Document:

EX-10.34

 Exhibit 10.34 

Execution Version 
 THIRD
AMENDMENT, DIRECTION AND WAIVER, dated as of December 10, 2014 (this “Third Amendment, Direction and Waiver”) to the AMENDED AND RESTATED NOTE PURCHASE AGREEMENT, dated as of September 14, 2010 (as heretofore amended,
restated, supplemented and otherwise modified, the “Agreement”), between SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C. (the “Company”), a Texas limited liability company and a wholly-owned
Subsidiary of Transmission and Distribution Company L.L.C., and the holders of the notes party thereto (“Holders”). Capitalized terms used but not otherwise defined in this Third Amendment, Direction and Waiver shall have the
meanings set forth in the Agreement (as amended hereby) and the rules of interpretation set forth therein (as amended hereby) shall apply to this Third Amendment, Direction and Waiver. 

W I T N E S S E T H: 

WHEREAS, the Company and the Holders are parties to the Agreement; 

WHEREAS, the Company has requested that the Holders amend the Agreement, as more fully described herein; and 

WHEREAS, each Holder party hereto (such Holders constituting the Required Holders) is willing to agree to such amendment, but only upon the
terms and subject to the conditions set forth herein; 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained and
other good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

1. Amendments to the Agreement. The Agreement is amended to read in its entirety as set forth on Annex A hereto. 

2. Amendments to Schedules. Schedule B of the Agreement is hereby amended and restated in its entirety as Schedule B attached to Annex
A. 
 3. Amendments to Exhibits. Exhibit 2 and Exhibit 3 of the Agreement are hereby amended and restated in their entirety as
Exhibit 2 and Exhibit 3, respectively, attached to Annex A. 
 4. Conditions to Third Amendment, Direction and Waiver Effective Date.
This Third Amendment, Direction and Waiver shall become effective upon the date the Collateral Agent and the Holders shall have received counterparts of this Third Amendment, Direction and Waiver, duly executed and delivered by the Company and the
other Holders. 

 5. Representations and Warranties to the Holders. In order to induce the Holders to enter
into this Third Amendment, Direction and Waiver, the Company hereby represents and warrants as follows: 
  

	 	(i)	The Company has the limited liability power and authority to execute and deliver this Third Amendment, Direction and Waiver and to carry out the terms and provisions of this Third Amendment, Direction and Waiver and the
Agreement, as amended hereby, and has taken all necessary limited liability company action to authorize the execution and delivery by the Company of this Third Amendment, Direction and Waiver and the performance under this Third Amendment, Direction
and Waiver and the Agreement, as amended hereby. The Company has duly executed and delivered this Third Amendment, Direction and Waiver, and this Third Amendment, Direction and Waiver constitutes the legal, valid and binding obligation of the
Company, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or at law). 

  

	 	(ii)	The execution and delivery by the Company of this Third Amendment, Direction and Waiver and the performance under this Third Amendment, Direction and Waiver and the Agreement, as amended hereby, do not
(i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease,
corporate charter or limited partnership or limited liability company agreement, or any other agreement or instrument to which the Company is bound or by which the Company or any of its properties may be bound or affected, (ii) conflict with or
result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or (iii) violate any provision of any statute or other rule
or regulation of any Governmental Authority applicable to the Company, which in the case of any of the foregoing clauses (i) through (iii), with respect to Material Project Documents, individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect. 

  

	 	(iii)	No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution or delivery by the Company of this Third Amendment,
Direction and Waiver or the performance under this Third Amendment, Direction and Waiver and the Agreement, as amended hereby. 

  

	 	(iv)	No Default or Event of Default has occurred and is continuing on the date hereof after giving effect to the transactions contemplated herein. 

6. Direction to Collateral Agent. The Holders party hereto, in accordance with Sections 2.1 and 5.2 of the Amended and Restated
Collateral Agency Agreement dated as of July 13, 2010 

  
 2 

 
(the “Collateral Agency Agreement”), among The Bank of New York Mellon Trust Company, N.A., as collateral agent for the benefit of the Secured Parties (as defined therein) (in
such capacity, the “Collateral Agent”), the Company and the other Secured Parties, hereby authorize and direct the Collateral Agent, at the sole cost and expense of the Company, as follows: 

 

	 	(i)	Upon the effectiveness of this Third Amendment, Direction and Waiver (together with the effectiveness of directions from the other holders and lenders referred to in Section 7(ii)(b) below), to execute and deliver
to the Company an amendment and restatement of the Collateral Agency Agreement and of the other Collateral Documents in the forms attached hereto as Annex B. 

 

	 	(ii)	Upon the completion of the FERC Merger, to execute and deliver to the Company a termination of each of the FERC Negative Pledge Agreement and the FERC Pledge Agreement in the form attached hereto as Annex C, such
other releases, assignments, terminations and similar documents as the Company shall reasonably request and to authorize the filing of any UCC-3 amendment or termination statements, in each case as may be necessary or reasonably requested by the
Company, in order to evidence such termination and release. 

 The parties hereto acknowledge and agree that the Collateral
Agent shall be a third party beneficiary of Sections 6 and 7 of this Third Amendment, Direction and Waiver. 
 7. Representations and
Warranties to the Collateral Agent. 
  

	 	(i)	Pursuant to Section 5.2 of the Collateral Agency Agreement, (i) The Prudential Insurance Company of America, as a Holder, hereby certifies that the outstanding principal amount of its Notes is $11,893,698.00,
and (ii) Prudential Retirement Insurance and Annuity Company, as a Holder, hereby certifies that the outstanding principal amount of its Notes is $35,240,586.00. 

 

	 	(ii)	In order to induce the Collateral Agent to take the actions requested in Section 6 hereof, the Company hereby represents and warrants to the Collateral Agent that (a) no Default or Event of Default has
occurred and is continuing on the date hereof and (b) consents and waivers from lenders and holders constituting the Required Secured Parties (as defined in the Collateral Agency Agreement) will be obtained in connection with the request for
the Collateral Agent to take the actions requested in Section 6 hereof. 

 8. Waiver. The Holders party hereto
hereby waive non-compliance by the Company with Section 2 of that certain Deposit Account Control Agreement, dated as of December 31, 2009, among the Company, the Collateral Agent and Bank of America, N.A in so far as the Company’s
opening and maintenance of that certain money market account with Bank of America, N.A. which was closed as of September 25, 2014 violates or has violated the provisions set forth therein. 

  
 3 

 9. Continuing Effect of Financing Documents. Except as expressly set forth herein, this
Third Amendment, Direction and Waiver shall not constitute an amendment or waiver of any provision of the Agreement and shall not be construed as an amendment, waiver or consent to any further or future action on the part of the Company that would
require an amendment, waiver or consent of the Holders. Except as expressly amended hereby, the provisions of the Agreement are and shall remain in full force and effect. This Third Amendment, Direction and Waiver shall be deemed a Financing
Document for purposes of the Agreement. 
 10. Fees. In accordance with Section 15.1 of the Agreement, the Company shall have
paid the fees, charges and disbursements of the Holders’ special counsel in connection with this Third Amendment, Direction and Waiver. 

11. Counterparts. This Third Amendment, Direction and Waiver may be executed by one or more of the parties hereto on any number of
separate counterparts (including by facsimile), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page to this Third Amendment, Direction and Waiver by facsimile
or electronic transmission shall be as effective as the delivery of a manually executed counterpart of this Third Amendment, Direction and Waiver. 

12. Severability. Any provision of this Third Amendment, Direction and Waiver which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 13. Integration. This Third Amendment, Direction and Waiver and the
other Financing Documents represent the agreement of the Company and the Holders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by any Holder relative to the subject matter hereof
not expressly set forth or referred to herein or in the other Financing Documents. 
 14. GOVERNING LAW. THIS THIRD AMENDMENT AND
DIRECTION AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

[Signatures of Following Page] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment, Direction and Waiver to
be duly executed and delivered by their properly and duly authorized officers as of the day and year first above written. 
  

					
	SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C.
		
	By:	 	 /s/ Brant Meleski

		 	Name:	 	Brant Meleski
		 	Title:	 	Chief Financial Officer

  
 Signature Page 

Third Amendment, Direction and Waiver 

 
					
	 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

		
	By:	 	 /s/ Richard Carrell

		 	Vice President
	
	 PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY

		
	By:	 	Prudential Investment Management, Inc.,
		 	as investment manager
			
		 	By:	 	 /s/ Richard Carrell

		 		 	Vice President

  
 Signature Page 

Third Amendment, Direction and Waiver 

 Annex A 

Amended and Restated Note Purchase Agreement, as amended by the Third Amendment, Direction and Waiver 

 Execution Version 
  

 
  

SHARYLAND DISTRIBUTION & TRANSMISSION SERVICES, L.L.C. 

$53,500,000 
 7.25% Senior Notes
due December 30, 2029 
  
  

AMENDED AND RESTATED 

NOTE PURCHASE AGREEMENT 

 
  

AS AMENDED BY: 

FIRST AMENDMENT DATED AS OF JUNE 9, 2011 

SECOND AMENDMENT DATED AS OF OCTOBER 15, 2013

 AND 
 Third
Amendment dated as of December 10, 2014 
  
  

 

  
 ANNEX A-i

 (Amended and Restated Note Purchase Agreement) 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I AUTHORIZATION OF NOTES
	  	 	1	 
		
	 ARTICLE II SALE AND PURCHASE OF NOTES
	  	 	1	 
		
	 ARTICLE III CLOSING
	  	 	1	 
		
	 ARTICLE IV CONDITIONS TO CLOSING
	  	 	2	 
		
	 SECTION 4.2. Performance; No Default
	  	 	2	 
	 SECTION 4.3. Compliance Certificates
	  	 	2	 
	 SECTION 4.4. Opinions of Counsel
	  	 	2	 
	 SECTION 4.5. Purchase Permitted By Applicable Law, Etc.
	  	 	3	 
	 SECTION 4.6. Sale of Other Notes
	  	 	3	 
	 SECTION 4.7. Payment of Special Counsel and Other Fees and Expenses
	  	 	3	 
	 SECTION 4.8. Private Placement Number
	  	 	3	 
	 SECTION 4.9. Changes in Structure
	  	 	3	 
	 SECTION 4.10. Funding Instructions
	  	 	3	 
	 SECTION 4.11. Proceedings and Documents
	  	 	4	 
	 SECTION 4.12. Deposit Agreement, Etc.
	  	 	5	 
	 SECTION 4.13. UCC Searches; and Litigation Searches
	  	 	5	 
	 SECTION 4.14. Insurance
	  	 	5	 
	 SECTION 4.15. Financial Statements
	  	 	6	 
	 SECTION 4.16. Consents and Approvals
	  	 	6	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	6	 
		
	 SECTION 5.1. Organization; Power and Authority
	  	 	6	 
	 SECTION 5.2. Authorization, Etc.
	  	 	6	 
	 SECTION 5.3. Disclosure
	  	 	6	 
	 SECTION 5.4. Organization and Ownership of Interest in the Company
	  	 	7	 
	 SECTION 5.5. Financial Statements; Material Liabilities
	  	 	7	 
	 SECTION 5.6. Compliance with Laws, Other Instruments, Etc.
	  	 	7	 
	 SECTION 5.7. Governmental Authorizations, Etc.
	  	 	8	 
	 SECTION 5.8. Litigation; Observance of Agreements, Statutes and Orders
	  	 	8	 
	 SECTION 5.9. Taxes
	  	 	8	 
	 SECTION 5.10. Title to Property; Leases
	  	 	8	 
	 SECTION 5.11. Insurance
	  	 	8	 
	 SECTION 5.12. Licenses, Permits, Etc.
	  	 	9	 
	 SECTION 5.13. Compliance with ERISA
	  	 	9	 
	 SECTION 5.14. Private Offering by the Company
	  	 	10	 
	 SECTION 5.15. Use of Proceeds; Margin Regulations
	  	 	10	 
	 SECTION 5.16. Existing Indebtedness; Future Liens
	  	 	10	 
	 SECTION 5.17. Foreign Assets Control Regulations, Etc.
	  	 	11	 
	 SECTION 5.18. Status under Certain Statutes
	  	 	11	 
	 SECTION 5.19. Environmental Matters
	  	 	12	 

  
 ANNEX A-ii

 (Amended and Restated Note Purchase Agreement) 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 5.20. Force Majeure Events; Employees
	  	 	12	 
	 SECTION 5.21. Collateral
	  	 	12	 
		
	 ARTICLE VI REPRESENTATIONS OF THE PURCHASERS
	  	 	13	 
		
	 SECTION 6.1. Purchase for Investment
	  	 	13	 
	 SECTION 6.2. Source of Funds
	  	 	13	 
		
	 ARTICLE VII INFORMATION
	  	 	15	 
		
	 SECTION 7.1. Financial and Business Information
	  	 	15	 
	 SECTION 7.2. Officer’s Certificate
	  	 	17	 
	 SECTION 7.3. [Intentionally Omitted]
	  	 	18	 
		
	 ARTICLE VIII PAYMENT AND PREPAYMENT OF THE NOTES
	  	 	18	 
		
	 SECTION 8.1. Amortization; Maturity
	  	 	18	 
	 SECTION 8.2. Optional Prepayments with Yield-Maintenance Amount
	  	 	18	 
	 SECTION 8.3. Allocation of Partial Prepayments
	  	 	19	 
	 SECTION 8.4. Maturity; Surrender, Etc.
	  	 	19	 
	 SECTION 8.5. Purchase of Notes
	  	 	19	 
	 SECTION 8.6. Yield-Maintenance Amount
	  	 	19	 
		
	 ARTICLE IX AFFIRMATIVE COVENANTS
	  	 	21	 
		
	 SECTION 9.1. Compliance with Law
	  	 	21	 
	 SECTION 9.2. Insurance
	  	 	21	 
	 SECTION 9.3. Maintenance of Properties
	  	 	21	 
	 SECTION 9.4. Payment of Taxes and Claims
	  	 	22	 
	 SECTION 9.5. Existence, Etc.
	  	 	22	 
	 SECTION 9.6. Books and Records; Inspection Rights
	  	 	22	 
	 SECTION 9.7. Collateral; Further Assurances
	  	 	22	 
	 SECTION 9.8. Material Project Documents
	  	 	24	 
	 SECTION 9.9. Financial Ratios
	  	 	25	 
		
	 ARTICLE X NEGATIVE COVENANTS
	  	 	25	 
		
	 SECTION 10.1. Transactions with Affiliates
	  	 	25	 
	 SECTION 10.2. Merger, Consolidation, Etc.
	  	 	25	 
	 SECTION 10.3. Line of Business
	  	 	26	 
	 SECTION 10.4. Terrorism Sanctions Regulations
	  	 	26	 
	 SECTION 10.5. Liens
	  	 	26	 
	 SECTION 10.6. Indebtedness
	  	 	27	 
	 SECTION 10.7. Loans, Advances, Investments and Contingent Liabilities
	  	 	29	 
	 SECTION 10.8. No Subsidiaries
	  	 	29	 
	 SECTION 10.9. Restricted Payments
	  	 	29	 
	 SECTION 10.10. Sale of Assets, Etc.
	  	 	29	 

  
 ANNEX
A-iii 
 (Amended and Restated Note Purchase Agreement) 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 10.11. Sale or Discount of Receivables
	  	 	30	 
	 SECTION 10.12. Amendments to Organizational Documents
	  	 	30	 
	 SECTION 10.13. Sale and Lease-Back
	  	 	31	 
	 SECTION 10.14. ERISA Compliance
	  	 	31	 
	 SECTION 10.15. No Margin Stock
	  	 	32	 
	 SECTION 10.16. Project Documents
	  	 	32	 
	 SECTION 10.17. Regulation
	  	 	32	 
	 SECTION 10.18. Swaps
	  	 	33	 
	 SECTION 10.19. Additional Financial Covenants
	  	 	33	 
		
	 ARTICLE XI EVENTS OF DEFAULT
	  	 	34	 
		
	 ARTICLE XII REMEDIES ON DEFAULT, ETC.
	  	 	37	 
		
	 SECTION 12.1. Acceleration
	  	 	37	 
	 SECTION 12.2. Other Remedies
	  	 	38	 
	 SECTION 12.3. Rescission
	  	 	38	 
	 SECTION 12.4. No Waivers or Election of Remedies, Expenses, Etc.
	  	 	38	 
		
	 ARTICLE XIII REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES
	  	 	39	 
		
	 SECTION 13.1. Registration of Notes
	  	 	39	 
	 SECTION 13.2. Transfer and Exchange of Notes
	  	 	39	 
	 SECTION 13.3. Replacement of Notes
	  	 	40	 
		
	 ARTICLE XIV PAYMENTS ON NOTES
	  	 	41	 
		
	 SECTION 14.1. Place of Payment
	  	 	41	 
	 SECTION 14.2. Home Office Payment
	  	 	41	 
		
	 ARTICLE XV EXPENSES, ETC.
	  	 	41	 
		
	 SECTION 15.1. Transaction Expenses
	  	 	41	 
	 SECTION 15.2. Survival
	  	 	42	 
		
	 ARTICLE XVI SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT
	  	 	42	 
		
	 ARTICLE XVII AMENDMENT AND WAIVER
	  	 	42	 
		
	 SECTION 17.1. Requirements
	  	 	42	 
	 SECTION 17.2. Solicitation of Holders of Notes
	  	 	43	 
	 SECTION 17.3. Binding Effect, Etc.
	  	 	43	 
	 SECTION 17.4. Notes Held by Company, Etc.
	  	 	43	 
		
	 ARTICLE XVIII NOTICES
	  	 	43	 

  
 ANNEX A-iv

 (Amended and Restated Note Purchase Agreement) 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 ARTICLE XIX REPRODUCTION OF DOCUMENTS
	  	 	44	 
		
	 ARTICLE XX CONFIDENTIAL INFORMATION
	  	 	44	 
		
	 ARTICLE XXI SUBSTITUTION OF PURCHASER
	  	 	46	 
		
	 ARTICLE XXII MISCELLANEOUS
	  	 	46	 
		
	 SECTION 22.1. Successors and Assigns
	  	 	46	 
	 SECTION 22.2. Payments Due on Non-Business Days
	  	 	46	 
	 SECTION 22.3. Accounting Terms
	  	 	47	 
	 SECTION 22.4. Severability
	  	 	47	 
	 SECTION 22.5. Construction, etc.
	  	 	47	 
	 SECTION 22.6. Counterparts
	  	 	47	 
	 SECTION 22.7. Governing Law
	  	 	47	 
	 SECTION 22.8. Jurisdiction and Process; Waiver of Jury Trial
	  	 	47	 
	 SECTION 22.9. Transaction References
	  	 	48	 

  
 ANNEX A-v

 (Amended and Restated Note Purchase Agreement) 

					
	SCHEDULE A	  	—	    	INFORMATION RELATING TO PURCHASERS
			
	SCHEDULE B	  	—	    	DEFINED TERMS
			
	Schedule 4.12(a)	  	—	    	Deeds of Trust
			
	Schedule 5.3	  	—	    	Disclosure Materials
			
	Schedule 5.4	  	—	    	Ownership of the Company and Subsidiaries; Officers
			
	Schedule 5.5	  	—	    	Financial Statements
			
	Schedule 5.7	  	—	    	Government Authorizations
			
	Schedule 5.12(a)	  	—	    	Required Permits
			
	Schedule 5.12(b)	  	—	    	Material Project Documents
			
	Schedule 5.16	  	—	    	Indebtedness
			
	Schedule 8.1	  	—	    	Principal Amortization Schedule
			
	Schedule 9.2	  	—	    	Insurance Requirements
			
	Schedule 10.1	  	—	    	Cap Rock Transaction
			
	Schedule 10.20	  	—	    	Burdensome Agreements
			
	Exhibit 1	  	—	    	Form of 7.25% Senior Secured Note due December 30, 2029
			
	Exhibit 2	  	—	    	Form of Subordination Terms
			
	Exhibit 3	  	—	    	Form of Subsidiary Guaranty

  
 ANNEX A-vi

 (Amended and Restated Note Purchase Agreement) 

 7.25% Senior Notes due December 30, 2029 

September 14, 2010 
 TO
EACH OF THE PURCHASERS LISTED IN 
 Schedule
A Hereto: 
 Ladies and Gentlemen: 

This Amended and Restated Note Purchase Agreement (this “Agreement”), dated as of September 14, 2010, amends and
restates the Note Purchase Agreement, dated as of December 31, 2009, (the “2009 SDTS Note Agreement”), among Sharyland Distribution & Transmission Services, L.L.C., a Texas limited liability company (the
“Company”), and the financial institutions listed on Schedule A to the 2009 SDTS Note Agreement or who later become a party thereto (each, a “Purchaser” and, collectively, the
“Purchasers”). 
 ARTICLE I 

Authorization of Notes 

The Company will authorize the issue and sale of $53,500,000 aggregate principal amount of its 7.25% Senior Notes due December 30,
2029 (the “Notes”, such term to include any such notes issued in substitution therefor pursuant to Section 13). The Notes shall be substantially in the form set out in Exhibit 1. Certain capitalized and other
terms used in this Agreement are defined in Schedule B; and references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. 

ARTICLE II 
 Sale and
Purchase of Notes 
 Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and
each Purchaser will purchase from the Company, at the Closing provided for in Section 3, Notes in the principal amount specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the principal
amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder.

 ARTICLE III 

Closing 
 The sale
and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Bingham McCutchen, 399 Park Avenue, New York, NY, at 11:00 a.m., New York time, at a closing (the “Closing”) on December 31, 2009 or
on such other Business Day thereafter on or prior to December 31, 2009 as may be agreed upon by the Company and the 

  
 ANNEX A-1

 (Amended and Restated Note Purchase Agreement) 

 
Purchasers. At the Closing the Company will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number of Notes in
denominations of at least $1,000,000 as such Purchaser may request) dated the Closing Date and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately
available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company to account number 4426868026 at Bank of America, 901 Main Street, Dallas, TX 75202 ABA: 026009593. If at the
Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction,
such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment. 

ARTICLE IV 
 Conditions
to Closing 
 Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the
fulfillment to the satisfaction of each Purchaser, prior to or at the Closing, of the following conditions: 
 SECTION 4.1.
Representations and Warranties. The representations and warranties of the Company in this Agreement shall be correct when made and at the time of the Closing. 

SECTION 4.2. Performance; No Default. The Company shall have performed and complied with all agreements and conditions
contained in this Agreement required to be performed or complied with by it prior to or at the Closing and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by
Section 5.14) no Default or Event of Default shall have occurred and be continuing. The Company shall not have entered into any transaction since December 31, 2008 that would have been prohibited by Sections 10.1 and 10.10 through
10.12 of the 2009 SDTS Note Agreement had such Sections applied since such date. 
 SECTION 4.3. Compliance Certificates.

 Company’s Closing Certificates. The Company shall have delivered to each Purchaser an officer’s certificate, dated the
Closing Date, certifying that (i) the conditions specified in Sections 4.1 and 4.2 have been fulfilled, and (ii) that each of the other conditions precedent to the occurrence of the Closing has been satisfied. 

Company’s Authority Certificate. The Company shall have delivered to each Purchaser a certificate of its secretary, dated the
Closing Date, certifying as to the resolutions attached thereto and other corporate proceedings by the Company relating to the authorization, execution and delivery of the Notes and this Agreement and the other Transaction Documents to which it is a
party. 
 SECTION 4.4. Opinions of Counsel. Such Purchaser shall have received opinions in form and substance
satisfactory to such Purchaser, dated the date of the Closing (i) from Mayer Brown LLP, counsel for the Company and Sharyland, covering such matters incident to the transactions contemplated hereby as such Purchaser or its counsel may
reasonably request and 

  
 ANNEX A-2

 (Amended and Restated Note Purchase Agreement) 

 
(ii) from Sutherland, Asbill & Brennan LLP, special counsel for the Company and Sharyland, covering federal and Texas regulatory matters (and the Company hereby instructs its counsel to
deliver such opinion to the Purchasers and the Secured Parties), and (iii) from Bingham McCutchen LLP, in connection with such transactions, in form and substance satisfactory to the Purchasers and covering such other matters incident to such
transactions as the Purchasers may reasonably request. 
 SECTION 4.5. Purchase Permitted By Applicable Law, Etc. On the
date of the Closing such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York
Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of
the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If
requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.

 SECTION 4.6. Sale of Other Notes. Contemporaneously with the Closing, the Company shall sell to each other Purchaser
and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule A. 

SECTION 4.7. Payment of Special Counsel and Other Fees and Expenses. Without limiting the provisions of Section 15.1,
the Company shall have paid on or before the Closing: (a) the fees, charges and disbursements of the Purchasers’ special counsel, Bingham McCutchen LLP and the Purchasers’ Texas counsel to the extent reflected in a statement of such
counsel rendered to the Company at least one Business Day prior to the Closing and (b) all other fees, including a structuring fee in the amount of $535,000.00 to Prudential (the “Structuring Fee”), and out-of-pocket costs and
expenses (including legal fees and expenses and consultant fees and expenses) and other compensation contemplated hereby or by the other Financing Documents, or pursuant to separate letter agreements, payable to the Purchasers. 

SECTION 4.8. Private Placement Number. A Private Placement Number issued by Standard & Poor’s CUSIP Service
Bureau (in cooperation with the SVO) shall have been obtained for the Notes. 
 SECTION 4.9. Changes in Structure. The
transactions contemplated by the Contribution Agreement shall have been consummated. The Company shall not have changed its jurisdiction of formation or been a party to any merger or consolidation or succeeded to all or any substantial part of the
liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5, except that the Company shall have changed its type of organization from a Texas limited partnership to a
Texas limited liability company. 
 SECTION 4.10. Funding Instructions. At least one Business Day prior to the date of
the Closing, each Purchaser shall have received written instructions signed by a Responsible 

  
 ANNEX A-3

 (Amended and Restated Note Purchase Agreement) 

 
Officer on letterhead of the Company confirming the information specified in Section 3 including (i) the name and address of the transferee bank, (ii) such transferee
bank’s ABA number and (iii) the account name and number into which the purchase price for the Notes is to be deposited. 

