upon such reclassification, consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up. The failure to give the notice required by this
Section 6.03 or any defect therein shall not affect the legality or validity of any distribution, right, option, warrant, consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up, or the vote upon any action. 

Section 6.04 No Rights As Stockholders. Nothing contained in this Agreement or the Warrants shall be construed as conferring upon
the holders of Warrants the right to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter, or any rights whatsoever, including the right to
receive dividends, as stockholders of the Company, or the right to share in the assets of the Company in the event of its liquidation, dissolution or winding up, except in respect of Common Stock received following exercise of Warrants. In addition,
nothing contained in this Agreement or the Warrants shall be construed as imposing any liabilities on the Holder as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 

Article 7. 

WARRANT AGENT 

Section 7.01 Warrant Agent. The Warrant Agent undertakes the express duties and obligations imposed by this Agreement upon the
following terms and conditions (and no duties or obligations shall be inferred), by all of which the Company and the holders of Warrants, by their acceptance thereof, shall be bound: 

  
 20 

 (a) The statements and recitals contained herein and in the Warrants shall be taken as statements
of the Company and the Warrant Agent assumes no responsibility and shall not be liable for the correctness of any of the same except such as describe the Warrant Agent. The Warrant Agent assumes no responsibility with respect to the distribution of
the Warrants except as herein otherwise expressly provided. 
 (b) The Warrant Agent has no duty to determine when an adjustment under
Article 6 should be made, how it should be made or what it should be. Nor shall the Warrant Agent have any obligation hereunder to determine whether an adjustment event has occurred. The Warrant Agent makes no representation as to the validity
or value of any securities or assets issued upon exercise of Warrants. The Warrant Agent shall have no obligation under this Agreement to calculate, confirm, investigate or verify the accuracy of the correctness of, the number of Warrant Shares
issuable in connection with any exercise hereunder. 
 (c) The Warrant Agent shall not be accountable with respect to (i) the validity,
value, kind or amount of any Warrant Shares, securities or property which may be issued or delivered at any time upon the exercise of any Warrant or (ii) whether any such Warrant Shares or other securities will, when issued, be validly issued,
fully paid and nonassessable; and in each case, makes no representation with respect thereto. 
 (d) The Warrant Agent shall not be
responsible for any failure of the Company to comply with any of the covenants contained in this Agreement or in the Warrants. 
 (e) In the
absence of bad faith on its part, the Warrant Agent may rely on, and will be held harmless and protected and shall incur no liability in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document from the Company with respect to any matter relating to its acting as Warrant Agent hereunder believed by it to be genuine
and to have been signed or presented by the proper Person. The Warrant Agent need not investigate any fact or matter stated in the document. The Warrant Agent, in its discretion, may make further inquiry or investigation into such facts or matters
as it sees fit. 
 (f) The Warrant Agent may consult with legal counsel, and the advice of such counsel or any Opinion of Counsel will be
full and complete authorization and protection to the Warrant Agent and the Warrant Agent will incur no liability for or in respect of any action taken, suffered or omitted by it hereunder in the absence of bad faith in reliance thereon. 

(g) The Warrant Agent may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent
absent gross negligence or willful misconduct (each as determined by a final judgment of a court of competent jurisdiction) in the appointment of such agent. 

(h) No provision of this Agreement will require the Warrant Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of its duties hereunder, or in the exercise of its rights or powers, unless it receives indemnity satisfactory to it against any loss, liability or expense. 

(i) The Warrant Agent shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the express provisions
hereof. No provision of this Agreement shall be construed to relieve the Warrant Agent from liability for its own gross negligence or willful misconduct (each as determined by a final judgment of a court of competent jurisdiction). 

  
 21 

 (j) The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any
written demand from any Holder of Warrants with respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or
otherwise or to make any demand upon the Company. 
 (k) The Warrant Agent shall not be obligated to expend or risk its own funds or to take
any action that it believes would expose or subject it to expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity satisfactory to it. 

(l) The Warrant Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating to any
registration statement filed with the Securities and Exchange Commission or this Agreement, including without limitation obligations under applicable regulation or law. 

(m) The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any Warrants authenticated by
the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the issue and sale, or exercise, of the Warrants. 

(n) The Warrant Agent shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the express provisions
hereof (and no duties or obligations shall be inferred or implied). The Warrant Agent shall not assume any obligations or relationship of agency or trust with any of the owners or holders of the Warrants. 

(o) The Warrant Agent may rely on and be fully authorized and protected in acting or failing to act upon (i) any guaranty of signature by
an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program” or insurance program in addition to, or in substitution
for, the foregoing; or (ii) any law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed. 

(p) In the event the Warrant Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or
other communication, paper or document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to Company, the holder of
any Warrant certificate or any other person or entity for refraining from taking such action, unless the Warrant Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to the reasonable satisfaction
of Warrant Agent. 
 (q) The provisions of this Section 7.01, Section 7.02 and Section 7.03 will survive the termination of
this Agreement, the exercise or expiration of the Warrants and the resignation, replacement or removal of the Warrant Agent. 

Section 7.02 Compensation; Indemnity; Limitation on Liability. (a) The Company will pay the Warrant Agent compensation for
all services rendered by it hereunder as agreed upon in writing for its services. The Company will reimburse the Warrant Agent upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Warrant Agent
in the exercise and performance of its duties hereunder, except any such expense, disbursement or advance attributable to its 

  
 22 

 
gross negligence or willful misconduct (each as determined by a final nonappealable judgment of a court of competent jurisdiction). Such expenses shall include the reasonable compensation and
expenses of the Warrant Agent’s agents and counsel. 
 (b) The Company will indemnify the Warrant Agent for, and hold it harmless
against, any loss, liability, suit, action, proceeding, damage, judgment, fine, penalty, claim, demand, settlement or expense incurred (including without limitation, the reasonable fees and expenses of legal counsel) without gross negligence or
willful misconduct on its part (each as determined by a final, nonappealable judgment of a court of competent jurisdiction) on the part of the Warrant Agent, for anything done or omitted to be done by the Warrant Agent in connection with the
acceptance, administration of, exercise and performance of its duties under this Agreement, including the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly. The reasonable costs and expenses
incurred in enforcing this right of indemnification will be paid by the Company if the Warrant Agent is entitled to indemnification by the Company pursuant to this Agreement (as determined by a final, nonappealable judgment of a court of competent
jurisdiction). The Warrant Agent shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Warrant Agent to so notify the Company shall not relieve the Company of its obligations hereunder. The Company need not
pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
 (c) Notwithstanding anything contained
herein to the contrary, the Warrant Agent’s aggregate liability during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all Services provided or omitted to be provided under this
Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to Warrant Agent as fees and charges, but not including reimbursable expenses, during the twelve
(12) months immediately preceding the event for which recovery from Warrant Agent is being sought. 
 (d) Notwithstanding anything in
this Agreement to the contrary, in no event will the Warrant Agent be liable for special, punitive, indirect, incidental or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent
has been advised of the likelihood of such loss or damage and regardless of the form of action. The Warrant Agent will not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Warrant Agent
will be fully protected and will incur no liability for failing to take any action in connection therewith unless and until it has received such notice. 

