Document:

EX-10.36

 Exhibit 10.36 

LOCK-UP AGREEMENT 
 THIS
LOCK-UP AGREEMENT (this “Agreement”) is made and entered into as of , 2015, by and among InfraREIT, Inc., a Maryland corporation (together with its successors and assigns, the “Company”), InfraREIT Partners, LP, a
Delaware limited partnership (the “Operating Partnership” and, together with the Company, “InfraREIT”), Hunt-InfraREIT, L.L.C., a Delaware limited liability company (“Hunt-InfraREIT”), and Hunt
Consolidated, Inc., a Delaware corporation (“HCI” and, together with Hunt-InfraREIT, “Hunt”). 

RECITALS 
 WHEREAS, the
Company has filed a registration statement on Form S-11 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) with respect to the initial public offering (the
“Offering”) of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”); 

WHEREAS, immediately prior to the effectiveness of the Registration Statement, Hunt-InfraREIT received
                 shares of Common Stock as payment of a structuring fee (the “Structuring Fee Shares”) and immediately transferred 75,000 of such shares
to OpTrust Infrastructure N.A. Holdings Trust (the “OpT Shares”); 
 WHEREAS, on the date of the closing of the Offering
(the “Closing Date”), the Company will engage in certain reorganization transactions, as a result of which, among other things, InfraREIT, L.L.C. (formerly Electric Infrastructure Alliance of America, L.L.C.) will be merged with and
into the Company (the “IPO Date Transactions”); 
 WHEREAS, as part of the IPO Date Transactions, Hunt-InfraREIT will
redeem                  Class A Units which the Company will satisfy through the issuance to Hunt-InfraREIT of
                 shares of Common Stock on the IPO Closing Date (the “Redemption”); 

WHEREAS, as a result of the issuance by the Company of the Structuring Fee Shares, the transfer of the OpTrust Shares by Hunt-InfraREIT and
the IPO Date Transactions, including the Redemption, Hunt-InfraREIT will hold (i)                  shares of Common Stock of the Company,
(ii)                  common units in the Operating Partnership (“Common Units”),
(iii)                  Class A units (“Class A Units”) in the Operating Partnership and
(iv)                  Class B units (“Class B Units”) in the Operating Partnership (collectively, the “IPO Date Equity”); 

WHEREAS, in accordance with the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership to become effective
on the Closing Date (the “OP Agreement”), and the Amended and Restated Charter of the Company (the “Charter”), on or around the day that is 32 days after the Closing Date, the Company and the Operating Partnership
will engage in certain reorganization transactions as a result of which, among other things, all of the Class A Units will convert into Common Units, the Class B Units will be cancelled and Hunt-InfraREIT may receive additional Common Units as
more fully described in the Registration Statement (the “Post-IPO Reorganization”); 
 WHEREAS, Hunt has informed the
Company that it intends to continue to hold substantially all of its equity, including (i) the Common Stock and Common Units it holds 

 
following the IPO Date Transactions and (ii) the Common Units Hunt-InfraREIT receives in the Post-IPO Reorganization and any shares of Common Stock it receives upon redemption thereof in
accordance with the OP Agreement (collectively, the “Post-Reorganization Equity) for the foreseeable future; and 
 WHEREAS, the
parties hereto wish to provide for certain arrangements with respect to the sale and transfer of the Post-Reorganization Equity held by Hunt-InfraREIT; 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 AGREEMENT 

1. Restrictions. Hunt hereby agrees that, for the period described in Section 2 (the “Lock-Up Period”), it will
not, without the prior written consent of the Company (which the parties acknowledge will require the approval of at least a majority of the members of the Board of Directors not affiliated with Hunt), directly or indirectly: (i) offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of or transfer (A) any IPO Date Equity or (B) any
Post-Reorganization Equity owned by Hunt as of the consummation of the Post-IPO Reorganization (collectively, the “Lock-Up Securities”), or (ii) enter into any swap or any other agreement or any transaction that transfers, in
whole or in part, directly or indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any such swap or transaction is to be settled by delivery of Common Stock or other securities, in cash or otherwise. The foregoing
restrictions are expressly agreed to preclude Hunt from engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of Hunt’s Lock-Up Securities even if
such Lock-Up Securities would be disposed of by someone other than Hunt. Such prohibited hedging or other transactions would include without limitation any short sale or any purchase, sale or grant of any right (including without limitation any put
or call option) with respect to any of Hunt’s Lock-Up Securities or with respect to any security that includes, relates to, or derives any significant part of its value from such Lock-Up Securities. Notwithstanding the foregoing, the
restrictions contained in this Section 1 shall not apply to (a) the IPO Date Transactions, (b) the Post-IPO Reorganization or (c) Hunt’s redemption of units of partnership interests in the Operating Partnership (“OP
Units”) for cash (or, at the election of the Company, shares of Common Stock) in accordance with the terms of the OP Agreement. For the avoidance of doubt, Lock-Up Securities shall not include any OP Units or shares of Common Stock acquired
by Hunt after the date hereof (other than as a result of the IPO Date Transactions, the Post-IPO Reorganization or the redemption of OP Units held by Hunt as of the consummation of the Post-IPO Reorganization). 

