Document:

exv10w1

Exhibit 10.1

Execution Version

Targa Resources Partners LP

and

Targa Resources Partners Finance Corporation

$250,000,000

77/8% Senior Notes Due 2018

PURCHASE AGREEMENT

August 10, 2010

BANC OF AMERICA SECURITIES LLC

As representative of the

several Initial Purchasers listed

in Schedule 1 hereto

One Bryant Park

New York, NY 10036

Ladies and Gentlemen:

          Targa Resources Partners LP, a limited partnership organized under the laws of Delaware (the
“Partnership”), along with Targa Resources Partners Finance Corporation (“Finance
Co” and, together with the Partnership, the “Issuers”) hereby confirm their agreement
with the several Initial Purchasers listed in Schedule 1 hereto (the “Initial Purchasers”)
for whom Banc of America Securities LLC is acting as representative as set forth below.

          Targa Resources GP LLC, a Delaware limited liability company (the “General Partner”)
owns a 2% general partnership interest in the Partnership. The Partnership’s direct or indirect
majority-owned subsidiaries are listed in Schedule 2 hereto and are referred to herein as
the “Subsidiaries”; and the Subsidiaries listed in Schedule 3 hereto are referred
to herein as the “Non-Guarantor Subsidiaries.”

          Section 1. The Securities. Subject to the terms and conditions herein contained, the
Issuers propose to issue and sell to the Initial Purchasers $250,000,000 aggregate principal amount
of their 77/8% Senior Notes due 2018 (the “Notes”), which will be unconditionally guaranteed
on a senior basis as to principal, premium, if any, and interest (the “Guarantees”) by the
Subsidiaries of the Partnership named in Schedule 4 hereto (each individually, a
“Guarantor” and collectively, the “Guarantors” and, together with the Non-Guarantor
Subsidiaries (other than Targa Canada Liquids Inc., Finance Co and Warren Petroleum Company LLC),
the “Material Subsidiaries”). The Notes are to be issued under an indenture (the
“Indenture”) to be dated as of August 13, 2010, by and among the Issuers, the Guarantors
and U.S. Bank National Association, as Trustee (the “Trustee”).

 

 

          The Notes will be offered and sold to the Initial Purchasers without being registered under
the Securities Act of 1933, as amended (the “Act”), in reliance on exemptions therefrom.

          In connection with the sale of the Notes, the Issuers have prepared a preliminary offering
memorandum dated August 9, 2010 (including any documents incorporated therein by reference, the
“Preliminary Memorandum”) setting forth or including a description of the terms of the
Notes, the terms of the offering of the Notes, a description of the Partnership and any material
developments relating to the Partnership after the date of the most recent historical financial
statements included therein. As used herein, “Pricing Disclosure Package” shall mean the
Preliminary Memorandum, as supplemented or amended by the written communications listed on
Annex A hereto in the most recent form that has been prepared and delivered by the Issuers
to the Initial Purchasers in connection with their solicitation of offers to purchase Notes prior
to the time when sales of the Notes were first made (the “Time of Execution”). Promptly
after the Time of Execution and in any event no later than the second Business Day following the
Time of Execution, the Issuers will prepare and deliver to each Initial Purchaser a final offering
memorandum (including any documents incorporated therein by reference, the “Final
Memorandum”), which will consist of the Preliminary Memorandum with such changes therein as are
required to reflect the information contained in the amendments or supplements listed on Annex
A hereto. The Issuers hereby confirm that each of the Issuers has authorized the use of the
Pricing Disclosure Package, the Final Memorandum and the Recorded Road Show (defined below) in
connection with the offer and sale of the Notes by the Initial Purchasers.

          All references in this Agreement to financial statements and schedules and other information
which is “contained,” “included” or “stated” in the Offering Memorandum (as defined below) (or
other references of like import) shall be deemed to mean and include all such financial statements
and schedules and other information which are incorporated by reference in the Offering Memorandum;
and all references in this Agreement to amendments or supplements to the Offering Memorandum shall
be deemed to mean and include the filing of any document under the Securities Exchange Act of 1934
(the “Exchange Act”) which is incorporated by reference in the Offering Memorandum.

          The Initial Purchasers and their direct and indirect transferees of the Notes will be entitled
to the benefits of the Registration Rights Agreement, substantially in the form attached hereto as
Exhibit A (the “Registration Rights Agreement”), pursuant to which the Issuers and
the Guarantors will agree, among other things, to file a registration statement (the
“Registration Statement”) with the Securities and Exchange Commission (the
“Commission”) registering the Notes or the Exchange Notes (as defined in the Registration
Rights Agreement) under the Act, unless (i) the Notes are freely transferable without volume
restrictions by holders that are not affiliates of the Issuers in accordance with Rule 144 (or any
similar provision then in effect), (ii) the Notes do not bear a restrictive legend and (iii) the
Notes do not bear a restricted CUSIP number as of the 370th day after the Closing Date
(as defined in Section 3 below).

          Section 2. Representations and Warranties. As of the Time of Execution and at the
Closing Date, the Issuers and the Guarantors jointly and severally represent and warrant to and
agree with each of the Initial Purchasers as follows (references in this Section 2 to the
“Offering Memorandum” are to (i) the Pricing Disclosure Package in the case of
representations

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and warranties made as of the Time of Execution and (ii) both the Pricing Disclosure Package
and the Final Memorandum in the case of representations and warranties made at the Closing Date):

     (a) The Preliminary Memorandum, on the date thereof, did 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. At the Time of Execution, the Pricing Disclosure Package did not, and on the
Closing Date, will not, and the Final Memorandum as of its date and on the Closing Date 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; provided, however, that the Issuers and the
Guarantors make no representation or warranty as to the information contained in or omitted
from the Pricing Disclosure Package and Final Memorandum, in reliance upon and in conformity
with information furnished in writing to the Partnership by or on behalf of the Initial
Purchasers through Banc of America Securities LLC specifically for inclusion therein. The
Issuers and the Guarantors have not distributed or referred to and will not distribute or
refer to any written communications (as defined in Rule 405 of the Act) that constitutes an
offer to sell or solicitation of an offer to buy the Notes (each such communication by the
Issuers and the Guarantors or each of their agents and representatives (other than the
Pricing Disclosure Package and Final Memorandum) an “Issuer Written Communication”)
other than the Pricing Disclosure Package, the Final Memorandum and the recorded electronic
road show made available to investors (the “Recorded Road Show”). Any information
in an Issuer Written Communication or the Recorded Road Show that is not otherwise included
in the Pricing Disclosure Package and the Final Memorandum does not conflict with the
Pricing Disclosure Package or the Final Memorandum and, each Issuer Written Communication
and the Recorded Road Show, when taken together with the Pricing Disclosure Package does not
at the Time of Execution and when taken together with the Final Memorandum at the Closing
Date will not, contain any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

     (b) Each of the Partnership, the General Partner and the Material Subsidiaries has been
duly formed or incorporated and is validly existing as a general partnership, limited
partnership, limited liability company or corporation, as applicable, in good standing under
the laws of the jurisdiction set forth opposite its name in Schedule 2 attached
hereto, with full power and authority to own or lease its properties and to conduct its
business, in each case as described in the Offering Memorandum in all material respects.
Each of the Partnership, the General Partner and the Material Subsidiaries is duly
registered or qualified to do business as a foreign general partnership, limited
partnership, limited liability company or corporation, as applicable, and is in good
standing under the laws of each jurisdiction which requires such registration or
qualification, except where the failure to be so registered or qualified would not
reasonably be expected to have a Material Adverse Effect. “Material Adverse Effect”
shall mean a material adverse effect on (i) the business or properties, earnings, condition
(financial or otherwise) or prospects, taken as a whole, of the Partnership and its

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Subsidiaries, considered as one enterprise, whether or not in the ordinary course of
business, or (ii) the ability of each Issuer and each Guarantor to perform its obligations
under the Notes.

     (c) Finance Co has been duly incorporated and is validly existing as a corporation in
good standing under the laws of the State of Delaware.

     (d) The General Partner is the sole general partner of the Partnership with a 2.0%
general partner interest in the Partnership; such general partner interest has been duly and
validly authorized and issued in accordance with the agreement of limited partnership of the
Partnership (as the same may be amended or restated at or prior to the Closing Date, the
“Partnership Agreement”); and the General Partner owns such general partner interest
free and clear of all liens, encumbrances, security interests, charges or other claims
(“Liens”) other than (i) those created by or arising under the Delaware Revised
Uniform Limited Partnership Act (the “Delaware LP Act”) or the Partnership
Agreement, (ii) restrictions on transferability and other Liens described in the Offering
Memorandum, (iii) those arising under that certain Amended and Restated Credit Agreement,
dated July 19, 2010, by and among the Partnership, Bank of America, N.A., as administrative
agent, and other lenders named therein (as supplemented, amended or restated and together
with the agreements, exhibits and attachments contemplated or included therein, the
“Credit Agreement”) and (iv) those arising under the Credit Agreement dated January
5, 2010, by and between Targa Resources, Inc. and the lenders named therein (as
supplemented, amended or restated and together with the agreements, exhibits and attachments
contemplated or included therein, the “Targa Credit Agreement”).

     (e) All of the issued and outstanding equity interests of each Material Subsidiary (i)
have been duly authorized and validly issued (in accordance with the bylaws or the general
partnership, limited partnership or limited liability company agreements (collectively, the
“Organizational Agreements”) or the certificate of formation or conversion,
certificate or articles of incorporation, or other similar organizational document (in each
case as in effect on the date hereof and as the same may be amended or restated on or prior
to the Closing Date) (collectively with the Organizational Agreements, the
“Organizational Documents”), as applicable, of such Material Subsidiary), are fully
paid (in the case of an interest in a general partnership, limited partnership or limited
liability company, to the extent required under the Organizational Documents of such
Material Subsidiary) and nonassessable (except (1) in the case of an interest in a Delaware
general partnership, Delaware limited partnership or Delaware limited liability company, as
such nonassessability may be affected by the Delaware Revised Uniform Partnership Act,
Sections 17-607 and 17-804 of the Delaware LP Act or Sections 18-607 and 18-804 of the
Delaware Limited Liability Company Act (the “Delaware LLC Act”), as applicable, (2)
in the case of an interest in a general partnership, limited partnership or limited
liability company formed under the laws of another domestic state, as such nonassessability
may be affected by similar provisions of such state’s general partnership, limited
partnership or limited liability company statute, as applicable, and (3) in the case of an
interest in an entity formed under the laws of a foreign jurisdiction, as such
nonassessability may be affected by similar provisions of

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such jurisdiction’s corporate, partnership or limited liability company statute, if
any, as applicable), other than equity interests that are not owned, directly or indirectly,
by the Partnership, and (ii) other than Cedar Bayou Fractionators, L.P., a Delaware limited
partnership (“CBF”), and Downstream Energy Ventures Co., L.L.C., a Delaware limited
liability company (“DEV”), are owned, directly or indirectly, by the Partnership,
free and clear of all Liens, other than those arising under the Credit Agreement. The
Partnership owns, directly or indirectly, an 88% interest in CBF and an 88% interest in DEV,
in each case free and clear of all Liens except those arising under the Credit Agreement and
the applicable Organizational Documents. The Subsidiaries other than the Material
Subsidiaries did not, individually or in the aggregate, account for (x) more than 10% of the
total assets of the Partnership and the Subsidiaries, taken as a whole, as of June 30, 2010
or (y) more than 10% of the net income of the Partnership and the Subsidiaries, taken as a
whole, for the six months ended June 30, 2010.

     (f) The authorized, issued and outstanding equity interests of the Partnership are as
set forth in the Offering Memorandum as of the dates specified therein. All of the issued
equity interests of the Partnership and all of the issued shares of capital stock of Finance
Co have been duly authorized and validly issued and are fully paid (to the extent required
in the Partnership Agreement with respect to the Partnership) and nonassessable (except as
such nonassessability may be affected by Sections 17-607 and 17-804 of the Delaware LP Act
with respect to the Partnership); and none of the outstanding equity interests of the
Partnership and none of the outstanding shares of capital stock of Finance Co were issued in
violation of the preemptive or other similar rights of any security holder of the
Partnership or Finance Co, respectively.

     (g) Except as otherwise disclosed in the Offering Memorandum and except with respect to
the incentive distribution rights held by the General Partner, there are no outstanding (i)
securities or obligations of the Partnership convertible into or exchangeable for any equity
interests of the Partnership, (ii) warrants, rights or options to subscribe for or purchase
from the Partnership any such equity interests or any such convertible or exchangeable
securities or obligations or (iii) obligations of the Partnership to issue any such equity
interests, any such convertible or exchangeable securities or obligations, or any such
warrants, rights or options.

     (h) Each of the Issuers and each Guarantor has all requisite corporate, partnership or
limited liability company power and authority to execute, deliver and perform each of its
obligations under the Notes, the Exchange Notes and the Private Exchange Notes (as defined
in the Registration Rights Agreement). The Notes, the Exchange Notes and the Private
Exchange Notes have each been duly authorized by the Issuers and, when executed by each of
the Issuers and authenticated by the Trustee in accordance with the provisions of the
Indenture and, in the case of the Notes, when delivered to and paid for by the Initial
Purchasers in accordance with the terms of this Agreement, and, in the case of any Exchange
Notes or Private Exchange Notes, when issued in exchange for the Notes as provided in the
Registration Rights Agreement, will constitute valid and legally binding obligations of each
of the Issuers, entitled to the benefits of the Indenture, and enforceable against each of
the Issuers in accordance with their terms, except that the enforcement thereof may be
subject to (i) bankruptcy,

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insolvency, reorganization, moratorium or other similar laws now or hereafter in effect
relating to creditors’ rights generally, and (ii) general principles of equity and the
discretion of the court before which any proceeding therefor may be brought (collectively,
the “Enforceability Exceptions”). The Guarantees have been duly authorized and, upon
the due issuance and delivery of the related Notes and the due endorsement of the notations
of Guarantee thereon, will constitute valid and legally binding obligations of each
Guarantor, enforceable against each Guarantor in accordance with their terms, except that
the enforcement thereof may be subject to the Enforceability Exceptions, and will be
entitled to the benefits of the Indenture.