Section 7.03 Individual Rights Of Warrant Agent. The Warrant Agent, and any stockholder, director, officer or employee of it, may
buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and
freely as though it were not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. An Agent may do the same with like rights. 

Section 7.04 Replacement of Warrant Agent. (a) The Warrant Agent 

(i) may resign and be discharged from its duties under this Agreement at any time by not less than 30 days’ written notice
to the Company (pursuant to Section 8.02), 
 (ii) may be removed at any time by the Company by 30 days’ written
notice to the Warrant Agent, 

  
 23 

 (iii) may be removed at any time by the Holders of a majority of the outstanding
Warrants by 30 days written notice to the Warrant Agent, 
 (iv) shall, if no longer eligible under Section 7.06, be
subject to removal upon the request of any Holder to the Company; and 
 (v) may be removed by the Company if: (A) the
Warrant Agent is no longer eligible under Section 7.06; (B) the Warrant Agent is adjudged a bankrupt or an insolvent; (C) a receiver or other public officer takes charge of the Warrant Agent or its property; or (D) the Warrant
Agent becomes incapable of acting. 
 In the event the transfer agency relationship in effect between the Company and the Warrant Agent terminates, the
Warrant Agent will be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination. 

(b) If the Warrant Agent has been removed by the Holders, Holders of a majority of the Warrants may appoint a successor Warrant Agent with the
consent of the Company. Otherwise, if the Warrant Agent resigns or is removed, or if a vacancy exists in the office of Warrant Agent for any reason, the Company will promptly appoint a successor Warrant Agent. If the successor Warrant Agent does not
deliver its written acceptance within 30 days after the retiring Warrant Agent resigns or is removed, the retiring Warrant Agent, the Company or the Holders of a majority of the outstanding Warrants may petition any court of competent
jurisdiction for the appointment of a successor Warrant Agent. 
 (c) Upon delivery by the successor Warrant Agent of a written acceptance
of its appointment to the retiring Warrant Agent and to the Company, (i) the retiring Warrant Agent will transfer all property held by it as Warrant Agent to the successor Warrant Agent, (ii) the resignation or removal of the retiring
Warrant Agent will become effective, and (iii) the successor Warrant Agent will have all the rights, powers and duties of the Warrant Agent under this Agreement. Upon request of any successor Warrant Agent, the Company will execute any and all
instruments for fully and vesting in and confirming to the successor Warrant Agent all such rights and powers. The Company will give notice of any resignation and any removal of the Warrant Agent, and the transfer agent, as the case may be, and each
appointment of a successor Warrant Agent to all Holders, and include in the notice the name of the successor Warrant Agent and the address of its Corporate Trust Office. 

(d) Notwithstanding replacement of the Warrant Agent pursuant to this Section, the Company’s obligations under Section 7.02 will
continue for the benefit of the retiring Warrant Agent. 
 Section 7.05 Successor Warrant Agent By Merger. (a) Subject to
compliance with Section 7.06, if the Warrant Agent consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another Person or national banking association, the resulting, surviving or
transferee Person or national banking association without any further act will be the successor Warrant Agent with the same effect as if the successor Warrant Agent had been named as the Warrant Agent in this Agreement. 

(b) If, at the time such successor to the Warrant Agent shall succeed to the agency created by this Agreement, any of the Warrants have been
countersigned but not delivered, the successor Warrant Agent may adopt the countersignature of the original Warrant Agent; and if any of the Warrants shall not have been countersigned, the successor Warrant Agent may countersign such Warrants, and
in all such cases such Warrants shall have the full force and effect provided in the Warrants and in this Agreement. 

  
 24 

 Section 7.06 Eligibility. This Agreement must always have a Warrant Agent that has a
capital and surplus of at least $50,000,000 (individually or combined with Affiliates) as set forth in its most recent published annual report of condition. 

Section 7.07 Holder Lists. The Warrant Agent shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of all Holders. If the Warrant Agent is not the Registrar, the Company shall promptly furnish to the Warrant Agent at such times as the Warrant Agent may request in writing, a list in such form and as of
such date as the Warrant Agent may reasonably require of the names and addresses of the Holders. 
 Article 8. 

MISCELLANEOUS 

Section 8.01 Warrantholder Actions. (a) Any notice, consent to amendment, supplement or waiver provided by this Agreement to
be given by a Holder (an “act”) may be evidenced by an instrument signed by the Holder delivered to the Warrant Agent. 

(b) Any act by the Holder of any Warrant binds that Holder and every subsequent Holder of a Warrant certificate that evidences the same
Warrant of the acting Holder, even if no notation thereof appears on the Warrant certificate. Subject to paragraph (c), a Holder may revoke an act as to its Warrants, but only if the Warrant Agent receives the notice of revocation before the
date the amendment or waiver or other consequence of the act becomes effective. 
 (c) The Company may, but is not obligated to, fix a
record date for the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any other regard. If a record date is fixed, those Persons that were Holders at such record date and only those Persons will be
entitled to act, or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act will be valid or effective for more than 90 days after the record date. 

Section 8.02 Notices. (a) Any notice or communication by the Company, on the one hand, or the Warrant Agent, on the other
hand, to the other is duly given if in writing (i) when delivered in person, (ii) five days after mailing when mailed by first class mail, postage prepaid, (iii) by overnight delivery by a nationally recognized courier service, or
(iv) when sent by facsimile transmission, with transmission confirmed. In each case the notice or communication should be addressed as follows: 

if to the Company: 

Targa Resources Corp. 
 1000
Louisiana St., Suite 4300 
 Houston, Texas 77002 

Attention: Chief Financial Officer 

Facsimile: (713) 584-1000 

if to the Warrant Agent: 

Computershare Inc, 
 Computershare
Trust Company, N.A. 
 480 Washington Blvd. 

