Document:

EX-4.2

 Exhibit 4.2 
  

 
  

TARGA RESOURCES CORP., 
 as Issuer,

 EACH OF THE SUBSIDIARY GUARANTORS PARTY HERETO, 

as Subsidiary Guarantors, 
 and

 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, 

as Trustee 
 FIRST SUPPLEMENTAL
INDENTURE 
 Dated as of April 6, 2022 

to 
 Indenture dated as of
April 6, 2022 
 4.200% Senior Notes due 2033 

4.950% Senior Notes due 2052 
  

 
  

 Table of Contents 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
		
	 Section 1.1 Generally.
	  	 	1	 
	 Section 1.2 Definition of Certain Terms.
	  	 	2	 
		
	 ARTICLE II GENERAL TERMS OF THE NOTES
	  	 	3	 
		
	 Section 2.1 Form.
	  	 	3	 
	 Section 2.2 Title, Amount and Payment of Principal and Interest.
	  	 	4	 
	 Section 2.3 Transfer and Exchange.
	  	 	5	 
		
	 ARTICLE III GUARANTY; FUTURE SUBSIDIARY GUARANTEES
	  	 	5	 
		
	 Section 3.1 Guarantee.
	  	 	5	 
	 Section 3.2 Future Subsidiary Guarantors.
	  	 	5	 
		
	 ARTICLE IV REDEMPTION
	  	 	6	 
		
	 Section 4.1 Optional Redemption of 2033 Notes.
	  	 	6	 
	 Section 4.2 Optional Redemption of 2052 Notes.
	  	 	6	 
	 Section 4.3 Optional Redemption Generally.
	  	 	7	 
	 Section 4.4 No Mandatory Redemption
	  	 	7	 
		
	 ARTICLE V MISCELLANEOUS PROVISIONS
	  	 	7	 
		
	 Section 5.1 Ratification of Base Indenture.
	  	 	7	 
	 Section 5.2 Trustee Not Responsible for Recitals.
	  	 	7	 
	 Section 5.3 Table of Contents, Headings, etc.
	  	 	7	 
	 Section 5.4 Counterpart Originals.
	  	 	8	 
	 Section 5.5 Governing Law.
	  	 	8	 

  
 i 

 THIS FIRST SUPPLEMENTAL INDENTURE, dated as of April 6, 2022 (the “First
Supplemental Indenture”), is among Targa Resources Corp., a Delaware corporation (the “Issuer”), the parties identified as “Subsidiary Guarantors” on the signature pages hereto (collectively, the
“Subsidiary Guarantors”), and U.S. Bank Trust Company, National Association, a national banking association, as trustee (the “Trustee”). 

WHEREAS, the Issuer, the Subsidiary Guarantors named therein and the Trustee have heretofore executed and delivered an Indenture, dated as of
April 6, 2022 (the “Base Indenture” and, as supplemented by this First Supplemental Indenture, the “Indenture”), providing for the issuance by the Issuer from time to time of its debentures,
notes, bonds or other evidences of indebtedness to be issued in one or more series unlimited as to principal amount (the “Debt Securities”), and the guarantee of the Debt Securities (the “Guarantee”)
by one or more of the Subsidiary Guarantors; 
 WHEREAS, the Issuer has duly authorized and desires to cause to be established pursuant to
the Base Indenture and this First Supplemental Indenture two new series of Debt Securities designated as follows: the “4.200% Senior Notes due 2033” (the “2033 Notes”) and the “4.950% Senior Notes due
2052” (the “2052 Notes” and, together with the 2033 Notes, the “Notes”); 

WHEREAS, Sections 2.01 and 2.03 of the Base Indenture permit the execution of indentures supplemental thereto to establish the form and terms
of Debt Securities of any series; 
 WHEREAS, pursuant to Section 9.01(h) of the Base Indenture, the Issuer has requested that the
Trustee join in the execution of this First Supplemental Indenture to establish the form and terms of the Notes; and 
 WHEREAS, all things
necessary have been done to make the Notes, when executed and delivered by the Issuer and authenticated and delivered by the Trustee hereunder and under the Base Indenture and duly issued by the Issuer, and the Guarantees of the Subsidiary
Guarantors, when the Notes are duly issued by the Issuer, the valid obligations of the Issuer and the Subsidiary Guarantors, respectively, and to make this First Supplemental Indenture a valid agreement of the Issuer and the Subsidiary Guarantors
enforceable in accordance with its terms. 
 NOW, THEREFORE, the Issuer, the Subsidiary Guarantors and the Trustee hereby agree that the
following provisions shall supplement the Base Indenture: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Generally. 

(a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Base Indenture.

 (b) The rules of interpretation set forth in the Base Indenture shall be applied hereto as if set forth in full herein. 

  
 1 

 Section 1.2 Definition of Certain Terms. 

For all purposes of this First Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires, the
following terms shall have the following respective meanings: 
 “2033 Interest Payment Dates” shall have the
meaning assigned to such term in Section 2.2(a). 
 “2052 Interest Payment Dates” shall have the meaning
assigned to such term in Section 2.2(b). 
 “2033 Notes Par Call Date” means November 1, 2032. 

“2052 Notes Par Call Date” means October 15, 2051. 

“Book-Entry Notes” shall have the meaning assigned to such term in Section 2.1. 

“Original 2033 Notes” shall have the meaning assigned to such term in Section 2.2(a). 

“Original 2052 Notes” shall have the meaning assigned to such term in Section 2.2(b). 

“Par Call Date” means, with respect to the 2033 Notes and the 2052 Notes, the 2033 Notes Par Call Date and the 2052
Notes Par Call Date, respectively. 
 “Treasury Rate” means, with respect to any Redemption Date, the yield
determined by the Issuer in accordance with the following two paragraphs: 
 The Treasury Rate shall be determined by the Issuer after 4:15
p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield or yields
for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any
successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate,
the Issuer shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the applicable Par Call Date with respect to the Notes to be redeemed (the
“Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately
shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the applicable Par Call Date on a straight-line basis (using the actual number of days)
using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest
to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant
maturity from the Redemption Date. 

  
 2 

 If on the third Business Day preceding the Redemption Date H.15 or any successor designation
or publication is no longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such
Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the relevant Par Call Date, as applicable. If there is no United States Treasury security maturing on the applicable Par Call Date but there
are two or more United States Treasury securities with a maturity date equally distant from the applicable Par Call Date, one with a maturity date preceding the applicable Par Call Date and one with a maturity date following the applicable Par Call
Date, the Issuer shall select the United States Treasury security with a maturity date preceding the applicable Par Call Date. If there are two or more United States Treasury securities maturing on the applicable Par Call Date or two or more United
States Treasury securities meeting the criteria of the preceding sentence, the Issuer shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the
average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable
United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal
places. 
 ARTICLE II 

GENERAL TERMS OF THE NOTES 

Section 2.1 Form. 

The 2033 Notes and the 2052 Notes and the Trustee’s certificates of authentication shall be substantially in the form of Exhibit A-1 and Exhibit A-2, respectively, to this First Supplemental Indenture, which are hereby incorporated into this First Supplemental Indenture. The terms and provisions
contained in the Notes shall constitute, and are hereby expressly made, a part of this First Supplemental Indenture and, to the extent applicable, the Issuer, the Subsidiary Guarantors and the Trustee, by their execution and delivery of this First
Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 Each series of Notes shall be issued upon
original issuance in whole in the form of one or more Global Debt Securities as contemplated in the Base Indenture (the “Book-Entry Notes”). Each Book-Entry Note shall represent such of the outstanding Notes as shall be specified
therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be
reduced or increased, as appropriate, to reflect exchanges and redemptions. 
 The Issuer initially appoints The Depository Trust Company to
act as Depositary with respect to the Book-Entry Notes. 

  
 3 

 Section 2.2 Title, Amount and Payment of Principal and Interest. 

(a) The title of the 2033 Notes shall be designated as the “4.200% Senior Notes due 2033”. The Trustee shall authenticate and
deliver (i) the 2033 Notes for original issue on the date hereof (the “Original 2033 Notes”) in the aggregate principal amount of $750,000,000, and (ii) additional 2033 Notes for original issue from time to time
after the date hereof in such principal amounts as may be specified in an Issuer Order described in this sentence, in each case upon an Issuer Order for the authentication and delivery thereof and satisfaction of the other provisions of
Section 2.04 of the Base Indenture. Such Issuer Order shall specify the amount of the 2033 Notes to be authenticated, the date on which the original issue of 2033 Notes is to be authenticated, and the name or names of the initial Holder or
Holders. The Original 2033 Notes and any additional 2033 Notes issued and authenticated pursuant to clause (ii) of this Section 2.2(a) shall constitute a single series of Debt Securities for all purposes under the Indenture. 

