Document:

EX-10.1

 Exhibit 10.1 
 Execution Version 
 Targa Resources Partners LP

 and 
 Targa Resources Partners Finance Corporation 
 $625,000,000

4 1/4% Senior Notes Due 2023 

PURCHASE AGREEMENT 
 May 9, 2013 
 WELLS FARGO SECURITIES, LLC

 BARCLAYS CAPITAL INC. 
 DEUTSCHE BANK SECURITIES INC. 
 J.P.
MORGAN SECURITIES LLC 
 RBC CAPITAL MARKETS, LLC 

As representatives of the 
 several Initial
Purchasers listed 
 in Schedule 1 hereto 
 c/o Wells Fargo Securities, LLC 
 475 Park Avenue 

4th
 Floor 
 New York, New York 10152 

Ladies and Gentlemen: 
 Targa
Resources Partners LP, a limited partnership organized under the laws of Delaware (the “Partnership”), along with Targa Resources Partners Finance Corporation, a Delaware corporation (“Finance Co” and, together with
the Partnership, the “Issuers”), hereby confirm their agreement with the several Initial Purchasers listed in Schedule 1 hereto (the “Initial Purchasers”) for whom Wells Fargo Securities, LLC, Barclays
Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC are acting as representatives (the “Representatives”) as set forth below. 

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

 Section 1. The Securities. Subject to the terms and
conditions herein contained, the Issuers propose to issue and sell to the Initial Purchasers $625,000,000 aggregate principal amount of their 4 1/4% Senior Notes due 2023 (the “Notes”), which will be unconditionally
guaranteed on a senior basis as to principal, premium, if any, and interest (the “Guarantees”) by the Subsidiaries of the Partnership named in Schedule 4 hereto (each individually, a “Guarantor” and
collectively, the “Guarantors” and, together with the Non-Guarantor Subsidiaries (other than the entities named in Schedule 5 hereto), the “Material Subsidiaries”). The Guarantors, other than (i) Sound
Pipeline Company, LLC, a Washington limited liability company (the “Washington Guarantor”), (ii) Targa Assets LLC, a Colorado limited liability company (“Targa Assets”), and (iii) Targa Fort Berthold
Gathering LLC, a Colorado limited liability company (together with Targa Assets, the “Colorado Guarantors”), are referred to herein as the “Delaware Guarantors.” The Notes are to be issued under an indenture (the
“Indenture”) to be dated as of May 14, 2013, by and among the Issuers, the Guarantors and U.S. Bank National Association, as Trustee (the “Trustee”). 

The Notes will be offered and sold to the Initial Purchasers without being registered under the Securities Act of 1933, as amended (the
“Act”), in reliance on exemptions therefrom. 
 In connection with the sale of the Notes, the Issuers have
prepared a preliminary offering memorandum dated May 9, 2013 (including any documents incorporated therein by reference, the “Preliminary Memorandum”) setting forth or including a description of the terms of the Notes, the
terms of the offering of the Notes, a description of the Partnership and any material developments relating to the Partnership after the date of the most recent historical financial statements included therein. As used herein, “Pricing
Disclosure Package” shall mean the Preliminary Memorandum, as supplemented or amended by the written communications listed on Annex A hereto in the most recent form that has been prepared and delivered by the Issuers to the Initial
Purchasers in connection with their solicitation of offers to purchase Notes prior to the time when sales of the Notes were first made (the “Time of Execution”). Promptly after the Time of Execution and in any event no later than
the second Business Day following the Time of Execution, the Issuers will prepare and deliver to each Initial Purchaser a final offering memorandum (including any documents incorporated therein by reference, the “Final Memorandum”),
which will consist of the Preliminary Memorandum with such changes therein as are required to reflect the information contained in the amendments or supplements listed on Annex A hereto. The Issuers hereby confirm that each of the Issuers has
authorized the use of the Pricing Disclosure Package, the Final Memorandum and the Recorded Road Show (defined below) in connection with the offer and sale of the Notes by the Initial Purchasers. 

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

  
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 The Initial Purchasers and their direct and indirect transferees of
the Notes will be entitled to the benefits of the Registration Rights Agreement, substantially in the form attached hereto as Exhibit A (the “Registration Rights Agreement”), pursuant to which the Issuers and the Guarantors
will agree, among other things, to file a registration statement (the “Registration Statement”) with the Securities and Exchange Commission (the “Commission”) registering the Notes or the Exchange Notes (as defined
in the Registration Rights Agreement) under the Act, unless (i) the Notes are freely transferable without volume restrictions by holders that are not affiliates of the Issuers in accordance with Rule 144 (or any similar provision then in
effect), (ii) the Notes do not bear a restrictive legend and (iii) the Notes do not bear a restricted CUSIP number as of the 370th day after the Closing Date. 
 Section 2. Representations and Warranties. As of the Time of Execution and at the Closing Date, the Issuers and the Guarantors jointly and severally represent and warrant to and agree with
each of the Initial Purchasers as follows (references in this Section 2 to the “Offering Memorandum” are to (i) the Pricing Disclosure Package in the case of representations and warranties made as of the Time of Execution
and (ii) both the Pricing Disclosure Package and the Final Memorandum in the case of representations and warranties made at the Closing Date): 
 (a) The Preliminary Memorandum, on the date thereof, did not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading. At the Time of Execution, the Pricing Disclosure Package did not, and on the Closing Date, will not, and the Final Memorandum as of its date and on the Closing Date will not contain any
untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Issuers and the
Guarantors make no representation or warranty as to the information contained in or omitted from the Pricing Disclosure Package and Final Memorandum, in reliance upon and in conformity with information furnished in writing to the Partnership by or
on behalf of the Initial Purchasers through the Representatives specifically for inclusion therein. The Issuers and the Guarantors have not distributed or referred to and will not distribute or refer to any written communications (as defined in Rule
405 of the Act) that constitute an offer to sell or solicitation of an offer to buy the Notes (each such communication by the Issuers and the Guarantors or each of their agents and representatives (other than the Pricing Disclosure Package and Final
Memorandum) an “Issuer Written Communication”) other than the Pricing Disclosure Package, the Final Memorandum and the recorded electronic road show made available to investors (the “Recorded Road Show”). Any
information in an Issuer Written Communication that is not otherwise included in the Pricing Disclosure Package and the Final Memorandum does not conflict with the Pricing Disclosure Package or the Final Memorandum and, each Issuer Written
Communication, when taken together with the Pricing Disclosure Package does not at the Time of Execution and when taken together with the Final Memorandum at the Closing Date will not, contain any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

  
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 (b) Each of the Partnership, the General Partner and the Material
Subsidiaries has been duly organized or formed and is validly existing as a limited partnership or limited liability company, as applicable, in good standing under the laws of the jurisdiction set forth opposite its name in Schedule 2
attached hereto, with full power and authority to own or lease its properties and to conduct its business, in each case as described in the Offering Memorandum in all material respects. Each of the Partnership, the General Partner and the Material
Subsidiaries is duly registered or qualified to do business as a foreign limited partnership or limited liability company, as applicable, and is in good standing under the laws of each jurisdiction which requires such registration or qualification,
except where the failure to be so registered or qualified would not reasonably be expected to have a Material Adverse Effect. “Material Adverse Effect” shall mean a material adverse effect on (i) the business or properties,
earnings, condition (financial or otherwise) or prospects, taken as a whole, of the Partnership and its Subsidiaries, considered as one enterprise, whether or not in the ordinary course of business, or (ii) the ability of each Issuer and each
Guarantor to perform its obligations under the Notes. 
 (c) Finance Co has been duly incorporated and is validly
existing as a corporation in good standing under the laws of the State of Delaware. 
 (d) The General Partner is
the sole general partner of the Partnership with a 2.0% general partner interest in the Partnership; such general partner interest has been duly and validly authorized and issued in accordance with the agreement of limited partnership of the
Partnership (as the same may be amended or restated at or prior to the Closing Date, the “Partnership Agreement”); and the General Partner owns such general partner interest free and clear of all liens, encumbrances, security
interests, charges or other claims (“Liens”) other than (i) those created by or arising under the Delaware Revised Uniform Limited Partnership Act (the “Delaware LP Act”) or the Partnership Agreement,
(ii) restrictions on transferability and other Liens described in the Offering Memorandum, (iii) those arising under that certain Second Amended and Restated Credit Agreement, dated October 3, 2012, by and among the Partnership, Bank
of America, N.A., as administrative agent, and other lenders named therein (as supplemented, amended or restated and together with the agreements, exhibits and attachments contemplated or included therein, the “Partnership Credit
Agreement”), and (iv) those arising under the Credit Agreement, dated October 3, 2012, by and among Targa Resources Corp., Deutsche Bank Trust Company Americas, as administrative agent, collateral agent, swing line lender and the
L/C issuer and each lender from time to time party thereto (the “TRC Credit Agreement”). 
 (e)
All of the issued and outstanding equity interests of each Material Subsidiary (i) have been duly authorized and validly issued (in accordance with the bylaws or the limited partnership or limited liability company agreement (collectively, the
“Organizational Agreements”) or the certificate of limited partnership, formation or conversion, or other similar organizational document (in each case as in effect on the date hereof and as the same may be amended or restated on or
prior to the Closing Date) (collectively with the Organizational Agreements, the “Organizational Documents”), as applicable, of such Material Subsidiary), are fully paid (in the case of an interest in a

  
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limited partnership or limited liability company, to the extent required under the Organizational Documents of such Material Subsidiary) and nonassessable (except as such nonassessability may be
affected by Sections 17-607 and 17-804 of the Delaware LP Act or Sections 18-607 and 18-804 of the Delaware Limited Liability Company Act (the “Delaware LLC Act”), as applicable), other than equity interests that are not owned,
directly or indirectly, by the Partnership, and (ii) other than Cedar Bayou Fractionators, L.P., a Delaware limited partnership (“CBF”), Versado Gas Processors, L.L.C., a Delaware limited liability company
(“Versado”), and Venice Energy Services Company, L.L.C., a Delaware limited liability company (“VESCO”), are owned, directly or indirectly, by the Partnership, free and clear of all Liens, other than those arising
under the Partnership Credit Agreement. The Partnership owns, directly or indirectly, an 88% interest in CBF, a 63% interest in Versado and a 76.7536% interest in VESCO, in each case free and clear of all Liens except those arising under the
Partnership Credit Agreement and the applicable Organizational Documents. The Subsidiaries other than the Material Subsidiaries did not, individually or in the aggregate, account for (x) more than 10% of the total assets of the Partnership and
the Subsidiaries, taken as a whole, as of March 31, 2013 or (y) more than 10% of the net income of the Partnership and the Subsidiaries, taken as a whole, for the three months ended March 31, 2013. 

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

(g) Except as otherwise disclosed in the Offering Memorandum and except with respect to the incentive distribution rights
held by the General Partner, there are no outstanding (i) securities or obligations of the Partnership convertible into or exchangeable for any equity interests of the Partnership, (ii) warrants, rights or options to subscribe for or
purchase from the Partnership any such equity interests or any such convertible or exchangeable securities or obligations or (iii) obligations of the Partnership to issue any such equity interests, any such convertible or exchangeable
securities or obligations, or any such warrants, rights or options. 
 (h) Each of the Issuers and each Guarantor
has all requisite corporate, partnership or limited liability company power and authority to execute, deliver and perform each of its obligations under the Notes, the Exchange Notes and the Private Exchange Notes (as defined in the Registration
Rights Agreement). The Notes, the Exchange Notes and the Private Exchange Notes have each been duly authorized by the Issuers and, when executed by each of the Issuers and authenticated by the Trustee in accordance with the provisions of the
Indenture and, in the case of the Notes, when delivered to and paid for by the Initial Purchasers in accordance with the terms of this 

  
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Agreement, and, in the case of any Exchange Notes or Private Exchange Notes, when issued in exchange for the Notes as provided in the Registration Rights Agreement, will constitute valid and
legally binding obligations of each of the Issuers, entitled to the benefits of the Indenture, and enforceable against each of the Issuers in accordance with their terms, except that the enforcement thereof may be subject to (i) bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally, and (ii) general principles of equity and the discretion of the court before which any proceeding therefor may
be brought (collectively, the “Enforceability Exceptions”). The Guarantees have been duly authorized and, upon the due issuance and delivery of the related Notes and the due endorsement of the notations of Guarantee thereon, will
constitute valid and legally binding obligations of each Guarantor, enforceable against each Guarantor in accordance with their terms, except that the enforcement thereof may be subject to the Enforceability Exceptions, and will be entitled to the
benefits of the Indenture. 
 (i) Each of the Issuers and each Guarantor has all requisite corporate, partnership
or limited liability company power and authority to execute, deliver and perform each of its obligations under the Indenture. The Indenture meets the requirements for qualification under the Trust Indenture Act of 1939, as amended (the
“TIA”). The Indenture has been duly authorized by each of the Issuers and Guarantors and, when executed and delivered by each of the Issuers and each Guarantor (assuming the due authorization, execution and delivery by the Trustee),
will constitute a valid and legally binding agreement of each of the Issuers and each Guarantor, enforceable against each of the Issuers and each Guarantor in accordance with its terms, except that the enforcement thereof may be subject to the
Enforceability Exceptions. 
 (j) Each of the Issuers and each Guarantor has all requisite corporate, partnership
or limited liability company power and authority to execute, deliver and perform each of its obligations under the Registration Rights Agreement. The Registration Rights Agreement has been duly authorized by the Issuers and the Guarantors and, when
executed and delivered by each of the Issuers and each Guarantor (assuming the due authorization, execution and delivery by the Initial Purchasers), will constitute a valid and legally binding agreement of each of the Issuers and each Guarantor,
enforceable against each of the Issuers and each Guarantor in accordance with its terms, except that (A) the enforcement thereof may be subject to the Enforceability Exceptions and (B) any rights to indemnity or contribution thereunder may
be limited by federal and state securities laws and public policy considerations. 
 (k) Each of the Issuers and
each Guarantor has all requisite corporate, partnership or limited liability company power and authority to execute, deliver and perform each of its obligations under this Agreement and to consummate the transactions contemplated hereby. This
Agreement and the consummation by each of the Issuers and each Guarantor of the transactions contemplated hereby have been duly authorized by each of the Issuers and each Guarantor. This Agreement has been duly executed and delivered by each of the
Issuers and each Guarantor. 

  
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 (l) No permit, consent, approval, authorization, order, registration, filing
or qualification (“Permits”) of or with any court or governmental agency or body having jurisdiction over any of the Issuers or any Material Subsidiary or any of their respective properties or assets is required in connection with
the issuance and sale by the Issuers of the Notes to the Initial Purchasers or the consummation by the Issuers of the other transactions contemplated hereby, except (i) such Permits as may be required under the Act, the Exchange Act and state
securities or “Blue Sky” laws of any jurisdiction, (ii) such Permits as have been obtained or will be obtained prior to the Closing Date, (iii) such Permits that, if not obtained, could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect and (iv) such Permits as are disclosed in the Offering Memorandum. 
 (m) Neither of the Issuers nor any Material Subsidiary is in (i) violation of its Organizational Documents, or violation of any statute, law, rule or regulation, or any judgment, order, injunction or
decree of any court, governmental agency or body or arbitrator having jurisdiction over any of the Issuers or Material Subsidiaries or any of their respective properties or assets or, (ii) breach, default (or an event which, with notice or
lapse of time or both, would constitute such an event) or violation in the performance of any obligation, agreement or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it
is a party or by which it or any of its properties may be bound, which in the case of either clause (i) or (ii) would, if continued, have a Material Adverse Effect. 

(n) None of (i) the execution, delivery and performance by either of the Issuers or any Guarantor of this Agreement,
the Indenture and the Registration Rights Agreement or (ii) the consummation by either of the Issuers or any Guarantor of the transactions contemplated hereby (including, without limitation, the issuance and sale of the Notes to the Initial
Purchasers), (A) conflicts or will conflict with or constitutes or will constitute a violation of the Organizational Documents of either of the Issuers or any Guarantor, (B) conflicts or will conflict with or constitutes or will constitute
a breach or violation of, or a default (or an event that, with notice or lapse of time or both, would constitute such a default) under any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which either of
the Issuers or any Guarantor is a party or by which any of them or any of their respective properties may be bound, or (C) (assuming compliance with all applicable state securities or “Blue Sky” laws and assuming the accuracy of the
representations and warranties of the Initial Purchasers in Section 8 hereof) violates or will violate any statute, judgment, decree, order, rule or regulation applicable to either of the Issuers or any Guarantor or any of their respective
properties or assets, except, with respect to clauses (B) and (C) only, for any such conflict, breach or violation that would not, individually or in the aggregate, have a Material Adverse Effect. 

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

  
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 (p) The Organizational Agreements of the Material Subsidiaries, as
applicable, have been duly authorized, executed and delivered by the parties thereto, and are valid and legally binding agreements of such parties, enforceable against such parties in accordance with their terms; provided, that, with respect
to such agreements, the enforceability thereof may be limited by the Enforceability Exceptions; provided, further; that the indemnity, contribution and exoneration provisions contained in any of such agreements may be limited by applicable
laws and public policy. 
 (q) The audited consolidated financial statements of the Partnership and its
Subsidiaries included in the Offering Memorandum present fairly in all material respects the financial position, results of operations and cash flows of the Partnership and its consolidated Subsidiaries purported to be shown thereby on the basis
stated therein at the respective dates or for the respective periods to which they apply, and have been prepared in accordance with generally accepted accounting principles consistently applied throughout the periods involved, except to the extent
disclosed therein. The summary and selected financial, statistical and operating information in the Offering Memorandum is accurately presented in all material respects and prepared on a basis consistent with the audited and unaudited historical
consolidated financial statements, as applicable, from which it has been derived. PricewaterhouseCoopers LLP (the “Independent Accountants”), which has certified certain financial statements of the Partnership and its Subsidiaries
and delivered its report with respect to the audited consolidated financial statements incorporated by reference in the Offering Memorandum, is an independent public accounting firm within the meaning of the Act and the rules and regulations
promulgated thereunder. The unaudited pro forma condensed consolidated financial statements of the Partnership and its Subsidiaries and the related notes thereto incorporated by reference in the Offering Memorandum present fairly the information
contained therein, have been prepared in accordance with the Commission’s rules and guidelines with respect to pro forma financial statements and have been properly presented on the bases described therein, and the assumptions used in the
preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. The interactive data in eXtensbile Business Reporting Language included or incorporated by
reference in the Pricing Disclosure Package and the Final Memorandum fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto in all
material respects. 
 (r) The audited consolidated financial statements of Saddle Butte Pipeline, LLC
incorporated by reference in the Offering Memorandum present fairly in all material respects the financial position, results of operations and cash flows of Saddle Butte Pipeline, LLC purported to be shown thereby on the basis stated therein at the
respective dates or for the respective periods to which they apply, and have been prepared in accordance with generally accepted accounting principles consistently applied throughout the periods involved, except to the extent disclosed therein.
Hein & Associates LLP, which has certified the financial statements of Saddle Butte Pipeline, LLC and delivered its report with respect to the audited consolidated financial statements of Saddle Butte Pipeline, LLC incorporated by reference
in the Offering Memorandum, is an independent public accounting firm within the meaning of the Act and the rules and regulations promulgated thereunder. 