Jersey City, NJ 07310 
 Michael
Battista 
 Relationship Manager 

  
 25 

 The Company or the Warrant Agent by notice to the other may designate additional or different
addresses for subsequent notices or communications. 
 (b) Except as otherwise expressly provided with respect to published notices,
any notice or communication to a Holder will be deemed given when mailed to the Holder at its address as it appears on the Register by first class mail; provided, that if the Company has been made aware of a different address pursuant to the
Certificate of Designation or an applicable Warrant, the Company shall provide such notice to such address instead. Copies of any notice or communication to a Holder, if given by the Company, will be mailed to the Warrant Agent at the same time.
Defect in mailing a notice or communication to any particular Holder will not affect its sufficiency with respect to other Holders. The notice or communication should be addressed as follows: 

if to Stonepeak: 

Stonepeak Target Holdings, LP 

717 5th Avenue, 25th Floor 
 New
York, NY 10022 
 Attention: Adrienne Saunders 

and 
 Attention: Jack Howell 

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

Sidley Austin LLP 
 1000 Louisiana
Street 
 Suite 6000 
 Houston,
TX 77002 
 Attention: Cliff Vrielink and Timothy Langenkamp 

if to a purchaser party to the Purchase Agreements, to the addresses set forth on Schedule A thereto. 

(c) Where this Agreement provides for notice, the notice may be waived in writing by the Person entitled to receive such notice, either before
or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed with the Warrant Agent, but such filing is not a condition precedent to the validity of any action taken in reliance upon such
waivers. 
 Section 8.03 Supplements And Amendments. (a) The Company and the Warrant Agent may amend or supplement this
Agreement or the Warrants without notice to or the consent of any Holder 
 (i) to cure any ambiguity, omission,
inconsistency or mistake in this Agreement or the Warrants in a manner that is not inconsistent with the provisions of this Agreement and that does not adversely affect the rights, preferences and privileges of the Warrants or any Holder; 

(ii) to evidence and provide for the acceptance of an appointment hereunder by a successor Warrant Agent; or 

(iii) to make any other change that does not adversely affect the rights of any Holder. 

(b) Except as otherwise provided in paragraphs (a) or (c), this Agreement and the Warrants may be amended only by means of a written
amendment signed by the Company, the Warrant Agent and 

  
 26 

 
the Holders of a majority of the outstanding Warrants; provided, however, that any such amendment, modification or supplement to, this Agreement that would materially and adversely affect the
economic terms of the Warrants of any Holder shall require the affirmative vote or consent of the holders of at least 80% of the outstanding Warrants. Any amendment or modification of or supplement to this Agreement or the Warrants, 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. In addition, any term of a specific Warrant may be amended or waived with the written consent of the Company and the Holder of such Warrant. 

(c) Notwithstanding the provisions of paragraph (b), without the consent of each Holder affected, an amendment or waiver may not: 

(i) increase the Exercise Price; 

(ii) reduce the term of the Warrants; 

(iii) make a material and adverse change that does not equally affect all Warrants; or 

(iv) decrease the number of shares of Common Stock, cash or other securities or property issuable upon exercise of the Warrants

 except, in each case, for adjustments expressly provided for in this Agreement. 

(d) It is not necessary for Holders to approve the particular form of any proposed amendment, supplement or waiver if their consent approves
the substance thereof. 
 (e) Subject to Section 8.03(h), an amendment, supplement or waiver under this Section will become effective
on receipt by the Warrant Agent of written consents from the Holders of the requisite percentage of the outstanding Warrants. After an amendment, supplement or waiver under this Section becomes effective, the Company will send to the Holders
affected thereby a notice describing the amendment, supplement or waiver in reasonable detail. Any failure of the Company to send such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such
supplemental indenture or waiver. 
 (f) After an amendment, supplement or waiver becomes effective, it will bind every Holder unless it is
of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement or waiver will bind each Holder that has consented to it and
every subsequent Holder of a Warrant with respect to which consent was granted. 
 (g) If an amendment, supplement or waiver changes the
terms of a Warrant, the Company or the Warrant Agent may require the Holder to deliver it to the Warrant Agent so that the Warrant Agent may place an appropriate notation of the changed terms on the Warrant and return it to the Holder, or exchange
it for a new Warrant that reflects the changed terms. The Warrant Agent may also place an appropriate notation on any Warrant thereafter countersigned. However, the effectiveness of the amendment, supplement or waiver is not affected by any failure
to annotate or exchange Warrants in this fashion. 
 (h) The Warrant Agent is entitled to receive, and will be fully protected in relying
upon, an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized 

  
 27 

 
pursuant to this section is authorized or permitted by this Agreement. If the Warrant Agent has received such an Opinion of Counsel, it shall sign the amendment, supplement or waiver so long as
the same does not adversely affect the rights of the Warrant Agent. The Warrant Agent may, but is not obligated to, execute any amendment, supplement or waiver that affects the Warrant Agent’s own rights, duties or immunities under this
Agreement. 
 Section 8.04 Governing Law. This Agreement and the Warrants shall be governed by, and construed in accordance
with, 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 8.05 No Adverse Interpretation of Other Agreements. This Agreement may not be used to interpret another agreement of the
Company, and no such agreement may be used to interpret this Agreement. 
 Section 8.06 Successors and Assigns. All
agreements of the Company in this Agreement and the Warrants will bind its successors and assigns. All agreements of the Warrant Agent in this Agreement will bind its successors and assigns. Subject to the transfer conditions referred to in any
legend in effect as set forth herein and Sections 3.08 and 3.09, each Holder may freely assign its Warrants and its rights under this Agreement, in whole or in part, to any Person; provided, that no such assignment shall be made to an
Industry Competitor. 
 Section 8.07 Duplicate Originals. The parties may sign any number of copies of this Agreement.
Each signed copy shall be deemed an original, but all of them together represent the same agreement. A signature to this agreement executed/transmitted electronically will have the same authority, effect and enforceability as an original
signature. 
 Section 8.08 Separability. In case any provision in this Agreement or in the Warrants is invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 8.09 Table of Contents and Headings. The Table of Contents and headings of the Articles and Sections of this Agreement
have been inserted for convenience of reference only, are not to be considered a part of this Agreement and in no way modify or restrict any of the terms and provisions of this Agreement. 