2. Lock-Up Period. For the purposes of this Agreement, the Lock-Up Period shall mean: (i) with respect to 100% of the Lock-Up
Securities, the period beginning on the date hereof and ending one year after the Closing Date; (ii) with respect to 80% of the Post-Reorganization Equity, the period beginning on the date hereof and ending three years after the Closing Date
and (iii) with respect to 50% of the Post-Reorganization Equity, the period beginning on the date hereof and ending five years after the Closing Date. The period beginning 

 
on the date hereof and ending one year after the Closing Date shall hereinafter be referred to as the “One-Year Lock-Up Period.” For the avoidance of doubt, Hunt’s
redemption of OP Units for shares of Common Stock pursuant to the OP Agreement shall not affect the timing of the commencement or the expiration of the Lock-Up Period. 

3. Permitted Transfers. Notwithstanding the foregoing, Hunt may transfer Lock-Up Securities without the prior written consent of the
Company: 
  

	 	a.	to current or former employees or service providers of Hunt who are not Hunt Group Members (as defined in the OP Agreement); provided that (x) the total number of shares or OP Units transferred to such employees or
service providers does not exceed 20% of the Post-Reorganization Equity and (y) any such transferee agrees to the One Year Lock-Up Period; and 

  

	 	b.	to Hunt Group Members; provided that such Hunt Group Member executes a joinder to this Agreement agreeing to be bound by the terms and conditions of this Agreement to the same extent as Hunt. 

4. Employees and Officers. Hunt shall take reasonable steps to ensure that, during the One Year Lock-Up Period, employees and officers
of either Hunt or its affiliates (other than employees who hold, in the aggregate, less than 50,000 shares Common Stock, after giving effect to the Post-IPO Reorganization) may not, without the prior written consent of the Company, directly or
indirectly: (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of or transfer any of the equity
in the Company or the Operating Partnership held at the Closing Date, received in connection with the Offering or received from Hunt pursuant to Section 3, or (ii) enter into any swap or any other agreement or any transaction that
transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Securities, whether any such swap or transaction is to be settled by delivery of Common Stock or other securities of the Company or the Operating
Partnership, in cash or otherwise, other than transfers upon death or incapacity of the employee or officer or transfers for estate planning purposes to trusts or other vehicles, as long as, in each case, the transferee agrees to the One Year
Lock-Up Period. 
 5. Effectiveness and Termination. This Agreement shall become effective on the Closing Date. This Agreement shall
terminate, and Hunt shall be released from its obligations hereunder, upon the termination or non-renewal of the Management Agreement, dated as of the date hereof, by and among Hunt Utility Services, LLC (“Hunt-Manager”), the
Operating Partnership and the Company, other than a termination by Hunt-Manager pursuant to Section 16(c) of such Management Agreement or a termination for cause pursuant to Section 18 thereof. 

 6. 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 Company or the Operating Partnership: 

InfraREIT, Inc. 
 Attn: Chief
Executive Officer 
 1807 Ross Avenue, 4th Floor 

Dallas, TX 75201 
 E-mail: 

With a copy to: 
 InfraREIT, Inc.

 Attn: General Counsel 
 1807
Ross Avenue, 4th Floor 
 Dallas, TX 75201 

E-Mail: Legal@huntutility.com 

If to Hunt: 
 Hunt Consolidated,
Inc. 
 Attn: General Counsel 

1900 N. Akard 
 Dallas, Texas
75201: 
 E-mail: dhernandez@huntoil.com 

The address of any party hereto may be changed by a notice in writing given in accordance with the provisions of this Section 6.

 7. Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. 
 8. Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such a manner as to be effective and valid under applicable law, however, if such performance or any provision of this Agreement, at any time such performance shall be due, shall transcend the limit of validity prescribed by law, then
the obligation to be performed shall be reduced to the limit of such validity; and if any clause or provision contained in this Agreement operates or would operate to invalidate this Agreement, in whole or in part, then such clause or provision only
shall be held ineffective, as though not contained herein, and the remainder of this Agreement shall remain operative and in full force and effect. The parties shall negotiate in good faith a replacement clause or provision as consistent with the
ineffective clause or provision as is practicable under law. 
 9. Counterparts. This Agreement may be executed and delivered in one
or more counterparts (including by means of facsimile or electronic mail transmission), each of which when so executed and delivered shall be deemed an original, none of which need contain the signatures of each of the parties hereto and all of
which together shall constitute one and the same instrument binding on all the parties hereto. Each party shall become bound by this Agreement immediately upon affixing its signature hereto. 

 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the Parties have executed and delivered this Lock-Up Agreement as of the date
and year first above written. 
  

