Document:

EX-10.2

 Exhibit 10.2 

REDEMPTION AGREEMENT 

This redemption agreement (this “Agreement”), dated as of January 29, 2015, is made by and among Hunt-InfraREIT, L.L.C.
(“Hunt-InfraREIT”), InfraREIT, Inc. (“InfraREIT Inc.”) and InfraREIT Partners, LP (the “Operating Partnership”). 

RECITALS 
 WHEREAS, this
Agreement is being entered into in connection with the Merger and Transaction Agreement, dated as of January 29, 2015, by and among InfraREIT, L.L.C. (“InfraREIT LLC”), InfraREIT Inc. and the Operating Partnership (as the same may
be amended, modified or supplemented from time to time, the “Merger Agreement”), pursuant to which, among other things, InfraREIT LLC will be merged with and into InfraREIT Inc. (the “Merger”), with InfraREIT Inc.
surviving the Merger as the general partner of the Operating Partnership; 
 WHEREAS, InfraREIT Inc. has filed with the United States
Securities and Exchange Commission a registration statement on Form S-11 (the “Registration Statement”) with respect to an initial public offering (the “IPO”) of its common stock, par value $0.01 per share
(“Common Stock”); 
 WHEREAS, pursuant to the Merger Agreement and Sections 4.6.D and 8.7 of the Second Amended and
Restated Agreement of Limited Partnership of the Operating Partnership (the “Partnership Agreement”), which will become effective as of the closing of the IPO (the “IPO Closing”), Hunt-InfraREIT desires to exercise
its Redemption Right (as defined in the Partnership Agreement) with respect to 1,551,878 Class A units representing limited partnership interests in the Operating Partnership (the “Redeemed Units”); 

WHEREAS, pursuant to Section 8.7.B of the Partnership Agreement, InfraREIT Inc. desires to assume the Operating Partnership’s
obligation to redeem the Redeemed Units by paying Hunt-InfraREIT the Shares Amount (as defined in the Partnership Agreement) equal to 1,551,878 shares of Common Stock (the “Exchange Shares”). 

NOW, THEREFORE, in consideration of the premises and of the mutual promises, covenants, conditions and agreements contained herein, and for
other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  

	 	1.	Redemption Election and Assumption; Conversion of Redeemed Units. 

 a.
Pursuant to Sections 4.6.D and 8.7.A of the Partnership Agreement and subject to Section 2 of this Agreement, Hunt-InfraREIT hereby (i) exercises its Redemption Right with respect to the Redeemed Units and (ii) surrenders the
Redeemed Units and all right, title and interest therein. 

  
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 b. Pursuant to Section 8.7.B of the Partnership Agreement, InfraREIT Inc.
elects to assume directly and satisfy Hunt-InfraREIT’s exercise of the Redemption Right pursuant to Section 1(a) of this Agreement by issuing the Exchange Shares in exchange for the Redeemed Units, and Hunt-InfraREIT hereby consents
to InfraREIT Inc.’s election to assume directly and satisfy Hunt-InfraREIT’s exercise of the Redemption Right pursuant to Section 1(a) of this Agreement. 

c. Upon InfraREIT Inc.’s acquisition of the Redeemed Units pursuant to Section 1(b) of this Agreement, and
pursuant to Section 4.6.C of the Partnership Agreement, the Redeemed Units will be automatically converted into an equivalent number of Common Units (as defined in the Partnership Agreement). 

2. Effective Time. The closing of the transactions contemplated by this Agreement shall occur immediately following the IPO Closing and
simultaneously with the Merger. 
 3. Waiver of Minimum Holding Period. Each of the parties hereto expressly agrees and acknowledges
that the transactions contemplated by this Agreement shall be deemed to be in full satisfaction of the parties’ respective rights and obligations under Section 8.7 of the Partnership Agreement with respect to the redemption of the Redeemed
Units, notwithstanding the provisions of such section imposing minimum holding periods, notice requirements or other conditions upon the exercise of the Redemption Right and the other transactions contemplated hereby. 

4. Termination. If the IPO Closing shall not have occurred within 10 business days of the date of this Agreement, this Agreement shall
automatically terminate and be of no further force and effect. 
 5. Entire Agreement. This Agreement constitutes the entire
agreement between the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous negotiations, agreements and understandings of the parties. 