The principal amount of each 2033 Note shall be payable on February 1, 2033. Each 2033 Note shall bear interest from the date of original
issuance, or the most recent date to which interest has been paid, at the fixed rate of 4.200% per annum. The dates on which interest on the 2033 Notes shall be payable shall be February 1 and August 1 of each year (the “2033
Interest Payment Dates”), commencing August 1, 2022. The regular record date for interest payable on the 2033 Notes on any 2033 Interest Payment Date shall be January 15 or July 15, as the case may be, next preceding such
2033 Interest Payment Date. 
 Payments of principal of, premium, if any, on, and interest due on the 2033 Notes representing Book-Entry
Notes on any 2033 Interest Payment Date or at maturity will be made available to the Paying Agent by 11:00 a.m., New York City time, on such date, unless such date falls on a day that is not a Business Day, in which case (x) such payments will
be made available to the Paying Agent by 11:00 a.m., New York City time, on the next Business Day, and (y) for so long as clause (x) is satisfied, no interest shall accrue on the amount of interest due on such 2033 Interest Payment Date
for the period from and after such 2033 Interest Payment Date and the date of payment. As soon as possible thereafter, the Paying Agent will make such payments to the Depositary. 

(b) The title of the 2052 Notes shall be designated as the “4.950% Senior Notes due 2052”. The Trustee shall authenticate and
deliver (i) the 2052 Notes for original issue on the date hereof (the “Original 2052 Notes”) in the aggregate principal amount of $750,000,000, and (ii) additional 2052 Notes for original issue from time to time
after the date hereof in such principal amounts as may be specified in an Issuer Order described in this sentence, in each case upon an Issuer Order for the authentication and delivery thereof and satisfaction of the other provisions of
Section 2.04 of the Base Indenture. Such Issuer Order shall specify the amount of the 2052 Notes to be authenticated, the date on which the original issue of 2052 Notes is to be authenticated, and the name or names of the initial Holder or
Holders. The Original 2052 Notes and any additional 2052 Notes issued and authenticated pursuant to clause (ii) of this Section 2.2(b) shall constitute a single series of Debt Securities for all purposes under the Indenture. 

  
 4 

 The principal amount of each 2052 Note shall be payable on April 15, 2052. Each 2052
Note shall bear interest from the date of original issuance, or the most recent date to which interest has been paid, at the fixed rate of 4.950% per annum. The dates on which interest on the 2052 Notes shall be payable shall be April 15 and
October 15 of each year (the “2052 Interest Payment Dates”), commencing October 15, 2022. The regular record date for interest payable on the 2052 Notes on any 2052 Interest Payment Date shall be April 1 or
October 1, as the case may be, next preceding such 2052 Interest Payment Date. 
 Payments of principal of, premium, if any, on, and
interest due on the 2052 Notes representing Book-Entry Notes on any 2052 Interest Payment Date or at maturity will be made available to the Paying Agent by 11:00 a.m., New York City time, on such date, unless such date falls on a day that is not a
Business Day, in which case (x) such payments will be made available to the Paying Agent by 11:00 a.m., New York City time, on the next Business Day, and (y) for so long as clause (x) is satisfied, no interest shall accrue on the
amount of interest due on such 2052 Interest Payment Date for the period from and after such 2052 Interest Payment Date and the date of payment. As soon as possible thereafter, the Paying Agent will make such payments to the Depositary. 

Section 2.3 Transfer and Exchange. 

The transfer and exchange of Book-Entry Notes or beneficial interests therein shall be effected through the Depositary, as Global Debt
Securities in accordance with Section 2.17 of the Base Indenture and this Article II of the First Supplemental Indenture and the rules and procedures of the Depositary therefor. 

ARTICLE III 
 GUARANTY;
FUTURE SUBSIDIARY GUARANTEES 
 Section 3.1 Guarantee. 

In accordance with Article X of the Base Indenture, the Notes will be fully, unconditionally and absolutely guaranteed on an unsecured,
unsubordinated basis by the Subsidiary Guarantors. Such Guarantees shall be evidenced by the execution by each Subsidiary Guarantee of the Indenture or a supplement thereto, and no notation of such Guarantees on the Notes shall be required to
evidence them. The Guarantees are subject to all of the provisions of Article X of the Base Indenture, including the release provisions therein. 

Section 3.2 Future Subsidiary Guarantors. 

If any Subsidiary of the Issuer that is not then a Subsidiary Guarantor guarantees any obligations of the Issuer under the Credit Agreement,
then the Issuer shall cause such Subsidiary to execute and deliver to the Trustee a supplemental indenture within sixty (60) days after it guarantees such indebtedness under the Credit Agreement, pursuant to which such Subsidiary will Guarantee
the Issuer’s obligations with respect to the Notes and under the Indenture. 

  
 5 

 ARTICLE IV 

REDEMPTION 

Section 4.1 Optional Redemption of 2033 Notes. 

(a) Prior to the 2033 Notes Par Call Date, the Issuer may redeem the 2033 Notes at its option, in whole or in part, at any time
and from time to time, at a redemption price equal to the greater of: 
 (1) (A) the sum of the present values of the
remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the 2033 Notes matured on the 2033 Notes Par Call Date) on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (B) interest accrued to the Redemption Date; and 

(2) 100% of the principal amount of the 2033 Notes to be redeemed, 

plus, in either case, accrued and unpaid interest thereon to the Redemption Date. 

(b) On or after the 2033 Notes Par Call Date, the Issuer may redeem the 2033 Notes, in whole or in part, at any time and from
time to time, at a redemption price equal to 100% of the principal amount of the 2033 Notes being redeemed plus accrued and unpaid interest thereon to the Redemption Date. 

(c) Each of the above redemption prices is subject to the right of Holders on the relevant record date to receive interest due
on the relevant interest payment date. 
 Section 4.2 Optional Redemption of 2052 Notes. 

(a) Prior to the 2052 Notes Par Call Date, the Issuer may redeem the 2052 Notes at its option, in whole or in part, at any time
and from time to time, at a redemption price equal to the greater of: 
 (1) (A) the sum of the present values of the
remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the 2052 Notes matured on the 2052 Notes Par Call Date) on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points less (B) interest accrued to the Redemption Date; and 

(2) 100% of the principal amount of the Notes to be redeemed, 

plus, in either case, accrued and unpaid interest thereon to the Redemption Date. 

  
 6 

 (b) On or after the 2052 Notes Par Call Date, the Issuer may redeem the 2052
Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2052 Notes being redeemed plus accrued and unpaid interest thereon to the Redemption Date. 

(c) Each of the above redemption prices is subject to the right of Holders on the relevant record date to receive interest due
on the relevant interest payment date. 
 Section 4.3 Optional Redemption Generally. 

(a) Except as provided above, any redemption of the Notes shall be made pursuant to the provisions of Article III of the Base
Indenture. The actual redemption price, calculated as provided in Section 4.1 or Section 4.2 above, as applicable, and paragraph 5 of the form of Note attached as Exhibit A-1 or Exhibit A-2 hereto, as applicable, shall be certified in writing to the Trustee by the Issuer no later than the Redemption Date. 

(b) The Issuer’s actions and determinations in determining the redemption price with respect to any redemption shall be
conclusive and binding for all purposes, absent manifest error. The Trustee shall have no responsibility for calculating the redemption price. 

Section 4.4 No Mandatory Redemption. 

The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes and shall have no obligation
to repurchase any Notes at the option of the Holders. 
 ARTICLE V 

MISCELLANEOUS PROVISIONS 

Section 5.1 Ratification of Base Indenture. 

The Base Indenture, as supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed, and this First
Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 

Section 5.2 Trustee Not Responsible for Recitals. 

The recitals contained herein and in the Notes, except with respect to the Trustee’s certificates of authentication, shall be taken as
the statements of the Issuer and the Subsidiary Guarantors, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of
the Notes. 
 Section 5.3 Table of Contents, Headings, etc. 

  
 7 

 The table of contents and headings of the Articles and Sections of this First Supplemental
Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 5.4 Counterpart Originals. 

The parties may sign any number of copies of this First Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. 
 Section 5.5 Governing Law. 