     (i) Each of the Issuers and each Guarantor has all requisite corporate, partnership or
limited liability company power and authority to execute, deliver and perform each of its
obligations under the Indenture. The Indenture meets the requirements for qualification
under the Trust Indenture Act of 1939, as amended (the “TIA”). The Indenture has
been duly authorized by each of the Issuers and Guarantors and, when executed and delivered
by each of the Issuers and each Guarantor (assuming the due authorization, execution and
delivery by the Trustee), will constitute a valid and legally binding agreement of each of
the Issuers and each Guarantor, enforceable against each of the Issuers and each Guarantor
in accordance with its terms, except that the enforcement thereof may be subject to the
Enforceability Exceptions.

     (j) Each of the Issuers and each Guarantor has all requisite corporate, partnership or
limited liability company power and authority to execute, deliver and perform each of its
obligations under the Registration Rights Agreement. The Registration Rights Agreement has
been duly authorized by the Issuers and the Guarantors and, when executed and delivered by
each of the Issuers and each Guarantor (assuming the due authorization, execution and
delivery by the Initial Purchasers), will constitute a valid and legally binding agreement
of each of the Issuers and each Guarantor, enforceable against each of the Issuers and each
Guarantor in accordance with its terms, except that (A) the enforcement thereof may be
subject to the Enforceability Exceptions and (B) any rights to indemnity or contribution
thereunder may be limited by federal and state securities laws and public policy
considerations.

     (k) Each of the Issuers and each Guarantor has all requisite corporate, partnership or
limited liability company power and authority to execute, deliver and perform each of its
obligations under this Agreement and to consummate the transactions contemplated hereby.
This Agreement and the consummation by each of the Issuers and each Guarantor of the
transactions contemplated hereby have been duly authorized by each of the Issuers and each
Guarantor. This Agreement has been duly executed and delivered by each of the Issuers and
each Guarantor.

     (l) The Purchase and Sale Agreement dated as of August 6, 2010 by and between Targa
Versado Holdings LP, as the seller, and the Partnership, as the buyer, as the same may be
amended or restated at or prior to the Closing Date (the “Dropdown Agreement”),
whereby the Partnership will acquire the following interests: (i) 100% of the limited
liability company interests in Targa Versado GP LLC, a Delaware limited liability company
(“Targa Versado GP”), and (ii) 100% of the limited partner interest in

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Targa Versado LP, a Delaware limited partnership (“Targa Versado LP”) and
together with Targa Versado GP, the “Purchased Companies”), has been duly
authorized, executed and delivered by Targa Versado Holdings LP and the Partnership and is a
valid and legally binding agreement of Targa Versado Holdings LP and the Partnership,
enforceable against Targa Versado Holdings LP and the Partnership in accordance with its
terms; except that (A) the enforcement thereof may be subject to the Enforceability
Exceptions and (B) any rights to_indemnity, contribution and exoneration provisions
contained in any of such agreements may be limited by applicable laws and public policy.

     (m) No permit, consent, approval, authorization, order, registration, filing or
qualification (“Permits”) of or with any court or governmental agency or body having
jurisdiction over any of the Issuers or any Material Subsidiary or any of their respective
properties or assets is required for the issuance and sale by the Issuers of the Notes to
the Initial Purchasers or the consummation by the Issuers of the other transactions
contemplated hereby, except (i) such Permits as may be required under the Act, the Exchange
Act and state securities or “Blue Sky” laws of any jurisdiction, (ii) such Permits as have
been obtained or will be obtained prior to the Closing Date, (iii) such Permits that, if not
obtained, could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect and (iv) such Permits as are disclosed in the Offering Memorandum.

     (n) Neither of the Issuers nor any Material Subsidiary is in (i) violation of its
Organizational Documents, or violation of any statute, law, rule or regulation, or any
judgment, order, injunction or decree of any court, governmental agency or body or
arbitrator having jurisdiction over any of the Issuers or Material Subsidiaries or any of
their respective properties or assets or, (ii) breach, default (or an event which, with
notice or lapse of time or both, would constitute such an event) or violation in the
performance of any obligation, agreement or condition contained in any indenture, mortgage,
deed of trust, loan agreement, lease or other agreement or instrument to which it is a party
or by which it or any of its properties may be bound, which in the case of either clause (i)
or (ii) would, if continued, have a Material Adverse Effect.

     (o) None of (i) the execution, delivery and performance by either of the Issuers or any
Guarantor of this Agreement, the Indenture and the Registration Rights Agreement, (ii) the
execution, delivery and performance by the Partnership of the Dropdown Agreement or (iii)
the consummation by either of the Issuers or any Guarantor of the transactions contemplated
hereby and thereby, as applicable (including, without limitation, the issuance and sale of
the Notes to the Initial Purchasers), (A) conflicts or will conflict with or constitutes or
will constitute a violation of the Organizational Documents of either of the Issuers or any
Guarantor, (B) conflicts or will conflict with or constitutes or will constitute a breach or
violation of, or a default (or an event that, with notice or lapse of time or both, would
constitute such a default) under any indenture, mortgage, deed of trust, loan agreement,
lease or other agreement or instrument to which either of the Issuers or any Guarantor is a
party or by which any of them or any of their respective properties may be bound, or
(C) (assuming compliance with all applicable state securities or “Blue Sky” laws and
assuming the accuracy of the representations and warranties of the Initial Purchasers in
Section 8 hereof) violates or will violate any

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statute, judgment, decree, order, rule or regulation applicable to either of the
Issuers or any Guarantor or any of their respective properties or assets, except, with
respect to clauses (B) and (C) only, for any such conflict, breach or violation that would
not, individually or in the aggregate, have a Material Adverse Effect.

     (p) The Partnership Agreement has been duly authorized, executed and delivered by the
General Partner, and is a valid and legally binding agreement of the General Partner,
enforceable against the General Partner in accordance with its terms.

     (q) The Organizational Agreements of the Material Subsidiaries, as applicable, have
been duly authorized, executed and delivered by the parties thereto, and are valid and
legally binding agreements of such parties, enforceable against such parties in accordance
with their terms; provided that, with respect to each agreement described in this
Section 2(q), the enforceability thereof may be limited by the Enforceability Exceptions;
provided further; that the indemnity, contribution and exoneration provisions
contained in any of such agreements may be limited by applicable laws and public policy.

     (r) The audited consolidated financial statements of the Partnership and its
Subsidiaries included in the Offering Memorandum present fairly in all material respects the
financial condition, results of operations and cash flows of the Partnership and its
consolidated Subsidiaries as of the dates and for the periods indicated and have been
prepared in accordance with generally accepted accounting principles applied on a consistent
basis throughout the periods involved (except as otherwise noted therein). The summary and
selected financial, statistical and operating information in the Offering Memorandum
accurately present in all material respects the information shown therein and have been
prepared on a basis consistent with the audited financial statements included therein,
except as otherwise stated therein. PricewaterhouseCoopers LLP, which has certified certain
financial statements of the Partnership and its Subsidiaries and delivered its report with
respect to the audited consolidated financial statements incorporated by reference in the
Pricing Disclosure Package and Final Memorandum (the “Independent Accountants”), is
an independent public accounting firm within the meaning of the Act and the rules and
regulations promulgated thereunder.

     (s) Except as set forth or contemplated in the Offering Memorandum, there is (i) no
action, suit or proceeding before or by any court, arbitrator or governmental agency, body
or official, domestic or foreign, now pending or, to the knowledge of the Partnership,
threatened, to which any of the Issuers, Material Subsidiaries or Purchased Companies is or
may be a party or to which the business or property of any of the Issuers, Material
Subsidiaries or Purchased Companies is or may be subject, (ii) to the knowledge of the
Partnership, no statute, rule, regulation or order that has been enacted, adopted or issued
by any governmental agency and (iii) no injunction, restraining order or order of any nature
issued by a federal or state court or foreign court of competent jurisdiction to which any
of the Issuers, Material Subsidiaries or Purchased Companies is or may be subject, that, in
the case of clauses (i), (ii) and (iii) above, is reasonably expected to (A) individually or
in the aggregate to have a Material Adverse Effect, (B) prevent the consummation of the
issuance or sale of the Notes to be sold hereunder, or (C) draw into question the validity
of this Agreement or the Dropdown Agreement.

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     (t) Each of the Issuers and the Material Subsidiaries possesses such permits, licenses,
approvals, consents and other authorizations (collectively, “Governmental Licenses”)
issued by the appropriate federal, state, local or foreign regulatory agencies or bodies
necessary to conduct their respective businesses, except where the failure so to possess
would not, individually or in the aggregate, result in a Material Adverse Effect; each of
the Issuers and each Material Subsidiary is in compliance with the terms and conditions of
all such Governmental Licenses, except where the failure so to comply would not,
individually or in the aggregate, result in a Material Adverse Effect; all of the
Governmental Licenses are valid and in full force and effect, except when the invalidity of
such Governmental Licenses or the failure of such Governmental Licenses to be in full force
and effect would not, individually or in the aggregate, result in a Material Adverse Effect;
and except as described in the Offering Memorandum, neither of the Issuers and no Material
Subsidiary has received any notice of proceedings relating to the revocation or modification
of any such Governmental Licenses which, individually or in the aggregate, if the subject of
an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.

     (u) Since the date of the most recent financial statements appearing in the Offering
Memorandum and except as set forth or contemplated in the Offering Memorandum, (i) none of
the Issuers or the Material Subsidiaries has incurred any liabilities or obligations, direct
or contingent, or entered into or agreed to enter into any transactions or contracts
(written or oral) not in the ordinary course of business, which liabilities, obligations,
transactions or contracts would, individually or in the aggregate, be material to the
general affairs, management, business, condition (financial or otherwise), prospects or
results of operations of the Partnership and its Subsidiaries, taken as a whole and (ii) the
Partnership has not purchased any of its outstanding equity interests, nor declared, paid or
otherwise made any distribution of any kind on its equity interests (other than (A) the
Partnership’s quarterly distributions and (B) with respect to any of the Subsidiaries, the
purchase of, or dividend or distribution on, capital stock or equity interests owned by the
Partnership).

     (v) Except as set forth or contemplated in the Offering Memorandum, each of the Issuers
and the Material Subsidiaries has filed all foreign, federal, state and local tax returns
that are required to be filed or has requested extensions thereof, except in any case in
which the failure so to file, individually or in the aggregate, would not have a Material
Adverse Effect, and has paid all taxes required to be paid by it and any other assessment,
fine or penalty levied against it, to the extent that any of the foregoing is due and
payable, except for any such assessment, fine or penalty that is currently being contested
in good faith or as, individually or in the aggregate, would not have a Material Adverse
Effect.

     (w) Each of the Issuers and the Guarantors is not now nor after giving effect to the
issuance of the Notes and the execution, delivery and performance of this Agreement, the
Registration Rights Agreement and the Indenture, and the consummation of the transactions
contemplated thereby or described in the Offering Memorandum, will be (i) insolvent, (ii)
left with unreasonably small capital with which to engage in its anticipated business or
(iii) incurring debts or other obligations beyond its ability to pay such debts or
obligations as they become due.

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     (x) Any statistical and market-related data included in the Offering Memorandum are
based on or derived from sources that each of the Issuers and the Guarantors believe to be
reliable and accurate, and the Issuers have obtained the written consent to the use of such
data from such sources to the extent required.

     (y) Each of the Issuers and the Material Subsidiaries has good and marketable title to
all real property and good title to all personal property described in the Offering
Memorandum as being owned by it free and clear of all Liens, except (i) as described, and
subject to limitations contained, in the Offering Memorandum, (ii) Liens that arise under
the Credit Agreement or (iii) to the extent the failure to have such title or the existence
of such Liens would not, individually or in the aggregate, have a Material Adverse Effect;
provided that, with respect to any real property and buildings held under lease by
the Partnership and the Material Subsidiaries, such real property and buildings are held
under valid and subsisting and enforceable leases with such exceptions as do not materially
interfere with the use of the properties of the Partnership and the Material Subsidiaries
taken as a whole as they have been used in the past as described in the Offering Memorandum
and are proposed to be used in the future as described in the Offering Memorandum, except to
the extent the failure to hold such valid and subsisting and enforceable leases would not,
individually or in the aggregate, have a Material Adverse Effect.

     (z) The Partnership and the Material Subsidiaries have such easements or rights-of-way
(collectively, “rights-of-way”) as are necessary to conduct their business in the
manner described, and subject to the limitations contained, in the Offering Memorandum,
except for (i) qualifications, reservations and encumbrances that would not have,
individually or in the aggregate, a Material Adverse Effect, (ii) such rights-of-way that,
if not obtained, would not have, individually or in the aggregate, a Material Adverse Effect
and (iii) rights-of-way held by Affiliates of the Partnership as nominee for the benefit of
the Partnership and the Material Subsidiaries.

     (aa) Except for such exceptions that would not reasonably be expected to result in a
Material Adverse Effect, (i) each of the Issuers and each Material Subsidiary owns or
possesses, or can acquire or use on reasonable terms, adequate patents, patents rights,
licenses, inventions, copyrights, know-how (including trade secrets and other unpatented
and/or unpatentable proprietary or confidential information, systems or procedures),
trademarks, service marks, trade names or other intellectual property (collectively,
“Intellectual Property”) necessary to carry out their respective businesses now or
proposed to be operated by them as described in the Offering Memorandum, and (ii) each of
the Issuers and each Material Subsidiary has not received any notice and is not otherwise
aware of any infringement of or conflict with asserted rights of others with respect to any
Intellectual Property or of any facts or circumstances that would render any Intellectual
Property invalid or inadequate to protect any of its interest therein.

     (bb) Subject to the limitations and other provisions of the Dropdown Agreement, the
Purchased Companies will collectively own, directly or indirectly, at the closing of the
transactions contemplated by the Dropdown Agreement, a 63% limited liability company
interest in Versado Gas Processors, L.L.C., a Delaware limited liability

10

 

company, substantially as described in the Pricing Disclosure Package and the Final
Memorandum.

     (cc) There are no legal or governmental proceedings pending or, to the knowledge of the
Partnership, threatened or contemplated, against either of the Issuers or the Material
Subsidiaries or any of their respective properties or assets that would be required to be
described in a prospectus pursuant to the Act that are not described in the Offering
Memorandum, nor are there any agreements, contracts, indentures, leases or other instruments
that would be required to be described in a prospectus pursuant to the Act that are not
described in the Offering Memorandum. Except as set forth or contemplated in the Pricing
Disclosure Package and the Final Memorandum, to the knowledge of the Partnership, no legal
or governmental proceedings are pending or threatened to which either of the Issuers or any
of the Material Subsidiaries is a party or to which the property or assets of the Issuers or
any Material Subsidiary is subject that, if determined adversely to the Issuers or the
Material Subsidiaries, could be reasonably expected to result, individually or in the
aggregate, in a Material Adverse Effect.