  
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 (s) Except as set forth or contemplated in the Offering Memorandum, there is
(i) no action, suit or proceeding before or by any court, arbitrator or governmental agency, body or official, domestic or foreign, now pending or, to the knowledge of the Partnership, threatened, to which any of the Issuers or Material
Subsidiaries is or may be a party or to which the business or property of any of the Issuers or Material Subsidiaries is or may be subject, (ii) to the knowledge of the Partnership, no statute, rule, regulation or order that has been enacted,
adopted or issued by any governmental agency and (iii) no injunction, restraining order or order of any nature issued by a federal or state court or foreign court of competent jurisdiction to which any of the Issuers or Material Subsidiaries is
or may be subject, that, in the case of clauses (i), (ii) and (iii) above, is reasonably expected to (A) individually or in the aggregate have a Material Adverse Effect, (B) prevent the consummation of the issuance or sale of the
Notes to be sold hereunder, or (C) draw into question the validity of this Agreement. 
 (t) Each of the
Issuers and the Material Subsidiaries possesses such permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate federal, state, local or foreign regulatory
agencies or bodies necessary to conduct their respective businesses, except where the failure so to possess would not, individually or in the aggregate, result in a Material Adverse Effect; each of the Issuers and each Material Subsidiary is in
compliance with the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not, individually or in the aggregate, result in a Material Adverse Effect; all of the Governmental Licenses are valid and in
full force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not, individually or in the aggregate, result in a Material Adverse Effect; and except
as described in the Offering Memorandum, neither of the Issuers and no Material Subsidiary has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which, individually or in the aggregate,
if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect. 
 (u)
Since the date of the most recent financial statements appearing in the Offering Memorandum and except as set forth or contemplated in the Offering Memorandum, (i) none of the Issuers or the Material Subsidiaries has incurred any liabilities or
obligations, direct or contingent, or entered into or agreed to enter into any transactions or contracts (written or oral) not in the ordinary course of business, which liabilities, obligations, transactions or contracts would, individually or in
the aggregate, be material to the general affairs, management, business, condition (financial or otherwise), prospects or results of operations of the Partnership and its Subsidiaries, taken as a whole and (ii) the Partnership has not purchased
any of its outstanding equity interests, nor declared, paid or otherwise made any distribution of any kind on its equity interests (other than (A) the Partnership’s quarterly distributions and (B) with respect to any of the
Subsidiaries, the purchase of, or dividend or distribution on, capital stock or equity interests owned by the Partnership). 

  
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 (v) Except as set forth or contemplated in the Offering Memorandum, each of
the Issuers and the Material Subsidiaries has filed all foreign, federal, state and local tax returns that are required to be filed or has requested extensions thereof, except in any case in which the failure so to file, individually or in the
aggregate, would not have a Material Adverse Effect, and has paid all taxes required to be paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such
assessment, fine or penalty that is currently being contested in good faith or as, individually or in the aggregate, would not have a Material Adverse Effect. 
 (w) Immediately after the consummation of the transactions contemplated by this Agreement, the fair value and present fair saleable value of the assets of each of the Issuers and the Material Subsidiaries
(each on a consolidated basis) will exceed the sum of its stated liabilities and identified contingent liabilities. Each of the Issuers and the Guarantors is not now nor, after giving effect to the issuance of the Notes and the execution, delivery
and performance of this Agreement, the Registration Rights Agreement and the Indenture and the consummation of the transactions contemplated thereby or described in the Offering Memorandum, will be (i) insolvent, (ii) left with
unreasonably small capital with which to engage in its anticipated business or (iii) incurring debts or other obligations beyond its ability to pay such debts or obligations as they become due. 

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

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

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

  
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that, if not obtained, would not have, individually or in the aggregate, a Material Adverse Effect and (iii) rights-of-way held by affiliates of the Partnership as nominee for the benefit of
the Partnership and the Material Subsidiaries. 
 (aa) Except for such exceptions that would not reasonably be
expected to result in a Material Adverse Effect, (i) each of the Issuers and each Material Subsidiary owns or possesses, or can acquire or use on reasonable terms, adequate patents, patents rights, licenses, inventions, copyrights, know-how
(including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively, “Intellectual
Property”) necessary to carry out their respective businesses now or proposed to be operated by them as described in the Offering Memorandum, and (ii) each of the Issuers and each Material Subsidiary has not received any notice and is
not otherwise aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances that would render any Intellectual Property invalid or inadequate to protect any of its
interest therein. 
 (bb) There are no legal or governmental proceedings pending or, to the knowledge of the
Partnership, threatened or contemplated, against either of the Issuers or the Material Subsidiaries or any of their respective properties or assets that would be required to be described in a prospectus pursuant to the Act that are not described in
the Offering Memorandum, nor are there any agreements, contracts, indentures, leases or other instruments that would be required to be described in a prospectus pursuant to the Act that are not described in the Offering Memorandum. Except as set
forth or contemplated in the Offering Memorandum, to the knowledge of the Partnership, no legal or governmental proceedings are pending or threatened to which either of the Issuers or any of the Material Subsidiaries is a party or to which the
property or assets of the Issuers or any Material Subsidiary is subject that, if determined adversely to the Issuers or the Material Subsidiaries, could be reasonably expected to result, individually or in the aggregate, in a Material Adverse
Effect. 
 (cc) The Partnership is in compliance in all material respects with all applicable provisions of the
Sarbanes Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes Oxley Act”). 
 (dd) Except as would not, individually or in the aggregate, result in a Material Adverse Effect: (i) the Partnership and the Material Subsidiaries are and, during the relevant time periods specified
in all applicable statutes of limitation, have been in compliance with applicable Environmental Laws (as defined below); (ii) the Partnership and the Material Subsidiaries have obtained and are in compliance with all Environmental Permits (as
defined below) required of them under applicable Environmental Laws to conduct the Partnership’s business as presently conducted; (iii) none of the Partnership or the Material Subsidiaries has received any written notice of an action,
suit, demand, claim, hearing, notice of violation or investigation, or proceeding, which matter remains unresolved and alleges liability of the Partnership or any Material Subsidiary under, or violation by the Partnership or any Material Subsidiary
of, any Environmental Law, and to the knowledge of the Partnership, no facts, circumstances or 

  
 11 

 
conditions exist that would reasonably be expected to result in the receipt of such notice; and (iv) to the knowledge of the Partnership, there are no releases of Hazardous Materials (as
defined below) that would reasonably be expected to give rise to liabilities or obligations under any Environmental Law. 
 For
purposes of this Agreement: (i) “Environmental Law” means all federal, state and local laws, rules (including but not limited to rules of common law), regulations, ordinances, orders, decrees and other legally-enforceable
requirements of any governmental entity relating to pollution, protection of human health (to the extent relating to exposure to Hazardous Materials) or the Environment, including those relating to the generation, storage, treatment, disposal,
transport or release of Hazardous Materials; (ii) “Hazardous Materials” means any pollutant or contaminant, chemical, material, waste or substance in any form regulated under any applicable Environmental Law including, but not
limited to any: (A) “hazardous substance” as defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended; (B) “hazardous waste” as defined in the Resource Conservation
and Recovery Act, as amended; (C) petroleum or petroleum product, natural gas, natural gas liquids, or crude oil or any fraction thereof; (D) polychlorinated biphenyls; and (E) naturally occurring radioactive materials; and
(iii) “Environmental Permits” means any permit, authorization, license, variance, and approvals required under applicable Environmental Law; (iv) “Environment” means ambient air, indoor air, surface water,
groundwater, drinking water, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna. 
 (ee) There is no strike, labor dispute, slowdown or work stoppage with the employees of the Issuers or the Material Subsidiaries that is pending or, to the knowledge of the Partnership, threatened that
could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
 (ff) Except
as disclosed in the Offering Memorandum, no proceedings for the merger, consolidation, liquidation or dissolution of either of the Issuers or the Material Subsidiaries or the sale of all or a material part of the assets of either of the Issuers or
the Material Subsidiaries or any material acquisition by either of the Issuers or any Material Subsidiary are pending that would be required by the Act to be disclosed in a prospectus included in a Registration Statement on Form S-1 under the Act.

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

  
 12 

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

(ii) Except as disclosed in the Offering Memorandum, neither of the Issuers nor any Material Subsidiary is subject to rate
regulation under federal law. 
 (jj) Each of the Issuers and each Material Subsidiary is in compliance in all
material respects with its obligations under all presently applicable provisions of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”); with
respect to each “plan” (as defined in Section 3(3) of ERISA) in which any current or former employees of the Partnership or of any trade or business that, together with the Partnership, is or has been treated, within the six years
preceding such date, as a single employer under Section 4001(b)(1) of ERISA or Section 414 of the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the “Code”), are or
have been eligible to participate; no “reportable event” (as defined in ERISA) has occurred with respect to any such plan that is a “pension plan” (as defined in ERISA, hereinafter, a “Pension Plan”) for which
any of Issuer or a Material Subsidiary would have any liability, excluding any reportable event for which a waiver could apply; none of the Issuers or Material Subsidiaries expects to incur liability under (i) Title IV of ERISA with respect to
termination of, or withdrawal from, any Pension Plan or (ii) Sections 430 or 4971 of the Code with respect to any Pension Plan. None of the Partnership or the Material Subsidiaries maintains a Pension Plan that is subject to Title IV of ERISA.

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

  
 13 

 (ll) (i) The Partnership has established and maintains disclosure controls
and procedures (to the extent required by and as such term is defined in Rule 13a-15 under the Exchange Act), (ii) such disclosure controls and procedures are designed to ensure that the information required to be disclosed by the Partnership
in the reports filed or to be filed or submitted under the Exchange Act, as applicable, is accumulated and communicated to management of the General Partner, including its principal executive officers and principal financial officers, as
appropriate, to allow timely decisions regarding required disclosure to be made and (iii) such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established to the extent
required by Rule 13a-15 of the Exchange Act. 
 (mm) Neither of the Issuers nor any Guarantor is an
“investment company” or “promoter” or “principal underwriter” for an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended (the “Investment Company
Act”), and the rules and regulations thereunder. 
 (nn) The descriptions of the Notes, the Indenture
and the Registration Rights Agreement contained in the Offering Memorandum are accurate in all material respects. 
 (oo) No holder of securities of either of the Issuers or the Material Subsidiaries will be entitled to have such securities registered under the registration statements that may be required to be filed by
the Issuers pursuant to the Registration Rights Agreement other than as expressly permitted thereby. 
 (pp) None
of the Issuers, any Material Subsidiary or, to the knowledge of the Issuers, any of their respective Affiliates (as defined in Rule 501(b) of Regulation D under the Act) has directly, or through any agent, (i) sold, offered for sale,
solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the Act) that is or could be integrated with the sale of the Notes in a manner that would require the registration under the Act of the Notes or
(ii) engaged in any form of general solicitation or general advertising (as those terms are used in Regulation D under the Act) in connection with the offering of the Notes or in any manner involving a public offering within the meaning of
Section 4(2) of the Act. Assuming the accuracy of the representations and warranties of the Initial Purchasers in Section 8 hereof, it is not necessary in connection with the offer, sale and delivery of the Notes to the Initial Purchasers
or the endorsement of the Guarantees by the Guarantors in the manner contemplated by this Agreement to register any of the Notes under the Act or to qualify the Indenture under the TIA. 

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

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

  
 14 

 (ss) None of the Issuers, the Material Subsidiaries or, to the knowledge of
the Issuers, any of their respective Affiliates or any person acting on its or their behalf (other than the Initial Purchasers) has engaged in any directed selling efforts (as that term is defined in Regulation S under the Act (“Regulation
S”)) with respect to the Notes; the Issuers, the Material Subsidiaries and, to the knowledge of the Issuers, their respective Affiliates and any person acting on its or their behalf (other than the Initial Purchasers) have complied with the
offering restrictions requirement of Regulation S. 
 (tt) There are no stamp or other issuance or transfer taxes
or duties or other similar fees or charges required to be paid in the United States in connection with the execution and delivery of this Agreement or the issuance or sale by the Issuers of the Notes. 

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

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

(ww) No Material Subsidiary is currently prohibited, directly or indirectly, from paying any distributions to the
Partnership, from making any other distribution on such Subsidiary’s equity interests, from repaying to the Partnership any loans or advances to such Subsidiary from the Partnership or from transferring any of such Subsidiary’s

  
 15 

 
property or assets to the Partnership or any other Subsidiary of the Partnership, except (i) as described in or contemplated by the Pricing Disclosure Package and the Final Memorandum,
(ii) arising under the Partnership Credit Agreement, (iii) such prohibitions mandated by the laws of each such Subsidiary’s state of formation and the terms of any such Subsidiary’s governing instruments and (iv) where such
prohibition would not reasonably be expected to have a Material Adverse Effect. 
 (xx) None of the Issuers, the
Material Subsidiaries or, to the knowledge of the Issuers, any director, officer, agent, employee or Affiliate of the Issuers or any of the Material Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets
Control of the U.S. Department of the Treasury (“OFAC”); and the Issuers will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 
 Any certificate signed by any officer of the Issuers or the Guarantors and delivered to any Initial Purchaser or to counsel for the Initial Purchasers in connection with the offering of the Notes shall be
deemed a representation and warranty by each of the Issuers or each Guarantor to the Initial Purchasers as to the matters covered thereby. 
 Section 3. Purchase, Sale and Delivery of the Notes. On the basis of the representations, warranties, agreements and covenants herein contained and subject to the terms and conditions herein
set forth, the Issuers agree to issue and sell to the Initial Purchasers, and the Initial Purchasers, acting severally and not jointly, agree to purchase the Notes in the respective amounts set forth on Schedule 1 hereto from the Issuers at
99.0% of their principal amount. One or more certificates in global form for the Notes that the Initial Purchasers have agreed to purchase hereunder, each in such principal amount as the Initial Purchasers request upon notice to the Issuers at least
36 hours prior to the Closing Date, shall be delivered by or on behalf of the Issuers to the Initial Purchasers, against payment by or on behalf of the Initial Purchasers of the purchase price therefor by wire transfer (same day funds), to such
account or accounts as the Partnership shall specify prior to the Closing Date, or by such means as the parties hereto shall agree prior to the Closing Date. Such delivery of and payment for the Notes shall be made at the offices of
Vinson & Elkins L.L.P., First City Tower, 1001 Fannin Street, Suite 2500, Houston, Texas at 9:00 A.M. Houston time, on May 14, 2013, or at such other place, time or date as the Initial Purchasers, on the one hand, and the Issuers, on
the other hand, may agree upon, such time and date of delivery against payment being herein referred to as the “Closing Date.” 
 Section 4. Offering by the Initial Purchasers. The Initial Purchasers propose to make an offering of the Notes at the price and upon the terms set forth in the Pricing Disclosure Package and
the Final Memorandum as soon as practicable after this Agreement is entered into and as in the judgment of the Initial Purchasers is advisable. 
 Section 5. Covenants of the Issuers and the Guarantors. Each Issuer and each Guarantor covenants and agrees with each of the Initial Purchasers as follows: 

  
 16 

 (a) Until the later of (i) the completion of the distribution of the
Notes by the Initial Purchasers and (ii) the Closing Date, the Issuers will not amend or supplement the Pricing Disclosure Package or the Final Memorandum or otherwise distribute or refer to any Issuer Written Communication (other than the
Recorded Road Show) unless the Initial Purchasers shall previously have been advised and furnished a copy for a reasonable period of time prior to the proposed amendment or supplement. The Issuers will promptly, upon the reasonable request of the
Initial Purchasers or counsel for the Initial Purchasers, make any amendments or supplements to the Pricing Disclosure Package and the Final Memorandum that may be necessary or advisable in connection with the resale of the Notes by the Initial
Purchasers. 
 (b) The Issuers will cooperate with the Initial Purchasers in arranging for the qualification of
the Notes for offering and sale under the securities or “Blue Sky” laws of such jurisdictions as the Initial Purchasers may designate and will continue such qualifications in effect for as long as may be necessary to complete the resale of
the Notes; provided, however, that in connection therewith, the Issuers shall not be required to qualify as a foreign limited partnership or corporation or to execute a general consent to service of process in any jurisdiction or
subject itself to taxation in any such jurisdiction where it is not then so subject. 
 (c) (1) If, at any time
prior to the completion of the sale by the Initial Purchasers of the Notes, any event occurs or information becomes known as a result of which the Final Memorandum as then amended or supplemented would include any untrue statement of a material
fact, or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if for any other reason it is necessary at any time to amend or supplement the Final
Memorandum to comply with applicable law, the Issuers will promptly notify the Initial Purchasers thereof and will prepare, at the expense of the Partnership, an amendment or supplement to the Final Memorandum that corrects such statement or
omission or effects such compliance and (2) if at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a result of which any of the Pricing Disclosure Package as then amended or supplemented would
include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or any Issuer Written Communication
would conflict with the Pricing Disclosure Package as then amended or supplemented, or (ii) it is necessary to amend or supplement any of the Pricing Disclosure Package so that any of the Pricing Disclosure Package or any Issuer Written
Communication will comply with law, the Issuers will immediately notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (a) above, furnish to the Initial Purchasers such amendments or supplements to any of the
Pricing Disclosure Package or any Issuer Written Communication (it being understood that any such amendments or supplements may take the form of an amended or supplemented Final Memorandum) as may be necessary so that the statements in any of the
Pricing Disclosure Package as so amended or supplemented will not, in light of the circumstances under which they were made, be misleading or so that any Issuer Written Communication will not conflict with the Pricing Disclosure Package or so that
the Pricing Disclosure Package or any Issuer Written Communication as so amended or supplemented will comply with law. 

  
 17 

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

(e) The Partnership will apply the net proceeds from the sale of the Notes as set forth under “Use of Proceeds”
in the Pricing Disclosure Package and the Final Memorandum. 
 (f) Prior to the Closing Date, the Issuers will
furnish to the Initial Purchasers, as soon as they have been prepared, a copy of any unaudited interim financial statements of the Issuers for any period subsequent to the period covered by the most recent financial statements appearing in the
Pricing Disclosure Package and the Final Memorandum; provided, however, that the Issuers do not need to furnish such financial statements to the Initial Purchasers if they are available on the Commission’s website. 

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

(h) The Issuers will not, and will not permit any of their subsidiaries or their respective affiliates that they control
or persons acting on their behalf to, and the Issuers will use their commercially reasonable efforts to cause their other affiliates (other than Warburg Pincus LLC and its affiliates (other than Targa Resources Corp. and its subsidiaries)) not to,
engage in any form of general solicitation or general advertising (as those terms are used in Regulation D under the Act) in connection with the offering of the Notes or in any manner involving a public offering within the meaning of
Section 4(2) of the Act. 
 (i) For so long as any of the Notes remain outstanding, the Issuers will make
available at their expense, upon request, to any holder of such Notes and any prospective purchasers thereof the information specified in Rule 144A(d)(4) under the Act, unless either of the Issuers is then subject to Section 13 or 15(d) of
the Exchange Act. 
 (j) The Issuers will use their commercially reasonable best efforts to permit the Notes to
be eligible for clearance and settlement through The Depository Trust Company. 
 (k) During the period beginning
on the date hereof and continuing to the date that is 45 days after the Closing Date, without the prior written consent of Wells Fargo Securities, LLC, the Issuers will not offer, sell, contract to sell or otherwise dispose

  
 18 

 
of, except as provided hereunder, any securities of the Issuers (or guaranteed by the Issuers) that are substantially similar to the Notes (except for the Notes which would be issuable pursuant
to the exchange offer described in the Preliminary Memorandum and the Final Memorandum). 
 (l) In connection
with Notes offered and sold in an offshore transaction (as defined in Regulation S) the Issuers will not register any transfer of such Notes not made in accordance with the provisions of Regulation S and will not, except in accordance with the
provisions of Regulation S, if applicable, issue any such Notes in the form of definitive securities. 
 (m) None
of the Issuers or any of their affiliates that they control will engage in any directed selling efforts (as that term is defined in Regulation S) with respect to the Notes. 