THIS FIRST SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

(Signature Pages Follow) 

  
 8 

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

			
	ISSUER:
	
	TARGA RESOURCES CORP.
	By:	 	 /s/ Scott Rogan

		 	Name: Scott Rogan
		 	Title:   Senior Vice President – Finance and Treasurer
	
	SUBSIDIARY GUARANTORS:
	
	GRAND PRIX DEVELOPMENT LLC
	FCPP PIPELINE, LLC
	FLAG CITY PROCESSING PARTNERS, LLC
	LEGEND GAS PIPELINE LLC
	SLIDER WESTOK GATHERING, LLC
	TARGA CAPITAL LLC
	TARGA CAYENNE LLC
	TARGA CHANEY DELL LLC
	TARGA COGEN LLC
	TARGA DELAWARE LLC
	TARGA DOWNSTREAM LLC
	TARGA ENERGY GP LLC
	TARGA GAS MARKETING LLC
	TARGA GAS PIPELINE LLC
	TARGA GAS PROCESSING LLC
	TARGA GP INC.
	TARGA GULF COAST NGL PIPELINE LLC
	TARGA INTRASTATE PIPELINE LLC
	TARGA LA HOLDINGS LLC
	TARGA LA OPERATING LLC
	TARGA LIQUIDS MARKETING AND TRADE LLC
	TARGA LOUISIANA INTRASTATE LLC
	TARGA LP INC.
	TARGA MIDKIFF LLC
	TARGA MIDLAND CRUDE LLC
	TARGA MIDLAND LLC
	TARGA MIDSTREAM SERVICES LLC
	TARGA MLP CAPITAL LLC
	TARGA NGL PIPELINE COMPANY LLC
	TARGA PIPELINE MID-CONTINENT HOLDINGS LLC
	TARGA PERMIAN CONDENSATE PIPELINE LLC

 Signature Page of First Supplemental Indenture 

 
							
	TARGA PIPELINE MID-CONTINENT LLC
	TARGA PIPELINE PARTNERS GP LLC
	TARGA RESOURCES LLC
	TARGA RESOURCES FINANCE CORPORATION
	TARGA RESOURCES GP LLC
	TARGA RESOURCES OPERATING GP LLC
	TARGA RESOURCES OPERATING LLC
	TARGA SOUTHERN DELAWARE LLC
	TARGA SOUTHOK NGL PIPELINE LLC
	TARGA TRAIN 6 LLC
	TARGA TRAIN 8 LLC
	TARGA TRANSPORT LLC
	TPL ARKOMA HOLDINGS LLC
	TPL ARKOMA INC.
	TPL ARKOMA MIDSTREAM LLC
	TPL GAS TREATING LLC
	TPL SOUTHTEX MIDSTREAM LLC
	TPL SOUTHTEX PIPELINE COMPANY LLC
	VELMA INTRASTATE GAS TRANSMISSION COMPANY,
	LLC
	VERSADO GAS PROCESSORS, L.L.C.
			
		 	By:	 	 /s/ Scott Rogan

		 		 	Name:	 	Scott Rogan
		 		 	Title:	 	Senior Vice President – Finance and Treasurer
	
	TARGA PIPELINE OPERATING PARTNERSHIP LP
	
	TARGA PIPELINE PARTNERS LP
		
	By:	 	Targa Pipeline Partners GP LLC, its general partner
			
		 	By:	 	 /s/ Scott Rogan

		 		 	Name:	 	Scott Rogan
		 		 	Title:	 	Senior Vice President – Finance and Treasurer
	
	VELMA GAS PROCESSING COMPANY, LLC
		
	By:	 	TPL Arkoma Inc., its sole member
			
		 	By:	 	 /s/ Scott Rogan

		 		 	Name:	 	Scott Rogan
		 		 	Title:	 	Senior Vice President – Finance and Treasurer

 Signature Page of First Supplemental Indenture 

 
							
	TARGA SOUTHTEX MIDSTREAM COMPANY LP
	TPL SOUTHTEX GAS UTILITY COMPANY LP
	TPL SOUTHTEX MIDSTREAM HOLDING COMPANY LP
	TPL SOUTHTEX PROCESSING COMPANY LP
	TPL SOUTHTEX TRANSMISSION COMPANY LP
			
	By:	 		 	TPL SouthTex Pipeline Company LLC, its general partner
			
		 	By:	 	 /s/ Scott Rogan

		 		 	Name:	 	Scott Rogan
		 		 	Title:	 	Senior Vice President – Finance and Treasurer
	
	TARGA ENERGY LP
			
	By:	 		 	Targa Energy GP LLC, its general partner
			
		 	By:	 	 /s/ Scott Rogan

		 		 	Name:	 	Scott Rogan
		 		 	Title:	 	Senior Vice President – Finance and Treasurer
	
	TARGA RESOURCES PARTNERS LP
			
	By:	 		 	Targa Resources GP LLC, its general partner
			
		 	By:	 	 /s/ Scott Rogan

		 		 	Name:	 	Scott Rogan
		 		 	Title:	 	Senior Vice President – Finance and Treasurer

 Signature Page of First Supplemental Indenture 

 
			
	TRUSTEE:
	
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Alejandro Hoyos

		 	Name: Alejandro Hoyos
		 	Title:   Vice President

 Signature Page of First Supplemental Indenture 

 Exhibit A-1 

FORM OF NOTE 
 [FACE OF
SECURITY] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) (55 WATER
STREET, NEW YORK, NEW YORK 10041) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 

[TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]* 

 

					
	No.	 		  	$
		 		  	 CUSIP: 87612GAA9
 ISIN:
US87612GAA94

 TARGA RESOURCES CORP. 

4.200% SENIOR NOTES DUE 2033 

TARGA RESOURCES CORP., a Delaware corporation (the “Issuer,” which term includes any successor under the Indenture
hereinafter referred to), for value received, hereby promises to pay to ____________ or its registered assigns, the principal sum of __________U.S. dollars ($________), [or such greater or lesser principal sum as is shown on the attached Schedule of
Increases and Decreases in Global Security]*, on February 1, 2033 in such coin and currency of the United States of America as at the time of payment shall be legal tender for the payment of
public and private debts, and to pay interest thereon at an annual rate of 4.200% payable on February 1 and August 1 of each year, to the person in whose name this Security is registered at the close of business on the record date for such
interest, which shall be the preceding January 15 or July 15 (each, a “Regular Record Date”), respectively, payable commencing on August 1, 2022. 

 

	* 	 To be included in a Book-Entry Note. 

  
 A-1-1 

 Reference is made to the further provisions of this Security set forth on the reverse
hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 The statements in
the legends set forth in this Security are an integral part of the terms of this Security and by acceptance hereof the Holder of this Security agrees to be subject to, and bound by, the terms and provisions set forth in each such legend. 

This Security is issued in respect of a series of Debt Securities of an initial aggregate principal amount of $750,000,000 designated as the
4.200% Senior Notes due 2033 of the Issuer and is governed by the Indenture dated as of April 6, 2022 (the “Base Indenture”), duly executed and delivered by the Issuer, as Issuer, the Subsidiary Guarantors party thereto
(collectively, the “Subsidiary Guarantors”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture dated as of April 6, 2022 (the
“First Supplemental Indenture”, and together with the Base Indenture, the “Indenture”), duly executed by the Issuer, the Subsidiary Guarantors and the Trustee. The terms of the Indenture are incorporated herein by
reference. This Security shall in all respects be entitled to the same benefits as definitive Debt Securities under the Indenture. 
 If and
to the extent any provision of the Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the provisions of the Trust
Indenture Act of 1939, as amended (the “TIA”), such required provision shall control. 
 This Security shall not be valid
or become obligatory for any purpose until the Trustee’s Certificate of Authentication hereon shall have been manually signed by the Trustee under the Indenture. 

  
 A-1-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

Dated: 
  

			
	TARGA RESOURCES CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Debt Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-1-3 

 [REVERSE OF SECURITY] 

TARGA RESOURCES CORP. 

4.200% SENIOR NOTES DUE 2033 

This Security is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Issuer (the “Debt
Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture, to which Indenture reference is hereby made for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer, the Subsidiary Guarantors and the Holders of the Debt Securities. The Debt Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts,
may mature at different times, may bear interest (if any) at different rates, may be subject to different sinking, purchase or analogous funds (if any) and may otherwise vary as provided in the Indenture. This Security is one of a series designated
as the 4.200% Senior Notes due 2033 of the Issuer, in an initial aggregate principal amount of $750,000,000 (the “Securities” and each a “Security”). 

1. Interest. 
 The Issuer promises to pay
interest on the principal amount of this Security at the rate of 4.200% per annum. 
 The Issuer will pay interest semi-annually on
February 1 and August 1 of each year (each such date, an “Interest Payment Date”), commencing August 1, 2022. Interest on the Securities will accrue from the most recent date to which interest has been paid, or, if no
interest has been paid on the Securities, from April 6, 2022. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The
Issuer shall pay interest (including post-petition interest in any proceeding under any applicable bankruptcy laws) on overdue installments of interest (without regard to any applicable grace period) and on overdue principal and premium, if any,
from time to time on demand at the same rate per annum, in each case to the extent lawful. 
 2. Method of Payment. 

Except as provided in the Indenture, the Issuer shall pay interest on the Securities to the persons who are the registered Holders at the
close of business on the Regular Record Date immediately preceding the Interest Payment Date. The Issuer shall pay principal, premium, if any, and interest in such coin or currency of the United States of America as at the time of payment shall be
legal tender for payment of public and private debts. Payments in respect of a Global Security (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by the
Depositary. Payments in respect of Securities in definitive form (including principal, premium, if any, and interest) will be made at the office or agency of the Issuer maintained for such purpose at the Corporate Trust Office of the Trustee, or, at
the option of the Issuer, payment of interest may be made by check mailed to the Holders on the relevant record date at their addresses set forth in the register of Holders maintained by the Registrar or at the option of the Holder, payment of
interest on Securities in definitive form will be made by wire transfer of immediately available funds to any account maintained in the United States, provided such Holder has requested such method of payment and provided timely wire transfer
instructions to the Paying Agent. The Holder must surrender this Security to a Paying Agent to collect payment of principal. 