     (dd) The Partnership is in compliance in all material respects with all applicable
provisions of the Sarbanes Oxley Act of 2002 and the rules and regulations promulgated in
connection therewith (the “Sarbanes Oxley Act”).

     (ee) Except as would not, individually or in the aggregate, result in a Material
Adverse Effect: (i) the Partnership and the Material Subsidiaries are and, during the
relevant time periods specified in all applicable statutes of limitation, have been in
compliance with applicable Environmental Laws (as defined below); (ii) the Partnership and
the Material Subsidiaries have obtained and are in compliance with all Permits (as defined
below) required of them under applicable Environmental Laws to conduct the Partnership’s
business as presently conducted; (iii) none of the Partnership or the Material Subsidiaries
has received any written notice of an action, suit, demand, claim, hearing, notice of
violation or investigation, or proceeding, which matter remains unresolved and alleges
liability of the Partnership or any Material Subsidiary under, or violation by the
Partnership or any Material Subsidiary of, any Environmental Law, and to the knowledge of
the Partnership, no facts, circumstances or conditions exist that would reasonably be
expected to result in the receipt of such notice; and (iv) to the knowledge of the
Partnership, there are no facts, circumstances or conditions relating to the conduct of
business of the Partnership or any Material Subsidiary or to any properties or facilities
owned, leased or operated by any of them including, but not limited to, releases of
Hazardous Materials (as defined below) that would reasonably be expected to give rise to
liabilities or obligations under any Environmental Law.

     For purposes of this Agreement: (i) “Environmental Law” means all federal, state and local
laws, rules (including but not limited to rules of common law), regulations, ordinances,
orders, decrees and other legally-enforceable requirements of any governmental entity
relating to pollution, protection of human health (to the extent relating to exposure to
Hazardous Materials) or the Environment, including those relating to the generation,
storage, treatment, disposal, transport or release of Hazardous Materials; (ii) “Hazardous
Materials” means any pollutant or contaminant, chemical,

11

 

material, waste or substance in any form regulated under any applicable Environmental Law
including, but not limited to any: (A) “hazardous substance” as defined in the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended;
(B) “hazardous waste” as defined in the Resource Conservation and Recovery Act, as amended;
(C) petroleum or petroleum product, natural gas, natural gas liquids, or crude oil or any
fraction thereof; (D) polychlorinated biphenyls; and (E) naturally occurring
radioactive materials; and (iii) “Permits” means any permit, authorization, license,
variance, and approvals required under applicable Environmental Law; (iv) “Environment”
means ambient air, indoor air, surface water, groundwater, drinking water, land surface and
subsurface strata, and natural resources such as wetlands, flora and fauna.

     (ff) There is no strike, labor dispute, slowdown or work stoppage with the employees of
the Issuers or the Material Subsidiaries that is pending or, to the knowledge of the
Partnership, threatened that could reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect.

     (gg) Except as disclosed in the Offering Memorandum, no proceedings for the merger,
consolidation, liquidation or dissolution of either of the Issuers or the Material
Subsidiaries or the sale of all or a material part of the assets of either of the Issuers or
the Material Subsidiaries or any material acquisition by either of the Issuers or any
Material Subsidiary are pending that would be required by the Act to be disclosed in a
prospectus included in a Registration Statement on Form S-1 under the Act.

     (hh) (i) The Issuers and the Material Subsidiaries have not sustained, since the date
of the latest audited financial statements included in the Offering Memorandum (exclusive of
any amendment or supplement thereto), any loss or interference with its business or
properties from fire, explosion, flood, accident or other calamity, whether or not covered
by insurance, or from any labor dispute or court or governmental action, order or decree
(whether domestic or foreign) otherwise than as set forth in the Offering Memorandum
(exclusive of any amendment or supplement thereto) and (ii) since such date, there has not
occurred any change or development, in each case, that could reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.

     (ii) Each of the Issuers and the Material Subsidiaries carries or is entitled to the
benefits of insurance relating to their assets, with financially sound and reputable
insurers, in such amounts and covering such risks as is commercially reasonable, and all
such insurance is in full force and effect. Each of the Issuers and the Material
Subsidiaries has no reason to believe that it will not be able (i) to renew their existing
insurance coverage relating to their respective assets as and when such policies expire or
(ii) to obtain comparable coverage relating to their respective assets from similar
institutions as may be necessary or appropriate to conduct such business as now conducted
and at a cost that would not reasonably be expected to have a Material Adverse Effect.

12

 

     (jj) Except as disclosed in the Offering Memorandum, neither of the Issuers nor any
Material Subsidiary is subject to rate regulation under federal law.

     (kk) Each of the Issuers and each Material Subsidiary is in compliance in all material
respects with all presently applicable provisions of the Employee Retirement Income Security
Act of 1974, as amended, including the regulations and published interpretations thereunder
(“ERISA”); no “reportable event” (as defined in ERISA) has occurred with respect to
any “pension plan” (as defined in ERISA) for which any Issuer or Material Subsidiary would
have any liability, excluding any reportable event for which a waiver could apply; none of
the Issuers or Material Subsidiaries expects to incur liability under (i) Title IV of ERISA
with respect to termination of, or withdrawal from, any “pension plan” or (ii) Sections 412
or 4971 of the Internal Revenue Code of 1986, as amended, including the regulations and
published interpretations thereunder (the “Code”). Neither of the Issuers nor any
Material Subsidiary maintains a “pension plan.”

     (ll) The Partnership and the Material Subsidiaries maintain a system of internal
accounting controls sufficient to provide reasonable assurance that (i) transactions are
executed in accordance with management’s general or specific authorizations; (ii)
transactions are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain asset
accountability; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action is taken
with respect to any differences. The Partnership’s and the Material Subsidiaries’ internal
controls over financial reporting are effective and none of the Partnership and the Material
Subsidiaries is aware of any material weakness in their internal control over financial
reporting.

     (mm) (i) The Partnership has established and maintains disclosure controls and
procedures (to the extent required by and as such term is defined in Rule 13a-15 under the
Exchange Act), (ii) such disclosure controls and procedures are designed to ensure that the
information required to be disclosed by the Partnership in the reports filed or to be filed
or submitted under the Exchange Act, as applicable, is accumulated and communicated to
management of the General Partner, including their respective principal executive officers
and principal financial officers, as appropriate, to allow timely decisions regarding
required disclosure to be made and (iii) such disclosure controls and procedures are
effective in all material respects to perform the functions for which they were established
to the extent required by Rule 13a-15 of the Exchange Act.

     (nn) Neither of the Issuers nor any Guarantor is an “investment company” or “promoter”
or “principal underwriter” for an “investment company,” as such terms are defined in the
Investment Company Act of 1940, as amended (the “Investment Company Act”), and the
rules and regulations thereunder.

     (oo) The descriptions of the Notes, the Indenture and the Registration Rights Agreement
contained in the Offering Memorandum are accurate in all material respects.

13

 

     (pp) No holder of securities of either of the Issuers or the Material Subsidiaries will
be entitled to have such securities registered under the registration statements that may be
required to be filed by the Issuers pursuant to the Registration Rights Agreement other than
as expressly permitted thereby.

     (qq) Immediately after the consummation of the transactions contemplated by this
Agreement, the fair value and present fair saleable value of the assets of each of the
Issuers and the Material Subsidiaries (each on a consolidated basis) will exceed the sum of
its stated liabilities and identified contingent liabilities; neither of the Issuers nor the
Material Subsidiaries (each on a consolidated basis) is, nor will any of the Issuers nor any
Material Subsidiary (each on a consolidated basis) be, after giving effect to the execution,
delivery and performance of this Agreement, and the consummation of the transactions
contemplated hereby, (a) left with unreasonably small capital with which to carry on its
business as it is proposed to be conducted, (b) unable to pay its debts (contingent or
otherwise) as they mature or (c) otherwise insolvent.

     (rr) None of the Issuers, any Material Subsidiary or any of their respective Affiliates
(as defined in Rule 501(b) of Regulation D under the Act) has directly, or through any
agent, (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in
respect of, any “security” (as defined in the Act) that is or could be integrated with the
sale of the Notes in a manner that would require the registration under the Act of the Notes
or (ii) engaged in any form of general solicitation or general advertising (as those terms
are used in Regulation D under the Act) in connection with the offering of the Notes or in
any manner involving a public offering within the meaning of Section 4(2) of the Act.
Assuming the accuracy of the representations and warranties of the Initial Purchasers in
Section 8 hereof, it is not necessary in connection with the offer, sale and delivery of the
Notes to the Initial Purchasers or the endorsement of the Guarantees by the Guarantors in
the manner contemplated by this Agreement to register any of the Notes under the Act or to
qualify the Indenture under the TIA.

     (ss) No securities of either of the Issuers or the Material Subsidiaries are of the
same class (within the meaning of Rule 144A under the Act) as the Notes and listed on a
national securities exchange registered under Section 6 of the Exchange Act, or quoted in a
U.S. automated inter-dealer quotation system.

     (tt) None of the Issuers or the Material Subsidiaries has taken, nor will any of them
take, directly or indirectly, any action designed to, or that would constitute or that might
be reasonably expected to result in, stabilization or manipulation of the price of the
Notes.

     (uu) None of the Issuers, the Material Subsidiaries, any of their respective Affiliates
or any person acting on its or their behalf (other than the Initial Purchasers) has engaged
in any directed selling efforts (as that term is defined in Regulation S under the Act
(“Regulation S”)) with respect to the Notes; the Issuers, the Material Subsidiaries
and their respective Affiliates and any person acting on its or their behalf (other than the
Initial Purchasers) have complied with the offering restrictions requirement of
Regulation S.

14

 

     (vv) There are no stamp or other issuance or transfer taxes or duties or other similar
fees or charges required to be paid in the United States in connection with the execution
and delivery of this Agreement or the issuance or sale by the Issuers of the Notes.

     (ww) None of the Issuers, the Material Subsidiaries or, to the knowledge of the
Issuers, any director, officer, agent, employee or Affiliate of the Issuers or any of the
Material Subsidiaries is aware of or has taken any action, directly or indirectly, that
would result in a violation by such Persons of Foreign Corrupt Practices Act of 1977, as
amended, and the rules and regulations thereunder (the “FCPA”), including, without
limitation, making use of the mails or any means or instrumentality of interstate commerce
corruptly in furtherance of an offer, payment, promise to pay or authorization of the
payment of any money, or other property, gift, promise to give, or authorization of the
giving of anything of value to any “foreign official” (as such term is defined in the FCPA)
or any foreign political party or official thereof or any candidate for foreign political
office, in contravention of the FCPA; and the Issuers, the Material Subsidiaries and, to the
knowledge of the Issuers, their Affiliates have conducted their businesses in compliance
with the FCPA and have instituted and maintain policies and procedures designed to ensure,
and which are reasonably expected to continue to ensure, continued compliance therewith.

     (xx) The operations of the Issuers and the Material Subsidiaries are and have been
conducted at all times in compliance with applicable financial recordkeeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the
money laundering statutes of all jurisdictions, the U.S. PATRIOT Act, the rules and
regulations thereunder, and any related or similar rules, regulations or guidelines, issued,
administered or enforced by any governmental agency (collectively, the “Money Laundering
Laws”) and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Issuers or any of the Material
Subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge
of the Issuers, threatened.

     (yy) No Material Subsidiary is currently prohibited, directly or indirectly, from
paying any distributions to the Partnership, from making any other distribution on such
Subsidiary’s equity interests, from repaying to the Partnership any loans or advances to
such Subsidiary from the Partnership or from transferring any of such Subsidiary’s property
or assets to the Partnership or any other Subsidiary of the Partnership, except (i) as
described in or contemplated by the Pricing Disclosure Package and the Final Memorandum,
(ii) arising under the Credit Agreement, (iii) such prohibitions mandated by the laws of
each such Subsidiary’s state of formation and the terms of any such Subsidiary’s governing
instruments and (iv) where such prohibition would not reasonably be expected to have a
Material Adverse Effect.

     (zz) None of the Issuers, the Material Subsidiaries or, to the knowledge of the
Issuers, any director, officer, agent, employee or Affiliate of the Issuers or any of the
Material Subsidiaries is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”).

15

 

     Any certificate signed by any officer of the Issuers or the Guarantors and delivered to any
Initial Purchaser or to counsel for the Initial Purchasers in connection with the offering of the
Notes shall be deemed a representation and warranty by each of the Issuers or each Guarantor to the
Initial Purchasers as to the matters covered thereby.

          Section 3. Purchase, Sale and Delivery of the Notes. On the basis of the
representations, warranties, agreements and covenants herein contained and subject to the terms and
conditions herein set forth, the Issuers agree to issue and sell to the Initial Purchasers, and the
Initial Purchasers, acting severally and not jointly, agree to purchase the Notes in the respective
amounts set forth on Schedule 1 hereto from the Issuers at 100% of their principal amount. One or
more certificates in global form for the Notes that the Initial Purchasers have agreed to purchase
hereunder, each in such principal amount as the Initial Purchasers request upon notice to the
Issuers at least 36 hours prior to the Closing Date, shall be delivered by or on behalf of the
Issuers to the Initial Purchasers, against payment by or on behalf of the Initial Purchasers of the
purchase price therefor by wire transfer (same day funds), to such account or accounts as the
Partnership shall specify prior to the Closing Date, or by such means as the parties hereto shall
agree prior to the Closing Date. Such delivery of and payment for the Notes shall be made at the
offices of Vinson & Elkins L.L.P., First City Tower, 1001 Fannin Street, Suite 2500, Houston, Texas
at 9:00 A.M. Houston time, on August 13, 2010, or at such other place, time or date as the Initial
Purchasers, on the one hand, and the Issuers, on the other hand, may agree upon, such time and date
of delivery against payment being herein referred to as the “Closing Date.”

          Section 4. Offering by the Initial Purchasers. The Initial Purchasers propose to make
an offering of the Notes at the price and upon the terms set forth in the Pricing Disclosure
Package and the Final Memorandum as soon as practicable after this Agreement is entered into and as
in the judgment of the Initial Purchasers is advisable.

