exhibit10_10.htm
Exhibit 10.10
AMENDMENT
TO
TARGA
RESOURCES INVESTMENTS INC.
KEY
EMPLOYEE LONG TERM INCENTIVE PLAN
WHEREAS, TARGA RESOURCES INVESTMENTS
INC. (the “Company”) has heretofore adopted the TARGA RESOURCES INVESTMENTS INC. KEY
EMPLOYEE LONG TERM INCENTIVE PLAN (the “Plan”) for the benefit of certain
of the employees of the Company and its affiliates and as an incentive for such
individuals to remain employees of the Company or its affiliates;
WHEREAS, the Company may amend
the Plan at any time in its discretion; and
WHEREAS, the Company desires
to amend the Plan to comply with section 409A of the Internal Revenue of Code of
1986, as amended;
NOW, THEREFORE, the Plan shall
be amended as follows, effective as of December 18th, 2008:
1. Section
6 of the Plan shall be deleted, and the following shall be substituted
therefore:
“6. Payment of Incentive Benefit
After Death of Employee. If an Employee terminates employment
due to death and is entitled to receive the Incentive Benefit which would be
payable on the next following Employment Incentive Date pursuant to Section 4(a)
hereof, such Incentive Benefit shall be paid in a lump sum cash payment, subject
to applicable withholding, as soon as practicable after the date of death but in
no event later than the 15th day of
March following the end of the calendar year during which the death occurs to
(a) the Employee’s beneficiary (or beneficiaries) designated under the
employer’s group life insurance plan, if living, or, (b) if none is so
designated or living, the executor of the Employee’s estate.”
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2.
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The
third sentence of Section 4(a) of the Plan shall be deleted, and the
following shall be substituted
therefore:
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“Except
as provided in Section 6 below with respect to payments made after the death of
an Employee, such Incentive Benefit shall be payable in a lump sum cash payment,
subject to applicable withholding, (A) within 20 business days after the date of
termination in the event of a termination other than for Cause, or (B) in the
event of a determination of Disability, no later than the earlier of (1) March
15 of the year following the year of the date of determination or (2) 30
business days after the Incentive Payment Date.”
EXECUTED and effective as of
December 18, 2008.
TARGA
RESOURCES INVESTMENTS INC.
By: /s/ Rene R.
Joyce________
Name: Rene
R. Joyce
Title: Chief
Executive Officer