Document:

EX-10.5

 Exhibit 10.5 

MANAGEMENT AGREEMENT 

This MANAGEMENT AGREEMENT (this “Agreement”), is made and entered into effective as of the Effective Date (as hereinafter
defined), by and between Hunt Utility Services, LLC, a Delaware limited liability company (the “Manager”), InfraREIT Partners, LP, a Delaware limited partnership (the “Operating Partnership”), and InfraREIT, Inc., a
Maryland corporation and the general partner of the Operating Partnership (the “Company”). The Manager, the Operating Partnership and the Company are sometimes referred to in this Agreement individually as a “Party”
or collectively as the “Parties.” 
 RECITALS: 

WHEREAS, the Company is a corporation that intends to elect to be taxed as a real estate investment trust (“REIT”) and
intends to continue to qualify to be taxed as a REIT for federal income tax purposes; 
 WHEREAS, the Manager is an indirect subsidiary of
Hunt Consolidated, Inc. (“Hunt”); and 
 WHEREAS, the Company, the Operating Partnership and each of the Subsidiaries (as
defined below) desire to retain the Manager to provide management and advisory service on the terms and conditions set forth herein, and the Manager wishes to be retained to provide such services. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, and intending to be legally bound
hereby, the Parties hereby agree as follows: 
 Section 1. Definitions. Capitalized terms used in this Agreement (including
exhibits, schedules and amendments) shall have the meanings set forth below or in the section of this Agreement referred to below, except as otherwise expressly indicated or limited by the context in which they appear in this Agreement. 

“Adjustments” means additions or subtractions to the Company’s Cash Available for Distribution related to the following:
(i) the effect of the Company’s percentage rent calculation method, which represents the difference between the quarterly cash payments due on percentage rent and the revenue included in net income; (ii) the effect of straight-line
rents, which represents the difference between the timing of cash based rent payments and the recognition of base rent revenue in accordance with GAAP; (iii) the fair value adjustment of balance sheet items such as contingent consideration and
hedges; (iv) non-cash equity compensation; (v) goodwill impairment; and (vi) subject to the approval of the Independent Directors, such other adjustments as the Manager may recommend from time to time to give effect to the intent of
the Parties in the calculation of Cash Available for Distribution under this Agreement or to reflect changes in the public reporting practices of the Company. 

 “Affiliate” means, with regard to a Person, a Person that controls, is
controlled by, or is under common control with such original Person. For purposes of this definition, “control,” when used with respect to any Person, means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “affiliated,” “controlling” and “controlled” have meanings correlative to the foregoing. By way of example, and not
limitation, Affiliates of the Manager include, and are not limited to, Hunt Consolidated, Inc., Hunt Investment Company, L.P., Hunt Equities, Inc., Hunt Transmission Services, LLC, and Hunt Power, L.P. 

“AFUDC” means allowance for funds used during construction. 

“AFUDC on Other Funds” means the portion of AFUDC that relates to the cost of equity, as determined in accordance with the
electric plant instructions found in the Federal Energy Regulatory Commission regulations. 
 “Agreement” has the meaning
set forth in the Preamble. 
 “Arbitration Panel” has the meaning set forth in Section 24(a). 

“Assets” means the assets of the Company Entities. 

“Audit Committee” means the audit committee of the Board of Directors. 

“Bankruptcy” means, with respect to any Person, (a) the filing by such Person of a voluntary petition seeking
liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code or any other federal, state or foreign insolvency law, or such Person’s filing an answer consenting to or acquiescing
in any such petition, (b) the making by such Person of any assignment for the benefit of its creditors, (c) the expiration of 60 days after the filing of an involuntary petition under Title 11 of the United States Code, an application for
the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of its debts under any other federal, state or foreign insolvency law,
provided that the same shall not have been vacated, set aside or stayed within such 60-day period or (d) the entry against it of a final and non-appealable order for relief under any bankruptcy, insolvency or similar law now or hereinafter in
effect. 
 “Base Fee” means (a) for the period from January 1, 2014 through March 31, 2015, an annual amount
equal to $10,000,000 (prorated for partial periods), and (b) for each 12 month Base Fee Period thereafter, an amount equal to 1.50% of Total Equity as of the end of the immediately preceding calendar year; provided that, in no event
shall the Base Fee be more than $30,000,000 unless a greater amount is approved by a majority of the Independent Directors (or a committee consisting entirely of Independent Directors). By way of example, the Base Fee for the Base Fee Period from
April 1, 2016 through March 31, 2017 will be an amount equal to 1.50% of Total Equity as of December 31, 2015. 

“Base Fee Period” shall mean each 12-month period beginning on April 1 and ending on March 31 of the following
year. 

  
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 “Board of Directors” means the Board of Directors of the Company. 

“Cash Available for Distribution” means, for any calendar quarter, an amount equal to (i) (A) Net Income Before
Noncontrolling Interest, plus (B) depreciation, plus (C) amortization of deferred financing costs, if any, minus (D) AFUDC on Other Funds, minus (E) capital expenditures to maintain net assets,
(ii) as adjusted by the Adjustments. The Parties intend that Cash Available for Distribution will be calculated in a manner consistent with the Company’s public reporting of Cash Available for Distribution from time to time. Capital
expenditures to maintain net assets means, for any calendar quarter, an amount equal to the depreciation expense recognized by the Company. For the avoidance of doubt, Cash Available for Distribution does not include the proceeds of any debt
recapitalization. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Company” has the meaning set forth in the Preamble. 

“Company Account” has the meaning set forth in Section 6. 

“Company Entity” or “Company Entities” means the Company, the Operating Partnership and any of their
Subsidiaries. 
 “Company Indemnified Party” has the meaning set forth in Section 13(b). 

“Company Panel Member” has the meaning set forth in Section 24(b). 

“Damages” has the meaning set forth in Section 13(a). 

“Development Agreement” means the Development Agreement, of even date herewith, among the Company, the Operating Partnership,
Sharyland Utilities, L.P. and Hunt Transmission Services L.L.C. 
 “Effective Date” means the closing date of the Initial
Public Offering and the effectiveness of the merger of InfraREIT, L.L.C. with and into the Company. 
 “Entity” means any
partnership, limited partnership, proprietorship, corporation, joint venture, joint stock company, limited liability company, limited liability partnership, business trust, estate, governmental entity, cooperative, association or other foreign or
domestic enterprise, including accounts or funds managed by an investor or any of its Subsidiaries. 
 “Equity Interests”
means any shares of capital stock, membership interests, partnership interests or other equity interests and options or warrants to acquire, or securities convertible or exchangeable into, capital stock, membership interests, partnership interests
or other equity securities of an Entity. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Expenses” has the meaning set forth in Section 10. 

  
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 “GAAP” means generally accepted accounting principles in the United States,
consistently applied. 
 “Governing Instruments” means, with regard to any entity, the articles or certificate of
incorporation and bylaws in the case of a corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles or certificate of formation and the operating
agreement in the case of a limited liability company, or similar governing documents, in each case as amended from time to time. 

“Hunt” has the meaning set forth in the Recitals. 

“Incentive Fee” means, for any calendar quarter an amount equal to the Per Unit Incentive Fee for such calendar quarter
multiplied by the aggregate number of OP Units outstanding as of the record date for the payment of Quarterly Distributions during such calendar quarter. 

“Indemnitee” has the meaning set forth in Section 13(b). 

“Indemnitor” has the meaning set forth in Section 13(c). 

“Independent Directors” means the members of the Board of Directors who are not officers or employees of the Manager, Hunt or
any of their Affiliates, and who are otherwise “independent” in accordance with the Company’s Governing Instruments and policies and, if applicable, the rules of any national securities exchange on which the Company’s common
stock is listed. 
 “Initial Public Offering” means the initial public offering of the Company’s common stock under
the Securities Act pursuant to the Registration Statement. 
 “Initial Term” means a period commencing on the date hereof
and ending on the earlier of (i) December 31, 2019 and (ii) a Successful Challenge. 
 “Intellectual
Property” means all work product, documents, code, works of authorship, programs, manuals, developments, processes, formulae, data, specifications, fixtures, tooling, equipment, supplies, processes, inventions, discoveries, improvements,
trade secrets, and know-how or similar rights. 
 “Intellectual Property Rights” means the worldwide right, title, and
interest in any Intellectual Property and any goodwill appurtenant thereto, including, without limitation, all copyrights, copyright renewals or reversions, trademarks, trade names, trade dress rights, inventions, priority rights, patent rights,
patents, and any other rights or protections in connection therewith or related thereto. 
 “Investment Company Act” means
the Investment Company Act of 1940, as amended. 
 “Manager” has the meaning set forth in the Preamble. 

“Manager Indemnified Party” has the meaning set forth in Section 13(a). 

  
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 “Manager Panel Member” has the meaning set forth in Section 24(b).

 “Net Income Before Noncontrolling Interest” means the Company’s consolidated net income, calculated in accordance
with GAAP, before any deduction or reduction thereto as a result of net income attributable to a noncontrolling interest. 

“Operating Partnership” has the meaning set forth in the Preamble. 

“OP Unit” means a partnership unit in the Operating Partnership. 

“Party” or “Parties” has the meaning set forth in the Preamble. 

“Person” means any individual, corporation, proprietorship, firm, partnership, limited partnership, limited liability
company, trust, association or other Entity. 
 “Per Unit Incentive Fee” means, for any calendar quarter, an amount equal
to 20% of the amount by which (a) the Quarterly Distributions made by the Operating Partnership during such quarter plus the amount of the Per Unit Incentive Fee exceed (b) the Threshold Distribution Amount. By way of example, assuming a
Threshold Distribution Amount of $0.20, if the Quarterly Distributions during a quarter are $0.24, the Per Unit Incentive Fee for such quarter will be $0.01 (i.e., 20% multiplied by ($0.24 of Quarterly Distributions, plus the $0.01 Per Unit
Incentive Fee, minus the $0.20 Threshold Distribution Amount). 
 “Quarterly Distributions” means the amount of per OP Unit
distributions made by the Operating Partnership during a particular calendar quarter; provided, however, that any distributions in excess of 100% of quarterly Cash Available for Distribution shall not be considered distributions for purposes
of calculating the amount of Quarterly Distributions; provided, further, any such OP Unit distributions made to the Company will only be considered distributions for purposes of this definition to the extent they are subsequently distributed
by the Company to its shareholders. For purposes of this definition, quarterly Cash Available for Distribution will be measured based on the most recent quarterly results that, at the time of declaration of the applicable OP Unit distributions by
the Board of Directors or a committee thereof, have been publicly disclosed or, if no quarterly results have been publicly disclosed in the preceding 90 days, the results from the Company’s most recently completed quarter that have been
reviewed by the Company’s independent auditors and certified by an officer of the Company. 
 “Registration Statement”
means the Registration Statement on Form S-11 (file no. 333-            ) filed by the Company. 

“REIT” has the meaning set forth in the Recitals. 

“Renewal Term” means a period commencing on the expiration of the Initial Term or a Renewal Term and ending on the earlier of
(i) the date that is five years from the commencement of such Renewal Term and (ii) a Successful Challenge. 

“SEC” means the United States Securities and Exchange Commission. 

  
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 “Securities Act” means the Securities Act of 1933, as amended. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, trust, partnership or joint
venture, or other Entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding Equity Interests is owned, directly or indirectly, by such Person. 

“Successful Challenge” means the date a court of competent jurisdiction has determined in a final, non-appealable order that
this Agreement, or any term or provision hereof, after giving effect to Section 27, caused a termination of the Company’s REIT election under Section 856(g) of the Code. 

“Termination Fee” has the meaning set forth in Section 16(b). 

“Third Panel Member” has the meaning set forth in Section 24(b). 

“Threshold Distribution Amount” means an amount per OP Unit equal to $        , as
adjusted for recapitalizations, reclassifications, stock splits, stock dividends or other similar events. 
 “Total Equity”
means, as of a particular date, the amount of total equity reflected on the Company’s consolidated balance sheet as of such date (before any reduction or deduction therefrom as a result of noncontrolling interest) prepared in accordance with
GAAP; provided that, Total Equity as of December 31, 2014 shall be calculated on a pro forma basis giving effect to the consummation of the Initial Public Offering, calculated in a manner consistent with Total Equity reflected on the
Company’s unaudited Pro Forma Condensed Consolidated Balance Sheet as of September 30, 2014 included in the Registration Statement. For reference, the “Total Equity” line is not included in the Company’s audited Consolidated
Balance Sheets included in the Registration Statement (such line item is entitled “Total Members’ Capital” on such balance sheets), but is included in the Company’s unaudited Pro Forma Condensed Consolidated Balance Sheet as of
September 30, 2014 included in the Registration Statement. The Company expects that such line item will continue to be included in the Company’s balance sheet data following the completion of the Initial Public Offering. 

