Document:

EX-10.14

 Exhibit 10.14 

Fifth Amended and Restated Rent Supplement 

(CREZ Lease) 
 January 1, 2015

 This Fifth Amended and Restated Rent Supplement (this “Fifth Amended Supplement”) between Sharyland Projects, L.L.C.
(“Lessor”) and Sharyland Utilities, L.P. (“Lessee”) is executed and delivered on January 14, 2015, to memorialize supplements to the CREZ Lease (as defined below), effective as of January 1, 2015.
Capitalized terms used herein that are not otherwise defined will have the meanings assigned to them in the CREZ Lease. 
 WHEREAS, Lessor
and Lessee are Parties to a Second Amended and Restated Lease Agreement (CREZ Assets) dated as of December 1, 2014 (the “CREZ Lease”); 

WHEREAS, the Parties executed a Fourth Amended and Restated Rent Supplement (CREZ Lease) dated January 1, 2015 (the “Fourth
Amended Supplement”); 
 WHEREAS, on August 15, 2014, Lessee filed an application for interim update of wholesale transmission
rates pursuant to PUC SUBST. R. 25.192(h) (the “August TCOS Filing”), and on October 3, 2014, the PUCT approved the August TCOS filing, allowing Lessee to begin billing based on the updated wholesale transmission rate; 

WHEREAS, additional Incremental CapEx under the CREZ Lease subsequent to that included in the August TCOS Filing has been placed in service;
and 
 WHEREAS, the Parties wish to amend and restate the Fourth Amended Supplement to memorialize Rent supplements that result from the
Incremental CapEx. 
 NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the Parties hereto agree to the following: 
 1. The Fourth Amended Supplement is hereby amended and restated in its
entirety as set forth below. 
 2. The CREZ Lease, except as supplemented by this Fifth Amended Supplement, shall remain in full force and
effect. 
 Incremental Cap Ex: 
  

					
	 2013
	  	$	466,424,280	  
	 2014
	  	$	191,917,062	* 
		  	$	4,320,412	** 
		  	$	2,754,422	*** 
		  	  
	  
	 
	 (total 2014)
	  	$	198,991,896	  
	 2015
	  	$	10,500,000	**** 

  

	*	Rent supplements with respect to this Incremental CapEx were agreed to and memorialized as part of the Second Amended and Restated Rent Supplement (CREZ Lease) dated February 25, 2014. 

	**	Rent supplements with respect to this Incremental CapEx were agreed to and memorialized as part of the Third Amended and Restated Rent Supplement (CREZ Lease) dated December 1, 2014. 

	***	Represents the estimated amount of transmission Incremental CapEx that was incurred from August 1, 2014 through December 31, 2014. Rent supplements with respect to this transmission Incremental CapEx were
agreed to and memorialized as part of this Fifth Amended Supplement as of January 1, 2015. 

	****	Represents the amount of transmission Incremental CapEx that is expected to be placed in service in 2015, with a weighted average in service date of November 1, 2015. Rent supplements with respect to this
transmission Incremental CapEx were agreed to and memorialized as part of the Fourth Amended Supplement effective January 1, 2015. 

Lessee Cap Ex: 
  

					
	 2013
	  	$	0	  
	 2014
	  	$	 	  
	 2015
	  	$	 	  

 Base Rent: 
  

					
	 2013
	  	$	21,758,233	  
	 2014
	  	$	67,335,947	* 
	 2015
	  	$	68,536,167	** 
	 2016
	  	$	66,817,441	  
	 2017
	  	$	64,253,949	  
	 2018
	  	$	61,830,261	  
	 2019
	  	$	59,549,548	  
	 2020
	  	$	57,356,120	  

  

	*	Through the date that this Fifth Amended Supplement is executed and delivered, Lessee has made aggregate 2014 Base Rent payments of $55,536,410. Lessee will make a monthly 2014 Base Rent payment of $5,899,768 on each of
January 15, 2015 and February 15, 2015. Following these payments, the aggregate amount of 2014 Base Rent paid to Lessor under the CREZ Lease will equal the asterisked amount above. 