Section 8.10 Benefits Of This Agreement. Nothing in this Agreement shall be construed to give to any Person other than the
Company, the Warrant Agent and the registered holders of Warrants any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the registered
holders of Warrants. 
 Section 8.11 Good Faith Determinations. Notwithstanding anything to the contrary herein, whenever
the Board of Directors is permitted or required to determine fair market value, such determination shall be made in good faith. 

  
 28 

 Section 8.12 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 Warrant Agent, the 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, partnership 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 Holder hereunder. 
 Section 8.13 Bank Accounts. All funds received by Computershare under this
Agreement that are to be distributed or applied by Computershare in the performance of Services (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be
maintained by Computershare in its name as agent for the Company. Until paid pursuant to the terms of this Agreement, Computershare will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1
billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall
have no responsibility or liability for any diminution of the Funds that may result from any deposit made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other
third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other
party. 
 Section 8.14 Further Assurances. The Company shall perform, acknowledge and deliver or cause to be performed,
acknowledged and delivered all such further and other acts, documents, instruments and assurances as may be reasonably required by the Warrant Agent for the carrying out or performing by the Warrant Agent of the provisions of this Agreement.

 Section 8.15 Confidentiality. The Warrant Agent and the Company agree that all books, records, information and data
pertaining to the business of the other party, including inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement including the fees for services
agreed upon by the parties hereto shall remain confidential, and shall not be voluntarily disclosed to any other Person, except as may be required by law, including, without limitation, pursuant to subpoenas from state or federal government
authorities (e.g., in divorce and criminal actions). 
 Section 8.16 Force Majeure. Notwithstanding anything to the
contrary contained herein, the Warrant Agent will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or
malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 

  
 29 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, as of the
day and year first above written. 
  

			
	TARGA RESOURCES CORP.
		
	By:	 	 /s/ Matthew J. Meloy

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

 Signature Page to Warrant Agreement 

 
			
	COMPUTERSHARE INC.,
	  
 COMPUTERSHARE TRUST
COMPANY, N.A.,
  
 as Warrant Agent

		
	By:	 	 /s/ Neda Sheridan

		 	Name: Neda Sheridan
		 	Title: Vice President

 Signature Page to Warrant Agreement 

 EXHIBIT A 

[Face of Series A Warrant] 

[Insert appropriate legend] 
  

					
	No.                         	  	 	     Warrants	  
		  	 	CUSIP No. 87612G 200	  
		  	 	CUSIP No. 87612G 309	  

 Series A Warrant Certificate 

This Series A Warrant Certificate certifies that
                    , or its registered assigns, is the registered holder of Series A Warrants (the “Warrants”), exercisable for, at
the option of Targa Resources Corp., a Delaware corporation (the “Company”), either shares of Common Stock, par value $0.001 (the “Common Stock”), of the Company, or cash. This Series A Warrant Certificate is
exercisable for [        ] shares of Common Stock (the “Exercise Shares”). Each Warrant entitles the registered holder upon exercise at any time from 9:00 a.m. on September 16, 2016
until 5:00 p.m., New York City Time on March 16, 2023 (the “Expiration Time”), to receive from the Company either (i) an amount of fully paid and nonassessable shares of Common Stock (the “Warrant
Shares”) at an initial exercise price (the “Exercise Price”) of eighteen dollars and eighty eight cents ($18.88) (as such price may be adjusted as provided in the Warrant Agreement) pursuant to a Net Share Settlement,
subject to the conditions and terms set forth herein and in the Warrant Agreement referred to on the reverse hereof or (ii) cash, pursuant to a Net Cash Settlement, subject to the conditions and terms set forth herein and in the Warrant
Agreement referred to on the reverse hereof. The Exercise Price and the number of Warrant Shares issuable and the cash payable upon a Net Cash Settlement upon exercise of the Warrants are subject to adjustment upon the occurrence of certain events
set forth in the Warrant Agreement. 
 Reference is hereby made to the further provisions of this Series A Warrant Certificate set
forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

IN WITNESS WHEREOF, the Company has caused this Series A Warrant Certificate to be signed below by its duly authorized officer.

 Dated: [                    ] 

  
 A-1 

 
					
	TARGA RESOURCES CORP.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 A-2 

			
	Countersigned on [                    ]:
	
	 COMPUTERSHARE INC.

as Warrant Agent

		
	By:	 	  

		 	Authorized Signatory
	
	 COMPUTERSHARE TRUST COMPANY, N.A.,

as Warrant Agent

		
	By:	 	  

		 	Authorized Signatory

  
 A-3 

 TARGA RESOURCES CORP. 

[Reverse of Series A Warrant] 
  

	 	1.	Warrant Agreement 

 The Warrants evidenced by this Series A Warrant Certificate
are part of a duly authorized issue of Warrants issued or to be issued pursuant to a Warrant Agreement dated as of March 16, 2016 (the “Warrant Agreement”), between the Company and Computershare Inc., a Delaware corporation and
its subsidiary Computershare Trust Company, N.A., a federally chartered trust company, collectively, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this
instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or
“holder” meaning the registered holders or registered holder) of the Warrants. To the extent permitted by law, in the event of an inconsistency or conflict between the terms of this Warrant and the Warrant Agreement, the terms of
the Warrant Agreement will prevail. 
  

	 	2.	Exercise 

 Warrants may be exercised at any time on or after September 16, 2016 and
on or before the Expiration Time; provided that holders shall be able to exercise their Warrants only if the exercise of such Warrants is exempt from, or in compliance with, the registration requirements of the Securities Act of 1933, as
amended (the “Securities Act”), and such securities are qualified for sale or exempt from qualification under the applicable securities laws of the states in which the various holders of the Warrants or other persons to whom it is
proposed that any Warrant Shares be issued on exercise of the Warrants reside (any exercise that would not, in the opinion of the Company upon advice of counsel, qualify for exemption from the registration requirements of the Securities Act will be
effected as an exchange of the Warrants for Warrant Shares as provided in the Warrant Agreement). 
 In order to exercise all or any of the
Warrants represented by this Series A Warrant Certificate, the holder must deliver to the Company this Series A Warrant Certificate and the form of election to exercise on the reverse hereof duly completed, which signature shall be medallion
guaranteed by an institution which is a member of a Securities Transfer Association recognized signature guarantee program. 
 The exercise
of Warrants is subject to certain restrictions on exercise (including a minimum number of Warrants being exercised in a partial exercise of Warrants) as described in the Warrant Agreement. 