SECTION 4.11. Proceedings and Documents. Each Purchaser shall have received the following, each to be (i) dated the
Closing Date unless otherwise indicated, and (ii) in form and substance satisfactory to the Purchasers: 
 (a) The Notes to be
purchased by the Purchasers; 
 (b) (i) This Agreement and each other Financing Document, duly executed, authorized and delivered by each
party thereto, (ii) copies of the System Lease, the Contribution Agreement and each of the other Material Project Documents listed on Schedule 5.12(b) to the 2009 SDTS Note Agreement and any amendments or supplements thereto, in
each case, duly authorized, executed and delivered by each party thereto, and certified by an authorized officer of the Company as being true, correct and complete and in full force and effect on the Closing Date, and (iii) copies of closing
documents delivered in connection with the transactions contemplated by the Contribution Agreement, certified by an authorized officer of Sharyland as being true, correct and complete and in full force and effect, together with such officer’s
certification that the transactions contemplated by the Contribution Agreement have been fully consummated; 
 (c) Copies of the Certificate
of Convenience and Necessity and wholesale services tariff of Sharyland as issued by and in effect with the Public Utility Commission of Texas, certified by an authorized officer of Sharyland as being true, complete and accurate and in full force
and effect; 
 (d) The certificates of formation of the Company and each Member, each certified as of a recent date by the Secretary of
State of the State of Texas and by such Person’s secretary or other authorized officer; 
 (e) The organizational documents of each the
Company and each Member, certified by such Person’s secretary or other authorized officer; 
 (f) With respect to each of the Company
and Sharyland, an incumbency certificate signed by the secretary and one other officer of such Person, certifying as to the names, titles and true signatures of the officers of such Person authorized to sign this Agreement, the Notes, the other
Financing Documents to which such Person is a party and other documents to be delivered hereunder or thereunder; 
 (g) A certificate of the
secretary of the Company and Sharyland attaching resolutions of its management committee or other governing body evidencing approval of the transactions contemplated by this Agreement and the other Financing Documents to which such Person is a party
and, with respect to the Company, the issuance of the Notes, and in each case, the execution, delivery and performance thereof, and authorizing certain officers to execute and deliver the same, and certifying that such resolutions were duly and
validly adopted and have not since been amended, revoked or rescinded; 

  
 ANNEX A-4

 (Amended and Restated Note Purchase Agreement) 

 (h) Good standing certificates as to each of the Company and each Member from all relevant
jurisdictions; 
 (i) Evidence of the filing and acceptance of financing statements which name the Company, as debtor, and the Collateral
Agent, as secured party, in all applicable offices, together with copies of such financing statements; 
 (j) A schedule of all Required
Permits, together with copies thereof certified by officers of the Company as being true, correct and complete, in full force and effect and not subject to any appeal or further proceeding; 

(k) Certified copies of the documents delivered in connection with the consummation of the transactions contemplated by the Contribution
Agreement, and evidence of a capital contribution to Sharyland by its Members in the amount of $16,989,337 and the repayment of indebtedness owed to HLH Acquisitions, Inc. by Sharyland in such amount; and 

(l) Such additional documents or certificates with respect to such legal matters or limited liability company, general partnership or other
proceedings related to the transactions contemplated hereby as may be reasonably requested by the Purchasers. 
 SECTION 4.12.
Deposit Agreement, Etc.. The Obligations shall be secured by a perfected first priority security interest (subject to Permitted Liens) in the Collateral in favor of the Collateral Agent, for the benefit of the Secured Parties, and the
Company will deliver or cause to be delivered to the Purchasers and the Collateral Agent on the Closing Date the following, each of which shall be in full force and effect: 

(a) the Deposit Agreement; 
 (b)
A Deed of Trust in the form of Exhibit S-2 to the 2009 SDTS Note Agreement, duly executed by the Company; 
 (c) A Collateral Agency
Agreement in the form of Exhibit S-3 to the 2009 SDTS Note Agreement, duly executed by the Company, the Collateral Agent and the Purchasers; and 

(d) Such other documents, instruments and agreements any Purchaser may reasonably request to grant to the Collateral Agent first priority
(subject only to Permitted Liens) perfected Liens on the Collateral. 
 SECTION 4.13. UCC Searches; and Litigation
Searches. The Collateral Agent and the Purchasers shall have received UCC and litigation searches of the Company and each Member, which searches shall (i) confirm that no Liens other than Permitted Liens exist on the Collateral and that
such Persons are not subject to any litigation, and (ii) be otherwise in substance satisfactory to the Collateral Agent and the Purchasers. 

SECTION 4.14. Insurance. The Company shall have delivered to the Purchasers evidence of insurance in effect that meets the
requirements of Section 9.2, and the Purchasers shall have received an insurance consultant’s report, which shall be addressed to the Purchasers and shall be in form and substance satisfactory to the Purchasers. 

  
 ANNEX A-5

 (Amended and Restated Note Purchase Agreement) 

 SECTION 4.15. Financial Statements. The Purchasers shall have received
unaudited financial statements of the Company and each Member for the fiscal quarter ended September 30, 2009. 
 SECTION 4.16.
Consents and Approvals. All Required Permits and all governmental and third party permits and regulatory and other approvals required to be in effect in connection with the issuance of the Notes hereunder have been obtained and are in
effect, all applicable waiting periods have expired without any materially adverse action being taken by any applicable authority, and copies of the documentation thereof shall have been delivered to each Purchaser. 

ARTICLE V 

Representations and Warranties of the Company. 

The Company represents and warrants to each Purchaser as of the Closing Date that: 

SECTION 5.1. Organization; Power and Authority. Each of the Company and each Member is a limited liability company or
limited partnership, as applicable, duly organized, validly existing and in good standing under the laws of its jurisdiction of formation, and is duly qualified and is in good standing in each jurisdiction in which such qualification is required by
law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each of the Company and each Member has the
limited liability company or limited partnership, as applicable, power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and
deliver this Agreement and the other Transaction Documents to which it is a party and to perform the provisions hereof and thereof. 

SECTION 5.2. Authorization, Etc. This Agreement and the other Transaction Documents have been duly authorized by all
necessary limited liability company or limited partnership, as applicable, action on the part of the Company and each Member, and this Agreement and the other Transaction Documents constitute, and upon execution and delivery thereof each Note will
constitute, a legal, valid and binding obligation of the Company or such Member, as applicable, enforceable against such Person in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 SECTION 5.3. Disclosure. This Agreement, the other Transaction Documents and the documents, certificates or other
writings delivered to the Purchasers by or on behalf of the Company or a Member, in connection with the transactions contemplated hereby, and the financial statements listed in Schedule 5.5 (this Agreement, and such documents,
certificates or other writings and such financial statements delivered to each Purchaser and listed on 

  
 ANNEX A-6

 (Amended and Restated Note Purchase Agreement) 

 
Schedule 5.3 being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. The projections and pro forma financial information contained in the materials referenced above are based
upon good faith estimates and assumptions believed by management of the Company and Sharyland to be reasonable at the time made and on the Closing Date, it being recognized by each Purchaser that such financial information as it relates to future
events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the projected results set forth therein by a material amount. Except as disclosed in the Disclosure
Documents, since December 31, 2008, there has been no change in the financial condition, operations, business, properties or prospects of the Company or a Member except changes that individually or in the aggregate could not reasonably be
expected to have a Material Adverse Effect. There is no fact known to the Company that could reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents. 

SECTION 5.4. Organization and Ownership of Interest in the Company. Schedule 5.4 contains a complete and correct list and
description of (i) each of the Company’s and each Member’s jurisdiction of its organization and its ownership structure, (ii) the Company’s and each Member’s Subsidiaries, and (iii) the Company’s and each
Member’s senior officers. The Company has no Subsidiaries as of the Closing Date except as shown on Schedule 5.4. 

SECTION 5.5. Financial Statements; Material Liabilities. The Company and Sharyland have delivered to each Purchaser copies
of the financial statements listed on Schedule 5.5. All of such financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial positions of the Company and
Sharyland, each as of the respective dates specified in such Schedule and the results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the
periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). Neither the Company nor Sharyland has any material liabilities that are not disclosed on such
financial statements or otherwise disclosed in the Disclosure Documents. 
 SECTION 5.6. Compliance with Laws, Other Instruments,
Etc.. The execution, delivery and performance by the Company and the Members of this Agreement and the Notes and the other Transaction Documents to which it is a party, do not and will not (i) contravene, result in any breach of, or
constitute a default under, or result in the creation of any Lien in respect of any property of such Person under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or limited partnership or limited
liability company agreement, or any other agreement or instrument to which such Person is bound or by which such Person or any of its properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions
or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to such Person or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority
applicable to such Person. 

  
 ANNEX A-7

 (Amended and Restated Note Purchase Agreement) 

 SECTION 5.7. Governmental Authorizations, Etc.. Except as set forth on
Schedule 5.7, no consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company or either Member of this
Agreement or the Notes or any of the other Transaction Documents to which it is a party. 
 SECTION 5.8. Litigation; Observance
of Agreements, Statutes and Orders. 
 (a) There are no actions, suits, investigations or proceedings pending or, to the knowledge
of the Company, threatened against or affecting the Company or either Member or any of their property in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect. 
 (b) None of the Company or either Member is in default under any term of any
Material Project Document listed in Schedule 5.12(b) to the 2009 SDTS Note Agreement or any other agreement or any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law,
ordinance, rule or regulation (including without limitation Environmental Laws or the USA Patriot Act) of any Governmental Authority, which default or violation, individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect. 
 (c) To the knowledge of the Company, after due inquiry, no breach or default under any of the Material Project Documents
listed in Schedule 5.12(b) to the 2009 SDTS Note Agreement has occurred and is continuing. 
 SECTION 5.9. Taxes. Each of
the Company and each Member has filed all tax returns that are required to have been filed in any jurisdiction, and has paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their
properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which is not individually or in the
aggregate material or (ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which such Person has established adequate reserves in accordance with GAAP. The
Company knows of no basis for any other tax or assessment that could reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the Company in respect of Federal, state or other taxes for all fiscal
periods are adequate. 
 SECTION 5.10. Title to Property; Leases. The Company has good and sufficient title to the
System, and the Company and Sharyland have good and sufficient title to their properties that individually or in the aggregate are material to them, free and clear of Liens (other than Permitted Liens). All leases that individually or in the
aggregate are material to the Company or Sharyland are valid and subsisting and are in full force and effect in all material respects. 

SECTION 5.11. Insurance. Sharyland has all insurance coverage required by Section 9.2. 

  
 ANNEX A-8

 (Amended and Restated Note Purchase Agreement) 

 SECTION 5.12. Licenses, Permits, Etc. Material Project Documents. The Company
and Sharyland own or possess all governmental and third party licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that are material to the ownership,
leasing, operating and maintenance of the System, including the Certificate of Convenience and Necessity (#30192) issued by the Public Utility Commission of Texas to Sharyland without known conflict with the rights of others. The Material Project
Documents listed on Schedule 5.12(b) to the 2009 SDTS Note Agreement constitute and include all material contracts and agreements to which the Company or Sharyland is a party. Each Material Project Document listed in Schedule 5.12(b) to the 2009
SDTS Note Agreement is in full force and effect, and constitutes the legal, valid and binding obligation of each party thereto as of the date hereof. 

SECTION 5.13. Compliance with ERISA. 

(a) The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such
instances of noncompliance as have not resulted in and could not reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty
or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that could reasonably be expected to result in the incurrence of any such
liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to such penalty or excise tax
provisions or to section 401(a)(29) or 412 of the Code or section 4068 of ERISA, other than such liabilities or Liens as would not be individually or in the aggregate material. 

(b) The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end
of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report did not exceed the aggregate current value of the assets of such
Plan allocable to such benefit liabilities by an amount that could reasonably be expected to result in a Material Adverse Effect. The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current
value” and “present value” have the meanings specified in section 3 of ERISA. 
 (c) The Company and its ERISA Affiliates
have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are material. 

(d) The expected postretirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in
accordance with Financial Accounting Standards Board Statement No. 106, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Company is not material to it. 

(e) The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any non-exempt prohibited
transaction under section 406 of 

  
 ANNEX A-9

 (Amended and Restated Note Purchase Agreement) 

 
ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code. The representation by the Company to each Purchaser in the first sentence of this
Section 5.13(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds used to pay the purchase price of the Notes to be purchased by such
Purchaser. 
 SECTION 5.14. Private Offering by the Company. Neither the Company nor anyone acting on its behalf has
offered the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any person other than the Purchasers and not more than five other
Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the
registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction. 

SECTION 5.15. Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Notes to
(i) repay outstanding Indebtedness in the amount of $35,174,448.28, (ii) to repay $17,020,929 of inter-company Indebtedness provided by HLH Acquisitions, Inc., and (iii) pay all fees, expenses and costs related to Closing, including
legal fees and the Structuring Fee. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of
Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve
any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in Regulation U. 

SECTION 5.16. Existing Indebtedness; Future Liens. 

(a) Schedule 5.16 sets forth a complete and correct list of all outstanding Indebtedness of the Company and each Member as of
December 31, 2009 (including a description of the obligors and obligees, principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any). Except for the repayment of the “Affiliate Loan” described on
Schedule 5.16, since September 30, 2009, there has been no material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Company or a Member. Neither the Company nor either Member
is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any of its Indebtedness and no event or condition exists with respect to any of its Indebtedness that would permit (or that with notice or
the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 

(b) The Company has not agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its
property, whether now owned or hereafter acquired, to be subject to a Lien not otherwise permitted by Section 10.6 of the 2009 SDTS Note Agreement. 

(c) The Company is not a party to, nor otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company,
any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Company. 

  
 ANNEX A-10

 (Amended and Restated Note Purchase Agreement) 

 SECTION 5.17. Foreign Assets Control Regulations, Etc. 

(a) Neither the sale of the Notes by the Company hereunder nor the use of the proceeds thereof will violate the Trading with the Enemy Act, as
amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. 

(b) Neither the Company nor either Member: (i) is a Person described or designated in the Specially Designated Nationals and Blocked
Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (ii) engages in any dealings or transactions with any such Person. The Company and each Member is
in compliance, in all material respects, with the USA Patriot Act. 
 (c) No part of the proceeds from the sale of the Notes hereunder will
be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or
direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, assuming in all cases that such Act applies to the Company and the Members. 

SECTION 5.18. Status under Certain Statutes. 

(a) Neither Member nor the Company is an “investment company” or a company “controlled” by an “investment
company” within the meaning of the Investment Company Act of 1940, as amended, or an “investment adviser” within the meaning of the Investment Advisers Act of 1940, as amended. 

(b) Neither the Company nor either Member is a “public utility” under the FPA and the regulations of FERC thereunder. The execution,
delivery and performance of the Company’s and Sharyland’s obligations under the Transaction Documents requires no authorization of approval by, or notice to, and is not subject to the jurisdiction of, FERC under the FPA. 

(c) Sharyland and the holding company system of which it is a part have obtained a waiver of the requirements of 18 C.F.R. 366.21, 366.22 and
366.23 (FERC Docket No. PH06-59-000), but are subject to the FERC regulations relating to regulatory access to books and records. Sharyland and the holding company system of which it is a part have filed a notice of holding company status under FERC
Docket no. HC06-1-000 and may be required to submit a revised notice of holding company status and/or a revised request for the waiver described in the preceding sentence as a result of the transactions contemplated in the Transaction Documents or
in Schedule 10.2 of the 2009 SDTS Note Agreement. Under FERC’s currently effective regulations, the Company will be deemed not to be a “public-utility company” and as a result neither Member is a “holding company”
under PUHCA. 

  
 ANNEX A-11

 (Amended and Restated Note Purchase Agreement) 

 (d) The Company is subject to regulation as an “electric utility” by the Public Utility
Commission of Texas. The execution, delivery and performance of the Company’s and Sharyland’s obligations under the Transaction Documents requires no authorization or approval by, or notice to, the Public Utility Commission of Texas or
under the Public Utility Regulatory Act of Texas other than those that have been obtained. 
 (e) Solely by virtue of the execution,
delivery and performance of the Transaction Documents, no Purchaser will become subject to any of the provisions of the FPA, PUHCA (based on FERC’s currently effective definitions under PUHCA) or the Public Utility Regulatory Act of Texas, or
to regulation under any such statute. 
 SECTION 5.19. Environmental Matters. 

(a) The Company has no knowledge of any claims nor has it received any notice of any claim, and no proceeding has been instituted raising any
claim against the Company or a Member or any of their real properties now or formerly owned, leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such
as could not reasonably be expected to result in a Material Adverse Effect. 
 (b) The Company has no knowledge of any facts which would
give rise to any claim, public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by the Company or either
Member or to other assets or its use, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 

(c) Neither the Company nor either Member has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by
any of them and has not disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that could reasonably be expected to result in a Material Adverse Effect; and 

(d) All buildings on all real properties now owned, leased or operated by the Company a Member are in compliance with applicable Environmental
Laws, except where failure to comply could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.20.
Force Majeure Events; Employees. Neither the System nor any of the other assets of the Company or a Member have suffered any Force Majeure Event that is continuing. The Company has no employees. 

SECTION 5.21. Collateral. The Collateral, as described in the Security Documents, constitutes all of the Company’s
rights in the System Lease and the System. The security interests in the Collateral granted to the Collateral Agent (for the benefit of the Secured Parties) pursuant to the Financing Documents: (a) constitute as to personal property included in
the 

  
 ANNEX A-12

 (Amended and Restated Note Purchase Agreement) 

 
Collateral and, with respect to subsequently acquired personal property included in the Collateral, will constitute, a perfected security interest and Lien under each applicable Uniform
Commercial Code, and (b) are, and, with respect to such subsequently acquired property, will be, as to Collateral perfected under each applicable Uniform Commercial Code, superior and prior to the rights of all third Persons now existing or
hereafter arising whether by way of mortgage, lien, security interests, encumbrance, assignment or otherwise, except for Permitted Liens. All action as is necessary has been taken to establish and perfect the Collateral Agent’s rights in and
to, and the first lien priority of its Lien on, the Collateral, including any recording, filing, registration, delivery to the Collateral Agent, giving of notice or other similar action. The Security Documents and financing statements relating
thereto have been duly filed or recorded in each office and in each jurisdiction where required in order to create and perfect the Lien and security interest described above and the priority thereof. 

ARTICLE VI 

Representations of the Purchasers. 

SECTION 6.1. Purchase for Investment. Each Purchaser severally represents that it is an “Accredited Investor” as
defined in Rule 501 of Regulation D under the Securities Act. Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more
pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s property shall at all times be within such Purchaser’s control. Each Purchaser understands that the Notes have not
been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an
exemption is required by law, and that the Company is not required to register the Notes. 
 SECTION 6.2. Source of
Funds. Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the
Notes to be purchased by such Purchaser hereunder: 
 (a) the Source is an “insurance company general account” (as the term is
defined in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by
the National Association of Insurance Commissioners (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for
the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of
the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

(b) the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under
which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner
by the investment performance of the separate account; or 

  
 ANNEX A-13

 (Amended and Restated Note Purchase Agreement) 

 (c) the Source is either (i) an insurance company pooled separate account, within the
meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans
maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or 

(d) the Source constitutes assets of an “investment fund” (within the meaning of Part V of PTE 84-14 (the “QPAM
Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part V of the QPAM Exemption), no employee benefit plan’s assets that are included in such investment
fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part V(c)(1) of the QPAM Exemption) of such employer or by the same employee
organization and managed by such QPAM, exceed 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM
(applying the definition of “control” in Part V(e) of the QPAM Exemption) owns a 5% or more interest in the Company and (i) the identity of such QPAM and (ii) the names of all employee benefit plans whose assets are included in
such investment fund have been disclosed to the Company in writing pursuant to this clause (d); or 
 (e) the Source constitutes assets of a
“plan(s)” (within the meaning of Section IV of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV of the INHAM Exemption),
the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Section IV(d) of the INHAM Exemption)
owns a 5% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e);
or 
 (f) the Source is a governmental plan; or 

(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans,
each of which has been identified to the Company in writing pursuant to this clause (g); or 
 (h) the Source does not include assets of any
employee benefit plan, other than a plan exempt from the coverage of ERISA. 
 As used in this Section 6.2, the terms “employee
benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 

  
 ANNEX A-14

 (Amended and Restated Note Purchase Agreement) 

 ARTICLE VII 

Information. 

SECTION 7.1. Financial and Business Information. 

The Company shall deliver, and shall cause Sharyland to deliver, and shall use commercially reasonable efforts to cause each other Qualified Lessee (other
than any Consolidated Qualified Lessee) to deliver, to each Holder of Notes (provided, that no default shall arise under this Section 7.1 as a result of the failure by a Qualified Lessee other than Sharyland to deliver financial
statements and other documents in accordance with the requirements of an applicable Lease and such Lease is terminated in accordance with Section 9.14 hereunder): 

(a) Quarterly Statements — within 45 days after the end of each quarterly fiscal period in each calendar year of such Person and
its Subsidiaries (excluding the last quarterly fiscal period of each such calendar year), duplicate copies of 
 (i) balance
sheets of such Person and its Subsidiaries on a consolidated basis as at the end of such quarter, and 
 (ii) profit and loss
statements and cash flows statements for such Person and its Subsidiaries on a consolidated basis for such quarter and (in the case of the second and third quarters) for the portion of the calendar year ending with such quarter, 

(iii) setting forth in each case in comparative form the figures for the corresponding periods in the previous calendar year,
all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer of such Person as fairly presenting, in all material respects, the financial position of
the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments; 

(b) Annual Statements — within 90 days after the end of each calendar year of the Company and each Qualified Lessee (other than a
Consolidated Qualified Lessee), as applicable, duplicate copies of 
 (i) balance sheets of such Person and its Subsidiaries
on a consolidated basis as at the end of such year; and 
 (ii) statements of income, profit and loss statements and cash
flow statements for such Person and its Subsidiaries on a consolidated basis for such year, 
 setting forth in each case in comparative form
the figures for the previous calendar year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by 

(A) an opinion thereon of Ernst & Young LLP or another independent public accounting firm of nationally recognized
standing selected by the Company or such Qualified Lessee (herein, the “Approved Accountant”), which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the
companies being reported upon and their results of operations and cash flows and have been 

  
 ANNEX A-15

 (Amended and Restated Note Purchase Agreement) 

 
prepared in conformity with GAAP, and that the examination of the Approved Accountants in connection with such financial statements has been made in accordance with generally accepted auditing
standards, and that such audit provides a reasonable basis for such opinion in the circumstances, and 
 (B) a certificate
of the Approved Accountants stating that they have reviewed this Agreement and stating further whether, in making their audit, they have become aware of any condition or event that then constitutes a Default or an Event of Default, and, if they are
aware that any such condition or event then exists, specifying the nature and period of the existence thereof (it being understood that the Approved Accountants shall not be liable, directly or indirectly, for any failure to obtain knowledge of any
Default or Event of Default unless the Approved Accountants should have obtained knowledge thereof in making an audit in accordance with generally accepted auditing standards or did not make such an audit); 

(c) Other Reports — promptly upon their becoming available, and to the extent not otherwise required to be delivered pursuant to
another provision of this Agreement, one copy of (i) each financial statement and budget and such other reports and notices as a Holder may reasonably request sent by the Company or any Qualified Lessee to its Subsidiaries, (ii) each
report or filing (without exhibits except as expressly requested by such Holder) other than regular and periodic reports and filings made by the Company, any Subsidiary, or any Qualified Lessee to any state or Federal regulatory body and
(iii) each report and filing made by the Company to its lenders; 
 (d) Notice of Default or Event of Default — promptly,
and in any event within 5 Business Days after (i) a Responsible Officer of the Company becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed
default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(i), a written notice specifying the nature and period of existence thereof and what
action the Company or any Subsidiary is taking or proposes to take with respect thereto and (ii) the Company receives a written notice of default under a System Lease from the applicable Qualified Lessee, a copy of such notice of default or a
written notice specifying the nature and period of existence of such default and what action the Company is taking or proposes to take with respect thereto; 

(e) [Intentionally Omitted]; 

(f) [Intentionally Omitted]; 

(g) Notices from Governmental Authority — promptly, and in any event within 5 Business Days of receipt (or knowledge thereof by a
Responsible Officer of the Company) of copies of any notice to the Company, any Subsidiary, or any Qualified Lessee from any Federal or state Governmental Authority relating to any order, ruling, statute or other law or regulation that could
reasonably be expected to have a Material Adverse Effect; 

  
 ANNEX A-16

 (Amended and Restated Note Purchase Agreement) 

 (h) Other Notices — promptly, and in any event within 5 Business Days of receipt (or
knowledge by a Responsible Officer of the Company) thereof: 
 (i) any pending or threatened adversarial or contested
proceeding of or before a Governmental Authority relating to the System or the System Leases that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect; 

(ii) any litigation or proceeding taken or threatened in writing against the Company, any Subsidiary, or any Qualified Lessee,
that, if successful, could reasonably be expected to result in a Material Adverse Effect; 
 (i) Annual Operating Budgets — As
soon as available and in any event within 30 days after the close of each calendar year of the Company and each Qualified Lessee (other than a Consolidated Qualified Lessee), as the case may be,, the annual budget of the Company and its Subsidiaries
and each Qualified Lessee, as applicable. 
 (j) Information Required by Rule 144A — upon the request of such Holder (and shall
deliver to any qualified institutional buyer designated by such Holder), such financial and other information as such Holder may reasonably determine to be necessary in order to permit compliance with the information requirements of Rule 144A under
the Securities Act in connection with the resale of Notes, except at such times as the Company is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act (for the purpose of this Section 7.1(j), the term
“qualified institutional buyer” shall have the meaning specified in Rule 144A under the Securities Act); and 
 (k)
Requested Information — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company or relating to the ability of the Company to
perform its obligations hereunder and under the Notes as from time to time may be reasonably requested by any such Holder of Notes. 

SECTION 7.2. Officer’s Certificate. Each set of financial statements delivered pursuant to Section 7.1(a)
or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer of each Qualified Lessee (other than a Consolidated Qualified Lessee) or the Company, as applicable, setting forth: 

(a) Covenant Compliance — the information (including detailed calculations) required in order to establish whether the Company was
in compliance with the requirements of Sections 9.9, 10.6 and 10.9 of this Agreement, during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where
applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence); and 

  
 ANNEX A-17

 (Amended and Restated Note Purchase Agreement) 

 (b) Event of Default — a statement that such Senior Financial Officer has reviewed
the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company from the beginning of the quarterly or annual period covered by the statements then being
furnished to the date of the certificate and that no Default or an Event of Default has occurred and is continuing (or in the case of any Qualified Lessee, any default or event of default has occurred and is continuing under any Leases to which it
is a party, which default or event of default constitutes an Event of Default pursuant to Section 11(f)) or, if any such condition or event has occurred and is continuing (including, without limitation, any such event or condition resulting
from the failure of the Company to comply with any Environmental Law), (or in the case of any Qualified Lessee, any default or event of default has occurred and is continuing under any Leases to which it is a party, which default or event of default
constitutes an Event of Default pursuant to Section 11(f)), specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto. 

SECTION 7.3. [Intentionally Omitted] 

ARTICLE VIII 
 Payment
and Prepayment of the Notes. 
 SECTION 8.1. Amortization; Maturity. On March 30, 2010 and on the 30th day of
each June, September, December and March thereafter to and including December 30, 2029, the Company will prepay the principal amounts set forth in the amortization schedule attached hereto as Schedule 8.1 (the “Amortization
Schedule”) (or such lesser principal amount as shall then be outstanding) of the Notes at par and without payment of the Yield-Maintenance Amount or any premium, provided that upon any partial prepayment of the Notes pursuant to
Section 8.2, the principal amount of each required prepayment of the Notes becoming due under this Section 8.1 on and after the date of such prepayment shall be reduced in the same proportion as the aggregate unpaid principal
amount of the Notes is reduced as a result of the prepayment. The entire unpaid principal balance of the Notes shall be due and payable on the Maturity Date. 

SECTION 8.2. Optional Prepayments with Yield-Maintenance Amount. The Company may, at its option, upon notice as provided
below, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than $1,000,000 in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Yield-Maintenance Amount determined for the
prepayment date with respect to such principal amount. The Company will give each Holder of Notes written notice of each optional prepayment under this Section 8.2 not less than 30 days and not more than 60 days prior to the date fixed
for such prepayment. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such Holder to be prepaid (determined in
accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated
Yield-Maintenance Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall
deliver to each Holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such Yield-Maintenance Amount as of the specified prepayment date. 

  
 ANNEX A-18

 (Amended and Restated Note Purchase Agreement) 

 SECTION 8.3. Allocation of Partial Prepayments. In the case of each partial
prepayment of the Notes, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore
called for prepayment. 
 SECTION 8.4. Maturity; Surrender, Etc.. In the case of each prepayment of Notes pursuant to
this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to
such date and the applicable Yield-Maintenance Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Yield-Maintenance Amount, if any, as
aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of
any Note. 
 SECTION 8.5. Purchase of Notes. The Company will not and will not permit any Affiliate to purchase, redeem,
prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with the terms of this Agreement and the Notes or (b) pursuant to
Section 13.2(b); provided that if an Affiliate which does not Control and is not Controlled by the Company has so acquired any of the outstanding Notes, such acquisition shall not constitute an Event of Default. The Company
will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment or prepayment of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 

SECTION 8.6. Yield-Maintenance Amount. 

“Yield-Maintenance Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of
the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Yield-Maintenance Amount may in no event be less than zero. For the purposes of
determining the Yield-Maintenance Amount, the following terms have the following meanings: 
 “Called Principal”
means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

 “Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all
Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor
(applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

  
 ANNEX A-19

 (Amended and Restated Note Purchase Agreement) 

 “Reinvestment Yield” means, with respect to the Called Principal of any Note,
..50% over the yield to maturity implied by (i) the yields reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page
PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on the run U.S. Treasury securities having a maturity equal to the Remaining Average Life of such Called Principal
as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the
latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for U.S.
Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. 

