Document:

EX-4.2

 Exhibit 4.2 

Execution Version 
  

 
  

REGISTRATION RIGHTS AGREEMENT 

Dated as of April 12, 2018 

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

and 
 THE GUARANTORS NAMED HEREIN

 as Issuers, 
 and 

THE INITIAL PURCHASERS NAMED HEREIN 
  

 
  

$1,000,000,000 
 5 7⁄8% SENIOR NOTES DUE 2026 

 TABLE OF CONTENTS 

 

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

  
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 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (the “Agreement”) is dated as of April 12, 2018 by and among Targa Resources Partners
LP, a Delaware limited partnership (the “Partnership”), Targa Resources Partners Finance Corporation, a Delaware corporation (the “Finance Co.” and, together with the Partnership, the “Targa
Companies”), the Guarantors listed on the signature pages hereto (the “Guarantors” and, together with the Partnership and Finance Co., the “Issuers”) and the several Initial Purchasers listed in Schedule 1
to the Purchase Agreement (defined below) (the “Initial Purchasers”) for whom Merrill Lynch, Pierce, Fenner & Smith Incorporated is acting as representative (the “Representative”). 

This Agreement is entered into in connection with the Purchase Agreement, dated as of April 5, 2018, by and among the Targa Companies,
the Guarantors and the Initial Purchasers (the “Purchase Agreement”) that provides for the sale by the Targa Companies to the Initial Purchasers of $1,000,000,000 aggregate principal amount of the Targa Companies’ 5 7⁄8% Senior Notes due 2026 (the “Notes”). The Notes will be guaranteed (the “Guarantees”) on a senior basis by the Guarantors.
The Notes and the Guarantees together are herein referred to as the “Securities.” In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Issuers have agreed to provide the registration rights set forth
in this Agreement for the benefit of the Holders (as defined herein). The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Securities under the Purchase Agreement. 

The parties hereby agree as follows: 
  

	1.	Definitions 

 As used in this Agreement, the following terms shall have the
following meanings: 
 Additional Interest: See Section 4(a) hereof. 

Advice: See the last paragraph of Section 5 hereof. 

Agreement: See the introductory paragraphs hereto. 

Applicable Period: See Section 2(b) hereof. 

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

 Effectiveness Period: See Section 3(a) hereof. 

Event Date: See Section 4(b) hereof. 

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

Exchange Notes: See Section 2(a) hereof. 

Exchange Offer: See Section 2(a) hereof. 

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

Exchange Securities: See Section 2(a) hereof. 

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

Finance Co.: See the introductory paragraphs hereto. 

FINRA: See Section 5(s) hereof. 

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

Guarantors: See the introductory paragraphs hereto. 

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

Indemnified Person: See Section 7(c) hereof. 

Indemnifying Person: See Section 7(c) hereof. 

Indenture: The Indenture, dated as of April 12, 2018, by and among the Issuers and U.S. Bank National Association, as Trustee,
pursuant to which the Securities are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 

Initial Purchasers: See the introductory paragraphs hereto. 

  
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 Inspectors: See Section 5(o) hereof. 

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

Issuers: See the introductory paragraphs hereto. 

Notes: See the introductory paragraphs hereto. 

Offering Memorandum: The final offering memorandum of the Targa Companies dated April 5, 2018, in respect of the offering of the
Securities to the Initial Purchasers. 
 Participant: See Section 7(a) hereof. 

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

Partnership: See the introductory paragraphs hereto. 

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

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

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

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

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

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

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

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

Representative: See the introductory paragraphs hereto. 

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

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

Securities: See the introductory paragraphs hereto. 

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

  
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 Shelf Notice: See Section 2(c) hereof. 

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

Targa Companies: See the introductory paragraphs hereto. 

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

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

 

	2.	Exchange Offer 

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

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

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

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

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

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

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

(3)    permit Holders to withdraw tendered Securities at any time prior to the close of business, New York
time, on the last Business Day on which the Exchange Offer shall remain open; and 
 (4)    otherwise
comply in all material respects with all applicable laws, rules and regulations. 
 As soon as practicable after the close of the Exchange
Offer or the Private Exchange, as the case may be, the Issuers shall: 
 (1)    accept for exchange all
Registrable Securities properly tendered and not validly withdrawn pursuant to the Exchange Offer or the Private Exchange; 

(2)    deliver to the Trustee for cancellation all Registrable Securities so accepted for exchange; and

 (3)    cause the Trustee to authenticate and deliver promptly to each Holder of Securities, Exchange
Securities or Private Exchange Securities, as the case may be, equal in principal amount to the Securities of such Holder so accepted for exchange; provided that, in the case of any Notes held in global form by a depositary, authentication
and delivery to such depositary of one or more replacement Notes in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication and delivery requirement.

 The Exchange Securities and the Private Exchange Securities may be issued under (i) the Indenture or (ii) an indenture
identical in all material respects to the Indenture, which in either event has been qualified under the TIA or is exempt from such qualification and shall provide that (1) the Exchange Securities shall not be subject to the transfer
restrictions set forth in the Indenture and (2) the Private Exchange Securities shall be subject to the transfer restrictions set forth in the Indenture. The Indenture or such indenture described in (ii) above shall provide that the
Exchange Securities, the Private Exchange Securities and the Securities shall vote and consent together on all matters as one class and that none of the Exchange Securities, the Private Exchange Securities or the Securities will have the right to
vote or consent as a separate class on any matter. 
 (c)    If, (i) the Issuers would otherwise be required to
consummate an Exchange Offer pursuant to Section 2(a) hereof but because of any change in law or in currently prevailing interpretations of the staff of the SEC, the Issuers are not permitted to effect an Exchange Offer, (ii) the Exchange
Offer is not consummated within 370 days of the Issue Date; provided, however, that if such 370th day would otherwise fall on a day that is not 

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

	3.	Shelf Registration 

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

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

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

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

(b)    Withdrawal of Stop Orders. If the Shelf Registration Statement ceases to be effective for any
reason at any time during the Effectiveness Period (other than because of the sale of all of the securities registered thereunder), the Issuers shall use their commercially reasonable efforts to obtain the prompt withdrawal of any order suspending
the effectiveness thereof. 
 (c)    Supplements and Amendments. The Issuers shall promptly
supplement and amend the Shelf Registration Statement if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement, if required by the Securities Act, or if reasonably requested
by the Holders of a majority in aggregate principal amount of the Registrable Securities covered by such Registration Statement or by any underwriter of such Registrable Securities. 