The Company pursuant to the terms of the Warrant Agreement will elect to have the Warrants which are exercised net settled in cash or net
settled in shares of Common Stock as provided in the Warrant Agreement. No Warrant may be exercised after the Expiration Time, and to the extent not exercised by such time the Warrants shall become void. 

 

	 	3.	Adjustments 

 The Warrant Agreement provides that, upon the occurrence of certain events,
the Exercise Price and, if applicable, the number of shares of Common Stock issuable upon the exercise of each Warrant shall be adjusted. 

  
 A-4 

	 	4.	No Fractional Shares 

 No fractions of a share of Common Stock will be issued upon the
exercise of any Warrant, but the Company will pay the cash value thereof determined as provided in the Warrant Agreement. 
  

	 	5.	Registered Form; Transfer and Exchange 

 The Warrants have been issued in registered
form. Warrant Certificates, when surrendered at the office of the Registrar by the registered holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge (except as specified in the Warrant Agreement), for another Warrant Certificate or Warrant Certificate of like tenor evidencing in the aggregate a like number of Warrants.

 Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Registrar a new Warrant Certificate
or Warrant Certificate of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without
charge except for any tax or other governmental charge imposed in connection therewith. 
 The Company and the Warrant Agent may deem and
treat the registered holder(s) thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the
holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. This Warrant Certificate does not entitle any holder hereof to any rights of a stockholder of the Company.

  

	 	6.	Countersignature 

 This Warrant Certificate shall not be valid unless countersigned by
the Warrant Agent. 
  

	 	7.	Governing Law; Jurisdiction 

 This Warrant shall be governed by and construed in
accordance with the internal laws of the State of Delaware without regard to principles of conflicts of laws. The Company and the Holder of this Warrant each hereby irrevocably and unconditionally: 

(i) submits for itself and its property in any legal action or proceeding relating solely to this Warrant or the transactions
contemplated hereby, to the exclusive jurisdiction of the courts of the state of Delaware and the Federal courts of the United States of America located within the State of Delaware, and appellate courts thereof; 

(ii) consents that any such action or proceeding may be brought in such courts, and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same to the extent permitted by applicable law; 

(iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to the party, as the case may be, at its address set forth in the Register or at such other address of which the other party shall have been notified pursuant thereto;

  
 A-5 

 (iv) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction for recognition and enforcement of any judgment or if jurisdiction in the courts referenced in the foregoing clause (i) are not available
despite the intentions of the parties hereto; 
 (v) agrees that final judgment in any such suit, action or proceeding
brought in such a court may be enforced in the courts of any jurisdiction to which such party is subject by a suit upon such judgment, provided that service of process is effected upon such party in the manner specified herein or as otherwise
permitted by law; 
 (vi) agrees that to the extent that such party has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process with respect to itself or its property, such party hereby irrevocably waives such immunity in respect of its obligations under this Warrant Certificate, to the extent permitted by law; and 

(vii) IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING IN RELATION TO THIS AGREEMENT AND
THE WARRANT ISSUED. 
 A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. 

  
 A-6 

 [Form of Exercise Notice] 

(To Be Executed Upon Exercise Of Series A Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate for
         shares of Common Stock to be net share settled pursuant to the Net Share Settlement procedures set forth in the Warrant Agreement or net cash settled pursuant to the Net Cash Settlement procedures set
forth in the Warrant Agreement, wherein in the latter case, cash in lieu of shares of Common Stock would be delivered to the Holder in lieu of delivering shares of Common Stock in accordance with terms of the Warrant Agreement. 

In the case of a Net Share Settlement, the undersigned requests that a certificate for such shares be registered in the name of
            , whose address is              and that such shares be delivered to
            , whose address is             . If said number of shares is less than all of the shares of Common Stock issuable
hereunder, the undersigned requests that a new Warrant representing the remaining balance of such shares be registered in the name of             , whose address is
            , and that such Warrant be delivered to             , whose address is
            . 
 If the undersigned receives Warrant Shares pursuant to a Net
Share Settlement and such Warrant Shares have not been registered pursuant to a registration statement that has been declared effective under the Securities Act, the undersigned represents and warrants that (x) it is a qualified institutional
buyer (as defined in Rule 144A) and is receiving the Warrant Shares for its own account or for the account of another qualified institutional buyer, and it is aware that the Company is issuing the Warrant Shares to it in reliance on
Rule 144A; (y) it is an “accredited investor” within the meaning of Rule 501 under the Securities Act; or (z) it is receiving the Warrant Shares pursuant to another available exemption from the registration requirements
of the Securities Act. Prior to receiving Warrant Shares pursuant to clause (x) above, the Company and the Warrant Agent may request a certificate substantially in the form of Exhibit D to the Warrant Agreement. Prior to receiving Warrant
Shares pursuant to clause (y) above, the Company may request a certificate substantially in the form of Exhibit E and/or an opinion of counsel. Prior to receiving Warrant Shares pursuant to clause (z) above the Warrant Agent may request
appropriate certificates and/or an opinion of counsel. 

  
 A-7 

							
		 		 		 	  

		 		 		 	Signature
				
	 Date:
	 		 		 	
				
		 		 		 	 [

		 		 		 	Signature Guaranteed]

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Warrant Agent,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Warrant Agent in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-8 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto
                                     (the
“Assignee”) 
 (Please type or print block letters) 

 
   

 
 (Please print or typewrite name and
address including zip code of assignee) 
 the within Warrant and all rights thereunder (the “Securities”), hereby irrevocably
constituting and appointing 
  
   

 
 attorney to transfer said Warrant Certificate on the
books of the Company with full power of substitution in the premises. 
 [THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING
A RESTRICTED LEGEND] 
 In connection with any transfer of this Warrant Certificate occurring prior to the removal of the Restricted Legend,
the undersigned confirms (i) the understanding that the Securities have not been registered under the Securities Act of 1933, as amended; (ii) that such transfer is made without utilizing any general solicitation or general advertising;
and (iii) further as follows: 
 Check One 

 ̈    (1) This Warrant Certificate is being transferred to a
“qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as amended and certification in the form of Exhibit E to the Warrant Agreement is being furnished herewith. 

                    or 

 ̈    (2) This Warrant Certificate is being transferred other than in
accordance with (1) above and documents are being furnished which comply with the conditions of transfer set forth in this Warrant and the Warrant Agreement. 

If none of the foregoing boxes is checked, the Warrant Agent is not obligated to register this Warrant in the name of any Person other than
the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Warrant Agreement have been satisfied. 
  