In the case of each determination under clause (i) or clause (ii), as the case may be, of the preceding paragraph, such implied yield
will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the applicable U.S. Treasury
security with the maturity closest to and greater than such Remaining Average Life and (2) the applicable U.S. Treasury security with the maturity closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to
the number of decimal places as appears in the interest rate of the applicable Note. 
 “Remaining Average Life” means,
with respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal
component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and
the scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with respect to
the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled
due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the
amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or 12.1. 

“Settlement Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be
prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

  
 ANNEX A-20

 (Amended and Restated Note Purchase Agreement) 

 ARTICLE IX 

Affirmative Covenants. 

The Company covenants that so long as any of the Notes are outstanding: 

SECTION 9.1. Compliance with Law. Without limiting Section 10.4, the Company will, and will cause its
Subsidiaries to comply with all laws, ordinances or governmental rules or regulations to which it is subject, including, without limitation, ERISA, the USA Patriot Act and Environmental Laws, and will obtain and maintain in effect all licenses,
certificates, permits, franchises and other governmental authorizations necessary to the ownership of its properties or to the conduct of its businesses to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental
rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. 
 SECTION 9.2. Insurance. 

(a) Maintenance of Insurance. The Company will maintain or cause to be maintained and will cause its Subsidiaries to maintain, with
financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and
self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated. 

(b) Evidence of Insurance: Promptly upon request by a Holder or the Collateral Agent, the Company shall furnish the Holders and the
Collateral Agent with approved certification of all required insurance. Such certification shall be executed by each insurer or by an authorized representative of each insurer where it is not practical for such insurer to execute the certificate
itself. Such certification shall identify underwriters, the type of insurance, the insurance limits, and the policy term, and shall specifically list the special provisions enumerated for such insurance required by this Section 9.2. Upon
request, the Company will promptly furnish the Holders and the Collateral Agent with copies of all insurance certificates, binders, and cover notes or other evidence of such insurance relating to the Collateral. 

(c) No Duty of Purchaser to Verify: No provision of this Section 9.2 or any other provision of this Agreement, any other
Financing Document or any Lease shall impose on the Holders or the Collateral Agent any duty or obligation to verify the existence or adequacy of the insurance coverage maintained by the Company, nor shall the Holders or the Collateral Agent be
responsible for any representations or warranties made by or on behalf of the Company to any insurance company or underwriter. 

SECTION 9.3. Maintenance of Properties. The Company will, and will cause its Subsidiaries, Sharyland and Qualified Lessees
that are Affiliates of the Company to, and will use commercially reasonable efforts to cause the other Qualified Lessees to, (a) maintain, preserve and protect in all material respects all of its respective material properties (including any
such properties comprising any material portion of the System) and equipment necessary in the operation of its respective business (taken as a whole) in good, working order and condition, ordinary wear and tear excepted; and (b) make all
necessary repairs thereto and renewals and replacements thereof. 

  
 ANNEX A-21

 (Amended and Restated Note Purchase Agreement) 

 SECTION 9.4. Payment of Taxes and Claims. The Company will, and will cause
each of its Subsidiaries to, file all tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on
them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on
properties or assets of the Company or any Subsidiary, provided that none of the Company or any Subsidiary need pay any such tax, assessment, charge, levy or claim if (i) the amount, applicability or validity thereof is contested by such Person
on a timely basis in good faith and in appropriate proceedings, and such Person has established adequate reserves therefor in accordance with GAAP on its books or (ii) the nonpayment of all such taxes, assessments, charges, levies and claims in
the aggregate could not reasonably be expected to have a Material Adverse Effect. 
 SECTION 9.5. Existence, Etc.. Except
as permitted under Section 10.2, the Company will, and will cause each of its Subsidiaries, at all times preserve and keep in full force and effect its respective limited liability company, corporate or limited partnership existence and
all rights and franchises of the Company unless (other than with respect to the Company’s existence), in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such limited liability
company, corporate or limited partnership existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect. 

SECTION 9.6. Books and Records; Inspection Rights. The Company will, and will cause each of its Subsidiaries and Sharyland
to, and will use commercially reasonable efforts to cause other Qualified Lessees to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory
jurisdiction over such Person. The Company will permit representatives and independent contractors of the Holders of the Notes to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies
thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of the Company and at such reasonable times during normal business hours no more
than once per calendar year, upon reasonable advance notice to the Company; provided, however, that when an Event of Default has occurred and is continuing, any Holder of the Notes (or any of its respective representatives or independent
contractors) may do any of the foregoing at the expense of the Company at any time during normal business hours and as often as reasonably desired. 

SECTION 9.7. Collateral; Further Assurances 

(a) The Company shall take all actions necessary to insure that the Collateral Agent, on behalf of the Secured Parties (or in the case of Real
Property Collateral, the Trustee named in the Deeds of Trust, for the benefit of the Collateral Agent and the other Secured Parties), has and continues to have in all relevant jurisdictions duly and validly created, attached and enforceable Liens on
the Collateral, including perfected first-priority Liens on Collateral constituting UCC Collateral or Real Property Collateral, in each case, to the extent required under the Security Documents (including, in accordance with clauses (c) and
(d) of this Section 9.7, after-acquired Collateral), subject to no Liens other than Permitted Liens. The Company shall cause the Obligations to constitute direct 

  
 ANNEX A-22

 (Amended and Restated Note Purchase Agreement) 

 
senior secured obligations of the Company and to be senior in right of payment and to rank senior in right of security (other than Permitted Liens) with respect to Collateral granted in the
Security Documents to all other Indebtedness of the Company (other than Permitted Secured Indebtedness, with which it shall be pari passu in accordance with the terms of the Collateral Agency Agreement). 

(b) Upon completion of each New Project of a Project Finance Subsidiary, the Company may cause any such Project Finance Subsidiary to Transfer
the New Project to the Company and upon such Transfer, the Company shall take all actions necessary to insure that (w) the New Project becomes a part of the Collateral to the extent required under the Security Documents and Section 9.7(c),
subject to the first priority Lien of the Security Documents (subject to no Liens other than Permitted Liens and rights of holders of Permitted Secured Indebtedness in accordance with the Collateral Agency Agreement), (x) no Default or Event of
Default occurs as a result of such Transfer, (y) the Indebtedness of the Project Finance Subsidiary is either repaid in full at the time of the Transfer or becomes Permitted Secured Indebtedness in accordance with the Collateral Agency
Agreement, and (z) the Project Finance Subsidiary is liquidated or merged with and into the Company. 
 (c) If, after the Third
Amendment Date, the Company acquires any Real Property Collateral, the Company shall forthwith (and in any event, within five Business Days of such acquisition or such longer period of time as reasonably agreed by the Required Holders) deliver to
the Collateral Agent a fully executed mortgage or deed of trust over the Company’s interests in such Real Property Collateral, in form and substance satisfactory to the Required Holders and the Collateral Agent, together with such surveys,
environmental reports and other documents and certificates with respect to such real estate as may be reasonably required by the Required Holders. The Company further agrees to take all other actions necessary to create in favor of the Trustee named
therein for the benefit of the Collateral Agent and the other Secured Parties a valid and enforceable first priority Lien on the Company’s interests in such Real Property Collateral, free and clear of all Liens except for Permitted Liens and
rights of holders of Permitted Secured Indebtedness in compliance with the Collateral Agency Agreement. The Company shall not create in favor of any Person a Lien on the Company’s interests in real property acquired or leased after the Third
Amendment Date other than Permitted Liens (but excluding Permitted Liens that constitute Permitted Secured Indebtedness other than the Notes). 

(d) If, after the Third Amendment Date, the Company acquires or creates any new Subsidiary (other than any Subsidiary of the Company that is
not organized under the laws of the United States, any state thereof or the District of Columbia, any Project Finance Subsidiary and any other Subsidiary that is prohibited from providing a Guaranty of the Obligations by any Requirement of Law), the
Company shall or cause such Subsidiary forthwith (and in any event, within 30 days of such creation or acquisition (or such longer time as the Required Holders may agree): 

(i) execute and deliver to the Collateral Agent a Subsidiary Guaranty; 

(ii) to deliver to the Collateral Agent a certificate of such Subsidiary, substantially consistent with those delivered on the
Closing Date pursuant to Section 4.03(b), with appropriate insertions and attachments; 

  
 ANNEX A-23

 (Amended and Restated Note Purchase Agreement) 

 (iii) to take such actions reasonably necessary or advisable to grant to the
Collateral Agent for the benefit of the Secured Parties (or, in the case of Real Property Collateral, the Trustee named in the Deeds of Trust, for the benefit of the Collateral Agent and the other Secured Parties) a perfected and enforceable
first-priority Lien in the Collateral described in the Security Documents with respect to such new Subsidiary, subject to no Liens other than Permitted Liens and rights of holders of Permitted Secured Indebtedness in compliance with the Collateral
Agency Agreement, and including the filing of UCC financing statements in such jurisdictions as may be required by such Subsidiary Guaranty or by law or as may be reasonably requested by the Collateral Agent; 

(iv) to deliver to the Collateral Agent the stock certificates (if any) representing equity interests issued by such
Subsidiary, together with undated stock (or other transfer) powers, in blank, executed and delivered by a duly authorized officer of the Company; and 

(v) if reasonably requested by the Collateral Agent, to deliver to the Collateral Agent legal opinions relating to the matters
described above, which opinions shall be in form and substance reasonably satisfactory to the Collateral Agent. 
 SECTION 9.8.
Material Project Documents. 
 (a) The Company shall at all times (i) perform and observe all of the covenants under the
Material Project Documents to which it is a party and take reasonable actions to enforce all of its rights thereunder, other than to the extent the same could not reasonably be expected to have a Material Adverse Effect, (ii) subject to the
provisions of clause (b) of this Section 9.8, maintain the System Leases (other than Leases constituting System Leases only pursuant to clause (5) of the definition thereof) in full force and effect, and (iii) maintain the Leases
(other than the System Leases referred to in the foregoing clause (ii) of this Section 9.8(a)) to which it or any of its Subsidiaries is a party in full force and effect, except to the extent the same could not reasonably be expected to
have a Material Adverse Effect. 
 (b) If the term of a Lease with the Company or one of its Subsidiaries expires and the Qualified Lessee
under such Lease has either ceased operating the related assets or has ceased paying rent as required under the applicable Lease, the Company shall, or shall cause a Subsidiary, as applicable, to enter into a supplement or a new Lease with respect
to the related leasehold assets with a Qualified Lessee that provides for rent that, when combined with all other expected revenue, will, in the reasonable judgment of the Company, as of the commencement date of such supplement or new Lease,
generate sufficient revenue to satisfy the requirements of Section 9.9 and will not otherwise result in a materially worse position for the Company as compared to the terms of the applicable expired Lease. Each such new Lease shall have
a term of at least five years. Notwithstanding the foregoing, if (i) such expired Lease relates to transmission and/or distribution assets that are not generating significant revenue, (ii) the failure to renew such Lease would not
constitute a Material Adverse Effect and (iii) the Company reasonably believes it will generate sufficient revenue and hold sufficient assets (without giving effect to the leasehold assets with respect to such Lease) to satisfy the requirements
of Section 9.9, then this Section 9.8(b) will not require a supplement or new lease with respect to such leasehold assets. 

  
 ANNEX A-24

 (Amended and Restated Note Purchase Agreement) 

 SECTION 9.9. Financial Ratios 

(a) The Company shall at all times maintain, on a consolidated basis, a Total Debt to Capitalization Ratio of not more than 0.65 to 1.00. 

(b) The Company shall maintain, for each period of four consecutive fiscal quarters, a Debt Service Coverage Ratio of at least 1.40 to 1.00;
provided that for purposes of this Section 9.9(b), the Debt Service Coverage Ratio shall be deemed to be 1.40 to 1.00 for the three calendar quarters ending December 31, 2009, March 31, 2010 and June 30, 2010. 

ARTICLE X 
 Negative
Covenants. 
 The Company covenants that so long as any of the Notes are outstanding: 

SECTION 10.1. Transactions with Affiliates. The Company will not and will not permit any Subsidiary to enter into directly
or indirectly any transaction or group of related transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate other than (i) transactions with
Project Finance Subsidiaries, as permitted by Section 9.7(b)(ii) and other transactions between or among the Company and one or more Subsidiaries, or any subset thereof, to the extent permitted under Sections 10.2, 10.6,
10.7, 10.10 and 10.14, (ii) Leases with Qualified Lessees and transactions relating thereto, (iii) any Qualified Lessee Affiliate Loan and any Indebtedness permitted under Section 10.6(d)(ii),
(iv) payment of customary fees and reasonable out of pocket costs to, and indemnities for the benefit of, directors, officers and employees of the Company and its Subsidiaries in the ordinary course of business, (v) Investments permitted
pursuant to Section 10.7, (vi) transactions entered into in connection with the Cross Valley Project on or prior to the Cross Valley Project Transfer and the Golden Spread Project on or prior to the Golden Spread Project Transfer,
(vii) ROFO Transfers, and (viii) upon fair and reasonable terms no less favorable to the Company or such Subsidiary than would be obtained in a comparable arms-length transaction with a Person not an Affiliate; provided that any
transaction will be deemed to meet the requirements of this clause (viii) if, (x) prior to a Qualifying IPO, such transaction is on terms approved by the holders of a majority of the Capital Stock of InfraREIT held by Persons who do not
have a separate material interest in such transaction other than by virtue of their ownership of such Capital Stock, or by a majority of the directors nominated by such Persons, and (y) upon the completion of a Qualifying IPO and thereafter,
such transaction is on terms approved by a majority of the board of directors (or comparable governing body) of InfraREIT or an Affiliate thereof who are “independent” (as such term is defined pursuant to the rules of the primary exchange
on which the Capital Stock is listed for trading), or a majority of the “independent” members of a committee of any such board of directors (or comparable governing body). 

SECTION 10.2. Merger, Consolidation, Etc.. The Company will not nor will it cause or permit any of its Subsidiaries to
consolidate with or merge with any other Person or Transfer all or substantially all of its assets in a single transaction or series of transactions to any Person, except (i) pursuant to the System Leases or any other Lease, (ii) as
permitted pursuant to 

  
 ANNEX A-25

 (Amended and Restated Note Purchase Agreement) 

 
Section 9.7(b), (iii) that so long as both before and after giving effect to such merger or consolidation or Transfer of all or substantially all of its assets to another Person no
Default or Event of Default exists, the Company or any Subsidiary may merge or consolidate with another Person, and the Company or any Subsidiary may Transfer all or substantially all of its assets to another Person, so long as, after giving effect
to such merger or consolidation, or such Transfer of all or substantially all of its assets, (A) with respect to any merger or consolidation to which the Company is a party, the Company shall be the surviving entity, (B) with respect to
any merger or consolidation to which a Subsidiary is a party but the Company is not, a Subsidiary (other than a Project Finance Subsidiary) shall be the surviving entity and (C) with respect to any Transfer of all or substantially all of its
assets by the Company or a Subsidiary, the Company or another Subsidiary (other than a Project Finance Subsidiary) shall be the transferee or lessee of such assets (except to the extent permitted by clauses (i) and (ii) of this
Section 10.2, or (iv) the FERC Merger. 
 SECTION 10.3. Line of Business. The Company will not
and will not permit any Subsidiary to engage in any business if, as a result, the general nature of the business in which the Company and its Subsidiaries taken as a whole, would then be engaged would be substantially changed from the transmission
and distribution of electric power and the provision of ancillary services. 
 SECTION 10.4. Terrorism Sanctions
Regulations. The Company will not and will not permit any Controlled Entity (a) to become (including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or any Person that is the target of
sanctions imposed by the United Nations or by the European Union, or (b) directly or indirectly to have any investment in or engage in any dealing or transaction (including, without limitation, any investment, dealing or transaction involving
the proceeds of the Notes) with any Person if such investment, dealing or transaction (i) would cause any holder to be in violation of any applicable United States (federal or state) anti-terrorism law or regulation applicable to such holder,
or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions, or (c) to engage, nor shall any Affiliate of either engage, in any activity that could subject such Person or any holder to sanctions under CISADA or any
similar law or regulation with respect to Iran or any other country that is subject to U.S. Economic Sanctions. 
 SECTION 10.5.
Liens. The Company will not, nor will it cause or permit any Subsidiary to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to the
Collateral or any other property of the Company or such Subsidiary, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits, or on any other asset now
owned or hereafter acquired by the Company or such Subsidiary, except (each, a “Permitted Lien”): 
 (a) solely in the case
of the Note Parties, Liens created or permitted by the Financing Documents on the assets of the Note Parties; and 
 (b) (i) solely in the
case of a Project Finance Subsidiary, Liens on assets owned by that Project Finance Subsidiary and (ii) Liens on the Capital Stock in that Project Finance Subsidiary, in each case to secure its Non-Recourse Debt; 

  
 ANNEX A-26

 (Amended and Restated Note Purchase Agreement) 

 (c) Liens created or permitted pursuant to the terms of the Security Documents, including Cash
Collateral (as defined in the Collateral Agency Agreement); 
 (d) Liens for Taxes which are not yet due and payable or the payment of which
is not at the time required by Section 9.4; 
 (e) any attachment or judgment Lien, unless such attachment or judgment Lien
constitutes an Event of Default under Section 11(l) hereof; 
 (f) Liens of a lessor of equipment to the Company or any
Subsidiary on such lessor’s leased equipment (but excluding equipment leased pursuant to a Capital Lease), including any of the foregoing which is evidenced by a protective UCC filing; 

(g) Mechanics’, warehousemen’s, carriers’, workers’, repairers’, landlords’, and other similar liens arising or
incurred in the ordinary course of business and (i) which do not in the aggregate materially detract from the value of property or assets subject to such Liens or materially impair the continued use thereof in the operation of the business or
(ii) which are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the property or asset subject to such Liens, or other Liens incurred or deposits made in the
ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, trade contracts,
leases, government contracts, performance and return-of-money bonds and other similar obligations incurred in the ordinary course of business (exclusive of obligations in respect of the payment for borrowed money); 

(h) zoning, entitlement, restriction, and other land use and environmental regulations by Governmental Authorities and encroachments,
easements, rights of way, covenants, restrictions or agreements which do not materially interfere with the continued use of any asset as currently used in the conduct of the business; 

(i) any encumbrances set forth in any franchise or governing ordinance under which any portion of the business is conducted which could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; 
 (j) all rights of condemnation, eminent
domain, or other similar right of any Person; 
 (k) any interest of title of a lessor under leases; and 

(l) Liens securing Permitted Secured Indebtedness on a pari passu basis with the Obligations in accordance with the terms of the Collateral
Agency Agreement. 
 SECTION 10.6. Indebtedness. The Company will not, and will not cause or permit any Subsidiary or
Sharyland to incur any Indebtedness, and will use commercially reasonable efforts not to permit any Qualified Lessee or Subsidiaries of Specified Qualified Lessees to incur Indebtedness for borrowed money, in each case except the following
Indebtedness, which may be incurred subject to the requirements of the last paragraph of this section: 
 (a) Indebtedness evidenced by the
Financing Documents; 

  
 ANNEX A-27

 (Amended and Restated Note Purchase Agreement) 

 (b) Indebtedness of the Company (i) that is not related to, and does not support,
Non-Recourse Debt of a Project Finance Subsidiary and (ii) if incurred, would not result in a breach of Section 9.9; provided that if the Indebtedness is proposed to be secured by any of the Collateral, then at least five
Business Days (or such shorter period reasonably agreed by the Required Holders) prior to the incurrence of such Indebtedness, the Company shall (x) notify the Holders of its intent to incur such Indebtedness, which notice shall set forth in
reasonable detail (A) the amount and proposed economic terms of such Indebtedness, (B) by type of lender or purchaser and (C) the proposed collateral for such Indebtedness (which proposed collateral may include any or all of the
Collateral) and (y) deliver to the Collateral Agent and the other Secured Parties an executed joinder agreement substantially in the form of Exhibit A to the Collateral Agency Agreement pursuant to which all the proposed holders of such
Indebtedness have become party to the Collateral Agency Agreement; 
 (c) (i) Non-Recourse Debt incurred by a Project Finance Subsidiary of
the Company (including Non-Recourse Debt incurred by such Project Finance Subsidiary prior to being acquired by the Company or a Subsidiary) to fund a New Project and (ii) any Indebtedness in the form of a pledge of Capital Stock in a Project
Finance Subsidiary as security for Non-Recourse Debt of such Project Finance Subsidiary; 
 (d) Indebtedness of any such Qualified Lessee
(i) in an aggregate principal amount for such Qualified Lessee of up to the greater of (A) $5,000,000 and (B) an amount equal to 1% of the sum of, without duplication, (x) the total amount of the Consolidated Net Plant of such
Qualified Lessee, plus (y) the total amount of the Consolidated Net Plant of any guarantor(s) of such Qualified Lessee’s obligations under the applicable Leases, plus (z) the total amount of Leased Consolidated Net Plant, in each case
on a senior secured basis and (ii) in an aggregate principal amount for such Qualified Lessee of up to the greater of (A) $10,000,000 and (B) an amount equal to 1.5% of the sum of, without duplication, (x) the total amount of the
Consolidated Net Plant of such Qualified Lessee, plus (y) the total amount of the Consolidated Net Plant of any guarantor(s) of such Qualified Lessee’s obligations under the applicable Leases, plus (z) the total amount of Leased
Consolidated Net Plant, in each case on an unsecured subordinated basis on terms substantially similar to the terms set forth on Exhibit 2, to the extent allowed under the Leases to which such Qualified Lessee is a party as a lessee or tenant
thereunder; provided, that for purposes of this clause (d), all Consolidated Qualified Lessees will be treated as one Qualified Lessee; 

(e) Indebtedness of the Company to any of its Subsidiaries, which by its terms is expressly subordinated to the Obligations, and Indebtedness
of any Subsidiary to the Company or any other Subsidiary of the Company not to exceed $5,000,000 at any one time outstanding and in each case to have a maturity date of less than one year; 

(f) any Qualified Lessee Affiliate Loan and other Indebtedness of Qualified Lessees otherwise acceptable to the Required Holders; and 

(g) Indebtedness of Subsidiaries of Specified Qualified Lessees incurred in an aggregate principal amount for each such Specified Qualified
Lessee of up to the product of (x)

  
 ANNEX A-28

 (Amended and Restated Note Purchase Agreement) 

 
such Specified Qualified Lessee’s Consolidated Net Plant (derived from its most recently prepared consolidated balance sheet, prepared in accordance with GAAP but adjusted to reverse the
effects of failed sale-leaseback accounting in a manner reasonably determined by such Specified Qualified Lessee in good faith) multiplied by (y) the lesser of (A) the sum of such Specified Qualified Lessee’s then-current
PUCT-regulated debt-to-equity ratio (expressed as a percentage) and 5% or (B) 65%; provided that such Indebtedness must be Non-Recourse Debt to such Specified Qualified Lessee. 

Indebtedness may be incurred under this Section 10.6 only if no Default or Event of Default is, or as a result of such incurrence would be,
existing. 
 SECTION 10.7. Loans, Advances, Investments and Contingent Liabilities. The Company will not make or permit
to remain outstanding any loan or advance to, or extend credit other than credit extended in the ordinary course of business to any Person, or own, purchase or acquire any stock, obligations or securities of, or any other interest in, or make any
capital contribution to, any Person (collectively, “Investments”), or commit to do any of the foregoing, except (a) Permitted Investments, (b) ownership, purchase and acquisition of equity interests in and capital
contributions to Project Finance Subsidiaries of the Company and Wholly-Owned Subsidiaries, (c) loans, advances and extensions of credit to Subsidiary Guarantors and other Wholly-Owned Subsidiaries (other than Project Finance Subsidiaries) not
required to provide a Guaranty pursuant to Section 9.7(d), (d) any Qualified Lessee Affiliate Loan or (e) Investments made in connection with the Cross Valley Project and the Golden Spread Project prior to the Cross Valley Project
Transfer and the Golden Spread Project Transfer and (f) the ROFO Transfers. 
 SECTION 10.8. No Subsidiaries. The
Company shall have no subsidiaries other than Project Finance Subsidiaries and Wholly-Owned Subsidiaries. 
 SECTION 10.9.
Restricted Payments. The Company will not, directly or indirectly, make or declare any Distribution unless there does not exist and, after giving effect to the proposed Distribution, there will not exist, a Default or an Event of
Default. The Company shall deliver to the Holders and the Collateral Agent before a Distribution is made a certificate of a Responsible Officer of the Company stating that the foregoing condition has been satisfied and, if requested, providing
supporting data and calculations. 
 SECTION 10.10. Sale of Assets, Etc.. The Company will not, nor will it cause or
permit any Subsidiary, to Transfer, or agree or otherwise commit to Transfer, any of its assets with a fair market value of greater than $15,000,000, in the aggregate during the term of this Agreement (“Asset Sale”) except:

 (a) the Company or a Subsidiary shall lease the System or other transmission and distribution assets and related assets pursuant to a
Lease to which the Company or a Subsidiary thereof is a party; 
 (b) (i) each Project Finance Subsidiary of the Company may Transfer its
assets to the Company or its Wholly-Owned Subsidiaries in accordance with Section 9.7(b); and (ii) the Company may Transfer, or suffer the Transfer of, its ownership interests in a Project

  
 ANNEX A-29

 (Amended and Restated Note Purchase Agreement) 

 
Finance Subsidiary and such Project Finance Subsidiary may Transfer, or suffer the Transfer of its assets, in each case in connection with and pursuant to the exercise of remedies under the
documentation governing Non-Recourse Debt incurred by such Project Finance Subsidiary; 
 (c) Asset Sales (i) among the Company and the
Subsidiary Guarantors (or a subset thereof), (ii) among Subsidiaries that are not Subsidiary Guarantors and (iii) from Subsidiaries to the Company or a Subsidiary Guarantor; 

(d) in connection with an acquisition that is not prohibited under this Agreement, (i) Asset Sales of operating assets and related assets
to a Qualified Lessee and (ii) Asset Sales of property acquired after the Third Amendment Date that are not electric transmission or distribution assets, in each case (x) which are, in the aggregate, not material in relation to the assets
acquired and (y) upon fair and reasonable terms no less favorable to such Person than would be obtained in a comparable arms-length transaction with a Person not an Affiliate; 

(e) Permitted Liens; 
 (f)
Investments permitted by Section 10.7, transactions permitted by Section 10.2 and Distributions permitted by Section 10.9; 

(g) Asset Sales made in connection with the Cross Valley Project Transfer and the Golden Spread Project Transfer; 

(h) ROFO Transfers; and 
 (i)
Asset Sales of assets that are obsolete or no longer used or useful in such Person’s business. 
 SECTION 10.11. Sale or
Discount of Receivables. The Company will not nor will it cause or permit any Subsidiary to sell with recourse, or discount or otherwise sell for less than the face value thereof, any of its notes or accounts receivable. 

SECTION 10.12. Amendments to Organizational Documents. The Company will not nor will it cause or permit any of its
Subsidiaries to, and shall use commercially reasonable efforts not to permit, any Qualified Lessee or any of its Subsidiaries to, amend, supplement, terminate, replace or waive any provision of its operating agreement or other organization documents
after the Third Amendment Date. Notwithstanding this Section 10.2, the Company, its Subsidiaries, any Qualified Lessee and its Subsidiaries may, without the consent of the Holders, amend their respective operating agreement or similar
organizational documents as may be required to facilitate or implement any of the following: 
 (a) to reflect (i) the contribution of
any new capital or additional capital by new or existing members or partners of such Person, (ii) the addition of new members or partners of such Person, or (iii) any adjustment, termination, reduction or redemption of equity interests of
its members, partners or other holders of equity interests or the issuance of additional equity interests in such Person; provided, that after giving effect to any such changes, no Event of Default would exist under Sections 10.8, or
12(n); 

  
 ANNEX A-30

 (Amended and Restated Note Purchase Agreement) 

 (b) to reflect a change that does not adversely affect any Holders in any material respect, or to
cure any ambiguity, or correct or supplement any provision, not inconsistent with law or with the provisions of this Agreement; 
 (c) to
satisfy any requirements, conditions, or guidelines contained in any order, directive, opinion, ruling or regulation of a federal or state agency or contained in federal or state law; 

(d) to take actions to avoid any material adverse consequences to such Person as a result of any change in law or interpretation of law
applicable to Persons subject to regulation by the PUCT and FERC; and 
 (e) to effect the dissolution, liquidation, merger or consolidation
of any Person that is not otherwise prohibited under this Agreement. 
 The Company will provide prompt notice to the Holders upon taking any such
action under the foregoing sentence of this Section 10.12. 
 SECTION 10.13. Sale and Lease-Back.
Except for the System Leases, the CREZ Lease and any other Lease, the Company will not, nor will it cause or permit any Subsidiary to, enter into any arrangement providing for the leasing by the Company or any Subsidiary of real or personal property
which has been or is to be Transferred by the Company or such Subsidiary to a lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such property or rental obligations of the
Company or any Subsidiary. 
 SECTION 10.14. ERISA Compliance 

(a) Relationship of Vested Benefits to Plan Assets. The Company will not as of the last day of any calendar year permit any Plan to be
“at risk” within the meaning of Section 303 of ERISA to the extent such action could reasonably be expected to result in a Material Adverse Effect. The Company and its ERISA Affiliates will not incur withdrawal liabilities (and will
not become subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate could reasonably be expected to result in a Material Adverse Effect. 