          Section 5. Covenants of the Issuers and the Guarantors. Each Issuer and each
Guarantor covenants and agrees with each of the Initial Purchasers as follows:

          (a) Until the later of (i) the completion of the distribution of the Notes by the
Initial Purchasers and (ii) the Closing Date, the Issuers will not amend or supplement the
Pricing Disclosure Package or the Final Memorandum or otherwise distribute or refer to any
written communication (as defined under Rule 405 of the Act) that constitutes an offer to
sell or a solicitation of an offer to buy the Notes (other than the Pricing Disclosure
Package, the Recorded Road Show and the Final Memorandum) unless the Initial Purchasers
shall previously have been advised and furnished a copy for a reasonable period of time
prior to the proposed amendment or supplement. The Issuers will promptly, upon the
reasonable request of the Initial Purchasers or counsel for the Initial Purchasers, make any
amendments or supplements to the Pricing Disclosure Package and the Final Memorandum that
may be necessary or advisable in connection with the resale of the Notes by the Initial
Purchasers.

          (b) The Issuers will cooperate with the Initial Purchasers in arranging for the
qualification of the Notes for offering and sale under the securities or “Blue Sky” laws of
such jurisdictions as the Initial Purchasers may designate and will continue such

16

 

qualifications in effect for as long as may be necessary to complete the resale of the
Notes; provided, however, that in connection therewith, the Issuers shall
not be required to qualify as a foreign limited partnership or corporation or to execute a
general consent to service of process in any jurisdiction or subject itself to taxation in
any such jurisdiction where it is not then so subject.

          (c) (1) If, at any time prior to the completion of the sale by the Initial Purchasers
of the Notes, any event occurs or information becomes known as a result of which the Final
Memorandum as then amended or supplemented would include any untrue statement of a material
fact, or omit to state a material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading, or if for any other
reason it is necessary at any time to amend or supplement the Final Memorandum to comply
with applicable law, the Issuers will promptly notify the Initial Purchasers thereof and
will prepare, at the expense of the Partnership, an amendment or supplement to the Final
Memorandum that corrects such statement or omission or effects such compliance and (2) if at
any time prior to the Closing Date (i) any event shall occur or condition shall exist as a
result of which any of the Pricing Disclosure Package as then amended or supplemented would
include any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they
were made , not misleading or any Issuer Written Communication would conflict with the
Pricing Disclosure Package as then amended or supplemented, or (ii) it is necessary to amend
or supplement any of the Pricing Disclosure Package so that any of the Pricing Disclosure
Package or any Issuer Written Communication will comply with law, the Issuers will
immediately notify the Initial Purchasers thereof and forthwith prepare and, subject to
paragraph (a) above, furnish to the Initial Purchasers such amendments or supplements to any
of the Pricing Disclosure Package or any Issuer Written Communication (it being understood
that any such amendments or supplements may take the form of an amended or supplemented
Final Memorandum) as may be necessary so that the statements in any of the Pricing
Disclosure Package as so amended or supplemented will not, in light of the circumstances
under which they were made, be misleading or so that any Issuer Written Communication will
not conflict with the Pricing Disclosure Package or so that the Pricing Disclosure Package
or any Issuer Written Communication as so amended or supplemented will comply with law.

          (d) The Issuers will, without charge, provide to the Initial Purchasers and to counsel
for the Initial Purchasers as many copies of the Pricing Disclosure Package, any Issuer
Written Communication and the Final Memorandum or any amendment or supplement thereto as the
Initial Purchasers may reasonably request.

          (e) The Partnership will apply the net proceeds from the sale of the Notes as set forth
under “Use of Proceeds” in the Pricing Disclosure Package and the Final Memorandum.

          (f) Prior to the Closing Date, the Issuers will furnish to the Initial Purchasers, as
soon as they have been prepared, a copy of any unaudited interim financial statements of the
Issuers for any period subsequent to the period covered by the most

17

 

recent financial statements appearing in the Pricing Disclosure Package and the Final
Memorandum; provided, however, that the Issuers do not need to furnish such financial
statements to the Initial Purchasers if they are available on the Commission’s website.

          (g) None of the Issuers or any of its Affiliates that it controls will, and the Issuers
will use their commercially reasonable efforts to cause their other Affiliates (other than
Warburg Pincus LLC and its affiliates (other than Targa Resources Investments Inc. and its
subsidiaries)) not to, sell, offer for sale or solicit offers to buy or otherwise negotiate
in respect of any “security” (as defined in the Act) that could be integrated with the sale
of the Notes in a manner which would require the registration under the Act of the Notes.

          (h) The Issuers will not, and will not permit any of their subsidiaries or their
respective Affiliates that they control or persons acting on their behalf to, and the
Issuers will use their commercially reasonable efforts to cause their other Affiliates
(other than Warburg Pincus LLC and its affiliates (other than Targa Resources Investments
Inc. and its subsidiaries)) not to, engage in any form of general solicitation or general
advertising (as those terms are used in Regulation D under the Act) in connection with the
offering of the Notes or in any manner involving a public offering within the meaning of
Section 4(2) of the Act.

          (i) For so long as any of the Notes remain outstanding, the Issuers will make available
at their expense, upon request, to any holder of such Notes and any prospective purchasers
thereof the information specified in Rule 144A(d)(4) under the Act, unless either of the
Issuers is then subject to Section 13 or 15(d) of the Exchange Act.

          (j) The Issuers will use their commercially reasonable best efforts to permit the Notes
to be eligible for clearance and settlement through The Depository Trust Company.

          (k) During the period beginning on the date hereof and continuing to the date that is
45 days after the Closing Date, without the prior written consent of Banc of America
Securities LLC, the Issuers will not offer, sell, contract to sell or otherwise dispose of,
except as provided hereunder, any securities of the Issuers (or guaranteed by the Issuers)
that are substantially similar to the Notes.

          (l) In connection with Notes offered and sold in an offshore transaction (as defined in
Regulation S) the Issuers will not register any transfer of such Notes not made in
accordance with the provisions of Regulation S and will not, except in accordance with the
provisions of Regulation S, if applicable, issue any such Notes in the form of definitive
securities.

          (m) None of the Issuers or any of their Affiliates that they control will engage in any
directed selling efforts (as that term is defined in Regulation S) with respect to the
Notes.

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          (n) For a period of one year (calculated in accordance with paragraph (d) of Rule 144
under the Act) following the date any Notes are acquired by either of the Issuers or any of
their Affiliates, if the Notes are Registrable Securities (as defined in the Registration
Rights Agreement), neither of the Issuers or any of their respective Affiliates that they
control will sell any such Notes.

          (o) For so long as any Notes are outstanding, the Issuers and the Guarantors will
conduct their operations in a manner that will not subject the Issuers or any Guarantor to
registration as an investment company under the Investment Company Act.

          (p) Each Note will bear a legend substantially to the following effect until such
legend shall no longer be necessary or advisable because the Notes are no longer subject to
the restrictions on transfer described therein:

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED
STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY
ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND
IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE
SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3),
OR (7) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”), (2) AGREES THAT IT WILL NOT
WITHIN [IN THE CASE OF NOTES SOLD IN RELIANCE ON RULE 144A: ONE YEAR] [IN THE CASE OF NOTES
SOLD IN RELIANCE ON REGULATION S: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF
THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY (THE “RESALE RESTRICTION TERMINATION
DATE”) RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO AN ISSUER OR ANY SUBSIDIARY
THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR
THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S.
BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND
AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH
LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN
AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE),
(E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE

19

 

SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), OR (G)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT
IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO
THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY PRIOR TO THE
RESALE RESTRICTION TERMINATION DATE, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR,
THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUERS SUCH
CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS ANY OF THEM MAY REASONABLY REQUIRE TO
CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION,
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AS USED HEREIN. THE
TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO
THEM BY REGULATION S UNDER THE SECURITIES ACT. THIS LEGEND WILL BE REMOVED UPON THE REQUEST
OF THE HOLDER OR AN ISSUER ON OR AFTER THE RESALE RESTRICTION TERMINATION DATE.”

          Section 6. Expenses. The Partnership agrees to pay all costs and expenses incident to
the performance of the Issuers’ and Guarantors’ obligations under this Agreement, whether or not
the transactions contemplated herein are consummated or this Agreement is terminated pursuant to
Section 11 hereof, including all costs and expenses incident to (i) the printing, word processing
or other production of documents with respect to the transactions contemplated hereby, including
any costs of printing the Pricing Disclosure Package and the Final Memorandum and any amendment or
supplement thereto, and any “Blue Sky” memoranda, (ii) all arrangements relating to the delivery to
the Initial Purchasers of copies of the foregoing documents, (iii) the fees and disbursements of
the counsel, the accountants and any other experts or advisors retained by the Issuers,
(iv) preparation (including printing), issuance and delivery to the Initial Purchasers of the
Notes, (v) the qualification of the Notes under state securities and “Blue Sky” laws, including
filing fees and fees and disbursements of counsel for the Initial Purchasers relating thereto,
(vi) one half of the expenses in connection with the “roadshow” and any other meetings with
prospective investors in the Notes, (vii) fees and expenses of the Trustee including fees and
expenses of counsel, and (viii) any fees charged by investment rating agencies for the rating of
the Notes. If the sale of the Notes provided for herein is not consummated because any condition
to the obligations of the Initial Purchasers set forth in Section 7 hereof is not satisfied,
because this Agreement is terminated pursuant to Section 11(a)(i) or because of any failure,
refusal or inability on the part of the Issuers to perform all obligations and satisfy all
conditions on their part to be performed or satisfied hereunder (other than solely by reason of a
default by the Initial Purchasers of their obligations hereunder after all conditions hereunder
have been satisfied in accordance herewith), the Issuers agree to promptly reimburse the Initial
Purchasers upon demand for all out-of-pocket expenses (including reasonable fees, disbursements and
charges of Baker Botts L.L.P., counsel for the Initial Purchasers) that shall have been incurred by
the Initial Purchasers in connection with the proposed purchase and sale of the Notes.

20

 

          Section 7. Conditions of the Initial Purchasers’ Obligations. The obligation of the
Initial Purchasers to purchase and pay for the Notes shall, in their sole discretion, be subject to
the satisfaction or waiver of the following conditions on or prior to the Closing Date:

          (a) On the Closing Date, the Initial Purchasers shall have received the opinion, dated
as of the Closing Date and addressed to the Initial Purchasers, of Vinson & Elkins L.L.P.,
counsel for the Issuers, in form and substance satisfactory to counsel for the Initial
Purchasers, to the effect that:

     (i) Each of the Issuers and the Guarantors (other than Targa Liquids Marketing
and Trade, a Delaware general partnership) has been duly incorporated, formed or
organized, as the case may be, and is validly existing as a limited partnership,
limited liability company or corporation, as applicable, and is in good standing
under the laws of its respective jurisdiction of incorporation, formation or
organization with full power and authority necessary to own or lease its properties
and to conduct its business, in each case as described in the Pricing Disclosure
Package and the Final Memorandum in all material respects.

     (ii) The Partnership has the authorized, issued and outstanding capitalization
set forth in the Pricing Disclosure Package and the Final Memorandum as of the dates
specified therein; all of the issued and outstanding equity interests (other than
general partner interests) of each of the Partnership, Finance Co and each Guarantor
have been duly authorized and validly issued (in accordance with the Organizational
Documents of each such entity), are fully paid (in the case of an interest in a
limited partnership or limited liability company, to the extent required under the
Organizational Documents of such entity) and nonassessable (except (1) in the case
of an interest in a Delaware limited partnership or Delaware limited liability
company, as such nonassessability may be affected by Sections 17-607 and 17-804 of
the Delaware LP Act or Sections 18-607 and 18-804 of the Delaware LLC Act, as
applicable, (2) in the case of an interest in a limited partnership or limited
liability company formed under the laws of another domestic state, as such
nonassessability may be affected by similar provisions of such state’s limited
partnership or limited liability company statute, as applicable) and, to our
knowledge, were not issued in violation of any preemptive or similar right; all of
the issued and outstanding equity interests (other than general partner interests)
of Finance Co and each Guarantor are owned, directly or indirectly, by the
Partnership, free and clear of all Liens (other than (i) those created by or arising
under the corporate, limited liability company or partnership laws of the
jurisdiction of formation or incorporation of such Subsidiary, as the case may be;
(ii) restrictions on transferability and other Liens described in the Pricing
Disclosure Package, the Final Memorandum or the Organizational Documents; (iii)
those arising under the Credit Agreement; and (iv) those imposed by the Act and the
securities or “Blue Sky” laws of certain jurisdictions) (A) in respect of which a
financing statement under the Uniform Commercial Code of the States of Delaware
naming the Partnership as debtor or, in the case of equity interests of a Guarantor
owned directly by one or more other Guarantor, naming any such other Guarantor as
debtor(s), is on file as of a recent

21

 

date in the office of the Secretary of State of the State of Delaware or (B)
otherwise known to such counsel, without independent investigation.

     (iii) The Issuers and each Guarantor have all requisite corporate, partnership
or limited liability company power and authority to execute, deliver and perform
each of their obligations under the Indenture, the Notes, the Exchange Notes and the
Private Exchange Notes; the Indenture meets the requirements for qualification under
the TIA; the Indenture has been duly and validly authorized by the Issuers and each
Guarantor and, when duly executed and delivered by the Issuers and each Guarantor
(assuming the due authorization, execution and delivery thereof by the Trustee),
will constitute the valid and legally binding agreement of the Issuers and each
Guarantor, enforceable against the Issuers and each Guarantor in accordance with its
terms, except that the enforcement thereof may be subject to the Enforceability
Exceptions.

     (iv) The Notes have each been duly and validly authorized by the Issuers and,
when duly executed and delivered by the Issuers and paid for by the Initial
Purchasers in accordance with the terms of this Agreement (assuming the due
authorization, execution and delivery of the Indenture by the Trustee and due
authentication and delivery of the Notes by the Trustee in accordance with the
Indenture), will constitute the valid and legally binding obligations of the
Issuers, entitled to the benefits of the Indenture, and enforceable against the
Issuers in accordance with their terms, except that the enforcement thereof may be
subject to the Enforceability Exceptions.