			
	Date:	 	  

	
	  

	Seller
		
	By	 	  

  
 A-9 

 NOTICE: The signature to this assignment must correspond with the name as written upon the face
of the within-mentioned instrument in every particular, without alteration or any change whatsoever. 
  

	
	  

	[Signature Guaranteed]

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Warrant Agent,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Warrant Agent in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-10 

 EXHIBIT B 

[Face of Series B Warrant] 

[Insert appropriate legend] 
  

					
	No.                     	  	 	     Warrants	  
		  	 	CUSIP No. 87612G 408	  
		  	 	CUSIP No. 87612G 507	  

 Series B Warrant Certificate 

This Series B Warrant Certificate certifies that
                    , or its registered assigns, is the registered holder of Series B Warrants (the “Warrants”), exercisable for, at
the option of Targa Resources Corp., a Delaware corporation (the “Company”), either shares of Common Stock, par value $0.001 (the “Common Stock”), of the Company, or cash. This Series B Warrant Certificate is
exercisable for [        ] shares of Common Stock (the “Exercise Shares”). Each Warrant entitles the registered holder upon exercise at any time from 9:00 a.m. on September 16, 2016
until 5:00 p.m., New York City Time on March 16, 2023 (the “Expiration Time”), to receive from the Company either (i) an amount of fully paid and nonassessable shares of Common Stock (the “Warrant
Shares”) at an initial exercise price (the “Exercise Price”) of twenty five dollars and eleven cents ($25.11) (as such price may be adjusted as provided in the Warrant Agreement) pursuant to a Net Share Settlement, subject
to the conditions and terms set forth herein and in the Warrant Agreement referred to on the reverse hereof or (ii) cash, pursuant to a Net Cash Settlement, subject to the conditions and terms set forth herein and in the Warrant Agreement
referred to on the reverse hereof. The Exercise Price and the number of Warrant Shares issuable and the cash payable upon a Net Cash Settlement upon exercise of the Warrants are subject to adjustment upon the occurrence of certain events set forth
in the Warrant Agreement. 
 Reference is hereby made to the further provisions of this Series B Warrant Certificate set forth on the
reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 IN
WITNESS WHEREOF, the Company has caused this Series B Warrant Certificate to be signed below by its duly authorized officer. 

Dated: [                    ] 

  
 B-1 

 
					
	TARGA RESOURCES CORP.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 B-2 

			
	Countersigned on [                    ]:
	  
 COMPUTERSHARE INC.

as Warrant Agent

		
	By:	 	  

		 	Authorized Signatory
	
	 COMPUTERSHARE TRUST COMPANY, N.A.,

as Warrant Agent

		
	By:	 	  

		 	Authorized Signatory

  
 B-3 

 TARGA RESOURCES CORP. 

[Reverse of Series B Warrant] 
  

	 	1.	Warrant Agreement 

 The Warrants evidenced by this Series B Warrant Certificate
are part of a duly authorized issue of Warrants issued or to be issued pursuant to a Warrant Agreement dated as of March 16, 2016 (the “Warrant Agreement”), between the Company and Computershare Inc., a Delaware corporation and
its subsidiary Computershare Trust Company, N.A., a federally chartered trust company, collectively, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this
instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or
“holder” meaning the registered holders or registered holder) of the Warrants. To the extent permitted by law, in the event of an inconsistency or conflict between the terms of this Warrant and the Warrant Agreement, the terms of
the Warrant Agreement will prevail. 
  

	 	2.	Exercise 

 Warrants may be exercised at any time on or after September 16, 2016 and
on or before the Expiration Time; provided that holders shall be able to exercise their Warrants only if the exercise of such Warrants is exempt from, or in compliance with, the registration requirements of the Securities Act of 1933, as
amended (the “Securities Act”), and such securities are qualified for sale or exempt from qualification under the applicable securities laws of the states in which the various holders of the Warrants or other persons to whom it is
proposed that any Warrant Shares be issued on exercise of the Warrants reside (any exercise that would not, in the opinion of the Company upon advice of counsel, qualify for exemption from the registration requirements of the Securities Act will be
effected as an exchange of the Warrants for Warrant Shares as provided in the Warrant Agreement). 
 In order to exercise all or any of the
Warrants represented by this Series B Warrant Certificate, the holder must deliver to the Company this Series B Warrant Certificate and the form of election to exercise on the reverse hereof duly completed, which signature shall be medallion
guaranteed by an institution which is a member of a Securities Transfer Association recognized signature guarantee program. 
 The exercise
of Warrants is subject to certain restrictions on exercise (including a minimum number of Warrants being exercised in a partial exercise of Warrants) as described in the Warrant Agreement). 

The Company pursuant to the terms of the Warrant Agreement will elect to have the Warrants which are exercised net settled in cash or net
settled in shares of Common Stock as provided in the Warrant Agreement. 
 No Warrant may be exercised after the Expiration Time, and to the
extent not exercised by such time the Warrants shall become void. 
  

	 	3.	Adjustments 

 The Warrant Agreement provides that, upon the occurrence of certain events,
the Exercise Price and, if applicable, the number of shares of Common Stock issuable upon the exercise of each Warrant shall be adjusted. 

  
 B-4 

	 	4.	No Fractional Shares 

 No fractions of a share of Common Stock will be issued upon the
exercise of any Warrant, but the Company will pay the cash value thereof determined as provided in the Warrant Agreement. 
  

	 	5.	Registered Form; Transfer and Exchange 

 The Warrants have been issued in registered
form. Warrant Certificates, when surrendered at the office of the Registrar by the registered holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations
provided in the Warrant Agreement, but without payment of any service charge (except as specified in the Warrant Agreement), for another Warrant Certificate or Warrant Certificate of like tenor evidencing in the aggregate a like number of Warrants.

 Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Registrar a new Warrant Certificate
or Warrant Certificate of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without
charge except for any tax or other governmental charge imposed in connection therewith. 
 The Company and the Warrant Agent may deem and
treat the registered holder(s) thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the
holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. This Warrant Certificate does not entitle any holder hereof to any rights of a stockholder of the Company.

  

	 	6.	Countersignature 

 This Warrant Certificate shall not be valid unless countersigned by
the Warrant Agent. 
  