									
	THE COMPANY:	 	
		
	InfraREIT, Inc.	 	
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	THE OPERATING PARTNERSHIP:
	
	InfraREIT Partners, LP
	
	By: InfraREIT, L.L.C., its general partner
				
		 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

	
	HUNT-INFRAREIT:
	
	Hunt-InfraREIT, L.L.C.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
	HCI:	 	
	
	Hunt Consolidated, Inc.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 Signature Page to Hunt Lock-Up AgreementEX-10.40

 Exhibit 10.40 

SHARE PURCHASE AGREEMENT 

This Share Purchase Agreement (this “Agreement”) is entered into as of
                     , 2015 by and between InfraREIT, Inc., a Maryland corporation (the “Purchaser”), and Westwood Trust, as Trustee
of the Excess Shares Trust (the “Trust”). 
 WHEREAS, this Agreement is being entered into in connection with the Merger
and Transaction Agreement, dated as of                     , 2015, by and among the Purchaser, InfraREIT, L.L.C. (“InfraREIT LLC”),
and InfraREIT Partners, LP (as the same may be amended, modified or supplemented from time to time, the “Merger Agreement”), pursuant to which, among other things, InfraREIT LLC will be merged with and into the Purchaser, with
InfraREIT Inc. as the surviving entity in the merger (the “Merger”); 
 WHEREAS, the Trust currently
holds             limited liability company interests (the “Shares”) of InfraREIT LLC, which are classified as common shares in the Amended and Restated Limited Liability
Company Agreement of InfraREIT LLC, dated as of November 23, 2010 (the “LLC Agreement”); 
 WHEREAS, pursuant to
Section 6.18 of the LLC Agreement, InfraREIT LLC has accepted the offer to purchase the Shares at a price of $        per share by delivery to the Trust of a notice of acceptance (“Notice of
Acceptance”) dated January     , 2015 (the “Acceptance Date”); and 
 WHEREAS, in satisfaction
of InfraREIT LLC’s obligations under the Notice of Acceptance, the Purchaser (as successor in interest to InfraREIT LLC) desires to purchase the Shares from the Trust, and the Trust desires to sell the Shares to the Purchaser. 

NOW, THEREFORE, in consideration of the mutual covenants, agreements and warranties contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

Purchase and Sale of Shares 

Section 1.1 Sale of Shares. Upon the terms and conditions of this Agreement, the Purchaser agrees to purchase from the Trust at
the ES Purchase Effective Time (as defined below) and the Trust agrees to sell to the Purchaser at the ES Purchase Effective Time all Shares owned by the Trust as of the ES Purchase Effective Time for the sales price of
$             per Share. The purchase of the Shares pursuant to this Agreement shall be deemed to satisfy InfraREIT LLC’s acceptance of the offer to purchase such Shares pursuant to
the Notice of Acceptance. 
 Section 2.2 Effective Time. The closing of the purchase and sale of the Shares hereunder (the
“Closing”) shall occur concurrently with and shall be conditioned upon the consummation of the Merger (the “ES Purchase Effective Time”). 

  
 1 

 Section 2.3 Delivery. At the Closing, the Trust shall deliver to the Purchaser the
certificates representing the Shares held by the Trust and appropriate share transfer forms or stock powers executed in blank, against payment by the Purchaser of the sale price for the Trust’s Shares by delivering to the Trust a promissory
note in the principal aggregate amount of $66,517,480 substantially in the form attached hereto as Exhibit A.  
 ARTICLE
III 
 Miscellaneous 

Section 3.1 Termination. If the Merger shall not have occurred within 10 business days of the date of this Agreement, this
Agreement shall automatically terminate and be of no further force and effect. 
 Section 3.2 Further Assurances. Each of the
parties hereto will take all such lawful action as may be necessary or appropriate to effect the transactions described in this Agreement. 

Section 3.3 Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns. 
 Section 3.4 Amendments; Waiver. This Agreement may be amended, modified or supplemented
only by a written instrument signed by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be valid and enforceable unless such waiver is in writing and signed by the party to be charged, and, unless otherwise
stated therein, no such waiver shall constitute a waiver of any other provision hereof (whether or not similar) or a continuing waiver. 

Section 3.5 No Third-Party Rights. Nothing express or implied in this Agreement is intended or shall be construed to confer on any
person other than the parties hereto any rights under this Agreement. 
 Section 3.6 Entire Agreement. This Agreement
constitutes the entire agreement between the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous negotiations, agreements and understandings of the parties. 

Section 3.7 Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware
without regard to any conflicts of law provisions that would result in the application of the laws of any other jurisdiction. Any legal action or proceeding between the parties to this Agreement shall be adjudicated solely and exclusively in the
state and/or federal courts in Delaware. Each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. 

Section 3.8 Counterparts. Any number of counterparts hereof may be executed and each such counterpart shall be deemed to be an
original instrument. A signature delivered by facsimile or other means of electronic transmission shall be deemed to constitute an original signature. 

[Signature page follows] 

  
 2 

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

			
	INFRAREIT, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 Signature Page to
Trust Share Purchase Agreement 

 
			
	WESTWOOD TRUST, as Trustee 
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 Signature Page to
Trust Share Purchase Agreement 

 EXHIBIT A 

Form of Promissory Note

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