Section 2. Appointment and Duties of the Manager. 

(a) The Company and the Operating Partnership (in each case, on its own behalf and on behalf of its Subsidiaries) hereby appoint the Manager to
manage the Assets and the day-to-day operations of the Company Entities subject to the further terms and conditions set forth in this Agreement, and the Manager hereby agrees to use its reasonable best efforts to perform each of the duties set forth
herein except where a higher standard of care is specified in this Agreement. The appointment of the Manager shall be exclusive to the Manager except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to
the extent that the Manager elects, pursuant to the terms of this Agreement, to cause the duties of the Manager hereunder to be provided by third parties. 

(b) The Parties acknowledge that (i) the Manager is an Affiliate of Hunt; and (ii) the Manager may perform its services for the
Company Entities in part through the personnel and facilities of Hunt or other Hunt Affiliates. 

  
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 (c) The Manager, in its capacity as manager of the Assets and the day-to-day operations of the
Company Entities, at all times will be subject to the supervision and oversight of the Company’s Board of Directors and will have only such functions and authority as the Company may delegate to it, including the functions and authority
identified herein and delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Company Entities and will perform (or cause to be performed) in accordance with the guidelines that may be adopted from time
to time by the Board of Directors, and subject to the budget limitations set forth in Section 11(a), such services and activities relating to the Assets and operations of the Company Entities as set forth herein, including: 

(i) administering the day-to-day business and performing and supervising the performance of such other administrative functions
necessary or appropriate for the Company Entities’ management, including the collection of revenues and the payment of debts and obligations; 

(ii) providing executive and administrative personnel, office space and office services required in rendering services to the
Company Entities; 
 (iii) engaging, retaining and supervising, on behalf of a Company Entity, such services of accountants,
legal counsel, appraisers, insurers, brokers, transfer agents, registrars, investment banks, valuation firms, financial advisors, due diligence firms, underwriting review firms and banks as the Manager deems necessary or advisable in connection with
the management and operations of such Company Entity; 
 (iv) communicating with the holders of any of the securities of a
Company Entity as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders, including website maintenance, logo design, analyst
presentations, investor conferences and annual meeting arrangements; 
 (v) preparing for the review and approval of the
Board of Directors and filing on behalf of the Company Entities current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K, proxy statements and other reports required to be filed by the Exchange Act with the SEC and
otherwise satisfying reporting and compliance obligations under applicable securities laws or the rules of the New York Stock Exchange and any exchange on which securities of a Company Entity are listed; 

(vi) arranging marketing materials, advertising, industry group activities (such as conference participation and industry
organization memberships) and other promotional efforts designed to promote the business of the Company Entities; 
 (vii)
communicating with analysts and the investment community generally; 
 (viii) sourcing, evaluating, submitting for Board of
Director approval, and, subject to obtaining such Board of Director approval, directing the issuance of any common or preferred stock issuances or other equity issuances; 

  
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 (ix) drawing on existing lines of credit at such times as the Manager deems
appropriate to support the business of the Company Entities and sourcing, facilitating, evaluating and submitting for Board of Director approval any other loan, indebtedness, guaranty or other financing arrangements necessary or appropriate in
connection with the business of the Company Entities and managing the Company’s and the Company Entities’ relationships with existing or potential lenders; 

(x) evaluating and recommending to the Board of Directors hedging strategies and engaging in hedging activities, consistent
with such strategies as modified from time to time, while maintaining the Company’s qualification as a REIT; 
 (xi)
opening and managing Company Accounts and treasury/cash management activities on behalf of the Company Entities; 
 (xii)
investing and reinvesting any money and securities in short-term investments pending investment in other investments; paying related fees, costs and expenses; 

(xiii) advising the Board of Directors on capital structure and capital raising; 

(xiv) negotiating with tenants any new leases, lease amendments, lease supplements or lease renewals, all in accordance with
leasing standards promulgated by the Board of Directors from time to time, and causing the applicable Company Entity to perform its obligations under any such agreements and enforcing any related rights; provided, however, the negotiation and
execution of any operating lease of a transmission and distribution Asset to an operator thereof (e.g., Sharyland Utilities, L.P.), and any amendments thereto, shall be subject to the direction and, subject to procedures approved by the Board of
Directors, approval of the Board of Directors; 
 (xv) evaluating, negotiating, submitting for Board of Director approval,
and, subject to receipt of such Board of Director approval, entering into, any project acquisitions from a Hunt Affiliate in accordance with the terms of the Development Agreement or from third parties; 

(xvi) working with tenants or other third parties to construct transmission and distribution projects, including causing a
Company Entity to negotiate, enter into and perform its obligations under any related construction contracts, engineering, procurement and construction (EPC) contracts or other contracts related to such construction activities; 

(xvii) preparing annual budgets, and any related amendments, for Board of Director approval and causing the Company Entities to
perform and implement then-effective annual budgets; 
 (xviii) preparing financial statements; 

  
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 (xix) coordinating the relationship with external auditors, subject to oversight
from the Audit Committee or other appropriate governing body when appropriate; 
 (xx) administering bookkeeping and
accounting functions as are required for the management and operation of the Company Entities; 
 (xxi) evaluating and
recommending and, subject to obtaining approval of the Board of Directors, making any accounting policy changes; 
 (xxii)
designing, preparing, updating and monitoring internal control over financial reporting and disclosure controls and procedures, subject to oversight from the Audit Committee or other appropriate governing body when applicable; 

(xxiii) managing any internal audit function required by securities laws, exchange rules or the Board of Directors, including,
if appropriate, engaging a third party firm on behalf of a Company Entity to provide such function, and managing the relationship with that firm, subject to oversight from the Audit Committee or other appropriate governing body when appropriate;

 (xxiv) sourcing, evaluating and submitting for Board of Director approval, and, subject to receipt of such Board of
Director approval, entering into, any potential merger, acquisition, joint venture, financing, development, refinancing or disposition opportunities; 

(xxv) coordinating and managing the business of any joint venture or co-investment interests a Company Entity holds directly or
indirectly and conducting all matters with the joint venture or co-investment partners; 
 (xxvi) sourcing and evaluating
relationships with potential project developers; 
 (xxvii) monitoring the insurance required under the Company’s leases
and sourcing and evaluating any insurance, such as director and officer insurance, and, subject to obtaining Board of Director or other appropriate approvals when applicable, causing a Company Entity to obtain any such insurance; 

(xxviii) enforcing the rights of Company Entities under any applicable insurance policies when and as appropriate, subject to
oversight and direction from the Board of Directors or a committee thereof, when appropriate; 
 (xxix) assisting the Company
regarding the maintenance of its qualification as a REIT and monitoring compliance with the various REIT qualification tests and other tax laws and regulations, and, in accordance with Section 8(b)(ii) hereof, causing the Company to qualify as
a REIT for U.S. federal income tax purposes; 

  
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 (xxx) managing all tax matters, including making necessary tax filings and
causing each Company Entity to make any related payments that are owed to taxing authorities and filing appropriate tax appeals; 

(xxxi) scheduling, managing and preparing materials for all meetings of the Board of Directors or committees thereof; 

(xxxii) counseling the Board of Directors in connection with any policy decisions; 

(xxxiii) subject to obtaining Board of Director or other appropriate Company approvals, handling and resolving all claims,
disputes or controversies between Company Entities and third parties; 
 (xxxiv) furnishing the Board of Directors with
reports and statistical and economic research regarding activities and services performed by the Manager on behalf of a Company Entity, as appropriate; 

(xxxv) assisting the Company Entities in complying with all regulatory requirements applicable to the Company Entities with
respect to the Company Entities’ business; 
 (xxxvi) keeping the Board of Directors apprised of material events
affecting the assets of the Company Entities, and, from time to time, at the request of the Board of Directors, making reports to the Company of its performance of the services set forth herein; 

(xxxvii) performing the functions and tasks delegated to the Company pursuant to that certain Delegation Agreement dated on or
around the date hereof between Sharyland Utilities, L.P. and the Company related to responsibilities and rights under the Third Amended and Restated Company Agreement of Sharyland Distribution & Transmission Services, L.L.C.; and 

(xxxviii) performing such other services as may be required from time to time for the management of, and other activities
relating to, the Assets and business and operations of the Company Entities as the Board of Directors shall reasonably request or as Manager deems appropriate under the particular circumstances. 

(d) The Manager shall have the right and power to establish an employee stock purchase plan (as such term is defined in section 423 of the
Code) at the Company for the benefit of employees of the Manager, Hunt and their Affiliates; provided that, the Manager shall fund all costs associated with any such plan, including the funds necessary to purchase shares of the Company’s
stock in the open market pursuant to the plan. 
 (e) In performing its duties under this Section 2, the Manager shall be
entitled to rely reasonably on qualified experts and professionals (including accountants, legal counsel and other service providers) hired by the Manager at the Company Entities’ sole cost and expense (subject to the last paragraph of
Section 10). 

  
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 Section 3. Devotion of Time; Additional Activities. 

(a) The Manager and its Affiliates will provide the Company Entities with a management team, including a Chief Executive Officer, President and
Chief Financial Officer, as well as other support personnel, to provide the management services to be provided by the Manager to the Company Entities hereunder, the members of which team shall devote such portion of their time to the management of
the Company Entities as is necessary and appropriate to operate the businesses of the Company Entities. The Manager shall not be obligated to dedicate itself exclusively to the management of the Company Entities nor shall the Manager’s
personnel be obligated to dedicate any specific portion of their time to the Company Entities; provided, however, that the Manager devotes sufficient resources to the business of the Company Entities as is necessary and appropriate,
commensurate with its level of activity, to discharge Manager’s obligations under this Agreement. The Manager shall dedicate sufficient time and shall engage and make available sufficient personnel (including personnel of the Manager’s
Affiliates) to perform the tasks and activities that typically would be performed internally (and not outsourced to third parties) by a manager rendering management and advisory services similar to those to be rendered by the Manager hereunder, and
the Manager shall engage third parties to perform such tasks and activities only in accordance with the budget limitations set forth in Section 11(a) hereof. For clarity, nothing in this Section 3(a), Section 2 or any
other provision of this Agreement will require the Manager or any Affiliate thereof to bear or incur any Expenses (except as described in the last paragraph of Section 10). 

(b) Subject to the provisions of Section 3(a) and the Development Agreement, nothing in this Agreement shall (i) prevent the
Manager, Hunt or any of their Affiliates, officers, directors, employees or personnel, from engaging in other businesses or from rendering services of any kind (including the services to be provided to the Company Entities hereunder) to any other
Person, including investing in, or rendering advisory services to others investing in, any type of business (including acquisitions of assets that meet the principal investment objectives of the Company), whether or not the investment objectives or
policies of any such other Person or Entity are similar to those of the Company or (ii) in any way bind or restrict the Manager, Hunt or any of their Affiliates, officers, directors, employees or personnel from buying, selling or trading any
securities or investments for their own accounts or for the account of others for whom Hunt or any of its Affiliates (other than the Manager), officers, directors, employees or personnel may be acting. For the avoidance of doubt, the foregoing shall
not limit any of the Company Entities’ rights under the Development Agreement. 
 (c) Managers, partners, officers, employees, personnel
and agents of the Manager or Affiliates of the Manager may serve as directors, officers, employees, personnel, agents, nominees or signatories for the Company Entities, to the extent permitted by their Governing Instruments or by any resolutions
duly adopted by the applicable governing entities pursuant to the Company Entities’ Governing Instruments. When executing documents or otherwise acting in such capacities for the Company Entities, such persons shall use their respective titles
in the applicable Company Entity. 
 Section 4. Development Activities and Rights of First Offer. On the date hereof, the
Company, the Operating Partnership, Sharyland Utilities, L.P. and Hunt Transmission Services, L.L.C. have entered into the Development Agreement, which, among other things, governs (a)

  
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the rights of the Company Entities to develop and construct Footprint Projects (as defined in the Development Agreement) and (b) the circumstances under which Hunt must offer to the Company
the opportunity to acquire a ROFO Project (as defined in the Development Agreement). 
 Section 5. Agency. Without expanding in
any way the Manager’s powers or authorities in Section 2, the Manager may act as agent of the Company Entities in acquiring, financing, leasing, managing and disposing of Assets, disbursing and collecting the funds of the Company
Entities, paying the debts and fulfilling the obligations of the Company Entities, supervising the performance of professionals engaged by or on behalf of the Company Entities and handling, prosecuting and settling any claims of or against the
Company Entities, the Board of Directors, holders of the Company Entities’ securities or representatives or properties of the Company Entities. 