(n) For a period of one year (calculated in accordance with paragraph (d) of Rule 144 under the Act) following
the date any Notes are acquired by either of the Issuers or any of their affiliates, if the Notes are Registrable Securities (as defined in the Registration Rights Agreement), neither of the Issuers nor any of their respective affiliates that they
control will sell any such Notes. 
 (o) For so long as any Notes are outstanding, the Issuers and the Guarantors
will conduct their operations in a manner that will not subject the Issuers or any Guarantor to registration as an investment company under the Investment Company Act. 

(p) Each Note will bear a legend substantially to the following effect until such legend shall no longer be necessary or
advisable because the Notes are no longer subject to the restrictions on transfer described therein: 
 “THIS SECURITY HAS
NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH
BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN
AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”), (2) AGREES
THAT IT WILL NOT WITHIN [IN THE CASE OF NOTES SOLD IN RELIANCE ON RULE 144A: ONE YEAR] [IN THE CASE OF NOTES SOLD IN RELIANCE ON REGULATION S: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY
AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY (THE “RESALE RESTRICTION 

  
 19 

 
TERMINATION DATE”) RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO AN ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN
COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION
IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS), OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH
PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY PRIOR TO THE RESALE RESTRICTION TERMINATION DATE, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR,
THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUERS SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS ANY OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM,
OR IN A TRANSACTION, NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AS USED HEREIN. THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION
S UNDER THE SECURITIES ACT. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER OR AN ISSUER ON OR AFTER THE RESALE RESTRICTION TERMINATION DATE.” 
 Section 6. Expenses. The Partnership agrees to pay all costs and expenses incident to the performance of the Issuers’ and Guarantors’ obligations under this Agreement, whether or not
the transactions contemplated herein are consummated or this Agreement is terminated pursuant to Section 11 hereof, including all costs and expenses incident to (i) the printing, word processing or other production of documents with
respect to the transactions contemplated hereby, including any costs of printing the Pricing Disclosure Package and the Final Memorandum and any amendment or supplement thereto, and any “Blue Sky” memoranda, (ii) all arrangements
relating to the delivery to the Initial Purchasers of copies of the foregoing documents, (iii) the fees and disbursements of the counsel, the accountants and any other experts or advisors retained by the Issuers, (iv) preparation
(including printing), issuance and delivery to the Initial Purchasers of the Notes, (v) the qualification of the Notes under state securities and “Blue Sky” laws, including filing fees and fees and disbursements of counsel for the
Initial Purchasers relating thereto, (vi) one half of the expenses in connection with the “roadshow” and 

  
 20 

 
any other meetings with prospective investors in the Notes, (vii) fees and expenses of the Trustee including fees and expenses of counsel, and (viii) any fees charged by investment
rating agencies for the rating of the Notes. If the sale of the Notes provided for herein is not consummated because any condition to the obligations of the Initial Purchasers set forth in Section 7 hereof is not satisfied, because this
Agreement is terminated pursuant to Section 11(a)(i) or because of any failure, refusal or inability on the part of the Issuers to perform all obligations and satisfy all conditions on their part to be performed or satisfied hereunder (other
than solely by reason of a default by the Initial Purchasers of their obligations hereunder after all conditions hereunder have been satisfied in accordance herewith), the Issuers agree to promptly reimburse the Initial Purchasers upon demand for
all out-of-pocket expenses (including reasonable fees, disbursements and charges of Baker Botts L.L.P., counsel for the Initial Purchasers) that shall have been incurred by the Initial Purchasers in connection with the proposed purchase and sale of
the Notes. 
 Section 7. Conditions of the Initial Purchasers’ Obligations. The obligation of the Initial
Purchasers to purchase and pay for the Notes shall, in their sole discretion, be subject to the satisfaction or waiver of the following conditions on or prior to the Closing Date: 

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

(i) Each of the Issuers and the Delaware Guarantors has been duly incorporated, formed or organized, as the case may be,
and is validly existing as a limited partnership, limited liability company or corporation, as applicable, and is in good standing under the laws of the State of Delaware and has all requisite limited partnership, limited liability company or
corporate power and authority necessary to own or lease its properties and to conduct its business, in each case as described in the Pricing Disclosure Package and the Final Memorandum in all material respects. 

(ii) The Partnership has the authorized, issued and outstanding capitalization set forth in the Pricing Disclosure Package
and the Final Memorandum as of the dates specified therein; all of the issued and outstanding equity interests (other than general partner interests) of each of the Issuers and the Delaware Guarantors have been duly authorized and validly issued (in
accordance with the Organizational Documents of each such entity), are fully paid (in the case of an interest in a limited partnership or limited liability company, to the extent required under the Organizational Documents of such entity) and
nonassessable (except as such nonassessability may be affected by Sections 17-607 and 17-804 of the Delaware LP Act or Sections 18-607 and 18-804 of the Delaware LLC Act, as applicable) and, to our knowledge, were not issued in violation of any
preemptive or similar right; all of the issued and outstanding equity interests of Finance Co and each Delaware Guarantor are owned, directly or indirectly, by the Partnership, free and clear of all Liens (other than (i) those created by or
arising under the Delaware General Corporation Law, the Delaware LLC Act or the 

  
 21 

 
Delaware LP Act, as the case may be; (ii) restrictions on transferability and other Liens described in the Pricing Disclosure Package, the Final Memorandum or the Organizational Documents;
(iii) those arising under the Partnership Credit Agreement; and (iv) those imposed by the Act and the securities or “Blue Sky” laws of certain jurisdictions) (A) in respect of which a financing statement under the Uniform
Commercial Code of the State of Delaware naming the Partnership as debtor or, in the case of equity interests of a Delaware Guarantor owned directly by one or more other Delaware Guarantor, naming any such other Delaware Guarantor as debtor(s), is
on file as of a recent date in the office of the Secretary of State of the State of Delaware or (B) otherwise known to such counsel, without independent investigation. 

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

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

(vii) The Issuers and the Delaware Guarantors have all requisite partnership, limited liability company or corporate power
and authority to execute, deliver and perform their obligations under the Registration Rights Agreement; the Registration Rights Agreement has been duly and validly authorized by the Issuers and the Delaware Guarantors and, when duly executed and
delivered by the Issuers and the Delaware Guarantors (assuming due authorization, execution and delivery thereof by the Initial Purchasers, the Colorado Guarantors and the Washington Guarantor), will constitute the valid and legally binding
agreement of the Issuers and the Guarantors, enforceable against the Issuers and the Guarantors in accordance with its terms, except that (A) the enforcement thereof may be subject to the Enforceability Exceptions and (B) any rights to
indemnity or contribution thereunder may be limited by federal and state securities laws and public policy considerations. 
 (viii) The Issuers and the Delaware Guarantors have all requisite corporate, partnership or limited liability company power and authority to execute, deliver and perform their obligations under this
Agreement and to consummate the transactions contemplated hereby; this Agreement and the consummation by the Issuers and the Delaware Guarantors of the transactions contemplated hereby have been duly and validly authorized by the Issuers and the
Delaware Guarantors. This Agreement has been duly executed and delivered by the Issuers and the Delaware Guarantors. 
 (ix) (a) The descriptions of the Indenture, the Notes and the Registration Rights Agreement contained in the Pricing Disclosure Package and the Final Memorandum are accurate in all material respects, and
(b) the statements under the caption “Certain United States Federal Income and Estate Tax Considerations” in the Pricing Disclosure Package and the Final Memorandum insofar as they purport to constitute a summary of United States
federal tax law and regulations or legal conclusions with respect thereto, constitute accurate summaries of the matters described therein in all material respects, subject to the assumptions and qualifications set forth therein. 

  
 23 

 (x) The execution, delivery and performance of this Agreement, the
Indenture, the Registration Rights Agreement and the consummation of the transactions contemplated hereby and thereby (including, without limitation, the issuance and sale of the Notes to the Initial Purchasers) will not constitute or result in a
breach or a default under (or an event that with notice or passage of time or both would constitute a default under) any of (i) the terms or provisions of any Contract listed on Annex B hereto, (ii) the Organizational Documents of
any of the Issuers or the Guarantors, or (iii) any statute, judgment, decree, order, rule or regulation (excluding any securities laws, rules or regulations) known to such counsel to be applicable to the Issuers or any of the Guarantors or any
of their respective properties or assets, except, with respect to clauses (i) and (iii) only, for any such conflict, breach or violation that could not reasonably be expected to, individually or in the aggregate, have a Material Adverse
Effect. 
 (xi) No consent, approval, authorization or order of any governmental authority is required for the
issuance and sale by the Issuers of the Notes to the Initial Purchasers or the consummation by the Issuers of the other transactions contemplated hereby, except such as may be required under securities laws, as to which such counsel need express no
opinion in this paragraph, and those which have previously been obtained. 
 (xii) None of the Issuers or the
Guarantors is, or immediately after the sale of the Notes to be sold hereunder and the application of the proceeds from such sale (as described in the Pricing Disclosure Package and the Final Memorandum under the caption “Use of Proceeds”)
will be, an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 
 (xiii) No registration under the Act of the Notes is required in connection with the sale of the Notes to the Initial Purchasers or in connection with the initial resale of the Notes by the Initial
Purchasers, in each case, as contemplated by this Agreement and the Pricing Disclosure Package and the Final Memorandum, and prior to the commencement of the Exchange Offer (as defined in the Registration Rights Agreement) or the effectiveness of
the Shelf Registration Statement (as defined in the Registration Rights Agreement), the Indenture is not required to be qualified under the TIA.
 At the time the foregoing opinion is delivered, Vinson & Elkins L.L.P. shall additionally state that it has participated in conferences with officers and other representatives of the Issuers,
representatives of the independent registered public accountants for the Issuers, representatives of the Initial Purchasers and counsel for the Initial Purchasers, at which conferences the contents of the Pricing Disclosure Package and the Final
Memorandum and related matters were discussed, and, although it has not independently verified, and is not passing on and assumes no responsibility for the accuracy, completeness or fairness of the statements contained in the Pricing Disclosure
Package and the Final Memorandum (except to the extent specified in subsection 7(a)(ix)), no facts have come to its attention which lead it to believe that the Pricing Disclosure Package, as of the Time of Execution or at the Closing Date, or
that the Final Memorandum, as of its date or at the Closing Date, contained an untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained

  
 24 

 
therein, in light of the circumstances under which they were made, not misleading (it being understood that such firm need make no comment with respect to the financial statements and related
notes thereto and the other financial and accounting data derived from the Issuers’ books and records included in the Pricing Disclosure Package or the Final Memorandum). 
 The opinion and advice of Vinson & Elkins L.L.P. described in this Section 7 shall be rendered to the Initial Purchasers at the request of the Partnership and shall so state therein.

 (b) On the Closing Date, the Initial Purchasers shall have received the opinion, in form and substance
satisfactory to the Initial Purchasers, dated as of the Closing Date and addressed to the Initial Purchasers, of Baker Botts L.L.P., counsel for the Initial Purchasers, with respect to certain legal matters relating to this Agreement and such other
related matters as the Initial Purchasers may reasonably require. In rendering such opinion, Baker Botts L.L.P. shall have received and may rely upon such certificates and other documents and information as it may reasonably request to pass upon
such matters. 
 (c) On the date hereof, the Initial Purchasers shall have received from the Independent
Accountants a comfort letter dated the date hereof, in form and substance satisfactory to counsel for the Initial Purchasers with respect to the audited and any unaudited financial information in the Pricing Disclosure Package. On the Closing Date,
the Initial Purchasers shall have received from the Independent Accountants a comfort letter dated the Closing Date, in form and substance satisfactory to counsel for the Initial Purchasers, which shall refer to the comfort letter dated the date
hereof and reaffirm or update as of a more recent date, the information stated in the comfort letter dated the date hereof and similarly address the audited and any unaudited financial information in the Final Memorandum. 

(d) On the date hereof, the Initial Purchasers shall have received from Hein & Associates LLP a comfort letter
dated the date hereof, in form and substance satisfactory to counsel for the Initial Purchasers with respect to the audited consolidated financial statements of Saddle Butte Pipeline, LLC incorporated by reference in the Offering Memorandum.

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

  
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 (f) The sale of the Notes hereunder shall not be enjoined (temporarily or
permanently) on the Closing Date. 
 (g) Subsequent to the date of the most recent financial statements in the
Pricing Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto after the date hereof), none of the Issuers nor any of the Material Subsidiaries shall have sustained any loss or interference with respect to its
business or properties from fire, flood, hurricane, accident or other calamity, whether or not covered by insurance, or from any strike, labor dispute, slow down or work stoppage or from any legal or governmental proceeding, order or decree, which
loss or interference, individually or in the aggregate, has or would be reasonably likely to have a Material Adverse Effect. 
 (h) The Initial Purchasers shall have received: 
 (x) a
certificate, dated the Closing Date, signed by the Chief Executive Officer, President – Finance & Administration, President or any Executive Vice President and the Chief Financial Officer of the General Partner, to the effect that:

 (i) the representations and warranties of the Partnership and the Guarantors contained in this Agreement are
true and correct on and as of the Time of Execution and on and as of the Closing Date, and the Partnership and the Guarantors have performed all covenants and agreements and satisfied all conditions on their part to be performed or satisfied
hereunder at or prior to the Closing Date; 
 (ii) at the Closing Date, since the date hereof or since the date
of the most recent financial statements in the Pricing Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto after the date hereof), no event or development has occurred, and no information has become known,
that, individually or in the aggregate, has or would be reasonably likely to have a Material Adverse Effect; and 

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

(y) a certificate, dated the Closing Date, signed by the Chief Executive Officer, President – Finance &
Administration, President or any Executive Vice President and the Chief Financial Officer of Finance Co, to the effect that: 
 (i) the representations and warranties of Finance Co contained in this Agreement are true and correct on and as of the Time of Execution and on and as of the Closing Date, and Finance Co has performed all
covenants and agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date; 

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

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

(i) On the Closing Date, the Initial Purchasers shall have received the Registration Rights Agreement executed by the
Issuers and the Guarantors and such agreement shall be in full force and effect. 
 On or before the Closing Date, the Initial
Purchasers and counsel for the Initial Purchasers shall have received such further documents, opinions, certificates, letters and schedules or instruments relating to the business, corporate, legal and financial affairs of the Issuers and the
Guarantors as they shall have heretofore reasonably requested from the Issuers. 
 All such documents, opinions, certificates,
letters, schedules or instruments delivered pursuant to this Agreement will comply with the provisions hereof only if they are reasonably satisfactory in all material respects to the Initial Purchasers and counsel for the Initial Purchasers. The
Issuers shall furnish to the Initial Purchasers such conformed copies of such documents, opinions, certificates, letters, schedules and instruments in such quantities as the Initial Purchasers shall reasonably request. 

Section 8. Offering of Notes; Restrictions on Transfer. 

(a) Each of the Initial Purchasers agrees with the Issuers (as to itself only) that (i) it has not and will not solicit offers for,
or offer or sell, the Notes by any form of general solicitation or general advertising (as those terms are used in Regulation D under the Act) or in any manner involving a public offering within the meaning of Section 4(2) of the Act; and
(ii) it has and will solicit offers for the Notes only from, and will offer the Notes only to (A) in the case of offers inside the United States, persons whom the Initial Purchasers reasonably believe to be QIBs, in transactions under
Rule 144A and (B) in the case of offers outside the United States, to persons other than U.S. persons (“non-U.S. purchasers,” which term shall include dealers or other professional fiduciaries in the United States acting
on a discretionary basis for non-U.S. beneficial owners (other than an estate or trust)); provided, however, that, in the case of this clause (B), in purchasing such Notes such persons are deemed to have represented and agreed as
provided under the caption “Transfer Restrictions” contained in the Pricing Disclosure Package and the Final Memorandum. 
 (b) Each of the Initial Purchasers represents and warrants (as to itself only) that (1) it is a QIB and (2) with respect to offers and sales outside the United States that (i) the Notes
have not been and will not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S under the Act or pursuant to an exemption from the registration requirements of the
Act; and (ii) it has offered the 

  
 27 

 
Notes and will offer and sell the Notes (A) as part of its distribution at any time and (B) otherwise until 40 days after the later of the commencement of the offering and the Closing
Date, only in accordance with Rule 903 of Regulation S and, accordingly, neither it nor any persons acting on its behalf have engaged or will engage in any directed selling efforts (within the meaning of Regulation S) with respect to the Notes,
and any such persons have complied and will comply with the offering restrictions requirement of Regulation S. 
 (c) Each
Initial Purchaser, severally and not jointly, represents and warrants and agrees with the Issuers that: 
 (i) in
relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (as defined below) (each, a “Relevant Member State”), with effect from and including the date on which the Prospectus
Directive is implemented in that Relevant Member State (the “Relevant Implementation Date”), it has not made and will not make an offer of Notes to the public in that Relevant Member State, except that it may, with effect from and
including the Relevant Implementation Date, make an offer of Notes to the public in that Relevant Member State at any time: (A) to any legal entity which is a qualified investor as defined in the Prospectus Directive; (B) to fewer than 100
or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive (as defined below), 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under
the Prospectus Directive, subject to obtaining the prior consent of the Representatives for any such offer; or (C) in any other circumstances falling within Article 3(2) of the Prospectus Directive; 

For the purposes of this provision, the expression an “offer of notes to the public” in relation to any Notes in any
Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes, as the same may
be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression “Prospectus Directive” means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending
Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression “2010 PD Amending Directive” means Directive 2010/73/EU. 

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

  
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 (iii) it has complied and will comply with all applicable provisions of the
FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom. 
 Terms
used in this Section 8 and not defined in this Agreement have the meanings given to them in Regulation S. 