 

	4.	Additional Interest 

 (a)    The Issuers and the
Initial Purchasers agree that the Holders will suffer damages if the Issuers fail to fulfill their respective obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with
precision. Accordingly, the Issuers agree to pay, as liquidated damages, additional interest on the Registrable Securities (“Additional Interest”) under the circumstances and to the extent set forth below (without duplication): 

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

  
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 (ii)    if an Exchange Offer Registration Statement is
required pursuant to Section 2(a) hereof or a Shelf Registration Statement is required pursuant to Section 3(a) hereof and (A) neither the Exchange Offer Registration Statement nor the Shelf Registration Statement is declared
effective by the SEC (or becomes automatically effective) on or prior to the Registration Trigger Date or (B) notwithstanding that the Issuers have consummated or will consummate the Exchange Offer, the Issuers are required to file a Shelf
Registration Statement and such Shelf Registration Statement is not declared effective by the SEC (or fails to become automatically effective) on or prior to the 90th day following the date such Shelf Registration Statement was filed, then,
commencing on the day after such required effective date, Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the first 90 days immediately following each such filing date, such Additional Interest
rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period; and 

(iii)    if an Exchange Offer Registration Statement is required pursuant to Section 2(a) hereof or a
Shelf Registration Statement is required pursuant to Section 3(a) hereof and if either (A) the Issuers have not exchanged Exchange Notes for all Notes validly tendered in accordance with the terms of the Exchange Offer on or prior to the
30th day after the date on which the Exchange Offer Registration Statement was declared (or became automatically) effective; provided, however, that if such 30th day would otherwise fall on a day that is not a Business Day, then such
Exchange Offer must be consummated not later than the next succeeding Business Day or (B) if applicable, a Shelf Registration Statement has been declared effective and such Shelf Registration Statement ceases to be effective at any time during
the Effectiveness Period (other than after such time as all Notes have been disposed of thereunder), then Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the first 90 days commencing on
(x) the 31st day after such effective date, in the case of (A) above, or (y) the day such Shelf Registration Statement ceases to be effective, in the case of (B) above, such Additional Interest rate increasing by an additional
0.25% per annum at the beginning of each such subsequent 90-day period; 
 provided, however, that the
Additional Interest rate on the Registrable Securities may not accrue under more than one of the foregoing clauses (i) through (iii) of this Section 4(a) at the same time and at no time shall the aggregate amount of Additional Interest
accruing exceed at any one time in the aggregate 1.0% per annum; and provided, further, however, that (1) upon the filing of the Exchange Offer Registration Statement or a Shelf Registration Statement (in the case of clause
(i) of this Section 4(a)), (2) upon the effectiveness of the Exchange Offer Registration Statement or the Shelf Registration Statement (in the case of clause (ii) of this Section 4(a)), or (3) upon the exchange of Exchange
Securities for all Securities tendered (in the case of clause (iii)(A) of this Section 4(a)), or upon the effectiveness of the applicable Shelf Registration Statement that had ceased to remain effective (in the case of (iii)(B) of this
Section 4(a)), Additional Interest on the Registrable Securities as a result of such clause (or the relevant subclause thereof), as the case may be, shall cease to accrue. 

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

	5.	Registration Procedures 

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

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

(b)    Prepare and file with the SEC such amendments and post-effective amendments to each Shelf
Registration Statement or Exchange Offer Registration 

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

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

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

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

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

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

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

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

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

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

(i)    If a Shelf Registration Statement is filed pursuant to Section 3 hereof, cooperate with the
selling Holders and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates shall not bear any restrictive legends and
shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Securities to be in such authorized denominations and registered in such names as the managing underwriter or underwriters, if any, or Holders may
reasonably request. 
 (j)    Use their respective commercially reasonable efforts to cause the
Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof or the underwriter or underwriters, if any, to
consummate the disposition of such Registrable Securities, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Issuers will cooperate in all reasonable respects with the filing of
such Registration Statement and the granting of such approvals. 
 (k)    If (1) a Shelf
Registration Statement is filed pursuant to Section 3 hereof or (2) a Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, upon the occurrence of any event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable, prepare and (subject to
Section 5(a) hereof) file with the SEC, at the Issuers’ sole expense, a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be
incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder or to the purchasers of the Exchange Securities to whom such Prospectus
will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading. 
 (l)    Use their respective
commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement or the Exchange Securities, as the case may be, to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in
aggregate principal amount of Registrable Securities covered by such Registration Statement or the Exchange Securities, as the case may be, or the managing underwriter or underwriters, if any, if the Notes are not then so rated. 

  
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 (m)    Prior to the effective date of the first Registration
Statement relating to the Registrable Securities, (i) provide the Trustee with certificates for the Registrable Securities or Exchange Securities, as the case may be, in a form eligible for deposit with The Depository Trust Company and
(ii) provide a CUSIP number for the Registrable Securities or Exchange Securities, as the case may be. 

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

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

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

(q)    Comply in all material respects with all applicable rules and regulations of the SEC and make
generally available to the Partnership’s securityholders earning statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than
45 days after the end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any
fiscal quarter in which Registrable Securities are sold to underwriters in a firm commitment or reasonable best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first
fiscal quarter of the Issuers after the effective date of a Registration Statement, which statements shall cover said 12-month periods. 