Section 6. Bank Accounts. The Manager may establish and maintain one or more bank accounts in the name of any Company Entity (any
such account, a “Company Account”), and may collect and deposit funds into any such Company Account or Company Accounts, and disburse funds from any such Company Account or Company Accounts in accordance herewith; and the Manager
shall, on a quarterly basis or upon request of the Board of Directors or a committee thereof from time to time, render appropriate accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of the
Company Entities. All funds collected by Manager on behalf of Company Entities shall be deposited by Manager in Company Accounts. 

Section 7. Records; Confidentiality. The Manager shall maintain appropriate books of accounts and records relating to services
performed under this Agreement, and such books of account and records shall be accessible for inspection by representatives of the Company Entities at any time during normal business hours upon reasonable advance notice. The Manager shall keep
confidential any and all information obtained in connection with the services rendered under this Agreement and shall not disclose any such information (or use the same except in furtherance of its duties under this Agreement) to unaffiliated third
parties except (i) with the prior written consent of the Board of Directors; (ii) to legal counsel, accountants and other professional advisors to the Company; (iii) to appraisers, financing sources and others in the ordinary course
of the Company’s business; (iv) pursuant to the order of governmental officials having jurisdiction over any Company Entity; (v) in connection with any governmental or regulatory filings of the Company Entities or disclosure or
presentations to the Company’s stockholders or prospective stockholders; (vi) as required by law or legal process to which the Manager or any Person to whom disclosure is permitted hereunder is a party; or (vii) to the extent
reasonably required to perform the services under this Agreement or otherwise in connection with the business or assets of the Company Entities. The foregoing shall not apply to information which has previously become publicly available through the
actions of a Person other than the Manager not resulting from the Manager’s violation of this Section 7. The provisions of this Section 7 shall survive the expiration or earlier termination of this Agreement for a period
of three years. The Manager shall cause its agents, representatives and subcontractors to keep confidential any such information to the same degree set forth in this Section 7. 

  
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 Section 8. Obligations of Manager; Restrictions. 

(a) The Manager shall require each seller or transferor of assets to the Company Entities to make such representations and warranties regarding
such assets as may, in the commercially reasonable judgment of the Manager, be necessary and appropriate. In addition, the Manager shall take such other action as it deems necessary or appropriate in its commercially reasonable discretion with
regard to the protection of the Assets. 
 (b) The Manager shall use its reasonable best efforts to monitor relationships among the Company
Entities, any tenant that leases the assets of the Company Entities, the Manager and its Affiliates and holders of equity interests in the Company to ensure compliance with REIT rules and regulations related to related party rents. 

(c) The Manager shall refrain from any action that, in its sole but reasonable judgment made in good faith, (i) is not in compliance with
the guidelines and policies of the Board of Directors, (ii) would adversely affect the status of the Company as a REIT under the Code, (iii) would adversely affect the Company Entities’ status as an entity intended to be exempted or
excluded from investment company status under the Investment Company Act or (iv) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over any Company Entity or that would otherwise not be permitted
by the Company Entities’ Governing Instruments, code of conduct or other compliance policies. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors of the
Manager’s judgment that such action would adversely affect such status or violate any such law, rule or regulation or the Governing Instruments. 

Section 9. Compensation. 

(a) During the Initial Term and any Renewal Term, the Operating Partnership shall pay the Manager an annual Base Fee. The annual Base Fee shall
be payable in cash in quarterly installments in arrears on the last day of each calendar quarter (or the first business day that follows such day, if the last day of the calendar quarter is not a business day). Within 10 days of the receipt by the
Company of its audited financial statements with respect to the most recently completed fiscal year, the Manager shall deliver to the Board of Directors for informational purposes only its computation of the Base Fee (and the identification of the
applicable quarterly installments in which the Base Fee will be paid by the Company) based on the amount of Total Equity reflected in such financial statements (or, in the case of Total Equity as of December 31, 2014, derived from such
financial statements). If the Company does not have audited financial statements within 90 days of the end of the most recently completed fiscal year, the Manager shall calculate and send to the Board of Directors its computation of Total Equity as
of the end of the most recent fiscal year and the resulting Base Fee, in which case the Audit Committee shall review and approve or disapprove the calculation of the Base Fee within 10 days of receipt thereof from the Manager. If the Manager and the
Audit Committee are unable to agree on the calculations during such 10 day period, the dispute will be submitted to arbitration pursuant to Section 24 of this Agreement (however, if the audited financial statements are received before
the arbitration is completed, then the calculation shall be based on such financial statements). 

  
 13 

 (b) During the Initial Term and any Renewal Term, the Operating Partnership shall pay the Manager
the Incentive Fee in cash. The Incentive Fee shall be payable within five days of the actual payment of Quarterly Distributions by the Operating Partnership. In connection with its recommendation regarding the amount of the Quarterly Distribution
the Operating Partnership should make in a calendar quarter, the Manager shall deliver to the Board of Directors its computation of the Incentive Fee based on the amount of such recommended Quarterly Distribution during such quarter. If the Audit
Committee determines that the amount of Quarterly Distributions will be different than the amount recommended by the Manager, then the Manager will re-calculate the Incentive Fee payment based on the Audit Committee’s determination of Quarterly
Distributions. In connection with approving the amount of Quarterly Distribution, the Audit Committee will also approve or disapprove the amount of the Incentive Fee. If the Audit Committee does not approve the amount of the Incentive Fee in
connection with any such approval of the amount of Quarterly Distributions, the Manager may submit the determination of the amount of the Incentive Fee to arbitration pursuant to Section 24 of this Agreement. 

(c) In the event that the Company’s or the Operating Partnership’s financial statements with respect to any period during the Initial
Term or any Renewal Term are restated, and such restatement results in a change to the calculation of Total Equity or Cash Available for Distribution that would have caused the amount of the Base Fee or Incentive Fee paid in any period or the amount
of the Termination Fee to have been less than the amount actually paid, the Manager shall re-pay to the Company any such excess fee amounts it received. To the extent the Board of Directors or a committee thereof determines a portion of the Base
Fee, Incentive Fee or Termination Fee is recoverable from the Manager pursuant to this Section 9(c), the Board of Directors or committee thereof may (1) require the Manager to re-pay such amount in cash directly to the Operating
Partnership within 30 days of the determination that excess fees have been paid, (2) reduce future payments of the Base Fee, Incentive Fee or Termination Fee by such amounts or (3) recover such amounts through any combination of
(1) and (2). This Section 9(c) shall survive the expiration or earlier termination of this Agreement. 
 Section 10.
Expenses of the Company. The Company Entities shall bear and be responsible for all expenses related to the conduct of the business of the Company Entities (collectively, the “Expenses”), including any such Expenses initially
incurred by the Manager, and including the following: 
 (a) expenses in connection with the acquisition, disposition and financing of other
entities and Assets on behalf of the Company; 
 (b) costs of legal, tax, accounting, third party administrators for the establishment and
maintenance of the books and records, consulting, auditing, administrative, and other similar services rendered for the Company Entities by third parties retained by a Company Entity or by the Manager on behalf of a Company Entity; 

(c) the compensation and expenses of the Company’s directors and the cost of liability insurance related to the officers, directors,
consultants or agents of any Company Entity and any obligations to indemnify any such persons; 

  
 14 

 (d) costs associated with the establishment and maintenance of any of the Company Entities’
secured and unsecured forms of borrowings (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company Entities’ securities offerings (including the Initial Public Offering); 

(e) expenses connected with communications to holders of any Company Entities’ securities and other bookkeeping and clerical work
necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including all costs of preparing and filing required reports with the SEC,
the costs payable by a Company Entity to any transfer agent and registrar in connection with the listing and/or trading of the Company’s stock on any exchange, the fees payable by a Company Entity to any such exchange in connection with its
listing, and costs of preparing, printing and mailing any annual report to stockholders and proxy materials with respect to any stockholder meetings; 

(f) costs associated with any computer software or hardware, electronic equipment or purchased information technology services from third party
vendors that is used for the Company Entities; provided that, if such software, hardware, equipment or services also benefit the businesses of Affiliates of the Manager or activities of the Manager that are unrelated to those of the Company
Entities, the Expenses shall only include an amount reasonably allocated to the Company Entities by the Manager; 
 (g) costs and expenses
incurred with respect to market information systems and publications, pricing and valuation services, research publications and materials, including financial analytics and market data, and settlement, clearing and custodial fees and expenses,
relevant to the business of a Company Entity; 
 (h) compensation and expenses of the Company’s custodian and transfer agent, if any;

 (i) the costs of maintaining the Company’s compliance with all federal, state and local rules and regulations or any other regulatory
agency; 
 (j) all taxes and license fees payable by any Company Entity; 

(k) all insurance costs incurred in connection with the operation of the business of the Company Entities; 

(l) all other costs and expenses relating to the business and investment operations of the Company Entities, including the costs and expenses
of acquiring, owning, protecting, maintaining, developing and disposing of Assets, including appraisal, valuation, reporting, audit and legal fees; 

(m) expenses relating to any office(s) or office facilities, including disaster backup recovery sites and facilities, maintained for the
Company Entities or Assets separate from the office or offices of the Manager; 

  
 15 

 (n) expenses connected with the payments of interest, dividends or distributions in cash or any
other form authorized or caused to be made by the Board of Directors to or on account of holders of the Company Entities’ securities, including in connection with any dividend reinvestment plan; 

(o) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against any Company Entity, or
against any trustee, director or officer of any Company Entity in his capacity as such for which any Company Entity is required to indemnify such trustee, director or officer by any court or governmental agency; 

(p) all costs and expenses relating to the development and management of the Company’s website; and 

(q) all other third-party expenses actually incurred by the Manager that are reasonably necessary for the performance by the Manager of its
duties and functions under this Agreement. 
 Notwithstanding the foregoing or anything to the contrary herein, Expenses will not include
the following, which will be the responsibility of (and paid directly by) the Manager or another Affiliate thereof: (1) compensation expenses related to the Manager’s and its Affiliates’ personnel, including officers of the Company,
(2) occupancy costs incurred by the Manager related to its place of business, (3) time or project-based billing for work done by Affiliates of the Manager, (4) office-related costs, travel and entertainment costs or costs associated
with professional service organizations, publications, professional development or related matters for the Manager’s or any of its Affiliate’s employees, or (5) income or franchise taxes payable by the Manager. The provisions of this
Section 10 shall survive the expiration or earlier termination of this Agreement to the extent such Expenses have previously been incurred or are incurred in connection with such expiration or termination. For the avoidance of doubt, if
a particular item of expense is described in this paragraph, it will be the obligation of Manager or an Affiliate thereof, and not the obligation of a Company Entity, even if such item of expense falls within one of the enumerated list of Expenses
set forth in Section 10(a)-(q) above. 
 Section 11. Preparation of Expense Budget; Calculation and Payment of
Expenses. 
 (a) The Manager shall, in connection with the annual budgeting process established by the Board of Directors, submit to the
Board of Directors its estimate of the general and administrative Expenses (“G&A Expenses”) to be incurred on behalf of the Company Entities for each annual budgeting period. The Manager shall use reasonable best efforts to
cause the G&A Expenses for such annual period not to materially exceed the estimates submitted to the Board of Directors, and shall promptly notify the Board of Directors of any expected material deviations from the estimates and the reasons for
such deviations. Upon receipt of such notice of expected material deviations from the budget, the Board of Directors may instruct the Manager that any or all additional expenses in excess of the budget shall be subject to approval of the Board of
Directors. 