  
 A-1-4 

 3. Paying Agent and Registrar. 

Initially, U.S. Bank Trust Company, National Association will act as Paying Agent and Registrar. The Issuer may change any Paying Agent or
Registrar at any time upon notice to the Trustee and the Holders. The Issuer may act as Paying Agent. 
 4. Indenture. 

This Security is one of a duly authorized issue of Debt Securities of the Issuer issued and to be issued in one or more series under the
Indenture. 
 Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities
include those stated in the Base Indenture, those made part of the Indenture by reference to the TIA, as in effect on the date of the Base Indenture, and those terms stated in the First Supplemental Indenture. The Securities are subject to all such
terms, and Holders of Securities are referred to the Base Indenture, the First Supplemental Indenture and the TIA for a statement of them. The Securities of this series are general unsecured obligations of the Issuer initially issued in an aggregate
principal amount of $750,000,000; provided, however, that the authorized aggregate principal amount of such series may be increased from time to time as provided in the First Supplemental Indenture. 

5. Optional Redemption. 

(a) Prior to the 2033 Notes Par Call Date, the Issuer may redeem the Securities at its option, in whole or in part, at any time
and from time to time, at a redemption price equal to the greater of: 
 (1) (A) the sum of the present values of the
remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Securities matured on the 2033 Notes Par Call Date) on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (B) interest accrued to the Redemption Date; and 

(2) 100% of the principal amount of the Securities to be redeemed, 

plus, in either case, accrued and unpaid interest thereon to the Redemption Date. 

(b) On or after the 2033 Notes Par Call Date, the Issuer may redeem the Securities, in whole or in part, at any time and from
time to time, at a redemption price equal to 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest thereon to the Redemption Date. 

(c) The redemption prices set forth above are subject to the right of Holders on the relevant record date to receive interest
due on the relevant interest payment date. 

  
 A-1-5 

 6. Mandatory Redemption. 

The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities or to repurchase them at
the option of the Holders. 
 7. Denominations; Transfer; Exchange. 

The Securities are to be issued in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. A Holder may register the transfer of, or exchange, Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture. 
 8. Person Deemed Owners. 

The registered Holder of a Security may be treated as the owner of it for all purposes. 

9. Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Indenture may be amended or supplemented, and any existing Event of Default or compliance with any
provision may be waived, with the consent of the Holders of a majority in principal amount of the then outstanding notes of the affected series. Without consent of any Holder of a Security, the parties thereto may amend or supplement the Indenture
to, among other things, cure any ambiguity or omission, to correct any defect or inconsistency, or to make any other change that does not adversely affect the rights of any Holder of a Security. Any such consent or waiver by the Holder of this
Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may be issued in exchange or substitution herefor, regardless of
whether any notation thereof is made upon this Security or such other Securities. 
 10. Defaults and Remedies. 

Certain events of bankruptcy or insolvency with respect to the Issuer are Events of Default that will result in the principal amount of the
Securities, together with any accrued and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of Default with respect to the Securities occurs and is continuing, then in
every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities then outstanding may declare the principal amount of all the Securities, together with any accrued and unpaid interest thereon, to be due
and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a declaration of acceleration has been made, the Holders of a majority in principal
amount of the outstanding Securities, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict with any judgment or decree of a court of competent jurisdiction and if all existing
Events of Default with respect to the Securities, other than the nonpayment of the principal, premium, if any, or interest which has become due solely by such declaration acceleration, shall have been cured or shall have been waived. No such
rescission shall affect 

  
 A-1-6 

 
any subsequent default or shall impair any right consequent thereon. Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may
require indemnity or security satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities then outstanding may direct the Trustee in its
exercise of any trust or power. 
 11. Trustee Dealings with Issuer. 

The Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for
the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates as if it were not the Trustee. 
 12. Authentication. 

This Security shall not be valid until the Trustee signs the certificate of authentication on the other side of this Security. 

13. Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Security or an assignee, such as: TEN COM (tenant in common), TEN ENT
(tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors Act). 

14. CUSIP Numbers. 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the
accuracy of such number as printed on the Securities and reliance may be placed only on the other identification numbers printed hereon. 
 15. Absolute
Obligation. 
 No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the
obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security in the manner, at the respective times, at the rate and in the coin or currency herein prescribed. 

16. Governing Law. 
 This Security shall
be construed in accordance with and governed by the laws of the State of New York. 
 17. Guarantee. 

The Securities are fully and unconditionally guaranteed by the Subsidiary Guarantors as set forth in Article X of the Base Indenture. 

  
 A-1-7 

 The Issuer shall furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 Targa Resources Corp. 

811 Louisiana St, Suite 2100 

Houston, Texas 77002 
 Attn: Chief
Financial Officer 

  
 A-1-8 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

			
	 TEN COM—as tenants in common
	  	 UNIF GIFT MIN ACT—(Cust.)

	 TEN ENT—as tenants by entireties
	  	 Custodian for: (Minor)

	 JT TEN—as joint tenants with right of survivorship and not as tenants in
	  	 Under Uniform Gifts to Minors Act of common (State)

 Additional abbreviations may also be used though not in the above list. 

ASSIGNMENT 
 FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFYING NUMBER OF ASSIGNEE 
  

                          
                                         
                                         
                                         
                        
 PLEASE PRINT
OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE: 
  

                          
                                         
          

                          
                                         
          

                          
                                         
          
 the within Security and all rights thereunder, hereby irrevocably constituting and appointing
to transfer said Security on the books of the Issuer, with full power of substitution in the premises. 

Dated:                         
                                    

Signature:                        
                               

  
 A-1-9 

 SCHEDULE OF INCREASES OR DECREASES 

IN GLOBAL SECURITY* 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of Exchange
	  	 Amount of

Decrease in

Principal
 Amount of
this
 Global Security
	  	 Amount of

Increase in

Principal
 Amount of
this
 Global Security
	  	 Principal

Amount of this
 Global
Security
 Following Such

Decrease (or

Increase)
	  	 Signature of

Authorized
 Officer
of
 Trustee or

Depositary

 

	* 	 To be included in a Book-Entry Note. 

  
 A-1-10 

 Exhibit A-2 

FORM OF NOTE 
 [FACE OF
SECURITY] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”)
(55 WATER STREET, NEW YORK, NEW YORK 10041) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 

[TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]* 

 

					
	No.	  		  	$
		  		  	 CUSIP: 87612GAB7
 ISIN:
US87612GAB77

 TARGA RESOURCES CORP. 

4.950% SENIOR NOTES DUE 2052 

TARGA RESOURCES CORP., a Delaware corporation (the “Issuer,” which term includes any successor under the Indenture
hereinafter referred to, for value received, hereby promises to pay to _________________ or its registered assigns, the principal sum of _____________ U.S. dollars ($ ____________), [or such greater or lesser principal sum as is shown on the
attached Schedule of Increases and Decreases in Global Security]*, on April 15, 2052 in such coin and currency of the United States of America as at the time of payment shall be legal tender
for the payment of public and private debts, and to pay interest thereon at an annual rate of 4.950% payable on April 15 and October 15 of each year, to the person in whose name this Security is registered at the close of business on the
record date for such interest, which shall be the preceding April 1 or October 1 (each, a “Regular Record Date”), respectively, payable commencing on October 15, 2022. 

 
  

	* 	 To be included in a Book-Entry Note. 

  
 A-2-1 

 Reference is made to the further provisions of this Security set forth on the reverse
hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 The statements in
the legends set forth in this Security are an integral part of the terms of this Security and by acceptance hereof the Holder of this Security agrees to be subject to, and bound by, the terms and provisions set forth in each such legend. 

This Security is issued in respect of a series of Debt Securities of an initial aggregate principal amount of $750,000,000 designated as the
4.950% Senior Notes due 2052 of the Issuer and is governed by the Indenture dated as of April 6, 2022 (the “Base Indenture”), duly executed and delivered by the Issuer, as Issuer, the Subsidiary Guarantors party thereto
(collectively, the “Subsidiary Guarantors”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture dated as of April 6, 2022 (the
“First Supplemental Indenture”, and together with the Base Indenture, the “Indenture”), duly executed by the Issuer, the Subsidiary Guarantors and the Trustee. The terms of the Indenture are incorporated herein by
reference. This Security shall in all respects be entitled to the same benefits as definitive Debt Securities under the Indenture. 
 If and
to the extent any provision of the Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the provisions of the Trust
Indenture Act of 1939, as amended (the “TIA”), such required provision shall control. 
 This Security shall not be valid
or become obligatory for any purpose until the Trustee’s Certificate of Authentication hereon shall have been manually signed by the Trustee under the Indenture. 

  
 A-2-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

Dated: 
  

			
	TARGA RESOURCES CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

This is one of the Debt Securities of the series designated therein referred to in the within-mentioned Indenture. 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, 
 as
Trustee 
  

			
	By:	 	  

		 	Authorized Signatory

  
 A-2-3 

 [REVERSE OF SECURITY] 

TARGA RESOURCES CORP. 