(r)    Upon consummation of an Exchange Offer or a Private Exchange, obtain an opinion of counsel to the
Issuers, who may, at the Issuers’ election, be internal counsel to the Issuers, in a form customary for underwritten transactions, addressed to the Trustee for the benefit of all Holders participating in the Exchange Offer or the Private
Exchange, as the case may be, that the Exchange Securities or Private Exchange Securities, as the case may be, and the related indenture constitute legal, valid and binding obligations of the Issuers, enforceable against the Issuers in accordance
with its respective terms, subject to customary exceptions and qualifications. 
 (s)    If an Exchange
Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Securities by Holders to the Targa Companies (or to such other Person as directed by the Targa Companies) in exchange for the Exchange Securities or the Private
Exchange Securities, as the case may be, the Targa Companies shall mark, or cause to be marked, on such Registrable Securities that such Registrable Securities are being cancelled in exchange for the Exchange Securities or the Private Exchange
Securities, as the case may be; in no event shall such Registrable Securities be marked as paid or otherwise satisfied. 

  
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 (t)    Cooperate with each seller of Registrable Securities
covered by any Registration Statement and each underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the Financial Industry
Regulatory Authority (the “FINRA”). 
 (u)    Use their respective commercially
reasonable efforts to take all other steps necessary or advisable to effect the registration of the Registrable Securities covered by a Registration Statement contemplated hereby. 

The Issuers may require each seller of Registrable Securities as to which any registration is being effected to furnish to the Issuers such
information regarding such seller and the distribution of such Registrable Securities as the Issuers may, from time to time, reasonably request. The Issuers may exclude from such registration the Registrable Securities of any seller who unreasonably
fails to furnish such information within a reasonable time after receiving such request and in such event shall have no further obligation under this Agreement (including, without limitation, obligations under Section 4 hereof) with respect to
such seller or any subsequent holder of such Registrable Securities. Each seller as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Issuers all information required to be disclosed in order to make the
information previously furnished to the Issuers by such seller not materially misleading. 
 Each Holder of Registrable Securities and each
Participating Broker-Dealer agrees by acquisition of such Registrable Securities or Exchange Securities to be sold by such Participating Broker-Dealer, as the case may be, that, upon actual receipt of any notice from the Targa Companies of the
happening of any event of the kind described in Sections 5(c)(ii), 5(c)(iv), 5(c)(v) or 5(c)(vi) hereof, such Holder will forthwith discontinue disposition of such Registrable Securities covered by such Registration Statement or Prospectus or
Exchange Securities to be sold by such Holder or Participating Broker-Dealer, as the case may be, until such Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 5(k) hereof, or until it is advised in writing (the “Advice”) by the Targa Companies that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto. During any
such discontinuance, no Additional Interest shall accrue or otherwise be payable on the Registrable Securities. In the event that the Targa Companies shall give any such notice, each of the Effectiveness Period and the Applicable Period shall be
extended by the number of days during such periods from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement or Exchange Securities to be sold
by such Participating Broker-Dealer, as the case may be, shall have received (x) the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or (y) the Advice. 

  
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	6.	Registration Expenses 

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

  
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	7.	Indemnification 

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

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

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

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

  
 -23- 

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

(f)    The indemnity and contribution agreements contained in this Section 7 will be in addition to any liability
that the Indemnifying Persons may otherwise have to the Indemnified Persons referred to above. 
  

	8.	Rule 144A 

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

  
 -24- 

 If, at any time the Partnership is no longer subject to the periodic reporting requirements of
the Exchange Act for any reason, the Partnership shall nevertheless use its reasonable best efforts to continue filing the reports specified in the preceding paragraph with the SEC unless the SEC will not accept such a filing; provided that,
for so long as the Partnership is not subject to the periodic reporting requirements of the Exchange Act for any reason, the time period for filing reports on Form 8-K shall be five Business Days after the
event giving rise to the obligation to file such report. If, notwithstanding the foregoing, the SEC will not accept the Partnership’s filings for any reason, the Partnership shall use its reasonable best efforts to post the reports referred to
in the preceding paragraphs on its website within the time periods that would apply if Targa Resources Partners were required to file those reports with the SEC. 

The Issuers further covenant for so long as any Registrable Securities remain outstanding, if at any time the Partnership is not required to
file periodic reports with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, to use their reasonable best efforts to make available to any Holder or beneficial owner of Registrable Securities in connection with any sale thereof and
any prospective purchaser of such Registrable Securities from such Holder or beneficial owner the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Registrable Securities pursuant to Rule 144A.

  

	9.	Underwritten Registrations 

 If any of the Registrable Securities covered by any
Shelf Registration Statement are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of
such Registrable Securities included in such offering and reasonably acceptable to the Targa Companies. 
 No Holder of Registrable
Securities may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled
hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

 

	10.	Miscellaneous 

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

  
 -25- 

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

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

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

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

Merrill Lynch, Pierce, Fenner & Smith 

                     Incorported 

One Bryant Park 
 New York, New
York, 10036 
 Attention: High Yield Legal Department 

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

  
 -26- 

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

Targa Resources Partners LP 

Targa Resources Partners Finance Corporation 

811 Louisiana St., Suite 2100 

Houston, Texas 77002 
 Facsimile
No.: (713) 584-1110 
 Attention: General Counsel 

with a copy to: 

Vinson & Elkins L.L.P. 

1001 Fannin, Suite 2500 

Houston, Texas 77002 
 Facsimile
No.: (713) 615-5883 
 Attention: Christopher S. Collins 

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier; and when receipt is acknowledged by the addressee, if sent by
facsimile. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to
the Trustee at the address and in the manner specified in such Indenture. 
 (e)    Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder
unless and to the extent such successor or assign holds Registrable Securities. 
 (f)    Counterparts. This
Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

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

  
 -27- 

 (i)    Severability. If any term, provision, covenant or restriction
of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no
way be affected, impaired or invalidated, and the parties hereto shall use commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable. 
 (j)    Securities Held by the Issuers or their Affiliates. Whenever
the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Issuers or their affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be
counted in determining whether such consent or approval was given by the Holders of such required percentage. 