  
 16 

 (b) The Manager may prepare and deliver to the Company a statement documenting the unreimbursed
Expenses incurred by the Manager on behalf of a Company Entity in accordance herewith, which shall be reimbursed by the Operating Partnership to the Manager on or before the 30th day following the date of delivery of such statement. Expenses
incurred by the Manager on behalf of a Company Entity in accordance herewith shall be reimbursed by the Operating Partnership to the Manager. The provision of this Section 11 shall survive the expiration or earlier termination of this
Agreement with respect to Expenses that have previously been incurred or are incurred in connection with such expiration or termination. All obligations of the Company under this Agreement to pay any fees, reimbursements, indemnities or other
amounts to the Manager shall be paid by the Operating Partnership. 
 Section 12. Insurance. 

(a) The Company will cover the Manager and its Affiliates under the Company’s directors and officers insurance policy, including
professional liability coverage with limits no less than $50,000,000. The Manager may also request that additional professional liability insurance be purchased and added to the Company policy, and the Manager shall bear any premium costs over and
above the cost of coverage limits of $50,000,000. The Manager and the Company shall review all such policies annually and shall mutually agree upon the terms and conditions of such policies. 

(b) Manager (or an Affiliate of Manager, on Manager’s behalf), shall maintain, at its expense and at all times during the term of this
Agreement, insurance as follows: 
 (i) Commercial General Liability Insurance including Umbrella Liability Insurance,
written on occurrence basis, with limits of not less than $50,000,000 combined for bodily injury and property damage liability. 

(ii) Workers Compensation Insurance, as required by the law of the State where the Assets are located, covering all
Manager’s employees, and Employer’s Liability Insurance with limits of not less than $1,000,000 for bodily injury by accident and $1,000,000 for bodily injury by disease. 

(iii) Commercial Crime and/or Employee Dishonesty Insurance, covering the activities of all of its employees who may handle or
be responsible for monies or other property of Company, with limits of not less than $5,000,000. 
 Upon request by the Company, the Manager shall furnish
to the Company certificates of insurance evidencing the insurance coverage required hereunder. The Company Entities shall be included as additional insureds on the Manager’s insurance policies. 

(c) Notwithstanding any other provision in this Agreement to the contrary, each of the Company and the Manager hereby waives any and all rights
of recovery, claim, action or cause of action, and release all claims against the other party, and the other party’s Affiliates, agents, employees, officers, partners, servants and shareholders, for any loss or damage to such party’s
property by reason of any casualty which is covered by insurance, regardless of the cause or origin thereof, including, without limitation, the negligence, gross negligence or willful misconduct of the other party or the other party’s
Affiliates, agents, employees, officers, partners, servants or shareholders. Each party also covenants that all property insurance policies carried by such party shall contain provisions under which such party’s insurer waives its right of
subrogation against the other party (and such policies shall be so endorsed), unless such waiver is illegal or against public policy or such waiver renders such policy void or voidable, or is not available at a reasonable cost. 

  
 17 

 Section 13. Limits of Manager Responsibility; Indemnification. 

(a) The Manager assumes no responsibility under this Agreement other than to render the services in the manner called for under this Agreement
and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in Section 8(b) of this Agreement. The Manager, its
Affiliates, their respective officers, directors, stockholders and employees and any Person providing sub-advisory services to the Manager will not be liable to the Company, to the Board of Directors, the Company’s stockholders or the Operating
Partnership’s partners for any acts or omissions by any such Person, pursuant to or in accordance with this Agreement, except by reason of acts or omissions constituting gross negligence, willful misconduct, bad faith or reckless disregard of
their duties under this Agreement, as determined by a final non-appealable order of a court of competent jurisdiction. The Operating Partnership shall, to the full extent lawful, reimburse, indemnify and hold the Manager, its Affiliates, their
respective officers, directors, stockholders and employees and any Person providing sub-advisory services to the Manager (each a “Manager Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities,
demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) (“Damages”) in respect of or arising from any acts or omissions of such Manager Indemnified Party, unless it has been determined in a
final non-appealable decision pursuant to Section 24 or non-appealable order of a court of competent jurisdiction that such Damages result from such Manager Indemnified Party’s gross negligence, willful misconduct, bad faith or
reckless disregard of duties under this Agreement. 
 (b) The Manager shall, to the full extent lawful, reimburse, indemnify and hold the
Company Entities and their respective officers, directors, employees and agents (each, a “Company Indemnified Party” and together with a Manager Indemnified Party, the “Indemnitee”), harmless of and from any and all
Damages in respect of or arising from (i) acts or omissions of the Manager constituting gross negligence, willful misconduct, bad faith or reckless disregard of its duties under this Agreement, as determined in a final non-appealable decision
pursuant to Section 24 or non-appealable order of a court of competent jurisdiction or (ii) any claims by or relating to the Manager’s or its Affiliates’ employees relating to the terms and conditions of their employment
by the Manager or such Affiliate (including, without limitation, any liability with respect to severance or withdrawal liability). 
 (c) The
Indemnitee will promptly notify the party against whom indemnity is claimed (the “Indemnitor”) of any claim for which it seeks indemnification; provided, however, that the failure to so notify the Indemnitor will not
relieve the Indemnitor from any liability which it may have hereunder, except to the extent such failure actually prejudices the Indemnitor. The Indemnitor shall have the right to assume the defense and settlement of such claim; provided,
that the Indemnitor notifies the Indemnitee of its election to assume such defense and settlement within 30 days after the Indemnitee gives the Indemnitor notice of the claim. In such case, the Indemnitor will not settle or compromise such claim,
and the Indemnitee 

  
 18 

 
will not be liable for any such settlement made by Indemnitor without Indemnitee’s prior written consent. If the Indemnitor is entitled to, and does, assume such defense by delivering the
aforementioned notice to the Indemnitee, the Indemnitee will (i) have the right to approve the Indemnitor’s counsel (which approval will not be unreasonably withheld, delayed or conditioned), (ii) be obligated to cooperate in
furnishing evidence and testimony and in any other manner in which the Indemnitor may reasonably request and (iii) be entitled to participate in (but not control) the defense of any such action, with its own counsel and at its own expense. 

(d) The Operating Partnership shall be required to advance funds to a Manager Indemnified Party for legal expenses and other costs incurred as
a result of any legal action or proceeding if a claim in respect thereof is to be made pursuant hereto and if requested by such Manager Indemnified Party if (i) such suit, action or proceeding relates to or arises out of, or is alleged to
relate to or arise out of or has been caused or alleged to have been caused in whole or in part by, any action or inaction on the part of the Manager Indemnified Party in the performance of its duties or provision of its services on behalf of the
Company Entities; and (ii) the Manager Indemnified Party affirms in writing that such person in good faith believes that it has met the standard of conduct necessary for indemnification under this Section 13 and undertakes to
promptly repay any funds advanced pursuant to this Section 13(d) in cases in which such Manager Indemnified Party would not be entitled to indemnification under Section 13(a). If advances are required under this
Section 13(d), the Manager Indemnified Party shall furnish the Operating Partnership with an affirmation and undertaking as set forth in clause (ii) of the preceding sentence and shall thereafter have the right to bill the Operating
Partnership for, or otherwise require the Operating Partnership to pay, at any time and from time to time after such Manager Indemnified Party shall become obligated to make payment therefor, any and all reasonable amounts for which such Manager
Indemnified Party is entitled to indemnification under this Section 13, and the Operating Partnership shall pay the same within thirty (30) days after request for payment. In the event that a determination is made by a final
non-appealable decision pursuant to Section 24 or non-appealable order of a court of competent jurisdiction that the Operating Partnership is not so obligated in respect of any amount paid by it to a particular Manager Indemnified Party,
such Manager Indemnified Party will refund such amount within sixty (60) days of such determination, and in the event that a determination is made by a final non-appealable decision pursuant to Section 24 or non-appealable order of
a court of competent jurisdiction that the Operating Partnership is so obligated in respect to any amount not paid by the Operating Partnership to a particular Manager Indemnified Party, the Operating Partnership will pay such amount to such Manager
Indemnified Party within thirty (30) days of such final determination, in either case together with interest at the current prime rate plus two percent (2%) from the date paid until repaid or the date it was obligated to be paid until the
date actually paid. 
 (e) Any Manager Indemnified Party entitled to indemnification under this Agreement must seek recovery under any
insurance policies by which such Manager Indemnified Party is covered and must obtain the Company’s written consent prior to entering into any compromise or settlement which would result in the Operating Partnership having an obligation to
indemnify such Manager Indemnified Party. Any amounts actually recovered under any applicable Company-funded insurance policies will offset any amounts that the Operating Partnership owes pursuant to the Operating Partnership’s indemnification
obligations under this Agreement. If the 

  
 19 

 
amounts for which indemnification is sought arise out of the conduct of the Company’s or the Company Entities’ business and affairs and also of any other person for which a Manager
Indemnified Party was then acting in a similar capacity, the amount of the indemnification to be provided by the Operating Partnership may be limited to its proportionate share thereof if so determined by the Operating Partnership in good faith.

 Section 14. Intellectual Property; License. 

(a) All Intellectual Property created or developed in connection with the Manager’s performance of this Agreement or otherwise and the
Intellectual Property Rights associated therewith shall be the sole and exclusive property of the Manager. The Company and Operating Partnership (on behalf of themselves and any Subsidiary) shall assign and do hereby assign to the Manager all
Intellectual Property Rights in such Intellectual Property. The Manager hereby grants the Company Entities a non-exclusive, perpetual, worldwide, fully paid up, royalty-free, non-sub-licensable, non-transferable license and right to use the
Intellectual Property made in connection with the Manager’s performance of this Agreement for their business purposes. The Company and the Operating Partnership will, or will cause their Subsidiaries to, upon request of the Manager, do,
execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further acts, deeds, assignments, transfers, conveyances, powers of attorney and assurances as may be requested by the Manager to carry out the
intent of this Agreement or to otherwise perfect, record, confirm, or enforce the Manager’s rights in and to the Intellectual Property. 

(b) The Manager hereby grants to the Company Entities a non-transferable, non-assignable, non-exclusive royalty-free right and license to use
the logo described on Exhibit A during the term of this Agreement. 
 Section 15. No Joint Venture. Nothing in this Agreement
shall be construed to make the Company (or any Subsidiary) and the Manager partners or joint venturers or impose any liability as such on either of them. 

Section 16. Term; Termination. 

(a) Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect during the Initial Term, and, subject to
Section 16(b) and Section 16(c), shall be automatically renewed for a Renewal Term upon the expiration of the Initial Term and upon the expiration of each Renewal Term. Notwithstanding the foregoing, in connection with the
renewal of this Agreement, at least 15 months prior to the expiration of the Initial Term or a Renewal Term, a Party may request changes to this Agreement or the Development Agreement to address market changes, changes in the relationship between
the Parties or such other changes in circumstances that a Party determines in good faith warrant revisions to this Agreement (including, without limitation, a request that the list of ROFO Projects included in the Development Agreement be updated to
include the transmission and development projects in the then-current pipeline of Hunt and its Affiliates); provided, however, that the Parties do not generally expect to change the manner in which the Base Fee, Incentive Fee or Termination
Fee are calculated unless such amounts are determined to be, in consultation with a nationally recognized investment banking firm, materially less favorable to the Manager or the Company, 

  
 20 

 
as the case may be, than other similar compensation arrangements for externally managed vehicles in the same or comparable industries. Without limiting the generality of the foregoing, the
Parties shall negotiate any such requested changes in good faith prior to the renewal of this Agreement, but neither Party shall be obligated to agree to any such changes. 

(b) Notwithstanding any other provision of this Agreement to the contrary, the Independent Directors may elect not to renew this Agreement by
delivering notice of such election to the Manager at least 365 days prior to the end of the Initial Term or any Renewal Term. In the event of such election, on the last day of the Initial Term or Renewal Term, as applicable, the Operating
Partnership shall pay a termination fee (the “Termination Fee”) equal to three times the sum of (i) the amount of the Base Fee paid with respect to the four full calendar quarters preceding the date on which the termination
notice is given and (ii) the amount of the Incentive Fee paid with respect to the four full calendar quarters preceding the date on which the termination notice is given. At the Company’s election, the Termination Fee may be paid in cash
or in OP Units (in whole or in part). If the Company elects to pay the Termination Fee in OP Units, such OP Units will be issued five days after the effective date of termination, with the number of OP Units equal to the Termination Fee divided by
the volume weighted average price of the Company’s common stock on the New York Stock Exchange (or such other national exchange on which the Company’s stock is then traded) during the 10 trading day period that precedes the termination
date. If the Company’s common stock is not then traded on the New York Stock Exchange or other national exchange, the Company will pay the Termination Fee in cash. For the avoidance of doubt, the Termination Fee applies to terminations of this
Agreement pursuant to this Section 16(b) only and is not required to be paid in the event of a termination of this Agreement pursuant to any other provision hereof or for any other reason. 