Section 9. Indemnification and Contribution. 
 (a) The Issuers and the Guarantors, jointly and severally, agree to indemnify and hold harmless the Initial Purchasers, their directors, officers, affiliates and each person, if any, who controls any
Initial Purchaser within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which any Initial Purchaser, any such director, officer, affiliate or controlling person
may become subject under the Act, the Exchange Act or otherwise, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon the following: 

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

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

(b) Each Initial Purchaser, severally and not jointly, agrees to indemnify and hold harmless each of the Issuers and Guarantors, and
their respective directors, officers and each person, if any, who controls the Issuers or Guarantors within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which
the Issuers or Guarantors or any such director, officer or controlling person may become 

  
 29 

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

(c) Promptly after receipt by an indemnified party under this Section 9 of notice of the commencement of any action for which such
indemnified party is entitled to indemnification under this Section 9, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 9, notify the indemnifying party of the
commencement thereof in writing; but the omission to so notify the indemnifying party (i) will not relieve it from any liability under paragraph (a) or (b) above unless and to the extent such failure results in the forfeiture by the
indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraphs (a) and
(b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party; provided, however, that if (i) the use of counsel chosen by the
indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall
have been advised by counsel that there may be one or more legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party shall
not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after receipt by the indemnifying party of notice of the institution of such action, then, in each such case, the
indemnifying party shall not have the right to direct the defense of such action on behalf of such indemnified party or parties and such indemnified party or parties shall have the right to select separate counsel to defend such action on behalf of
such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by such indemnified party of counsel appointed to defend such action, the
indemnifying party will not be liable to such indemnified party under this Section 9 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection

  
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with the defense thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood,
however, that in connection with such action the indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to local counsel) in any one action or separate but substantially similar actions in the same
jurisdiction arising out of the same general allegations or circumstances, designated by the Initial Purchasers in the case of paragraph (a) of this Section 9 or the Issuers and Guarantors in the case of paragraph (b) of this
Section 9, representing the indemnified parties under such paragraph (a) or paragraph (b), as the case may be, who are parties to such action or actions) or (ii) the indemnifying party has authorized in writing the employment of
counsel for the indemnified party at the expense of the indemnifying party. All fees and expenses reimbursed pursuant to this paragraph (c) shall be reimbursed as they are incurred. After such notice from the indemnifying party to such
indemnified party, the indemnifying party will not be liable for the costs and expenses of any settlement of such action effected by such indemnified party without the prior written consent of the indemnifying party (which consent shall not be
unreasonably withheld), unless such indemnifying party waived in writing its rights under this Section 9, in which case the indemnified party may effect such a settlement without such consent. No indemnifying party shall, without the prior
written consent of the indemnified party, effect any settlement or compromise of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party, or indemnity could have been sought hereunder by any
indemnified party, unless such settlement (A) includes an unconditional written release of the indemnified party, in form and substance reasonably satisfactory to the indemnified party, from all liability on claims that are the subject matter
of such proceeding and (B) does not include any statement as to an admission of fault, culpability or failure to act by or on behalf of any indemnified party. 
 (d) In circumstances in which the indemnity agreement provided for in the preceding paragraphs of this Section 9 is unavailable to, or insufficient to hold harmless, an indemnified party in respect
of any losses, claims, damages or liabilities (or actions in respect thereof), each indemnifying party, in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by such indemnified party as a result of
such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect (i) the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the
other from the offering of the Notes or if the allocation provided by the foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the indemnifying party or parties on the one hand
and the indemnified party on the other in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof). The relative benefits received by
the Issuers and Guarantors on the one hand and the Initial Purchasers on the other shall be deemed to be in the same proportion as the total proceeds from the offering (after deducting discounts and commissions but before deducting expenses)
received by the Issuers and Guarantors bear to the total discounts and commissions received by such Initial Purchaser. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers and Guarantors on the one hand, or such Initial Purchaser on the other, the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission, and any other equitable considerations 

  
 31 

 
appropriate in the circumstances. The Issuers, the Guarantors and the Initial Purchasers agree that it would not be equitable if the amount of such contribution were determined by pro rata or per
capita allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the first sentence of this paragraph (d). Notwithstanding any other provision of this paragraph (d), no
Initial Purchaser shall be obligated to make contributions hereunder that in the aggregate exceed the total discounts, commissions and other compensation received by such Initial Purchaser under this Agreement, less the aggregate amount of any
damages that such Initial Purchaser has otherwise been required to pay by reason of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material fact, and no person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The obligations of the Initial Purchasers are several and not joint. For purposes of this
paragraph (d), each director, officer and affiliate of the Initial Purchasers and each person, if any, who controls any Initial Purchaser within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the
same rights to contribution as the Initial Purchasers, and each director of either of the Issuers or any of the Guarantors, each officer of either of the Issuers or any of the Guarantors and each person, if any, who controls either of the Issuers or
any of the Guarantors within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the Partnership. 
 Section 10. Survival Clause. The respective representations, warranties, agreements, covenants, indemnities and other statements of each of the Issuers, Guarantors, their respective officers
and the Initial Purchasers set forth in this Agreement or made by or on behalf of them pursuant to this Agreement shall remain in full force and effect, regardless of (i) any investigation made by or on behalf of any of the Issuers, Guarantors,
any of their respective officers or directors, the Initial Purchasers, any of their officers, directors, affiliates or controlling persons referred to in Section 9 hereof and (ii) delivery of and payment for the Notes. The respective
agreements, covenants, indemnities and other statements set forth in Sections 6, 9, 10 and 15 hereof shall remain in full force and effect, regardless of any termination or cancellation of this Agreement. 

Section 11. Termination. 
 (a) This Agreement may be terminated in the sole discretion of the Initial Purchasers by notice to the Issuers given prior to the Closing Date in the event that the Issuers shall have failed, refused or
been unable to perform all obligations and satisfy all conditions on its part to be performed or satisfied hereunder at or prior thereto or, if, after the date hereof and at or prior to the Closing Date, 

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

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

  
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 (iii) trading in securities generally on the New York Stock Exchange shall
have been suspended or materially limited or minimum or maximum prices shall have been established on any such exchange or market; 
 (iv) a banking moratorium shall have been declared by New York or United States authorities or a material disruption in commercial banking or securities settlement or clearance services in the United
States shall have occurred; 
 (v) there shall have been (A) an outbreak or escalation of hostilities
between the United States and any foreign power or (B) an outbreak or escalation of any other insurrection or armed conflict involving the United States or any other national or international calamity or emergency, which in the case of
(A) and (B) above and in the sole judgment of the Representatives, makes it impracticable or inadvisable to proceed with the offering or the delivery of the Notes as contemplated by the Pricing Disclosure Package and the Final Memorandum;
or 
 (vi) any securities of the Partnership shall have been downgraded by any nationally recognized statistical
rating organization or any such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its ratings of any securities of the Partnership (other than an announcement with
positive implications of a possible upgrading). 
 (b) Termination of this Agreement pursuant to this Section 11 shall be
without liability of any party to any other party except as provided in Section 10 hereof. 
 Section 12.
Information Supplied by the Initial Purchasers. The statements set forth in the last paragraph on the front cover page (as such paragraph is supplemented by the item on Annex A) and in the fourth paragraph and the ninth through
eleventh paragraphs under the heading “Plan of Distribution” in the Preliminary Memorandum and the Final Memorandum (to the extent such statements relate to the Initial Purchaser) constitute the only information furnished by the Initial
Purchasers to the Issuers for the purposes of Sections 2(a) and 9 hereof. 
 Section 13.
Notices. All communications hereunder shall be in writing and, if sent to the Initial Purchasers, shall be mailed or delivered to Wells Fargo Securities, LLC, 475 Park Avenue, 4th Floor, New York, New York 10152, Attention: Transaction Management Department; and if sent to the Partnership, shall
be mailed or delivered to the Partnership at 1000 Louisiana, Suite 4300, Houston, Texas 77002, Attention: Chief Financial Officer; with a copy to Vinson & Elkins L.L.P., First City Tower, 1001 Fannin Street, Suite 2500, Houston, Texas
77002, Attention: Christopher S. Collins. 
 All such notices and communications shall be deemed to have been duly given: when
delivered by hand, if personally delivered; five business days after being deposited in the mail, postage prepaid, if mailed; and one business day after being timely delivered to a next-day air courier. 

  
 33 

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

Section 15. APPLICABLE LAW. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, ANY CLAIM, COUNTERCLAIM OR DISPUTE OF ANY KIND
OR NATURE WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT, DIRECTLY OR INDIRECTLY, AND THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND TO BE PERFORMED WHOLLY THEREIN, WITHOUT GIVING EFFECT TO ANY PROVISIONS THEREOF RELATING TO CONFLICTS OF LAW. 
 Section 16. No Advisory or Fiduciary Responsibility. The Issuers and the Guarantors acknowledge and agree that (i) the purchase and sale of the Notes pursuant to this Agreement is an
arm’s-length commercial transaction between the Issuers, on the one hand, and the Initial Purchasers, on the other, (ii) in connection therewith and with the process leading to such transaction each Initial Purchaser is acting solely as a
principal and not the agent or fiduciary of any of the Issuers, (iii) no Initial Purchaser has assumed an advisory or fiduciary responsibility in favor of any of the Issuers with respect to the offering contemplated hereby or the process
leading thereto (irrespective of whether such Initial Purchaser has advised or is currently advising any of the Issuers on other matters) or any other obligation to the Issuers except the obligations expressly set forth in this Agreement and
(iv) each of the Issuers has consulted its own legal and financial advisors to the extent it deemed appropriate. Each of the Issuers agrees that it will not claim that any Initial Purchaser has rendered advisory services of any nature or
respect, or owes a fiduciary or similar duty to any of the Issuers, in connection with such transaction or the process leading thereto. 
 Section 17. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 

  
 34 

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

 

			
	Very truly yours,
	
	TARGA RESOURCES PARTNERS LP
		
	By:	 	Targa Resources GP LLC,
		 	Its general partner
		
	By:	 	 /s/ Matthew J. Meloy

		 	Name: Matthew J. Meloy
		 	Title:   Senior Vice President,
		 	   Chief Financial Officer and Treasurer

	
	TARGA RESOURCES PARTNERS FINANCE
		 	CORPORATION
		
	By:	 	 /s/ Matthew J. Meloy

		 	Name: Matthew J. Meloy
		 	Title:   Senior Vice President,
		 	   Chief Financial Officer and Treasurer

  

Signature Page to the Purchase Agreement 

 
			
	 TARGA ASSETS LLC

TARGA BADLANDS LLC
 TARGA CAPITAL LLC

TARGA COGEN LLC
 TARGA DOWNSTREAM LLC

TARGA FORT BERTHOLD GATHERING LLC
 TARGA GAS
MARKETING LLC
 TARGA GAS PIPELINE LLC

TARGA GAS PROCESSING LLC
 TARGA INTRASTATE
PIPELINE LLC
 TARGA LIQUIDS MARKETING AND TRADE LLC
 TARGA LOUISIANA INTRASTATE LLC
 TARGA MIDSTREAM SERVICES LLC

TARGA MLP CAPITAL LLC
 TARGA NGL PIPELINE COMPANY
LLC
 TARGA RESOURCES OPERATING GP LLC

TARGA RESOURCES OPERATING LLC
 TARGA SOUND
TERMINAL LLC
 TARGA TERMINALS LLC

TARGA TRANSPORT LLC

		
	By:	 	 /s/ Matthew J. Meloy

		 	Name: Matthew J. Meloy
		 	Title:   Senior Vice President,
		 	   Chief Financial Officer and Treasurer

  

Signature Page to the Purchase Agreement 

 
					
	SOUND PIPELINE COMPANY, LLC
		
		 	By:
		
		 	MANAGER:
		
		 	 /s/ Rene R. Joyce

		 	Rene R. Joyce
		
		 	By:
		
		 	MEMBER:
		
		 	Targa Terminals LLC
			
		 	By:	 	 /s/ Matthew J. Meloy

		 	Name:	 	Matthew J. Meloy
		 	Title:	 	Senior Vice President, Chief
		 		 	Financial Officer and Treasurer

  

Signature Page to the Purchase Agreement 

					
	The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
	
	WELLS FARGO SECURITIES, LLC
	BARCLAYS CAPITAL INC.
	DEUTSCHE BANK SECURITIES INC.
	J.P. MORGAN SECURITIES LLC
	RBC CAPITAL MARKETS, LLC
	Acting on behalf of themselves and as the
	Representatives of the several Initial Purchasers
		
	By:	 	WELLS FARGO SECURITIES, LLC
			
		 	By:	 	 /s/ Matthew R. Rheault

		 		 	Name: Matthew R. Rheault
		 		 	Title:   Vice President
		
	By:	 	BARCLAYS CAPITAL INC.
			
		 	By:	 	 /s/ Paul Cugno

		 		 	Name: Paul Cugno
		 		 	Title:   Managing Director
		
	By:	 	DEUTSCHE BANK SECURITIES INC.
			
		 	By:	 	 /s/ Chris Young

		 		 	Name: Chris Young
		 		 	Title:   Director
			
		 	By:	 	 /s/ Ralph Totoonchie

		 		 	Name: Ralph Totoonchie
		 		 	Title:   Director
		
	By:	 	J.P. MORGAN SECURITIES LLC
			
		 	By:	 	 /s/ Jack D. Smith

		 		 	Name: Jack D. Smith
		 		 	Title:   Managing Director
		
	By:	 	RBC CAPITAL MARKETS, LLC
			
		 	By:	 	 /s/ J. Scott Schlossel

		 		 	Name: J. Scott Schlossel
		 		 	Title:   Managing Director

  

Signature Page to the Purchase Agreement 

 EXHIBIT A 
 Registration Rights Agreement 
 (See attached) 

 SCHEDULE 1 

 

					
	 Initial Purchasers
	  	Principal Amount of Notes	 
	 Wells Fargo Securities, LLC.
	  	$	143,750,000.00	  
	 Barclays Capital Inc.
	  	 	68,750,000.00	  
	 Deutsche Bank Securities Inc.
	  	 	68,750,000.00	  
	 RBC Capital Markets, LLC
	  	 	68,750,000.00	  
	 J.P. Morgan Securities LLC
	  	 	68,750,000.00	  
	 Merrill Lynch, Pierce, Fenner & Smith Incorporated
	  	 	31,250,000.00	  
	 Citigroup Global Markets Inc.
	  	 	25,000,000.00	  
	 Goldman, Sachs & Co.
	  	 	25,000,000.00	  
	 Morgan Stanley & Co. LLC
	  	 	25,000,000.00	  
	 RBS Securities Inc.
	  	 	25,000,000.00	  
	 UBS Securities LLC
	  	 	25,000,000.00	  
	 ABN AMRO Securities (USA) LLC
	  	 	9,375,000.00	  
	 Comerica Securities, Inc.
	  	 	9,375,000.00	  
	 ING Financial Markets LLC
	  	 	9,375,000.00	  
	 SMBC Nikko Capital Markets Limited
	  	 	9,375,000.00	  
	 HSBC Securities (USA) Inc.
	  	 	6,250,000.00	  
	 Natixis Securities Americas LLC
	  	 	6,250,000.00	  
		  	  
	  
	 
	 Total
	  	$	625,000,000.00	  

  
 Schedule
1-1 

 SCHEDULE 2 
 Jurisdiction of Formation for the Partnership and General Partner 
  

			
	 Name
	  	 Jurisdiction of Organization

	Targa Resources Partners LP	  	Delaware
	Targa Resources GP LLC	  	Delaware

 Subsidiaries of the Partnership 

 

			
	 Name
	  	 Jurisdiction of Organization

	Cedar Bayou Fractionators, L.P.	  	Delaware
	DEVCO Holdings LLC	  	Delaware
	Downstream Energy Ventures Co., L.L.C.	  	Delaware
	Sound Pipeline Company, LLC	  	Washington
	Targa Assets LLC	  	Colorado
	Targa Badlands LLC	  	Delaware
	Targa Canada Liquids Inc.	  	British Columbia, Canada
	Targa Capital LLC	  	Delaware
	Targa Cogen LLC	  	Delaware
	Targa Downstream LLC	  	Delaware
	Targa Fort Berthold Gathering LLC	  	Colorado
	Targa Gas Marketing LLC	  	Delaware
	Targa Gas Pipeline LLC	  	Delaware
	Targa Gas Processing LLC	  	Delaware
	Targa Intrastate Pipeline LLC	  	Delaware
	Targa Liquids Marketing and Trade LLC	  	Delaware
	Targa Louisiana Intrastate LLC	  	Delaware
	Targa Midstream Services LLC	  	Delaware
	Targa MLP Capital LLC	  	Delaware
	Targa NGL Pipeline Company LLC	  	Delaware
	Targa Receivables LLC	  	Delaware
	Targa Resources Operating GP LLC	  	Delaware
	Targa Resources Operating LLC	  	Delaware
	Targa Resources Partners Finance Corporation	  	Delaware
	Targa Sound Terminal LLC	  	Delaware
	Targa Terminals LLC	  	Delaware
	Targa Transport LLC	  	Delaware
	Venice Energy Services Company, L.L.C.	  	Delaware
	Venice Gathering System, L.L.C.	  	Delaware
	Versado Gas Processors, L.L.C.	  	Delaware
	Warren Petroleum Company LLC	  	Delaware

  
 Schedule
2-1 

 SCHEDULE 3 
 Non-Guarantor Subsidiaries 
  

			
	 Name
	  	 Jurisdiction of Organization

	Cedar Bayou Fractionators, L.P.	  	Delaware
	DEVCO Holdings LLC	  	Delaware
	Downstream Energy Ventures Co., L.L.C.	  	Delaware
	Targa Canada Liquids Inc.	  	British Columbia, Canada
	Targa Receivables LLC	  	Delaware
	Targa Resources Partners Finance Corporation	  	Delaware
	Venice Energy Services Company, L.L.C.	  	Delaware
	Venice Gathering System, L.L.C.	  	Delaware
	Versado Gas Processors, L.L.C.	  	Delaware
	Warren Petroleum Company LLC	  	Delaware

  
 Schedule
3-1 

 SCHEDULE 4 
 Guarantors 
  

			
	 Name
	  	 Jurisdiction of Organization

	Sound Pipeline Company, LLC	  	Washington
	Targa Assets LLC	  	Colorado
	Targa Badlands LLC	  	Delaware
	Targa Capital LLC	  	Delaware
	Targa Cogen LLC	  	Delaware
	Targa Downstream LLC	  	Delaware
	Targa Fort Berthold Gathering LLC	  	Colorado
	Targa Gas Marketing LLC	  	Delaware
	Targa Gas Pipeline LLC	  	Delaware
	Targa Gas Processing LLC	  	Delaware
	Targa Intrastate Pipeline LLC	  	Delaware
	Targa Liquids Marketing and Trade LLC	  	Delaware
	Targa Louisiana Intrastate LLC	  	Delaware
	Targa Midstream Services LLC	  	Delaware
	Targa MLP Capital LLC	  	Delaware
	Targa NGL Pipeline Company LLC	  	Delaware
	Targa Resources Operating GP LLC	  	Delaware
	Targa Resources Operating LLC	  	Delaware
	Targa Sound Terminal LLC	  	Delaware
	Targa Terminals LLC	  	Delaware
	Targa Transport LLC	  	Delaware

  
 Schedule
4-1 

 SCHEDULE 5 
 Immaterial Subsidiaries 
  

			
	 Name
	  	 Jurisdiction of Organization

	DEVCO Holdings LLC	  	Delaware
	Downstream Energy Ventures Co., L.L.C.	  	Delaware
	Sound Pipeline Company, LLC	  	Washington
	Targa Assets LLC	  	Colorado
	Targa Canada Liquids Inc.	  	British Columbia, Canada
	Targa Capital LLC	  	Delaware
	Targa Fort Berthold Gathering LLC	  	Colorado
	Targa Gas Marketing LLC	  	Delaware
	Targa Gas Pipeline LLC	  	Delaware
	Targa Gas Processing LLC	  	Delaware
	Targa Intrastate Pipeline LLC	  	Delaware
	Targa Louisiana Intrastate LLC	  	Delaware
	Targa MLP Capital LLC	  	Delaware
	Targa NGL Pipeline LLC	  	Delaware
	Targa Receivables LLC	  	Delaware
	Targa Resources Operating GP LLC	  	Delaware
	Targa Resources Operating LLC	  	Delaware
	Targa Resources Partners Finance Corporation	  	Delaware
	Targa Sound Terminal LLC	  	Delaware
	Targa Terminals LLC	  	Delaware
	Targa Transport LLC	  	Delaware
	Venice Gathering System, L.L.C.	  	Delaware
	Warren Petroleum Company LLC	  	Delaware

  
 Schedule
5-1 

 ANNEX A 
 US$625,000,000 
  
 

 
 TARGA RESOURCES PARTNERS LP 

TARGA RESOURCES PARTNERS FINANCE CORPORATION 
 4.25% Senior Notes due 2023 
 May 9, 2013 

This Pricing Supplement is qualified in its entirety by reference to the Preliminary Offering Memorandum dated May 9, 2013. The
information in this Pricing Supplement supplements the Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum.
Capitalized terms used but not defined in this Pricing Supplement have the respective meanings ascribed to them in the Preliminary Offering Memorandum. 
 The notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and are being offered only to qualified institutional buyers pursuant to
Rule 144A under the Securities Act and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The notes are not transferable except in accordance with the restrictions described under
“Transfer Restrictions” in the Preliminary Offering Memorandum. 
 Terms Applicable to the 4.25% Senior Notes
due 2023 
  

			
	Issuers:	  	 Targa Resources Partners LP

Targa Resources Partners Finance Corporation

		
	Principal Amount:	  	$625,000,000
		
	Net Proceeds:	  	$618,250,000
		
	Title of Securities:	  	4.25% Senior Notes due 2023 (the “Notes”)
		
	Final Maturity Date:	  	November 15, 2023
		
	Issue Price:	  	100%, plus accrued interest, if any, from May 14, 2013
		
	Coupon:	  	4.25%
		
	Yield to Maturity:	  	4.25%
		
	Interest Payment Dates:	  	May 15 and November 15, beginning on November 15, 2013
		
	Record Dates:	  	May 1 and November 1
		
	Optional Redemption:	  	Prior to May 15, 2018, the Issuers may redeem all or a part of the Notes at a redemption price equal to 100% of the principal amount of Notes redeemed, plus the Applicable
Premium as of, and accrued and unpaid interest and Liquidated Damages, if any, to the date of redemption.