(k)    Third Party Beneficiaries. Holders and Participating Broker-Dealers are intended third party beneficiaries
of this Agreement and this Agreement may be enforced by such Persons. 
 (l)    Entire Agreement. This Agreement,
together with the Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and
all prior oral or written agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Initial Purchasers on the one hand and the Issuers on the other, or between or among any agents,
representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 

[Remainder of page intentionally left blank] 

  
 -28- 

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

  

					
	TARGA RESOURCES PARTNERS LP
		
	By:	 	Targa Resources GP LLC,
		 	Its general partner
		
	By:	 	 /s/ Chris M. McEwan

		 	Name:	 	Chris M. McEwan
		 	Title:	 	Vice President and Treasurer
	
	 TARGA RESOURCES PARTNERS FINANCE CORPORATION

		
	By:	 	 /s/ Chris M. McEwan

		 	Name:	 	Chris M. McEwan
		 	Title:	 	Vice President and Treasurer

  
 [Signature Pages to
the Registration Rights Agreement] 

 
					
	FCPP PIPELINE, LLC
	FLAG CITY PROCESSING PARTNERS, LLC
	SLIDER WESTOK GATHERING, LLC
	TARGA BADLANDS LLC
	TARGA CAPITAL LLC
	TARGA CHANEY DELL LLC
	TARGA COGEN LLC
	TARGA CRUDE MARKETING LLC
	TARGA CRUDE PIPELINE LLC
	TARGA DOWNSTREAM LLC
	TARGA GAS MARKETING LLC
	TARGA GAS PIPELINE LLC
	TARGA GAS PROCESSING LLC
	TARGA INTRASTATE PIPELINE LLC
	TARGA LIQUIDS MARKETING AND TRADE LLC
	TARGA LOUISIANA INTRASTATE LLC
	TARGA MIDKIFF LLC
	TARGA MIDSTREAM SERVICES LLC
	TARGA MLP CAPITAL LLC
	TARGA NGL PIPELINE COMPANY LLC
	TARGA PIPELINE MID-CONTINENT HOLDINGS LLC
	TARGA PIPELINE MID-CONTINENT LLC
	TARGA PIPELINE PARTNERS GP LLC
	TARGA RESOURCES OPERATING GP LLC
	TARGA RESOURCES OPERATING LLC
	TARGA SOUND TERMINAL LLC
	TARGA SOUTHOK NGL PIPELINE LLC
	TARGA TERMINALS LLC
	TARGA TRANSPORT LLC
	TPL ARKOMA HOLDINGS LLC
	TPL ARKOMA INC.
	TPL ARKOMA MIDSTREAM LLC
	TPL GAS TREATING LLC
	TPL SOUTHTEX MIDSTREAM LLC
	TPL SOUTHTEX PIPELINE COMPANY LLC
	VELMA INTRASTATE GAS TRANSMISSION COMPANY, LLC
		
	By:	 	 /s/ Chris M. McEwan

		 	Name:	 	Chris M. McEwan
		 	Title:	 	Vice President and Treasurer

  
 Signature Page to the
Registration Rights Agreement 

 
							
	TARGA PIPELINE OPERATING PARTNERSHIP LP
	TARGA PIPELINE PARTNERS LP
		
	By:	 	Targa Pipeline Partners GP LLC, its general partner
			
		 	By:	 	 /s/ Chris M. McEwan

		 		 	Name:	 	Chris M. McEwan
		 		 	Title:	 	Vice President and Treasurer
	
	TPL BARNETT LLC
		
	By:	 	Targa Pipeline Mid-Continent Holdings LLC, its sole member
			
		 	By:	 	 /s/ Chris M. McEwan

		 		 	Name:	 	Chris M. McEwan
		 		 	Title:	 	Vice President and Treasurer
	
	PECOS PIPELINE LLC
	TESUQUE PIPELINE, LLC
		
	By:	 	TPL Barnett LLC, its sole member
		
	By:	 	Targa Pipeline Mid-Continent Holdings LLC, its sole member
			
		 	By:	 	 /s/ Chris M. McEwan

		 		 	Name:	 	Chris M. McEwan
		 		 	Title:	 	Vice President and Treasurer

  
 Signature Page to the
Registration Rights Agreement 

 
							