(b) Valuations. For the purposes of clause (a) above, all assumptions and methods used to determine the actuarial valuation of
vested and unvested employee benefits under any Plan at any time maintained by the Company and the present value of assets of any such Plan shall be reasonably consistent with those determinations made for purposes of Section 5.13. 

(c) Prohibited Actions. The Company will not, nor, as applicable, will any Plan at any time maintained by the Company: 

(i) engage in any action that could reasonably be expected to cause the execution and delivery of this Agreement and the
issuance and sale of the Notes to result in a non-exempt “prohibited transaction” (as such term is defined in Section 406 of ERISA and Section 4975(c) of the Code); 

  
 ANNEX A-31

 (Amended and Restated Note Purchase Agreement) 

 (ii) fail to meet the minimum funding standards of Section 302 of ERISA or
Sections 412 and 430 of the Code, or seek or obtain a waiver thereof or fail to make any required contribution to a Multiemployer Plan; or 

(iii) terminate any such Plan in a manner which could result in the imposition of a Lien on the Property of the Company
pursuant to Section 4068 of ERISA that could reasonably be expected to result in a Material Adverse Effect. 
 SECTION 10.15.
No Margin Stock. Anything herein contained to the contrary notwithstanding, the Company will not, nor will it permit any Subsidiary to, make or authorize any investment in, or otherwise purchase or carry, any margin stock (within the
meaning of Regulation U issued by the Board of Governors of the Federal Reserve System of the United States) that violates the provisions, or for any purpose that violates the provisions, of Regulation U of the Board of Governors of the Federal
Reserve System of the United States. 
 SECTION 10.16. Project Documents. 

(a) The Company will not, and will not permit any Subsidiary to, amend, modify, supplement, replace, renew, extend, terminate or waive any
provision of any Lease to which the Company or such Subsidiary is party, or consent to any amendment, modification, supplement, replacement, renewal, extension, termination or waiver of any such Lease except (i) the consummation of the FERC
Lease Assumptions in connection with the FERC Merger, (ii) to the extent the same could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (iii) if the Company reasonably believes, after
giving effect thereto, the Company will generate sufficient revenue and hold sufficient assets to satisfy the requirements of Section 9.9. 

(b) The Company shall use commercially reasonable efforts to ensure that no Specified Qualified Lessee enters into any lease of transmission
or distribution facilities other than (i) the Leases (including maintaining or entering into new Leases or replacement Leases and amending or modifying Leases to the extent not prohibited under this Agreement) and (ii) any other leases
consented to by Required Holders. 
 SECTION 10.17. Regulation. 

(a) The Company shall not be or become, and shall use commercially reasonable efforts not to permit any Specified Qualified Lessee to be or
become, subject to FERC jurisdiction as a public utility under the FPA; provided, however, that the Company shall not be in default of the forgoing negative covenant if the Company or any Specified Qualified Lessee becomes subject to
FERC jurisdiction under the FPA solely as a result of a change to the FPA or in FERC’s interpretation thereof or regulations thereunder, if the Company or such Specified Qualified Lessee takes all necessary actions to comply with applicable
FERC requirements and the operation of the System is uninterrupted; and 

  
 ANNEX A-32

 (Amended and Restated Note Purchase Agreement) 

 (b) The Company shall not, and shall use commercially reasonable efforts to cause any Specified
Qualified Lessee not to violate in any material respect any regulation or order of the Public Utility Commission of Texas applicable to it. 

(c) None of the Company nor any Specified Qualified Lessee shall own, operate or control any electrical generating, transmitting or
distribution facility, nor effect or control any sale of electricity, outside of the ERCOT balancing area authority except (i) as permitted by FERC, as set forth in its declaratory order issued in Docket no. EL07-93-000 or
(ii) interconnected transmission or distribution assets or systems located substantially in the State of Texas or deriving a majority of their revenue from customers within the State of Texas. 

SECTION 10.18. Swaps. The Company will not, nor will it permit any Subsidiary to, enter into any Swap Contracts, except
that the Company and its Project Finance Subsidiaries may enter into Swap Contracts solely to hedge interest rate risk and not for speculative purposes. 

SECTION 10.19. Additional Financial Covenants. If the Company shall at any time enter into one or more agreements pursuant
to which Indebtedness in an aggregate principal amount greater than $25,000,000 shall be outstanding and such agreement contains one or more financial covenants which are more restrictive on the Company and its Subsidiaries than the financial
covenants contained in Section 9.9 of this Agreement, then such more restrictive financial covenants and any related definitions (the “Additional Financial Covenants”) shall automatically be deemed to be incorporated
into Section 9.9 of this Agreement by reference from the time such other agreement becomes binding upon the Company until such time as such other Indebtedness is repaid in full and all commitments related thereto are terminated;
provided, that if at the time of any such repayment or the termination of any such commitment a Default or Event of Default shall exist under this Agreement, then such Additional Financial Covenants shall continue in full force and effect
under this Agreement so long as such Default or Event of Default continues to exist. So long as such Additional Financial Covenants shall be in effect, no modification or waiver of such Additional Financial Covenants shall be effective unless the
Required Holders shall have consented thereto pursuant to Section 17.1 hereof. Promptly but in no event more than 5 Business Days following the execution of any agreement providing for Additional Financial Covenants, the Company shall
furnish each Holder with a copy of such agreement. Upon written request of the Required Holders, the Company will enter into an amendment to this Agreement pursuant to which this Agreement will be formally amended to incorporate the Additional
Financial Covenants on the terms set forth herein. 
 SECTION 10.20. Burdensome Agreements. The Company will not enter
into or permit any Subsidiary Guarantor or Subsidiary of a Subsidiary Guarantor to enter into any Contractual Obligation that limits the right (a) of such Subsidiary to make Distributions to the Company or any Subsidiary Guarantor or to
otherwise transfer property to the Company or any Subsidiary Guarantor, (b) of any Subsidiary of the Company to guarantee the Indebtedness of the Company or (c) of the Company or any Subsidiary Guarantor to create, incur, assume or suffer
to exist Liens on property of such Person, in each case except for (i) restrictions arising under any Requirement of Law, (ii) customary restrictions and conditions contained in any agreement relating to the sale or other 

  
 ANNEX A-33

 (Amended and Restated Note Purchase Agreement) 

 
disposition of assets not prohibited under this Agreement pending the consummation of such sale or other disposition, (iii) this Agreement, the other Note Documents, Permitted Liens (other
than Liens permitted under Section 10.5(k)), any document or instrument evidencing or granting any such Permitted Liens and the agreements listed on Schedule 10.20; (iv) any Contractual Obligation relating to Indebtedness
permitted pursuant to Section 10.6 (including Liens permitted pursuant to Section 10.5) to the extent, in the good faith judgment of the Company, such limitations and requirements described in clauses (a), (b) or
(c) above (x) are on customary market terms for Indebtedness of such type at the time entered into, so long as the Company has determined in good faith that such restrictions would not reasonably be expected to impair in any material
respect the ability of the Note Parties to meet their ongoing payment obligations under the Note Documents, or (y) are not materially more restrictive, taken as a whole with respect to the Company and the Subsidiaries than the restrictions in
the Note Documents, (v) with respect to clause (c), any negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 10.6(c) solely to the extent any such negative pledge relates to the
property financed by or the subject of such Indebtedness, (vi) non-assignment provisions in franchise agreements, licenses, easements, leases, indemnities or other agreements and (vii) restrictions on any property or any Person contained
in any asset or stock sale agreement or other similar agreements entered into with respect to such property or Person to the extent (x) the sale or other disposition of such property or Person is not prohibited by this Agreement and
(y) such restrictions relate only to the property or Person to be sold or otherwise disposed of. 
 ARTICLE XI 

Events of Default. 
 An “Event of
Default” shall exist if any of the following conditions or events shall occur and be continuing: 
 (a) the Company defaults in the
payment of any principal or Yield-Maintenance Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 

(b) the Company defaults in the payment of any interest on any Note, fees or other amounts for more than five days after the same becomes due
and payable; or 
 (c) the Company defaults in the performance of or compliance with any term contained in Section 7.1(d),
Section 9.9 or Section 10; or 
 (d) the Company defaults in the performance of or compliance with any term
contained herein (other than those referred to in Sections 11(a), (b) and (c)) or in any other Note Document (other than those referred to in another paragraph of this Section 11) and such default is not
remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written notice of such default from the Collateral Agent or Holder of a Note (any such written
notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or 
 (e)
any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in this Agreement or any other Note Document or in any writing furnished in connection with the transactions contemplated hereby proves to
have been false or incorrect in any material respect on the date as of which made; or 

  
 ANNEX A-34

 (Amended and Restated Note Purchase Agreement) 

 (f) with respect to any Lease to which the Company or a Subsidiary thereof is a party (other than
Leases pursuant to which the Company recognized revenue, in the aggregate, that constituted 10% or less of the total consolidated revenue of the Company and its Subsidiaries (other than Project Finance Subsidiaries) as set forth on the face of the
consolidated statements of operations for the four consecutive fiscal quarter period that ended on the date of the financial statements most recently delivered pursuant to Section 7.1), (i) any such Lease is declared to be null and
void or is otherwise unenforceable, or any party thereto claims that any such agreement is unenforceable (unless, within 90 days after such declaration or claim, replaced by a Lease that complies with the provisions of Section 10.16),
(ii) one or more payment defaults in an amount in excess of $10,000,000 in the aggregate occurs across all such Leases, after giving effect to any cure periods specified therefor or (iii) any default or event of default (other than those
referred to in clause (i) or (ii) of this Section 11(f)) occurs under any such Lease that could reasonably be expected to have a Material Adverse Effect and such failure continues for more than 90 days; or 

(g) (i) the Certificate of Conveniences and Necessity (#30192, #30026, #30114 and #30191) issued or transferred by the Public Utility
Commission of Texas to Sharyland and, prior to the FERC Merger, the FERC Operator, is terminated without being timely replaced, revoked or otherwise is not in effect; or (ii) except as could not reasonably be expected to result in a Material
Adverse Effect, any other Required Permit is terminated without being timely replaced (if the terminated Permit continues to be a Required Permit), revoked or otherwise is not in effect; provided, however, that the termination without
immediate renewal of any franchise agreement pursuant to which the Qualified Lessee operating the applicable portion of the System is authorized to operate the System and collect fees for services shall not constitute an Event of Default if the
parties to the franchise agreement continue to perform in accordance with the terms of such agreement notwithstanding the termination; or 

(h) any Security Document or any other security document entered into pursuant to Section 9.7 ceases to give the Collateral Agent
perfected first priority Liens (subject to Permitted Liens) purported to be created thereby in a material portion of the Collateral, taken as a whole, for any reason other than as expressly permitted hereunder or thereunder (including by amendment,
waiver and/or consent granted in accordance with the terms hereunder or thereunder) or satisfaction in full of the Obligations; or any Note Document, at any time after its execution and delivery and for any reason other than as expressly permitted
hereunder or thereunder (including by amendment, waiver and/or consent granted in accordance with the terms hereunder or thereunder) or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Note Party contests in
any manner the validity or enforceability of any Note Document; or any Note Party denies that it has any further liability or obligation under any Note Document or purports to revoke, terminate or rescind any Note Document, other than, for each of
the foregoing, as expressly permitted hereunder or thereunder (including by amendment, waiver and/or consent granted in accordance with the terms hereunder or thereunder) or satisfaction in full of the Obligations; or 

  
 ANNEX A-35

 (Amended and Restated Note Purchase Agreement) 

 (i) without limiting clause (h), (i) the Company or any Specified Qualified Lessee is in
default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least, in the case of the Company or
Sharyland, $10,000,000 or, in the case of any other Specified Qualified Lessee, $2,000,000, in each case beyond any period of grace provided with respect thereto, or (ii) the Company or any Specified Qualified Lessee is in default in the
performance of or compliance with any term of any evidence of any Indebtedness (including any mortgage, indenture or other agreement relating thereto), which Indebtedness, in the case of the Company or Sharyland, is in an aggregate outstanding
principal amount of at least $10,000,000 (for each such Person individually) or, in the case of any other Specified Qualified Lessee, is an amount that could reasonably be expected to result in a Material Adverse Effect, and as a consequence of such
default or condition one or more Persons are entitled to declare such Indebtedness to be due and payable before its stated maturity or before its regularly scheduled dates of payment, (iii) as a consequence of the occurrence or continuation of
any event or condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests), Indebtedness of the Company or Sharyland in an aggregate outstanding principal amount of at least
$10,000,000 (for each such Person individually) has become or has been declared due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iv) a default or an event of default occurs under the 2010 SDTS
Note Purchase Agreement or the RBC Agreement, and such failure continues for more than any cure period specified therefor and has not otherwise been waived; or 

(j) the Company or Sharyland or, to the extent the same could reasonably be expected to result in a Material Adverse Effect, any other
Qualified Lessee (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 or, 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; or 
 (k) a court or Governmental Authority of
competent jurisdiction enters an order appointing, without consent by the Company, any Subsidiary, Sharyland or, to the extent the same could reasonably be expected to result in a Material Adverse Effect, any other Qualified Lessee, a custodian,
receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in
bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of any such Person or any such petition shall be filed against any such Person and
such petition shall not be dismissed within 60 days; or 
 (l) a final judgment or judgments for the payment of money is rendered against
the Company or a Qualified Lessee, in the case of the Company or Sharyland, aggregating in excess of $10,000,000 or $2,000,000, respectively, or, in the case of any other Qualified Lessee, to the extent the same could reasonably be expected to
result in a Material 

  
 ANNEX A-36

 (Amended and Restated Note Purchase Agreement) 

 
Adverse Effect, other than, in each case, judgments payable by the Company or such Qualified Lessee, rendered in connection with the condemnations in favor thereof, and which judgments are not,
within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or 

(m) if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a
waiver of such standards or extension of any amortization period is sought or granted under Section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the
PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a Plan may become a subject of any such proceedings,
(iii) any Plan shall be “at-risk” within the meaning of Section 303 of ERISA as of the last day of any calendar year, (iv) the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any
liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (v) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the Company
establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company thereunder; and any such event or events described in clauses (i) through
(vi) above, either individually or together with any other such event or events, could reasonably be expected to have a Material Adverse Effect; or 

(n) Hunt Family Members cease to Control Sharyland, or any Person other than a Qualified Lessee shall be the lessee under any lease with
respect to the System; or 
 (o) (i) InfraREIT Partners shall cease to own or control, directly or indirectly, 90% of the outstanding equity
interest of the Company; or (ii) Hunt Family Members cease to own and control, directly or indirectly, at least 5% of the outstanding equity interests of InfraREIT Partners, unless in the case of clause (ii), (x) the general partner of
InfraREIT Partners has become a publicly held company, or (y) the Company has total assets on its balance sheet valued at $1,000,000,000 or greater. 

As used in Section 11(m), the terms “employee benefit plan” and “employee welfare benefit plan” shall
have the respective meanings assigned to such terms in section 3 of ERISA. 
 ARTICLE XII 

Remedies on Default, Etc. 

SECTION 12.1. Acceleration. (a) If an Event of Default with respect to the Company described in Section 11(j)
or (k) (other than an Event of Default described in clause (i) of Section 11(j) or described in clause (vi) of Section 11(j) by virtue of the fact that such clause encompasses clause (i) of
Section 11(j)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 
 (b) If
any other Event of Default has occurred and is continuing, any Holder or Holders of more than 51% in principal amount of the Notes at the time outstanding may at any time at its or their option, by notice or notices to the Company, declare all the
Notes then outstanding to be immediately due and payable. 
 (c) If any Event of Default described in Section 11(a) or
(b) has occurred and is continuing, any Holder or Holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it
or them to be immediately due and payable. 

  
 ANNEX A-37

 (Amended and Restated Note Purchase Agreement) 

 Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by
declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (y) the
Yield-Maintenance Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of
which are hereby waived. The Company acknowledges, and the parties hereto agree, that each Holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and
that the provision for payment of a Yield-Maintenance Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under
such circumstances. 
 SECTION 12.2. Other Remedies. If any Default or Event of Default has occurred and is continuing,
and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the Holder of any Note at the time outstanding may proceed to protect and enforce the rights of such Holder by an
action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the
exercise of any power granted hereby or thereby or by law or otherwise. 
 SECTION 12.3. Rescission. At any time after
any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Holders of not less than 51% in principal amount of the Notes then outstanding, by written notice to the Company, may rescind and annul any such
declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Yield-Maintenance Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such
declaration, and all interest on such overdue principal and Yield-Maintenance Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any
other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been
cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will
extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 
 SECTION 12.4. No
Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any Holder of any Note in exercising any right, power or 

  
 ANNEX A-38

 (Amended and Restated Note Purchase Agreement) 

 
remedy shall operate as a waiver thereof or otherwise prejudice such Holder’s rights, powers or remedies. No right, power or remedy conferred by this Agreement or by any Note upon any Holder
thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Company under Section 15, the
Company will pay to the Holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such Holder incurred in any enforcement or collection under this Section 12, including, without
limitation, reasonable attorneys’ fees, expenses and disbursements. 
 ARTICLE XIII 

Registration; Exchange; Substitution of Notes. 

SECTION 13.1. Registration of Notes. The Company shall keep at its principal executive office a register for the
registration and registration of transfers of Notes. The name and address of each Holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. Prior to due
presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and Holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to
the contrary. The Company shall give to any Holder of a Note that is an Institutional Investor, promptly upon request therefor, a complete and correct copy of the names and addresses of all registered Holders of Notes. In addition to and not in
limitation of any representations contained herein, each Holder acknowledges and agrees that the Notes have not been registered under the Securities Act and may not be transferred except pursuant to registration or an exemption therefrom and in
compliance with Section 13.2(b) hereof. 
 SECTION 13.2. Transfer and Exchange of Notes. 

(a) Subject to compliance with Section 13.2(b), upon surrender of any Note to the Company at the address and to the attention of
the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered
Holder of such Note or such Holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the
Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the Holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of
the surrendered Note. Each such new Note shall be payable to such Person as such Holder may request and shall be substantially in the form of Exhibit 1. Each such new Note shall be dated and bear interest from the date to which interest shall
have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any
such transfer of Notes. Notes shall not be transferred in denominations of less than $1,000,000, provided that if necessary to enable the registration of transfer by a Holder of its entire holding of Notes, one Note may be in a denomination of less
than $1,000,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representations set forth in Section 6.1 and Section 6.2. 

  
 ANNEX A-39

 (Amended and Restated Note Purchase Agreement) 

 (b) Each Holder hereby agrees that it will not offer for sale or sell any of its Notes or
disclose any Confidential Information to any prospective transferee of the Notes, other than to an Affiliate, or to another Holder without first delivering written notice to the Company (a “Right of First Offer Notice”) of its
intent to sell such Notes and disclose such Confidential Information. Such Right of First Offer Notice shall contain a reasonably detailed description of the proposed terms of such sale, including, without limitation, the proposed purchase price
(the “Proposed Purchase Price”) for such Notes and the names of up to ten prospective purchasers. If the Company so desires it may, within 5 Business Days of the receipt of such Right of First Offer Notice, inform such Holder in
writing of its intent to purchase, or have an Affiliate or Institutional Investor designated by the Company purchase, such Notes (a “Purchase Notice”) from the Holder delivering such Right of First Offer Notice at the Proposed
Purchase Price, provided, however, that if at such time a Default or Event of Default shall have occurred and be continuing, the Company shall not purchase, and shall not allow any Affiliate or Institutional Investor designated by the Company
to purchase, the Notes of the Holder delivering such Right of First Offer Notice. The aggregate principal amount of the Notes specified in such Purchase Notice shall be purchased by the Company, or such Affiliate or Institutional Investor, for the
Proposed Purchase Price, together with accrued interest on such Notes to the purchase date, on the date specified by the Company in such Purchase Notice, which shall be not more than 30 days following delivery of such Purchase Notice. If a Holder
does not receive a Purchase Notice from the Company within 5 Business Days after the delivery of a Right of First Offer Notice to the Company, such Holder shall have the right to sell its Notes identified in such Right of First Offer Notice to one
or more of the prospective purchasers identified in such Right of First Offer Notice for a price which is not less than the Proposed Purchase Price identified in such Right of First Offer Notice for a period of 120 days from the date of such Right
of First Offer Notice. In the event that the prospective purchasers identified by a Holder in a Right of First Offer Notice shall decline to purchase the Notes within such 120 day period, then the Holder may identify up to 10 additional
Institutional Investors through a new Right of First Offer Notice. 
 SECTION 13.3. Replacement of Notes. Upon receipt by
the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note
(which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 

(a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the Holder of such Note is, or is
a nominee for, an original Purchaser or another Holder of a Note with a minimum net worth of at least $100,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or

 (b) in the case of mutilation, upon surrender and cancellation thereof, within ten Business Days thereafter, the Company at its own
expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or
mutilated Note if no interest shall have been paid thereon. 

  
 ANNEX A-40

 (Amended and Restated Note Purchase Agreement) 

 ARTICLE XIV 

Payments on Notes. 

SECTION 14.1. Place of Payment. Subject to Section 14.2, payments of principal, Yield-Maintenance Amount, if
any, and interest becoming due and payable on the Notes shall be made in New York City, New York at the principal office of JPMorgan Chase Bank National Association in such jurisdiction. The Company may at any time, by notice to each Holder of a
Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction. 

SECTION 14.2. Home Office Payment. So long as any Purchaser or its nominee shall be the Holder of any Note, and
notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Yield-Maintenance Amount, if any, and interest by the method and at the address
specified for such purpose below such Purchaser’s name in Schedule A, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the
presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall
surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to any
sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such
Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note
purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this Section 14.2. 

ARTICLE XV 
 Expenses,
Etc. 
 SECTION 15.1. Transaction Expenses. Whether or not the transactions contemplated hereby are consummated, the
Company will pay all costs and expenses (including reasonable attorneys’ fees of one firm of special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other Holder of a Note
in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement or the Notes (whether or not such amendment, waiver or consent becomes effective), including, without limitation:

 (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this
Agreement or the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement or the Notes, or by reason of being a Holder of any Note, but only to the extent such subpoena
or legal proceeding arises out of matters related to the Company, 

  
 ANNEX A-41

 (Amended and Restated Note Purchase Agreement) 

 (b) the costs and expenses, including financial advisors’ fees, incurred in connection with
the insolvency or bankruptcy of the Company or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes and 

(c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial
information with the SVO provided. The Company will pay, and will save each Purchaser and each other Holder of a Note harmless from, all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any,
retained by a Purchaser or other Holder in connection with its purchase of the Notes). 
 SECTION 15.2. Survival. The
obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement or the Notes, and the termination of this Agreement. 

ARTICLE XVI 
 Survival of
Representations and Warranties; Entire Agreement. 
 All representations and warranties contained herein shall survive the execution and delivery of
this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent Holder of a Note, regardless of any investigation made
at any time by or on behalf of such Purchaser or any other Holder of a Note; provided, that no representation or warranty shall be deemed to be made as of any time other than the date of execution and delivery of this Agreement or such other
document, certificate, instrument or agreement containing such representation or warranty. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed
representations and warranties of the Company under this Agreement. Subject to the preceding sentence, this Agreement and the Notes embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior
agreements and understandings relating to the subject matter hereof. 
 ARTICLE XVII 

Amendment and Waiver. 

SECTION 17.1. Requirements. This Agreement and the Notes may be amended, and the observance of any term hereof or of the
Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5,
6 or 21 hereof, or any defined term (as it is used therein), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b) no such amendment or waiver may, without the written consent of the Holder of
each Note at the time outstanding affected thereby, (i) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or
change the time of payment or method of computation of interest or of the Yield-Maintenance Amount on, the Notes, (ii) change the percentage of the principal amount of the Notes the Holders of which are required to consent to any such amendment
or waiver, or (iii) amend any of Sections 8, 11(a), 11(b), 12, 17 or 20. 

  
 ANNEX A-42

 (Amended and Restated Note Purchase Agreement) 

 SECTION 17.2. Solicitation of Holders of Notes. 

(a) Solicitation. The Company will provide each Holder of the Notes (irrespective of the amount of Notes then owned by it) with
sufficient information, sufficiently far in advance of the date a decision is required, to enable such Holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions
hereof or of the Notes. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17 to each Holder of outstanding Notes promptly following the
date on which it is executed and delivered by, or receives the consent or approval of, the requisite Holders of Notes. 
 (b)
Payment. The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any Holder of
Notes as consideration for or as an inducement to the entering into by any Holder of Notes of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or
other credit support concurrently provided, on the same terms, ratably to each Holder of Notes then outstanding even if such Holder did not consent to such waiver or amendment. 

SECTION 17.3. Binding Effect, Etc. Any amendment or waiver consented to as provided in this Section 17 applies
equally to all Holders of Notes and is binding upon them and upon each future Holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend
to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company and the Holder of any Note nor any delay in exercising any
rights hereunder or under any Note shall operate as a waiver of any rights of any Holder of such Note. As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or
supplemented. 
 SECTION 17.4. Notes Held by Company, Etc. Solely for the purpose of determining whether the Holders of
the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or the Notes, or have directed the taking of any action provided herein
or in the Notes to be taken upon the direction of the Holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be
outstanding. 
 ARTICLE XVIII 

Notices. 
 All notices and communications
provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail
with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 

(i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in
Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Company in writing, 

  
 ANNEX A-43

 (Amended and Restated Note Purchase Agreement) 

 (ii) if to any other Holder of any Note, to such Holder at such address as such
other Holder shall have specified to the Company in writing, and 
 (iii) if to the Company, to the Company at 1900 N. Akard
Street, Dallas, TX 75201-2300, facsimile: (214) 855-6965 to the attention of W. Kirk Baker, or at such other address as the Company shall have specified to the Holder of each Note in writing. 

Notices under this Section 18 will be deemed given only when actually received. 

ARTICLE XIX 

Reproduction of Documents. 

This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may
hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be
reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted by
applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in
the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit the Company or any other Holder of Notes from
contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction. 

ARTICLE XX 
 Confidential
Information. 
 For the purposes of this Section 20, “Confidential Information” means Information delivered
to any Purchaser by or on behalf of the Company in connection with the transactions contemplated by or otherwise pursuant to this Agreement, provided that such term does not include information that:  

(a) other than as a result of disclosure by any Purchaser or its employees or agents in violation of this Section 20 was
publicly known or otherwise known to such Purchaser prior to the time of such disclosure,  
 (b) other than as a result of
disclosure by any Purchaser or its employees or agents in violation of this Section 20 subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf,  

  
 ANNEX A-44

 (Amended and Restated Note Purchase Agreement) 

 (c) other than as a result of disclosure by any Purchaser or its employees or agents in
violation of this Section 20 otherwise becomes known to such Purchaser other than through disclosure by the Company or  

(d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available.
 
