Cap Rock Electric Cooperative, Inc. Equity and Membership Redemption Options Agreement

Summary

This agreement allows members of Cap Rock Electric Cooperative, Inc. to choose how they wish to redeem their equity and membership interests. Members can opt to participate in a Dutch Auction for immediate cash redemption at a discounted rate, receive their equity as credits on their electric bill over up to 24 months, or receive stock in the company if it converts to a stock company in the future. Members must select and return their choice by March 31, 1999, or they will automatically receive stock at a future date.

EX-10.30 25 a2036361zex-10_30.txt EXHIBIT 10.30 EXHIBIT 10.30 CAP ROCK ELECTRIC COOPERATIVE, INC. EQUITY & MEMBERSHIP REDEMPTION OPTIONS Please read the following information very carefully and return this form as soon as possible. -------------------- YOUR EQUITY IN CAP ROCK ELECTRIC IS -------------------- - -------------------------------------------------------------------------------- Please select one of the following three options for your equity and membership accounts. IF YOU DO NOT SELECT AN OPTION, YOU WILL RECEIVE 100% OF YOUR EQUITY VALUE IN STOCK (OR THE EQUIVALENT) AT SOME FUTURE DATE. [ ] I would like to participate in the Dutch Auction to totally redeem my equity and membership with Cap Rock Electric Cooperative, Inc. I will accept ________% of my equity as payment in full. (NOTE: TO PARTICIPATE, YOUR BID MUST BE 70% OR LESS AND PARTICIPATION WILL BE BASED ON A FIRST COME, FIRST SERVED BASIS TO THE LOWEST BIDDERS. A TOTAL MAXIMUM OF THREE MILLION DOLLARS ($3,000,000) FOR ALL BIDDERS HAS BEEN ALLOCATED FOR THIS OPTION. PLEASE INDICATE A SECOND CHOICE IN CASE YOUR BID IS NOT ACCEPTED. [ ] I would like to totally redeem my equity and membership with Cap Rock Electric Cooperative, Inc. through equal monthly credits on my electric bill. (NOTE: IF YOUR EQUITY IS LESS THAN $240.00 YOU WILL RECEIVE ONE CREDIT. IF YOUR EQUITY IS $240.00 OR MORE, YOU WILL RECEIVE EQUAL CREDITS OVER 24 MONTHS. [ ] I would like to receive stock at some future date when Cap Rock Electric Cooperative, Inc. converts to a stock company. I understand I am guaranteed 100% of my equity value. - ------------------------------------- ------------------------ SIGNATURE OF MEMBER DATE By choosing an option and signing this form I am directing Cap Rock Cooperative, Inc. to take certain actions with regards to my equity and membership according to the plan approved by the membership on October 20, 1998. If I do not choose an option, the option of receiving stock will be assigned to me. I understand I will no longer be a voting member of Cap Rock Electric Cooperative, Inc. at the time of conversion to a public stock company. PLEASE COMPLETE THIS FORM AND RETURN IT IN THE ENVELOPE PROVIDED. THIS FORM MUST BE POSTMARKED BY 5:00 PM, MARCH 31, 1999.