	**	Lessee will make a monthly 2015 Base Rent payment of $5,688,129 on the 15th day of each month beginning on March 15, 2015 through May 15, 2015 (with respect to January 2015 through March 2015). Following
these payments, Lessee will make a monthly 2015 Base Rent payment of $5,712,323 on the 15th day of each month beginning on June 15, 2015 through December 15, 2015 (with respect to April 2015 through October 2015). Following these payments,
Lessee will make a monthly 2015 Base Rent payment of $5,742,759 on each of January 15, 2016 and February 15, 2016 (with respect to November and December 2015). Following these payments, the aggregate amount of 2015 Base Rent paid to
Lessor will equal the asterisked amount above. 

 Percentage Rent 

Percentages: 
  

					
	 2013
	  	 	29.2	% 
	 2014
	  	 	31.6	% 
	 2015
	  	 	31.3	% 
	 2016
	  	 	30.3	% 
	 2017
	  	 	29.5	% 
	 2018
	  	 	28.5	% 
	 2019
	  	 	27.7	% 
	 2020
	  	 	26.8	% 

 Annual Percentage Rent 

Breakpoints: 
  

					
	 2013
	  	$	21,758,233	  
	 2014
	  	$	67,335,947	  
	 2015
	  	$	68,536,167	  
	 2016
	  	$	66,817,441	  

					
	 2017
	  	$	64,253,949	  
	 2018
	  	$	61,830,261	  
	 2019
	  	$	59,549,548	  
	 2020
	  	$	57,356,120	  

 Revenues Attributable to 

Lessee CapEx, by Lease Year: 
  

					
	 2013
	  	$	0	  
	 2014
	  	$	0	  
	 2015
	  	$	0	  

 ERCOT Transmission Rate 

			
	Allocation                            	  	 between June 20 and October 17, 2013: 65.3%

between October 17, 2013 and February 25, 2014: 84.8%

between February 25 and May 1, 2014: 83.3%
 between
May 1 and October 3, 2014: 80.9%
 between October 3, 2014 and March 31, 2015: 75.8%

between April 1, 2015 and August 31, 2015: 73.3%

starting September 1, 2015: 66.2%

 Termination date of this Rent Supplement: December 31, 2020. 

 The Parties have executed this Fifth Amended Supplement to the CREZ Lease as of the date set forth above. 

 

			
	SHARYLAND UTILITIES, L.P.
		
	By:	 	 /s/ Greg Wilks

	Name:	 	Greg Wilks
	Title:	 	Chief Financial Officer
	
	SHARYLAND PROJECTS, L.L.C.
		
	By:	 	 /s/ Brant Meleski

	Name:	 	Brant Meleski
	Title:	 	Chief Financial OfficerEX-10.16

 Exhibit 10.16 

Second Amended and Restated Rent Supplement 

(ERCOT Transmission Lease) 

January 1, 2015 
 This Second
Amended and Restated Rent Supplement (this “Second Amended Supplement”) between Sharyland Distribution and Transmission Services, L.L.C. (“Lessor”) and Sharyland Utilities, L.P. (“Lessee”) is
executed and delivered on January 14, 2015, to memorialize supplements to the ERCOT Transmission Lease (as defined below), effective as of January 1, 2015. Capitalized terms used herein that are not otherwise defined will have the meanings
assigned to them in the ERCOT Transmission Lease. 
 WHEREAS, Lessor and Lessee are Parties to a Lease Agreement (ERCOT Transmission Assets)
dated December 1, 2014 (as amended from time to time in accordance with its terms, the “ERCOT Transmission Lease”); 

WHEREAS, the Parties executed an Amended and Restated Rent Supplement (ERCOT Transmission Lease) dated January 1, 2015 (the
“Amended and Restated Supplement”); 
 WHEREAS, on August 15, 2014, Lessee filed an application for interim update of
wholesale transmission rates pursuant to PUC SUBST. R. 25.192(h) (the “August TCOS Filing”), and on October 3, 2014, the PUCT approved the August TCOS filing, allowing Lessee to begin billing based on the updated wholesale
transmission rate; and 
 WHEREAS, additional Capital Expenditures subsequent to those included in the August TCOS Filing have been placed
in service under the other leases between Lessor (or its subsidiary) and Lessee, and the Parties wish to amend and restate the Amended and Restated Supplement to memorialize the effect of the additional Capital Expenditures on the ERCOT Transmission
Rate Allocation. 
 NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the Parties hereto agree to the following: 
 1. The Amended and Restated Supplement is hereby amended and restated in
its entirety as set forth below. 
 2. The ERCOT Transmission Lease, except as supplemented by this Second Amended Supplement, shall remain
in full force and effect. 
 Incremental CapEx: 
  

					
	 2014
	  	$	18,276,969	  
	 2015
	  	$	17,000,000	* 

  

	*	Represents the amount of transmission Incremental CapEx that is expected to be placed in service in 2015, with a weighted average in service date of September 1, 2015. Rent supplements with respect to this
transmission Incremental CapEx were agreed to and memorialized as part of the Amended and Restated Supplement effective January 1, 2015. 