4.950% SENIOR NOTES DUE 2052 

This Security is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Issuer (the “Debt
Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture, to which Indenture reference is hereby made for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer, the Subsidiary Guarantors and the Holders of the Debt Securities. The Debt Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts,
may mature at different times, may bear interest (if any) at different rates, may be subject to different sinking, purchase or analogous funds (if any) and may otherwise vary as provided in the Indenture. This Security is one of a series designated
as the 4.950% Senior Notes due 2052 of the Issuer, in an initial aggregate principal amount of $750,000,000 (the “Securities”). 
 1.
Interest. 
 The Issuer promises to pay interest on the principal amount of this Security at the rate of 4.950% per annum. 

The Issuer will pay interest semi-annually on April 15 and October 15 of each year (each such date, an “Interest Payment
Date”), commencing October 15, 2022. Interest on the Securities will accrue from the most recent date to which interest has been paid, or, if no interest has been paid on the Securities, from April 6, 2022. Interest will be
computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuer shall pay interest (including post-petition interest in any proceeding under any
applicable bankruptcy laws) on overdue installments of interest (without regard to any applicable grace period) and on overdue principal and premium, if any, from time to time on demand at the same rate per annum, in each case to the extent lawful.

 2. Method of Payment. 
 Except as
provided in the Indenture, the Issuer shall pay interest on the Securities to the persons who are the registered Holders at the close of business on the Regular Record Date immediately preceding the Interest Payment Date. The Issuer shall pay
principal, premium, if any, and interest in such coin or currency of the United States of America as at the time of payment shall be legal tender for payment of public and private debts. Payments in respect of a Global Security (including principal,
premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by the Depositary. Payments in respect of Securities in definitive form (including principal, premium, if any, and interest) will
be made at the office or agency of the Issuer maintained for such purpose at the Corporate Trust Office of the Trustee, or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders on the relevant record date at
their addresses set forth in the register of Holders maintained by the Registrar or at the option of the Holder, payment of interest on Securities in definitive form will be made by wire transfer of immediately available funds to any account
maintained in the United States, provided such Holder has requested such method of payment and provided timely wire transfer instructions to the Paying Agent. The Holder must surrender this Security to a Paying Agent to collect payment of principal.

  
 A-2-4 

 3. Paying Agent and Registrar. 

Initially, U.S. Bank Trust Company, National Association will act as Paying Agent and Registrar. The Issuer may change any Paying Agent or
Registrar at any time upon notice to the Trustee and the Holders. The Issuer may act as Paying Agent. 
 4. Indenture. 

This Security is one of a duly authorized issue of Debt Securities of the Issuer issued and to be issued in one or more series under the
Indenture. 
 Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities
include those stated in the Base Indenture, those made part of the Indenture by reference to the TIA, as in effect on the date of the Base Indenture, and those terms stated in the First Supplemental Indenture. The Securities are subject to all such
terms, and Holders of Securities are referred to the Base Indenture, the First Supplemental Indenture and the TIA for a statement of them. The Securities of this series are general unsecured obligations of the Issuer initially issued in an aggregate
principal amount of $750,000,000; provided, however, that the authorized aggregate principal amount of such series may be increased from time to time as provided in the First Supplemental Indenture. 

5. Optional Redemption. 

(a) Prior to the 2052 Notes Par Call Date, the Issuer may redeem the Securities at its option, in whole or in part, at any time
and from time to time, at a redemption price equal to the greater of: 
 (1) (A) the sum of the present values of the
remaining scheduled payments of principal and interest thereon discounted to the Redemption Date (assuming the Securities matured on the 2052 Notes Par Call Date) on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points less (B) interest accrued to the Redemption Date; and 

(2) 100% of the principal amount of the Securities to be redeemed, 

plus, in either case, accrued and unpaid interest thereon to the Redemption Date. 

(b) On or after the 2052 Notes Par Call Date, the Issuer may redeem the Securities, in whole or in part, at any time and from
time to time, at a redemption price equal to 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest thereon to the Redemption Date. 

  
 A-2-5 

 (c) The redemption prices set forth above are subject to the right of
Holders on the relevant record date to receive interest due on the relevant interest payment date. 
 6. Mandatory Redemption. 

The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities or to repurchase them at
the option of the Holders. 
 7. Denominations; Transfer; Exchange. 

The Securities are to be issued in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. A Holder may register the transfer of, or exchange, Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture. 
 8. Person Deemed Owners. 

The registered Holder of a Security may be treated as the owner of it for all purposes. 

9. Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Indenture may be amended or supplemented, and any existing Event of Default or compliance with any
provision may be waived, with the consent of the Holders of a majority in principal amount of the then outstanding notes of the affected series. Without consent of any Holder of a Security, the parties thereto may amend or supplement the Indenture
to, among other things, cure any ambiguity or omission, to correct any defect or inconsistency, or to make any other change that does not adversely affect the rights of any Holder of a Security. Any such consent or waiver by the Holder of this
Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may be issued in exchange or substitution herefor, regardless of
whether any notation thereof is made upon this Security or such other Securities. 
 10. Defaults and Remedies. 

Certain events of bankruptcy or insolvency with respect to the Issuer are Events of Default that will result in the principal amount of the
Securities, together with any accrued and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of Default with respect to the Securities occurs and is continuing, then in
every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities then outstanding may declare the principal amount of all the Securities, together with any accrued and unpaid interest thereon, to be due
and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a declaration of acceleration has been made, the Holders of a majority in principal
amount of the outstanding Securities, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict with any judgment or decree of a court of competent jurisdiction and if all

  
 A-2-6 

 
existing Events of Default with respect to the Securities, other than the nonpayment of the principal, premium, if any, or interest which has become due solely by such declaration acceleration,
shall have been cured or shall have been waived. No such rescission shall affect any subsequent default or shall impair any right consequent thereon. Holders of Securities may not enforce the Indenture or the Securities except as provided in the
Indenture. The Trustee may require indemnity or security satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities then outstanding
may direct the Trustee in its exercise of any trust or power. 
 11. Trustee Dealings with Issuer. 

The Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for
the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates as if it were not the Trustee. 
 12. Authentication. 

This Security shall not be valid until the Trustee signs the certificate of authentication on the other side of this Security. 

13. Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Security or an assignee, such as: TEN COM (tenant in common), TEN ENT
(tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors Act). 

14. CUSIP Numbers. 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the
accuracy of such number as printed on the Securities and reliance may be placed only on the other identification numbers printed hereon. 
 15. Absolute
Obligation. 
 No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the
obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security in the manner, at the respective times, at the rate and in the coin or currency herein prescribed. 

16. Governing Law. 
 This Security shall
be construed in accordance with and governed by the laws of the State of New York. 
 17. Guarantee. 

  
 A-2-7 

 The Securities are fully and unconditionally guaranteed by the Subsidiary Guarantors as set
forth in Article X of the Base Indenture. 
 The Issuer shall furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 Targa Resources Corp. 

811 Louisiana St, Suite 2100 

Houston, Texas 77002 
 Attn: Chief
Financial Officer 

  
 A-2-8 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in
full according to applicable laws or regulations: 
  

			
	TEN COM—as tenants in common	  	UNIF GIFT MIN ACT—(Cust.)
	TEN ENT—as tenants by entireties	  	Custodian for: (Minor)
	JT TEN—as joint tenants with right of survivorship and not as tenants in	  	Under Uniform Gifts to Minors Act of common (State)

 Additional abbreviations may also be used though not in the above list. 

ASSIGNMENT 
 FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFYING NUMBER OF ASSIGNEE 
  

 
 PLEASE PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL
ZIP CODE OF ASSIGNEE: 
  

                          
                                       

                          
                                       

                          
                                       

the within Security and all rights thereunder, hereby irrevocably constituting and appointing to transfer said Security on the books of the Issuer, with full
power of substitution in the premises. 

Dated:                         
                              

Signature:                        
                         

  
 A-2-9 

 SCHEDULE OF INCREASES OR DECREASES 

IN GLOBAL SECURITY* 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of Exchange
	 	 Amount of

Decrease in

Principal
 Amount of
this
 Global Security
	 	 Amount of

Increase in

Principal
 Amount of
this
 Global Security
	  	 Principal

Amount of this
 Global
Security
Following Such
 Decrease (or Increase)
	  	 Signature of

Authorized
 Officer
of
 Trustee or

Depositary

  

 

	* 	 To be included in a Book-Entry Note. 