	 	7.	Governing Law; Jurisdiction 

 This Warrant shall be governed by and construed in
accordance with the internal laws of the State of Delaware, without regard to principles of conflicts of laws. The Company and the Holder of this Warrant each hereby irrevocably and unconditionally: 

(i) submits for itself and its property in any legal action or proceeding relating solely to this Warrant or the transactions
contemplated hereby, to the exclusive jurisdiction of the courts of the state of Delaware and the Federal courts of the United States of America located within the State of Delaware, and appellate courts thereof; 

(ii) consents that any such action or proceeding may be brought in such courts, and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same to the extent permitted by applicable law; 

(iii) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered
or certified mail (or any substantially similar form of mail), postage prepaid, to the party, as the case may be, at its address set forth in the Register or at such other address of which the other party shall have been notified pursuant thereto;

  
 B-5 

 (iv) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction for recognition and enforcement of any judgment or if jurisdiction in the courts referenced in the foregoing clause (i) are not available
despite the intentions of the parties hereto; 
 (v) agrees that final judgment in any such suit, action or proceeding
brought in such a court may be enforced in the courts of any jurisdiction to which such party is subject by a suit upon such judgment, provided that service of process is effected upon such party in the manner specified herein or as otherwise
permitted by law; 
 (vi) agrees that to the extent that such party has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process with respect to itself or its property, such party hereby irrevocably waives such immunity in respect of its obligations under this Warrant Certificate, to the extent permitted by law; and 

(vii) IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING IN RELATION TO THIS AGREEMENT AND
THE WARRANT ISSUED. 
 A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. 

  
 B-6 

 [Form of Exercise Notice] 

(To Be Executed Upon Exercise Of Series B Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate for
             shares of Common Stock to be net share settled pursuant to the Net Share Settlement procedures set forth in the Warrant Agreement or net cash settled pursuant to the Net Cash
Settlement procedures set forth in the Warrant Agreement, wherein in the latter case, cash in lieu of shares of Common Stock would be delivered to the Holder in lieu of delivering shares of Common Stock in accordance with terms of the Warrant
Agreement. 
 In the case of Net Share Settlement, the undersigned requests that a certificate for such shares be registered in the name of
            , whose address is              and that such shares be delivered to
            , whose address is             . If said number of shares is less than all of the shares of Common Stock issuable
hereunder, the undersigned requests that a new Warrant representing the remaining balance of such shares be registered in the name of             , whose address is
            , and that such Warrant be delivered to             , whose address is
            . 
 If the undersigned receives Warrant Shares pursuant to a Net
Share Settlement and such Warrant Shares have not been registered pursuant to a registration statement that has been declared effective under the Securities Act, the undersigned represents and warrants that (x) it is a qualified institutional
buyer (as defined in Rule 144A) and is receiving the Warrant Shares for its own account or for the account of another qualified institutional buyer, and it is aware that the Company is issuing the Warrant Shares to it in reliance on
Rule 144A; (y) it is an “accredited investor” within the meaning of Rule 501 under the Securities Act; or (z) it is receiving the Warrant Shares pursuant to another available exemption from the registration requirements
of the Securities Act. Prior to receiving Warrant Shares pursuant to clause (x) above, the Company and the Warrant Agent may request a certificate substantially in the form of Exhibit D to the Warrant Agreement. Prior to the purchase of Warrant
Shares pursuant to clause (y) above, the Company may request a certificate substantially in the form of Exhibit E and/or an opinion of counsel. Prior to receiving Warrant Shares pursuant to clause (z) above the Warrant Agent may request
appropriate certificates and/or an opinion of counsel. 
 The undersigned understands that, upon exercise of this Warrant, the Company may
elect to have the Warrants which are exercised settled either net cash settled pursuant to the Net Share Settlement procedures set forth in the Warrant Agreement or net cash settled pursuant to the Net Cash Settlement Procedures set forth in the
Warrant Agreement, wherein in the latter case, cash in lieu of shares of Common Stock would be delivered to the Holder in lieu of delivering shares of Common Stock in accordance with terms of the Warrant Agreement. 

 

			
	By	 	  

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within-mentioned instrument in every particular, without alteration or any change whatsoever. 
  

	
	  

	[Signature Guaranteed]

  
 B-7 

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Warrant Agent, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Warrant Agent in addition
to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 B-8 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto
                                     (the
“Assignee”) 
 (Please type or print block letters) 

 
  

(Please print or typewrite name and address including zip code of assignee) 

the within Warrant and all rights thereunder (the “Securities”), hereby irrevocably constituting and appointing 

 
  

attorney to transfer said Warrant on the books of the Company with full power of substitution in the premises. 

[THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND] 

In connection with any transfer of this Warrant Certificate occurring prior to the removal of the Restricted Legend, the undersigned confirms
(i) the understanding that the Securities have not been registered under the Securities Act of 1933, as amended; (ii) that such transfer is made without utilizing any general solicitation or general advertising; and (iii) further as
follows: 
 Check One 

 ̈    (1) This Warrant Certificate is being transferred to a
“qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as amended and certification in the form of Exhibit E to the Warrant Agreement is being furnished herewith. 

or 
  ̈    (2) This Warrant Certificate is being transferred other than in accordance with (1) above and documents are being furnished which comply with the conditions of transfer set
forth in this Warrant and the Warrant Agreement. 
 If none of the foregoing boxes is checked, the Warrant Agent is not obligated to
register this Warrant in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Warrant Agreement have been satisfied. 

 

			
	Date:	 	  

	
	  

	Seller
		
	By	 	  

  
 B-9 

 NOTICE: The signature to this assignment must correspond with the name as written upon the face
of the within-mentioned instrument in every particular, without alteration or any change whatsoever. 
  

	
	  

	[Signature Guaranteed]

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Warrant Agent,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Warrant Agent in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 B-10 

 EXHIBIT C 

RESTRICTED LEGEND 
 THIS WARRANT
AND THE UNDERLYING COMMON STOCK THAT MAY BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST
OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. 

THIS WARRANT EVIDENCES AND ENTITLES THE REGISTERED HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN THE WARRANT AGREEMENT BETWEEN TARGA RESOURCES CORP.,
COMPUTERSHARE, INC. AND COMPUTERSHARE TRUST COMPANY, N.A. (OR ANY SUCCESSOR RIGHTS AGENT) DATED AS OF MARCH 16, 2016, AS IT MAY FROM TIME TO TIME BE SUPPLEMENTED OR AMENDED, THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY
OF WHICH IS ON FILE AT THE PRINCIPAL OFFICES OF THE COMPANY. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT) OR (B) IT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH WARRANT AND THE UNDERLYING COMMON STOCK THAT MAY BE ISSUED UPON ITS
EXERCISE, PRIOR TO THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT, ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE
SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT THAT IS
ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
(D) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND
THE WARRANT AGENT’S (INCLUDING ANY SUCCESSOR WARRANT AGENT) RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C) OR (D) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO THE WARRANT AGENT, AND IN EACH OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE WARRANT AGENT. THIS LEGEND WILL BE REMOVED
UPON THE REQUEST OF THE HOLDER AFTER THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT. 