     (v) The Guarantees have been duly and validly authorized by the Guarantors and
when the Notes have been paid for by the Initial Purchasers in accordance with the
terms of this Agreement (assuming the due authorization, execution and delivery of
the Indenture by the Trustee and due authentication of the Notes by the Trustee in
accordance with the Indenture), will constitute the valid and legally binding
obligations of the Guarantors, entitled to the benefits of the Indenture, and
enforceable against the Guarantors in accordance with their terms, except that the
enforcement thereof may be subject to the Enforceability Exceptions

     (vi) The Exchange Notes and the Private Exchange Notes have been duly and
validly authorized by the Issuers, and if and when the Exchange Notes and the
Private Exchange Notes are duly executed and delivered by the Issuers in accordance
with the terms of the Registration Rights Agreement and the Indenture (assuming the
due authorization, execution and delivery of the Indenture by the Trustee and due
authentication and delivery of the Exchange Notes and the Private Exchange Notes by
the Trustee in accordance with the Indenture), will constitute the valid and legally
binding obligations of the Issuers, entitled to the benefits of the Indenture, and
enforceable against the Issuers in accordance with their terms, except that the
enforcement thereof may be subject to the Enforceability Exceptions.

22

 

     (vii) The Issuers and the Guarantors have all requisite partnership, limited
liability company or corporate power and authority to execute, deliver and perform
their obligations under the Registration Rights Agreement; the Registration Rights
Agreement has been duly and validly authorized by the Issuers and the Guarantors
and, when duly executed and delivered by the Issuers and the Guarantors (assuming
due authorization, execution and delivery thereof by the Initial Purchasers), will
constitute the valid and legally binding agreement of the Issuers and the
Guarantors, enforceable against the Issuers and the Guarantors in accordance with
its terms, except that (A) the enforcement thereof may be subject to the
Enforceability Exceptions and (B) any rights to indemnity or contribution thereunder
may be limited by federal and state securities laws and public policy
considerations.

     (viii) The Issuers and Guarantors have all requisite corporate, partnership or
limited liability company power and authority to execute, deliver and perform their
obligations under this Agreement and to consummate the transactions contemplated
hereby; this Agreement and the consummation by the Issuers and the Guarantors of the
transactions contemplated hereby have been duly and validly authorized by the
Issuers and Guarantors. This Agreement has been duly executed and delivered by the
Issuers and the Guarantors.

     (ix) The Dropdown Agreement has been duly authorized, executed and delivered by
Targa Versado Holdings LP and the Partnership and is a valid and legally binding
agreement of Targa Versado Holdings LP and the Partnership, enforceable against
Targa Versado Holdings LP and the Partnership in accordance with its terms; except
that (A) the enforcement thereof may be subject to the Enforceability Exceptions and
(B) any rights toindemnity, contribution and exoneration provisions
contained in any of such agreements may be limited by applicable laws and public
policy.

     (x) The descriptions of the Indenture, the Notes and the Registration Rights
Agreement contained in the Pricing Disclosure Package and the Final Memorandum are
accurate in all material respects.

     (xi) The execution, delivery and performance of this Agreement, the Indenture,
the Registration Rights Agreement and the consummation of the transactions
contemplated hereby and thereby (including, without limitation, the issuance and
sale of the Notes to the Initial Purchasers) will not constitute or result in a
breach or a default under (or an event that with notice or passage of time or both
would constitute a default under) any of (i) the terms or provisions of any Contract
listed on Annex II hereto, (ii) the Organizational Documents of any of the Issuers
or the Guarantors, or (iii) any statute, judgment, decree, order, rule or regulation
(excluding any securities laws, rules or regulations) known to such counsel to be
applicable to the Issuers or any of the Guarantors or any of their respective
properties or assets, except, with respect to clauses (i) and (iii) only, for any
such conflict, breach or violation that could not reasonably be expected to,
individually or in the aggregate, have a Material Adverse Effect.

23

 

     (xii) No consent, approval, authorization or order of any governmental
authority is required for the issuance and sale by the Issuers of the Notes to the
Initial Purchasers or the consummation by the Issuers of the other transactions
contemplated hereby, except such as may be required under Blue Sky laws, as to which
such counsel need express no opinion, and those which have previously been obtained.

     (xiii) None of the Issuers or the Guarantors is, or immediately after the sale
of the Notes to be sold hereunder and the application of the proceeds from such sale
(as described in the Pricing Disclosure Package and the Final Memorandum under the
caption “Use of Proceeds”) will be, an “investment company” as such term is defined
in the Investment Partnership Act of 1940, as amended.

     (xiv) No registration under the Act of the Notes is required in connection with
the sale of the Notes to the Initial Purchasers or in connection with the initial
resale of the Notes by the Initial Purchasers, in each case as contemplated by this
Agreement and the Pricing Disclosure Package and the Final Memorandum, and prior to
the commencement of the Exchange Offer (as defined in the Registration Rights
Agreement) or the effectiveness of the Shelf Registration Statement (as defined in
the Registration Rights Agreement), the Indenture is not required to be qualified
under the TIA.

          At the time the foregoing opinion is delivered, Vinson & Elkins L.L.P. shall additionally
state that it has participated in conferences with officers and other representatives of the
Issuers, representatives of the independent registered public accountants for the Issuers,
representatives of the Initial Purchasers and counsel for the Initial Purchasers, at which
conferences the contents of the Pricing Disclosure Package and the Final Memorandum and related
matters were discussed, and, although it has not independently verified and is not passing upon and
assumes no responsibility for the accuracy, completeness or fairness of the statements contained in
the Pricing Disclosure Package or the Final Memorandum (except to the extent specified in
subsection 7(a)(x)), no facts have come to its attention which lead it to believe that the Pricing
Disclosure Package, as of the Time of Execution or at the Closing Date, or that the Final
Memorandum, as of its date or at the Closing Date, contained an untrue statement of a material fact
or omitted to state a material fact necessary to make the statements contained therein, in light of
the circumstances under which they were made, not misleading (it being understood that such firm
need make no comment with respect to the financial statements and related notes thereto and the
other financial and accounting data derived from the Issuers’ books and records included in the
Pricing Disclosure Package or the Final Memorandum).

          The opinion and advice of Vinson & Elkins L.L.P. described in this Section 7 shall be rendered
to the Initial Purchasers at the request of the Partnership and shall so state therein.

          (b) On the Closing Date, the Initial Purchasers shall have received the opinion, in
form and substance satisfactory to the Initial Purchasers, dated as of the Closing Date and
addressed to the Initial Purchasers, of Baker Botts L.L.P., counsel for the Initial

24

 

Purchasers, with respect to certain legal matters relating to this Agreement
and such other related matters as the Initial Purchasers may reasonably require. In
rendering such opinion, Baker Botts L.L.P. shall have received and may rely upon such
certificates and other documents and information as it may reasonably request to pass upon
such matters.

          (c) On the date hereof, the Initial Purchasers shall have received from the Independent
Accountants a comfort letter dated the date hereof, in form and substance satisfactory to
counsel for the Initial Purchasers with respect to the audited and any unaudited financial
information in the Pricing Disclosure Package. On the Closing Date, the Initial Purchasers
shall have received from the Independent Accountants a comfort letter dated the Closing
Date, in form and substance satisfactory to counsel for the Initial Purchasers, which shall
refer to the comfort letter dated the date hereof and reaffirm or update as of a more recent
date, the information stated in the comfort letter dated the date hereof and similarly
address the audited and any unaudited financial information in the Final Memorandum.

          (d) The representations and warranties of the Issuers and the Guarantors contained in
this Agreement shall be true and correct on and as of the Time of Execution and on and as of
the Closing Date as if made on and as of the Closing Date; the statements of the Issuers’
officers made pursuant to any certificate delivered in accordance with the provisions hereof
shall be true and correct on and as of the date made and on and as of the Closing Date; the
Issuers shall have performed all covenants and agreements and satisfied all conditions on
their part to be performed or satisfied hereunder at or prior to the Closing Date; and,
except as described in the Pricing Disclosure Package and the Final Memorandum (exclusive of
any amendment or supplement thereto after the date hereof), subsequent to the date of the
most recent financial statements in such Pricing Disclosure Package and the Final
Memorandum, there shall have been no event or development, and no information shall have
become known, that, individually or in the aggregate, has or would be reasonably likely to
have a Material Adverse Effect.

          (e) The sale of the Notes hereunder shall not be enjoined (temporarily or permanently)
on the Closing Date.

          (f) Subsequent to the date of the most recent financial statements in the Pricing
Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement
thereto after the date hereof), none of the Issuers or any of the Material Subsidiaries
shall have sustained any loss or interference with respect to its business or properties
from fire, flood, hurricane, accident or other calamity, whether or not covered by
insurance, or from any strike, labor dispute, slow down or work stoppage or from any legal
or governmental proceeding, order or decree, which loss or interference, individually or in
the aggregate, has or would be reasonably likely to have a Material Adverse Effect.

          (g) The Initial Purchasers shall have received:

25

 

     (x) a certificate, dated the Closing Date, signed by the President or any Executive
Vice President and the Chief Financial Officer of the General Partner, to the effect that:

     (i) the representations and warranties of the Partnership and the Guarantors
contained in this Agreement are true and correct on and as of the Time of Execution
and on and as of the Closing Date, and the Partnership and the Guarantors have
performed all covenants and agreements and satisfied all conditions on their part to
be performed or satisfied hereunder at or prior to the Closing Date;

     (ii) at the Closing Date, since the date hereof or since the date of the most
recent financial statements in the Pricing Disclosure Package and the Final
Memorandum (exclusive of any amendment or supplement thereto after the date
hereof), no event or development has occurred, and no information has become known,
that, individually or in the aggregate, has or would be reasonably likely to have a
Material Adverse Effect; and

     (iii) the sale of the Notes hereunder has not been enjoined (temporarily or
permanently); and

     (y) a certificate, dated the Closing Date, signed by the President or any Executive
Vice President and the Chief Financial Officer of Finance Co, to the effect that:

     (i) the representations and warranties of Finance Co contained in this
Agreement are true and correct on and as of the Time of Execution and on and as of
the Closing Date, and Finance Co has performed all covenants and agreements and
satisfied all conditions on its part to be performed or satisfied hereunder at or
prior to the Closing Date;

     (ii) at the Closing Date, since the date hereof or since the date of the most
recent financial statements in the Pricing Disclosure Package and the Final
Memorandum (exclusive of any amendment or supplement thereto after the date
hereof), no event or development has occurred, and no information has become known,
that, individually or in the aggregate, has or would be reasonably likely to have a
Material Adverse Effect; and

     (iii) the sale of the Notes hereunder has not been enjoined (temporarily or
permanently).

          (h) On the Closing Date, the Initial Purchasers shall have received the Registration
Rights Agreement executed by the Issuers and the Guarantors and such agreement shall be in
full force and effect.

          On or before the Closing Date, the Initial Purchasers and counsel for the Initial Purchasers
shall have received such further documents, opinions, certificates, letters and schedules or
instruments relating to the business, corporate, legal and financial affairs of the Issuers and the
Guarantors as they shall have heretofore reasonably requested from the Issuers.

26

 

          All such documents, opinions, certificates, letters, schedules or instruments delivered
pursuant to this Agreement will comply with the provisions hereof only if they are reasonably
satisfactory in all material respects to the Initial Purchasers and counsel for the Initial
Purchasers. The Issuers shall furnish to the Initial Purchasers such conformed copies of such
documents, opinions, certificates, letters, schedules and instruments in such quantities as the
Initial Purchasers shall reasonably request.

          Section 8. Offering of Notes; Restrictions on Transfer.

          (a) Each of the Initial Purchasers agrees with the Issuers (as to itself only) that (i) it has
not and will not solicit offers for, or offer or sell, the Notes by any form of general
solicitation or general advertising (as those terms are used in Regulation D under the Act) or in
any manner involving a public offering within the meaning of Section 4(2) of the Act; and (ii) it
has and will solicit offers for the Notes only from, and will offer the Notes only to (A) in the
case of offers inside the United States, persons whom the Initial Purchasers reasonably believe to
be QIBs or, if any such person is buying for one or more institutional accounts for which such
person is acting as fiduciary or agent, only when such person has represented to the Initial
Purchasers that each such account is a QIB, to whom notice has been given that such sale or
delivery is being made in reliance on Rule 144A, and, in each case, in transactions under Rule 144A
and (B) in the case of offers outside the United States, to persons other than U.S. persons
(“non-U.S. purchasers,” which term shall include dealers or other professional fiduciaries
in the United States acting on a discretionary basis for non-U.S. beneficial owners (other than an
estate or trust)); provided, however, that, in the case of this clause (B), in
purchasing such Notes such persons are deemed to have represented and agreed as provided under the
caption “Notice to Investors” contained in the Pricing Disclosure Package and the Final Memorandum.

          (b) Each of the Initial Purchasers represents and warrants (as to itself only) that (1) it is
a QIB and (2) with respect to offers and sales outside the United States that (i) it has and will
comply with all applicable laws and regulations in each jurisdiction in which it acquires, offers,
sells or delivers Notes or has in its possession or distributes any Pricing Disclosure Package or
Final Memorandum or any such other material, in all cases at its own expense; (ii) the Notes have
not been and will not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons except in accordance with Regulation S under the Act or pursuant to an
exemption from the registration requirements of the Act; and (iii) it has offered the Notes and
will offer and sell the Notes (A) as part of its distribution at any time and (B) otherwise until
40 days after the later of the commencement of the offering and the Closing Date, only in
accordance with Rule 903 of Regulation S and, accordingly, neither it nor any persons acting on its
behalf have engaged or will engage in any directed selling efforts (within the meaning of
Regulation S) with respect to the Notes, and any such persons have complied and will comply with
the offering restrictions requirement of Regulation S.