  
 A-2-10EX-10.1

 Exhibit 10.1 

EXECUTIVE EMPLOYMENT AGREEMENT 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made as of April 1, 2022 (the
“Effective Date”), by and among KORE Wireless Canada Inc. (the “Company”), KORE Group Holdings, Inc. (“KORE”) and Paul Holtz (the “Executive”). Certain capitalized terms used in
this Agreement are defined in Section 10. 
 WHEREAS, effective as of the Effective Date, the parties
desire to enter into this Agreement to supersede any prior agreements, term sheets, understandings, discussions or negotiations, whether written or oral, among the parties hereto relating to the subject matter hereof, and to set out the terms of the
Executive’s employment with the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1.
Employment. The Company will employ the Executive, and the Executive hereby accepts employment with the Company, upon the terms and conditions set forth in this Agreement, for the period beginning on the Effective Date (the “Start
Date”). Employment shall be indefinite, subject to termination as provided in Section 5 (the “Employment Period”). 

2. Position and Duties. During the Employment Period, the Executive will serve as the Chief Financial Officer of the Company and render
such services to the Company and its Affiliates as may be reasonably assigned to the Executive from time to time, by the Board of Directors of the Company (the “Board”) or the Chief Executive Officer of the Company (the
“CEO”). The Executive will devote substantially all of the Executive’s business time and attention (except for permitted vacation periods and reasonable periods of illness or other incapacity) to the business and affairs of
Company and its Affiliates; provided that the Executive will be permitted to (i) serve, with the prior written consent of the Board, as a member of the board of directors or advisory board (or their equivalents, in the case of a non-corporate entity) of non-competing businesses and charitable organizations, (ii) engage in charitable activities and community affairs and (iii) manage the
Executive’s personal investments and affairs, except that the Executive will limit the time devoted to the activities described in clauses (i), (ii) and (iii) so as not to materially interfere, individually or in the aggregate, with the
performance of the Executive’s duties and responsibilities hereunder. The Executive will report directly to the CEO. The Executive will perform the Executive’s duties and responsibilities to the best of his abilities in a diligent,
trustworthy, businesslike and efficient manner. 
 3. Initial Cash Bonus, Salary and Benefits. 

(a) Initial Cash Bonus. The Company shall pay the Executive a one-time cash bonus (the
“Signing Bonus”) of CAD$33,750 payable within 30 days of the Effective Date. 
 (b) Salary (all dollar amounts are in Canadian
dollars). During the Employment Period, the Company will pay the Executive salary at a rate equal to CAD$385,000 per annum (as in effect from time to time, the “Salary”) as compensation for services. The Salary will be
payable in regular installments in accordance with the general payroll practices of the Company and subject to any applicable withholding requirements (both statutory and pursuant to any benefit plans in which the Executive participates). The Salary
will be reviewed annually solely for upward adjustment and may be modified as determined by the Board, in its discretion. 

 (c) Benefits. During the Employment Period, the Company will provide the Executive
with benefits under such plans as the Board may establish or maintain from time to time for senior executives of the Company, if any. The Executive will be entitled to four (4) weeks of vacation time each calendar year (pro-rated for part years of service), with vacation pay calculated in accordance with the minimum requirements of Applicable Legislation. Each year, the Executive must use at least the minimum vacation time, and
receive the minimum vacation pay, required by Applicable Legislation, and the Company reserves the right to require that the Executive take vacation as directed by the Company to ensure statutory compliance. To the extent that the Executive does not
use all of the vacation time available in any calendar year, unused vacation days may be carried over to the next year to the extent provided in the Company’s policies and subject to any rollover limit or use requirements set forth therein.

 (d) Reimbursement of Expenses. During the Employment Period, the Company will reimburse the Executive for all reasonable out-of-pocket expenses incurred by the Executive in the course of performing the Executive’s duties under this Agreement that are consistent with the Company’s
policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses. 

4. Annual Bonus Opportunity. During the Employment Period, the Executive shall be eligible to receive an annual incentive payment under
the Company’s annual bonus plan as may be in effect from time to time (the “Annual Bonus”), based on a target bonus opportunity of 75% of the Executive’s Salary (the “Target Bonus”), upon the achievement
of 100% of the pre-established performance objectives, which are initially expected to consist of revenue and EBITDA objectives (with a sliding scale for performance above and below target performance)
reasonably determined by the Board (or a committee thereof). Any Annual Bonus payable hereunder shall be paid in the calendar year following the calendar year to which such Annual Bonus relates at the same time annual bonuses are paid to other
senior executives of the Company and after the delivery of the audit, which payment is expected to occur no later than April 30th of each calendar year. 

5. Termination. 
 (a) If
the Company terminates the Employment Period Without Cause or if the Executive resigns with Good Reason, the Company shall provide to the Executive: 

(i) all minimum mandatory entitlements imposed by Applicable Legislation at the relevant time, including but not limited to any minimum
notice of termination, pay in lieu of notice, severance pay, continued benefit participation or other minimum entitlements, if any (“Mandatory Entitlements”); 

(ii) if not already provided under clause (a)(i) above, any Annual Bonus which has been earned but remains unpaid with respect to the Company
fiscal year ending on or preceding the date of termination (the “Termination Date”), payable in accordance with Section 4 (the “Accrued Bonus”); 

  
 2 

 (iii) payment of the Executive’s Salary in effect immediately preceding the
Termination Date (or, if greater, the Executive’s Salary in effect immediately preceding a material reduction in the Executive’s then current Salary, for which the Executive has terminated the Executive’s employment for Good Reason)
for the period equal to twelve (12) months after the Termination Date (the “Severance Period”), but less any monetary payments payable to the Executive as part of the Mandatory Entitlements. The amounts payable under this
paragraph shall be paid in equal installments, payable in accordance with the established payroll practices of the Company (but no less frequently than monthly), beginning on the first payroll date following the end of the period covered by the
Mandatory Entitlements. For clarity, the total monetary amount payable to the Executive under this paragraph, inclusive of the Mandatory Entitlements, shall be equal to twelve (12) months of Base Salary, with all aforementioned amounts payable
over a period of twelve (12) months. The Executive hereby consents to payment of the monetary Mandatory Entitlements over time as set out herein; 

(iv) if not already provided as part of the Mandatory Entitlements under clause (a)(i) above, payment of an amount equal to the
Executive’s actual earned full-year Annual Bonus for the Company fiscal year in which the termination of Executive’s employment occurs, prorated based on the number of days during such year up to the Termination Date, payable at the time
the Executive’s Annual Bonus for such year otherwise would have been paid had the Executive continued employment (the “Prorated Bonus”); 

(v) vesting of the outstanding and unvested equity or equity-based awards that would have vested solely based on continued employment
(i.e., time-vesting, not performance-vesting, awards), and in all respects the Executive’s entitlement to equity or equity-based awards shall be determined by the terms of the applicable plan(s) under which they are granted, for which
purposes the Executive’s employment shall be deemed to terminate at the end of the minimum period of notice of termination mandated by Applicable Legislation, if any, and no later; 

(vi) if not already provided as part of the Mandatory Entitlements under clause (a)(i) above, continuation after the Termination Date of any
health care (medical, dental and vision) plan coverage provided to the Executive and the Executive’s spouse and dependents as of the Termination Date for the Severance Period, on the same basis and at the same cost to the Executive as available
to similarly-situated active employees during such Severance Period, provided that such continued participation is possible under the general terms and provisions of such plans and programs and provided, further, that such continued coverage by the
Company shall terminate in the event the Executive becomes eligible for any such coverage under another employer’s plans. If the Company reasonably determines that maintaining such coverage for the Executive or the Executive’s spouse or
dependents is not feasible under the terms and provisions of such plans and programs (or where such continuation would adversely affect the tax status of the plan or program pursuant to which the coverage is provided), the Company shall pay the
Executive cash in an amount equal to the Company’s portion of the premiums it would have paid for such coverages over the Severance Period, with such payments to be made in accordance with the established payroll practices of the Company (not
less frequently than monthly); and 

  
 3 

 (vii) if not already provided as part of the Mandatory Entitlements under clause (a)(i)
above, payment or provision, as applicable, of any Accrued Rights. For purposes of this Agreement, “Accrued Rights” shall mean the sum of (A) the Executive’s Salary through the Executive’s termination of employment which
remains unpaid as of the Termination Date, (B) any reimbursements for expenses incurred but not yet paid as of the Termination Date, (C) any benefits or other amounts, including both cash and stock components, which pursuant to the terms
of any plans, policies or programs have been earned or become payable, but which have not yet been paid to the Executive as of the Termination Date, including payment for any accrued vacation pay, and (D) any other entitlements accrued and
owing as of the Termination Date required by Applicable Legislation. The Accrued Rights will be paid, as applicable, to the Executive in a lump sum within thirty (30) days following the
Termination Date. 
 (b) If the Employment Period terminates by reason of the Executive’s death, the Executive’s estate will be
entitled to receive payment or provision, as applicable, of any Accrued Rights, the Accrued Bonus and the Prorated Bonus, as well as any other payments or benefits to which the Executive’s estate is entitled by law. 

(c) If the Employment Period terminates by reason of (i) the Company’s termination for Cause or (ii) the Executive’s
resignation without Good Reason, then the Executive will only be entitled to receive the Accrued Rights, and such other minimum entitlements, if any, imposed by Applicable Legislation. 