  
 C-1 

 EXHIBIT D 

Rule 144A Certificate 

            ,      

[                    ] 

[                    ] 

Attention: [●] 
  

	 	Re:	Warrants to acquire either Common Stock of Targa Resources Corp. or cash (the “Warrants”) Issued under the Warrant Agreement (the “Agreement”) dated as of March 16, 2016 relating
to the Warrants 

 Ladies and Gentlemen: 

This Certificate relates to: 

[CHECK A OR B AS APPLICABLE.] 
  ̈    A. Our proposed purchase of      Warrants issued under the Agreement. 

 ̈    B. Our proposed exchange of      Warrants issued under the
Agreement for an equal number of Warrants to be held by us. 
 We and, if applicable, each account for which we are acting, in the
aggregate owned and invested more than $100,000,000 in securities of issuers that are not affiliated with us (or such accounts, if applicable), as of
                    , 20        , which is a date on or since close of our most recent fiscal year. We and,
if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”).
If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the transfer of Warrants to us, or such exchange, as applicable, is being made in reliance upon the exemption from the
provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to the date of this Certificate we have received such information regarding the Company as we have requested pursuant to Rule 144A(d)(4) or have determined not
to request such information. 

  
 D-1 

 You and the Company are entitled to rely upon this Certificate and are irrevocably authorized to
produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	 Very truly yours,

	
	 [NAME OF PURCHASER (FOR

	 TRANSFERS) OR OWNER (FOR

	 EXCHANGES)]

		
	 By:
	 	
 

			
	 Name:
	 	
 

			
	 Title:
	 	
 

			
	 Address:
	 	
 

			
	 Date:
	 	  

  
 D-2 

 EXHIBIT E 

Accredited Investor Certificate 

            ,
             

[                        ] 

[                        ] 

Attention: [●] 
  

	 	Re:	Warrants to acquire either Common Stock of Targa Resources Corp. or cash (the “Warrants”) Issued under the Warrant Agreement (the “Agreement”) dated as of March 16, 2016 relating
to the Warrants 

 Ladies and Gentlemen: 

This Certificate relates to: 

[CHECK A OR B AS APPLICABLE.] 
  ̈     A. Our proposed purchase of             Warrants issued under the Agreement. 

 ̈     B. Our proposed exchange of
            Warrants issued under the Agreement for an equal number of Warrants to be held by us. 

We hereby confirm that: 
 1. We
are an “accredited investor” (an “Accredited Investor”) within the meaning of Rule 501 under the Securities Act of 1933, as amended (the “Securities Act”). 

2. Any acquisition of Warrants by us will be for our own account or for the account of one or more other Accredited Investors as to which we
exercise sole investment discretion. 
 3. We have such knowledge and experience in financial and business matters that we are capable of
evaluating the merits and risks of an investment in the Warrants and we and any accounts for which we are acting are able to bear the economic risks of and an entire loss of our or their investment in the Warrants. 

4. We are not acquiring the Warrants with a view to any distribution thereof in a transaction that would violate the Securities Act or the
securities laws of any State of the United States or any other applicable jurisdiction; provided that the disposition of our property and the property of any accounts for which we are acting as fiduciary will remain at all times within our
and their control. 
 5. We acknowledge that the Warrants have not been registered under the Securities Act and that the Warrants may not be
offered or sold within the United States or to or for the benefit of U.S. persons except as set forth below. 
 We agree for the benefit of
the Company, on our own behalf and on behalf of each account for which we are acting, that such Warrants may be offered, sold, pledged or otherwise transferred only in accordance with the Securities Act and any applicable securities laws of any
State of the United States and only (a) to the Company or any subsidiary thereof, (b) pursuant to a registration statement that has 

  
 E-1 

 
been declared effective under the Securities Act, (c) to a person it reasonably believes is a qualified institutional buyer in compliance with Rule 144A under the Securities Act,
(d) to an Accredited Investor that, prior to such transfer, delivers to the Warrant Agent a duly completed and signed certificate (the form of which may be obtained from the Warrant Agent) relating to the restrictions on transfer of the
Warrants, or (e) pursuant to any other available exemption from the registration requirements of the Securities Act. 
 Prior to the
registration of any transfer in accordance with (c) above, we acknowledge that a duly completed and signed certificate (the form of which may be obtained from the Warrant Agent) must be delivered to the Warrant Agent. Prior to the registration
of any transfer in accordance with (d) or (e) above, we acknowledge that the Company reserves the right to require the delivery of such legal opinions, certifications or other evidence as may reasonably be required in order to determine
that the proposed transfer is being made in compliance with the Securities Act and applicable state securities laws. We acknowledge that no representation is made as to the availability of any exemption from the registration requirements of the
Securities Act. 
 We understand that the Warrant Agent will not be required to accept for registration of transfer any Warrants acquired by
us, except upon presentation of evidence satisfactory to the Company and the Warrant Agent that the foregoing restrictions on transfer have been complied with. We further understand that the Warrants acquired by us will bear a legend reflecting the
substance of the preceding paragraph. We further agree to provide to any person acquiring any of the Warrants from us a notice advising such person that resales of the Warrants are restricted as stated herein and that the Warrants will bear a legend
to that effect. 
 We agree to notify you promptly in writing if any of our acknowledgments, representations or agreements herein ceases to
be accurate and complete. 
 We represent to you that we have full power to make the foregoing acknowledgments, representations and
agreements on our own behalf and on behalf of any account for which we are acting. 
 You and the Company are entitled to rely upon this
Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

 

			
	Very truly yours,
	
	 [NAME OF PURCHASER (FOR

	 TRANSFERS) OR OWNER (FOR

	 EXCHANGES)]

		
	 By:
	 	
 

			
	 Name:
	 	
 

			
	 Title:
	 	
 

			
	 Address:
	 	
 

			
	 Date:
	 	  

 Upon transfer, the Warrants would be registered in the name of the new beneficial owner as follows: 

 

			
	  

	 Taxpayer ID number:
	 	  

  
 E-2

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