          (c) Each Initial Purchaser, severally and not jointly, represents and warrants and agrees with
the Issuers that:

     (i) in relation to each Member State (each, a “Relevant Member State”)
of the European Economic Area that has implemented Directive 2003/71/EC

27

 

(including any relevant implementing measure in each Relevant Member State, the
“Prospectus Directive”), with effect from and including the date on which
the Prospectus Directive is implemented in that Relevant Member State (the
“Relevant Implementation Date”), it has not made and will not make an offer
of Notes to the public (as such expression is defined in Section 17) in that
Relevant Member State prior to the publication of a prospectus in relation to the
Notes that has been approved by the competent authority in that Relevant Member
State or, where appropriate, approved in another Relevant Member State and notified
to the competent authority in that Relevant Member State, all in accordance with the
Prospectus Directive, except that it may, with effect from and including the
Relevant Implementation Date, make an offer of Notes to the public in that Relevant
Member State at any time: (A) to legal entities which are authorized or regulated to
operate in the financial markets or, if not so authorized or regulated, whose
corporate purpose is solely to invest in securities; (B) to any legal entity which
has two or more of (1) an average of at least 250 employees during the last
financial year; (2) a total balance sheet of more than €43,000,000 and (3) an annual
net turnover of more than €50,000,000, as shown in its last annual or consolidated
accounts; or (C) in any other circumstances which do not require the publication by
the Issuers of a prospectus pursuant to Article 3 of the Prospectus Directive;

     (ii) it has only communicated or caused to be communicated and will only
communicate or cause to be communicated an invitation or inducement to engage in
investment activity (within the meaning of Section 21 of the Financial Services and
Markets Act of 2000 (the “FSMA”)) received by it in connection with the
issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does
not apply to the Issuers; and

     (iii) it has complied and will comply with all applicable provisions of the
FSMA with respect to anything done by it in relation to the Notes in, from or
otherwise involving the United Kingdom.

          Terms used in this Section 8 and not defined in this Agreement have the meanings given to them
in Regulation S.

          Section 9. Indemnification and Contribution.

          (a) The Issuers and the Guarantors, jointly and severally, agree to indemnify and hold
harmless the Initial Purchasers, their directors, officers, affiliates and each person, if any, who
controls any Initial Purchaser within the meaning of Section 15 of the Act or Section 20 of the
Exchange Act against any losses, claims, damages or liabilities to which any Initial Purchaser, any
such director, officer, affiliate or controlling person may become subject under the Act, the
Exchange Act or otherwise, insofar as any such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon the following:

     (i) any untrue statement or alleged untrue statement of any material fact
contained in the Pricing Disclosure Package, any Issuer Written Communication,

28

 

the Recorded Road Show or Final Memorandum or any amendment or supplement
thereto; or

     (ii) the omission or alleged omission to state, in the Pricing Disclosure
Package, any Issuer Written Communication, the Recorded Road Show or the Final
Memorandum or any amendment or supplement thereto, a material fact necessary to make
the statements therein not misleading;

and will reimburse, as incurred, the Initial Purchasers, any such director, officer, affiliate and
controlling person for any legal or other expenses reasonably incurred by the Initial Purchasers,
their directors, officers, affiliates or controlling persons in connection with investigating,
defending against or appearing as a third-party witness in connection with any such loss, claim,
damage, liability or action; provided, however, neither the Issuers nor the
Guarantors will be liable in any such case to the extent that any such loss, claim, damage, or
liability arises out of or is based upon any untrue statement or alleged untrue statement or
omission or alleged omission made in the Pricing Disclosure Package or Final Memorandum or any
amendment or supplement thereto in reliance upon and in conformity with written information
concerning such Initial Purchaser furnished to the Partnership by the Initial Purchasers through
Banc of America Securities LLC specifically for use therein. The indemnity provided for in this
Section 9 will be in addition to any liability that the Partnership may otherwise have to the
indemnified parties. Neither the Issuers nor the Guarantors will be liable under this Section 9
for any settlement of any claim or action effected without its prior written consent, which shall
not be unreasonably withheld.

          (b) Each Initial Purchaser, severally and not jointly, agrees to indemnify and hold harmless
each of the Issuers and Guarantors, and their respective directors, officers and each person, if
any, who controls the Issuers or Guarantors within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which the
Issuers or Guarantors or any such director, officer or controlling person may become subject under
the Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged
untrue statement of any material fact contained in the Pricing Disclosure Package or Final
Memorandum or any amendment or supplement thereto, or (ii) the omission or the alleged omission to
state therein a material fact necessary to make the statements therein not misleading, in each case
to the extent, but only to the extent, that such untrue statement or alleged untrue statement or
omission or alleged omission was made in reliance upon and in conformity with written information
concerning the Initial Purchasers, furnished to the Issuers and Guarantors by the Initial
Purchasers through Banc of America Securities LLC specifically for use therein; and subject to the
limitation set forth immediately preceding this clause, will reimburse, as incurred, any legal or
other expenses reasonably incurred by the Issuers or Guarantors or any such director, officer or
controlling person in connection with investigating or defending against or appearing as a third
party witness in connection with any such loss, claim, damage, liability or action in respect
thereof. The indemnity provided for in this Section 9 will be in addition to any liability that
the Initial Purchasers may otherwise have to the indemnified parties. The Initial Purchasers shall
not be liable under this Section 9 for any settlement of any claim or action effected without their
consent, which shall not be unreasonably withheld.

29

 

          (c) Promptly after receipt by an indemnified party under this Section 9 of notice of the
commencement of any action for which such indemnified party is entitled to indemnification under
this Section 9, such indemnified party will, if a claim in respect thereof is to be made against
the indemnifying party under this Section 9, notify the indemnifying party of the commencement
thereof in writing; but the omission to so notify the indemnifying party (i) will not relieve it
from any liability under paragraph (a) or (b) above unless and to the extent such failure results
in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not,
in any event, relieve the indemnifying party from any obligations to any indemnified party other
than the indemnification obligation provided in paragraphs (a) and (b) above. In case any such
action is brought against any indemnified party, and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate therein and, to the
extent that it may wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof, with counsel reasonably satisfactory to such indemnified party;
provided, however, that if (i) the use of counsel chosen by the indemnifying party
to represent the indemnified party would present such counsel with a conflict of interest, (ii) the
defendants in any such action include both the indemnified party and the indemnifying party and the
indemnified party shall have been advised by counsel that there may be one or more legal defenses
available to it and/or other indemnified parties that are different from or additional to those
available to the indemnifying party, or (iii) the indemnifying party shall not have employed
counsel reasonably satisfactory to the indemnified party to represent the indemnified party within
a reasonable time after receipt by the indemnifying party of notice of the institution of such
action, then, in each such case, the indemnifying party shall not have the right to direct the
defense of such action on behalf of such indemnified party or parties and such indemnified party or
parties shall have the right to select separate counsel to defend such action on behalf of such
indemnified party or parties. After notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof and approval by such indemnified party of counsel
appointed to defend such action, the indemnifying party will not be liable to such indemnified
party under this Section 9 for any legal or other expenses, other than reasonable costs of
investigation, subsequently incurred by such indemnified party in connection with the defense
thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with
the proviso to the immediately preceding sentence (it being understood, however, that in connection
with such action the indemnifying party shall not be liable for the expenses of more than one
separate counsel (in addition to local counsel) in any one action or separate but substantially
similar actions in the same jurisdiction arising out of the same general allegations or
circumstances, designated by the Initial Purchasers in the case of paragraph (a) of this Section 9
or the Issuers and Guarantors in the case of paragraph (b) of this Section 9, representing the
indemnified parties under such paragraph (a) or paragraph (b), as the case may be, who are parties
to such action or actions) or (ii) the indemnifying party has authorized in writing the employment
of counsel for the indemnified party at the expense of the indemnifying party. All fees and
expenses reimbursed pursuant to this paragraph (c) shall be reimbursed as they are incurred. After
such notice from the indemnifying party to such indemnified party, the indemnifying party will not
be liable for the costs and expenses of any settlement of such action effected by such indemnified
party without the prior written consent of the indemnifying party (which consent shall not be
unreasonably withheld), unless such indemnifying party waived in writing its rights under this
Section 9, in which case the indemnified party may effect such a settlement without such consent.
No indemnifying party shall, without the prior written consent

30

 

of the indemnified party, effect any settlement or compromise of any pending or threatened
proceeding in respect of which any indemnified party is or could have been a party, or indemnity
could have been sought hereunder by any indemnified party, unless such settlement (A) includes an
unconditional written release of the indemnified party, in form and substance reasonably
satisfactory to the indemnified party, 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 party.

          (d) In circumstances in which the indemnity agreement provided for in the preceding paragraphs
of this Section 9 is unavailable to, or insufficient to hold harmless, an indemnified party in
respect of any losses, claims, damages or liabilities (or actions in respect thereof), each
indemnifying party, in order to provide for just and equitable contribution, shall contribute to
the amount paid or payable by such indemnified party as a result of such losses, claims, damages or
liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect (i) the
relative benefits received by the indemnifying party or parties on the one hand and the indemnified
party on the other from the offering of the Notes or if the allocation provided by the foregoing
clause (i) is not permitted by applicable law, not only such relative benefits but also the
relative fault of the indemnifying party or parties on the one hand and the indemnified party 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 benefits received by the Issuers and Guarantors on the one hand and the Initial Purchasers
on the other shall be deemed to be in the same proportion as the total proceeds from the offering
(before deducting expenses) received by the Issuers and Guarantors bear to the total discounts and
commissions received by such Initial Purchaser. 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 and Guarantors on the one hand, or such Initial Purchaser on the other, the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission or alleged statement or omission, and any other equitable considerations
appropriate in the circumstances. The Issuers, the Guarantors and the Initial Purchasers agree
that it would not be equitable if the amount of such contribution were determined by pro rata or
per capita allocation or by any other method of allocation that does not take into account the
equitable considerations referred to in the first sentence of this paragraph (d). Notwithstanding
any other provision of this paragraph (d), no Initial Purchaser shall be obligated to make
contributions hereunder that in the aggregate exceed the total discounts, commissions and other
compensation received by such Initial Purchaser under this Agreement, less the aggregate amount of
any damages that such Initial Purchaser has otherwise been required to pay by reason of the untrue
or alleged untrue statements or the omissions or alleged omissions to state a material fact, and no
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The obligations of the Initial Purchasers are several and not joint. For
purposes of this paragraph (d), each director, officer and affiliate of the Initial Purchasers and
each person, if any, who controls any Initial Purchaser within the meaning of Section 15 of the Act
or Section 20 of the Exchange Act shall have the same rights to contribution as the Initial
Purchasers, and each director of either of the Issuers or any of the Guarantors, each officer of
either of the Issuers or any of the Guarantors and each person, if any, who controls either of the
Issuers or any of the Guarantors

31

 

within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, shall have the
same rights to contribution as the Partnership.

          Section 10. Survival Clause. The respective representations, warranties, agreements,
covenants, indemnities and other statements of each of the Issuers, Guarantors, their respective
officers and the Initial Purchasers set forth in this Agreement or made by or on behalf of them
pursuant to this Agreement shall remain in full force and effect, regardless of (i) any
investigation made by or on behalf of any of the Issuers, Guarantors, any of their respective
officers or directors, the Initial Purchasers, any of their officers, directors, affiliates or
controlling persons referred to in Section 9 hereof and (ii) delivery of and payment for the Notes.
The respective agreements, covenants, indemnities and other statements set forth in Sections 6, 9,
10 and 15 hereof shall remain in full force and effect, regardless of any termination or
cancellation of this Agreement.

          Section 11. Termination.

          (a) This Agreement may be terminated in the sole discretion of the Initial Purchasers by
notice to the Issuers given prior to the Closing Date in the event that the Issuers shall have
failed, refused or been unable to perform all obligations and satisfy all conditions on its part to
be performed or satisfied hereunder at or prior thereto or, if, after the date hereof and at or
prior to the Closing Date,

     (i) trading in securities of the Partnership shall have been suspended by the
Commission or the New York Stock Exchange;

     (ii) there shall have been, in the sole judgment of the Initial Purchasers, any
event or development that, individually or in the aggregate, has or could be
reasonably likely to have a Material Adverse Effect (including without limitation a
change in control of the Issuers or the Guarantors), except in each case as
described in the Pricing Disclosure Package and the Final Memorandum (exclusive of
any amendment or supplement thereto);

     (iii) trading in securities generally on the New York Stock Exchange, American
Stock Exchange or the NASDAQ Stock Market LLC shall have been suspended or
materially limited or minimum or maximum prices shall have been established on any
such exchange or market;

     (iv) a banking moratorium shall have been declared by New York or United States
authorities or a material disruption in commercial banking or securities settlement
or clearance services in the United States shall have occurred;

     (v) there shall have been (A) an outbreak or escalation of hostilities between
the United States and any foreign power or (B) an outbreak or escalation of any
other insurrection or armed conflict involving the United States or any other
national or international calamity or emergency, which in the case of (A) and (B)
above and in the sole judgment of the Initial Purchasers, makes it impracticable or
inadvisable to proceed with the offering or the delivery of the

32

 

Notes as contemplated by the Pricing Disclosure Package and the Final
Memorandum; or

     (vi) any securities of the Partnership shall have been downgraded by any
nationally recognized statistical rating organization or any such organization shall
have publicly announced that it has under surveillance or review, or has changed its
outlook with respect to, its ratings of any securities of the Partnership (other
than an announcement with positive implications of a possible upgrading).

          (b) Termination of this Agreement pursuant to this Section 11 shall be without liability of
any party to any other party except as provided in Section 10 hereof.

          Section 12. Information Supplied by the Initial Purchasers. The statements set forth
in the last paragraph on the front cover page (as such paragraph is supplemented by the item on
Annex A) and in the third paragraph, the second and third sentences of the fourth
paragraph, the third sentence of the fifth paragraph, the seventh and eighth paragraphs, the fifth
sentence of the twentieth paragraph and the twenty-first paragraph under the heading “Plan of
Distribution” in the Preliminary Memorandum and the Final Memorandum (to the extent such statements
relate to the Initial Purchaser) constitute the only information furnished by the Initial
Purchasers to the Issuers for the purposes of Sections 2(a) and 9 hereof.

          Section 13. Notices. All communications hereunder shall be in writing and, if sent to
the Initial Purchasers, shall be mailed or delivered to Banc of America Securities LLC, One Bryant
Park, New York, NY 10036, Attention: Legal Department; if sent to the Partnership, shall be
mailed or delivered to the Partnership at 1000 Louisiana, Suite 4300, Houston, Texas 77002,
Attention: Chief Financial Officer; with a copy to Vinson & Elkins L.L.P., First City Tower, 1001
Fannin Street, Suite 2500, Houston, Texas 77002, 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; and one business day after being timely delivered to a next-day air courier.