	VELMA GAS PROCESSING COMPANY, LLC
		
	By:	 	Targa Pipeline Mid-Continent LLC, its sole member
			
		 	By:	 	 /s/ Chris M. McEwan

		 		 	Name:	 	Chris M. McEwan
		 		 	Title:	 	Vice President and Treasurer
	
	TARGA SOUTHTEX MIDSTREAM COMPANY LP
	TPL SOUTHTEX GAS UTILITY COMPANY LP
	 TPL SOUTHTEX MIDSTREAM HOLDING COMPANY LP

	TPL SOUTHTEX PROCESSING COMPANY LP
	TPL SOUTHTEX TRANSMISSION COMPANY LP
		
	By:	 	TPL SouthTex Pipeline Company LLC, its general partner
			
		 	By:	 	 /s/ Chris M. McEwan

		 		 	Name:	 	Chris M. McEwan
		 		 	Title:	 	Vice President and Treasurer

  
 Signature Page to the
Registration Rights Agreement 

 MERRILL LYNCH, PIERCE, FENNER & SMITH 

                          
    INCORPORATED 
 Acting on behalf of themselves and as the 

Representatives of the several Initial Purchasers 
  

					
	By:	 	MERRILL LYNCH, PIERCE, FENNER & SMITH
		 	CORPORATED
			
		 	By:	 	 /s/ James Dallas

		 		 	Name: James Dallas
		 		 	Title:   Managing Director

  
 Signature Page to the
Registration Rights AgreementExhibit

Exhibit 10.9

November 30, 2017
Jerry Lombardo 
5B Foley Square 
New Providence, NJ 07974
Dear Jerry:
I am pleased to confirm our offer of employment to you with Walter Investment Management Corp. (the “Company”).  This letter (the “Offer Letter”) sets forth the basic terms and conditions of your employment.  Your employment will commence on a date reasonably agreed upon by you and the Company, but in any event no later than February 1, 2018 (such date, the “Start Date”).  You agree that you shall use your best efforts to have your current employer waive or shorten your notice period and commence your employment with the Company as soon as possible. 
Position/Reporting:  As of a date to be agreed upon by you and the Company, but in any event not later than 90 days following the Start Date, you will be employed in the position of Chief Financial Officer of the Company.  You shall report to the Chief Executive Officer of the Company, or such other officer as the Company may designate from time to time depending on business needs and circumstances.  In such position, you will perform such duties and have such responsibilities associated with your position and as may be assigned to you from time to time by the reporting officer and the Board.  
Base Salary:  While employed hereunder, you will receive an annual base salary of $450,000 (prior to applicable withholdings), payable at the time and in the manner consistent with the Company's standard payroll policies and practices.
Annual Incentive Plan:  While employed hereunder, you will be eligible for an annual incentive bonus opportunity under the Company’s annual incentive compensation plan as in effect from time to time (“AIP”).  The annual incentive bonus will be based on Company performance and other objectives established under the AIP by the Company’s Board of Directors or a committee thereof (the “Board”).  For calendar year 2018, you will be eligible to earn a target bonus of $500,000 under the AIP, depending on satisfaction of the objectives established for the calendar year, as determined by the Board.  In the event that your Start Date is later than February 1, 2018, such target bonus amount shall be pro-rated for the number of days that you are employed during the calendar year.  Annual bonuses are typically paid in the first quarter of the following calendar year, and you must be employed as of the date that bonuses are paid in order to be eligible for payment.
Following calendar year 2018, the Board may review your base salary and annual incentive bonus opportunity from time to time to determine whether to make any adjustments. 

Page 1

Long-Term Incentive Plan: While employed hereunder, you will be eligible to participate in the Company’s long-term incentive plan (“LTIP”) to be implemented following the effective date of the Company’s reorganization under Chapter 11 of the U.S. Bankruptcy Code (“Reorganization Date”).  Your level of participation in the LTIP shall be in a manner and at the level determined by the Board.  For 2018, you will receive two grants under the LTIP (which may be in the form of equity, equity-related instruments and/or cash, or some combination thereof), to be granted as promptly as practicable following the Reorganization Date:
•a “make-whole” grant with a targeted value of $290,000 on the date of grant, as determined by the Board, in respect of forfeited compensation from your prior employer, with $205,000 such grant date value to vest on the first anniversary of your Start Date and $85,000 of such grant date value to vest on the second anniversary of your Start Date, subject to your continued employment; and 
•a 2018 incentive grant with a targeted value of $500,000 on the date of grant, as determined by the Board, with vesting to be based upon such service and performance conditions as determined by the Board that is generally consistent with the LTIP incentive grants made to other senior management of the Company.
It is intended that such LTIP awards would be made as promptly as practicable following the Reorganization Date and the adoption of the LTIP by the Board of the reorganized Company, but in any event not later than July 1, 2018.  The complete terms and conditions of the LTIP grants described above shall be determined by the Board in its discretion consistent with the foregoing and shall be set forth in an award agreement issued under the LTIP.   
Sign-On Bonus:  The Company has agreed to provide you with a one-time sign-on bonus in the amount of $735,000 (prior to applicable withholdings), payable in a lump sum cash payment on the first payroll date immediately following your Start Date (the “Sign-On Bonus”).  In the event that, prior the first anniversary of your Start Date, either (i) you voluntarily terminate your employment for any reason, or (ii) your employment is terminated by the Company for Cause, you will be required to repay to the Company, within sixty (60) days following such termination date, the full amount of your Sign-On Bonus.  In the event that, prior the first anniversary of your Start Date, your employment is terminated by the Company without Cause, you will be required to repay to the Company, within sixty (60) days following such termination date, a pro-rata portion of amount of your Sign-On Bonus, which shall be equal to the product of (A) the full Sign-On Bonus and (B) a fraction, the numerator of which is twelve (12) less the number of full months of your employment from the Start Date through and the date of termination, and the denominator of which is twelve (12).
Relocation Expenses:  It is agreed and understood that in order to perform the functions of your position you will be required to relocate to the Fort Washington, Pennsylvania area.  In order to assist with this relocation, you will be eligible for relocation benefits pursuant to the Company’s Relocation Benefit Guidelines for Tier III employees, a copy of which has been provided to you.
Confidentiality, Non-Interference, and Invention Assignment Agreement:  You will, as a condition of this offer, be required to execute the Confidentiality, Non-Interference, and Invention Assignment Agreement attached hereto as Exhibit A (the “Employee Covenants Agreement”) 
Health and Welfare and Retirement Benefits:  You shall be entitled to participate in the employee benefit programs provided to the Company’s senior management employees generally, including, but not limited to, medical, dental, disability, group life, 401(k), and any other benefits as the Company may from time to time and in its sole discretion make available, subject to eligibility requirements.  

Page 2

Paid Time Off and Holidays:  As a senior management employee, you are eligible for paid time off that does not have a fixed limitation, subject to business needs. You will be on the honor system to take vacation and paid time off at your discretion, subject to ensuring that your job duties and responsibilities are being met.  In addition, you will receive such paid holidays consistent with the Company’s standard policies.
Indemnification:  As an officer of the Company, you will entitled to indemnification consistent with the Company’s Articles of Amendment and Restatement (as amended) and Bylaws (as amended) and applicable law, and will be entitled to coverage under the Company’s D&O insurance policies as in effect from time to time.  
At-Will Employment:  You will be employed at will, which means that either you or the Company can elect to terminate the employment relationship at any time, for any or no reason; provided, however, that you will be required to provide the Company at least two weeks’ prior written notice of your termination of employment.  Notwithstanding the foregoing, the Company may, in its sole and absolute discretion, by written notice to you, accelerate such date of termination.  All base salary, benefits and other compensation will end upon the termination of your employment except as required by applicable law. 