 “Information” means information concerning the Company or its Subsidiaries, irrespective of its source or form of
communication, furnished by or on behalf of the Company or any of its Subsidiaries, including without limitation notes, analyses, compilations, studies or other documents or records prepared by any Purchaser, which contain or reflect or were
generated from information supplied by or on behalf of the Company or its Subsidiaries. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to
protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to: 

(i) its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably
relates to the administration of the investment represented by its Notes), 
 (ii) its financial advisors and other
professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 20,  

(iii) any other Holder of any Note, 

(iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein
(if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), 

(v) any Person from which it offers to purchase any security of the Company (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by the provisions of this Section 20), 
 (vi) any federal
or state regulatory authority having jurisdiction over such Purchaser, 
 (vii) the NAIC or the SVO or, in each case, any
similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio, or 

(viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with
any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has
occurred and is continuing, to the extent such 

  
 ANNEX A-45

 (Amended and Restated Note Purchase Agreement) 

 
Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s
Notes and this Agreement. 
 Each Holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to
the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the Company in connection with the delivery to any Holder of a Note of information required to be delivered to such Holder under this
Agreement or requested by such Holder (other than a Holder that is a party to this Agreement or its nominee), such Holder will enter into an agreement with the Company embodying the provisions of this Section 20. 

ARTICLE XXI 

Substitution of Purchaser. 

Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to
purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such
Affiliate of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to
refer to such Affiliate in lieu of such original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate,
upon receipt by the Company of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Affiliate, but shall refer
to such original Purchaser, and such original Purchaser shall again have all the rights of an original Holder of the Notes under this Agreement. 

ARTICLE XXII 

Miscellaneous. 

SECTION 22.1. Successors and Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any
of the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent Holder of a Note) whether so expressed or not. 

SECTION 22.2. Payments Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding
(but without limiting the requirement in Section 8.4 that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Yield-Maintenance Amount or interest on any
Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if
the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable
on such next succeeding Business Day. 

  
 ANNEX A-46

 (Amended and Restated Note Purchase Agreement) 

 SECTION 22.3. Accounting Terms. All accounting terms used herein which are not
expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with
GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with any financial covenants contained in this Agreement, any election by the Company to measure an item of Indebtedness
using fair value (as permitted by Statement of Financial Accounting Standards No. 159 or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. 

SECTION 22.4. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted
by law) not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 22.5. Construction,
etc.. Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express
contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action
is taken directly or indirectly by such Person. For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof. 

SECTION 22.6. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an
original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

SECTION 22.7. Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws
of a jurisdiction other than such State. 
 SECTION 22.8. Jurisdiction and Process; Waiver of Jury Trial. 

(a) The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of
Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of
motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court
and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 
 (b) The
Company consents to process being served by or on behalf of any Holder of Notes in any suit, action or proceeding of the nature referred to in Section 22.8(a) by 

  
 ANNEX A-47

 (Amended and Restated Note Purchase Agreement) 

 
mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in
Section 18 or at such other address of which such Holder shall then have been notified pursuant to said Section. The Company agrees that such service upon receipt (i) shall be deemed in every respect effective service of process
upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed
received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(c) In addition to and notwithstanding the provisions of Section 22.8(b) above, the Company hereby irrevocably appoints CT
Corporation System as its agent to receive on its behalf and its property service of copies of the summons and complaint and any other process which may be served in any action or proceeding. Such service may be made by mailing or delivering a copy
of such process to the Company, in care of the process agent at 111 Eighth Avenue, 13th Floor, New York, New York 10011, and the Company hereby irrevocably authorizes and directs the process agent
to accept such service on its behalf. If for any reason the process agent ceases to be available to act as process agent, the Company agrees immediately to appoint a replacement process agent satisfactory to the Required Holders. 

(d) Nothing in this Section 22.8 shall affect the right of any Holder of a Note to serve process in any manner permitted by law,
or limit any right that the Holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other
jurisdiction. 
 (e) The parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or
any other document executed in connection herewith or therewith. 
 SECTION 22.9. Transaction References. The Company and
the Holders shall not refer to the other on an internet site or in marketing materials, press releases, published “tombstone” announcements or any other print or electronic medium, except with the referenced party’s prior written
consent, which may be withheld at its sole discretion. 
 *  *  *  *  * 

  
 ANNEX A-48

 (Amended and Restated Note Purchase Agreement) 

 DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“2010 SDTS Note Agreement” means the Note Purchase Agreement, dated July 13, 2010, among the Company and the holders of
the 2030 Notes, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “2030 Notes”
means the Company’s 6.47% Senior Notes due September 30, 2030, issued under the 2010 SDTS Note Agreement. 
 “Additional
Financial Covenants” shall have the meaning given to it in Section 10.19 hereof. 
 “Affiliate”
means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person and, with respect to
the Company, shall include any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting or equity interest of the Company or any corporation of which the Company beneficially owns or holds, in the aggregate,
directly or indirectly, 10% or more of any class of voting or equity interests; provided, however, that this definition shall at all times exclude owners or investors in InfraREIT Partners, L.P., except for Hunt Family Members. Unless the context
otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company. 

“Agreement” is defined in the introductory paragraph of this Agreement. 

“Amortization Schedule” is defined in Section 8.1(a). 

“Anti-Terrorism Order” means Executive Order No. 13,224 of September 24, 2001, Blocking Property and Prohibiting
Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49, 079 (2001), as amended. 

“Approved Accountant” is defined in Section 7.1(b)(A). 

“Blocked Person” means (i) an OFAC Listed Person, (ii) an agent, department, or instrumentality of, or a Person
otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, (x) any OFAC Listed Person or (y) any Person, entity, organization, foreign country or regime that is subject to any OFAC Sanctions Program, or
(iii) a Person otherwise blocked, subject to sanctions under or engaged in any activity in violation of U.S. Economic Sanctions. 

“Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required
or authorized to be closed. 

  
 Schedule B-1 

(To Annex A) 

 “Capital Lease” means, at any time, a lease with respect to which the lessee is
required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 

“Capital Stock” of any Person shall mean any and all shares, interests, rights to purchase, warrants, options, participation,
patronage capital or other equivalents of or interest in (however designated) equity of such Person, including any preferred stock, any limited or general partnership interest and any limited liability company membership interest. 

“Cash Flow” means, for any period, the sum of the following (without duplication): (i) all cash paid to the
Company during such period under the Leases, (ii) all cash distributions received by the Company from Project Finance Subsidiaries of the Company during such period, (iii) all interest and investment earnings, if any, paid to the Company
during such period on amounts on deposit in the account created under the Deposit Agreement, (iv) revenues, if any, received by or on behalf of the Company during such period under any insurance policy as business interruption insurance
proceeds, (v) direct cash equity investments made by TDC in the Company during such period (excluding equity contributed to a Project Finance Subsidiary) in an amount not greater than the amount necessary to cause the Company to be in
compliance with the financial covenants set forth in Section 9.9 (each such investment, an “Equity Cure”); provided, however, that during any period of four consecutive fiscal quarters, “Cash
Flow” shall include an Equity Cure in no more than two of such quarters and (vi) proceeds of any borrowing made after the date hereof to the extent used to finance the payment of bullet or balloon installments of Indebtedness for borrowed
money. 
 “Cash Flow Available for Debt Service” for any period, means (i) Cash Flow received during
such period minus (ii) (A) all O&M Costs paid during such period and (B) if an Equity Cure has been made in any fiscal quarter during the period for which Cash Flow Available for Debt Service is calculated, the lesser of the
aggregate amount of (x) such Equity Cure during such period and (y) the aggregate amount of cash distributions paid by the Company during such period. 

“CISADA” means the Comprehensive Iran Sanctions, Accountability and Divestment Act. 

“Closing” is defined in Section 3. 

“Closing Date” means December 31, 2009. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time. 
 “Collateral” means, collectively, the collateral described in each of the Security
Documents. 
 “Collateral Agency Agreement” means the Second Amended and Restated Collateral Agency Agreement, dated as of
the Third Amendment Date, among the Collateral Agent, the Company, the Holders and the holders of the other Permitted Secured Indebtedness from time to time party thereto (as the same may be amended, restated, amended and restated, supplemented,
joined or otherwise modified from time to time). 

  
 Schedule B-2 

(To Annex A) 

 “Collateral Agent” means The Bank of New York Mellon Trust Company, N.A., a
national association, acting in its capacity as collateral agent for itself and the other Secured Parties, or its successors in such capacity appointed pursuant to the terms of the Collateral Agency Agreement. 

“Company” means Sharyland Distribution & Transmission Services, L.L.C., a Texas limited liability company, or any
successor that becomes such in the manner prescribed in Section 10.2. 
 “Confidential Information” is
defined in Section 20. 
 “Consolidated Net Plant” means, with respect to any Person, as of the date of
determination, the net plant set forth on the face of the consolidated balance sheet of such Person or absent such amount on the consolidated balance sheet, the total plant of such Person on a consolidated basis minus accumulated depreciation set
forth in the footnotes of the consolidated financial statements, in each case for the fiscal quarter ended on the date of the last financial statements delivered pursuant to Section 7.1. 

“Consolidated Qualified Lessee” shall mean any Qualified Lessee that is consolidated into the financial statements of another
Qualified Lessee. 
 “Contractual Obligation” shall mean as to any Person, any provision of any security issued by such
Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“Contribution Agreement” means the Contribution Agreement, dated as of December 31, 2009, between Sharyland and the
Company. 
 “Control” 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 ability to exercise voting power, by contract or otherwise. 

“Controlled Entity” means (i) any of the Subsidiaries of the Company and any of their or the Company’s
respective Controlled Affiliates and (ii) if the Company has a parent company, such parent company and its Controlled Affiliates.  

“CREZ Lease” shall mean (A) prior to the effectiveness of the CREZ Lease Amendment and Restatement, the Amended and
Restated Lease Agreement (CREZ Assets) dated as of April 30, 2013, between SP, as lessor, and Sharyland, as lessee, and (B) upon the effectiveness of the CREZ Lease Amendment and Restatement, the CREZ Lease Amendment and Restatement, as
such lease may be amended, restated, supplemented or otherwise modified from time to time, or any new lease entered into in replacement thereof, in accordance with Section 9.8(b) and/or 10.12 of this Agreement, as applicable.

  
 Schedule B-3 

(To Annex A) 

 “CREZ Lease Amendment and Restatement” shall mean the Second Amended and
Restated Lease Agreement (CREZ Assets), between SP, as lessor, and Sharyland, as lessee, with respect to the CREZ Project. 

“CREZ Project” shall mean the five transmission lines, four substations and other facilities in Texas identified and awarded
to Sharyland by the Public Utility Commission of Texas (the “PUCT”) in Docket Number 37902. 
 “Cross Valley
Project” means the approximately 49 mile transmission line in South Texas near the Mexican border, known as the “North Edinburg to Loma Alta 345 kV single-circuit transmission line” project, subsequently, renamed as the
“North Edinburg to Palmito 345 kV double-circuit transmission line” project, which is built on double-circuit capable structures and the Palmito substation located on the eastern terminus of the Cross Valley Project. The Cross Valley
Project is part of a 100 mile transmission line, which is jointly developed and permitted by Sharyland and Electric Transmission Texas. 

“Cross Valley Project Transfer” shall mean the sale and Transfer of all of the Capital Stock of CV Project Entity, L.L.C., a
Project Finance Subsidiary of the Company, to Cross Valley Partnership, L.P., a Person Controlled by one or more Hunt Family Members, for a purchase price at least equal to the Cross Valley Project’s rate base cost at such time. 

“Debt Service” for any period, the aggregate (without duplication) of (i) all amounts of interest on the Notes
and in respect of other Indebtedness of the Company required to be paid during such period, plus (ii) all amounts of principal on the Notes and in respect of other Indebtedness of the Company or required to be paid during such period, excluding
any optional prepayments of principal during such period, plus (iii) all other premiums, fees, costs, charges, expenses and indemnities due and payable to the Holders or the other Secured Parties and holders of other Indebtedness of the Company
or and agents acting on their behalf during such period. 
 “Debt Service Coverage Ratio” means, for each period of
four consecutive fiscal quarters, the quotient of (i) Cash Flow Available for Debt Service for such period to (ii) Debt Service for such period. 

“Deeds of Trust” means (i) the Amended and Restated First Lien Deed of Trust, Security Agreement and Fixture
Filing (Texas) and each First Lien Deed of Trust, Security Agreement, Assignment of Rents and Leases and Fixture Filing (Texas) by and from the Company, as grantor, to Peter M. Oxman, as trustee, for the benefit of the Collateral Agent and the
other Secured Parties, dated as of July 13, 2010, in each case as the same may be amended, restated, supplemented or otherwise modified from time to time and (ii) each other deed of trust by and from the Company, as grantor, for the
benefit of the Collateral Agent and the other Secured Parties entered into from time to time. 
 “Default” means an
event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default. 

“Default Rate” means that rate of interest per annum from time to time equal to the greater of (i) 2% per annum
above the rate of interest stated in clause (a) of the first paragraph of the Notes, and (ii) 2% over the rate of interest publicly announced by The Bank of New York Mellon from time to time in New York as its “base” or
“prime” rate. 

  
 Schedule B-4 

(To Annex A) 

 “Deposit Agreement” means the Amended and Restated Deposit Account Control
Agreement, dated as of the Third Amendment Date, among the Company, the Collateral Agent and Bank of America, N.A. 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject
of any Sanction. 
 “Development Agreement” means that certain Development Agreement to be entered into among Hunt
Transmission Services, L.L.C., Sharyland, InfraREIT and/or InfraREIT Partners in connection with one or more New Projects, pursuant to which Hunt Transmission Services, L.L.C. has granted InfraREIT a right of first offer related to the New Projects
identified therein, as amended from time to time in accordance with its terms. 
 “Disclosure Documents” is defined
in Section 5.3. 
 “Distributions” means any dividend or other distribution (whether in cash, securities or other
property) with respect to any Capital Stock of any Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition,
cancellation or termination of any such Capital Stock or on account of any return of capital to such Person’s stockholders, partners or members (or the equivalent Person thereof), or any option, warrant or other right to acquire any such
dividend or other distribution or payment. 
 “Environmental Laws” means any and all Federal, state, local, and
foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the
release of any materials into the environment, including but not limited to those related to Hazardous Materials. 

“ERCOT” means the Electric Reliability Council of Texas or any successor thereto. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and
regulations promulgated thereunder from time to time in effect.  
 “ERISA Affiliate” means any trade or business
(whether or not incorporated) that is treated as a single employer together with the Company under section 414 of the Code. 

“Event of Default” is defined in Section 11. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

“FERC” means the Federal Energy Regulatory Commission, or any successor agency to its duties and responsibilities. 

  
 Schedule B-5 

(To Annex A) 

 “FERC Lease” shall mean (A) prior to the effectiveness of the FERC Lease
Amendment and Restatement, the Second Amended and Restated Lease Agreement, dated as of July 1, 2012, between FERC Owner and FERC Operator and (B) upon the effectiveness of the FERC Lease Amendment and Restatement, the FERC Lease Amendment
and Restatement, as such lease may be amended, restated, supplemented or otherwise modified from time to time, or any new lease entered into in replacement thereof, in accordance with Section 9.8(b) and/or 10.12 of this Agreement,
as applicable. 
 “FERC Lease Amendment and Restatement” shall mean the Third Amended and Restated Lease Agreement (Stanton
Transmission Loop Assets) between FERC Owner, as lessor, and FERC Operator, as lessee. 
 “FERC Lease Assumptions” shall
mean the anticipated assumptions of the FERC Lease in connection with the FERC Merger (i) by the Company as the lessor thereunder, as successor in interest to FERC Owner and (ii) by Sharyland of the FERC Lease as the lessee, as successor
in interest to the FERC Operator. 
 “FERC Merger” shall mean the anticipated transaction or series of transactions
pursuant to which SDTS FERC L.L.C. will merge into the Company and SU FERC L.L.C. will merge into Sharyland. 
 “FERC
Operator” shall mean (A) prior to the FERC Merger, SU FERC, L.L.C., a Subsidiary of Sharyland, and (B) upon the completion of the FERC Merger, Sharyland. 

“FERC Owner” shall mean (A) prior to the FERC Merger, SDTS FERC, L.L.C., a Subsidiary of the Company, and (B) upon
the completion of the FERC Merger, the Company. 
 “Financing Documents” means, collectively, this Agreement, the
2010 SDTS Note Agreement, the Notes, the 2030 Notes, the RBC Agreement, the Security Documents, any other documents, agreements or instruments entered into in connection with any of the foregoing and any other documents, agreements or instruments
from time to time constituting “Financing Agreements” under the Collateral Agency Agreement. 
 “Force
Majeure Event” means any claim of force majeure by any Person under any Material Project Document, which would allow such Person to avoid all or any material part of its obligations thereunder and any other fire, explosion, accident,
strike, slowdown or stoppage, lockout or other labor dispute (whether pending or, to the Company’s knowledge threatened), drought, storm, hail, earthquake, embargo, act of God or of the public enemy, or other casualty (whether or not covered by
insurance), that could reasonably be expected to result in a Material Adverse Effect. 
 “FPA” means the Federal
Power Act, 16 U.S.C. §§791 et seq., as amended, and the regulations of the FERC thereunder. 
 “GAAP”
means generally accepted accounting principles as in effect in the United States of America. In the event that any “Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of
financial covenants, ratios, standards or terms in this Agreement, then the Company and the Holders agree to enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the
desired result that the criteria for evaluating the financial condition of the  

  
 Schedule B-6 

(To Annex A) 

 
Company and Sharyland shall be the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and
delivered by the Company and the Holders, all financial covenants, ratios, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes”
refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the
SEC.  
 “Golden Spread Project” shall mean a new 345 kilovolt transmission line that will be approximately 55 miles
long and will connect the Golden Spread Electric Cooperative, Inc. Antelope-Elk Energy Center in Hale County, approximately 1.6 miles north of the City of Abernathy on County Road P, to the proposed White River Station that will be built by
Sharyland in Floyd County, approximately 9 miles northwest of the City of Floydada and 1.1 miles east of the intersection of County Road 231 and County Road 200 and the Abernathy substation that is located in the western portion of the transmission
line. 
 “Golden Spread Project Transfer” shall mean the sale and Transfer of all of the Capital Stock of GS Project
Entity to a Person Controlled by one or more Hunt Family Members for a purchase price at least equal to the Golden Spread Project’s rate base cost at such time. 

“Good Utility Practices” means “Good Utility Practice” as defined from time to time by the Public Utility
Commission of Texas. 
 “Governmental Authority” means 

(a) the government of: 
 (i) the
United States of America or any State or other political subdivision thereof, or 
 (ii) any other jurisdiction in which the Company conducts
all or any part of its business, or which asserts jurisdiction over any properties of the Company, or 
 (b) any entity exercising executive,
legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government, or 
 (c) ERCOT, or 

(d) the Texas Regional Entity. 

“GS Project Entity” means a Project Finance Subsidiary of the Company created to finance and develop the Golden Spread
Project. 
 “Guaranty” means, with respect to any Person, any obligation (except the endorsement in the ordinary course of
business of negotiable instruments for deposit or collection) of such  

  
 Schedule B-7 

(To Annex A) 

 
Person guaranteeing or in effect guaranteeing any Indebtedness of any other Person in any manner, whether directly or indirectly, including (without limitation) obligations incurred through an
agreement, contingent or otherwise, by such Person: 
 (a) to purchase such Indebtedness or any property constituting security therefor; 

(b) to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to maintain any working
capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such Indebtedness; 

(c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such Indebtedness of the
ability of any other Person to make payment of the Indebtedness; or 
 (d) otherwise to assure the owner of such Indebtedness against loss in
respect thereof. 
 In any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or other obligations
that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor. 
 “Hazardous Material”
means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage,
handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law including, but not limited to, asbestos, urea formaldehyde foam
insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. 

“Holder” means, with respect to any Note the Person in whose name such Note is registered in the register maintained by the
Company pursuant to Section 13.1. 
 “Hunt Family Members” means (i) Ray L. Hunt; (ii) the spouse
of Ray L. Hunt and each of his children and siblings; (iii) the spouse and lineal descendants of any Person identified in the foregoing clause (ii); (iv) any trust or account primarily for the benefit of any Person or Persons identified in
the foregoing clauses (i), (ii) or (iii); (v) any corporation, partnership or other entity in which any of the Persons identified in the foregoing clauses (i), (ii), (iii) or (iv) are the beneficial owners of substantially all of
the shares of capital stock, membership interests, partnership interests or other equity interests and options or warrants to acquire, or securities convertible into, capital stock, membership interests, partnership interests, or other equity
securities of an entity; and (vi) the personal representative or guardian of any of the Persons identified in the foregoing clauses (i), (ii) and (iii) upon such Person’s death for purposes of the administration of such
Person’s estate or upon such Person’s disability or incompetency for purposes of protection and management of the assets of such Person. 

  
 Schedule B-8 

(To Annex A) 

 “Indebtedness” with respect to any Person means, at any time, without
duplication, 
 (a) its liabilities for borrowed money and its redemption obligations in respect of mandatorily redeemable Preferred Stock;

 (b) its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable arising in the
ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); 

(c) (i) all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases and (ii) all liabilities which
would appear on its balance sheet in accordance with GAAP in respect of Synthetic Leases assuming such Synthetic Leases were accounted for as Capital Leases; provided, however, that for purposes of this definition (including with
respect to clauses (i) and (ii) hereof), the System Leases, any other Lease and any similar lease shall not be treated as a capital lease; 

(d) all liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or not it has assumed or
otherwise become liable for such liabilities); 
 (e) all its liabilities in respect of letters of credit or instruments serving a similar
function issued or accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money); provided, however, that for purposes of this definition, any surety bonds or
indemnification agreements entered into by Sharyland (with respect to which the Company or a subsidiary thereof has a reimbursement or backstop obligation) in connection with condemnation proceedings shall be excluded; 

(f) the aggregate Swap Termination Value of all Swap Contracts of such Person; and 

(g) any Guaranty of such Person with respect to liabilities of a type described in any of clauses (a) through (f) hereof. 

Indebtedness of any Person shall include all obligations of such Person of the character described in clauses (a) through (g) to the extent such
Person remains legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP. 

“InfraREIT” shall mean InfraREIT, L.L.C., a Delaware limited liability company, and its successors. 

“InfraREIT Partners” shall mean InfraREIT Partners, LP, a Delaware limited partnership. 

“Institutional Investor” means (a) any Purchaser of a Note, (b) any Holder of a Note holding (together with one or
more of its Affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any
insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any Holder of any Note. 

  
 Schedule B-9 

(To Annex A) 

 “Investments” has the meaning given to it in Section 10.7. 

“Investment Grade Credit Rating” means with respect to any Person, a rating of the long-term unsecured debt securities of
such Person (or if such rating is unavailable, issuer rating) equal to or higher than (1) “BBB-” (or the equivalent) with a stable or better outlook by Standard & Poor’s Financial Services LLC, or
(2) “Baa3” (or the equivalent) with a stable or better outlook by Moody’s Corporation; provided, that if such Person has a rating from both Standard & Poor’s Financing Services LLC and Moody’s
Corporation, then the applicable rating shall be deemed to be the lower of the two. 
 “Leased Consolidated Net Plant”
shall mean that portion of the Consolidated Net Plant of the lessor of a Lease between such lessor and a Qualified Lessee that is the subject of such Lease. 

“Leases” means (i) the System Leases, the CREZ Lease, the FERC Lease and any other leases of transmission and
distribution and related assets to a Qualified Lessee under which the Company or any Subsidiary of the Company is a party as a lessor and (ii) any lease of transmission and distribution and related assets pursuant to which Sharyland is the
lessee and a Subsidiary of Sharyland or another Person Controlled by one or more Hunt Family Members is the lessor; provided, no such lease will qualify as a “Lease” hereunder if each of the three following criteria apply;
(x) Sharyland is the lessee, (y) cash rental payments have become due and payable pursuant thereto and (z) none of the Company, a Subsidiary of the Company or a Subsidiary of Sharyland is the lessor. 

“Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any
interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of such Person, in each case,
in the nature of a security interest of any kind or nature whatsoever. 
 “Material Adverse Effect” means a
material adverse effect upon and/or material adverse developments with respect to (a) the operations, business, assets, properties, liabilities or financial condition of the Company and its Subsidiaries (taken as a whole); (b) the ability
of the Note Parties (taken as a whole) to perform their obligations under the Note Documents; (c) the legality, validity or enforceability of this Agreement or any other Note Document or the rights or remedies of the Collateral Agent or the
Holders hereunder or thereunder or (d) the validity, perfection or priority of the Collateral Agent’s Liens on any material Collateral. 

“Material Project Document” means (i) any contract or agreement that is related to the ownership, operation,
maintenance, management service, repair or use of the System entered into by the Company or any Subsidiary subsequent to the Third Amendment Date that involves full payments or obligations of the Company or any Subsidiary in excess of $5,000,000 in
any calendar year, and (ii) System Leases, but shall exclude any documents subject to Section 10.12 herein. 

“Maturity Date” means December 30, 2029. 

  
 Schedule B-10 

(To Annex A) 

 “McAllen Lease” shall mean (A) prior to the effectiveness of the McAllen
Lease Amendment and Restatement, the Second Amended and Restated Master System Lease Agreement, dated as of July 1, 2012, between Company, as lessor, and Sharyland, as lessee, and (B) upon the effectiveness of the McAllen Lease Amendment
and Restatement, the McAllen Lease Amendment and Restatement, as such lease may be amended, restated, supplemented or otherwise modified from time to time, or any new lease entered into in replacement thereof, in accordance with
Section 9.7(b) and/or 10.12 of this Agreement, as applicable. 
 “McAllen Lease Amendment and
Restatement” shall mean the Third Amended and Restated Master System Lease Agreement (McAllen System), between the Company, as lessor, and Sharyland, as lessee. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3)
of ERISA). 
 “NAIC” means the National Association of Insurance Commissioners or any successor thereto. 

“Negative Pledge Agreement” shall mean the Amended and Restated Negative Pledge Agreement, dated as of the Third Amendment
Date among FERC Owner and the Collateral Agent. 
 “New Project” shall mean any transmission or distribution project,
including any such project acquired or built by a Project Finance Subsidiary, any “Footprint Project” (as defined in the Leases) that the Company or a Subsidiary of the Company funds pursuant to a Lease and any such project that InfraREIT
or a Subsidiary thereof acquires pursuant to the Development Agreement, including, for the avoidance of doubt, the Cross Valley Project and the Golden Spread Project. 

“Non-Recourse Debt” means Indebtedness of a Project Finance Subsidiary or a Subsidiary of Sharyland, as the case may
be, that, if secured, is secured solely by a pledge of collateral owned by such Project Finance Subsidiary or such Subsidiary of Sharyland, as the case may be, and the Capital Stock in such Project Finance Subsidiary or such Subsidiary of Sharyland,
as the case may be, and for which no Person other than such Project Finance Subsidiary or such Subsidiary of Sharyland, as the case may be, is personally liable. 

“Notes” is defined in Section 1. 

“Note Documents” means this Agreement, the Notes, the Security Documents, the Subsidiary Guaranties and any amendment,
waiver, supplement or other modification to any of the foregoing. 
 “Note Parties” means the Company and each Subsidiary
that is a party to a Note Document, as applicable. 

  
 Schedule B-11 

(To Annex A) 

 “O&M Costs” means actual cash management and operation costs of the
Company, taxes payable by the Company, insurance premiums, consumables, fees and expenses of, and other amounts owing to, the Collateral Agent and the depositary under the Deposit Agreement, and other costs and expenses in connection with the
management or operation of the Company, but exclusive in all cases of (a) non-cash charges, including depreciation or obsolescence charges or reserves therefor, amortization of intangibles or other bookkeeping entries of a similar nature,
(b) all other payments of Debt Service and Yield-Maintenance Amounts, if any, (c) costs of repair or replacement paid with insurance proceeds and (d) development costs related to any Project Finance Subsidiary. 