(d) Upon the Termination Date, the Executive will be deemed to have resigned from each position (if any) that the Executive then holds as an
officer or director of the Company or any of its Affiliates, and the Executive will take any action that the Company or any of its Affiliates may reasonably request in order to confirm or evidence such resignation. 

(e) The Executive is not required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment
or otherwise. 
 6. Restrictive Covenants. 

(a) Confidential Information. The Executive acknowledges that the information, observations and data that have been or may be obtained
by the Executive during the Executive’s employment or other relationship with, or through the Executive’s involvement as a direct and indirect owner of, the Company, any Affiliate thereof or any direct or indirect successor to or
predecessor of any of them or any of their businesses (collectively with the Company, the “Related Companies”), prior to or after the execution and delivery of this Agreement, of or concerning the Related Companies or their
businesses or affairs (collectively, “Confidential Information”), are and will be the property of the Related Companies; provided, that the term “Confidential Information” shall not include any information
(including techniques, know-how or strategies) that the Executive can demonstrate (i) is or becomes publicly available otherwise than through a breach of this Agreement, (ii) is or becomes known or
available to the Executive on a non-confidential basis and not in contravention of applicable law from a source that is entitled to disclose such information to the Executive, (iii) is required to be
disclosed pursuant to any applicable law or court order or governmental or regulatory body or (iv) is appropriate or necessary to be disclosed in connection with any dispute related to the Executive’s employment. Therefore,

  
 4 

 
the Executive agrees that the Executive will not, during the Employment Period or thereafter, disclose to any unauthorized Person or use for the account of the Executive or any other Person
(other than the Company and its Affiliates and their officers, directors and employees, in the course of performing the Executive’s duties as an employee of the Company) any Confidential Information without the prior written consent of the
Company (by the action of the Board), unless and to the extent that such disclosure is required by law. The Executive will deliver or cause to be delivered to the Company at, or within two (2) weeks after, the final day of the Executive’s
employment with the Company, or at any other time the Company or its Affiliates may request, all memoranda, notes, plans, records, reports, electronic data in any form, and software and other documents and materials (and copies thereof) containing
or relating to Confidential Information or the business of any Related Company that the Executive may then possess or have under the Executive’s control; provided, that Executive may retain copies of the Executive’s compensation records
and documents, information reasonably needed for tax purposes or otherwise provided to him in accordance with Applicable Legislation, and any other personal property, such as rolodexes or other personal contacts. 

(b) Noncompete and Nonsolicitation. The Executive acknowledges that (i) the Executive performs services of a unique nature for the
Company and its Affiliates that are irreplaceable, and that the Executive’s performance of such services to a competing business will result in irreparable harm to the Related Companies; (ii) the Executive has had and will continue to have
access to Confidential Information which, if disclosed, would unfairly and inappropriately assist in competition against the Related Companies; (iii) in the course of the Executive’s employment by a competitor, the Executive would
inevitably use or disclose such Confidential Information, (iv) the Related Companies have substantial relationships with their customers, and the Executive has had and will continue to have access to these customers; (v) the Executive has
received and will receive specialized training from the Related Companies; and (vi) the Executive has generated and will continue to generate goodwill for the Related Companies in the course of the Executive’s employment. Accordingly, the
Executive hereby agrees as follows: 
 (i) For so long as the Executive is employed by any Related Company and for a period of twenty-four
(24) months thereafter (the term of such employment and such period thereafter, the “Non-Compete Period”), the Executive will not, directly or through an Affiliate or otherwise, own any
interest in, manage, control, provide consulting services for or operate any Person for whom the Restricted Business represents 10% or more of such Person’s annual revenues (other than on behalf of the Company or its Affiliates); provided,
however, that the Executive shall not be prohibited from managing, controlling, providing consulting services for or operating any portion, division, department, section or business of any Person for whom the Restricted Business represents less than
10% of such Person’s annual revenues, so long as the Executive is not engaging in any of the foregoing activities with respect to the Restricted Business. Nothing in the foregoing is intended to prevent the Executive from (A) owning (I) up
to 5% of the outstanding stock of any corporation that is engaged in a Restricted Business and publicly traded on a national securities exchange or in the over the counter market or (ii) up to 5% of a private entity through passive investments
made through hedge funds, private equity funds and similar vehicles, in each case, so long as the Executive has no active participation in connection with the business of any such entity, or (B) continuing to own, manage, control, provide
consultant services for or operate any Person that is engaged in a business described in clause (iii) of the definition of Restricted Business if such ownership or other activity arose prior to the date on which the Related Companies took
active steps to engage in such business. 

  
 5 

 (ii) For the Non-Compete Period, the Executive will
not directly or indirectly (A) induce or attempt to induce any employee, officer, director or consultant to leave the employ or service of any Related Company, (B) solicit for employment by any Person for whom the Restricted Business
represents 10% or more of such Person’s annual revenues any individual who was an employee, officer, or director of any Related Company at any time during the six (6) month period prior to the Termination Date; provided, however, that the
foregoing shall not apply to individuals (I) solicited as a result of the use of an independent employment agency (so long as the agency was not directed to solicit a particular individual) or as a result of the use of general solicitations not
specifically targeted at employees of any Related Company or (II) whose employment with or services provided to the Related Company terminated for a period of at least six (6) months prior to the commencement of employment discussions with
such other entity, or (C) induce or attempt to induce any customer, supplier, vendor, service provider, licensee, licensor, lessor, franchisee or other business relation of any Related Company to cease doing business with any Related Company,
or in any way materially and adversely interfere with the relationship between any such customer, supplier, vendor, service provider, employee, licensee, licensor, lessor, franchisee or other business relation and any Related Company (including
making any negative statements or communications about the Company or any Related Company); provided, that the restrictions in this clause (C) shall not prohibit the ordinary course solicitation of any of the foregoing for purposes of a
business that is not a Restricted Business, so long as such solicitation is not designed or intended to interfere with the Restricted Business. For the avoidance of doubt, the foregoing shall not prohibit the Executive from providing an employment
reference for any Person. 
 (c) Reasonableness of Covenants. In signing this Agreement, the Executive gives the Company assurance
that the Executive has carefully read and considered all of the terms and conditions of this Agreement, including the restraints imposed under this Section 6. The Executive agrees that these restraints are necessary for the
reasonable and proper protection of any Related Company and the Confidential Information and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area, and that these restraints,
individually or in the aggregate, will not prevent the Executive from obtaining other suitable employment during the period in which the Executive is bound by the restraints. The Executive acknowledges that each of these covenants has a unique, very
substantial and immeasurable value to the Related Companies, and that the Executive has sufficient assets and skills to provide a livelihood while such covenants remain in force. It is also agreed that each of the Related Companies (other than the
Company) is an express, third-party beneficiary of, and will have the right to enforce, all of the Executive’s obligations to that Related Company under this Agreement, including pursuant to this Section 6. The
obligations contained in Section 6 hereof shall survive the termination or expiration of the Employment Period and the Executive’s employment with the Company and shall be fully enforceable thereafter. 

  
 6 

 7. Assignment. The Executive acknowledges and agrees that all discoveries, concepts,
ideas, inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, works of authorship, mask works and intellectual property (whether or not including any Confidential Information), all other proprietary
information and all similar or related materials, documents, work product or information (whether or not patentable) which are conceived, developed or made by the Executive (whether alone or jointly with others) while employed by the Related
Companies or its Affiliates, whether before or after the date of this Agreement (collectively, the “Work Product”), will be the sole, exclusive and absolute property of the Company or such Affiliate, and the Executive hereby
irrevocably assigns, transfers and conveys (to the extent permitted by applicable law) all rights, including intellectual property rights, therein on a worldwide basis to any Related Company or such other entity as any Related Company may designate,
to the extent ownership of any such rights does not vest originally in any Related Company and waives any moral rights therein to the fullest extent permitted under applicable law. The Executive will promptly disclose any such Work Product to any
Related Company (except where it is lawfully protected from disclosure as the trade secret of a third party or by any other lawful bar to such disclosure) and will, at the request of any Related Company and without additional compensation, perform
all actions reasonably requested by any Related Company to establish and confirm such ownership, including executing any patent, trademark or copyright papers covering such Work Product, as well as any papers which may be considered necessary or
helpful by any Related Company in the prosecution of applications for patents thereon or which may relate to any litigation or controversy in connection therewith, with any Related Company bearing all expenses of performing such actions (including
expenses incident to the filing of such application, the prosecution thereof and the conduct of any such litigation). 
 8.
Enforcement. The Company and the Executive agree that if, at the time of enforcement of Sections 6 or 7, a court holds that any restriction stated in any such Section is unreasonable under circumstances then existing,
then the maximum period, scope or geographical area reasonable under such circumstances will be substituted for the otherwise-applicable period, scope or area. The Executive agrees that money damages would be an inadequate remedy for any breach of
Sections 6 or 7. Therefore, in the event of a breach of Sections 6 or 7, any Related Company may, in addition to other rights and remedies existing in their favor, apply to any court of competent
jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions of Sections 6 and 7. 