Severance:  In the event of a termination of your employment by the Company without Cause (as defined below), you shall be entitled to a severance benefit equal to twelve (12) months of your base salary on the date of such termination, payable in equal bi-weekly installments over a period of twelve (12) months in accordance with the Company’s regular payroll practices (the “Severance Payments”).  Receipt of the Severance Payments is conditioned upon (i) your execution and non-revocation of a general release of claims in the form provided by the Company and (ii) your continued compliance with the Employee Covenants Agreement.  The Severance Payments will begin on the first regularly scheduled payroll date following the 60th day after such termination.  For purposes hereof, “Cause” shall mean your (i) conviction of, or plea of guilty or nolo contendere to, a crime constituting a felony, (ii) commission of an act of fraud, embezzlement or willful dishonesty in relation to the business or affairs of the Company, or any other act that is materially injurious to the Company or its reputation or which compromises your ability to perform your job function, (iii) willful failure to substantially perform your duties, (iii) material violation of the Company’s written policies relating to business conduct or of other material policies of the Company, or (iv) material breach of this Offer Letter or the Employee Covenants Agreement.  
Section 409A:  The payments and benefits under this Offer Letter are intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively “Section 409A”), whether pursuant to the short-term deferral exception or otherwise, and, accordingly, to the maximum extent permitted, this Offer Letter shall be interpreted to be exempt from Section 409A.

This Offer Letter replaces any previous oral or written representations about this job offer and is to be interpreted and governed by the laws of the Commonwealth of Pennsylvania. 

This Offer Letter may be signed in counterparts, each of which, along with any facsimile or scanned email versions, will be deemed an original. 

Please indicate your acceptance of the terms of this Offer Letter by signing below and returning a fully executed copy to me.  Jerry, we are excited to have you join the Company and I look forward to working together.  

Page 3

Sincerely,

Walter Investment Management Corp. 

_/s/ Anthony Renzi________________
Anthony Renzi
Chief Executive Officer and President

ACKNOWLEDGMENT

I hereby agree to employment on the terms and conditions set forth in this Offer Letter.

Dated: _November 30, 2017____

_/s/ Jerry Lombardo_______________
Jerry Lombardo 

Page 4

EXHIBIT A
CONFIDENTIALITY, NON-INTERFERENCE, AND INVENTION 
ASSIGNMENT AGREEMENT

This CONFIDENTIALITY, NON-INTERFERENCE, AND INVENTION ASSIGNMENT AGREEMENT (this “Agreement”) is made and entered into as of this 30th day of November, 2017, by and between Walter Investment Management, Corp., a Maryland corporation (the “Company”), on behalf of itself and any subsidiaries and affiliates thereof (collectively, “the Company”) and Jerry Lombardo (“Executive”).
In consideration of the Offer Letter, dated as of the date hereof, between the Company and Executive, and Executive’s receipt of the compensation now and hereafter paid to Executive by the Company, the receipt and sufficiency of which are mutually acknowledged, the Company and Executive agree as follows:
Section 1.      Confidential Information.
(a)    Company Information.  Executive acknowledges that, during the course of Executive’s employment, Executive will have access to and will inevitably use confidential and proprietary information of the Company.  In recognition of the foregoing, Executive agrees that, at all times during the term of Executive’s employment with the Company and thereafter, to hold in confidence, and not to use, except for the benefit of the Company, or to disclose to any Person without written authorization of the Company, for any reason or purpose whatsoever, any Confidential Information that Executive obtains or creates.  Executive understands that “Confidential Information” means information in spoken, printed, electronic, or any other form or medium, that is not generally known publicly and that the Company wishes to maintain as confidential, that has value in or to the business of the Company and that the Company has or will maintain, develop, acquire, create, compile, discover, or own.  Executive understands that Confidential Information includes, but is not limited to, any and all non-public information that relates to the actual or anticipated business and/or products or services, research, or development of the Company, or to the Company’s technical data, trade secrets, or know-how, including, but not limited to, research, product and service costs and plans, business strategies, or other information regarding the Company’s products or services and markets, customer lists, customers (including, but not limited to, customers of the Company on whom Executive called or with whom Executive may become acquainted during the term of Executive’s employment), software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances, policies, training manuals and similar materials used by the Company in conducting its business operations, personnel information of any Person employed by the Company, potential business combinations, and other business information disclosed by the Company either directly or indirectly in writing, orally, or by drawings or inspection of premises, parts, equipment, or other Company property.  Confidential Information also includes other information of any existing or prospective customer or of any other Person that has entrusted information to the Company in confidence.  Executive acknowledges that the Company’s communication systems (such as email and voicemail) are maintained to assist in the conduct of the Company’s business and that such systems and data exchanged or stored thereon are Company property.  Notwithstanding the foregoing, Confidential Information shall not include any of the foregoing items that have become publicly and widely known through no unauthorized disclosure by Executive or others who were under confidentiality obligations as to the item or items involved.

Page 5

(b)    Former Employer Information.  Executive represents and warrants that he is not a party to any non-competition agreement or other contractual limitation that would interfere with or hinder Executive’s ability to undertake the obligations and expectations of employment with the Company.  Executive represents that Executive’s performance of all of the terms of this Agreement as an employee of the Company has not breached and will not breach any agreement to keep in confidence proprietary information, knowledge, or data acquired by Executive in confidence or trust prior to the commencement of Executive’s employment with the Company, and Executive will not disclose to the Company, or induce the Company to use, any developments, or confidential information or material Executive may have obtained in connection with employment with any prior employer in violation of a confidentiality agreement, nondisclosure agreement, or similar agreement with such prior employer.
(c)    Permitted Disclosure.  This Agreement does not limit or interfere with Executive’s right, without notice to or authorization of the Company, to communicate and cooperate in good faith with any self-regulatory organization or U.S. federal, state, or local governmental or law enforcement branch, agency, commission, or entity (collectively, a “Governmental Entity”) for the purpose of (i) reporting a possible violation of any U.S. federal, state, or local law or regulation, (ii) participating in any investigation or proceeding that may be conducted or managed by any Government Entity, including by providing documents or other information, or (iii) filing a charge or complaint with a Government Entity, provided that in each case, such communications, participation, and disclosures are consistent with applicable law.  Additionally, Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  If Executive files a lawsuit for retaliation by an employer for reporting a suspected violation of law, Executive may disclose the trade secret to the Executive’s attorney and use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order.  All disclosures permitted under this Section 1(c) are hereinafter referred to as “Permitted Disclosures.”  Notwithstanding the foregoing, under no circumstance will Executive be authorized to disclose any Confidential Information as to which the Company may assert protections from disclosure under the attorney-client privilege or the attorney work product doctrine, without prior written consent of Company’s General Counsel or other authorized officer designated by the Company.
Section 2.      Developments.
All inventions, improvements, trade secrets, reports, manuals, computer programs, systems, educational and sales materials or other publications, and other ideas and materials developed or invented by Executive, including all tangible work product derived therefrom, during the period of Executive’s employment with the Company, either solely or in collaboration with others, which relate to the actual or anticipated business or research of the Company, which result from or are suggested by any work Executive may do for the Company, or which result from use of the Company’s premises or the Company’s or its customers’ property (collectively, the “Developments”), shall be the sole and exclusive property of the Company.  Executive hereby assigns to the Company Executive’s entire right and interest in any such Developments.  Executive agrees to promptly and fully disclose to the Company all Developments.  At the request of the Company, Executive will, during and after the term of this Agreement, without charge to the Company but at the expense of the Company, assist the Company in any reasonable way to vest in the Company title to all such Developments, and to obtain any related patents, trademarks, or copyrights in all countries throughout the world.  Executive will execute and deliver any documents that the Company may reasonably request in connection with such assistance.