  
 Annex A-1

					
		  	In addition, on or after May 15, 2018, the Issuers may redeem all or a part of the Notes at the redemption prices (expressed as percentages of principal amount) set
forth below, plus accrued and unpaid interest and Liquidated Damages, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on May 15 of each year indicated
below:

  

					
	 Year
	  	Price	 
	 2018
	  	 	102.125	% 
	 2019
	  	 	101.417	% 
	 2020
	  	 	100.708	% 
	 2021 and thereafter
	  	 	100.000	% 

  

					
	Optional Redemption After Certain Equity Offerings:	 	Up to 35% at 104.25% prior to May 15, 2016	  	
		
	Initial Purchasers:	 	 Wells Fargo Securities, LLC
 Barclays Capital Inc.
 Deutsche Bank Securities Inc.

J.P. Morgan Securities LLC
 RBC Capital Markets,
LLC
 Merrill Lynch, Pierce, Fenner & Smith Incorporated
 Citigroup Global Markets Inc.
 Goldman, Sachs & Co.

Morgan Stanley & Co. LLC
 RBS Securities
Inc.
 UBS Securities LLC
 ABN AMRO
Securities (USA) LLC
 Comerica Securities, Inc.
 ING Financial Markets LLC
 SMBC Nikko Capital Markets Limited

HSBC Securities (USA) Inc.
 Natixis Securities
Americas LLC

		
	Trade Date:	 	May 9, 2013
		
	Settlement Date:	 	May 14, 2013 (T+3 business days)
		
	Denominations:	 	$2,000 and integral multiples of $1,000 in excess thereof
		
	Distribution:	 	144A and Regulation S with registration rights as set forth in the Preliminary Offering Memorandum
		
	CUSIP and ISIN Numbers:	 	

  

			
	 144A Notes:
	  	Reg S Notes:
	 CUSIP: 87612B AN2
	  	CUSIP: U87571 AG7
	 ISIN: US87612BAN29
	  	ISIN: USU87571AG76

 Other information (including financial information) presented in the Preliminary Offering
Memorandum is deemed to have changed to the extent effected by the changes described herein. 
 This material is
confidential and is for your information only and is not intended to be used by anyone other than you. This information does not purport to be a complete description of these Notes or the offering. Please refer to the Preliminary Offering Memorandum
for a complete description. 

  
 Annex A-2

 Any disclaimers or other notices that may appear below are not applicable to this
communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg email or another communication system. 

  
 Annex A-3

 ANNEX B 

 

	 	1.	Second Amended and Restated Credit Agreement, dated October 3, 2012, among Targa Resources Partners LP, as Borrower, Bank of America, N.A., as Administrative
Agent, Collateral Agent, Swing Line Lender and L/C Issuer, Wells Fargo Bank, National Association and The Royal Bank of Scotland plc, as Co-Syndication Agents, Deutsche Bank Securities Inc. and Barclays Bank PLC as the Co-Documentation Agents and
the other lenders party thereto 

  

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

  

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

  

	 	4.	Indenture dated as of August 13, 2010, among Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the Guarantors named therein and U.S. Bank
National Association, as supplemented 

  

	 	5.	Indenture dated as of February 2, 2011, among Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the Guarantors named therein and U.S. Bank
National Association, as supplemented 

  

	 	6.	Indenture dated as of January 31, 2012, among Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the Guarantors named therein and U.S. Bank
National Association, as supplemented 

  

	 	7.	Indenture dated as of October 25, 2012, among Targa Resources Partners LP, Targa Resources Partners Finance Corporation, the Guarantors named therein and U.S. Bank
National Association, as supplemented 

  
 Annex B-1EX-10.1

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”)
is made and entered into as of May 20, 2013 (the “Effective Date”), by and between PARKER DRILLING COMPANY, a Delaware corporation (the “Company”), and CHRISTOPHER T. WEBER (“Executive”), an
employee of the Company. The Company and Executive may sometimes hereafter be referred to singularly as a “Party” or collectively as the “Parties.” Defined terms shall have the meanings ascribed to them in
Appendix A of the Agreement. 
 W I T N E S S E T
H: 
 WHEREAS, the Company desires to secure the employment services of Executive subject to the terms and conditions hereafter set
forth; and 
 WHEREAS, Executive is willing to enter into the Agreement upon the terms and conditions set forth; 

NOW, THEREFORE, in consideration of Executive’s employment with the Company, and the mutual promises and agreements contained herein, the Parties
hereto agree as follows: 
 1. Employment. During the Employment Period, the Company shall employ Executive, and Executive shall
serve as Senior Vice President and Chief Financial Officer of the Company. Executive’s principal place of employment shall be at the corporate offices of the Company in Houston, Texas. Executive understands and agrees that he may be required to
travel from time to time for purposes of the Company’s business. 
 2. Compensation. Compensation shall be paid or provided
to Executive during the Employment Period as follows: 
 (a) Base Salary. The Company shall pay to Executive a base
salary of $345,000 per year, payable in accordance with the Company’s normal payroll schedule and procedures for its executives. Executive’s Base Salary shall be subject to at least annual review and may be increased (but not decreased
during the Employment Period without Executive’s express written consent or unless any decrease applies to Senior Officers). Nothing contained herein shall preclude the payment of any other compensation to Executive at any time. 

(b) Annual Bonus. Executive shall be eligible to participate in an annual incentive plan. The annual incentive bonus target
shall be not less than 75% of Executive’s Base Salary and shall be subject to review and may be increased (but not decreased during the Employment Period without Executive’s express written consent or unless any decrease applies to Senior
Officers). Any annual incentive bonus shall be paid in a form in accordance with the terms of the applicable bonus plan as in effect from time to time, including any discretionary and performance provisions in such plan, and in no event later than
the end of the year following the year for which the bonus was earned. 

  
 1 

 
For the period May 20, 2013 through December 31, 2013, Executive’s incentive bonus target shall be 75% of base salary actually earned, provided however, that a bonus of not less
than $137,500 shall be paid for such period, which will be paid on or before March 15, 2014. 
 (c) Long-Term
Incentives. Executive shall be eligible to receive grants of long-term incentives, such as stock options, stock appreciation rights, restricted stock, rights to acquire stock or other securities of the Company or cash, all as commensurate
with his position, and to the extent permitted by and in accordance with the terms of the Company’s long-term incentive plan or plans as in effect from time to time. To the extent the board of directors grants long-term incentives to Senior
Officers in 2013, Executive shall be eligible to receive such a grant commensurate with his position. 
 (d) Initial Equity
Award. Executive shall receive an initial award (the “Initial RSU Award”) of restricted stock units (the “Units”) valued at One Million Two Hundred Thousand U.S. Dollars ($1,200,000). Each Unit represents an
unsecured promise of the Company to deliver to Executive one share of the Company’s common stock (a “Share”) pursuant to the terms and conditions of a Restricted Stock Unit Incentive Agreement to be executed between the Company
and Executive. The number of Units awarded shall be determined by dividing $1,200,000 by the closing price of a Share on the New York Stock Exchange on the last trading day preceding the Effective Date. As a holder of Units, Executive has the rights
of a general unsecured creditor of the Company until the Units are converted to Shares upon vesting and transferred to Executive. Executive’s interest in the Units shall vest and the Units converted to Shares in accordance with the vesting
schedule below, provided that Executive is still an employee and has continuously been an employee of the Company from the Effective Date through the relevant vesting date. 

 

					
	 Vesting Date
	  	% Units Vested	 
	 May 19, 2014
	  	 
	33	1/3 

	 May 19, 2015
	  	 
	33	1/3 

	 May 19, 2016
	  	 
	33	1/3 

 3. Duties and Responsibilities of Executive. Executive shall have responsibilities, duties and authorities
reasonably accorded to, expected of, and consistent with Executive’s position as Senior Vice President and Chief Financial Officer. During the Employment Period, Executive shall devote his full business time and attention to the Company’s
business and shall promote its success and shall perform the duties and responsibilities assigned to him by the Reporting Authority from time to time to the best of his ability and with reasonable diligence. This Section 3 shall not be
construed as preventing Executive from (a) serving on advisory committees or boards with the written permission of the Reporting Authority, such permission not to be unreasonably withheld or delayed; (b) engaging in reasonable volunteer
services for charitable, educational or civic organizations; or (c) managing his personal investments in a form or manner that will not require Executive’s services in the operation of the entities in which such

  
 2 

 
investments are made. In any event, no such activity shall conflict with Executive’s loyalties and duties to the Company or his ability to fulfill his duties and responsibilities hereunder.
Executive shall at all times endeavor to in good faith comply with laws applicable to Executive’s actions on behalf of the Company and its Affiliates. 
 4. Term of Employment. Executive’s initial term of employment with the Company under the Agreement shall be for the period from the Effective Date through April 30, 2015 (the
“Initial Term of Employment”). Thereafter, the Initial Term of Employment shall be automatically extended repetitively for an additional one-year period commencing on May 1, 2015, and each anniversary thereof, unless notice is
given by either the Company or Executive to the other Party at least 60 days prior to the end of the Initial Term of Employment, or any one-year extension thereof, as applicable, that the term of employment will not be renewed. The Initial Term of
Employment and any extension of the Initial Term of Employment hereunder shall each be referred to herein as a “Term of Employment.” The Term of Employment shall also be extended upon a Change in Control as provided in
Section 7, but shall not thereafter be extended under this Section 4. The Term of Employment shall automatically end in the event of the death or Disability of Executive. The Company and Executive shall each have the right to
give Notice of Termination (pursuant to Section 8) at will, with or without cause, at any time, subject however to the terms and conditions of the Agreement regarding the rights and duties of the Parties upon termination of employment.
The period from the Effective Date through the earlier of the date of Executive’s termination of employment for whatever reason or the end of the Term of Employment shall be referred to herein as the “Employment Period.”

 5. Benefits. Subject to the terms and conditions of the Agreement, Executive shall be entitled to the following: 

(a) Ongoing Benefits. During the Employment Period, Executive shall be entitled to the following: 

(1) Reimbursement of Expenses. The Company shall pay or reimburse Executive for all reasonable travel, entertainment and
other expenses paid or incurred by Executive in the performance of his duties hereunder. The Company shall also provide Executive with suitable office space, including staff support. 

(2) Other Employee Benefits. Executive shall be eligible to participate in any pension, retirement, 401(k), and
profit-sharing, non-qualified deferred compensation and other group retirement plans or programs of the Company, to the same extent as available to Senior Officers under the terms of such plans or programs. Executive shall also be entitled to
participate in any medical, dental, life, accident, disability and other group insurance plans or programs of the Company, to the same extent as available to Senior Officers under the terms of such plans or programs. 

(3) Paid Time Off. Executive shall be entitled to the number of hours of paid time off each year that is accorded under the
Company’s paid time policy for other employees of the Company of the same level, but not less than 200 hours of paid time off annually. 

  
 3 

 (b) Payments Upon Termination. Upon termination of employment during the Term
of Employment and without requirement of execution of a Waiver and Release, Executive shall be entitled to the following minimum payments, in addition to any other payments or benefits he is entitled to receive under the terms of the Agreement and
any employee benefit plan or program; 
 (1) his unpaid Base Salary which has accrued through his Termination Date; 

(2) his unpaid vacation pay for that year which has accrued through his Termination Date; and 

(3) reimbursement of incurred business expenses in accordance with the Company’s normal procedures. 

Any such salary and accrued vacation pay shall be paid to Executive in a cash lump sum within five business days following the Termination Date.

 6. Severance Benefits Upon Certain Terminations Prior to a Change in Control. Except in the event of termination of
Executive’s employment (i) due to Executive’s death or Disability, (ii) due to Executive’s voluntary resignation or termination, in either case without Good Reason, (iii) by the Company for Cause, or (iv) after a
Change in Control under the circumstances and within the time limits provided in Section 7, and subject to the Waiver and Release requirement described in Section 6(d) and the forfeiture provision in Section 16,
Executive’s right to compensation and benefits for periods after the Termination Date shall be determined in accordance with this Section 6, as follows: 
 (a) Cash Payments. In the event that during the Term of Employment, (i) Executive’s employment is terminated by the Company for any reason other than Cause, or
(ii) Executive terminates his own employment hereunder for Good Reason, then in either such event under clause (i) or (ii), the following cash payments shall be provided to Executive or, in the event of his death before receiving such
benefits, to his Designated Beneficiary following his death: 
 (1) the Company shall pay to Executive as additional compensation
(the “Additional Payment”), an amount which is equal to “Total Cash” (defined below) multiplied by 1.5 (the “Severance Multiplier”). “Total Cash” means the greater of (x) or (y), where (x) equals the
greater of Executive’s Base Salary as in effect on the date Notice of Termination is given or on the date immediately prior to his Termination Date plus Executive’s current annual incentive target bonus; and (y) equals the sum of
Executive’s highest Base Salary paid and highest annual incentive bonus earned with respect to any of the three calendar years immediately preceding the year containing the Termination Date. For clauses (x) and (y) of this definition:
(a) the calculation of the annual bonus of Executive shall include a calendar year during which Executive was 

  
 4 

 
employed by the Company and a participant in a bonus or incentive cash compensation plan even if Executive did not earn any bonus or incentive cash compensation for that calendar year and
(b) the “target bonus” for Executive for the calendar year of the Company in which the Termination Date occurs shall be the amount identified in Section 2(b) as the “target”, subject to adjustment as provided in
Section 2(b); the Additional Payment shall be paid to Executive in a cash lump sum payment on the 60th day following the Termination Date, but only if the Waiver and Release has been timely executed and returned and the revocation period
has expired; 
 (2) a portion of his annual incentive bonus equal to the annual incentive bonus as provided in
Section 2(b) based on actual performance, multiplied by a fraction, the numerator of which equals the number of days from the commencement of the year in which such termination occurs through the Termination Date, and the denominator of
which equals 365 (or 226 in the event that the Termination Date is prior to January 1, 2014); any such annual incentive bonus shall be paid in a cash lump sum on the normal bonus payment date for Senior Officers whose employment has continued,
and in no event later than the end of the year following the year in which the Termination Date occurs, but only if the Waiver and Release has been timely executed and returned and the revocation period has expired; 

(3) if his Termination Date occurs after the end of the Company’s fiscal year and prior to the payment of his annual incentive bonus
for such year, the same annual incentive bonus to which he would have been entitled had his employment continued through the normal bonus payment date, if any; such annual incentive bonus shall be paid in a cash lump sum on the normal bonus payment
date for Senior Officers whose employment has continued, and in no event later than the end of the year in which the Termination Date occurs, but only if the Waiver and Release has been timely executed and returned and the revocation period has
expired; and 
 (4) his Base Salary for the period commencing on the day after his Termination Date and ending on the last day of
the month in which the Termination Date occurs; any such amount shall be paid to Executive in a cash lump sum payment on the 60th day following the Termination Date, but only if the Waiver and Release has been timely executed and returned and the
revocation period has expired. 
 (b) Health and Dental Coverage. 

(1) The Company shall provide to Executive and his covered dependents, if any, coverage as in effect for Executive on the date immediately
prior to the Termination Date under the Company’s group health plan and group dental plan for a period of 24 months following the Termination Date; provided, however, Executive and his covered dependents, if any, shall not be required to pay
any portion of the premium cost to retain such coverages except that the cost of such coverages will be imputed as income and reported as wages to Executive in the event that Company maintains a self-funded group health plan and/or group dental plan
and such Company-provided coverage would otherwise be discriminatory within the meaning of Code Section 105(h). In all other respects Executive shall be treated the same as other participants under the terms of such plans. 

  
 5 

 (2) Thereafter, Executive and his covered dependents, if any, shall be entitled to elect
continuation coverage under such plans pursuant to COBRA and the Company’s procedures for COBRA administration (“COBRA Coverage”). In the event that COBRA coverage is elected, (i) the COBRA time period shall not be reduced
by the post-termination continuation coverage provided pursuant to Section 6(b)(1) and (ii) Executive (and his covered dependents, if any) must pay the full COBRA premium rates as effective during the COBRA Coverage period. (In the
event Executive does not satisfy the Waiver and Release requirement, he and his covered dependents, if any, shall be entitled to only COBRA Coverage after his Termination Date.) 

(3) In the event of any change to the group health plan or group dental plan following the Termination Date, Executive shall be treated
consistently with Senior Officers of the Company (or its successor) with respect to the terms and conditions of coverage and other substantive provisions of the plan; provided, however, no participant contributions shall be required from Executive
(and his covered dependents, if any) unless COBRA Coverage is in effect. Notwithstanding the foregoing provisions of this Section 6(b)(3), the coverage of Executive (and his dependents, if any) under such health and/or dental plans
maintained by the Company shall terminate in the event that Executive becomes employed by another for-profit employer which maintains a group health plan or plans for its employees providing group health coverage or group dental coverage, as
applicable; provided, however, any COBRA Coverage shall not be terminated unless and until permitted under COBRA. For purposes of the preceding sentence, (i) the coverage of Executive (and his dependents, if any) under the health and/or dental
plans maintained by the Company shall not terminate during the 24-month period until Executive becomes eligible to participate in such group health and group dental coverage of another for-profit employer and (ii) personal coverage obtained by
Executive other than through employment or coverage available by reason of Executive’s performance of services as an independent contractor shall not be considered. 
 (4) The Company-provided coverage and the COBRA Coverage above shall be provided in a manner that is intended to either comply with Code Section 409A or satisfy an exception to Code
Section 409A, and therefore not be treated as an arrangement providing for nonqualified deferred compensation that is subject to taxation under Code Section 409A, as determined by the Company in its discretion, including (1) providing
such benefits on a nontaxable basis to Executive, (2) providing for the reimbursement of covered expenses incurred during the time period during which Executive would be entitled to continuation coverage under a group health plan of the Company
in accordance with Code Section 4980B (i.e., COBRA Coverage), (3) providing that such benefits constitute the reimbursement or provision of in-kind benefits payable at a specified time or pursuant to a fixed schedule as permitted
under Code Section 409A and the authoritative guidance thereunder, and/or (4) such other manner as determined by the Company in compliance with Code Section 409A. 

