Document:

EX-10.10

 Exhibit 10.10 

Seventh Amended and Restated Rent Supplement 

(Stanton/Brady/Celeste Lease) 

January 1, 2015 
 This
Seventh Amended and Restated Rent Supplement (this “Seventh 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 S/B/C 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 S/B/C Lease. 
 WHEREAS, Lessor and Lessee are Parties to a Third Amended and Restated Lease Agreement (Stanton/Brady/Celeste
Assets) dated December 1, 2014 (as amended from time to time in accordance with its terms, the “S/B/C Lease”); 

WHEREAS, Lessor and Lessee executed a Sixth Amended and Restated Rent Supplement (Stanton/Brady/Celeste Lease) dated January 1, 2015 (the
“Sixth 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 Capital Expenditures subsequent to those included in the August TCOS Filing have been placed in
service, a portion of which constitutes Incremental CapEx under the S/B/C Lease; and 
 WHEREAS, the Parties wish to amend and restate the
Sixth 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 Sixth Amended Supplement is hereby amended and restated in its entirety as set forth below. 

2. The S/B/C Lease, except as supplemented by this Seventh Amended Supplement, shall remain in full force and effect. 

Incremental CapEx: 
  

					
	 2011
	  	$	4,212,000	  
	 2012
	  	$	14,873,337	  
	 2013
	  	$	43,422,100	  
	 2014
	  	$	26,926,919	* 
		  	$	47,463,969	** 
		  	$	28,000,000	*** 
		  	  
	  
	 
	 (total 2014)
	  	$	102,390,888	  
	 2015
	  	$	83,149,447	**** 
		  	$	219,040,435	***** 
		  	  
	  
	 
	 (total 2015)
	  	$	302,189,883	  

  
 STANTON
BRADY CELESTE LEASE 
  

1 

	*	Represents the amount of distribution Incremental CapEx that was incurred during 2014. Rent supplements with respect to this distribution Incremental CapEx were agreed to and memorialized as part of the Fourth Amended
and Restated Rent Supplement Schedule (Stanton/Brady/Celeste Lease) dated January 1, 2014 and February 25, 2014 (the “Fourth Amended Supplement”) effective January 1, 2014. 

	**	Represents the amount of transmission Incremental CapEx that was included as part of a January 2014 TCOS Filing. Rent supplements with respect to this transmission Incremental CapEx were agreed to and memorialized as
part of the Fourth Amended Supplement effective February 25, 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 Seventh Amended Supplement as of January 1, 2015. 

	****	Represents the amount of distribution Incremental CapEx that the Parties expect to be placed in service during 2015, with a weighted average in service date of July 1, 2015. Rent supplements with respect to this
distribution Incremental CapEx were agreed to and memorialized as part of the Sixth Amended Supplement effective 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 October 1, 2015. Rent supplements with respect to this
transmission Incremental CapEx were agreed to and memorialized as part of the Sixth Amended Supplement effective January 1, 2015. 

Lessee CapEx: 
  

					
	 2011
	  	$	1,232,807	  
	 2012
	  	$	1,969,693	  
	 2013
	  	$	2,920,207	  
	 2014
	  	$	4,098,663	* 
	 2015
	  	$	7,005,000	** 

  

	*	Represents the amount of Lessee CapEx that the Parties expect during 2014. Rent supplements with respect to this Lessee CapEx were agreed to and memorialized as part of the Fourth Amended Supplement effective
January 1, 2014. 

	**	Represents the amount of Lessee CapEx that the Parties expect during 2015, with a weighted average in service date of July 1, 2015. Rent supplements with respect to this Lessee CapEx were agreed to and memorialized
as part of the Sixth Amended Supplement effective January 1, 2015. 

 Base Rent: 

 

					
	 2011
	  	$	18,111,535	  
	 2012
	  	$	18,669,636	  
	 2013
	  	$	21,784,564	  
	 2014
	  	$	29,282,849	* 
	 2015
	  	$	40,031,598	** 

  

	*	Through the date that this Seventh Amended Supplement is executed and delivered, Lessee has made aggregate 2014 Base Rent payments of $24,269,833. Lessee will make a monthly 2014 Base Rent payment of $2,506,508 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 S/B/C Lease will equal the asterisked amount above. 

  

STANTON/BRADY/CELESTE LEASE 

 
 2 

	**	Lessee will make a monthly 2015 Base Rent payment of $3,037,196 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 $3,272,939 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 $4,004,717 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 under the S/B/C Lease will
equal the asterisked amount above. 