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Section 3.      Returning Company Documents.
At the time of the termination of Executive’s employment with the Company for any reason, Executive will promptly deliver to the Company (and will not keep in Executive’s possession, recreate, copy, or deliver to anyone else) any and all Confidential Information and all other documents, materials, information, and property created or received by Executive in connection with Executive’s employment or otherwise belonging to the Company.  Any property situated on the Company’s premises and owned by the Company (or any other member of the Company), including USB flash drives and other storage media, filing cabinets, and other work areas, is subject to inspection by the Company at any time with or without notice.
Section 4.      Restrictions on Interfering.
(a)    Non-Competition.  During the Employment Period and the Post-Termination Restricted Period, Executive shall not, directly or indirectly, individually or on behalf of any Person, whether for compensation or otherwise, engage in any Competitive Activities within the United States of America or any other jurisdiction in which the Company engages in business or derives a material portion of its revenues, or where the Company has plans to commence business activities.  The parties agree that the Company’s primary, but not exclusive, competitors currently include the following:  Nationstar Mortgage Holdings Inc., Ocwen Financial Corporation, PHH Corporation, Cenlar Capital Corporation, and each of their respective subsidiaries, affiliates and successors, as applicable.   
(b)    Non-Interference.  During the Employment Period and the Post-Termination Restricted Period, Executive shall not, directly or indirectly, individually or on behalf of any Person, engage in Interfering Activities.
(c)    Non-Disparagement.  During the Employment Period and the Post-Termination Restricted Period, Executive shall not, directly or indirectly, individually or on behalf of any Person, induce or encourage others to make, publish, or communicate to any Person, any disparaging or defamatory comments regarding the Company, its businesses, its products or its services, or any of the Company’s current or former directors, officers, or employees.  However, nothing in this Section 4(c) shall prevent Executive from making a Permitted Disclosure as defined in Section 1(c).
(d)    Definitions.  For purposes of this Agreement:
(i)    “Business Relation” shall mean any current or prospective client, customer, licensee, supplier or other business relation of the Company, or any such relation that was a client, customer, licensee, supplier or other business relation within the prior six (6)-month period, in each case, with whom the Executive transacted business or whose identity became known to Executive in connection with Executive’s relationship with, or employment by, the Company.
(ii)    “Competitive Activities” shall mean any activity in which the Executive uses Executive’s knowledge, directly or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, advisor, consultant, agent, partner, member, director, stockholder, officer, volunteer, intern, or any other similar capacity, on behalf of or in association with a business engaged in the same or similar business as the Company, including, without limitation, any business activity related to the  residential real estate mortgage servicing or originations business, and any other business activity that is competitive with the then current or planned business activities of the Company.  Competitive Activities does not include purchasing or owning less than one percent (1%) of the publicly traded securities of any corporation, provided that such ownership represents a 

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passive investment and Executive is not a controlling person of, or a member of a group that controls, such corporation.  
(iii)    “Employment Period” shall mean the period of Executive’s employment with the Company.
(iv)    “Interfering Activities” shall mean, directly or indirectly, (A) soliciting, encouraging, enticing, causing, or inducing, or in any manner attempting to solicit, encourage, entice, cause, or induce, any Person employed by, or providing consulting services to, the Company to terminate such Person’s employment or services (or in the case of a consultant, materially reducing such services) with the Company, without the prior written consent of the Company; (B) hiring or engaging any Person who was employed by, or providing consulting services to, the Company within the six (6)-month period prior to the date of such hiring or engagement; or (C) soliciting, encouraging, calling upon, directing, diverting, influencing, or inducing, or in any manner attempting to solicit, encourage, call upon, direct, divert, influence, or induce, any Business Relation to cease doing business with or reduce the amount of business conducted with the Company, or in any way interfering with the relationship between any such Business Relation and the Company; or (D) on behalf of or in association with any Person, accepting business from a Business Relation.  
(v)    “Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity.
(vi)    “Post-Termination Restricted Period” shall mean the period commencing on the date of the termination of the Executive’s employment with the Company for any reason, and ending on the date that is twelve (12) months following such date of termination.
(vii)    “Solicitation” shall mean any direct or indirect communication of any kind, regardless of who initiates it, that in any way invites, advises, encourages, or requests any Person to take or refrain from taking any action.
Section 5.      Reasonableness of Restrictions.
Executive acknowledges and recognizes the highly competitive nature of the Company’s business, and agrees that access to Confidential Information renders Executive special and unique within the Company’s industry, and that Executive will have the opportunity to develop substantial relationships with existing and prospective clients, accounts, customers, consultants, contractors, investors, and strategic partners of the Company during the course of and as a result of Executive’s employment with the Company.  In light of the foregoing, Executive recognizes and acknowledges that the restrictions and limitations set forth in this Agreement are reasonable and valid in geographic and temporal scope and in all other respects and are essential to protect the value of the business and assets of the Company.  Executive further acknowledges that the restrictions and limitations set forth in this Agreement will not materially interfere with Executive’s ability to earn a living following the termination of Executive’s employment with the Company.