Lessee CapEx: 
  

					
	 2014
	  	$	0	  
	 2015
	  	$	0	  
	 2016
	  	$	0	  
	 2017
	  	$	0	  
	 2018
	  	$	0	  
	 2019
	  	$	 0	  
	 2020
	  	$	0	  
	 2021
	  	$	0	  
	 2022
	  	$	0	  

  
 ERCOT
TRANSMISSION LEASE 
  
 1 

 Base Rent: 
  

					
	 2014
	  	$	484,276	  
	 2015
	  	$	2,204,265	* 
	 2016
	  	$	3,590,281	  
	 2017
	  	$	3,222,506	  
	 2018
	  	$	3,100,132	  
	 2019
	  	$	2,985,572	  
	 2020
	  	$	2,878,102	  
	 2021
	  	$	2,775,545	  
	 2022
	  	$	2,674,523	  

  

	*	Lessee will make a monthly 2015 Base Rent payment of $158,795 on the 15th day of each month beginning on March 15, 2015 through December 15, 2015 (with respect to January 2015 through October
2015). Following these payments, Lessee will make a monthly 2015 Base Rent payment of $308,155 on each of January 15, 2016 and February 15, 2016 (with respect to November and December 2015). Following these payments, the
aggregate amount of 2015 Base Rent paid to Lessor will equal the asterisked amount above. 

 Percentage Rent 

Percentages: 
  

					
	 2014
	  	 	35.8	% 
	 2015
	  	 	35.1	% 
	 2016
	  	 	31.1	% 
	 2017
	  	 	28.2	% 
	 2018
	  	 	27.2	% 
	 2019
	  	 	26.2	% 
	 2020
	  	 	25.3	% 
	 2021
	  	 	24.4	% 
	 2022
	  	 	23.5	% 

 Annual Percentage Rent 

Breakpoints: 
  

					
	 2014
	  	$	484,276	  
	 2015
	  	$	2,204,265	  
	 2016
	  	$	3,590,281	  
	 2017
	  	$	3,222,506	  
	 2018
	  	$	3,100,132	  
	 2019
	  	$	2,985,572	  
	 2020
	  	$	2,878,102	  
	 2021
	  	$	2,775,545	  
	 2022
	  	$	2,674,523	  

  
 ERCOT
TRANSMISSION LEASE 
  
 2 

 Revenues Attributable to 

Lessee CapEx: 
  

					
	 2014
	  	$	0	  
	 2015
	  	$	0	  
	 2016
	  	$	 0	  
	 2017
	  	$	0	  
	 2018
	  	$	0	  
	 2019
	  	$	0	  
	 2020
	  	$	0	  
	 2021
	  	$	0	  
	 2022
	  	$	0	  

 ERCOT Transmission Rate 

			
	Allocation:                            	  	 before October 3, 2014: 0%
 between
October 3, 2014 and March 31, 2015: 2.1%
 between April 1, 2015 and August 31, 2015: 2.1%

starting September 1, 2015: 3.6%

 Term of Rent Supplement: Expires 12/31/22 

  
 ERCOT
TRANSMISSION LEASE 
  
 3 

 The Parties have executed this Second Amended Supplement to the ERCOT Transmission Lease as of the date set forth
above. 
  

			
	SHARYLAND UTILITIES, L.P.
		
	By:	 	 /s/ Greg Wilks

	Name:	 	Greg Wilks
	Title:	 	Chief Financial Officer
	
	 SHARYLAND DISTRIBUTION &

TRANSMISSION SERVICES, L.L.C.

		
	By:	 	 /s/ Brant Meleski

	Name:	 	Brant Meleski
	Title:	 	Chief Financial Officer

  
 ERCOT
TRANSMISSION LEASE 
  
 4

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