(c) Notwithstanding any other provision of this Agreement to the contrary, the Manager may terminate this Agreement at any time upon 365
days’ prior written notice to the Company and the Operating Partnership; provided, however, that the Manager may not deliver notice of its termination of this Agreement prior to December 31, 2018. In the event of a termination of
this Agreement pursuant to this Section 16(c), no Termination Fee shall be payable. 
 (d) Upon the expiration or termination of
this Agreement for any reason, the Manager shall: (i) immediately pay over to the Company Entities any and all monies collected and held by the Manager for the account or on behalf of the Company Entities, without deduction or offset;
(ii) promptly turn over to the Company Entities all books, papers, leases, agreements, documents, records, keys and other items relating to the management and operation of the Assets; and (iii) within thirty (30) days thereafter,
render to the Company Entities a final accounting with respect to the management and operation of the Assets through the date of termination. In connection with any expiration or termination of this Agreement for any reason, the Manager shall, prior
to and following such expiration or termination, cooperate with the Company Entities and provide reasonable assistance to support a transition of the management duties to the Company Entities or the Company’s designee. 

(e) If this Agreement is terminated pursuant to this Section 16 or Section 18 of this Agreement, such termination shall
be without any further liability or obligation of either party to the other, except that Sections 7, 9(c), 10, 11(b), 12(c), 13, and 19 through 28 will survive any such termination. 

  
 21 

 Section 17. Assignment. This Agreement shall terminate automatically in the event of
its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by the Company after the approval of a majority of the Board of Directors, including a majority of the Independent Directors; provided,
however, that the Manager may assign this Agreement to an Affiliate of Hunt without the consent of the Company. Any such permitted assignment shall bind the assignee under this Agreement in the same manner as the Manager is bound, and the
Manager shall be liable to the Company and the Operating Partnership for all errors or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company and the Operating Partnership a
counterpart of this Agreement naming such assignee as Manager. This Agreement shall not be assigned by the Company or the Operating Partnership without the prior written consent of the Manager, except in the case of assignment by the Company or
Operating Partnership to another REIT or other organization which is a successor (by merger, consolidation, purchase of assets, or other transaction) to the Company or the Operating Partnership, in which case such successor organization shall be
bound under this Agreement and by the terms of such assignment in the same manner as the Company and Operating Partnership are bound under this Agreement. 

Section 18. Termination for Cause. Notwithstanding anything to the contrary contained in Section 16, the Company, with
the approval of a majority of the Independent Directors, may terminate this Agreement effective upon 30 days’ prior written notice of termination (or, with respect to clauses (iv) through (vii) below, effective immediately upon
written notice of termination) from the Company to the Manager, without payment of any Termination Fee or any accrued and unpaid Base Fee or Incentive Fee, if (i) the Manager materially breaches any provision of this Agreement and, if such
breach is capable of being cured, such breach shall continue for a period of 30 days after written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period, (ii) the Manager engages in any act of
fraud, misappropriation of funds, or embezzlement against any Company Entity, other than an immaterial misapplication of funds that is promptly corrected, (iii) there is an event of any bad faith, willful misconduct or gross negligence on the
part of the Manager in the performance of its duties under this Agreement that results in material harm to any Company Entity, (iv) there is a commencement of any voluntary proceeding relating to the Manager’s Bankruptcy or insolvency or
an order for relief in an involuntary Bankruptcy case, (v) there is a dissolution of the Manager, (vi) the Manager is convicted of a felony (including a plea of nolo contendere) or (vii) there is a Manager Change of Control
(provided that, in the case of (vii), any termination under this Section 18 must occur within 90 days after the date the Independent Directors receive written notice from the Manager of such Manager Change of Control, which Manager
agrees to provide promptly). For purposes of this Agreement, “Manager Change of Control” shall be deemed to have occurred if members of the Hunt Group cease to both (1) own, directly or indirectly, at least 51% of the Equity
Interests in Manager or its successor hereunder and (2) Control Manager or its successor hereunder. For purposes of this Agreement: (A) “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise; and (B)

  
 22 

 
“Hunt Group” means (a) Ray L. Hunt and Hunter L. Hunt; (b) any lineal descendent of the foregoing (including by adoption); (c) any spouse of the foregoing;
(d) any trust established primarily for the benefit of any one or more of the foregoing; and (e) any entity controlled, individually or collectively, by any of the foregoing Persons identified in the preceding clauses (a) through
(d) (including Hunt and its Subsidiaries). 
 Section 19. Action Upon Termination. From and after the effective date of
termination of this Agreement, pursuant to Sections 16 or 18 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid (i) if terminated pursuant to
Section 16, all compensation accruing to the date of termination, (ii) if terminated pursuant to Section 16(b), the applicable Termination Fee, and (iii) as provided in Section 10 and
Section 11. 
 Section 20. Notices. All notices, offers or other communications required or permitted to be given
pursuant to this Agreement shall be in writing and may be personally served, sent via facsimile, sent via electronic mail or sent by United States mail or by commercial courier and shall be deemed to have been given when received at the address set
forth below: 
 If to the Manager: 

Hunt Utility Services, LLC 
 Attn:
Hunter L. Hunt, President 
 1900 North Akard Street 

Dallas, TX 75201 
 Facsimile:
214-978-8989 
 E-mail: HHunt@huntoil.com 

If to the Company: 
 InfraREIT,
Inc. 
 Attn: Chief Executive Officer 

1807 Ross Avenue, 4th Floor 

Dallas, TX 75201 
 E-mail:
DCampbell@huntutility.com 
 With a copy to: 

InfraREIT, Inc. 
 Attn: General
Counsel 
 1807 Ross Avenue, 4th Floor 

Dallas, TX 75201 
 E-Mail:
Legal@Huntutility.com 
 The address of any party hereto may be changed by a notice in writing given in accordance with the
provisions of this Section 20. 

  
 23 

 Section 21. Binding Nature of Agreement; Third Party Beneficiaries; Successors and
Assigns. This Agreement shall be binding upon and inure solely to the benefit of each Party hereto and, with respect to Section 13 of this Agreement, the Indemnitees, and nothing in this Agreement, express or implied, is intended to
or shall confer upon any Person other than the Parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 22. Complete Agreement; Amendments. This Agreement contains the entire understanding of the parties with respect to the
transactions contemplated hereby and supersedes all prior arrangements or understandings with respect thereto. This Agreement shall not be modified or amended except in a writing signed by all Parties. No purported modifications or amendments,
including without limitation any oral agreement (even if supported by new consideration), course of conduct or absence of a response to a unilateral communication, shall be binding on any Party. 

Section 23. Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES TO THE CONTRARY. 

Section 24. Arbitration. 

(a) Any dispute under or relating to this Agreement shall, if not resolved by the Parties within 60 days after notice of such dispute is served
by one Party to the other (or, if different, the period provided for resolution by the Parties in the provision of this Agreement under which such dispute is brought), be submitted to an “Arbitration Panel” comprised of three
members. No more than one panel member may be with the same firm (which shall not be deemed to prohibit the panel members from being members of the same organization such as the American Arbitration Association or Judicial Arbitration and Mediations
Services), and no panel member may have an economic interest in the outcome of the arbitration. 
 (b) The Arbitration Panel shall be
selected as follows: Within five business days after the expiration of the period referenced above, the Manager shall select a panel member meeting the criteria of the above paragraph (the “Manager Panel Member”) and the Company
shall select its panel member meeting the criteria of the above paragraph (the “Company Panel Member”). If a Party fails to timely select its respective panel member, the other Party may notify such Party in writing of such failure,
and if such Party fails to select its respective panel member within three business days from such notice, then the other Party may select such panel member on such Party’s behalf. Within five business days after the selection of the
Manager Panel Member and the Company Panel Member, the Manager Panel Member and the Company Panel Member shall jointly select a third panel member meeting the criteria of the above paragraph (the “Third Panel Member”). If the
Manager Panel Member and the Company Panel Member fail to timely select the Third Panel Member and such failure continues for more than three business days after written notice of such failure is delivered to the Manager Panel Member and Company
Panel Member by either the Manager or the Company, either the Manager or the Company may request the managing officer of the American Arbitration Association to appoint the Third Panel Member. 

  
 24 

 (c) Within ten business days after the selection of the Arbitration Panel, each Party shall
submit to the Arbitration Panel a written statement identifying its summary of the issues and claims. Any Party may also request an evidentiary hearing on the merits in addition to the submission of written statements. The Arbitration Panel shall
make its decision within 20 days after the later of (i) the submission of such written statements of particulars, and (ii) the conclusion of any evidentiary hearing on the merits, and shall take into consideration the relative risks and
rewards undertaken and capital invested by each Party. The Arbitration Panel shall reach its decision by majority vote and shall communicate its decision by written notice to the Parties. 

(d) The decision by the Arbitration Panel shall be final, binding and conclusive and shall be non-appealable and enforceable in any court
having jurisdiction. All hearings and proceedings held by the Arbitration Panel shall take place in Dallas, Texas. 
 (e) The resolution
procedure described herein shall be governed by the Commercial Rules of the American Arbitration Association and the Procedures for Large, Complex Commercial Disputes in effect as of the date hereof and subject to the Texas General Arbitration Act
to the extent such act is applicable hereto. 
 (f) The Parties shall bear equally the fees, costs and expenses of the Arbitration Panel in
conducting the arbitration. 
 Section 25. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on
the part of any party hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. No waiver of any
provision hereunder shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

Section 26. Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only and
shall not be deemed part of this Agreement. 
 Section 27. Cure of Invalid Provisions. If any provision of this Agreement is
held to be illegal, invalid or unenforceable under present or future laws, such provision shall be fully severable, and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part
hereof, and the remaining provisions hereof shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement; provided, however, that if such illegal, invalid
or unenforceable provision may be made legal, valid and enforceable by limitation thereof, then the provision shall be revised and reformed to make it legal, valid and enforceable to the maximum extent permitted by law. Without limiting the
foregoing, if, due to an amendment to any provision of the Code or the Treasury Regulations, the issuance of a 

  
 25 

 
court opinion in any tax litigation, or the issuance of an IRS revenue ruling or revenue procedure, it is determined by tax counsel for the Company, or if a court of competent jurisdiction
determines with respect to the Company, that one or more provisions of this Agreement cause or will cause the Company to fail to meet one or more of the requirements that are required to be met in order for the Company to continue to qualify as a
REIT, then the provision or provisions that caused or will cause such failure shall be fully severable, and this Agreement shall be construed and enforced as if such provision or provisions that caused such failure had never comprised a part hereof.

 Section 28. Construction of Agreement. As used herein, the singular shall be deemed to include the plural, and the plural
shall be deemed to include the singular, and all pronouns shall include the masculine, feminine and neuter, whenever the context and facts require such construction. The headings, captions, titles and subtitles herein are inserted for convenience of
reference only and are to be ignored in any construction of the provisions hereof. Except as otherwise indicated herein, all section, schedule and exhibit references in this Agreement shall be deemed to refer to the sections, schedules and exhibits
of and to this Agreement, and the terms “herein”, “hereof”, “hereto”, “hereunder” and similar terms refer to this Agreement generally rather than to the particular provision in which such term is used.
Whenever the words “including”, “include” or “includes” are used in this Agreement, they shall be interpreted in a non-exclusive manner as though the words “but [is] not limited to” immediately followed the
same. Time is of the essence for this Agreement. The language in all parts of this Agreement shall in all cases be construed simply according to the fair meaning thereof and not strictly against the party that drafted such language. Except as
otherwise provided herein, references in this Agreement to any agreement, articles, by-laws, instrument or other document are to such agreement, articles, by-laws, instrument or other document as amended, modified or supplemented from time to time.

 Section 29. Multiple Counterparts. This Agreement may be executed in multiple counterparts, each of which shall constitute an
original hereof and all of which taken together shall constitute one and the same agreement. If any signature is delivered by facsimile transmission or by PDF, such signature shall create a valid and binding obligation of the party executing (or on
whose behalf the signature is executed) with the same force and effect as if such facsimile or PDF signature were an original thereof. 
 * *
* 
 [Signature page follows] 

  
 26 

 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the Effective
Date. 
  