  
 6 

 (c) No Benefits. In the event that (i) Executive voluntarily resigns or
otherwise voluntarily terminates his own employment at any time, in either case without Good Reason, (ii) his employment is terminated by the Company for Cause, or (iii) his employment is terminated due to his death or Disability, then the
Company shall have no obligation to provide any severance benefits under Section 6(a) or Section 6(b)(1). In any such event, Executive and his covered dependents, if any, shall be entitled to only COBRA Coverage after his
Termination Date. 
 (d) Waiver and Release. Notwithstanding any provision of the Agreement to the contrary, in
order to receive the severance benefits payable under any of Section 6(a) Section 6(b)(1), or Section 7, as applicable, Executive must first execute an appropriate waiver and release agreement (substantially in
the form attached hereto as Appendix B) (the “Waiver and Release”) whereby Executive agrees to release and waive, in return for such severance benefits, any claims that he may have against the Company including, without limitation for
unlawful discrimination (including, without limitation, any claims for discrimination under any federal or state statute or regulation); provided, however, such Waiver and Release shall not release any claim or cause of action by or on behalf of
Executive for any payment or vested benefit that is due under either the Agreement or any employee benefit plan or program of the Company until fully paid prior to the receipt thereof. Executive shall have 21 days after receipt of the Waiver and
Release to consider and timely execute and return it to the Company. After return, Executive shall have an additional seven days in which he can revoke the Waiver and Release; thereafter, the Waiver and Release shall be irrevocable. The Company
shall provide the Waiver and Release to Executive no later than five days after his Termination Date. If the Waiver and Release is not timely executed and returned, or it is revoked within the seven-day revocation period, no benefits shall be paid
under any of Section 6(a), Section 6(b)(1), Section 7, or Section 42. 
 (e)
No Duplication. The severance payments provided under the Agreement shall supersede and replace any severance payments under any severance pay plan that the Company or any Affiliate maintains for employees generally. Notwithstanding
the preceding sentence, in the event that a severance payment under the Agreement would constitute a change in the form or timing of payment under Code Section 409A of any severance benefit otherwise payable to Executive under any other plan or
other arrangement, then the portion of the severance payment payable under the Agreement that is equal to the amount payable under such other severance arrangement shall be paid in the form, and at the time, applicable under such other severance
arrangement and, in such event, any excess severance payment as determined under the Agreement shall be paid in the time and form as specified in the Agreement. 
 7. Severance Benefits Upon Certain Terminations Following a Change in Control. Except in the event of termination of Executive’s employment (i) due to Executive’s death or
Disability, (ii) due to Executive’s voluntary resignation or termination, in either case without Good Reason, (iii) by the Company for Cause, or (iv) prior to a Change in Control under the circumstances and within the time limits
provided in Section 6, and subject to the Waiver and Release requirement described in Section 6(d) and the forfeiture provision in Section 16, Executive’s right to compensation and benefits for periods after
the Termination Date and after a Change in Control shall be determined in accordance with this Section 7, as follows: 

  
 7 

 (a) The provisions of this Section 7 shall not apply unless (a) there shall
have been a Change in Control during the Term of Employment, and (b) Executive’s employment with the Company shall have been terminated for any reason other than Cause by the Company within two years after the date of such Change in
Control, or Executive shall have terminated his employment from the Company for Good Reason within two years after the date of such Change in Control. Upon the occurrence of a Change in Control, the Term of Employment shall automatically be extended
so that it expires on the second anniversary of the Change in Control. 
 (b) If the Company terminates Executive’s
employment with the Company for any reason other than Cause, or if Executive terminates his employment with the Company for Good Reason prior to the second anniversary of a Change in Control, then Executive’s severance benefits shall be
determined in accordance with the provisions of Section 6, after taking into account the modifications in this Section 7, as follows: 
 (1) the Severance Multiplier for purposes of determining the amount of the Additional Payment under Section 6(a)(1) shall be three (3); such Additional Payment shall be paid to Executive in a
lump sum cash payment on the 60th day following the Termination Date, but only if the Waiver and Release has been timely executed and returned and the revocation period has expired; 

(2) a portion of his annual incentive bonus equal to the annual incentive bonus as provided in Section 2(b) based on actual
performance, multiplied by a fraction, the numerator of which equals the number of days from the commencement of the year in which such termination occurs through the Termination Date, and the denominator of which equals 365 (or 226 in the event
that the Termination Date is prior to January 1, 2014); any such annual incentive bonus shall be paid in a cash lump sum on the normal bonus payment date for Senior Officers whose employment has continued, and in no event later than the end of
the year following the year in which the Termination Date occurs, but only if the Waiver and Release has been timely executed and returned and the revocation period has expired; 

(3) if his Termination Date occurs after the end of the Company’s fiscal year and prior to the payment of his annual incentive bonus
for such year, the same annual incentive bonus to which he would have been entitled had his employment continued through the normal bonus payment date, if any; such annual incentive bonus shall be paid in a cash lump sum on the normal bonus payment
date for Senior Officers whose employment has continued, and in no event later than the end of the year in which the Termination Date occurs, but only if the Waiver and Release has been timely executed and returned and the revocation period has
expired; 
 (4) his Base Salary for the period commencing on the day after his Termination Date and ending on the last day of the
month in which the Termination Date occurs; any such amount shall be paid to Executive in a lump sum cash payment on the 60th day following the Termination Date, but only if the Waiver and Release has been timely executed and returned and the
revocation period has expired; 

  
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 (5) group health and dental benefits under Section 6(b)(1) shall be provided for
36 months from the Termination Date, provided Executive complies with the otherwise applicable requirements of Section 6 (such benefits described in this Section 7(b)(5) herein referred to as “Continuation
Coverage”); 
 (6) the Continuation Coverage shall be provided in a manner that is intended to either comply with Code
Section 409A or satisfy an exception to Code Section 409A, and therefore not treated as an arrangement providing for nonqualified deferred compensation that is subject to taxation under Code Section 409A, as determined by the Company
in its discretion, including (1) providing such benefits on a nontaxable basis to Executive, (2) in the case of group health and dental benefits, providing for the reimbursement of covered expenses incurred during the time period during
which Executive would be entitled to continuation coverage under a group health plan of the Company in accordance with Code Section 4980B (i.e., COBRA coverage), (3) providing that such benefits constitute the reimbursement or
provision of in-kind benefits payable at a specified time or pursuant to a fixed schedule as permitted under Code Section 409A and the authoritative guidance thereunder, and/or (4) such other manner as determined by the Company in
compliance with Code Section 409A; 
 (7) In determining whether Executive has Good Reason to terminate his employment with
the Company following a Change in Control, there shall also be treated as events of Good Reason: 
 (A) the events described in
clause D of the definition of Good Reason without regard to whether such changes apply to Senior Officers on the same basis; 

(B) the taking of any action by the Company which would adversely affect Executive’s participation in or materially reduce his
benefits under or deprive Executive of any material fringe benefit enjoyed by him at the time of a Change in Control, or the failure by the Company to provide Executive with the number of hours of paid time off to which he was entitled in accordance
with the Company policies in effect at the time of a Change in Control; 
 (C) any loss of significant authority, power or
control over that exercised by Executive immediately prior to the Change in Control (including a change in superior to whom Executive reports); 
 (D) if the Company becomes a division, a wholly or majority-owned subsidiary or other similar captive entity of another person or entity or combination thereof (i.e. of a “parent”); and
if Executive is not placed in the identical or equivalent position within the parent person or entity, then such occurrence will be deemed to be an assignment of duties materially inconsistent with Executive’s position as described above
thereby constituting Good Reason; and 

  
 9 

 (E) any failure by the Company to continue in effect any plan or arrangement to receive
securities of the Company (including any plan or arrangement to receive and exercise stock options, stock appreciation rights, restricted stock or grants thereof or to acquire stock or other securities of the Company) in which Executive is
participating at the time of a Change in Control (unless substitute plans or arrangements are implemented and continued providing Executive with substantially similar benefits with respect to the Company’s successor after a Change in Control)
(hereinafter referred to as “Securities Plans”) or the taking of any action by the Company which would adversely affect Executive’s participation in or materially reduce his benefits under any such Securities Plan. 

(c) Expenses. The Company shall pay to Executive all reasonable legal fees and expenses incurred by him as a result of the
termination of his employment after a Change in Control other than by the Company for Cause or by reason of death incurred in contesting or disputing any such termination or in seeking to obtain or enforce any right or benefit provided by
Section 7 of the Agreement, provided Executive establishes that his termination was covered by the provisions of this Section 7. Such reimbursements or payments shall be made upon Executive’s substantiation of such legal
expenses; provided, however, that in no event shall reimbursement be made later than the end of the year following the year in which Executive incurs the expenses. 
 (d) No Benefits. In the event that (i) Executive voluntarily resigns or otherwise voluntarily terminates his own employment at any time, in either case without Good Reason,
(ii) his employment is terminated by the Company for Cause or (iii) his employment is terminated due to his death or Disability, then the Company shall have no obligation to provide any severance benefits under Section 7. In
any such event, Executive and his covered dependents, if any, shall be entitled to only COBRA Coverage after his Termination Date. 
 (e) Legal Fees and Dispute Resolution. In the event that following a Change in Control the employment of Executive is terminated for Cause for a reason set out in Section 39, the
Company will advance reasonable legal fees to Executive in the event Executive contests such termination for Cause. Notwithstanding the provisions of Section 28 otherwise requiring arbitration, Executive may at his election contest whether
Cause exists by means of litigation but only in courts within Houston, Harris County, Texas. No legal fees are to be advanced to cover the costs of Executive’s presentation of the matter to the Board as described in Section 39. Executive
shall prepare a written estimate of legal fees expected to be incurred in the following 90 days and submit same to the Company; such estimated amount shall be paid by the Company to Executive within 10 days of receipt of the written estimate. At the
end of the 90 days, and each 90 days thereafter, Executive shall prepare and submit a subsequent written estimate and copies of paid invoices for legal services rendered during such 90-day period; such subsequent estimate shall include an offset in
the event estimated fees for the preceding 90-day period exceeded actual fees incurred. The Company agrees to pay such subsequent estimates within 10 days of receipt of same. Within 10 days of resolution of the matter, Executive will submit an
appropriate accounting of actual and estimated expenses and refund to the Company any amount by which the estimated fees exceeded the actual fees incurred. Unless the Executive substantially prevails in the matter, Executive will reimburse the
Company for all amounts advanced hereunder within 10 days of resolution of the matter. 

  
 10 

 (f) Potential Reduction in Payments. Notwithstanding any other provision of
the Agreement to the contrary, if any Payment would be subject to the Excise Tax, then the Payment shall be either 
 (1)
delivered in full pursuant to the terms of this Agreement or 
 (2) reduced in accordance with this Section 7(f) to the
extent necessary to avoid the Excise Tax, 
 based on which of (1) or (2) would result in the greater Net After-Tax Receipt to
Executive. 
 For purposes of this Section 7(f): 
 “Payment” means any payment, distribution, or other benefit to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise that constitutes a “parachute payment” within the meaning of Section 280G of the Code; 
 “Excise
Tax” means the excise imposed by Section 4999 of the Code or any similar or successor provision thereto; and 

“Net After-Tax Receipt” means the present value (as determined in accordance with Section 280G of the Code) of the payments
net of all applicable federal, state and local income, employment, and other applicable taxes and the Excise Tax. 
 If Payments are reduced,
the reduction shall be accomplished first by reducing cash Payments under this Agreement, in the order in which such cash Payments otherwise would be paid and then by forfeiting any equity-based awards that vest as a result of the Change in Control,
starting with the most recently granted equity-based awards, to the extent necessary to accomplish such reduction. 
 All determinations under
this Section 7(f) shall be made by the Company’s independent accountants or compensation consultants (the “Third Party”) and all such determinations shall be conclusive, final and binding on the parties hereto. The Company and
Executive shall furnish to the Third Party such information and documents as the Third Party may reasonably request in order to make a determination under this Section 7(f). The Company shall bear all reasonable fees and costs of the Third
Party with respect to determinations under or contemplated by this Section 7(f). 
 8. Notice of Termination. Any termination
by the Company or Executive of his employment from the Company shall be communicated by Notice of Termination to the other Party hereto. For purposes of the Agreement, the term “Notice of Termination” means a written notice which
indicates the specific termination provision of the Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated.

  
 11 

 9. Mitigation. Executive shall not be required to mitigate the amount of any payment provided
for under the Agreement by seeking other employment or in any other manner. 
 10. Confidential Information. 

(a) Access to Confidential Information and Specialized Training. In connection with his employment and continuing on an
ongoing basis during employment, the Company agrees to give Executive access to Confidential Information (as defined below) (including, without limitation, Confidential Information of the Company’s Affiliates and subsidiaries), which Executive
did not have access to or knowledge of before Executive’s employment with the Company. Executive acknowledges and agrees that, as between the Parties, all Confidential Information is and shall remain the exclusive property of the Company and
that all Confidential Information is confidential and a valuable, special and unique asset of the Company that gives the Company an advantage over its actual and potential, current and future competitors. Executive further acknowledges and agrees
that Executive shall preserve and protect all Confidential Information from unauthorized disclosure or unauthorized use, that certain Confidential Information may constitute “trade secrets” under applicable laws, and that unauthorized
disclosure or unauthorized use of the Company’s Confidential Information would irreparably injure the Company. 
 The
Company agrees to provide Executive with initial and ongoing Specialized Training, which Executive does not have access to or knowledge of before the execution of the Agreement, and the Company agrees to continue providing such Specialized Training
on an ongoing basis during employment. “Specialized Training” includes the training the Company provides to Executive that is unique to its business and enhances Executive’s ability to perform his job duties effectively, which
includes, without limitation, orientation training; sales methods/techniques training; operation methods training; and computer and systems training. 
 (b) Agreement Not to Use or Disclose Confidential Information. Both during the term of Executive’s employment and after the termination of Executive’s employment for any reason
(including wrongful termination), Executive shall hold all Confidential Information in strict confidence, and shall not use any Confidential Information except for the benefit of the Company, in accordance with the duties assigned to Executive.
Executive shall not, at any time (either during or after the term of Executive’s employment), disclose any Confidential Information to any person or entity (except other employees of the Company who have a need to know the information in
connection with the performance of their employment duties), without the prior written consent of the Board, or permit any other person in the Executive’s immediate family (which shall mean the spouse and children of the Executive) to do so;
provided, however, Executive may make such disclosures to third parties where the disclosure is made during 

  
 12 

 
the Employment Period to third parties who have executed confidentiality agreements acceptable to the Company. Executive shall take reasonable precautions to protect the physical security of all
documents and other material containing Confidential Information (regardless of the medium on which the Confidential Information is stored). The Agreement applies to all Confidential Information, whether now known or later to become known to
Executive. 
 (c) Agreement to Refrain from Derogatory Statements. Executive shall refrain, both during the
employment relationship and after the employment relationship terminates, from publishing any oral or written statements about the Company or any of its Affiliates’ directors, officers, employees, agents, investors or representatives that are
untruthful and harmful to the business interest or reputation of the Company or any of its Affiliates; or that disclose private or confidential information about the Company or any of its Affiliates’ business affairs, directors, officers,
employees, agents, investors or representatives; or that constitute an intrusion into the seclusion or private lives of the Company’s or any of its Affiliates’ directors, officers, employees, agents, investors or representatives; or that
give rise to negative publicity about the private lives of such directors, officers, employees, agents, investors or representatives; or that place such directors, officers, employees, agents, investors or representatives in a false light before the
public; or that constitute a misappropriation of the name or likeness of such directors, officers, employees, agents, investors or representatives. A violation or threatened violation of this prohibition may be enjoined. This Section does not apply
to communications with regulatory authorities or other communications protected or required by law. 
 (d) Definition of
Confidential Information. As used in the Agreement, the term “Confidential Information” shall mean any information or material known to or used by or for the Company or an Affiliate (whether or not owned or developed by the
Company or an Affiliate and whether or not developed by Executive) that is not generally known to any person not employed by or acting as a director or consultant to the Company or its Affiliates. Confidential Information includes, but is not
limited to, the following: all trade secrets of the Company or an Affiliate; all non-public information that the Company or an Affiliate has marked as confidential or has otherwise described to Executive (either in writing or orally) as
confidential; all non-public information concerning the Company’s or Affiliate’s products, services, prospective products or services, research, product designs, prices, discounts, costs, marketing plans, marketing techniques, market
studies, test data, customers, customer lists and records, suppliers and contracts; all business records and plans; all personnel files; all financial information of or concerning the Company or an Affiliate; all information relating to the
Company’s operating system software, application software, software and system methodology, hardware platforms, technical information, inventions, computer programs and listings, source codes, object codes, copyrights and other intellectual
property; all technical specifications; any proprietary information belonging to the Company or an Affiliate; all computer hardware or software manuals of the Company or an Affiliate; all Company or Affiliate training or instruction manuals; and all
Company or Affiliate data and all computer system passwords and user codes. 

  
 13 

 11. Duty to Return Company Documents and Property. Upon the termination of Executive’s
employment with the Company, for any reason whatsoever, Executive shall immediately return and deliver to the Company any and all papers, books, records, documents, memoranda and manuals, e-mail, electronic or magnetic recordings or data, including
all copies thereof, belonging to the Company, relating to its business or containing Confidential Information, in Executive’s possession, whether prepared by Executive or others. If at any time after the Employment Period, Executive determines
that he has any Confidential Information in his possession or control, Executive shall immediately return to the Company all such Confidential Information in his possession or control, including all copies and portions thereof. 

12. Employee Developments. 
 (a) Assignment of Employee Developments. Executive hereby assigns to the Company, without additional compensation, all right, title and interest Executive has in and to any Employee
Developments. If copyright protection is available for any Employee Development, such Employee Development will be considered a “work for hire” as that term is defined under copyright law and will be the exclusive property of the Company.

 (b) Executive Duties. During and after Executive’s employment with the Company, Executive shall, without
additional compensation: (i) promptly disclose to the Company any Employee Development, specifically identifying any inventions, improvements or other portions of the Employee Development that are potential patentable or susceptible to
protection as a trade secret; (ii) execute and deliver any and all applications, assignments, documents, and other instruments that the Company shall deem necessary to protect the right, title and interest of the Company or its designee in or
to any Employee Development; (iii) reasonably cooperate and assist in providing information for making and completing regulatory and other filings in connection with any Employee Development; (iv) reasonably cooperate and assist in
providing information for or participating in any action, threatened action, or considered action relating to any Employee Development; and (v) take any and all other actions as the Company may otherwise require with respect to any Employee
Development. 
 (c) Third Party Obligations. Executive acknowledges that the Company from time to time may have
agreements with other persons or entities which impose obligations or restrictions on the Company regarding development-related work made during the course of work thereunder or regarding the confidential nature of such work. Executive agrees to be
bound by all such obligations and restrictions and to take all action necessary to discharge the obligations of the Company. 

(d) Definition of Employee Developments. As used in this Agreement, the term “Employee Developments” shall
mean all inventions, ideas, and discoveries (whether patentable or not), designs, products, processes, procedures, methods, developments, formulae, techniques, analyses, drawings, notes, documents, information, materials, and improvements,
including, but not limited to, computer programs and related documentation, and all intellectual property rights therein, made, conceived, 

  
 14 

 
developed, or prepared, in whole or in part, by Executive during the course of employment with the Company, alone or with others, whether or not during work hours or on Company’s premises,
which are (i) within the scope of business operations of Company, or a reasonable or contemplated expansion thereof, (ii) related to any Company or Affiliate work or project, present, past or contemplated, (iii) created with the aid
of Company’s materials, equipment, facilities or personnel, or (iv) based upon information to which Executive has access as a result of or in connection with his employment with Company. Executive recognizes that all ideas, inventions, and
discoveries of the type described in this Section 12(d), conceived or made by Executive alone or with others within one year after termination of employment (voluntary or otherwise), are likely to have been conceived in significant part
either while employed by the Company or as a direct result of knowledge Executive had of proprietary information or Confidential Information. Accordingly, Executive agrees that such ideas, inventions or discoveries shall be presumed to have been
conceived during his employment with the Company, unless and until the contrary is clearly established by Executive, and shall be treated as Employee Developments hereunder. 
 13. Non-Solicitation Restriction. To protect the Confidential Information, and in the event of Executive’s termination of employment for any reason whatsoever, whether by Executive or
the Company, it is necessary to enter into the following restrictive covenants, which are ancillary to the enforceable promises between the Company and Executive in Sections 10 through 12 of the Agreement. Executive hereby covenants and
agrees that he will not, directly or indirectly, either individually or as a principal, partner, agent, consultant, contractor, employee, or as a director or officer of any corporation or association, or in any other manner or capacity whatsoever,
except on behalf of the Company or an Affiliate, solicit business, or attempt to solicit business, in products or services competitive with any products or services sold (or offered for sale) by the Company or any Affiliate, from the Company’s
or Affiliate’s customers or prospective customer, or those individuals or entities with whom the Company or Affiliate did business during the Employment Period, including, without limitation, the Company’s or Affiliate’s prospective
or potential customers. Subject to Section 17, the prohibition set forth in this Section 13 shall remain in effect for a period of one year from the Termination Date for whatever reason. 