          Section 14. Successors. This Agreement shall inure to the benefit of and be binding
upon the Initial Purchasers, the Issuers and their respective successors and legal representatives,
and nothing expressed or mentioned in this Agreement is intended or shall be construed to give any
other person any legal or equitable right, remedy or claim under or in respect of this Agreement,
or any provisions herein contained; this Agreement and all conditions and provisions hereof being
intended to be and being for the sole and exclusive benefit of such persons and for the benefit of
no other person except that (i) the indemnities of the Issuers contained in Section 9 of this
Agreement shall also be for the benefit of any person or persons who control the Initial Purchasers
within the meaning of Section 15 of the Act or Section 20 of the Exchange Act and (ii) the
indemnities of the Initial Purchasers contained in Section 9 of this Agreement shall also be for
the benefit of the directors of the Issuers, their officers and any person or persons who control
the Issuers within the meaning of Section 15 of the Act or

33

 

Section 20 of the Exchange Act. No purchaser of Notes from the Initial Purchasers will be
deemed a successor because of such purchase.

          Section 15. APPLICABLE LAW. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND
THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY THEREIN,
WITHOUT GIVING EFFECT TO ANY PROVISIONS THEREOF RELATING TO CONFLICTS OF LAW.

          Section 16. No Advisory or Fiduciary Responsibility. The Issuers acknowledge and
agree that (i) the purchase and sale of the Notes pursuant to this Agreement is an arm’s-length
commercial transaction between the Issuers, on the one hand, and the Initial Purchasers, on the
other, (ii) in connection therewith and with the process leading to such transaction each Initial
Purchaser is acting solely as a principal and not the agent or fiduciary of any of the Issuers,
(iii) no Initial Purchaser has assumed an advisory or fiduciary responsibility in favor of any of
the Issuers with respect to the offering contemplated hereby or the process leading thereto
(irrespective of whether such Initial Purchaser has advised or is currently advising any of the
Issuers on other matters) or any other obligation to the Issuers except the obligations expressly
set forth in this Agreement and (iv) each of the Issuers has consulted its own legal and financial
advisors to the extent it deemed appropriate. Each of the Issuers agrees that it will not claim
that any Initial Purchaser has rendered advisory services of any nature or respect, or owes a
fiduciary or similar duty to any of the Issuers, in connection with such transaction or the process
leading thereto.

          Section 17. Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

34

 

          If the foregoing correctly sets forth our understanding, please indicate your acceptance
thereof in the space provided below for that purpose, whereupon this letter shall constitute a
binding agreement between the Issuers and the Initial Purchasers.

	 	 	 	 	 
	 	Very truly yours,

TARGA RESOURCES PARTNERS LP

 	 
	 	By:  	Targa Resources GP LLC,
 	 
	 	 	Its general partner 	 
	 	 	 	 
	 	By:  	               /s/ Jeffrey J. McParland
 	 
	 	 	Name:  	Jeffrey J. McParland 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 	

TARGA RESOURCES PARTNERS FINANCE CORPORATION

 	 
	 	By:  	/s/ Jeffrey J. McParland
 	 
	 	 	Name:  	Jeffrey J. McParland 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 	

TARGA DOWNSTREAM LP

 	 
	 	By:  	Targa Downstream GP LLC,
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 	By:  	               /s/ Jeffrey J. McParland
 	 
	 	 	Name:  	Jeffrey J. McParland 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 

S-1

 

	 	 	 	 	 
	 	

TARGA LIQUIDS MARKETING AND TRADE

 	 
	 	By:  	Targa Downstream LP,
 	 
	 	 	Its Managing Partner 	 
	 	 	 	 
	 	By:  	                Targa Downstream GP LLC,
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 	By:  	               /s/ Jeffrey J. McParland
 	 
	 	 	Name:  	Jeffrey J. McParland 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 
	 	TARGA LSNG LP

 	 
	 	By:  	Targa LSNG GP LLC,
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 	By:  	               /s/ Jeffrey J. McParland
 	 
	 	 	Name:  	Jeffrey J. McParland 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 
	 	TARGA MIDSTREAM SERVICES LIMITED PARTNERSHIP

 	 
	 	By:  	Targa Resources Texas GP LLC,
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 	By:  	               /s/ Jeffrey J. McParland
 	 
	 	 	Name:  	Jeffrey J. McParland 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 

S-2

 

	 	 	 	 	 
	 	

TARGA NORTH TEXAS LP

 	 
	 	By:  	Targa North Texas GP LLC,
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 	By:  	               /s/ Jeffrey J. McParland
 	 
	 	 	Name:  	Jeffrey J. McParland 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 	

TARGA PERMIAN LP

 	 
	 	By:  	Targa Resources Texas GP LLC,
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 	By:  	               /s/ Jeffrey J. McParland
 	 
	 	 	Name:  	Jeffrey J. McParland 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 
	 	TARGA RESOURCES OPERATING LP

 	 
	 	By:  	Targa Resources Operating GP LLC,
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 	By:  	               /s/ Jeffrey J. McParland
 	 
	 	 	Name:  	Jeffrey J. McParland 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 

S-3

 

	 	 	 	 	 
	 	

TARGA STRADDLE LP

 	 
	 	By:  	Targa Straddle GP LLC,
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 	By:  	               /s/ Jeffrey J. McParland
 	 
	 	 	Name:  	Jeffrey J. McParland 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 	

TARGA TEXAS FIELD SERVICES LP

 	 
	 	By:  	Targa Resources Texas GP LLC,
 	 
	 	 	Its General Partner 	 
	 	 	 	 
	 	By:  	               /s/ Jeffrey J. McParland
 	 
	 	 	Name:  	Jeffrey J. McParland 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 

S-4

 

	 	 	 	 	 

	 	 	 	 	 
	 	

MIDSTREAM BARGE COMPANY LLC

TARGA CO-GENERATION LLC

TARGA DOWNSTREAM GP LLC

TARGA GAS MARKETING LLC

TARGA INTRASTATE PIPELINE LLC

TARGA LIQUIDS GP LLC

TARGA LOUISIANA FIELD SERVICES LLC

TARGA LOUISIANA INTRASTATE LLC

TARGA LSNG GP LLC

TARGA MLP CAPITAL LLC

TARGA NGL PIPELINE COMPANY LLC

TARGA NORTH TEXAS GP LLC

TARGA PERMIAN INTRASTATE LLC

TARGA RESOURCES OPERATING GP LLC

TARGA RESOURCES TEXAS GP LLC

TARGA RETAIL ELECTRIC LLC

TARGA SPARTA LLC

TARGA STRADDLE GP LLC

TARGA TRANSPORT LLC

 	 
	 
	 	 	 
	 	By:  	               /s/ Jeffrey J. McParland
 	 
	 	 	Name:  	Jeffrey J. McParland 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 

S-5

 

	 	 	 	 	 

The foregoing Agreement is hereby

confirmed and accepted as of the date

first above written.

BANC OF AMERICA SECURITIES LLC

on behalf of itself and the other

Initial Purchasers

	 	 	 	 	 
	 	 
	By:  	

/s/ Jim Mercurio
 	 
	 	Name:  	Jim Mercurio 	 
	 	Title:  	Managing Director 	 

S-1

 

	 	 	 	 	 

SCHEDULE 1

	 	 	 	 	 
	Initial Purchaser	 	Principal Amount of Notes	 
	Banc of America Securities LLC
	 	$	62,500,000	 
	Deutsche Bank Securities Inc.
	 	 	31,250,000	 
	J.P. Morgan Securities Inc.
	 	 	31,250,000	 
	RBS Securities Inc.
	 	 	31,250,000	 
	Wells Fargo Securities, LLC
	 	 	31,250,000	 
	Barclays Capital, Inc.
	 	 	12,500,000	 
	UBS Securities LLC
	 	 	12,500,000	 
	RBC Capital Markets Corporation
	 	 	12,500,000	 
	BNP Paribas Securities Corp.
	 	 	5,000,000	 
	BBVA Securities Inc.
	 	 	5,000,000	 
	Daiwa Capital Markets America Inc.
	 	 	3,750,000	 
	Comerica Securities, Inc.
	 	 	3,750,000	 
	ING Financial Markets LLC
	 	 	3,750,000	 
	U.S. Bancorp Investments, Inc.
	 	 	3,750,000	 
	 
	 	 	 
	Total
	 	$	250,000,000	 
	 
	 	 	 

Schedule 1-1

 

 

SCHEDULE 2

Jurisdiction of Formation for the Partnership and General Partner

	 	 	 
	Name	 	Jurisdiction of Organization
	Targa Resources Partners LP

	 	Delaware
	Targa Resources GP LLC

	 	Delaware

Subsidiaries of the Partnership

	 	 	 
	Name	 	Jurisdiction of Organization
	Cedar Bayou Fractionators, L.P.

	 	Delaware
	Downstream Energy Ventures Co., L.L.C.

	 	Delaware
	Midstream Barge Company LLC

	 	Delaware
	Targa Canada Liquids Inc.

	 	British Columbia, Canada
	Targa Co-Generation LLC

	 	Delaware
	Targa Downstream GP LLC

	 	Delaware
	Targa Downstream LP

	 	Delaware
	Targa Gas Marketing LLC

	 	Delaware
	Targa Intrastate Pipeline LLC

	 	Delaware
	Targa Liquids GP LLC

	 	Delaware
	Targa Liquids Marketing and Trade

	 	Delaware
	Targa Louisiana Field Services LLC

	 	Delaware
	Targa Louisiana Intrastate LLC

	 	Delaware
	Targa LSNG GP LLC

	 	Delaware
	Targa LSNG LP

	 	Delaware
	Targa Midstream Services Limited Partnership

	 	Delaware
	Targa MLP Capital LLC

	 	Delaware
	Targa NGL Pipeline Company LLC

	 	Delaware
	Targa North Texas GP LLC

	 	Delaware
	Targa North Texas LP

	 	Delaware
	Targa Permian Intrastate LLC

	 	Delaware
	Targa Permian LP

	 	Delaware
	Targa Resources Operating GP LLC

	 	Delaware
	Targa Resources Operating LP

	 	Delaware
	Targa Resources Partners Finance Corporation

	 	Delaware
	Targa Resources Texas GP LLC

	 	Delaware
	Targa Retail Electric LLC

	 	Delaware
	Targa Sparta LLC

	 	Delaware
	Targa Straddle GP LLC

	 	Delaware
	Targa Straddle LP

	 	Delaware
	Targa Texas Field Services LP

	 	Delaware
	Targa Transport LLC

	 	Delaware
	Warren Petroleum Company LLC

	 	Delaware

Schedule 2-1

 

 

SCHEDULE 3

Non-Guarantor Subsidiaries

	 	 	 
	Name	 	Jurisdiction of Organization
	Cedar Bayou Fractionators, L.P.

	 	Delaware
	Downstream Energy Ventures Co., L.L.C.

	 	Delaware
	Targa Canada Liquids Inc.

	 	British Columbia, Canada
	Targa Resources Partners Finance Corporation

	 	Delaware
	Warren Petroleum Company LLC

	 	Delaware

Schedule 3-1

 

 

SCHEDULE 4

Guarantors

	 	 	 
	Name	 	Jurisdiction of Organization
	Midstream Barge Company LLC

	 	Delaware
	Targa Co-Generation LLC

	 	Delaware
	Targa Downstream GP LLC

	 	Delaware
	Targa Downstream LP

	 	Delaware
	Targa Gas Marketing LLC

	 	Delaware
	Targa Intrastate Pipeline LLC

	 	Delaware
	Targa Liquids GP LLC

	 	Delaware
	Targa Liquids Marketing and Trade

	 	Delaware
	Targa Louisiana Field Services LLC

	 	Delaware
	Targa Louisiana Intrastate LLC

	 	Delaware
	Targa LSNG GP LLC

	 	Delaware
	Targa LSNG LP

	 	Delaware
	Targa Midstream Services Limited Partnership

	 	Delaware
	Targa MLP Capital LLC

	 	Delaware
	Targa NGL Pipeline Company LLC

	 	Delaware
	Targa North Texas GP LLC

	 	Delaware
	Targa North Texas LP

	 	Delaware
	Targa Permian Intrastate LLC

	 	Delaware
	Targa Permian LP

	 	Delaware
	Targa Resources Operating GP LLC

	 	Delaware
	Targa Resources Operating LP

	 	Delaware
	Targa Resources Texas GP LLC

	 	Delaware
	Targa Retail Electric LLC

	 	Delaware
	Targa Sparta LLC

	 	Delaware
	Targa Straddle GP LLC

	 	Delaware
	Targa Straddle LP

	 	Delaware
	Targa Texas Field Services LP

	 	Delaware
	Targa Transport LLC

	 	Delaware

Schedule 4-1

 

 

ANNEX A

Supplement Dated August 10, 2010 to Preliminary Offering Memorandum Dated August 9, 2010.

Annex A-1

 

 

ANNEX II

	1.	 	Amended and Restated Credit Agreement, dated July 19, 2010, among Targa Resources
Partners LP, as Borrower, Bank of America, N.A., as Administrative Agent, Collateral Agent,
Swing Line Lender and L/C Issuer, Wells Fargo Bank, National Association, and The Royal
Bank of Scotland plc, as Co-Syndication Agents, Deutsche Bank Securities Inc. and Barclays
Bank PLC as the Co-Documentation Agents and the other lenders party thereto

	2.	 	Indenture dated June 18, 2008, among Targa Resources Partners LP, Targa Resources
Partners Finance Corporation, the Guarantors named therein and U.S. Bank National
Association, as supplemented

	3.	 	Indenture dated as of July 6, 2009, among Targa Resources Partners LP, Targa Resources
Partners Finance Corporation, the Guarantors named therein and U.S. Bank National
Association, as supplemented

Annex II-1Exhibit 4.1

Exhibit 4.1

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE 1933 ACT, AS
AMENDED, HAVE BEEN TAKEN FOR INVESTMENT, AND MAY NOT BE PLEDGED, HYPOTHECATED, SOLD, TRANSFERRED OR
OTHERWISE DISPOSED OF EXCEPT AS MAY BE AUTHORIZED UNDER THE 1933 ACT OR THE RULES AND REGULATIONS
PROMULGATED THEREUNDER, AND ARE SUBJECT TO FURTHER RESTRICTIONS ON TRANSFER AS SET FORTH HEREIN.

Warrant No. AS10-NX09-__, Dated June ___, 2010

STOCK PURCHASE WARRANT

OF

ASI TECHNOLOGY CORPORATION

Void after December 31, 2014

WHEREAS, effective as of May 28, 2010, ASI TECHNOLOGY CORPORATION, a Nevada corporation (the
“Company”) entered into that certain Agreement and Plan of Recapitalization (the
“Recapitalization Agreement”) whereby NxOpinion, LLC, a Nevada limited liability company
(“NxOpinion”), was merged into Nx Acquisition Corp. (“NXAC”), a wholly-owned
subsidiary of the Company in exchange for 150,000,000 shares of the Company’s common stock.