 Percentage Rent 

Percentages: 
  

					
	 2011
	  	 	29.019	% 
	 2012
	  	 	24.206	% 
	 2013
	  	 	25.1	% 
	 2014
	  	 	24.2	% 
	 2015
	  	 	23.4	% 

 Annual Percentage Rent 

Breakpoints: 
  

					
	 2011
	  	$	27,111,535	  
	 2012
	  	$	27,669,636	  
	 2013
	  	$	30,784,564	  
	 2014
	  	$	34,424,230	  
	 2015
	  	$	43,277,786	  

 Revenues Attributable to 

Lessee CapEx: 
  

					
	 2013
	  	$	1,357,683	  
	 2014
	  	$	4,428,811	  
	 2015
	  	$	7,428,227	  

 Original 
 Base CapEx:

  

																	
	 	  	Original Base
CapEx	 	  	CapEx Placed in
Service	 	  	Incremental
CapEx	 	  	Accumulation of
Deficit	 
	 2010
	  	$	0	  	  	$	0	  	  	$	0	  	  	$	0	  
	 2011
	  	$	8,500,000	  	  	$	12,712,000	  	  	$	4,212,000	  	  	$	0	  
	 2012
	  	$	8,780,045	  	  	$	23,653,383	  	  	$	14,873,338	  	  	$	0	  
	 2013
	  	$	9,054,421	  	  	$	52,476,521	  	  	$	43,422,100	  	  	$	0	  
	 2014
	  	$	9,337,372	  	  	$	111,728,260	  	  	$	102,390,888	  	  	$	0	  
	 2015
	  	$	9,629,165	  	  	$	311,819,047	  	  	$	302,189,882	  	  	 	N/A	  

  

STANTON/BRADY/CELESTE LEASE 

 
 3 

  

			
	ERCOT Transmission Rate	 	
	Allocation:	 	 before June 20, 2013: 0%

		 	 between June 20 and October 17, 2013: 6.9%

		 	 between October 17 and February 25, 2014: 3.4%

		 	 between February 25 and May 1, 2014: 8.5%

		 	 between May 1 and October 3, 2014: 8.3%

		 	 between October 3, 2014 and March 31, 2015: 7.3%

		 	 between April 1, 2015 and August 31, 2015: 9.4%

		 	 starting September 1, 2015: 16.9%

 Term of Rent Supplement: Expires 12/31/15. 

  

STANTON/BRADY/CELESTE LEASE 

 
 4 

 The Parties have executed this Seventh Amended Supplement to the S/B/C 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

  

STANTON/BRADY/CELESTE LEASE 

 
 5EX-10.12

 Exhibit 10.12 

Fourth Amended and Restated Rent Supplement 

(Stanton Transmission Loop (f/k/a FERC) Lease) 

January 1, 2015 
 This Fourth
Amended and Restated Rent Supplement (this “Fourth Amended Supplement”) between SDTS FERC, L.L.C. (“Lessor”) and SU FERC, L.L.C. (“Lessee”) is executed and delivered on January 1, 2015 to
memorialize supplements to the STL 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 STL Lease. 

WHEREAS, Lessor and Lessee are Parties to a Third Amended and Restated Lease Agreement (Stanton Transmission Loop Assets) dated as of
December 1, 2014 (as amended from time to time in accordance with its terms, the “STL Lease”); 
 WHEREAS, Lessor and
Lessee executed a Third Amended and Restated Rent Supplement (Stanton Transmission Loop Lease) dated December 1, 2014 (the “Third Amended Supplement”); 

WHEREAS, the Parties wish to amend and restate the Third Amended Supplement in its entirety. 

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 Third Amended and Restated Supplement is hereby amended and restated in its entirety as
set forth below. 
 2. The STL Lease, except as supplemented by this Fourth Amended Supplement, shall remain in full force and effect. 

3. As of May 1, 2014, the net plant subject to the STL Lease was $24,543,595. 

Base Rent: 
  

					
	2014	  	$	5,373,422	  
	2015	  	$	4,733,626	  
	2016	  	$	4,611,969	  
	2017	  	$	4,319,071	  
	2018	  	$	4,219,941	  
	2019	  	$	4,126,182	  
	2020	  	$	4,037,321	  
	2021	  	$	3,951,219	  

 Term of Rent Supplement:
                                         
           Expires 12/31/21 
 STL LEASE 

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

 

			
	SU FERC, L.L.C.
		
	By:	 	 /s/ Greg Wilks

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

	Name:	 	Brant Meleski
	Title:	 	Chief Financial Officer

 STL LEASE

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