“Obligation” means any loan, advance, debt, liability, and obligation of performance, howsoever arising, owed by the Company
to the Collateral Agent or the Holders of any kind or description (whether or not evidenced by any note or instrument and whether or not for the payment of money), direct or indirect, absolute or contingent, due or to become due, now existing or
hereafter arising, pursuant to the terms of this Agreement, any Note or any of the other Note Documents, including all principal, interest, Yield-Maintenance Amounts, fees, charges, expenses, attorneys’ fees and accountants fees payable or
reimbursable by the Company under this Agreement or any of the other Note Documents. 
 “OFAC” means the Office of
Foreign Assets Control, United States Department of the Treasury. 
 “OFAC Listed Person” means a Person whose name appears
on the list of Specially Designated Nationals and Blocked Persons published by OFAC. 
 “OFAC Sanctions Program”
shall mean any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 

“Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose
responsibilities extend to the subject matter of such certificate. 
 “Payment Date” means March 30, 2010 and
the 30th day of June, September, December and March thereafter up to the Maturity Date, and the Maturity Date. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto. 

“Permit” means any action, approval, consent, waiver, exemption, variance, franchise, order, permit, authorization, right or
license of or from a Governmental Authority, provided that interests or estates in real property, shall not be considered Permits. 

“Permitted Investment” means any (a) marketable direct obligation of the United States of America, (b) marketable
obligation directly and fully guaranteed as to interest and principal by the United States of America, (c) demand deposit with Bank of America N.A.,, or time deposit, certificate of deposit and banker’s acceptance issued by any member bank
of the Federal Reserve System which is organized under the laws of the United States of America or any state thereof or any United States branch of a foreign bank, in each case whose equity capital is in

  
 Schedule B-12 

(To Annex A) 

 
excess of $500,000,000 and whose long-term debt securities are rated “A” or better by S&P and “A2” or better by Moody’s, (d) commercial paper or tax exempt
obligations given the highest rating by Moody’s and S&P, (e) obligations of a commercial bank described in clause (c) above, in respect of the repurchase of obligations of the type as described in clauses (a) and
(b) hereof, provided that such repurchase obligation shall be fully secured by obligations of the type described in said clauses (a) and (b) and the possession of such obligation shall be transferred to, and segregated from other
obligations owned by, any such bank, (f) instrument rated “AAA” by S&P and “Aaa” by Moody’s issued by investment companies and having an original maturity of 180 days or less, (g) eurodollar certificates of
deposit issued by any bank described in clause (c) above, and (h) marketable security rated not less than “A-1” by S&P or not less than “Prime-1” by Moody’s. In no event shall Permitted Investments include any
obligation, certificate of deposit, acceptance, commercial paper or instrument which by its terms matures (A) more than 180 days after the date of investment, unless a bank meeting the requirements of clause (c) above shall have agreed to
repurchase such obligation, certificate of deposit, acceptance, commercial paper or instrument at its purchase price plus earned interest within no more than 90 days after its purchase thereunder or (B) after the next Payment Date. 

“Permitted Lien” is defined in Section 10.5. 

“Permitted Secured Indebtedness” has the meaning given to it in the Collateral Agency Agreement. 

“Person” means an individual, partnership, corporation, cooperative corporation, limited liability company,
association, trust, unincorporated organization, business entity or Governmental Authority. 
 “Plan” means an
“employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years,
have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability. 

“Pledge Agreement” means the Amended and Restated Assignment of Membership Interests and Pledge Agreement, dated as of
the Third Amendment Date, by TDC, with respect to its membership interests in the Company, to the Collateral Agent. 

“Pledge Agreement (FERC)” means the Amended and Restated Assignment of Membership Interests and Pledge Agreement, dated as of
the Third Amendment Date, by the Company, with respect to its membership interests in the FERC Owner, to the Collateral Agent. 

“Preferred Stock” means any class of capital stock of a Person that is preferred over any other class of capital stock (or
similar equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person. 

“Project Finance Subsidiary” means a special purpose Subsidiary of a Person created to develop a New Project and to
finance such New Project solely with Non-Recourse Debt and equity (including, for the avoidance of doubt, CV Project Entity, L.L.C.). 

  
 Schedule B-13 

(To Annex A) 

 “property” or “properties” means, unless otherwise specifically
limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 
 “PTE” is defined in
Section 6.2(a). 
 “Purchaser” is defined in the first paragraph of this Agreement. 

“Qualified Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of
such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “Qualified Lessee” means Sharyland and/or any
other utility that is (x) approved or authorized by the applicable public utility commission or similar regulatory authority to operate and/or lease the transmission and/or distribution assets of the Company or any Subsidiary and (y) a
party to a then-effective lease agreement with the Company or a Subsidiary thereof pursuant to which such utility leases and operates such entity’s transmission and/or distribution assets. 

“Qualified Lessee Affiliate Loan” means loans made by InfaREIT Partners or a Subsidiary thereof to Qualified Lessees from
time to time in an aggregate principal amount not to exceed $10,000,000 at any time outstanding as long as the use of proceeds of such loans is limited to the acquisition or financing of equipment or other assets used in the Qualified Lessee’s
operation or lease of transmission or distribution assets from the Company or a Subsidiary thereof pursuant to a Lease. 

“Qualifying IPO” means an initial public offering of the Capital Stock of InfraREIT pursuant to a registration statement
filed with the SEC. 
 “RBC” means Royal Bank of Canada, a Canadian banking institution. 

“RBC Agreement” means that certain Third Amended and Restated Credit Agreement, dated as of the Third Amendment Date,
among the Company, as borrower, the lenders from time to time party thereto and RBC, administrative agent, as the same may be amended, restated, supplemented and otherwise modified from time to time. 

“Real Property Collateral” means (i) any fee owned real property (other than easements and rights of way) with a fair
market value in excess of $3,000,000 and (ii) any lease of real property (other than easements and rights of way) with an annual rental value in excess of $1,000,000, which lease relates to or arises in connection with any transmission and
distribution assets, excluding (x) leases otherwise prohibiting the transfer or granting of a Lien on or security interest in such leasehold interest pursuant to the terms of any agreement permitted under Section 10.20 and (y) leases
with respect to which the Company is unable, after commercially reasonable efforts, to obtain such landlord consents as may be reasonably required so as to enable the Company to comply with the requirements of Section 9.7(c). 

“Related Fund” means, with respect to any Holder of any Note, any fund or entity that (i) invests in Securities or bank
loans, and (ii) is advised or managed by such Holder, the same investment advisor as such Holder or by an Affiliate of such Holder or such investment advisor. 

  
 Schedule B-14 

(To Annex A) 

 “Required Holders” means, at any time, the Holders of at least 51% in principal
amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 

“Required Permit” means all governmental and third party licenses, permits, franchises, authorizations, patents, copyright,
proprietary software, service marks, trademarks and trade names, or rights thereto, that are material to the ownership, leasing, operating and maintenance of the System, including the permits listed on Schedule 5.12(a). 

“Requirements of Law” means as to any Person, the certificate of incorporation or formation and by-laws or partnership or
operating agreement or other organizational or governing documents of such Person, and any local, state or Federal law, regulation, rule, ordinances or determination, interpretation or order of an arbitrator or a court or other Governmental
Authority, and any Required Permit, in each case applicable to or binding upon such Person or any of its properties or its business or to which such Person or any of its properties or its business is subject. 

“Responsible Officer” means any Senior Financial Officer and any other officer of the Company with responsibility for the
administration of the relevant portion of this Agreement. 
 “Restricted Payment Conditions” is defined in
Section 10.9. 
 “ROFO Transfer” shall mean the sale and Transfer to Persons Controlled by one or more Hunt
Family Members of any assets located in the Texas Panhandle related to the CREZ Project that are categorized as ROFO Projects under the Development Agreement with an aggregate fair market value not to exceed $5,000,000. 

“Sanctions” means any international economic sanction administered or enforced by the United States Government (including
without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority. 

“SEC” shall mean the Securities and Exchange Commission of the United States, or any successor thereto. 

“Secured Parties” means the Collateral Agent, the Holders and the other Secured Parties (as defined in the Collateral
Agency Agreement) from time to time. 
 “Securities” or “Security” shall have the meaning specified
in Section 2(1) of the Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended from time to
time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “Security
Agreement” means the Security Agreement, dated as of the Third Amendment Date, among the Company and the Collateral Agent. 

“Security Documents” means (i) the Collateral Agency Agreement, Security Agreement, the Deeds of Trust, the
Pledge Agreement and the Deposit Agreement, (ii) prior to the  

  
 Schedule B-15 

(To Annex A) 

 
completion of the FERC Merger, the Pledge Agreement (FERC) and the Negative Pledge Agreement and (iii) other security documents entered into pursuant to Section 9.7 and any
other security documents, financing statements and the like filed or recorded in connection with the foregoing. 
 “Senior
Financial Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company or a Qualified Lessee, as applicable. 

“Sharyland” means Sharyland Utilities, L.P., a Texas limited partnership. 

“SP” shall mean Sharyland Projects, L.L.C., a Project Finance Subsidiary. 

“Specified Qualified Lessee” shall mean Sharyland and any Qualified Lessee (a) (i) without an Investment Grade
Credit Rating or (ii) whose obligations under the applicable Leases are not guaranteed by an entity with an Investment Grade Rating and (b) whose business is limited to the leasing of transmission and/or distribution assets from the
Company or any of its Subsidiaries or Affiliates. 
 “Stanton/Brady/Celeste Lease” shall mean (A) prior to the
effectiveness of the Stanton/Brady/Celeste Lease Amendment and Restatement, the Amended and Restated Lease Agreement (Stanton/Brady/Celeste Assets), dated as of July 1, 2012, between the Company, as lessor, and Sharyland, as lessee, and
(B) upon the effectiveness of the Stanton/Brady/Celeste Lease Amendment and Restatement, the Stanton/Brady/Celeste Lease Amendment and Restatement, as such lease may be amended restated, supplemented or otherwise modified from time to time, or
any new lease entered into in replacement thereof, in accordance with Section 9.7(b) and/or 10.12 of this Agreement, as applicable. 

“Stanton/Brady/Celeste Lease Amendment and Restatement” shall mean the Second Amended and Restated Lease Agreement
(Stanton/Brady/Celeste Assets), between the Company, as lessor, and Sharyland, as lessee. 
 “Structuring Fee” is defined
in Section 4.7. 
 “Subsidiary” means, as to any Person, any other Person in which such first Person or one or
more of its Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or
Persons performing similar functions) of such second Person and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries or such first Person and
one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly
requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company and, prior to the completion of the FERC Merger, shall include the FERC Owner. Prior to the completion of the FERC Merger, all references herein to a
Subsidiary of Sharyland shall include the FERC Operator. 
 “Subsidiary Guaranty” means each Guaranty
provided by the Subsidiary Guarantors pursuant to Section 9.7(d), if any, substantially in the form of Exhibit 3 to the Agreement. 

  
 Schedule B-16 

(To Annex A) 

 “Subsidiary Guarantor” means any Subsidiary of the Company that is a
guarantor under a Guaranty pursuant to Section 9.7(d). 
 “SVO” means the Securities Valuation Office of the
NAIC or any successor to such Office. 
 “Swap Contract” means (a) any and all interest rate swap transactions, basis
swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward foreign exchange transactions, cap transactions, floor transactions, currency options, spot contracts or any other similar transactions or any of the foregoing (including, but without limitation, any options to enter into any of the
foregoing), and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives
Association, Inc., or any International Foreign Exchange Master Agreement. 
 “Swap Termination Value” means, in
respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amounts(s) determined as the mark-to-market values(s) for such Swap Contracts, as
determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts. 

“Synthetic Lease” means, at any time, any lease (including leases that may be terminated by the lessee at any time) of any
property (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax purposes, other than any such lease under which
such Person is the lessor. 
 “System” means the Company’s and/or any Subsidiary’s (other than a Project
Finance Subsidiary’s) integrated electrical transmission and distribution facilities located primarily in the State of Texas and the systems and other property necessary to operate the transmission and distribution facilities, and all
improvements to and expansions of such facilities, and each New Project (upon its completion) owned by the Company or a Subsidiary thereof; provided that, for the purposes hereof, “System” shall not be deemed to include any
easements held by the Company or any Subsidiary. 
 “System Leases” means (1) the McAllen Lease, (2) the
Stanton/Brady/Celeste Lease, (3) upon the effectiveness thereof, the Lease Agreement (ERCOT Transmission Assets) between the Company, as lessor, and Sharyland, as lessee, (4) upon the completion of the FERC Merger, the FERC Lease and
(5) any and all other Leases and supplements thereto in connection with the System and the transmission and distribution facilities ancillary thereto and any easements associated therewith, in the case of each of the foregoing clauses
(1) through (5) as amended, restated, supplemented or otherwise modified from time to time, or any new lease entered into in replacement thereof, in accordance with Section 9.8 and/or 10.12 of this Agreement, as
applicable. 

  
 Schedule B-17 

(To Annex A) 

 “Taxes” shall mean all present or future taxes, levies, imposts, duties,
deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“TDC” means Transmission and Distribution Company, L.L.C., a Texas limited liability company. 

“Third Amendment Date” means December 10, 2014. 

“Total Debt” means, with respect to the Company, all Indebtedness of the Company on a consolidated basis;
provided, however, that for purposes of calculating the Company’s Total Debt to Capitalization Ratio, the Company’s Total Debt shall exclude Non-Recourse Debt of a Project Finance Subsidiary of the Company and that portion of
the Swap Termination Value defined in clause (b) of the definition of “Swap Termination Value” and shall include Indebtedness of Sharyland on a consolidated basis (excluding Non-Recourse Debt of a Project Finance Subsidiary of
Sharyland). 
 “Total Debt to Capitalization Ratio” means (a) the Company’s Total Debt, divided by
(b) the sum of (i) Total Debt plus (ii) the Company’s capitalization, as shown on the Company’s balance sheet plus (iii) if positive, Sharyland’s capitalization, as shown on its balance sheet. 

“Transaction Documents” means, collectively, the Note Documents and the Leases to which the Company or a Subsidiary thereof
is a party. 
 “Transfer” means, with respect to any item, the sale, exchange, conveyance, lease, transfer or
other disposition of such item. 
 “UCC” shall mean, with respect to any jurisdiction, the Uniform Commercial Code
as in effect in such jurisdiction. 
 “UCC Collateral” means the Collateral that is of a type in which a valid security
interest can be created under Article 8 or Article 9 of the UCC as in effect in New York. 
 “U.S. Economic
Sanctions” shall mean United States economic sanctions, including but not limited to, the Trading with the Enemy Act, the International Emergency Economic Powers Act, CISADA or any similar law or regulation with respect to Iran or any other
country, the Sudan Accountability and Divestment Act, any OFAC Sanctions Program, or any economic sanctions regulations administered and enforced by the United States or any enabling legislation or executive order relating to any of the
foregoing. 
 “USA Patriot Act” means United States Public Law 107-56, Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 

  
 Schedule B-18 

(To Annex A) 

 “Wholly-Owned Subsidiary” means, at any time, any Subsidiary one hundred percent
of all of the voting interests of which are owned by any one or more of the Company and the Company’s other Wholly-Owned Subsidiaries at such time. 

“Yield-Maintenance Amount” is defined in Section 8.6. 

  
 Schedule B-19 

(To Annex A) 

 RULES OF INTERPRETATION 

 

	1.	The singular includes the plural and the plural includes the singular; and words in the masculine, neuter or feminine gender shall be read and construed as though in either of the other genders where the context so
requires. 

  

	2.	The word “or” is not exclusive. 

  

	3.	A reference to any law includes any amendment or modification to such law, and all regulations, rulings and other laws and regulations promulgated under such law. 

 

	4.	A reference to a Person includes its successors and permitted assigns. 

  

	5.	Accounting terms have the meanings assigned to them by GAAP (as defined in the applicable Financing Agreement), as applied by the accounting entity to which they refer. 

 

	6.	The words “include,” “includes” and “including” are not limiting. 

  

	7.	A reference in a document to an Article, Section, Exhibit, Schedule, Annex or Appendix is to the Article, Section, Exhibit, Schedule, Annex or Appendix of such document unless otherwise indicated. Exhibits, Schedules,
Annexes or Appendices to any document shall be deemed incorporated by reference in such document. 

  

	8.	References to “knowledge” or words of similar import refer to the actual knowledge of the current officers of the relevant Person, without any duty of investigation unless otherwise indicated.

  

	9.	References to any document, instrument or agreement (a) shall include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in
replacement thereof, and (c) shall mean such document, instrument or agreement, or replacement or predecessor thereto, as amended, modified and supplemented from time to time and in effect at any given time. 

 

	10.	The words “hereof,” “herein” and “hereunder” and words of similar import when used in any document shall refer to such document as a whole and not to any particular provision of such
document. 

  

	11.	References to “days” shall mean calendar days, unless the term “Banking Days” shall be used. References to a time of day shall mean such time in New York City, unless otherwise specified.

  

	12.	The section and subsection headings in a document are for convenience of reference only and shall neither be deemed to be a part of such document nor modify, define, expand or limit any of the terms or provisions
thereof. 

  

	13.	References to agreements or other contractual obligations shall, unless otherwise specified, be deemed to refer to such agreements or contractual obligations as amended, supplemented, restated or otherwise modified from
time to time. 

  
 Schedule B-20 

(To Annex A)EX-10.35

 Exhibit 10.35 

 
  

INFRAREIT, INC. 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AND LOCK-UP AGREEMENT 
  

 
 Dated as of
                     , 2015 

 TABLE OF CONTENTS 

Page 
  

							
	 ARTICLE 1 DEFINITIONS
	  	 	2	  
	 Section 1.1
	 	Definitions	  	 	2	  
	 Section 1.2
	 	Interpretation	  	 	7	  
		
	 ARTICLE 2 LOCK-OUT PERIOD FOR OFFERING
	  	 	7	  
	 Section 2.1
	 	Lock-Out Period for Offering	  	 	7	  
		
	 ARTICLE 3 REGISTRATION RIGHTS
	  	 	8	  
	 Section 3.1
	 	Shelf Registration Under the Securities Act	  	 	8	  
	 Section 3.2
	 	Registration Procedures	  	 	11	  
	 Section 3.3
	 	Suspension of Use of the Shelf Registration Statement	  	 	16	  
	 Section 3.4
	 	Lockout Periods for Holder Sales	  	 	16	  
	 Section 3.5
	 	Piggy-Back Registration	  	 	17	  
	 Section 3.6
	 	Indemnification	  	 	18	  
	 Section 3.7
	 	Rule 144; Reports under Exchange Act	  	 	21	  
		
	 ARTICLE 4 MISCELLANEOUS
	  	 	21	  
	 Section 4.1
	 	Notices	  	 	21	  
	 Section 4.2
	 	Further Action	  	 	22	  
	 Section 4.3
	 	Successors and Assigns	  	 	22	  
	 Section 4.4
	 	Amendment and Waiver	  	 	22	  
	 Section 4.5
	 	Additional Holders	  	 	23	  
	 Section 4.6
	 	Severability	  	 	23	  
	 Section 4.7
	 	Counterparts	  	 	23	  
	 Section 4.8
	 	Governing Law	  	 	24	  
	 Section 4.9
	 	Waiver of Jury Trial	  	 	24	  
	 Section 4.10
	 	Forum Selection and Consent to Jurisdiction	  	 	24	  
	 Section 4.11
	 	Entire Understanding	  	 	24	  
	 Section 4.12
	 	No Third Party Beneficiaries	  	 	24	  
	 Section 4.13    
	 	No Presumption Against Drafter	  	 	24	  

  
 i 

 INFRAREIT, INC. 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AND LOCK-UP AGREEMENT 

THIS AMENDED AND RESTATED REGISTRATION RIGHTS AND LOCK-UP AGREEMENT (this “Agreement”) is made and entered into as of
                     , 2015, among InfraREIT, Inc., a Maryland corporation (together with its successors and assigns, the
“Company”), and each of the persons listed on the attached Schedule A who become signatories to this Agreement (each, an “Initial Holder” and collectively, the “Initial Holders”). 

RECITALS 
 WHEREAS, some
of the Initial Holders and InfraREIT, L.L.C., a Delaware limited liability company formerly known as Electric Infrastructure Alliance of America, L.L.C. (the “Predecessor Company”), were parties to a Registration Rights and Lock-Up
Agreement, dated as of November 23, 2010 (the “Original Agreement”); 
 WHEREAS, the Company is contemplating a firmly
underwritten public offering (the “Offering”) of shares of the Company’s common stock, par value $0.01 per share (“Common Shares”), registered under the Securities Act (as defined below); 

WHEREAS, immediately following the closing of the Offering (the “Closing”), the Predecessor Company will merge (the
“Merger”) with and into the Company, with the Company surviving as the general partner of InfraREIT Partners, L.P., a Delaware limited partnership formerly known as Electric Infrastructure Alliance of America, L.P. (together with
its successors and assigns, the “Operating Partnership”); 
 WHEREAS, certain Initial Holders are owners, or will become
owners immediately following the consummation of the Merger, of Partnership Units (as defined below) and as such are granted a Redemption Right (as defined below) under the Second Amended and Restated Agreement of Limited Partnership of the
Operating Partnership that will become effective upon the Closing (as it may be amended, supplemented or otherwise modified from time to time, the “Partnership Agreement”), pursuant to which such Initial Holders may receive Common
Shares calculated in accordance with the Partnership Agreement and such Initial Holders have elected to become Holders (as defined below) under this Agreement; 

WHEREAS, upon consummation of the Merger, certain Initial Holders will hold Common Shares directly and will hold additional Common Shares upon
the conversion of shares of Class A common stock, par value $0.01 per share, and Class C common stock, par value $0.01 per share, of the Company into Common Shares on or about 32 days following the date of the Closing in accordance with the
Amended and Restated Charter of the Company (the “Charter”); and 
 WHEREAS, the parties hereto desire to amend and restate
the Original Agreement in its entirety to substitute the Company for the Predecessor Company and record their understanding regarding the registration and transfer of Registrable Securities. 

 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: 

ARTICLE 1 
 DEFINITIONS

 Section 1.1 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. 

“Affiliate” means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common
control with such 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 “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“Board of Directors” or “Board” means the board of directors of the Company or any similar governing body of
its successors and assigns. 
 “Business Day” means any day other than a Saturday, Sunday or other day in which commercial
banks in New York, New York are authorized or required by law or executive order to be closed; provided that as long as Marubeni Corporation or its Controlled Affiliate is a Founding Investor, “Business Day” shall also exclude each
public holiday in Tokyo, Japan if Marubeni Corporation or such Controlled Affiliate has delivered to the Company at least ten (10) days prior to the end of a calendar year a list of public holidays in Tokyo, Japan during the next calendar year.

 “Charter” has the meaning set forth in the recitals to this Agreement. 

“Closing” has the meaning set forth in the recitals to this Agreement. 

“Closing Price” means the last reported sale price of a unit of a security regular way on a given day or, in case no such
sale takes place on such day, the average of the reported closing bid and asked prices regular way, in each case on the New York Stock Exchange or such other principal national securities exchange on which the security is listed or admitted to
trading, or, if the security is not listed or admitted to trading on any national securities exchange, the average of the closing bid and asked prices as furnished by any nationally recognized member of FINRA selected from time to time by the
Company, reasonably and in good faith, for that purpose, or, if no such prices are furnished, the fair market value of the security as estimated by the Company using an identical valuation formula to that used in determining the pricing for the
Company’s then most-recent sale of more than thirty five million dollars ($35,000,000) of similar securities to unaffiliated third parties, or if no such sale has occurred, as determined in good faith by the Board, which estimate shall be
prepared at the expense of the Company; provided that any determination of the “Closing Price” of any security hereunder shall be based on the assumption that such security is freely transferable without registration under the
Securities Act. 

  
 2 

 “Commission” means the Securities and Exchange Commission or any other federal
agency at the time administering the Securities Act. 
 “Common Shares” has the meaning set forth in the recitals to this
Agreement. 
 “Company” has the meaning set forth in the preamble to this Agreement. 

“Controlled Affiliate” means, with respect to any Founding Investor, (a) any corporation, limited liability company,
joint venture or other Entity of which a majority of the economic interest, and either (x) a majority of the voting power or (y) the right to direct the disposition of a majority of the shares of capital stock, membership interests,
partnership interests or other equity interests and options or warrants to acquire, or securities convertible into, capital stock, membership interests, partnership interests or other equity securities of such Entity, are held, directly or
indirectly, by such Founding Investor or by another Person in respect of which such Founding Investor is a Controlled Affiliate, or (b) any corporation, limited liability company, joint venture or other Entity of which such Founding Investor
controls the voting power in such Entity and has the right to direct the disposition of the assets of such Entity. 

“Entity” means any general 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 a Holder or any of its subsidiaries. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at the time of reference. 
 “FINRA” means the
Financial Industry Regulatory Authority, Inc. 
 “Founding Investor” means each of John Hancock Life Insurance Company
(U.S.A.), Marubeni Corporation, Teachers Insurance and Annuity Association of America, the OpTrust Original Founding Investor and Hunt-InfraREIT, L.L.C. (formerly known as Hunt EIAA, L.L.C.). 

“GAAP” means generally accepted accounting principles in the United States, as consistently applied by the Company and the
Operating Partnership. 
 “Holder” means (i) any Initial Holder who is the record or beneficial owner of any
Registrable Security or any assignee or transferee of such Registrable Security (including assignments or transfers of Registrable Securities to such assignees or transferees as a result of the foreclosure on any loans secured by such Registrable
Securities) (x) to the extent permitted under the Partnership Agreement or the Charter, as applicable, and (y) provided such assignee or transferee agrees in writing to be bound by all the provisions hereof, unless such owner,
assignee or transferee acquires such Registrable Security in a public distribution pursuant to a registration statement under the Securities Act or pursuant to transactions exempt from registration under the Securities Act where securities sold in
such transaction may be resold without subsequent registration under the Securities Act and (ii) any other Person who becomes a Holder in accordance with Section 4.5(a) hereof. 

  
 3 

 “Holder Notice” has the meaning set forth in Section 3.1(f). 

“Initial Holder” and “Initial Holders” have the meaning set forth in the preamble to this Agreement. 

“Issuer Shelf Registration Statement” has the meaning set forth in Section 3.1(b). 

“Notice and Questionnaire” means a written notice, substantially in the form attached as Exhibit A, delivered by a
Holder to the Company (i) notifying the Company of such Holder’s desire to include Registrable Securities held by it in a Shelf Registration Statement, (ii) containing all information about such Holder required to be included in such
registration statement in accordance with applicable law, including Item 507 of Regulation S-K promulgated under the Securities Act, as amended from time to time, or any similar successor rule thereto, and (iii) pursuant to which such
Holder agrees to be bound by the terms and conditions hereof. 
 “Offering” has the meaning set forth in the recitals to
this Agreement. 
 “Operating Partnership” has the meaning set forth in the recitals to this Agreement. 

“OpTrust Original Founding Investor” means, collectively, OPSEU Pension Plan Trust Fund, OpTrust Infrastructure N.A. Inc.,
and any other Controlled Affiliate of OPSEU Pension Plan Trust Fund which holds Common Shares as of the date of this Agreement. 

“Original Agreement” has the meaning set forth in the recitals to this Agreement. 

“Partnership Agreement” has the meaning set forth in the recitals to this Agreement. 

“Partnership Unit” has the meaning set forth in the Partnership Agreement. 

“Permitted Transferee” has the meaning set forth in the Partnership Agreement. 

“Person” means any individual, corporation, proprietorship, firm, partnership, limited partnership, limited liability
company, trust, association or other Entity. 
 “Prospectus” means the prospectus included in the Shelf Registration
Statement, including any preliminary prospectus, and any amendment or supplement thereto, including any supplement relating to the terms of the offering of any portion of the Registrable Securities covered by the Shelf Registration Statement, and in
each case including all material incorporated by reference therein. 
 “Publicly Traded” means listed or admitted to
trading on the New York Stock Exchange, NYSE Amex, the NASDAQ Stock Market or another national securities exchange, or any successor to any of the foregoing. 

  
 4 

 “Redeemable Units” means Partnership Units that are redeemable for Common Shares
pursuant to the Redemption Right. 
 “Redemption Right” has the meaning set forth in the Partnership Agreement. 