			
	HUNT UTILITY SERVICES, LLC, a Delaware limited liability company
		
	By:	 	  

		 	Name:
		 	Title:
	
	INFRAREIT, INC., a Maryland corporation
		
	By:	 	  

		 	Name:
		 	Title:
	
	INFRAREIT PARTNERS, LP, a Delaware limited partnership
	
	By: InfraREIT, Inc., its general partner
		
	By:	 	  

		 	Name:
		 	Title:

 Exhibit A 

(logo)EX-10.6

 Exhibit 10.6 

DELEGATION AGREEMENT 

between 
 SHARYLAND UTILITIES,
L.P. 
 and 

INFRAREIT, INC. 

 TABLE OF CONTENTS 

 

							
	ARTICLE 1.	  	DEFINITIONS; GENERAL REFERENCES	  	 	1	  
	 1.1
	  	Definitions	  	 	1	  
	 1.2
	  	Rules of Construction	  	 	4	  
	 1.3
	  	Precedence	  	 	4	  
			
	ARTICLE 2.	  	DELEGATION OF POWER	  	 	4	  
	 2.1
	  	Delegation of Power	  	 	4	  
	 2.2
	  	Amendments to Delegation	  	 	6	  
	 2.3
	  	Corporate Affiliates and Contractors	  	 	7	  
			
	ARTICLE 3.	  	SHARYLAND RESERVATION OF POWER AND ADDITIONAL RESPONSIBILITIES	  	 	7	  
	 3.1
	  	Reservation of Power	  	 	7	  
	 3.2
	  	No Delegation of Power Prohibited by Applicable Law or Regulatory Authorities	  	 	7	  
	 3.3
	  	Sharyland’s Responsibilities	  	 	8	  
			
	ARTICLE 4.	  	COMPENSATION	  	 	8	  
	 4.1
	  	No Internal Expenses	  	 	8	  
	 4.2
	  	Third Party Expenses	  	 	8	  
			
	ARTICLE 5.	  	INDEMNIFICATION	  	 	8	  
	 5.1
	  	Indemnification By Delegatee	  	 	8	  
	 5.2
	  	Indemnification by Sharyland	  	 	8	  
	 5.3
	  	Limitation of Liability	  	 	9	  
			
	ARTICLE 6.	  	TERM AND TERMINATION	  	 	9	  
	 6.1
	  	Term	  	 	9	  
	 6.2
	  	Termination	  	 	9	  
	 6.3
	  	Rights Upon Termination	  	 	9	  
			
	ARTICLE 7.	  	REPRESENTATIONS AND WARRANTIES	  	 	10	  
	 7.1
	  	Representations and Warranties by Both Parties	  	 	10	  
			
	ARTICLE 8.	  	DISPUTE RESOLUTION	  	 	10	  
	 8.1
	  	Arbitration	  	 	10	  
	 8.2
	  	Continued Performance	  	 	11	  
			
	ARTICLE 9.	  	MISCELLANEOUS	  	 	12	  
	 9.1
	  	Confidentiality and Non-Disclosure	  	 	12	  
	 9.2
	  	Assignment	  	 	13	  
	 9.3
	  	Not for Benefit of Third Parties	  	 	13	  
	 9.4
	  	Amendments	  	 	13	  
	 9.5
	  	Survival	  	 	13	  
	 9.6
	  	No Waiver	  	 	13	  
	 9.7
	  	Notices	  	 	13	  

  
 ii 

							
	 9.8
	  	 Counterparts
	  	 	14	  
	 9.9
	  	 Governing Law
	  	 	14	  
	 9.10
	  	 Captions
	  	 	14	  
	 9.11
	  	 Severability
	  	 	14	  
	 9.12
	  	 Entire Agreement
	  	 	14	  
	 9.13
	  	 Further Assurances
	  	 	15	  

  
 iii 

 DELEGATION AGREEMENT 

This DELEGATION AGREEMENT (this “Agreement”), entered into on
            , 2015 to be effective as of the Effective Date (as hereinafter defined), is by and between Sharyland Utilities, L.P., a Texas limited partnership
(“Sharyland”), and InfraREIT, Inc., a Maryland corporation (“Delegatee”). Each of Sharyland and Delegatee may be referred to herein as a “Party” and together as the “Parties.” 

RECITALS 
 WHEREAS,
Sharyland and Transmission and Distribution Company, L.L.C., a Texas limited liability company (the “TDC Member”, together with Sharyland, the “Members”) formed Sharyland Transmission Services, L.P. as a Texas
limited partnership (the “Company”) and entered into an Agreement of Limited Partnership as of June 28, 2006 and subsequently changed the name of the Company to “Sharyland Distribution & Transmission Services,
L.P.”; 
 WHEREAS, the Members converted the Company from a Texas limited partnership to a Texas limited liability company as provided
for under the Act and the Company became “Sharyland Distribution & Transmission Services, L.L.C.”; 
 WHEREAS, Sharyland
is the managing member of the Company and has the power and authority on behalf of the Company to manage, control, administer and operate the properties, business and affairs of the Company subject to, and in accordance with, the Third Amended and
Restated Company Agreement of the Company, effective as of the Effective Date (as amended from time to time, the “Company Agreement”); 

WHEREAS, pursuant to Section 5.1(a) of the Company Agreement, Sharyland has the right to delegate such power and authority to a third
party; 
 WHEREAS, consistent with the power and authority granted to Sharyland under the Company Agreement, Sharyland desires to enter into
this Agreement with Delegatee pursuant to which Sharyland will delegate certain of its power and authority to perform duties in connection with the management of the business and affairs of the Company; and 

WHEREAS, notwithstanding anything to the contrary herein, Sharyland shall reserve for itself and shall not delegate any power or authority
(i) to operate any of the T&D Assets; (ii) to cause the Company to fund necessary Footprint Projects (as defined in the Company Agreement) in order to maintain the safety or reliability of the T&D Assets; or (iii) to take
certain other actions as more fully described herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and other valuable consideration, the Parties hereby agree as follows: 
 ARTICLE 1. DEFINITIONS; GENERAL REFERENCES 

1.1 Definitions. For all purposes of this Agreement (including the preceding recitals) unless otherwise required by the context in which
any defined term appears, capitalized terms have the meanings specified in this Article 1. 

  
 1 

 “Act” shall mean the Texas Limited Liability Company Law as set forth in the
Texas Business Organizations Code, as the same may be amended from time to time. 
 “Affiliate” means, with respect to any
Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such first Person. The term “control” (including correlative terms such as
“controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership
of voting securities, by contract or otherwise; provided, however, that the Affiliates of Delegatee shall not include Sharyland, Sharyland’s subsidiaries and parent companies with ownership interests in Sharyland, and the
Affiliates of Sharyland shall not include Delegatee or Delegatee’s subsidiaries. 
 “Agreement” has the meaning set
forth in the preamble. 
 “Annual Business Plan” has the meaning ascribed to such term in the Company Agreement. 

“Applicable Law” means any and all laws, ordinances, statutes, orders and regulations of any Governmental Authorities,
including any securities exchange listing requirements. 
 “Approved Annual Business Plan” has the meaning ascribed to such
term in the Company Agreement. 
 “Approved Capital Expenditure Budget” means a Capital Expenditure Budget that has been
submitted by Sharyland and Approved (as defined in the Company Agreement) by the Delegatee in accordance with Section 8.1 of the Company Agreement. 

“Arbitration Panel” has the meaning set forth in Section 8.1(a). 

“Bankruptcy” means a situation in which a Person (i) is generally not paying, or admits in writing its inability to pay,
its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any
bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer
with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing. 

“Capital Expenditure Budget” shall mean the rolling three-year capital expenditure budget that Sharyland provides to the
Delegatee, the provisions of which are reflected in the Company Agreement. 
 “Company” has the meaning set forth in the
recitals. 
 “Company Agreement” has the meaning set forth in the recitals. 

  
 2 

 “Confidential Information” has the meaning set forth in Section 9.1(a).

 “Delegatee” has the meaning set forth in the preamble and shall be deemed to include any successor by operation of law
or any permitted assign pursuant to Section 9.2. 
 “Delegatee Indemnitees” has the meaning set forth in
Section 5.2. 
 “Delegatee Panel Member” has the meaning set forth in Section 8.1(b). 

“Effective Date” means the date on which the initial public offering of the Delegatee is consummated. 

“ERCOT” means the Electric Reliability Council of Texas. 

“Footprint Project(s)” has the meaning set forth in the recitals. 

“Good Utility Practice” shall be as defined from time to time by the PUCT and, as of the date hereof, means any of the
practices, methods, and acts engaged in or approved by a significant portion of the electric utility industry during the relevant time period, or any of the practices, methods, and acts that, in the exercise of reasonable judgment in light of the
facts known at the time the decision was made, could have been expected to accomplish the desired result at a reasonable cost consistent with good business practices, reliability, safety, and expedition. Good Utility Practice is not intended to be
limited to the optimum practice, method, or act, to the exclusion of all others, but rather is intended to include acceptable practices, methods, and acts generally accepted in the region. 

“Governmental Authority” means any federal, state, or local government, regulatory or administrative authority, any agency or
commission thereof, or any court or tribunal and any self-regulatory organization, including, but not limited to, a national securities exchange registered with the Securities and Exchange Commission. 

“Liabilities” has the meaning set forth in Section 5.1. 

“Members” has the meaning set forth in the recitals. 

“New Project” has the meaning ascribed to such term in the Company Agreement. 

“Non-Breaching Party” has the meaning set forth in Section 9.1(b). 

“Party” or “Parties” has the meaning set forth in the preamble. 

“Person” means any Party, individual, partnership, corporation, association, limited liability company, business trust,
government or political subdivision thereof, governmental agency or other entity. 
 “PUCT” means the Public Utility
Commission of Texas. 
 “PURA” means the Public Utility Regulatory Act, as amended. 

  
 3 

 “Regulatory Authority(ies)” means the PUCT, ERCOT, the Texas Regional Entity,
FERC and any similar Governmental Authority having jurisdiction over the T&D Assets. 
 “Sharyland” has the meaning set
forth in the preamble. 
 “Sharyland Indemnitees” has the meaning set forth in Section 5.1. 

“Sharyland Panel Member” has the meaning set forth in Section 8.1(b). 

“T&D Assets” shall mean all electric transmission and/or distribution assets that are owned by the Company at the time of
reference. 
 “TDC Member” has the meaning set forth in the recitals. 

“Term” has the meaning set forth in Section 6.1. 

“Third Panel Member” has the meaning set forth in Section 8.1(b). 

1.2 Rules of Construction. As used in this Agreement, the terms “herein” and “hereof” are references to this
Agreement, taken as a whole; the term “includes” or “including” shall mean “including, without limitation”; and references to a “Section” or “Article” shall mean a Section or Article of this
Agreement, as the case may be, unless in any such case the context requires otherwise. All references to a given agreement, instrument or other document shall be a reference to that agreement, instrument or other document as modified, amended,
supplemented and restated through the date as of which such reference is made, and reference to a law includes any amendment or modification thereof. The singular shall include the plural, as the context requires, and the masculine shall include the
feminine and neuter, and vice versa. 
 1.3 Precedence. In the event of a conflict or discrepancy between this Agreement and the
Company Agreement, the interpretation of this Agreement or any amendment thereof shall have precedence over the provisions of the Company Agreement or any amendment thereof. 