6. Binding Effect; Assignment. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under
or by reason of this Agreement. 
 7. Amendment and Modification. This Agreement may be amended, modified or supplemented only by
written agreement of each of the parties hereto. 
 8. Counterparts. Any number of counterparts hereof may be executed and each such
counterpart shall be deemed to be an original instrument. A signature delivered by facsimile or other means of electronic transmission shall be deemed to constitute an original signature. 

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

[Signature page follows] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have each executed and delivered this Agreement as of the
day and year first above written. 
  

			
	Hunt-InfraREIT, L.L.C.
		
	By:		/s/ Hunter L. Hunt
	  Name:		Hunter L. Hunt
	  Title:		President

  

			
	InfraREIT, Inc.
		
	By:		/s/ David A. Campbell
	  Name:		David A. Campbell
	  Title:		President

  

			
	 InfraREIT Partners, LP
  

By: InfraREIT, L.L.C., its general partner

		
	            By:		/s/ David A. Campbell
	              Name:		David A. Campbell
	              Title:		President

  
 [Signature Page to
Redemption Agreement (Hunt-InfraREIT)]EX-10.3

 Exhibit 10.3 

SHARE PURCHASE AGREEMENT 

This Share Purchase Agreement (this “Agreement”) is entered into as of January 29, 2015 by and between InfraREIT, Inc., a
Maryland corporation (the “Purchaser”), and Westwood Trust, as Trustee of the Excess Shares Trust (the “Trust”). 

WHEREAS, this Agreement is being entered into in connection with the Merger and Transaction Agreement, dated as of January 29, 2015, by and
among the Purchaser, InfraREIT, L.L.C. (“InfraREIT LLC”), and InfraREIT Partners, LP (as the same may be amended, modified or supplemented from time to time, the “Merger Agreement”), pursuant to which, among other
things, InfraREIT LLC will be merged with and into the Purchaser, with InfraREIT Inc. as the surviving entity in the merger (the “Merger”); 

WHEREAS, the Trust currently holds 6,242,999 limited liability company interests (the “Shares”) of InfraREIT LLC, which are
classified as common shares in the Amended and Restated Limited Liability Company Agreement of InfraREIT LLC, dated as of November 23, 2010 (the “LLC Agreement”); 

WHEREAS, pursuant to Section 6.18 of the LLC Agreement, InfraREIT LLC has accepted the offer to purchase the Shares at a price of
$10.654733 per share by delivery to the Trust of a notice of acceptance (“Notice of Acceptance”) dated January 26, 2015 (the “Acceptance Date”); and 

WHEREAS, in satisfaction of InfraREIT LLC’s obligations under the Notice of Acceptance, the Purchaser (as successor in interest to
InfraREIT LLC) desires to purchase the Shares from the Trust, and the Trust desires to sell the Shares to the Purchaser. 
 NOW, THEREFORE,
in consideration of the mutual covenants, agreements and warranties contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 Purchase and
Sale of Shares 
 Section 1.1 Sale of Shares. Upon the terms and conditions of this Agreement, the Purchaser agrees to
purchase from the Trust at the ES Purchase Effective Time (as defined below) and the Trust agrees to sell to the Purchaser at the ES Purchase Effective Time all Shares owned by the Trust as of the ES Purchase Effective Time for the sales price of
$10.654733 per Share. The purchase of the Shares pursuant to this Agreement shall be deemed to satisfy InfraREIT LLC’s acceptance of the offer to purchase such Shares pursuant to the Notice of Acceptance. 

Section 2.2 Effective Time. The closing of the purchase and sale of the Shares hereunder (the “Closing”) shall
occur concurrently with and shall be conditioned upon the consummation of the Merger (the “ES Purchase Effective Time”). 

  
 1 

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

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

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

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

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

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

[Signature page follows] 

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

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

  
 Signature Page to
Trust Share Purchase Agreement 

 
			
	WESTWOOD TRUST, as Trustee 
		
	By:		/s/ Kallie Myers
	Name:		Kallie Myers
	Title:		Vice President Trust Law

  
 Signature Page to
Trust Share Purchase Agreement 

 EXHIBIT A 

Form of Promissory Note

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