14. Non-Competition Restriction. Executive hereby covenants and agrees that during his employment with the Company or any
of its Affiliates, and for a period of one year following the Termination Date, Executive will not, without the prior written consent of the Board, participate in any capacity in which Executive would perform any duties similar to those performed
while at the Company or an Affiliate, directly or indirectly (whether as proprietor, stockholder, director, partner, employee, agent, independent contractor, consultant, trustee, beneficiary, or in any other capacity), with any Competitor; provided,
however, Executive shall not be deemed to be participating with a Competitor solely by virtue of his ownership of not more than one percent (1%) of any class of stock or other securities which are publicly traded on a national securities
exchange or in a recognized over-the-counter market. For purposes of this Agreement, “Competitor” means an individual, partnership, firm, corporation or other business organization or entity that materially competes with a significant
business owned or operated by the Company or one of its Affiliates. 

  
 15 

 15. Non-Recruitment Restriction. Executive agrees that during his employment with the Company
or any of its Affiliates, and for a period of one year from the Termination Date for whatever reason, Executive will not, either directly or indirectly, or by acting in concert with others, solicit or influence any employee of the Company or any
Affiliate to terminate or reduce his or her employment with the Company or any Affiliate. In the event any such employee shall take such action after communicating with Executive at a time when Executive is no longer employed by the Company, a
presumption of recruitment shall apply unless Executive conclusively demonstrates to the contrary. 
 16. Forfeiture of Severance
Payment. A “Forfeiture Event” for purposes of the Agreement will occur if (a) Executive violates any of the covenants or restrictions contained in Sections 13 through 15, or (b) the Company learns of
facts within two years following Executive’s Termination Date that, if had been known by the Reporting Authority as of the Termination Date, would have resulted in the termination of Executive’s employment hereunder for Cause. In the event
of a Forfeiture Event, within 30 days of being notified by the Company in writing of the Forfeiture Event, Executive shall pay to the Company the full the amount of the severance payment received by Executive pursuant to Section 6(a)(1),
or such lesser amount as shall be determined to be the maximum reasonable and enforceable amount by a court or arbitrator. The provisions of this Section 16 are in addition to any forfeiture provisions of other Company plans, programs or
agreements applicable to the Executive. Executive specifically recognizes and affirms that this Section 16 is a material part of the Agreement without which the Company would not have entered into the Agreement. Executive further
covenants and agrees that should all or any part or application of this Section 16 be held or found invalid or unenforceable for any reason whatsoever by a court of competent jurisdiction or arbitrator in an action between Executive and
the Company, then Executive shall promptly pay to the Company the amount of the severance payment received by Executive pursuant to Section 6(a)(1), or such lesser amount as shall be determined to be the maximum reasonable and
enforceable amount by a court or arbitrator, as applicable. 
 17. Tolling. If Executive violates any of the restrictions
contained in Sections 10 through 16, the restrictive period will be suspended and will not run in favor of Executive from the time of the commencement of any violation until the time when Executive cures the violation to the
Company’s reasonable satisfaction. 
 18. Reformation. If a court or arbitrator concludes that any time period or the
geographic area specified in any restrictive covenant in Sections 10 through 16 is unenforceable, then the time period will be reduced by the number of months, or the geographic area will be reduced by the elimination of the overbroad
portion, or both, so that the restrictions shall be enforced in the geographic area and for the time to the full extent permitted by law. 

  
 16 

 19. Conflicts of Interest. In keeping with his fiduciary duties to the Company, Executive
hereby agrees that he shall not become involved in a conflict of interest, or upon discovery thereof, allow such a conflict to continue at any time during the Employment Period. Moreover, Executive agrees that he shall immediately disclose to the
Reporting Authority any known facts which might involve a conflict of interest of which the Reporting Authority is not aware. 
 Executive and
the Company recognize and acknowledge that it is not possible to provide an exhaustive list of actions or interests which may constitute a “conflict of interest.” Moreover, the Company and Executive recognize there are many borderline
situations. In some instances, full disclosure of facts by Executive to the Reporting Authority may be all that is necessary to enable the Company to protect its interests. In others, if no improper motivation appears to exist and the Company’s
interests have not demonstrably suffered, prompt elimination of the outside interest may suffice. In egregious and material instances it may be necessary for the Company to terminate Executive’s employment for Cause; provided, however,
Executive cannot be terminated for Cause hereunder unless the Company first provides Executive with notice and a reasonable opportunity to cure such conflict of interest pursuant to the same procedures as set forth in clause (E) of the
definition of Cause. 
 Executive hereby agrees that any interest in, connection with, or benefit from any outside activities, particularly
commercial activities, which interest could adversely affect the Company or any Affiliate, involves a possible conflict of interest. Circumstances in which a conflict of interest on the part of Executive would or might arise, and which should be
reported to the Reporting Authority, include, but are not limited to, any of the following: 
 (a) Ownership of more than a de
minimis interest in any lender, supplier, contractor, customer or other entity with which Company or any Affiliate does business; 
 (b) Intentional misuse of information, property or facilities to which Executive has access in a manner which is demonstrably and materially injurious to the interests of the Company or any Affiliate,
including its business, reputation or goodwill; or 
 (c) Materially trading in products or services connected with products or
services designed or marketed by or for the Company or any Affiliate. 
 20. Remedies. Executive acknowledges that the
restrictions contained in Sections 10 through 19, in view of the nature of the Company’s business, are reasonable and necessary to protect the Company’s legitimate business interests, and that any violation of the Agreement
would result in irreparable injury to the Company. In the event of a breach or a threatened breach by Executive of any provision of Sections 10 through 19, the Company shall be entitled to a temporary restraining order and injunctive
relief restraining Executive from the commission of any breach, and to recover the Company’s attorneys’ fees, costs and expenses related to the breach or threatened breach. Nothing contained in the Agreement shall be construed as
prohibiting the Company from 

  
 17 

 
pursuing any other remedies available to it for any such breach or threatened breach, including, without limitation, the recovery of money damages, attorneys’ fees, and costs. These
covenants and disclosures shall each be construed as independent of any other provisions in the Agreement, and the existence of any claim or cause of action by Executive against the Company, whether predicated on the Agreement or otherwise, shall
not constitute a defense to the enforcement by the Company of such covenants and agreements. 
 21. Withholdings: Right of Offset.
The Company may withhold and deduct from any benefits and payments made or to be made pursuant to the Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling,
(b) all other normal employee deductions made with respect to the Company’s employees generally, and (c) any advances made to Executive and owed to the Company. 
 22. Nonalienation. The right to receive payments under the Agreement shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge or encumbrance by
Executive, his dependents or beneficiaries, or to any other person who is or may become entitled to receive such payments hereunder. The right to receive payments hereunder shall not be subject to or liable for the debts, contracts, liabilities,
engagements or torts of any person who is or may become entitled to receive such payments, nor may the same be subject to attachment or seizure by any creditor of such person under any circumstances, and any such attempted attachment or seizure
shall be void and of no force and effect. 
 23. Incompetent or Minor Payees. Should the Reporting Authority determine, in its
discretion, that any person to whom any payment is payable under the Agreement has been determined to be legally incompetent or is a minor, any payment due hereunder, notwithstanding any other provision of the Agreement to the contrary, may be made
in any one or more of the following ways: (a) directly to such minor or person; (b) to the legal guardian or other duly appointed personal representative of the person or estate of such minor or person; or (c) to such adult or adults
as have, in the good faith knowledge of the Reporting Authority, assumed custody and support of such minor or person; and any payment so made shall constitute full and complete discharge of any liability under the Agreement in respect to the amount
paid. 
 24. Indemnification. THE COMPANY SHALL, TO THE FULL EXTENT PERMITTED BY LAW, INDEMNIFY AND HOLD HARMLESS EXECUTIVE FROM
AND AGAINST ANY AND ALL LIABILITY, COSTS AND DAMAGES ARISING FROM HIS SERVICE AS AN EMPLOYEE, OFFICER OR DIRECTOR OF THE COMPANY OR ITS AFFILIATES, SPECIFICALLY INCLUDING LIABILITY, COSTS AND DAMAGES THAT ARISE IN WHOLE OR IN PART FROM ANY
NEGLIGENCE OR ALLEGED NEGLIGENCE OF EXECUTIVE, EXCEPT, HOWEVER, TO THE EXTENT THAT ANY SUCH LIABILITY, COST OR DAMAGE RESULTED FROM AN ACT OR OMISSION BY EXECUTIVE THAT CONSTITUTES GROSS NEGLIGENCE OR WILLFUL MISCONDUCT ON HIS PART. Executive shall
also be provided directors’ and officers’ liability insurance and 

  
 18 

 
any contractual indemnification provided to Senior Officers at any given time. To the full extent permitted by Delaware law, the Company shall retain counsel to defend Executive, or shall advance
legal fees and expenses to Executive for counsel selected by Executive, in connection with any litigation or proceeding related to his service as an employee, officer and director of the Company or any Affiliate within 20 days after receipt by the
Company of a written request for such advance. Such request shall include an itemized list of the costs and expenses and an undertaking by Executive to repay the amount of such advance if it shall ultimately be determined that he is not entitled to
be indemnified against such costs and expenses. This Section 24 shall be in addition to, and shall not limit in any way, the rights of Executive to any other indemnification from the Company, as a matter of law, contract or otherwise.

 25. Severability. It is the desire of the parties hereto that the Agreement be enforced to the maximum extent permitted by law,
and should any provision contained herein be held unenforceable by a court of competent jurisdiction or arbitrator (pursuant to Section 28), the parties hereby agree and consent that such provision shall be reformed to create a valid and
enforceable provision to the maximum extent permitted by law; provided, however, if such provision cannot be reformed, it shall be deemed ineffective and deleted herefrom without affecting any other provision of the Agreement. The Agreement should
be construed by limiting and reducing it only to the minimum extent necessary to be enforceable under then applicable law. 
 26. Title
and Headings; Construction. Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or otherwise affect the provisions hereof. The words “herein”, “hereof”,
“hereunder” and other compounds of the word “here” shall refer to the entire Agreement and not to any particular provision hereof. The masculine gender is intended to include the feminine gender. 

27. Choice of Law. EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED HEREIN, THE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW. 
 28. Arbitration. Subject to
Section 20, any dispute or other controversy other than as provided in Section 7(e) (hereafter a “Dispute”) arising under or in connection with the Agreement, whether in contract, in tort, statutory or
otherwise, shall be finally and solely resolved by binding arbitration in Harris County, Texas, administered by the American Arbitration Association (the “AAA”) in accordance with the Commercial Dispute Resolution Rules of the AAA,
this Section 28 and, to the maximum extent applicable, the Federal Arbitration Act. Such arbitration shall be conducted by a single arbitrator (the “Arbitrator”). If the parties cannot agree on the choice of an
Arbitrator within 30 days after the Dispute has been filed with the AAA, then the Arbitrator shall be selected pursuant to the Employment Dispute Resolution Rules of the AAA. The Arbitrator may proceed to an award notwithstanding the failure of any
party to participate in such proceedings. The prevailing party in the arbitration proceeding may be entitled to an award of reasonable attorneys’ fees incurred in connection with the arbitration in such amount, if any, as determined by the
Arbitrator in his discretion. The costs of the arbitration shall be borne equally by the parties unless otherwise determined by the Arbitrator in his discretion. 

  
 19 

 To the maximum extent practicable, an arbitration proceeding hereunder shall be concluded within 180 days of
the filing of the Dispute with the AAA. The Arbitrator may allow discovery in its discretion but shall be mindful of the Parties’ goal of settling disputes in the most efficient manner possible. The Arbitrator shall be empowered to impose
sanctions and to take such other actions as the Arbitrator deems necessary to the same extent a judge could impose sanctions or take such other actions pursuant to the Federal Rules of Civil Procedure and applicable law. Each party agrees to keep
all Disputes and arbitration proceedings strictly confidential except for disclosure of information required by applicable law which cannot be waived. 
 The award of the Arbitrator shall be (a) the sole and exclusive remedy of the parties, and (b) final and binding on the parties hereto except for any appeals provided by the Federal Arbitration
Act. Only the district courts of Texas shall have jurisdiction to enter a judgment upon any award rendered by the Arbitrator, and the parties hereby consent to the personal jurisdiction of such courts and waive any objection that such forum is
inconvenient. This Section 28 shall not preclude (i) the parties at any time from agreeing to pursue non-binding mediation of the Dispute prior to arbitration hereunder or (ii) the Company from pursuing the remedies available
under Section 20 in any court of competent jurisdiction. 
 29. Binding Effect: Third Party Beneficiaries. The
Agreement shall be binding upon and inure to the benefit of the parties hereto, and to their respective heirs, executors, beneficiaries, personal representatives, successors and permitted assigns hereunder, but otherwise the Agreement shall not be
for the benefit of any third parties. 
 30. Entire Agreement; Amendment and Termination. The Agreement contains the entire
agreement of the parties with respect to Executive’s employment and the other matters covered herein; moreover, the Agreement supersedes all prior and contemporaneous agreements and understandings, oral or written, between the Parties hereto
concerning the subject matter hereof. Notwithstanding the foregoing, any indemnity agreement between the Company and Executive as of the Effective Date shall continue in effect until otherwise amended or superseded. The Agreement may be amended,
waived or terminated only by a written instrument that is identified as an amendment or termination hereto and that is executed on behalf of both Parties. 
 31. Survival of Certain Provisions. Wherever appropriate to the intention of the Parties, the respective rights and obligations of the Parties hereunder, including but not limited to the
rights and obligations set out in Sections 2, 5 through 7, 10 through 20, 24, 27, 28 and 34, shall survive any termination or expiration of the Agreement. 
 32. Waiver of Breach. No waiver by either Party hereto of a breach of any provision of the Agreement by any other Party, or of compliance with any condition or provision of the Agreement to
be performed by such other Party, will operate or be construed as a waiver of any subsequent breach by such other Party or any similar or dissimilar provision or condition at the same or any subsequent time. The failure of either Party hereto to
take any action by reason of any breach will not deprive such Party of the right to take action at any time while such breach continues. 

  
 20 

 33. Successors and Assigns. The Agreement shall be binding upon and inure to the benefit of
the Company and its Affiliates, and its and their successors, and upon any person or entity acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the business and/or assets of the Company or its
successor. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to expressly assume and agree to perform the
Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place; provided, however, no such assumption shall relieve the Company of its obligations hereunder. 

The Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representative, executors, administrators,
successors, and heirs. In the event of the death of Executive while any amount is payable hereunder including, without limitation, pursuant to Sections 2, 5, 6, and 7, all such amounts, unless otherwise specifically provided herein,
shall be paid in accordance with the terms of the Agreement to the beneficiary designated by Executive in a writing delivered to the Company, or if none, to Executive’s surviving spouse if any, or if not, then to the personal representative of
Executive’s estate. 
 34. Notices. Each notice or other communication required or permitted under the Agreement shall be in
writing and transmitted, delivered, or sent by personal delivery, prepaid courier or messenger service (whether overnight or same-day), or prepaid certified United States mail (with return receipt requested), addressed (in any case) to the other
Party at the address for that Party set forth below that Party’s signature on the Agreement, or at such other address as the recipient has designated by Notice to the other Party. Either party may change the address for notice by notifying the
other party of such change in accordance with this Section 34. 
 Each notice or communication so transmitted, delivered, or sent
(a) in person, by courier or messenger service, or by certified United States mail shall be deemed given, received, and effective on the date delivered to or refused by the intended recipient (with the return receipt, or the equivalent record
of the courier or messenger, being deemed conclusive evidence of delivery or refusal), or (b) by telecopy or facsimile shall be deemed given, received, and effective on the date of actual receipt (with the confirmation of transmission being
deemed conclusive evidence of receipt, except where the intended recipient has promptly notified the other Party that the transmission is illegible). Nevertheless, if the date of delivery or transmission is not a business day, or if the delivery or
transmission is after 5:00 p.m. on a business day, the notice or other communication shall be deemed given, received, and effective on the next business day. 

  
 21 

 35. Executive Acknowledgment. Executive acknowledges that (a) he is knowledgeable and
sophisticated as to business matters, including the subject matter of the Agreement, (b) he has read the Agreement and understands its terms and conditions, (c) he has had ample opportunity to discuss the Agreement with his legal counsel
prior to execution, and (d) no strict rules of construction shall apply for or against the drafter or any other Party. Executive represents that he is free to enter into the Agreement including, without limitation, that he is not subject to any
covenant not to compete that would conflict with his duties under the Agreement. 
 36. Intention to Comply with Code
Section 409A. The Agreement is intended to comply with Code Section 409A. Executive acknowledges that if any provision of the Agreement (or of any award of compensation or benefits) would cause Executive to incur any additional tax
or interest under Code Section 409A and accompanying Treasury regulations and other authoritative guidance, such additional tax and interest shall solely be his responsibility. 
 Pursuant to Code Section 409A, any reimbursement of expenses made under the Agreement (including reimbursement of health and dental expenses under Sections 5 through 7, shall only be made for
eligible expenses incurred during the Term of Employment, and no reimbursement of any expense shall be made by the Company after December 31st of the year following the calendar year in which the expense was incurred. The amount eligible for
reimbursement under the Agreement during a taxable year may not affect expenses eligible for reimbursement in any other taxable year, and the right to reimbursement under the Agreement is not subject to liquidation or exchange for another benefit.

 For purposes of Code Section 409A, each payment under this Agreement shall be deemed to be a separate payment. Except as permitted under
Code Section 409A, any deferred compensation (within the meaning of Code Section 409A) payable to Executive under the Agreement may not be reduced by, or offset against, any amount owing by Executive to the Company or any of its
Affiliates. 
 37. Six-Month Delay. Notwithstanding any provision in the Agreement to the contrary, if the payment of any benefit
herein would be subject to additional taxes and interest under Code Section 409A because the timing of such payment is not delayed as provided in Code Section 409A for a “specified employee” (within the meaning of Code
Section 409A), then if Executive is a “specified employee,” any such payment that Executive would otherwise be entitled to receive during the first six months following the Termination Date shall be accumulated and paid or provided,
as applicable, within 10 days after the date that is six months following the Termination Date, or such earlier date upon which such amount can be paid or provided under Code Section 409A without being subject to such additional taxes and
interest such as, for example, upon the death of Executive. 
 38. Counterparts. The Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a copy hereof containing multiple signature pages, each
signed by one party hereto, but together signed by both parties. 