ARTICLE 2. DELEGATION OF POWER 
 2.1
Delegation of Power. During the Term, Sharyland irrevocably delegates to Delegatee, to the fullest extent permitted under the Company Agreement and Applicable Law, the power and authority to perform the duties of managing the business and
affairs of the Company that are set below: 
 (a) sourcing, evaluating and obtaining on the Company’s or any of its subsidiaries’
behalf any loan, indebtedness or other financing arrangements necessary or appropriate in connection with the Company’s or such subsidiary’s business; 

(b) causing the Company or any subsidiary thereof to negotiate and enter into any such loan, indebtedness or other financing arrangements, and
any amendments thereto, and causing the Company to enter into and perform any obligations under any related financing documents; 

  
 4 

 (c) causing the Company or any subsidiary thereof to provide any contractual or other support for
any loan, indebtedness or equity financing arrangements obtained by the TDC Member or Affiliate thereof; 
 (d) causing the Company or any
subsidiary thereof to provide any necessary information or support related to communications, compliance or other matters related to equity capital that the TDC Member or any Affiliate thereof has raised; 

(e) conducting the business of the Company or any subsidiary thereof (or any of their respective joint ventures or co-investments) under its
name or such other names as may be determined as necessary by Delegatee; 
 (f) causing the Company and its subsidiaries to comply with all
Applicable Laws of any Governmental Authorities (other than the Applicable Laws (x) of any Regulatory Authorities and (y) related to the operation of the T&D Assets); 

(g) causing the Company or any subsidiary thereof to negotiate and enter into contracts (including any leases), to incur and be bound by any
related obligations thereto, and to enforce any rights therein, including, but not limited to, determining any breach of contract and seeking and enforcing any remedies available under contract, law or equity; 

(h) participating with Sharyland in the preparation of the Capital Expenditure Budget and any amendments thereto; 

(i) preparing the portions of the Annual Business Plan that relate to matters other than capital expenditures; 

(j) monitoring the insurance required under any lease of the T&D Assets and enforcing the Company’s and any subsidiary’s rights
under the applicable insurance policies; provided that, Sharyland shall determine from time to time the amount of insurance coverage with respect to the operations and Footprint Projects and other assets of the Company as reasonably
required for ownership and prudent operation of the T&D Assets; 
 (k) causing the Company or any subsidiary thereof to negotiate and
enter into any renewals or supplements of any leases with Sharyland, any Affiliate thereof or any other third party; 
 (l) keeping the books
of accounts and other financial and corporate records of the Company and any subsidiary thereof; provided that, Sharyland shall continue to maintain, or cause to be maintained, all logs, drawings, manuals, specifications and data and
inspection, modification and maintenance records and other materials required to be maintained in respect of the T&D Assets required by Applicable Laws or consistent with Good Utility Practices; 

(m) preparing and distributing any periodic financial reports and annual audits of the Company and any subsidiary thereof and coordinating with
Sharyland in preparing those reports; 

  
 5 

 (n) preparing, documenting and updating any accounting or other internal controls of the Company
and any subsidiary thereof, including internal controls over financial reporting; 
 (o) assisting any Affiliate of the Company in satisfying
reporting and compliance obligations under applicable securities laws or the rules of any exchange on which the securities of such Affiliate may trade; 

(p) opening and managing bank accounts and Treasury/cash management activities on behalf of the Company or any subsidiary thereof; 

(q) managing all tax matters and administration thereof on behalf of the Company and any subsidiary thereof; 

(r) planning, sourcing and managing all capital needs of the Company and any subsidiary thereof, including but not limited to, forecasting the
needs for capital (subject to Sharyland’s participation), determining uses for capital, and raising capital; 
 (s) managing all
investor communications and relations and preparing the annual reports of the Company or any subsidiary thereof; 
 (t) causing the Company
or a subsidiary thereof to acquire or dispose of transmission, distribution or other assets and negotiating and causing the Company or any such subsidiary to perform its obligations under any related acquisition or disposition agreements;
provided that, the delegation of Sharyland’s power to Delegatee will not affect Sharyland’s authority to cause the Company to take such actions, subject to the negative control rights of the TDC Member in the Company
Agreement; 
 (u) causing the Company or a subsidiary thereof to negotiate, enter into and perform its obligations under contracts for the
construction of transmission and distribution projects and related engineering, procurement and construction (EPC) or other contracts; 
 (v)
electing, removing and replacing officers and managing the corporate minute books of the Company and any subsidiary thereof; provided that, in all circumstances at least one designated employee of Sharyland will remain as a senior vice
president or other officer of the Company; 
 (w) directing Sharyland to file a rate case proceeding with the PUCT with respect to the
T&D Assets pursuant to the leases between the Company or any subsidiary thereof and Sharyland or any subsidiary thereof; and 
 (x) any
other responsibilities, rights or duties to manage the affairs of the Company other than those reserved for Sharyland as set forth below. 

2.2 Amendments to Delegation. If the power and/or authority of Sharyland as the managing member of the Company are modified pursuant to
a subsequent amendment and/or restatement to the Company Agreement, changes in Applicable Law or otherwise, then the power and authority delegated to the Delegatee shall be modified on the same basis. 

  
 6 

 2.3 Corporate Affiliates and Contractors. Delegatee shall be authorized to utilize the
services of its Affiliates or third-party contractors, in each case, that are necessary or appropriate for the exercise of the powers and authorities delegated to it hereunder. 

ARTICLE 3. SHARYLAND RESERVATION OF POWER AND ADDITIONAL RESPONSIBILITIES. 

3.1 Reservation of Power. Notwithstanding anything to the contrary herein, subject to any limitation set forth in the Company Agreement,
Sharyland expressly reserves the following powers, rights and responsibilities: 
 (a) operational control over the T&D Assets, including
but not limited to, maintenance, planning Footprint Projects, managing quality of service, handling customer and community relations matters, accounting for operating and maintenance costs, operating in compliance with all environmental, safety and
other Applicable Laws applicable to operating the T&D Assets; 
 (b) compliance with all Applicable Laws (x) of any Regulatory
Authorities and (y) related to the operation of the T&D Assets and managing all regulatory matters and relationships with any such Regulatory Authorities; 

(c) rights under Section 3.2(d) of the Company Agreement to either contribute capital to fund certain Footprint Projects or to seek and
obtain reasonable alternative capital sources for such Footprint Projects in accordance with the terms of Section 3.2(d) of the Company Agreement; 

(d) rights under Section 5.2(b) of the Company Agreement to take certain actions on behalf of the Company in its reasonable judgment in
accordance with Section 5.2(b) of the Company Agreement, notwithstanding the approval rights of the TDC Member; 
 (e) participation and
coordination with Delegatee in forecasting the capital needs of the Company and preparing the Capital Expenditure Budget and any amendments thereto; 

(f) rights (i) to propose amendments to an Approved Capital Expenditure Budget or Approved Annual Business Plan or (ii) to exceed an
Approved Capital Expenditure Budget or Approved Annual Business Plan in certain circumstances in accordance with the Company Agreement; and 

(g) all other rights under the Company Agreement requiring the express consent or approval of Sharyland. 

3.2 No Delegation of Power Prohibited by Applicable Law or Regulatory Authorities. Sharyland does not delegate any power, authority or
right that would in any manner be contrary or inconsistent with any order or rule of the PUCT or PURA. To the extent that any inconsistency exists, it shall be deemed that Sharyland has not delegated any such power, authority or right to Delegatee.

  
 7 

 3.3 Sharyland’s Responsibilities. Sharyland shall render to Delegatee all reasonably
necessary assistance and cooperate with Delegatee for Delegatee to exercise the power and authority delegated to it under this Agreement, including providing reasonable access to premises and information, if any, under the control of Sharyland or
any of its Affiliates and not in the possession of Delegatee. All such items shall be made available at such times and in such manner as may be reasonably required by Delegatee. 

ARTICLE 4. COMPENSATION 
 4.1 No Internal
Expenses. The Parties acknowledge that other valuable consideration has been provided to each other to induce the Parties to enter into this Agreement. Neither Delegatee nor any of its Affiliates shall be entitled to compensation or
reimbursement from Sharyland with respect to any internal general or administration costs or expenses in connection with this Agreement. 

4.2 Third Party Expenses. Pursuant to Section 5.3 of the Company Agreement, Delegatee shall be reimbursed promptly by the Company
for any third-party, out-of-pocket administrative costs and expenses reasonably incurred by it in connection with this Agreement. Delegatee shall directly seek reimbursement for any such cost from the Company. 

ARTICLE 5. INDEMNIFICATION 
 5.1
Indemnification By Delegatee. SUBJECT TO THE LIMITATIONS OF LIABILITY IN SECTION 5.3, DELEGATEE SHALL INDEMNIFY AND HOLD HARMLESS SHARYLAND AND ITS AFFILIATES, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS AND
REPRESENTATIVES (THE “SHARYLAND INDEMNITEES”) FROM AND AGAINST, AND NO SHARYLAND INDEMNITEE WILL BE RESPONSIBLE HEREUNDER FOR, ANY AND ALL CLAIMS, ASSERTIONS, DEMANDS, SUITS, DAMAGES, JUDGMENTS, LOSSES, OBLIGATIONS, LIABILITIES,
ACTIONS AND CAUSES OF ACTION, FEES (INCLUDING REASONABLE ATTORNEY’S FEES AND DISBURSEMENTS), COSTS (INCLUDING COURT COSTS), EXPENSES, INVESTIGATIONS, INQUIRIES, ADMINISTRATIVE PROCEEDINGS, PENALTIES, FINES AND SANCTIONS (COLLECTIVELY,
“LIABILITIES”) SUSTAINED OR SUFFERED BY ANY SHARYLAND INDEMNITEE IN CONNECTION WITH INJURY OR DEATH TO THIRD PARTIES OR LOSS OF OR DAMAGE TO THE PROPERTY OF THIRD PARTIES, TO THE EXTENT ARISING OUT OF OR RELATED TO THE GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT OF DELEGATEE OR ITS EMPLOYEES, AGENTS, OFFICERS OR DIRECTORS. 
 5.2 Indemnification by Sharyland.
SUBJECT TO THE LIMITATIONS OF LIABILITY IN SECTION 5.3, SHARYLAND SHALL INDEMNIFY AND HOLD HARMLESS DELEGATEE AND ITS AFFILIATES, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS AND REPRESENTATIVES (THE “DELEGATEE
INDEMNITEES”), FROM AND AGAINST, AND NO DELEGATEE INDEMNITEE WILL BE RESPONSIBLE HEREUNDER FOR, ANY AND ALL LIABILITIES SUSTAINED OR SUFFERED BY ANY DELEGATEE INDEMNITEE IN CONNECTION WITH INJURY OR DEATH TO THIRD PARTIES OR LOSS OF OR
DAMAGE TO PROPERTY OF THIRD PARTIES, TO THE EXTENT ARISING OUT OF OR RELATED TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SHARYLAND OR ITS EMPLOYEES, AGENTS, OFFICERS OR DIRECTORS. 

  
 8 

 5.3 Limitation of Liability. NOTWITHSTANDING ANY PROVISION IN THIS AGREEMENT TO THE
CONTRARY, NEITHER PARTY SHALL BE LIABLE HEREUNDER FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT LOSS OR DAMAGE WHATSOEVER NO MATTER HOW CLAIMED, CALCULATED OR CHARACTERIZED, WHETHER IN CONTRACT, TORT (INCLUDING, WITHOUT LIMITATION, STRICT
LIABILITY AND NEGLIGENCE OF ANY KIND) OR OTHERWISE. 
 ARTICLE 6. TERM AND TERMINATION 

6.1 Term. This Agreement shall become effective on the Effective Date and shall continue until the earlier of (a) the expiration or
termination of the Company Agreement or (b) such time as Sharyland is no longer the managing member of the Company, unless earlier terminated in accordance with this Agreement (the “Term”). 

6.2 Termination. 
 (a)
Termination by Sharyland. Sharyland is permitted to terminate this Agreement if any of the following events occur: (a) the Bankruptcy of Delegatee or (b) a material default by Delegatee in performance of its obligations under this
Agreement after written notice of such default by Sharyland; provided, however, that Delegatee shall have up to sixty (60) days after Delegatee has received written notice of such default to cure the default or make substantial
progress (in the reasonable opinion of Sharyland) towards curing the default. 
 (b) Termination by Delegatee. Delegatee is permitted
to terminate this Agreement if any of the following events occur: (a) the Bankruptcy of Sharyland, (b) a material default by Sharyland of any other obligation under this Agreement after written notice by Delegatee; provided,
however, that Sharyland shall have up to sixty (60) days after Sharyland has received written notice of such default to cure the default or make substantial progress (in the reasonable opinion of Delegatee) towards curing the default, or
(c) Sharyland is no longer a member of the Company. 
 6.3 Rights Upon Termination. Upon any expiration or termination of this
Agreement, Delegatee shall as soon as practicable deliver to Sharyland at Sharyland’s principal place of business all records, documents, accounts, files and other materials of the Company or pertaining to the Company’s business as
Sharyland may reasonably request. Expiration or termination of this Agreement shall not relieve any Party hereto of liability which has accrued or arisen prior to the date of such expiration or termination. 