WHEREAS, as of the Effective Time as defined in the Recapitalization Agreement, a certain
warrant for the purchase of membership interests of NxOpinion dated
 _____, 2009 (the
“Nx09 Warrant”) had been issued to the Holder (as defined below), and remained outstanding.

WHEREAS, Pursuant to the Recapitalization Agreement, the Company wishes to issue a warrant for
the issuance of post-reverse split shares of the Company to Holder, in exchange for the
cancellation of the Holder’s Nx09 Warrant, and the Holder wishes to accept such warrant on such
terms and conditions.

THEREFORE, the undersigned parties agree as follows:

This certifies that                      or [his][her][its] registered assigns (the
“Holder”), for valuable consideration received, is entitled, on the terms set forth below,
at any time or from time-to-time during the period beginning on the date hereof and ending on
December 31, 2014 (the “Exercise Period”), to purchase from the Company, up to an aggregate
of                     
(_____) shares of the Company’s post-reverse split common stock, $0.001 par value
(the “Shares”). The purchase price of the Shares (the “Purchase Price”) shall be
($1.00) per share on a post-reverse split basis (($0.06667) per share on a pre-reverse split
basis). The term “Warrant” as used herein shall include this Warrant and any warrants delivered in
substitution or exchange therefore as provided herein. This Warrant is issued in connection with
the Holder’s purchase for cash of an equivalent                      Units of NxOpinion as documented in
that certain Subscription Agreement accepted by NxOpinion on                      (“Subscription
Agreement”).

 

 

 

1. Exercise and Payment. This Warrant may be exercised at any time in full for the maximum amount
of Shares called for hereby, or from time-to-time for any lesser amount thereof, on any business
day during the Exercise Period, by delivering to the principal office of the Company the
subscription in the form attached hereto as Exhibit A duly executed along with payment
equal to the aggregate Purchase Price. The Purchase Price may be paid by delivery of cash, check
or wire transfer or pursuant to Section 2. Upon any partial exercise of this Warrant, this Warrant
shall be surrendered, and a new Warrant of the same tenor and for the purchase of the amount of
such Shares not purchased upon such exercise shall be issued by the Company to Holder. A Warrant
shall be deemed to have been exercised immediately prior to the close of business on the date of
its surrender for exercise and payment of the Purchase Price as provided herein, and the person
entitled to receive the Shares upon exercise shall be treated for all purposes as the holder of
such Shares of record as of the close of business on such date. As soon as practicable on or after
such date, the Company shall issue, at the discretion of the Board of Directors, and deliver to the
person or persons entitled to receive the same a certificate or certificates for the Shares
issuable upon such exercise.

2. Net Issue Exercise. Holder may elect to exchange all or some of this Warrant for Shares equal to
the value of the amount of this Warrant being exchanged on the date of exchange. If Holder elects
to exchange this Warrant as provided in this Section 2, Holder shall tender to the Company the
Warrant for the amount being exchanged, along with written notice of Holder’s election to exchange
some or all of the Warrant, and the Company shall issue to Holder the number of Shares computed
using the following formula:

X = Y(A - B)

   A

Where X = the number of Shares to be issued to Holder.

Y = the number of Shares purchasable under the amount of the Warrant
being exchanged (as adjusted to the date of such calculation).

A = the Fair Market Value of one Share (as defined below).

B = the Purchase Price of one Share as set forth herein (as adjusted
to the date of such calculation).

All references herein to an “exercise” of the Warrant shall include an exchange pursuant to this
Section 2. “Fair Market Value” of a Share as of a particular date shall mean: (i) if
traded on a securities exchange or the Nasdaq Capital Market, the Fair Market Value shall be deemed
to be the average of the closing prices of the Shares of the Company on such exchange or market
over the l0 trading days ending immediately prior to the applicable date of valuation; and (ii) if
traded over-the-counter, the Fair Market Value shall be deemed to be the average of the closing
prices over the 20 trading days ending immediately prior to the applicable date of valuation.

 

2

 

3. Transfer and Exchange. The Holder of this Warrant, by acceptance hereof, agrees to comply in
all respects with the provisions of this Section 3. Unless there is in effect a registration
statement under the Securities Act of 1933, as amended (the “1933 Act”); covering a
proposed assignment, sale, hypothecation, transfer or any other voluntary or involuntary
disposition of this Warrant (a “Proposed Transfer”), the Holder shall not be permitted to
effect such a Proposed Transfer without the prior written consent of the Board of Directors, which
consent shall be given in the Board of Directors’ sole and absolute discretion. In the event of a
Proposed Transfer, the Holder shall give written notice to the Board of Directors of the Company.
Each such notice shall describe the manner and circumstances of the proposed transfer in sufficient
detail, and shall be accompanied by either (i) a written opinion of legal counsel who shall be
reasonably satisfactory to the Company addressed to the Company and reasonably satisfactory in form
and substance to the Company’s counsel, to the effect that the proposed transfer of the Warrant may
be effected without registration under the 1933 Act, or (ii) a “no action” letter from the U.S.
Securities and Exchange Commission (the “Commission”) to the effect that the transfer of
this Warrant without registration will not result in a recommendation by the staff of the
Commission that enforcement action be taken with respect thereto. In the event the Board of
Directors consents to the Proposed Transfer, the Holder of this Warrant shall be entitled to
transfer such securities in accordance with the terms of the notice delivered by the Holder to the
Company. Each new certificate evidencing the Warrant so transferred shall bear the appropriate
restrictive legends set forth in Section 8 below, except that such certificate shall not bear such
restrictive legend, if, in the opinion of counsel for the Company, such legend is not required in
order to establish or assist in compliance with any provisions of the 1933 Act or any applicable
state securities laws. Upon any partial transfer, the Company will issue and deliver to the Holder
a new Warrant or Warrants with respect to the portion of the Warrant not so transferred. This
Warrant is exchangeable at the principal office of the Company for Warrants for the same aggregate
amount of Shares, each new Warrant to represent the right to purchase such amount of Shares as
Holder shall designate at the time of such exchange.

4. Mergers, Consolidations; Asset Sales and Dissolutions. If at any time there shall be any
consolidation or merger of the Company with another corporation or limited liability company, a
sale of all or substantially all of the Company’s assets to another business entity, or a voluntary
or involuntary dissolution, liquidation or winding-up of the Company, then the Company shall give
to the registered Holder of this Warrant at the address of such Holder as shown on the books of the
Company, at least ten (10) days prior written notice of the date when the same shall take place.

5. Non-Impairment. The Company will not, by amendment of its Articles of Incorporation, or by
amendment of its Bylaws or through reorganization, consolidation, merger, dissolution, issue or
sale of securities, sale of assets or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of the Warrant, but will at all times in good faith
assist in the carrying out of all such terms and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder of the Warrant against
impairment.

6. Loss or Mutilation. Upon receipt by the Company of evidence satisfactory to it (in the exercise
of reasonable discretion) of the ownership of and the loss, theft, destruction or mutilation of any
Warrant, the Company will execute and deliver in lieu thereof a new Warrant of like tenor.

 

3

 

7. Sufficient Shares; Reservation of Shares. The Company shall take or cause to be taken action
necessary to assure that there exists a sufficient number of authorized but unissued Shares of its
common stock to permit the full and complete exercise or conversion of this Warrant. Once
additional Shares are authorized by the Company, the Company shall at all times reserve and keep
available for issue such amount of its Shares as will be sufficient to permit the exercise in full
of this Warrant.

8. Restrictive Legend. Each certificate representing (i) this Warrant or (ii) Shares (if any are
issued) shall (unless such securities have been registered under the 1933 Act or sold under Rule
144 promulgated under the 1933 Act) be stamped or otherwise imprinted with a legend substantially
in the following form (in addition to any other legend required under any applicable state
securities law or under the terms of the Bylaws of the Company as in effect at the time of the
issuance of the Shares):

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE 1933 ACT, AS AMENDED, HAVE BEEN TAKEN FOR
INVESTMENT, AND MAY NOT BE PLEDGED, HYPOTHECATED, SOLD, TRANSFERRED
OR OTHERWISE DISPOSED OF EXCEPT AS MAY BE AUTHORIZED UNDER THE 1933
ACT OR THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

9. Representations and Warranties of Holder. In connection with the issuance of this Warrant and by
acceptance of this Warrant, the Holder specifically reaffirms the representations and warranties
originally made to NxOpinion and contained in the Subscription Agreement, and hereby makes such
representations and warranties to the Company.

10. Notices. Unless otherwise provided, all notices and other communications required or permitted
under this Warrant shall be in writing and shall be mailed by United States first-class mail,
postage prepaid, sent by facsimile or delivered personally by hand or by a courier addressed to the
party to be notified at the address or facsimile number furnished to the Company in writing by the
last Holder of this Warrant who shall have furnished an address to the Company in writing.

11. Change; Waiver. Neither this Warrant nor any term hereof may be changed, waived, discharged or
terminated except by an instrument in writing signed by the party against which enforcement of the
change, waiver, discharge or termination is sought.

12. Titles and Subtitles. The headings in this Warrant are for convenience only and are not to be
considered in construing or interpreting this Warrant.

13. Governing Law. This Warrant shall be governed by and construed under the laws of the State of
Nevada as applied to agreements among Nevada residents entered into and to be performed entirely
within Nevada.

 

4

 

14. Severability. Should any part but not the whole of this Warrant for any reason be declared
invalid, such decision shall not affect the validity of any remaining portion, which
remaining portion shall remain in force and effect as if this Warrant had been executed with the
invalid portion thereof eliminated, and it is hereby declared the intention of the parties hereto
that they would have executed the remaining portion of this Warrant without including therein any
such part which may, for any reason, be hereafter declared invalid.

15. Stock Splits; Consolidation. In the event that any securities into which this Warrant is
exercisable shall be split, combined or consolidated, by dividend, reclassification or otherwise,
into a greater or lesser number of Shares, and such split, combination or consolidation is not
adjusted for by the terms of such securities, the Purchase Price in effect immediately prior to
such split, combination or consolidation and the number of Shares purchasable under this Warrant
shall, concurrently with the effectiveness of such combination or consolidation, be proportionately
adjusted.

16. Fundamental Transaction. If, at any time while this Warrant is outstanding, (1) the Company
effects any merger or consolidation of the Company with or into another corporation, partnership,
trust, incorporated or unincorporated association, joint venture, limited liability company, or any
other entity (a “Person”) (2) the Company effects any sale of all or substantially all of
its assets in one or a series of related transactions, (3) any tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which holders of Shares are
permitted to tender or exchange their interests for other securities, cash or property, or (4) the
Company effects any reclassification of the Shares or any compulsory exchange pursuant to which the
Shares are effectively converted into or exchanged for other securities, cash or property (in any
such case, a “Fundamental Transaction”), then the Holder shall have the right thereafter to
receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as
it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it
had been, immediately prior to such Fundamental Transaction, the holder of the number of Shares
then issuable upon exercise in full of this Warrant (the “Alternate Consideration”). For
purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one Share in such Fundamental Transaction, and the Company shall apportion
the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Shares are given
any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any
exercise of this Warrant following such Fundamental Transaction. Alternatively, if the Company’s
holders own a majority of any successor or at the Holder’s option and request, then any successor
to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new
warrant substantially in the form of this Warrant and consistent with the foregoing provisions and
evidencing the Holder’s right to purchase the Alternate Consideration for the aggregate Exercise
Price upon exercise thereof. The terms of any agreement pursuant to which a Fundamental
Transaction is effected shall include terms requiring any such successor or surviving entity to
comply with the provisions of this Section 15 and insuring that the Warrant (or any such
replacement security) will be similarly adjusted upon any subsequent transaction analogous to a
Fundamental Transaction.

 

5

 

17. Covenants of the Holder. The Holder of this Warrant hereby acknowledges and covenants as
follows: The Warrants evidenced hereby and any Shares of the Company issued pursuant to an
exercise of the Warrants have not been registered under the 1933 Act. The Warrants and any Shares
of the Company issued pursuant to an exercise of the Warrants have been or will be purchased for
investment only and not with a view to distribution or resale, and may not be made subject to a
security interest, pledged, hypothecated or otherwise transferred without an effective registration
statement for such Warrants and any Shares of the Company issued pursuant to an exercise of the
Warrants under the 1933 Act or an opinion of counsel for the Company that such registration is not
required under the 1933 Act.

18. Effect on Prior Warrants. The parties acknowledge that the Nx09 Warrant is hereby null and
void, and superseded in all respects.

IN WITNESS WHEREOF, the undersigned has executed this Warrant as of June
 _____, 2010.

	 	 	 	 	 	 	 	 	 
	 	 	“Company”

ASI TECHNOLOGY CORPORATION,

a Nevada corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

Acknowledged and agreed:

“Holder”

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Print Name: 	 	 	 	 
	 

	 	 	 

	 	 

 

6

 

Exhibit A

SUBSCRIPTION FORM

(To be executed only upon exercise of Warrant)

The undersigned registered owner of this Warrant irrevocably exercises this Warrant and purchases
Shares in ASI Technology Corporation, purchasable with this Warrant, and herewith makes payment
therefore, all at the price and on the terms and conditions specified in this Warrant.

The undersigned hereby represents and warrants that the undersigned is acquiring such interest for
his own account and not for resale or with a view to, or for resale in connection with, the
distribution of any part thereof, and accepts such Shares subject to the restrictions contained in
the Warrant.

By the execution of this Subscription Form the undersigned acknowledges and agrees that: (i) the
Shares acquired pursuant to the exercise of this Warrant shall be fully subject to the terms and
conditions contained in the Bylaws, and that the undersigned has read and fully understands the
terms and conditions contained therein, and (ii) the undersigned shall be fully subject to the
terms of the Bylaws as a shareholder of the Company. The undersigned further agrees to execute
such other documents as is requested by the officers of the Company in furtherance of the
aforementioned.

	 	 	 	 	 
	DATED:

	 	 
 

	 	 

	 	 	 	 	 
	 

	 	 

(Signature of Registered Owner)
	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	(Street Address)	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	(City)      (State)      (Zip)

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