  
 22 

 39. United States Foreign Corrupt Practices Act and Other Laws. Executive represents that he
has at all times complied with, and agrees that he shall at all times comply with, in all material respects with all laws applicable to Executive’s actions on behalf of the Company, including specifically, without limitation, the United States
Foreign Corrupt Practices Act, generally codified in 15 U.S.C. 78 (the “FCPA”), as the FCPA may hereafter be amended, and/or its successor statutes. If (i) Executive pleads guilty to or nolo contendere or admits civil or
criminal liability under the FCPA, or (ii) if a court finds that Executive has personal civil or criminal liability under the FCPA, or (iii) if the Board reasonably determines, after providing Executive, or his representative, an
opportunity to present information regarding the matter to the Board, that Executive took an action or failed to take an action resulting, or that could reasonably be expected to result, in the Company or any of its subsidiaries having civil or
criminal liability under the FCPA, and that Executive had knowledge that such activities would give rise to such FCPA liability or knowledge of facts from which Executive should have reasonably inferred that activities giving rise to such FCPA
liability had occurred or were likely to occur, such action or finding shall constitute “Cause” for termination under this Agreement if the Board determines by resolution that the actions or inactions by Executive in violation of the FCPA
were not taken in good faith or were not in compliance with all policies of the Company applicable at the time of the action or inaction by Executive. 
 40. No Previous Restrictive Agreements. Executive represents that he has disclosed in writing to the Company the existence of any agreement with any previous employer or other party
purporting to obligate Executive to (a) refrain from using or disclosing any trade secret or confidential or proprietary information in the course of Executive’s employment by the Company or (b) refrain from competing, directly or
indirectly, with the business of such previous employer or any other party. Executive further represents that he believes his performance of all the terms of the Agreement and his work duties for the Company does not, and will not, breach any
agreement to keep in confidence proprietary information, knowledge or data acquired by Executive in confidence or in trust prior to Executive’s employment with the Company, and Executive will not disclose to the Company or induce the Company to
use any confidential or proprietary information or material belonging to any previous employer or others. 

  
 23 

 IN WITNESS WHEREOF, Executive has hereunto set his hand and Company has caused the Agreement to be executed
in its name and on its behalf by its duly authorized officer, to be effective as of the Effective Date. 
  

			
	EXECUTIVE:
		
	Signature:	 	/s/ CHRISTOPHER T. WEBER
		 	CHRISTOPHER T. WEBER

			
		
	Date:	 	 

 Address for Notices: 
 4120 Oberlin 
 Houston, Texas 77005 

 

			
	PARKER DRILLING COMPANY:
		
	By:	 	/s/ GARY RICH
		 	GARY RICH
		 	President & Chief Executive Officer

			
		
	Date:	 	 

 Address for Notices: 
 Parker Drilling Company 
 Attn: Chairman, Compensation Committee of the Board of Directors

 5 Greenway Plaza 
 Suite 100

 Houston, TX 77046 

  
 24 

 APPENDIX A 
 DEFINITIONS 
 For purposes of the Agreement: 

(1) “AAA” means the American Arbitration Association. 

(2) “Additional Payment” is as defined in Section 6 of the Agreement. 

(3) “Affiliate” means any entity which owns or controls, is owned or controlled by, or is under common control with, the
Company. 
 (4) “Agreement” has the meaning given it in the first paragraph of the Agreement. 

(5) “Arbitrator” is as defined in Section 28 of the Agreement. 

(6) “Base Salary” means such amount as specified in Section 2(a) and as thereafter adjusted. 

(7) “Board” means the Board of Directors of the Company. 

(8) “Business Combination” is as defined in the definition of Change in Control. 

(9) In addition to the matters set forth in Section 39, “Cause” means any of the following: 

(A) Executive’s conviction by a court of competent jurisdiction as to which no further appeal can be taken of a crime involving
moral turpitude or a felony or entering the plea of nolo contendere to such crime by Executive; 
 (B) the commission by
Executive of a material or intentional act of fraud upon the Company or any Affiliate; 
 (C) the material misappropriation of
funds or property of the Company or any Affiliate by Executive; 
 (D) the knowing engagement by Executive without the written
approval of the Board, in any material activity which directly competes with the business of the Company or any Affiliate, or which would directly result in a material injury to the business or reputation of the Company or any Affiliate; or

 (E) (i) material breach by Executive during the Employment Period of any of Sections 10 through 15, or
Section 19, or (ii) the willful, material and repeated nonperformance of Executive’s duties to the Company or any Affiliate (other than by reason of Executive’s illness or incapacity), but Cause shall not exist under this

  
 A-1

 
clause (E)(i) or (E)(ii) until after written notice from the Reporting Authority has been given to Executive of such material breach or nonperformance (which notice specifically identifies the
manner and sets forth specific facts, circumstances and examples in which the Reporting Authority reasonably believes that Executive has breached the Agreement or not substantially performed his duties) and Executive has failed to cure such alleged
breach or nonperformance within a reasonable time period set by the Reporting Authority, but in no event less than 30 business days after his receipt of such notice; and, for purposes of this clause (E), no act or failure to act on Executive’s
part shall be deemed “willful” unless it is done or omitted by Executive not in good faith and without his reasonable belief that such action or omission was in the best interest of the Company (assuming disclosure of the pertinent facts,
any action or omission by Executive after consultation with, and in accordance with the advice of, legal counsel reasonably acceptable to the Company shall be deemed to have been taken in good faith and to not be willful under the Agreement).

 Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to Executive a letter from
the Reporting Authority stating that, in the good faith opinion of the Reporting Authority, Executive was guilty of actions or omissions constituting Cause and specifying the particulars thereof in detail. 

(10) “Change in Control.” For purposes of the Agreement, a “Change in Control” shall be deemed to have occurred
as of any date if, after the Effective Date: 
 (A) The acquisition by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of fifty percent (50%) or more of either (i) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control:
(i) any acquisition directly from the Company or any subsidiary, (ii) any acquisition by the Company or any subsidiary or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any subsidiary, or
(iii) any acquisition by any corporation pursuant to a reorganization, merger, consolidation or similar business combination involving the Company (a “Merger”), if, following such Merger, the conditions described in
(C) (below) are satisfied; 
 (B) Individuals who, as of the Effective Date, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s
shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual
whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of
proxies or consents by or on behalf of a Person other than the Board; 

  
 A-2

 (C) There is a consummation by the Company of a reorganization, merger or consolidation (a
“Business Combination”), in each case, with respect to which all or substantially all of the individuals and entities who were the respective beneficial owners of the Outstanding Company Common Stock and Company Voting Securities
immediately prior to such Business Combination do not, immediately following such Business Combination, beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common equity and the combined voting
power of the then outstanding voting securities entitled to vote generally in the election of directors or comparable governing persons, as the case may be, of the entity surviving or resulting from such Business Combination in substantially the
same proportion as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be; 

(D) The sale or other disposition of all or substantially all of the assets of the Company, unless immediately following such sale or
other disposition, (i) substantially all of the holders of the Outstanding Company Voting Securities immediately prior to the consummation of such sale or other disposition beneficially own, directly or indirectly, more than 50% of the common
stock of the corporation acquiring such assets in substantially the same proportions as their ownership of Outstanding Company Voting Securities immediately prior to the consummation of such sale or disposition, and (ii) at least a majority of
the members of the board of directors of such corporation (or its parent corporation) were members of the Incumbent Board at the time of execution of the initial agreement or action of the Board providing for such sale or other disposition of assets
of the Company; 
 (E) The consummation of any plan or proposal for the complete liquidation or dissolution of the Company; or

 (F) Any other event that a majority of the Board, in its sole discretion, determines to constitute a Change in Control
hereunder. 
 (G) Notwithstanding any other provision of the Agreement, unless otherwise agreed to by the parties in an
amendment to the Agreement, if more than one event occurs after the Effective Date that constitutes a Change in Control for purposes of the Agreement, the Term of the Agreement shall not be extended as provided in Section 7 beyond the
date which is two years from the date of the first such event that constitutes a Change in Control. 
 (11) “COBRA
Coverage” is as defined in Section 6 of the Agreement. 
 (12) “COBRA” means the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 

  
 A-3

 (13) “Code” means the Internal Revenue Code of 1986, as amended, or its
successor. References herein to any Code Section shall include any successor provisions of the Code. 
 (14)
“Company” means Parker Drilling Company, a Delaware corporation. 
 (15) “Competitor” is as
defined in Section 14 of the Agreement. 
 (16) “Confidential Information” is as defined in
Section 10 of the Agreement. 
 (17) “Continuation Coverage” is as defined in Section 7
of the Agreement. 
 (18) “Designated Beneficiary” means such beneficiary as designated in writing by Executive
and delivered to the Company; or if none, Executive’s surviving spouse, if any. If there is no written beneficiary designation or surviving spouse at the time of Executive’s death, then the Designated Beneficiary hereunder shall be the
legal representative of Executive’s estate for the benefit of such estate. 
 (19) “Disability” means,
upon expiration of any applicable waiting/elimination period, a disability of Executive that qualifies Executive for disability benefits. 
 (20) “Dispute” means any dispute or controversy arising under or in connection with the Agreement, whether in contract, in tort, statutory or otherwise. 

(21) “Effective Date” means May 20, 2013. 
 (22) “Employee Developments” is as defined in Section 12(d) of the Agreement. 
 (23) “Employment Period” is as defined in Section 4 of the Agreement. 
 (24) “Exchange Act” means the Securities Exchange Act of 1934. 

(25) “Excise Tax” is as defined in Section 7 of the Agreement. 

(26) “Executive” means CHRISTOPHER T. WEBER. 
 (27) “FCPA” is as defined in Section 39 of the Agreement. 
 (28) “Forfeiture Event” is as defined in Section 16 of the Agreement. 
 (29) “Good Reason” means the occurrence of any of the following events without Executive’s express written consent: 

  
 A-4

 (A) a reduction in Executive’s Base Salary, as in effect from time to time, or annual
target incentive bonus opportunity; 
 (B) a relocation of Executive’s principal place of employment with the Company or
its successor by more than 30 miles; 
 (C) a substantial and adverse change in Executive’s primary duties, control,
authority, status or position, or the assignment to Executive of duties or responsibilities which are materially inconsistent with such status or position, or a material reduction in the primary duties and responsibilities previously exercised by
Executive, except in connection with the termination of his employment for Cause; 
 (D) the Company or its successor fails to
continue in effect any pension plan, life insurance plan, health-and-accident plan, retirement plan, disability plan, stock option or other similar plan, deferred compensation plan or executive incentive compensation plan under which Executive was
receiving material benefits (unless the Company substitutes and continues other plans providing Executive with substantially similar benefits), or the taking of any action by the Company or its successor that, in any such case or cases, would
materially and adversely affect Executive’s participation in or materially reduce his benefits under any such plan, unless any such adverse change to any such plan applies on the same terms to Senior Officers; or 

(E) any failure of any successor to the Company to have expressly assumed the Company’s obligations under the Agreement as
contemplated by Section 33 hereof, unless such assumption occurs by operation of law, or any other material breach by the Company or its successor of any other material provision of the Agreement. 

Notwithstanding the definition of “Good Reason” for purposes of the Agreement, Executive may not terminate his employment hereunder for Good
Reason unless he (i) first notifies the Board in writing of the event (or events) which Executive believes constitutes a Good Reason event and the specific paragraph of the Agreement under which such event has occurred, within 90 days from the
date of such event, and (ii) provides the Company with at least 30 days to cure the Good Reason event so that it either (1) does not constitute a Good Reason event hereunder or (2) Executive reasonably agrees, in writing, that after
any such modification or accommodation made by the Company that such event shall not constitute a Good Reason event hereunder. 

(30) “Incumbent Board” is as defined in the definition of Change in Control. 

(31) “Initial Term of Employment” is as defined in Section 4. 

(32) “Medicare” is as defined in Section 6 of the Agreement. 

(33) “Net After-Tax Receipt” is as defined in Section 7 of the Agreement. 

  
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 (34) “Notice of Termination” is as defined in Section 8 of the
Agreement. 
 (35) “Outstanding Company Common Stock” means the then outstanding shares of common stock of the
Company. 
 (36) “Outstanding Company Voting Securities” means the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election of directors. 
 (37) “Party” or
“Parties” means the Company and/or Executive. 
 (38) “Payment” is as defined in
Section 7 of the Agreement. 
 (39) “Person” is as defined in the definition of Change in Control.

 (40) “Reporting Authority” means the Chief Executive Officer of the Company. 

(41) “Securities Plans” is as defined in Section 7 of the Agreement. 

(42) “Senior Officers” are the employees of the Company, at the relevant time, holding one or more of the following
positions or equivalent thereof of the Company: Chief Executive Officer, President, Senior Vice President, Chief Operating Officer, Chief Financial Officer, Chief Administrative Officer, Chief Technical Officer, and Chief Commercial Officer.

 (43) “Severance Multiplier” is as defined in Section 6 of the Agreement. 

(44) “Specialized Training” is as defined in Section 10 of the Agreement. 

(45) “Subsidiary” means any corporation, partnership, trust or other entity controlled by the Company. 

(46) “Term of Employment” is as defined in Section 4 of the Agreement. 

(47) “Termination Date” means the date on which Executive’s employment with the Company terminates, whether during
the Term of Employment or at any time thereafter, for whatever reason and such termination constitutes a severance from employment within the meaning of Code Section 409A. 
 (48) “Total Cash” is as defined in Section 6 of the Agreement. 
 (49) “Waiver and Release” is as defined in Section 6 of the Agreement. 

  
 A-6

 APPENDIX B 
 FORM WAIVER AND RELEASE 
 Pursuant to the terms of the Employment
Agreement made as of             ,             , between Parking Drilling (the “Company”) and me, and in consideration
of the payments made to me and other benefits to be received by me pursuant thereto, I,             , do freely and voluntarily enter into this WAIVER AND RELEASE (the “Release”),
which shall become effective and binding on the eighth day following my signing the Release as provided herein (the “Effective Date”). It is my intent to be legally bound, according to the terms set forth below. 

In exchange for the payments and other benefits to be provided to me by the Company pursuant to Section
            of the Employment Agreement (the “Separation Payment” and “Separation Benefits”), I hereby agree and state as follows: 

 

	1.	I, individually and on behalf of my heirs, personal representatives, successors, and assigns, release, waive, and discharge Company, its predecessors, successors,
parents, subsidiaries, merged entities, operating units, affiliates, divisions, insurers, administrators, trustees, and the agents, representatives, officers, directors, shareholders, employees and attorneys of each of the foregoing (hereinafter
“Released Parties”), from all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs, expenses, damages, actions, and causes of action, whether in law or in equity, whether known or unknown, suspected or
unsuspected, arising from my employment and termination from employment with Company, including but not limited to any and all claims pursuant to Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991 (42 U.S.C. §
2000e, et seq.), which prohibits discrimination in employment based on race, color, national origin, religion or sex; the Civil Rights Act of 1866 (42 U.S.C. §§1981, 1983 and 1985), which prohibits violations of civil rights; the
Age Discrimination in Employment Act of 1967, as amended, and as further amended by the Older Workers Benefit Protection Act (29 U.S.C. §621, et seq.), which prohibits age discrimination in employment; the Employee Retirement Income
Security Act of 1974, as amended (29 U.S.C. § 1001, et seq. ), which protects certain employee benefits; the Americans with Disabilities Act of 1990, as amended (42 U.S.C. § 12101, et seq.), which prohibits discrimination
against the disabled; the Family and Medical Leave Act of 1993 (29 U.S.C. § 2601, et seq.), which provides medical and family leave; the Fair Labor Standards Act (29 U.S.C. § 201, et seq.), including the wage and hour laws
relating to payment of wages; and all other federal, state and local laws and regulations prohibiting employment discrimination. This Release also includes, but is not limited to, a release of any claims for breach of contract, mental pain,
suffering and anguish, emotional upset, impairment of economic opportunities, unlawful interference with employment rights, defamation, intentional or negligent infliction of emotional distress, fraud, wrongful termination, wrongful discharge in
violation of public policy, breach of any express or implied covenant of good faith and fair dealing, that Company has dealt with me unfairly or in bad faith, and all other common law contract and tort claims. 

  
 B-1

 Notwithstanding the foregoing, I am not waiving any rights or claims that may arise after
this Release is signed by me. Moreover, this Release does not apply to any claims or rights which, by operation of law, cannot be waived, including the right to file an administrative charge or participate in an administrative investigation or
proceeding; however, by signing this Release I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. Nothing in this Release shall affect in any way
my rights of indemnification and directors and officers liability insurance coverage provided to me pursuant to the Company’s by-laws, my employment agreement, and/or pursuant to any other agreements or policies in effect prior to the effective
date of my termination, which shall continue in full force and effect, in accordance with their terms, following the effective date of this Waiver and Release. 
  

	2.	I forever waive and relinquish any right or claim to reinstatement to active employment with Company, its affiliates, subsidiaries, divisions, parent, and successors. I
further acknowledge that Company has no obligation to rehire or return me to active duty at any time in the future. 

  

	3.	I acknowledge that all agreements applicable to my employment respecting non-competition, non-solicitation, non-recruitment, derogatory statements, and the confidential
or proprietary information of the Company shall continue in full force and effect as described in the Employment Agreement. 

  

	4.	I hereby acknowledge and affirm as follows: 

  

	 	a.	I have been advised to consult with an attorney prior to signing this Release. 

 

	 	b.	I have been extended a period of 21 days in which to consider this Release. 

 

	 	c.	I understand that for a period of seven days following my execution of this Release, I may revoke the Release by notifying Company, in writing, of my desire to do so. I
understand that after the seven-day period has elapsed and I have not revoked the Release, it shall then become effective and enforceable. I understand that the Separation Payment will not be made under the Employment Agreement and I will not be
entitled to the Severance Benefits made under the Employment Agreement until after the seven-day period has elapsed and I have not revoked the Release. 

  

	 	d.	I acknowledge that I have received payment for all wages due at time of my employment termination, including any reimbursement for any and all business related
expenses. I further acknowledge that the Separation Payment and the Separation Benefits are consideration to which I am not otherwise entitled under any Company plan, program, or prior agreement. 

  
 B-2

	 	e.	I certify that I have returned all property of the Company, including but not limited to, keys, credit and fuel cards, files, lists, and documents of all kinds
regardless of the medium in which they are maintained. 

  

	 	f.	I have carefully read the contents of this Release and I understand its contents. I am executing this Release voluntarily, knowingly, and without any duress or
coercion. 

  

	5.	I acknowledge that this Release shall not be construed as an admission by any of the Released Parties of any liability whatsoever, or as an admission by any of the
Released Parties of any violation of my rights or of any other person, or any violation of any order, law, statute, duty or contract. 

  

	6.	I agree that the terms and conditions of this Release are confidential and that I will not, directly or indirectly, disclose the existence of or terms of this Release
to anyone other than my attorney or tax advisor, except to the extent such disclosure may be required for accounting or tax reporting purposes or otherwise be required by law or direction of a court. Nothing in this provision shall be construed to
prohibit me from disclosing this Release to the Equal Employment Opportunity Commission in connection with any complaint or charge submitted to that agency. 

 

	7.	In the event that any provision of this Release should be held void, voidable, or unenforceable, the remaining portions shall remain in full force and effect.

  

	8.	I hereby declare that this Release constitutes the entire and final settlement between me and the Company, superseding any and all prior agreements, and that the
Company has not made any promise or offered any other agreement, except those expressed in this Release, to induce or persuade me to enter into this Release. 

 IN WITNESS WHEREOF, I have signed this Release on the             day of
            , 20        . 
  

	
	  
	[INSERT NAME]

  
 B-3

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