  
 9 

 ARTICLE 7. REPRESENTATIONS AND WARRANTIES 

7.1 Representations and Warranties by Both Parties. Each Party represents and warrants to the other Party that, as of the Effective
Date: 
 (a) Existence. It is duly organized and validly existing under the laws of the state of its organization and has all
requisite power and authority to own its property and assets and conduct its business as presently conducted or proposed to be conducted under this Agreement. 

(b) Authority. It has the power and authority to execute and deliver this Agreement, to consummate the transactions contemplated hereby
and to perform its obligations hereunder. 
 (c) Validity. It has taken all necessary action to authorize its execution, delivery and
performance of this Agreement, and this Agreement constitutes the valid, legal and binding obligation of such Party enforceable against it in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, moratorium
or similar laws affecting the rights of creditors or by general equitable principles (whether considered in a proceeding in equity or at law). 

(d) No Conflict. None of the execution or delivery of this Agreement, the performance by such Party of its obligations in connection
with the transactions contemplated hereby, or the fulfillment of the terms and conditions hereof, materially conflicts with or violates any provision of its constituting documents or the other agreements to which it is a party. 

(e) No Consent. No consent or approval (including any Permit that such warranting Party is required to obtain) is required from any
third party (including any Governmental Authority) for either the valid execution and delivery of this Agreement, or the performance by such Party of its obligations under this Agreement, except such as have been duly obtained or will be obtained in
the ordinary course of business. 
 (f) No Breach. None of the execution or delivery of this Agreement, the performance by such Party
of its obligations in connection with the transactions contemplated hereby, or the fulfillment of the terms and conditions hereof either conflicts with, violates or results in a breach of, any Applicable Law currently in effect, or conflicts with,
violates or results in a breach of, or constitutes a default under or results in the imposition or creation of, any lien or encumbrance under any agreement or instrument to which it is a party or by which it or any of its properties or assets are
bound. 
 (g) No Material Claims. No claim, allegation, suit, action, demand, cause of action, or legal, administrative, arbitral or
other proceeding, investigation or controversy is pending or threatened against it that would adversely affect such Party’s ability to perform its material obligations under this Agreement. 

ARTICLE 8. DISPUTE RESOLUTION 
 8.1
Arbitration. 
 (a) Any dispute under this Agreement shall, if not resolved by the Parties within sixty (60) days after notice of
such dispute is served by one Party to the other (or, if different, the period provided for resolution by the Parties in the provision of this Agreement under which such dispute is brought), be submitted to an “Arbitration Panel”
comprised of three members. No more than one panel member may be with the same firm, and no panel member may have an economic interest in the outcome of the arbitration. 

  
 10 

 (b) The Arbitration Panel shall be selected as follows: Within five business days after the
expiration of the period referenced above, Sharyland shall select a panel member meeting the criteria of the above paragraph (the “Sharyland Panel Member”) and Delegatee shall select its panel member meeting the criteria of the
above paragraph (the “Delegatee Panel Member”). If a Party fails to timely select its respective panel member, the other Party may notify such Party in writing of such failure, and if such Party fails to select its respective panel
member within three business days from such notice, then the other Party may select such panel member on such Party’s behalf. Within five business days after the selection of the Sharyland Panel Member and the Delegatee Panel Member, the
Sharyland Panel Member and the Delegatee Panel Member shall jointly select a third panel member meeting the criteria of the above paragraph (the “Third Panel Member”). If the Sharyland Panel Member and the Delegatee Panel Member
fail to timely select the Third Panel Member and such failure continues for more than three business days after written notice of such failure is delivered to the Sharyland Panel Member and Delegatee Panel Member by either Sharyland or Delegatee,
either Sharyland or Delegatee may request the managing officer of the American Arbitration Association to appoint the Third Panel Member. 

(c) Within ten business days after the selection of the Arbitration Panel, each Party shall submit to the Arbitration Panel a written statement
identifying its summary of the issues and claims. Any Party may also request an evidentiary hearing on the merits in addition to the submission of written statements. The Arbitration Panel shall make its decision within twenty (20) days after
the later of (i) the submission of such written statements of particulars, and (ii) the conclusion of any evidentiary hearing on the merits, and shall take into consideration the relative risks and rewards undertaken and capital invested
by each Party. The Arbitration Panel shall reach its decision by majority vote and shall communicate its decision by written notice to the Parties. 

(d) The decision by the Arbitration Panel shall be final, binding and conclusive and shall be non-appealable and enforceable in any court
having jurisdiction. All hearings and proceedings held by the Arbitration Panel shall take place in Dallas, Texas. 
 (e) The resolution
procedure described herein shall be governed by the Commercial Rules of the American Arbitration Association and subject to the Texas General Arbitration Act to the extent such act is applicable hereto. 

(f) The Parties shall bear equally the fees, costs and expenses of the Arbitration Panel in conducting the arbitration. 

8.2 Continued Performance. Pending the resolution of a Dispute in accordance with this Article 8, the Parties may continue to
exercise their rights and must continue to perform their obligations under this Agreement to the extent that those rights and obligations are not the subject of the Dispute. 

  
 11 

 ARTICLE 9. MISCELLANEOUS 

9.1 Confidentiality and Non-Disclosure. 

(a) The Parties each acknowledge and agree that, in connection with this Agreement, a Party and its employees or agents may, directly or
indirectly, receive or be provided with certain information relating to the business and operations of the other Party and the other Party’s Affiliates, including information relating to the technology, clients, customers, suppliers, vendors,
employees, consultants, projects, financial information and status, methodologies, know-how, processes, practices, approaches, projections, forecasts, formats, systems, data gathering methods and/or strategies, assets, collateral and reports of the
other Party and the other Party’s Affiliates (“Confidential Information”). Each Party acknowledges that the other Party considers all such information valuable, confidential and proprietary. Therefore, each Party expressly
agrees that, except as otherwise required by applicable law, court or governmental order: 
 (i) Such Party, and its
employees and agents, will not, without the other Party’s express, written permission, use or disclose any Confidential Information of the other Party or its Affiliates other than for the purpose of performing its duties and obligations under
this Agreement, and any use or disclosure of Confidential Information shall be limited to the specific purposes for which the permission was given or for which the use or disclosure is necessary to perform duties and obligations under this
Agreement; 
 (ii) Such Party will take all steps reasonably necessary to protect the Confidential Information of the other
Party and its Affiliates, including, at a minimum, any such steps that the Party would take to protect its own Confidential Information; provided, however, that in no event will the Party exercise less than reasonable care to protect
the Confidential Information; 
 (iii) Such Party agrees to advise the other Party in writing of any misappropriation or
misuse by any person of such Confidential Information of which such Party may become aware; and 
 (iv) Such Party agrees to
return the Confidential Information of the other Party and its Affiliates to the other Party at the earlier of the other Party’s request for return of the Confidential Information or the termination of this Agreement. At the option of the other
Party, such Party may instead destroy the Confidential Information, with such Party providing written certification of such destruction. Such Party will not be obligated to return any of its own internally prepared documents, notes, copies or other
associated materials containing any Confidential Information. However, such Party must, at the other Party’s request, collect and destroy such internally prepared documents, with such Party providing written certification of such destruction.

  
 12 

 (b) Each Party expressly acknowledges and agrees that the remedy of the other Party (the
“Non-Breaching Party”) at law for a breach or threatened breach of any of the provisions of this Section 9.1 by such Party would be inadequate. In recognition of that fact, in the event of a breach or threatened breach by a
Party of the provisions of this Section, it is agreed that, in addition to its remedy at law and without posting any bond, the Non-Breaching Party shall be entitled to equitable relief in the form of a temporary restraining order, temporary or
permanent injunction or other equitable available relief. If the Non-Breaching Party establishes that a breach or a threatened breach of any provisions of this Section 9.1 has occurred by the other Party, the other Party agrees not to oppose
the Non-Breaching Party’s request for equitable relief in the form of a temporary restraining order or a temporary injunction. Nothing herein contained shall be construed as prohibiting the Non-Breaching Party from pursuing any other remedies
available to it for such breach or threatened breach. 
 9.2 Assignment. This Agreement is not assignable by any Party without the
prior written consent of the other Party, which consent will not be unreasonably withheld, and may be freely assignable by either Party to such Party’s Affiliates. This Agreement will be binding upon and will inure to the benefit of the
successors and permitted assigns of the Parties. 
 9.3 Not for Benefit of Third Parties. This Agreement and each and every provision
hereof are for the exclusive benefit of the Parties that executed this Agreement and not for the benefit of any third party. 
 9.4
Amendments. No amendments or modifications of this Agreement are valid unless evidenced in writing and signed by duly authorized representatives of the Parties. 

9.5 Survival. Notwithstanding any provisions herein to the contrary, the obligations set forth in Articles 5 and 8, this
Section 9.5, Sections 9.1, 9.4, 9.6, 9.7, 9.9, 9.10, 9.11, 9.12 and 9.13, and the limitations on liabilities set forth in Article 5, will survive, in full force and effect,
the expiration or termination of this Agreement. 
 9.6 No Waiver. A waiver of a provision or of a right arising under this Agreement
may only be given in writing by the Party granting the waiver. A waiver is effective only in the specific instance and for the specific purpose for which it is given. A single or partial exercise of a right by a Party does not preclude another or
further exercise or attempted exercise of that right or the exercise of another right. Failure by a Party to exercise or delay in exercising a right does not prevent its exercise or operate as a waiver. 

9.7 Notices. Any written notice required or permitted under this Agreement will be deemed to have been duly given on the date of
receipt, and will be either delivered personally to the Party to whom notice is given, or mailed to the Party to whom notice is to be given, by facsimile, courier service or first class registered or certified mail, return receipt requested, postage
prepaid, and addressed to the addressee at the address set forth below, or at the most recent address specified by written notice given to the other Parties in the manner provided in this Section 9.7. 

 

			
	If to Sharyland:	  	 Sharyland Utilities, L.P.
 1807 Ross Avenue

Dallas, TX 75201
 Attention: President

  
 13 

			
		
	with copy to:	  	  
 Sharyland Utilities, L.P.

1807 Ross Avenue
 Dallas, TX 75201

Attention: General Counsel

		
	If to Delegatee:	  	  
 InfraREIT, Inc.

1807 Ross Avenue, 4th Floor

Dallas, TX 75201
 Attention: President

		
	with copy to:	  	  
 InfraREIT, Inc.

1807 Ross Avenue, 4th Floor

Dallas, TX 75201
 Attention: General Counsel

 9.8 Counterparts. This Agreement may be signed in counterparts and all counterparts taken together
constitute one document. Once all counterparts have been executed, each counterpart is an effective instrument. 
 9.9 Governing Law.
This Agreement is governed by and to be construed in accordance with the laws of the State of Texas without regard to its conflicts of law principles. 

9.10 Captions. Titles or captions contained in this Agreement are inserted only as a matter of convenience and for reference, and in no
way define, limit, extend, describe or otherwise affect the scope or meaning of this Agreement or the intent of any provision hereof. 

9.11 Severability. If any provision of this Agreement, or the application of any such provision to any Person or circumstance, is held
invalid by any court or other forum of competent jurisdiction, the remainder of this Agreement, or the application of such provision to Persons or circumstances other than those as to which it is held invalid, will nevertheless remain in full force
and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon any such determination of invalidity, the Parties will negotiate in good faith to
modify this Agreement so as to affect the original intent of the Parties as closely as possible in an acceptable manner in order that this Agreement is consummated as originally contemplated to the greatest extent possible. 

9.12 Entire Agreement. This Agreement and any other documents referred to in this Agreement or executed in connection with this
Agreement comprise the entire agreement of the parties about the subject matter of this Agreement and supersede any prior representations, negotiations, arrangements, understandings or agreements and all other communications. 

  
 14 

 9.13 Further Assurances. Each Party must, at its own expense, whenever requested by
another Party, promptly do or cause to be done everything reasonably necessary to give full effect to this Agreement and the delegation and other transactions contemplated by this Agreement. 

[Remainder of Page Intentionally Left Blank.] 

  
 15 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their officers
as of the day and year first above written. 
  

									
	SHARYLAND:	 		 	SHARYLAND UTILITIES, L.P.
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

 

									
	DELEGATEE:	 		 	INFRAREIT, INC.
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

 Signature Page to Delegation Agreement

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