X0306 4 2016-11-28 0 0001506401 InfraREIT, Inc. HIFR 0001292208 Campbell David A 1807 ROSS AVENUE, 4TH FLOOR DALLAS TX 75201 1 1 0 0 President & CEO common stock, $0.01 par value per share 30000 D common units 2016-11-28 4 J 0 91586 A common stock 91586 91586 D common units common stock 102646 102646 I By Electricity Participant Partnership, LLC In the aggregate, Mr. Campbell beneficially owns 224,232 shares of common stock, consisting of the 30,000 shares of common stock shown in Table I and the aggregate 194,232 shares underlying the common units shown in Table II. Represents common units of InfraREIT Partners, LP ("InfraREIT Partners"). Pursuant to the Third Amended and Restated Agreement of Limited Partnership of InfraREIT Partners, common units are redeemable for cash or, at InfraREIT, Inc.'s election, shares of InfraREIT, Inc.'s common stock on a one-for-one basis. The right to redeem common units does not have an expiration date. Represents the receipt of a grant of common units of InfraREIT Partners by Mr. Campbell from Hunt Transmission Services, L.L.C., a subsidiary of Hunt Consolidated, Inc. ("HCI"), as incentive compensation. The common units are restricted and subject to vesting. The common units will vest one-fourth on January 31, 2018, one-fourth on January 31, 2019, one-fourth on January 31, 2020 and the balance of the common units will vest on January 31, 2021, subject to continual service by Mr. Campbell with HCI or an affiliate thereof on such dates. The 102,646 common units beneficially owned by Mr. Campbell are held by Electricity Participant Partnership, LLC, a subsidiary of HCI. /s/ Gregory S. Imhoff as Attorney-In-Fact for David A. Campbell 2016-11-29