“Registrable Securities” means, with respect to any Holder, (a) all Common Shares owned, either of record or
beneficially, by the Holder, (b) any Common Shares that may be issued upon redemption of Redeemable Units held by the Holder that are exchanged for Common Shares upon a redemption of Partnership Units pursuant to the Partnership Agreement,
(c) any securities issued upon conversion or exchange of such Common Shares, or (d) any securities issued or issuable with respect to such Common Shares by way of conversion, exchange, stock dividend or stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise, including securities issued or issuable as a dividend or other distribution with respect to or in replacement of any shares referred to above. As to
any particular Registrable Securities, they shall cease to be Registrable Securities at the earliest time as one of the following shall have occurred: (i) a registration statement (including a Resale Shelf Registration Statement) covering the
sale or other transfer of such Common Shares has been declared effective by the Commission and all such Common Shares have been disposed of pursuant to such effective registration statement; (ii) such shares (other than Restricted Shares) were
issued pursuant to an effective registration statement (including an Issuer Shelf Registration Statement) and are freely tradeable by the Holder without restriction; (iii) such Common Shares have been publicly sold under Rule 144;
(iv) such Common Shares are held by each Holder who is an Affiliate of the Company if all of such Common Shares are eligible for sale pursuant to Rule 144 and could be sold in one transaction in accordance with the volume limitations contained
in Rule 144(e)(1)(i); (v) such Common Shares are held by Holders who are not Affiliates of the Company that are eligible for sale pursuant to Rule 144(d); or (vi) such Common Shares have been otherwise transferred in a transaction that
constitutes a sale thereof under the Securities Act, the Company has delivered to the Holder’s transferee a new certificate or other evidence of ownership for such Common Shares not bearing the Securities Act restricted stock legend and such
Common Shares subsequently may be publicly resold or otherwise transferred by such transferee without restriction or registration under the Securities Act. For the avoidance of doubt, Registrable Securities shall be deemed to include all Common
Shares held by a Holder, including Common Shares issuable upon redemption of Redeemable Units, without regard to the ownership limitations set forth in the Charter, to the maximum extent necessary to accommodate the sale of Common Shares pursuant to
a registered offering in accordance with Section 8.7.C of the Partnership Agreement. 
 “Registration Expenses” means
any and all expenses incident to performance of or compliance with this Agreement, including: (i) all applicable registration and filing fees imposed by the Commission, FINRA or any other self-regulatory organization; (ii) all fees and
expenses incurred in connection with compliance with state securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with qualification of any of the Registrable Securities under any state
securities or blue sky laws and the preparation of a blue sky memorandum) and compliance with the rules of FINRA; (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing the Shelf
Registration Statement, any Prospectus, certificates and other documents relating to the 

  
 5 

 
performance of and compliance with this Agreement; (iv) all fees and expenses incurred in connection with the listing, if any, of any of the Registrable Securities on any securities exchange
or exchanges pursuant to Section 3.2(m); (v) the fees and disbursements of counsel for the Company and of the independent public accountants of the Company, including the expenses of any special audits or “cold comfort”
letters required by or incident to such performance and compliance; and (vi) the fees and expenses, not to exceed $100,000 in the aggregate for all Shelf Registrations effected pursuant to this Agreement, of one counsel for all the Holders
(which counsel shall be chosen by the Holders and be reasonably acceptable to the Company). Registration Expenses shall specifically exclude underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of
Registrable Securities by a Selling Holder, all of which shall be borne by such Holder in all cases. 
 “Requesting
Holders” has the meaning set forth in Section 3.1(f). 
 “Resale Rules” has the meaning set forth in
Section 3.7. 
 “Resale Shelf Registration Statement” has the meaning set forth in Section 3.1(a). 

“Restricted Shares” means Common Shares issued under an Issuer Shelf Registration Statement which if sold by the holder
thereof would constitute “restricted securities” as defined under Rule 144 or would otherwise be subject to volume limitations under Rule 144. 

“Rule 144” means Rule 144 (or any similar provision then in force) promulgated under the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time of reference. 
 “Selling Expenses” means
(a) any underwriting discounts and commissions or similar charges attributable to the sale of Registrable Shares included in a registration, (b) any transfer taxes relating to the sale or disposition of Registrable Securities by a Selling
Holder or (c) any other expenses of the Selling Holders that do not constitute Registration Expenses. 
 “Selling
Holder” means any Holder who sells Registrable Securities pursuant to a public offering registered hereunder. 
 “Shelf
Registration” means a registration required pursuant to Section 3.1. 
 “Shelf Registration Statement”
means a Resale Shelf Registration Statement or an Issuer Shelf Registration Statement, as applicable. 
 “Suspension
Notice” has the meaning set forth in Section 3.3(a). 
 “Transfer” means, whether by operation of law
or otherwise, any sale, transfer, distribution, assignment, bequest, lease, pledge, hypothecation, encumbrance, grant of a security interest in, or grant, issue, sale or conveyance of any option, warrant or right to acquire or to otherwise dispose
of, transfer, or permit to be transferred (including (a) the granting of any option or entering into any agreement for the sale, transfer or other disposition of Common 

  
 6 

 
Shares or Partnership Units, (b) the sale, transfer, assignment or other disposition of any securities or rights convertible into or exchangeable for Common Shares, but excluding
(i) the exchange or conversion of any security of the Company for Common Shares or the Operating Partnership for Partnership Units or (ii) the redemption of Partnership Units pursuant to Section 8.7 of the Partnership Agreement, as
applicable, (c) any transfer or other disposition of any interest in Common Shares or Partnership Units as a result of a change in the marital status of the holder thereof), and (d) any change in the citizenship or country of formation,
incorporation, organization or domicile of the holder of Common Shares or Partnership Units). For clarity, a “Transfer” shall include any transaction, occurrence or event described in the foregoing clauses (a), (b), (c) or
(d) that is effected, occurs or arises directly or indirectly, including without limitation, by a sale, transfer or assignment of a controlling interest in a Holder or by way of a merger, consolidation, business combination or similar
transaction; provided, however, for any Holder which has issued securities of a class that are Publicly Traded (or securities of a class which are similarly traded publicly on a securities exchange or market in any other jurisdiction),
“Transfer” shall not include a sale of any such securities of a class which are so publicly traded. The term “Transferred” shall have correlative meanings. 

“Underwriting Notice” has the meaning set forth in Section 3.1(f). 

“Violation” has the meaning set forth in Section 3.6(a). 

Section 1.2 Interpretation. Unless the context otherwise requires: (i) a technical accounting term not otherwise defined has
the meaning assigned to it in accordance with GAAP; (ii) “or” is not exclusive; (iii) references to “Articles,” “Sections” and “Exhibits” refer to the articles, sections and the exhibits to this
Agreement, unless explicitly stated or the context requires otherwise; (iv) “herein,” “hereof” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section, Exhibit or other
subdivision; (v) references to statutes, regulations and rules include subsequent amendments and successors thereto unless the context otherwise requires; (vi) the various headings of this Agreement are provided herein for convenience only
and shall not affect the meaning or interpretation of this Agreement or any provision hereof; (vii) wherever from the context it appears appropriate, each term stated in either the singular or the plural shall include the singular and the
plural, and pronouns stated in either the masculine, the feminine or the neuter gender shall include the masculine, feminine and neuter; (viii) “including” means “including, without limitation”; and (ix) if any payment
hereunder shall become due on any day which is not a Business Day, such payment shall be made on the next succeeding Business Day. 

ARTICLE 2 
 LOCK-OUT
PERIOD FOR OFFERING 
 Section 2.1 Lock-Out Period for Offering. Each Holder hereby acknowledges and agrees that it is
subject to the lock-out period described in Section 2.1 of the Original Agreement, and, in furtherance of such provision, has executed a lock-up agreement with the underwriters in connection with the Offering, pursuant to which such Holder has
agreed not to Transfer any Registrable Securities for a period of time following the closing of the Offering subject to the terms and conditions of such lock-up agreement. 

  
 7 

 ARTICLE 3 

REGISTRATION RIGHTS 

Section 3.1 Shelf Registration Under the Securities Act. 

(a) Filing of Resale Shelf Registration Statement. The Company shall use its commercially reasonable efforts to cause to
be filed on the first Business Day after the first anniversary of the Closing, or as soon as reasonably practicable thereafter, a registration statement on an appropriate form for an offering to be made on a delayed or continuous basis pursuant to
Rule 415 under the Securities Act (the “Resale Shelf Registration Statement”) and providing for the sale by the Holders of all, but not less than all, of their Registrable Securities in accordance with the terms hereof and will use
its commercially reasonable efforts to cause the Resale Shelf Registration Statement to be declared effective by the Commission as soon thereafter as is practicable. The Company agrees to use its commercially reasonable efforts to keep the Resale
Shelf Registration Statement with respect to the Registrable Securities continuously effective for a period expiring on the date on which all remaining Registrable Securities covered by the Resale Shelf Registration Statement have been sold. Subject
to Section 3.2(b) below, the Company further agrees to amend the Resale Shelf Registration Statement if and as required by the rules, regulations or instructions applicable to the registration form used by the Company for the Resale
Shelf Registration Statement or by the Securities Act or any rules and regulations thereunder. 
 (b) Filing of an Issuer
Shelf Registration Statement. The Company may, at its option, satisfy its obligation to prepare and file a Resale Shelf Registration Statement pursuant to Section 3.1(a) above with respect to Common Shares issuable upon redemption of
Partnership Units pursuant to the Partnership Agreement (the “Redeemable Units”) by preparing and filing with the Commission no later than ten (10) Business Days after the first anniversary of the Closing, or as soon as
reasonably practicable thereafter, a registration statement on an appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (an “Issuer Shelf Registration Statement”)
providing for the issuance by the Company of Common Shares registered under the Securities Act, from time to time, to the Holders of such Redeemable Units in lieu of the Operating Partnership’s obligation to pay cash for such Redeemable Units.
The Company shall use commercially reasonable efforts to cause the Issuer Shelf Registration Statement to be declared effective by the Commission as promptly as reasonably practicable after filing thereof. The Company shall use commercially
reasonable efforts, subject to Sections 3.1(d) and 3.3 hereof, to keep the Issuer Shelf Registration Statement continuously effective for a period expiring on the date all of the Common Shares covered by such Issuer Shelf Registration
Statement have been issued by the Company pursuant thereto. If the Company shall exercise its rights under this Section 3.1(b), Holders (other than Holders of Restricted Shares) shall have no right to have Common Shares issued or
issuable upon exchange of the Redeemable Units included in a Resale Shelf Registration Statement pursuant to Section 3.1(a) above. 

  
 8 

 (c) Inclusion in Shelf Registration Statement. Each Holder that has
delivered a duly completed and executed Notice and Questionnaire to the Company as promptly as practicable after receipt of the Company’s request for such document, but in no event later than twenty (20) Business Days thereafter, shall be
entitled to have its Registrable Securities included in the applicable Shelf Registration Statement and shall be named as a selling securityholder in such Shelf Registration Statement and the related prospectus in such a manner as to permit such
Holder to deliver such prospectus to purchasers of Registrable Securities in accordance with applicable law. If required by applicable law, subject to the terms and conditions hereof, after effectiveness of the applicable Shelf Registration
Statement, the Company shall file a supplement to such prospectus or amendment to such Shelf Registration Statement not less frequently than once a quarter as necessary to name as selling securityholders therein any Holders that provide to the
Company a duly completed and executed Notice and Questionnaire and shall use commercially reasonable efforts to cause any post-effective amendment to such Shelf Registration Statement filed for such purpose to be declared effective by the Commission
as promptly as reasonably practicable after the filing thereof. 
 (d) Subsequent Filing. The Company shall prepare
and file such additional registration statements as necessary every three (3) years and use commercially reasonable efforts to cause such registration statements to be declared effective by the Commission so that the registration statement
remains continuously effective, subject to Section 3.3 hereof, with respect to resales of Registrable Securities as of and for the periods required under Section 3.1(a) or (b) hereof, as applicable, such
subsequent registration statements to constitute an Issuer Shelf Registration Statement or a Resale Shelf Registration Statement, as the case may be, hereunder. 

(e) Expenses. Except as provided herein, the Company shall pay all Registration Expenses in connection with the
registration pursuant to Section 3.1(a) and Section 3.1(b) and the performance of the Company’s obligations under this Section 3.1 and Section 3.2. The Company shall not be liable for any
underwriting or brokerage discounts and commissions, the fees and expenses of counsel retained by any Holder (other than the fees and expenses, not to exceed $100,000 in the aggregate for all Shelf Registrations effected pursuant to this Agreement,
of one counsel reasonably acceptable to the Company for all the Holders, which fees and expenses of counsel are Registration Expenses hereunder), and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable
Securities pursuant to the Shelf Registration Statement or Rule 144. 
 (f) Underwritten Offering. 

(i) If any of the Registrable Securities covered by the Shelf Registration are to be sold in an underwritten public offering,
one or more Holders intending to pursue such underwritten offering (the “Requesting Holders”) shall deliver a notice to the Company of such intent (the “Holder Notice”), and within ten (10) Business Days after
receipt of the notice of intent from such Holder for an underwritten offering, the Company shall give written notice (the “Underwriting Notice”) of such notice of intent to all other Holders and such other Holders shall be entitled
to include in such an underwritten offering all or part of their respective Registrable Securities by notice to the Company for inclusion therein within fifteen (15) Business Days after the Underwriting Notice is given. All notices made
pursuant to this Section 3.1(f) shall specify the aggregate number of Registrable Securities to be included. The 

  
 9 

 
Company agrees to cooperate with any such request for an underwritten offering and to take all such other reasonable actions in connection therewith as provided in Section 3.2(p);
provided that (x) the Holder Notice must be delivered by Requesting Holders that hold in the aggregate at least ten percent (10%) of the then outstanding Registrable Securities and (y) the Registrable Securities to be included
in such underwritten public offering shall have an aggregate value equal to or greater than fifty million dollars ($50,000,000), based upon the Closing Price as of the date of receipt of the Holder Notice by the Company; and provided,
further, that the Company shall not be obligated to effect more than four (4) underwritten offerings hereunder; and provided, further, that the Company shall not be obligated to effect, or take any action to effect, an
underwritten offering within ninety (90) days following the last date on which an underwritten offering was effected pursuant to this Section 3.1(f) or if longer, the length of any lock-up required by the underwriters in the prior
underwritten offering; and provided, further, that the Company shall not be obligated to effect, or take any action to effect, an underwritten offering if the Company responds to the Holder Notice with an indication that the Company
has the good faith intention to commence, within 90 days of the Holder Notice, an underwritten primary offering to which Section 3.5 will apply, in which case the Holders may not request an underwritten offering pursuant to this
Section 3.1(f) during such 90-day period (the Company may not exercise its rights under this proviso more than one time during any 12-month period). 

(ii) In the case of any firm commitment underwritten offering, if the managing underwriter or underwriters of such offering
advise the Company in writing that in its or their opinion the number of Registrable Securities proposed to be sold in such offering exceeds the number of Registrable Securities that can be sold in such offering without adversely affecting the
market for the Common Shares, the Company will include in such offering the number of Registrable Securities that in the opinion of such managing underwriter or underwriters can be sold without adversely affecting the market for the Common Shares.
In such event, the number of Registrable Securities to be offered for the account of each Holder requesting to include Registrable Securities in such offering (including the Holder providing the initial Holder Notice) shall be reduced pro rata on
the basis of the relative number of Registrable Securities requested by each such Holder to be included in such offering to the extent necessary to reduce the total number of Registrable Securities to be included in such offering to the number
recommended by such managing underwriter or underwriters. 
 (iii) No Person may participate in any underwritten offerings
hereunder unless such Person (A) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (B) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and these registration rights provided for in this Article 3. 

  
 10 

 (g) Selection of Underwriters. If any of the Registrable Securities
covered by the Shelf Registration are to be sold in an underwritten offering, the Company shall have the right to select the investment banker or investment bankers and manager or managers that will underwrite the offering and to approve the
underwriting arrangements; provided, however, that such investment bankers and managers and underwriting arrangements must be reasonably acceptable to the Selling Holders holding a majority of the Registrable Securities to be sold in
the underwritten offering. 
 (h) Company’s Ability to Delay. The Company may delay the filing of a registration
statement under this Section 3.1 only if it would be entitled to delay such filing pursuant to, and for such time as is permitted by, Section 3.3 below. 

(i) Form S-3. The Company agrees to use its commercially reasonable efforts to meet the general eligibility requirements
under the Securities Act for the use of a registration statement on Form S-3. 
 Section 3.2 Registration Procedures. In
connection with the obligations of the Company with respect to the applicable Shelf Registration Statement contemplated by Section 3.1, the Company shall (except as otherwise provided in this Agreement), as expeditiously as possible
after the Company’s obligations vest under Section 3.1: 
 (a) prepare and file with the Commission the
Shelf Registration Statement, which shall (i) be available for the sale of the Registrable Securities in accordance with the intended method or methods of distribution by the Selling Holders thereof and (ii) comply as to form in all
material respects with the requirements of the applicable form and include all financial statements required by the Commission to be filed therewith; 

(b) (i) prepare and file with the Commission such amendments to the Shelf Registration Statement as may be necessary to keep
the Shelf Registration Statement effective for the applicable period; (ii) cause the Prospectus to be amended or supplemented as required and to be filed as required by Rule 424 or any similar rule that may be adopted under the Securities
Act; (iii) respond as promptly as practicable to any comments received from the Commission with respect to the Shelf Registration Statement or any amendment thereto; and (iv) comply with the provisions of the Securities Act with respect to
the disposition of all securities covered by the Shelf Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the Selling Holders thereof; 

(c) promptly furnish to each Selling Holder of Registrable Securities, without charge, as many copies of each Prospectus and
any amendment or supplement thereto as such Selling Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities; the Company consents to the use of the Prospectus and any amendment or
supplement thereto by each such Selling Holder of Registrable Securities in connection with the offering and sale of the Registrable Securities covered by the Prospectus or amendment or supplement thereto; 

  
 11 

 (d) use its commercially reasonable efforts to register or qualify the
Registrable Securities by the time the Shelf Registration Statement is declared effective by the Commission under all applicable state securities or blue sky laws of such jurisdictions in the United States and its territories and possessions as any
Holder of Registrable Securities covered by the Shelf Registration Statement shall reasonably request in writing, keep each such registration or qualification effective during the period the Shelf Registration Statement is required to be kept
effective or during the period offers or sales are being made by a Selling Holder, whichever is shorter; provided, however, that in connection therewith, the Company shall not be required to (i) qualify as a foreign corporation to
do business or to register as a broker or dealer in any such jurisdiction where it would not otherwise be required to qualify or register but for this Section 3.2(d), (ii) subject itself to taxation in any such jurisdiction, or
(iii) file a general consent to service of process in any such jurisdiction; 
 (e) notify each Holder of Registrable
Securities promptly and, if requested by such Holder, confirm in writing, (i) when the Shelf Registration Statement and any post-effective amendments thereto have become effective, (ii) when any amendment or supplement to the Prospectus
has been filed with the Commission, (iii) of the issuance by the Commission or any state securities authority of any stop order suspending the effectiveness of the Shelf Registration Statement or any part thereof or the initiation of any
proceedings for that purpose, (iv) if the Company receives any notification with respect to the suspension of the qualification of the Registrable Securities for offer or sale in any jurisdiction or the initiation of any proceeding for such
purpose, and (v) of the happening of any event during the period the Shelf Registration Statement is effective as a result of which (A) the Shelf Registration Statement contains any untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein not misleading or (B) the Prospectus as then amended or supplemented contains any untrue statement of a material fact or omits to state any material fact
necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(f) make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of the Shelf Registration
Statement or any part thereof as promptly as possible; 
 (g) furnish to each Selling Holder of Registrable Securities,
without charge, at least one conformed copy of the Shelf Registration Statement and any post-effective amendment thereto (without documents incorporated therein by reference or exhibits thereto, unless requested); 

(h) cooperate with the Selling Holders of Registrable Securities to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any Securities Act legend; and enable certificates for such Registrable Securities to be issued for such numbers of shares and registered in such names as the Selling
Holders may reasonably request at least ten (10) Business Days prior to any sale of Registrable Securities; and in connection therewith, if required by the Company’s transfer agent, the Company shall, promptly after the effectiveness of a
Shelf Registration Statement, cause an opinion of counsel as to the effectiveness of such Shelf 

  
 12 

 
Registration Statement to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent which
authorize and direct the transfer agent to issue such Registrable Securities without legend upon sale by the Selling Holder of such Registrable Securities under such Shelf Registration Statement; 

(i) upon the occurrence of any event contemplated by clause (v) of Section 3.2(e), use its commercially
reasonable efforts promptly to prepare and file an amendment or a supplement to the Prospectus or any document incorporated therein by reference or prepare, file and obtain effectiveness of a post-effective amendment to the Shelf Registration
Statement, or file any other required document, in any such case to the extent necessary so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus as then amended or supplemented will not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading; 

(j) make available for inspection by the Holders of Registrable Securities and any counsel, accountants or other
representatives retained by such Holders all financial and other records, pertinent corporate documents and properties of the Company and cause the officers, trustees and employees of the Company to supply all such records, documents or information
reasonably requested by such Holders, counsel, accountants or representatives in connection with the Shelf Registration Statement; provided, however, that such records, documents or information which the Company determines in good
faith to be confidential and notifies such Holders, counsel, accountants or representatives in writing that such records, documents or information are confidential shall not be disclosed by such Holders, counsel, accountants or representatives
unless (i) such disclosure is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (ii) such records, documents or information become generally available to the public other than through a breach of this
Agreement; 
 (k) a reasonable time prior to the filing of the Shelf Registration Statement or any amendment thereto, or any
Prospectus or any amendment or supplement thereto, provide copies of such document (not including any documents incorporated by reference therein unless requested) to the Holders of Registrable Securities; 

(l) provide one (1) legal counsel to the Holders (which counsel shall be chosen by the Holders and be reasonably
acceptable to the Company) with an opportunity to review and comment upon each Shelf Registration Statement and any related Prospectus included therein at least five (5) Business Days prior to their initial filing with the Commission and upon
all amendments and supplements thereto such lesser period prior to their filing with the Commission as shall be reasonable and appropriate under the circumstances, and the Company shall not file any documents to which such legal counsel to the
Holders reasonably objects in writing (it being agreed that such writing may for this purpose be in electronic format); provided that any fees and expenses of such counsel shall be borne by the parties as provided in Section 3.1(e); 

  
 13 

 (m) use its commercially reasonable efforts to cause all Registrable Securities
to be listed on any national securities exchange on which similar securities issued by the Company are then listed; 
 (n)
provide a CUSIP number for all Registrable Securities, not later than the effective date of the Shelf Registration Statement; 

(o) use its commercially reasonable efforts to make available to its security holders, as soon as reasonably practicable, an
earnings statement covering at least twelve (12) months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 

(p) if requested by a Selling Holder or any underwriters engaged by such Selling Holder for purposes of distributing the
Registrable Securities, enter into such agreements (including an underwriting agreement in form, scope and substance as is customary in underwritten offerings) and take all such other reasonable actions in connection therewith (including those
reasonably requested by the underwriters or such Selling Holder) in order to expedite or facilitate the disposition of such Registrable Securities, and in such connection, (i) make such representations and warranties to the underwriters with
respect to the business of the Company and the Shelf Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by
issuers to underwriters in underwritten offerings, and confirm the same if and when requested; (ii) obtain customary opinions of counsel to the Company and updates thereof (which shall be in form and substance reasonably satisfactory to the
Selling Holders or to the underwriters and their counsel, as the case may be), addressed to such Selling Holder and, if applicable, each of the underwriters; (iii) obtain “cold comfort” letters and updates thereof from the independent
registered public accountants of the Company, addressed to such Selling Holder and, if applicable, each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort”
letters in connection with any such offerings (in each case, to the extent permitted by applicable accounting rules and guidelines); (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and
procedures no less favorable to the underwriters than those set forth in Section 3.6 and cross indemnification by the underwriters in form and substance as is customary in connection with such offering, in favor of the Company or the
Selling Holders, as the case may be; and (v) deliver such documents and certificates as may be reasonably requested by the managing underwriters and their counsel to evidence the continued validity of the representations and warranties made
pursuant to clause (i) above of this Section 3.2(p) and to evidence compliance with any customary conditions contained in the underwriting agreement entered into by the Company; 

(q) otherwise comply in all material respects with all applicable rules and regulations of the Commission that are applicable
to the Company in connection with any Shelf Registration Statement and the disposition of all Registrable Securities covered by such Shelf Registration Statement, including by filing with the Commission in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act in order to keep any Shelf Registration Statement effective; and 

  
 14 

 (r) subject to the foregoing, take all other reasonable actions necessary to
facilitate disposition by the Holders pursuant to such Shelf Registration Statement. 
 Each Selling Holder agrees that, upon receipt of any
notice from the Company of the happening of any event of the kind described in Section 3.2(e)(iii), (iv) and (v) hereof or upon receipt of a Suspension Notice, such Selling Holder will forthwith discontinue
disposition of Registrable Securities pursuant to the Shelf Registration Statement covering such Registrable Securities until such Selling Holder’s receipt of written notice from the Company that such disposition may be made and, in the case of
Section 3.2(e)(v) hereof or, if applicable, Section 3.3 hereof, copies of any supplemented or amended prospectus contemplated by Section 3.2(e)(v) hereof or, if applicable, prepared under Section 3.3
hereof, and, if so directed by the Company, such Selling Holder will deliver to the Company all copies, other than permanent file copies, then in such Selling Holder’s possession, of the most recent prospectus covering such Registrable
Securities at the time of receipt of such notice. Each Selling Holder of Registrable Securities agrees that it will immediately notify the Company at any time when a prospectus relating to the registration of such Registrable Securities is required
to be delivered under the Securities Act of the happening of an event as a result of which information previously furnished by such Selling Holder to the Company in writing for inclusion in such prospectus contains an untrue statement of a material
fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made. 

The Company may require each Selling Holder of Registrable Securities to furnish to the Company in writing such information regarding the
proposed distribution by such Selling Holder of such Registrable Securities as the Company may from time to time reasonably request in writing. 
 In
connection with and as a condition to the Company’s obligations with respect to the Shelf Registration Statement pursuant to Section 3.1 and this Section 3.2, each Selling Holder covenants and agrees that (i) it
will not offer or sell any Registrable Securities under the Shelf Registration Statement until it has received copies of the Prospectus as then amended or supplemented as contemplated by Section 3.2(c) and notice from the Company that
the Shelf Registration Statement and any post-effective amendments thereto have become effective as contemplated by Section 3.2(e); (ii) such Holder and any of its officers, directors or Affiliates, if any, must comply with the
provisions of Regulation M under the Exchange Act as applicable to them in connection with sales of Registrable Securities pursuant to the Shelf Registration Statement; and (iii) such Selling Holder and any of its officers, directors or
Affiliates, if any, must enter into such customary written agreements as the Company shall reasonably request to ensure compliance with clause (ii) above. 

  
 15 

 Section 3.3 Suspension of Use of the Shelf Registration Statement. 