9. Representations and Warranties. The Executive represents and warrants to any Related Company that: (a) the Executive is not a
party to or bound by any employment, noncompete, nonsolicitation, nondisclosure, confidentiality or similar agreement with any other Person that would materially affect the Executive’s performance under this Agreement; and (b) this
Agreement constitutes a valid and legally binding obligation of the Executive, enforceable against the Executive in accordance with its terms. The Company represents that this Agreement constitutes a valid and legally binding obligation of the
Company, enforceable against the Company in accordance with its terms. All representations and warranties contained herein will survive the execution and delivery of this Agreement. 

10. Certain Definitions. When used in this Agreement, the following terms will have the following meanings: 

“Accrued Bonus” is defined in Section 5(b)(i). 

  
 7 

 “Affiliate” means, with respect to any Person, any other Person that,
directly or indirectly through one or more of its intermediaries, controls, is controlled by or is under common control with such Person. With respect to the Company, for purposes hereunder, the Company’s Affiliates will be deemed to include
the Company, KORE, any of the Company’s parent corporate entities, and any of the Company’s directly or indirectly controlled subsidiaries. 

“Agreement” is defined in the preamble. 

“Annual Bonus” is defined in Section 4. 

“Applicable Legislation” is the legislation applicable to the Executive’s employment at the applicable time. The
Applicable Legislation at the start of the Executive’s employment is the legislation of the Province of Ontario, and the legislation of Canada applicable therein, including but not limited to the Employment Standards Act, 2000, the
Human Rights Code, the Workplace Safety & Insurance Act, 1997, the Occupational Health & Safety Act, and the Income Tax Act. However, the parties acknowledge and agree that
the provincial and federal governments may amend, repeal or replace such legislation from time to time, or the Executive’s jurisdiction of employment with the Company may change to another Province. As such, the parties agree that the
Applicable Legislation shall be whatever legislation applies to the Executive’s employment in the applicable jurisdiction, and the relevant time. 

“Board” is defined in Section 2. 

“Business Day” means a day that is not a Saturday, a Sunday or a statutory holiday in the jurisdiction in which the Executive
is employed at the relevant time. 
 “Cause” means any circumstance in which the Executive is excluded from entitlement to
notice of termination (and, if otherwise applicable, statutory severance pay) pursuant to Applicable Legislation. 

“Company” is defined in the preamble. 

“Confidential Information” is defined in Section 6(a). 

“Effective Date” is defined in the recitals. 

“Employment Period” is defined in Section 1. 

“Executive” is defined in the preamble. 

“Good Reason” shall exist if circumstances are such that the Executive would be deemed to have been constructively dismissed
under Applicable Legislation. 
 “Initial Term” is defined in Section 1. 

“Non-Compete Period” is defined in Section 6(b)(i). 

“Person” means an individual, a partnership, a corporation, an association, a limited liability company, a joint stock
company, a trust, a joint venture, an unincorporated organization or any other entity (including any governmental entity or any department, agency or political subdivision thereof). 

  
 8 

 “Prorated Bonus” is defined in Section 5(b)(iii).

 “Related Companies” is defined in Section 6(a). 

“Restricted Business” means (i) the business of providing machine-to-machine cellular connectivity services anywhere in Canada. 
 “Salary”
is defined in Section 3(a). 
 “Severance Period” is defined in
Section 5(b)(ii). 
 “Start Date” is defined in Section 1. 

“Subsidiary” of any Person means another Person (other than a natural Person), an aggregate amount of the voting securities,
or other voting ownership or voting partnership interests, of which is sufficient to elect at least a majority of the Board or other governing body (or, if there are no such voting interests, 50% or more of the equity interests of which are owned
directly or indirectly by such first Person). 
 “Target Bonus” is defined in Section 4. 

“Term” is defined in Section 1. 

“Termination Date” means the date on which the Employment Period ends pursuant to Section 5(b)(i).

 “Without Cause” means termination by the Company in circumstances that do not fall within the definition of Cause above.

 “Work Product” is defined in Section 7. 

11. Miscellaneous. 
 (a)
Notices. All notices, demands or other communications to be given or delivered by reason of the provisions of this Agreement will be in writing and will be deemed to have been given on the date of personal delivery to the recipient or an
officer of the recipient, or when sent by telecopy or facsimile machine to the number shown below on the date of such confirmed facsimile or telecopy transmission (provided that a confirming copy is sent via overnight mail), or when properly
deposited for delivery by a nationally recognized commercial overnight delivery service, prepaid, or by deposit in the United States mail, certified or registered mail, postage prepaid, return receipt requested. Such notices, demands and other
communications will be sent to each party at the address indicated for such party below: 
 if to the Executive, to: 

The address on file in the books and records of the Company 

  
 9 

 if to the Company: 

KORE Group Holdings, Inc. 
 3700
Mansell Road, Suite 300 
 Atlanta, GA 30033 

Attention: President & CEO 

Email: rbahl@korewireless.com 

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

KORE Group Holdings, Inc. 
 3700
Mansell Road, Suite 300 
 Atlanta, GA 30022 

Attention: EVP & Chief Legal Officer 

Email: jkennedy@korewireless.com 

and 
 Kirkland & Ellis
LLP 
 601 Lexington Avenue 

New York, NY 10022 
 USA 

Tel: (212) 446-4949 

Attention: Joshua Kogan 

Facsimile: (212) 446-6460 

Email: joshua.kogan@kirkland.com 
 or to such
other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. 

(b) Consent to Amendments. No modification, amendment or waiver of any provision of this Agreement will be effective against any party
hereto unless such modification, amendment or waiver is approved in writing by such party. No other course of dealing among any Related Company, ABRY and the Executive or any delay in exercising any rights hereunder will operate as a waiver by any
of the parties hereto of any rights hereunder. 
 (c) No Mitigation and No Set-Off. The
payments required to be paid to the Executive by the Company pursuant to Section 5 shall not be reduced or mitigated by amounts which the Executive is capable of earning or does earn during any period following the
Termination Date. 
 (d) Assignment; Successors and Assigns. The Executive may not make any assignment of this Agreement or any
interest herein, by operation of law or otherwise, without the prior written consent of the Company, and without such consent, any attempted transfer or assignment of such type will be null and of no effect. Any assignment of this Agreement by a
Person will not release such Person of such Person’s obligations under this Agreement. All covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto will bind and inure to the benefit of the respective
successors and assigns of the parties hereto whether so expressed or not. 

  
 10 

 (e) Severability. Whenever possible, each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of this Agreement. 
 (f) Counterparts. This Agreement may be executed
simultaneously in two (2) or more counterparts (including by facsimile or scanned copy), any one of which need not contain the signatures of more than one (1) party, but all such counterparts taken together will constitute one and the same
Agreement. 
 (g) Descriptive Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only
and do not constitute a substantive part of this Agreement. The use of the word “including” in this Agreement will be by way of example rather than by limitation. 

(h) SERVICE OF PROCESS. WITH RESPECT TO ANY AND ALL SUITS, LEGAL ACTIONS OR PROCEEDINGS ARISING OUT OF THIS AGREEMENT, EACH PARTY
WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS AND AGREES THAT SERVICE THEREOF MAY BE MADE BY ANY MEANS SPECIFIED FOR NOTICE PURSUANT TO SECTION 12(a). 

(i) No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the
authorship of any of the provisions of this Agreement. 
 (j) Entire Agreement. Except as otherwise expressly set forth in this
Agreement, this Agreement embodies the complete agreement and understanding among the parties to this Agreement with respect to the subject matter of this Agreement and supersedes and preempts any prior understandings, agreements or representations
by or among the parties or their predecessors, written or oral, that may have related to the subject matter of this Agreement in any way; provided that the covenants contained in Sections 6 and 7 shall be in addition to,
and not in replacement of, any similar restrictions to which the Executive may be subject. 
 (k) Time. Whenever the last day for the
exercise of any privilege or the discharge or any duty hereunder falls upon a day that is not a Business Day, the party having such privilege or duty may exercise such privilege or discharge such duty on the next succeeding day that is a Business
Day. 
 (l) Withholding. The Company may withhold from any and all amounts payable under this Agreement or otherwise such taxes,
premiums and other amounts as may be required to be withheld pursuant to any applicable legislation. The Executive agrees and acknowledges that neither the Company nor any of its Affiliates makes any representations with respect to the application
of any tax law to any amounts described hereunder, and the Executive agrees to accept any such tax consequences. 

  
 11 

 (m) Indemnification. In addition to any rights to indemnification to which the
Executive is entitled under the Company’s organizational documents, the Executive shall be covered to the same extent as other officers of the Company under any directors and officers liability insurance policy maintained in effect by the
Company. This Section survives any termination of the Executive’s employment. 
 *
        *         *        * 

[Remainder of this page intentionally left blank] 

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

			
	KORE WIRELESS CANADA INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	KORE GROUP HOLDINGS, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	THE EXECUTIVE
	
	  

	Paul Holtz

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