SEC Contract Filing

Filing Date: 2020-02-20

Document Content:
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<TYPE>EX-10.12
<SEQUENCE>3
<FILENAME>trgp-ex1012_539.htm
<DESCRIPTION>EX-10.12
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trgp-ex1012_539.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:normal;font-size:10pt;font-weight:bold;font-family:Times New Roman;text-transform:none;font-variant: normal;">Exhibit 10.12</p>
<p style="margin-top:12pt;text-align:center;margin-bottom:12pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Targa Resources Corp.<br />2010 Stock Incentive Plan</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Performance Share Unit Grant Agreement</p>
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<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Grantee:</p></td>
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<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date of Grant:</p></td>
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<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">______________</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Target Number of Performance Share Units Granted:</p></td>
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<p style="margin-bottom:18pt;text-align:justify;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br />______________</p></td>
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<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Performance Share Unit Grant</font>.&nbsp;&nbsp;I am pleased to inform you (&#8220;<font style="font-weight:bold;font-style:italic;">you</font>&#8221; or the &#8220;<font style="font-weight:bold;font-style:italic;">Employee</font>&#8221;), that you have been granted the above target number of Performance Share Units (the &#8220;<font style="font-weight:bold;font-style:italic;">Target PSUs</font>&#8221;) with respect to the common stock, par value $0.001 per share (&#8220;<font style="font-weight:bold;font-style:italic;">Common Stock</font>&#8221;), of Targa Resources Corp., a Delaware corporation (the &#8220;<font style="font-weight:bold;font-style:italic;">Company</font>&#8221;), under the Targa Resources Corp. 2010 Stock Incentive Plan (the &#8220;<font style="font-weight:bold;font-style:italic;">Plan</font>&#8221;).&nbsp;&nbsp;Each Performance Share Unit awarded hereby (a &#8220;<font style="font-weight:bold;font-style:italic;">PSU</font>&#8221;) represents the right to receive one share of Common Stock subject to the terms and conditions of this Performance Share Unit Grant Agreement, including Attachment A hereto (this &#8220;<font style="font-weight:bold;font-style:italic;">Agreement</font>&#8221;), and the number of PSUs that may become vested hereunder may range from 0% to 250% of the Target PSUs, subject to the Committee&#8217;s discretion to increase the ultimate number of Vested PSUs (as defined on Attachment A) above the foregoing maximum level as described herein.&nbsp;&nbsp;Each PSU also includes a tandem dividend equivalent right (&#8220;<font style="font-weight:bold;font-style:italic;">DER</font>&#8221;), which is a right to receive an amount equal to the cash dividends made with respect to a share of Common Stock during the Performance Period (as defined on Attachment A), as described in Section 5 (with the amount of DERs actually paid correlated to the ultimate number of Vested PSUs as described herein).&nbsp;&nbsp;The terms of the grant are subject to the terms of the Plan and this Agreement, and the PSUs are hereby designated by the Committee to be a Phantom Stock Award that is a Performance Award for purposes of the Plan.&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Performance Goal and Payment</font>.&nbsp;&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;margin-left:7.69%;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a.<font style="margin-left:36pt;"></font>Subject to the further provisions of this