(a) Notwithstanding anything to the contrary contained herein, the Company shall not be required to take any of the actions
described in Section 3.1(a), Section 3.2(a), clauses (i), (ii) or (iii) of Section 3.2(b), Section 3.2(d) or Section 3.2(i) with respect to each Holder holding Registrable
Securities, and each Holder holding Registrable Securities agrees not to effect any sale of Registrable Securities through the Shelf Registration Statement, for a period not to exceed ninety (90) days from the date of the Suspension Notice (as
defined below) in the event that the Company delivers written notice (each, a “Suspension Notice”) to each such Selling Holder of Registrable Securities to the effect that in the good faith judgment of the Board, as a result of a
pending material corporate development or transaction, it would be seriously detrimental to the Company or its stockholders to cause the Shelf Registration Statement or such filings to be made or to become effective or to amend or supplement the
Shelf Registration Statement or to permit the continued use thereof and that such Selling Holder may not make offers or sales under the Shelf Registration Statement for a period not to exceed ninety (90) days from the date of such Suspension
Notice; provided, however, that the Company may deliver only two (2) such Suspension Notices within any twelve (12) month period and the period(s) of time addressed by such Suspension Notices shall not exceed one hundred
twenty (120) days in the aggregate in any twelve (12) month period. 
 (b) If all reports required to be filed by
the Company pursuant to the Exchange Act have not been filed by the required date without regard to any extension, or if the consummation of any business combination by the Company has occurred or is probable for purposes of Rule 3-05 or Article 11
of Regulation S-X promulgated under the Securities Act or any similar successor rule, or if a post-effective amendment must be filed to update the prospectus pursuant to Section 10(a)(3) of the Securities Act, upon written notice thereof by the
Company to the Holders, the rights of the Holders to offer, sell or distribute any Registrable Securities pursuant to a Shelf Registration Statement or to require the Company to take action with respect to the registration or sale of any Registrable
Securities pursuant to a Shelf Registration Statement shall be suspended until the date on which the Company has filed such reports or obtained and filed the financial information required by Rule 3-05 or Article 11 of Regulation S-X to be included
or incorporated by reference, as applicable, in a Shelf Registration Statement, and the Company shall use commercially reasonable efforts to file the required reports or post-effective amendment or obtain and file the financial information required
to be included or incorporated by reference, as applicable, as promptly as commercially practicable, and shall notify the Holders as promptly as practicable when such suspension is no longer required. 

Section 3.4 Lockout Periods for Holder Sales. In the event (a) of an underwritten offering covered by the Shelf Registration
following the delivery of an Underwriting Notice or (b) the Company intends to issue shares of beneficial interest to the public in an underwritten offering after the Closing, each Holder agrees, if requested by the managing underwriter or
underwriters for such underwritten offering, not to effect any Transfer of Registrable Securities or any securities convertible into or exchangeable or exercisable for such Registrable Securities, including a sale pursuant to Rule 144, except with
the consent of the managing underwriter or underwriters, during the period reasonably required by the underwriter or underwriters for such offering, which shall not be longer than the period beginning ten (10) Business Days prior to the
consummation of such underwritten offering and ending on the day that is ninety (90) days after the consummation of such underwritten offering; provided that the foregoing restriction shall not 

  
 16 

 
apply with respect to any non-public Transfer by any Holder to a Permitted Transferee of such Holder. Notwithstanding the foregoing, this Section 3.4 shall not be applicable to or
otherwise be binding on any Holder unless it is applicable to and otherwise binding on all Holders who hold at least one percent (1%) of the Company’s Common Shares and the Company causes all of its executive officers and directors to be
similarly bound. 
 Section 3.5 Piggy-Back Registration. 

(a) If at any time on or after the date hereof, the Company proposes to register Common Shares under the Securities Act (other
than (i) a registration statement on Form S-4 or S-8, or any successor or other forms promulgated for similar purposes, or (ii) a registration statement with respect to corporate reorganizations or other transactions under Rule 145 of the
Securities Act or any successor rule promulgated for similar purposes), whether or not for sale for its own account (including, without limitation, any registration effected pursuant to Section 3.1 hereof), in a manner which would permit
registration of Registrable Securities for sale to the public under the Securities Act, each Holder shall have the right to include in such registration all or part of the Registrable Securities held by such Holder (the “Piggyback
Registration Right”). At such time, the Company shall give prompt written notice to all Holders of Registrable Securities of its intention to register Common Shares. 

(b) Any Holder wishing to exercise its Piggyback Registration Right shall deliver to the Company a written notice within
fifteen (15) days after the receipt of the Company’s notice. Such Holder’s written notice shall specify the number of Common Shares intended to be disposed of by such Holder, which might be all or a portion of such Holder’s
Registrable Securities. The Company will, subject to Sections 3.5(c) and (f) below, use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Securities which the Company has
been so requested to register by the Holders thereof, to the extent requisite to permit the disposition of the Registrable Securities so to be registered; provided that (x) if, at any time after giving written notice of its intention to
register any securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to proceed with the proposed registration of the securities to be sold
by it, the Company may, at its election, give written notice of such determination to each Holder of Registrable Securities and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such
registration, and (y) if such registration involves an underwritten offering, all Holders of Registrable Securities requesting to be included in the Company’s registration must sell their Registrable Securities to the underwriters selected
by the Company on the same terms and conditions as apply to the Company (including entering into an underwriting agreement in customary form with the underwriter or underwriters selected for such offering by the Company), as may be customary or
appropriate in combined primary and secondary offerings. 
 (c) If a registration requested pursuant to this
Section 3.5 involves an underwritten public offering, any Holder of Registrable Securities requesting to be included in such registration may elect, in writing at least one (1) day prior to the first use of a preliminary prospectus
in connection with such registration, not to register such securities in connection with such registration. 

  
 17 

 (d) All Holders of Registrable Securities requesting to be included in any
registration shall cooperate with the Company in all reasonable respects by supplying information and executing documents relating to such Holder or the Registrable Securities owned by such Holder in connection with such registration and shall enter
into such undertakings and take such other action relating to a proposed offering which the Company or the underwriters may reasonably request as being necessary to ensure compliance with federal and state securities laws and the rules or other
requirements of a securities exchange listing or otherwise to effectuate an offering. 
 (e) The Company shall pay all
Registration Expenses incurred in connection with each registration of Registrable Securities pursuant to this Section 3.5. All Selling Expenses applicable to Registrable Securities sold by Holders incurred in connection with each
registration pursuant to this Section 3.5 shall be borne by the Holders of the Registrable Securities so registered pro rata based on the number of securities so registered. 

(f) If a registration pursuant to this Section 3.5 involves an underwritten offering and the managing underwriter
determines in good faith that marketing factors require a limitation on the number of securities to be underwritten, the number of securities that may be included will be limited to the number of securities that, in the opinion of such underwriter,
should be included, and the securities to be included in the underwriting shall be allocated, first, to the Company and, second, pro rata to all other requesting Holders on the basis of the relative number of Registrable Securities then requested to
be sold by each such Holder (provided that any securities thereby allocated to any such Holder that exceed such Holder’s request will be reallocated among the remaining requesting Holders in like manner). 

Section 3.6 Indemnification. In the event Common Shares are sold by Holders pursuant to the Offering or any Registrable Securities
are included in a Shelf Registration under Section 3.1 or in a registration statement pursuant to Section 3.5: 

(a) Indemnity by the Company. Without limitation of any other indemnity provided to any Holder, to the extent permitted
by law, the Company will indemnify and hold harmless each Holder, the Affiliates, officers, directors and partners of each Holder, any underwriter (as defined in the Securities Act), and each Person, if any, who controls such Holder or underwriter
(within the meaning of the Securities Act or the Exchange Act), against any losses, claims, damages, liabilities and expenses (joint or several) to which they may become subject under the Securities Act, the Exchange Act or any other federal or
state law, as and when incurred, insofar as such losses, claims, damages, liabilities and expenses (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a
“Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in a registration statement (including any preliminary Prospectus or final Prospectus contained therein or any amendments or
supplements thereto or any “issuer free writing prospectus” (as defined in Rule 433 under the Securities Act) related thereto), (ii) the omission or alleged 

  
 18 

 
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or
(iii) any other violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law, and
the Company will reimburse each such Holder, Affiliate, officer, director, partner, underwriter or controlling person for any reasonable legal or other expenses incurred by them in connection with investigating or defending any such loss, claim,
damage, liability, expense or action; provided, however, that the Company shall not be liable to any Holder in any such case for any such loss, claim, damage, liability, expense or action to the extent that it arises out of or is based
upon a Violation which occurs (A) in reliance upon and in conformity with written information furnished expressly for use in the Offering registration statement or the Shelf Registration Statement or Prospectus by any such Holder or any
officer, director, partner or controlling person thereof or (B) by such Holder’s failure to deliver a copy of the Offering registration statement or the Shelf Registration Statement or Prospectus or any amendments or supplements thereto
after the Company has furnished such Holder with a sufficient number of copies of the same. 
 (b) Indemnity by
Holders. In connection with any registration in which a Holder is participating, each such Holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with the Shelf
Registration Statement or Prospectus or registration statement pursuant to Section 3.5 and, to the extent permitted by law, will indemnify the Company, its directors and officers and each Person who controls the Company (within the meaning of
the Securities Act or Exchange Act) against any losses, claims, damages, liabilities and expenses resulting from any Violation, but only to the extent that such Violation occurs in reliance upon and in conformity with any information so furnished in
writing by such Holder expressly for use in the Shelf Registration Statement or Prospectus or registration statement pursuant to Section 3.5 or by virtue of such Holder’s failure to deliver a copy of the Shelf Registration Statement or
Prospectus or registration statement pursuant to Section 3.5 or any amendments or supplements thereto after the Company has furnished such Holder with a sufficient number of copies of the same; provided that the obligation to indemnify
will be several and not joint and several with any other Person and will be limited to the net amount received by such Holder from the sale of Registrable Securities pursuant to the Shelf Registration Statement or registration statement pursuant to
Section 3.5. 
 (c) Notice; Right to Defend. Promptly after receipt by an indemnified party under this
Section 3.6 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 3.6,
deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, if the indemnifying party agrees in writing that it will be responsible for any costs, expenses,
judgments, damages and losses incurred by the indemnified party with respect to such claim, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties and the
indemnified party may participate in such defense at such party’s expense; 

  
 19 

 
provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if the indemnified
party reasonably believes that representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party
represented by such counsel in such proceeding, provided that the indemnifying party shall not be responsible for the fees and expenses of more than one counsel for the indemnified parties. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 3.6 only if and to the extent that such failure is materially
prejudicial to its ability to defend such action, and the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party other than under this Section 3.6.

 (d) Contribution. If the indemnification provided for in this Section 3.6 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall
contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other hand in connection with the statements or omissions which resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and the indemnified party shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Notwithstanding the foregoing, the amount any
Holder shall be obligated to contribute pursuant to this Section 3.6(d) shall be limited to an amount equal to the net proceeds to such Holder of the Registrable Securities sold pursuant to the Shelf Registration Statement or
registration statement pursuant to Section 3.5 that gives rise to such obligation to contribute (less the aggregate amount of any damages which the Holder has otherwise been required to pay in respect of such loss, claim, damage, liability or
expense or any substantially similar loss, claim, damage, liability or expense arising from the sale of such Registrable Securities). 

(e) Survival of Indemnity and Contribution. The indemnification and contribution provided by this
Section 3.6 shall be a continuing right to indemnification and contribution and shall survive the registration and sale of any securities by any Person entitled to indemnification and contribution hereunder and the expiration or
termination of this Agreement. 

  
 20 

 Section 3.7 Rule 144; Reports under Exchange Act. From and after the time of the
effective date of the Shelf Registration Statement filed with the Commission pursuant to Section 3.1(a), in order to permit the Holders to sell the Registrable Securities they hold, if they so desire, from time to time pursuant to Rule
144 promulgated by the Commission or any successor to such rule or any other rule or regulation of the Commission that may at any time permit a Holder to sell Registrable Securities to the public without registration (the “Resale
Rules”), the Company will: 
 (a) comply with all rules and regulations of the Commission applicable in connection
with use of the Resale Rules; 
 (b) make and keep adequate and current public information available, as those terms are
understood and defined in the Resale Rules, at all times; 
 (c) file with the Commission in a timely manner all reports and
other documents required of the Company under the Securities Act and the Exchange Act as required by the Resale Rules; 
 (d)
furnish annually to all Holders material containing the information required by Rule 14a-3(b) under the Exchange Act and Items 401, 402 and 403 of Regulation S-K of the Commission; 

(e) furnish to any Holder so long as such Holder owns any Registrable Securities, forthwith upon request (i) a written
statement by the Company that it has complied with the reporting requirements of the Resale Rules, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and any other reports and
documents so filed by the Company and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the Commission which permits the selling of any such securities to the public without
registration; and 
 (f) take any action (including cooperating with the Holder to cause the transfer agent to remove any
restrictive legends on such securities) as shall be reasonably requested by any Holder or which shall otherwise facilitate the sale of Registrable Securities from time to time by the Holders pursuant to the Resale Rules. 

ARTICLE 4 
 MISCELLANEOUS

 Section 4.1 Notices. In order to be deemed effective, all documents to be delivered and all notices, approvals,
authorizations, demands, requests, reports and/or consents to be given or obtained by any party to this Agreement shall be deemed received, unless earlier received, (i) if sent by certified or registered mail, return receipt requested, when
actually delivered as aforesaid, except that such delivery shall be prior to 5:00 p.m., recipient’s time, on any Business Day and if a notice is not delivered on a Business Day or is delivered after 5:00 p.m., recipient’s time, such notice
shall be deemed to have been received by such recipient at the commencement of such recipient’s first Business Day next following the time of delivery, (ii) if sent by overnight mail or international courier, when actually delivered as
aforesaid, except that such delivery shall be prior to 5:00 p.m., recipient’s time, on any Business Day and if a notice is not delivered on a Business Day or is delivered after 5:00 p.m., recipient’s time, such notice shall be deemed to
have been received by such recipient at the commencement of such recipient’s first Business Day 

  
 21 

 
next following the time of delivery, (iii) if sent by email or facsimile transmission, prior to 5:00 p.m., recipient’s time, on any Business Day and if a notice is not transmitted on a
Business Day or is transmitted after 5:00 p.m., recipient’s time, such notice shall be deemed to have been received by such recipient at the commencement of such recipient’s first Business Day next following transmission of such notice,
provided that confirmatory notice is sent promptly thereafter by first-class mail, postage prepaid, and (iv) if delivered by hand, on the date of receipt, at the address set forth below: 

 

	 	(a)	To the Company: 

 InfraREIT, Inc. 

1807 Ross Avenue, 4th Floor 

Dallas, Texas 75201 
 Attention:
General Counsel 
 Facsimile: 

Email Address: Legal@Huntutility.com 
  

	 	(b)	To any Holder: 

 to the address of such Holder as it appears in the Company’s records.

 The above addresses may be changed for future communications or delivery of notice hereunder by giving notice of such change to the others listed above
in the manner prescribed by this Section 4.1. All notices shall be deemed effective when received by all applicable parties at the addresses set forth above (as such addresses may be changed by the parties in accordance herewith).
Notwithstanding the foregoing, no notice shall be deemed ineffective because of any party’s refusal to accept delivery at the address specified for the giving of such notice in accordance herewith. 

Section 4.2 Further Action. The parties shall execute and deliver all documents, provide all information and take or refrain from
taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 4.3 Successors and
Assigns. Except as otherwise expressly provided herein, this Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company and each of the Holders (including, for the avoidance of doubt, (x) any
subsequent holder of Registrable Securities, whether or not any express assignment has been made and (y) any entity which is the successor to the Company by merger, consolidation or similar transaction); provided, however, that
upon any Transfer of Registrable Securities pursuant to a registration statement or under any Resale Rule that permits a Holder to sell Registrable Securities to the public without registration, this Agreement shall not inure to the benefit of the
transferee; and provided, further, that the term “Holder” as used in this Agreement shall include any transferee to whose benefit this Agreement has so inured. 

Section 4.4 Amendment and Waiver. This Agreement may be amended, and the observance of any term of this Agreement may be waived,
but only with the written consent of the Company and Holders then holding a majority of the outstanding Registrable Securities; provided, however, that the effect of any such amendment will be that the consenting Holders 

  
 22 

 
will not be treated more favorably than all other Holders (without regard to any differences in effect that such amendment or waiver may have on the Holders due to the differing amounts of
Registrable Securities held by such Holders); and provided, further, that without the consent of any other Holder, but with the written agreement of the Company (other than in the case of a waiver of any right to which a Holder is
entitled hereunder), any Holder may from time to time enter into one or more agreements amending, modifying or waiving the provisions of this Agreement with respect to such Holder if such action does not adversely affect the rights or interest of
any other Holder and such agreements do not provide any more favorable rights to such Holder than the rights set forth herein. No delay on the part of any party in the exercise of any right, power or remedy shall operate as a waiver thereof, nor
shall any single or partial exercise by any party of any right, power or remedy preclude any other or further exercise thereof, or the exercise of any other right, power or remedy. 

Section 4.5 Additional Holders. 

(a) Notwithstanding the provisions of Section 4.3, additional Persons may be added as Holders under this Agreement
in connection with the acquisition of Common Shares by such Persons by executing a joinder to this Agreement and such Person shall become a Holder for all purposes of this Agreement. 

(b) The Company will not enter into any contract, arrangement or understanding from and after the date hereof with any future
Holders with respect to Common Shares that has the effect of establishing rights or otherwise benefiting such person in a manner more favorable in any material respect with respect to the matters contemplated by Article 3 of this Agreement
than the rights and benefits established in favor of the Holders with respect to Common Shares pursuant to this Agreement, unless the Company shall grant similar rights or benefits in favor of the Holders party hereto. 

Section 4.6 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be
effective and valid under applicable law, provided, however, if performance of any provision of this Agreement, at the 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 herein contained, 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. 
 Section 4.7 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. 

  
 23 

 Section 4.8 Governing 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. 
 Section 4.9 Waiver of
Jury Trial. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 4.10 Forum Selection and Consent to Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION
WITH THIS AGREEMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN OR IN A UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK LOCATED IN THE BOROUGH OF
MANHATTAN. EACH OF THE PARTIES HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE BOROUGH OF MANHATTAN AND OF A UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
LOCATED IN THE BOROUGH OF MANHATTAN FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. EACH OF THE PARTIES HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

Section 4.11 Entire Understanding. This Agreement contains the entire understanding and agreement among the parties with respect
to the subject matter hereof and supersedes any prior written or oral understandings or agreements among them with respect thereto, including the Original Agreement. 

Section 4.12 No Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and no provisions of
this Agreement shall be deemed to confer upon any other party any remedy, claim, liability, reimbursement, cause of action or other right. 

Section 4.13 No Presumption Against Drafter. Each of the parties hereto have jointly participated in the negotiation and drafting
of this Agreement. In the event of an ambiguity or if a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by each of the parties hereto and no presumptions or burdens of proof shall arise favoring
any party by virtue of the authorship of any of the provisions of this Agreement. 
 [Remainder of Page Intentionally Left Blank] 

  
 24 

 IN WITNESS WHEREOF, the undersigned has executed this Registration Rights and Lock-Up Agreement
as of the date and year first above written. 
  

			
	 INFRAREIT, INC.

	 a Maryland corporation

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [Signature Page to Registration Rights and Lock-Up Agreement] 

 Schedule A 

Holders 
 John Hancock Life Insurance Company (U.S.A.) 

Marubeni Corporation 
 MC Transmission Holdings, Inc. 

OPTrust N.A. Holdings Trust 
 Teachers Insurance and Annuity
Association of America 
 Hunt-InfraREIT, L.L.C. 
 The names
of other individuals on file with the Company 

  
 Schedule A-1 

 EXHIBIT A 

INFRAREIT, INC. 
 FORM OF NOTICE AND QUESTIONNAIRE 

The undersigned beneficial holder of shares of Common Stock, par value $0.01 per share (“Common Shares”), of InfraREIT, Inc. (the
“Company”) and/or units of limited partnership interests (“Partnership Units” and, together with the Common Shares, the “Registrable Securities”) of InfraREIT Partners, L.P. (the “Operating Partnership”),
understands that the Company has filed or intends to file with the Securities and Exchange Commission one or more registration statements (collectively, the “Shelf Registration Statement”) for the registration and resale under Rule 415 of
the Securities Act of 1933, as amended (the “Securities Act”), of the Registrable Securities in accordance with the terms of the Amended and Restated Registration Rights and Lock-Up Agreement (the “Registration Rights
Agreement”), dated                     , 2015, among the Company and the holders listed on Schedule A thereto. A copy of the Registration
Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings set forth in the Registration Rights Agreement. 

Each beneficial owner of Registrable Securities is entitled to the benefits of the Registration Rights Agreement. To be included in a Shelf
Registration Statement, this Notice and Questionnaire must be completed, executed and delivered to the Company at the address set forth herein as promptly as practicable after receipt of this request, but in no event later than twenty
(20) Business Days thereafter. We will give notice of the filing and effectiveness of the Shelf Registration Statement by issuing a press release and by mailing a notice to the holders of Registrable Securities at their addresses set forth in
the register of the registrar. 
 Beneficial owners that do not complete this Notice and Questionnaire and deliver it to the Company as
provided below will not be named as selling security holders in the prospectus and therefore will not be permitted to acquire and/or sell any Registrable Securities pursuant to the Shelf Registration Statement. Beneficial owners are encouraged to
complete and deliver this Notice and Questionnaire prior to the effectiveness of the Shelf Registration Statement so that such beneficial owners may be named as selling security holders in the related prospectus at the time of effectiveness. Upon
receipt of a completed Notice and Questionnaire from a beneficial owner following the effectiveness of the Shelf Registration Statement, in accordance with the Registration Rights Agreement, the Company will file such amendments to the Shelf
Registration Statement or additional shelf registration statements or supplements to the related prospectus as are necessary to permit such holder to deliver such prospectus to purchasers of Registrable Securities. 

Certain legal consequences arise from being named as selling security holders in a Shelf Registration Statement and the related prospectus.
Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling security holder in a Shelf Registration Statement
and the related prospectus. 

  
 Exhibit A-1 

 NOTICE 

The undersigned beneficial owner (the “Selling Security Holder”) of Registrable Securities hereby elects to include in the
prospectus forming a part of the Shelf Registration Statement the Registrable Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under Item 3). The undersigned, by signing and returning this Notice
and Questionnaire, understands that it will be bound by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement. 

The undersigned hereby provides the following information to the Company and represents and warrants to the Company that such information is
accurate and complete: 
 QUESTIONNAIRE 
  

					
			
	1.	 	(a)	  	 Full Legal Name of Selling Security Holder:

 

			
		 	(b)	  	 Full Legal Name of registered holder (if not the same as (a) above) through which Registrable Securities listed in Item (3) below are
held:
  

			
		 	(c)	  	 Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in Item (3)
below are held:
  

			
		 	(d)	  	 List below the individual or individuals who exercise voting and/or dispositive powers with respect to the Registrable Securities listed in
Item (3) below:
  

					
		
	2.	 	Address for Notices to Selling Security Holder:
		 	  

		
		 	  

			
		 	Telephone:	 	  

			
		 	Fax:	 	  

			
		 	E-mail address:	 	  

			
		 	Contact Person:	 	  

  
 Exhibit A-2 

					
	3.	 	 Beneficial Ownership of Registrable Securities:
  

Type of Registrable Securities beneficially owned, and number of Common Shares and/or Partnership Units, as the case may be, beneficially owned:

 
  

	4.	 	 Beneficial Ownership of Securities of the Company Owned by the Selling Security Holder:

 
 Except as set forth below in this Item (4), the undersigned is not the beneficial or
registered owner of any securities of the Company, other than the Registrable Securities listed above in Item (3).
  

Type and amount of other securities beneficially owned by the Selling Security Holder:

 

  
 Exhibit A-3 

					
	5.	 	 Broker-Dealer Status:
  

		 	 (a) Is the Selling Security Holder a broker-dealer?
  

Yes              No ____

 
 (b) If the Selling Security Holder is a broker-dealer, did the Selling
Security Holder receive the Registrable Securities as compensation for investment banking services to the Company?
  

Yes ____     No ____
  

Note: If “yes” to Question 5(b), the Commission’s staff has indicated that the Selling Security Holder should be
identified as an underwriter in the Registration Statement and related prospectus.
  

(c) Is the Selling Security Holder an affiliate of a broker-dealer?
  

Yes ____     No ____
  

(d) If the Selling Stockholder is an affiliate of a broker-dealer, does the Selling Security Holder certify that it purchased the Registrable Securities in the
ordinary course of business, and at the time of the purchase of the Registrable Securities to be sold, the Selling Security Holder had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable
Securities?
  
 Yes ____     No ____

 
 Note: If “no” to Question 5(d), the
Commission’s staff has indicated that the Selling Stockholder should be identified as an underwriter in the Registration Statement and related prospectus.

		
	6.	 	 Relationship with the Company
  

Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any
position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.
  

State any exceptions here:
  

 

  
 Exhibit A-4 

					
	7.	 	 Plan of Distribution
  

Except as set forth below, the undersigned (including its donees or pledgees) intends to distribute the Registrable Securities listed above in Item (3)
pursuant to the Shelf Registration Statement only as follows and will not be offering any of such Registrable Securities pursuant to an agreement, arrangement or understanding entered into with a broker or dealer prior to the effective date
of the Shelf Registration Statement. Such Registrable Securities may be sold from time to time directly by the undersigned or, alternatively, through underwriters or broker-dealers or agents. If the Registrable Securities are sold through
underwriters or broker-dealers, the Selling Security Holder will be responsible for underwriting discounts or commissions or agent’s commissions. Such Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing
market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions):

 

		 	 (i)     on any national securities exchange or quotation
service on which the Registrable Securities may be listed or quoted at the time of sale;
  

(ii)    in the over-the-counter market;

 
 (iii)  in transactions other than
on such exchanges or services or in the over-the-counter market; or
  

(iv)   through the writing of options.

 
 In connection with sales of the Registrable Securities or otherwise, the undersigned
may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Registrable Securities and deliver Registrable Securities to close out such short positions, or loan or pledge Registrable Securities to
broker-dealers that in turn may sell such securities.
  
 State any exceptions
here:
  
  

  

	Note:	In no event may such method(s) of distribution take the form of an underwritten offering of the Registrable Securities without the prior written agreement of the Company. 

  
 Exhibit A-5 

 ACKNOWLEDGEMENTS 

The undersigned acknowledges that it understands its obligation to comply with the provisions of the Securities Exchange Act of 1934, as
amended, and the rules thereunder relating to stock manipulation, particularly Regulation M thereunder (or any successor rules or regulations), in connection with any offering of Registrable Securities pursuant to the Registration Rights Agreement.
The undersigned agrees that neither it nor any person acting on its behalf will engage in any transaction in violation of such provisions. 

The Selling Security Holder hereby acknowledges its obligations under the Registration Rights Agreement to indemnify and hold harmless certain
persons as and to the extent provided therein. Pursuant to the Registration Rights Agreement, the Company has agreed under certain circumstances to indemnify the Selling Security Holders against certain liabilities. 

In accordance with the undersigned’s obligation under the Registration Rights Agreement to provide such information as may be required by
law for inclusion in the Shelf Registration Statement, the undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof at any time while the
applicable Shelf Registration Statement remains effective. All notices hereunder and pursuant to the Registration Rights Agreement shall be made in writing at the address set forth below. 

In the event that the undersigned transfers all or any portion of the Registrable Securities listed in Item 3 above after the date on
which such information is provided to the Company, the undersigned agrees to notify the transferee(s) at the time of transfer of its rights and obligations under this Notice and Questionnaire and the Registration Rights Agreement. 

By signing this Notice and Questionnaire, the undersigned consents to the disclosure of the information contained herein in its answers to
Items (1) through (7) above and the inclusion of such information in the applicable Shelf Registration Statement and the related prospectus. The undersigned understands that such information will be relied upon by the Company in connection
with the preparation or amendment of the applicable Shelf Registration Statement and the related prospectus. 
 Once this Notice and
Questionnaire is executed by the Selling Security Holder and received by the Company, the terms of this Notice and Questionnaire and the representations and warranties contained herein shall be binding on, shall inure to the benefit of and shall be
enforceable by the respective successors, heirs, personal representatives and assigns of the Company and the Selling Security Holder with respect to the Registrable Securities beneficially owned by such Selling Security Holder and listed in
Item 3 above. 
 This Notice and Questionnaire shall be governed by, and construed in accordance with, the laws of the State of
Delaware, without regard to the principles of conflicts of law. 

  
 Exhibit A-6 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and
Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

							
		 		 	Beneficial Owner
				
		 		 	By	 	  

		 		 		 	 Name:
 Title:

				
	Dated:	 		 		 	

 Please return the completed and executed Notice and Questionnaire to: 

InfraREIT, Inc. 
 1807 Ross
Avenue, 4th Floor 
 Dallas, Texas 75201 

Attention: General Counsel 

  
 Exhibit A-7

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