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Section 6.      Independence; Severability; Blue Pencil.
Each of the rights enumerated in this Agreement shall be independent of the others and shall be in addition to and not in lieu of any other rights and remedies available to the Company at law or in equity.  If any of the provisions of this Agreement or any part of any of them is hereafter construed or adjudicated to be invalid or unenforceable in any respect, the same shall not affect the remainder of this Agreement, which shall be given full effect without regard to the invalid portions.  If any of the covenants contained herein are held to be invalid or unenforceable because of the duration of such provisions or the area or scope covered thereby, the court making such determination shall have the power to reduce the duration, scope, and/or area of such provision to the maximum and/or broadest duration, scope, and/or area permissible by law, and in its reduced form said provision shall then be enforceable.  Such reduction will apply only with respect to the operation of such provision in the particular jurisdiction in which such adjudication is made.
 Section 7.      Remedies.
Executive expressly acknowledges that any breach or threatened breach of any of the terms and/or conditions set forth in this Agreement may result in substantial, continuing, and irreparable injury to the Company.  Therefore, Executive agrees that, in addition to any other remedy that may be available to the Company, the Company has the right to seek temporary, preliminary, and/or or permanent injunctive relief, specific performance, or other equitable relief from any court of competent jurisdiction in the event of any breach or threatened breach of the terms of this Agreement, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security.  The Company may pursue any remedy available, including declaratory relief, concurrently or consecutively in any order, and the pursuit of one such remedy at any time will not be deemed an election of remedies or waiver of the right to pursue any other remedy.  In addition, in the event of a breach by the Executive of any provision of this Agreement, the Company shall be entitled to seek repayment of any severance benefits paid to the Executive pursuant to any severance benefit agreement, plan, or program of the Company.  Notwithstanding any other provision to the contrary, the Post-Termination Restricted Period shall be tolled during any period of violation of any of the covenants in Section 4 of this Agreement.
Section 8.      Cooperation.
Following any termination of Executive’s employment, Executive will continue to provide reasonable cooperation to the Company and its counsel in connection with any investigation, administrative proceeding, or litigation relating to any matter that occurred during Executive’s employment in which Executive was involved or of which Executive has knowledge.  As a condition of such cooperation, the Company shall reimburse Executive for reasonable out-of-pocket expenses incurred at the request of the Company with respect to Executive’s compliance with this Section 8.  In the event Executive is subpoenaed by any person or entity (including, but not limited to, any Government Entity) to give testimony or provide documents (in a deposition, court proceeding, or otherwise), that in any way relates to Executive’s employment by the Company, Executive will give prompt notice of such subpoena to the Company and will make no disclosure until the Company has had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure.  Nothing in this Section 8 shall limit Executive’s right to make Permitted Disclosures as provided in Section 1(c).

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Section 9.      General Provisions.
(a)    GOVERNING LAW; WAIVER OF JURY TRIAL.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF PENNSYLVANIA, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAWS, AND TO APPLICABLE FEDERAL LAW.  EACH PARTY TO THIS AGREEMENT ALSO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT.
(b)    Entire Agreement.  This Agreement sets forth the entire agreement and understanding between the Company and Executive relating to the subject matter herein and supersedes all prior and contemporaneous negotiations, discussions, correspondence, communications, understandings, agreements, representations, promises, and any other statements, both written and oral, between the parties relating to the subject matter of this Agreement.  No modification or amendment to this Agreement, nor any waiver of any rights under this Agreement, or consent required by this Agreement, will be effective unless agreed to in a writing signed by the party to be charged.  Any subsequent change or changes in Executive’s duties, obligations, rights, or compensation will not affect the validity or scope of this Agreement.
(c)    Successors and Assigns.  This Agreement will be binding upon Executive’s heirs, executors, administrators, and other legal representatives and will be for the benefit of the Company, its successors, and its assigns.  This Agreement may be assigned by the Company without Executive’s consent to any subsidiary or affiliate of the Company as well as to any purchaser of all or substantially all of the assets or business of the Company, whether by purchase, merger, or other similar corporate transaction.  Executive’s obligations under this Agreement may not be delegated, and Executive may not assign or otherwise transfer this Agreement or any part hereof.  Any purported assignment by Executive shall be null and void from the initial date of purported assignment.  This Agreement is for the sole benefit of the Company and the Executive and their respective successors and permitted assigns and not for the benefit of, or enforceable by, any third party. 
(d)    Acknowledgment.  Executive acknowledges that he has had adequate time to consider the terms of this Agreement, has knowingly and voluntarily entered into this Agreement and has been advised by the Company to seek the advice of independent counsel prior to reaching agreement with the Company on any of the terms of this Agreement.  The parties to this Agreement agree that no rule of construction shall apply to this Agreement which construes ambiguous language in favor of or against any party by reason of that party’s role in drafting this Agreement.  
(e)    Survival.  The provisions of this Agreement shall survive the termination of Executive’s employment with the Company and/or the assignment of this Agreement by the Company to any successor in interest or other assignee.
(f)    Section Headings.  Section and subsection headings are inserted for convenience only and shall not limit, expand, or alter the meaning or interpretation of this Agreement.  
(g)    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which taken together shall constitute one and the same instrument.  

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Delivery of an executed counterparts signature page of this Agreement, by facsimile or electronic mail in portable document format (.pdf), has the same effect as delivery of an executed original of this Agreement.
The undersigned have executed this Agreement on the date in the preamble hereto.
WALTER INVESTMENT MANAGEMENT CORP.
  /s/ Anthony Renzi     
By: Anthony N. Renzi 
Title: Chief Executive Officer and President
EXECUTIVE
_/s/ Jerry Lombardo______11/30/2017______________ 
Jerry Lombardo 

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