Document:

EX-10.8

 Exhibit 10.8 

MANAGEMENT AGREEMENT 

This MANAGEMENT AGREEMENT (this “Agreement”), is made and entered into on January 29, 2015 to be effective as of the
Effective Date (as hereinafter defined), by and between Hunt Utility Services, LLC, a Delaware limited liability company (the “Manager”), InfraREIT Partners, LP, a Delaware limited partnership (the “Operating
Partnership”), and InfraREIT, Inc., a Maryland corporation and the general partner of the Operating Partnership (the “Company”). The Manager, the Operating Partnership and the Company are sometimes referred to in this
Agreement individually as a “Party” or collectively as the “Parties.” 
 RECITALS: 

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

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

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

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

“AFUDC” means allowance for funds used during construction. 

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

“Assets” means the assets of the Company Entities. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

“Person” means any individual, corporation, proprietorship, firm, partnership, limited partnership, limited liability
company, trust, association or other Entity. 
 “Per Unit Incentive Fee” means, for any calendar quarter, an amount equal
to 20% of the amount by which (a) the Quarterly Distributions made by the Operating Partnership during such quarter plus the amount of the Per Unit Incentive Fee exceed (b) the Threshold Distribution Amount. By way of example, if the
Quarterly Distributions during a quarter are $0.37, the Per Unit Incentive Fee for such quarter will be $0.025 (i.e., 20% multiplied by ($0.37 of Quarterly Distributions, plus the $0.025 Per Unit Incentive Fee, minus the $0.27 Threshold Distribution
Amount). 
 “Quarterly Distributions” means the amount of per OP Unit distributions made by the Operating Partnership
during a particular calendar quarter; provided, however, that any distributions in excess of 100% of quarterly Cash Available for Distribution shall not be considered distributions for purposes of calculating the amount of Quarterly
Distributions; provided, further, any such OP Unit distributions made to the Company will only be considered distributions for purposes of this definition to the extent they are subsequently distributed by the Company to its shareholders. For
purposes of this definition, quarterly Cash Available for Distribution will be measured based on the most recent quarterly results that, at the time of declaration of the applicable OP Unit distributions by the Board of Directors or a committee
thereof, have been publicly disclosed or, if no quarterly results have been publicly disclosed in the preceding 90 days, the results from the Company’s most recently completed quarter that have been reviewed by the Company’s independent
auditors and certified by an officer of the Company. 
 “Registration Statement” means the Registration Statement on Form
S-11 (file no. 333-201106) filed by the Company. 
 “REIT” has the meaning set forth in the Recitals. 

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

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

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

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

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

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

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

“Threshold Distribution Amount” means an amount per OP Unit equal to $0.270, as adjusted for recapitalizations,
reclassifications, stock splits, stock dividends or other similar events. 
 “Total Equity” means, as of a particular date,
the amount of total equity reflected on the Company’s consolidated balance sheet as of such date (before any reduction or deduction therefrom as a result of noncontrolling interest) prepared in accordance with GAAP; provided that, Total
Equity as of December 31, 2014 shall be $873.3 million. For reference, the “Total Equity” line is not included in the Company’s audited Consolidated Balance Sheets included in the Registration Statement (such line item is
entitled “Total Members’ Capital” on such balance sheets), but is included in the Company’s unaudited Pro Forma Condensed Consolidated Balance Sheet as of September 30, 2014 included in the Registration Statement. The
Company expects that such line item will continue to be included in the Company’s balance sheet data following the completion of the Initial Public Offering. 

Section 2. Appointment and Duties of the Manager. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  
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 Section 3. Devotion of Time; Additional Activities. 

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

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

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

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

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

  
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 Section 8. Obligations of Manager; Restrictions. 

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

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

Section 9. Compensation. 

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

  
 13 

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

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

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

  
 14 

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

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

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

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

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

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

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

  
 15 

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

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

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

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

  
 16 

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

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

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

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

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

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

  
 17 

 Section 13. Limits of Manager Responsibility; Indemnification. 

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

  
 18 

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

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

  
 19 

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

 Section 14. Intellectual Property; License. 

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

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

Section 16. Term; Termination. 

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

  
 20 

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

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

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

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

  
 21 

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

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

  
 22 

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

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

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

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

1807 Ross Avenue, 4th Floor 

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

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

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

  
 23 

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

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

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

Section 24. Arbitration. 

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

  
 24 

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

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

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

  
 25 

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

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

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

  
 26 

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

			
	HUNT UTILITY SERVICES, LLC, a Delaware limited liability company
		
	By:		 /s/ David A. Campbell

			Name: David A. Campbell
			Title: President
	
	INFRAREIT, INC., a Maryland corporation
		
	By:		 /s/ David A. Campbell

			Name: David A. Campbell
			Title: President
	
	INFRAREIT PARTNERS, LP, a Delaware limited partnership
	
	By: InfraREIT, L.L.C., its general partner
		
	By:		 /s/ David A. Campbell

			Name: David A. Campbell
			Title: President

 Exhibit A 

(logo)EX-10.9

 Exhibit 10.9 

 
  

INFRAREIT, INC. 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AND LOCK-UP AGREEMENT 
  

 
 Dated as of
January 29, 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 January
29, 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. 

  
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 (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. 

  
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 (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); 

  
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 (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. 

  
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 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:
		 /s/ Ben Nelson

	 Name:
		 Ben Nelson

	 Title:
		 Senior Vice President and General Counsel

 [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 January 29, 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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