Company: WBI
Filing Date: 2025-08-04
Form Type: DRS/A
Source: 0000950123-25-006924
Chunk: 371

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-04
Form: DRS/A
Chunk 371
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 equity interests. Distributions (including liquidating distributions) are to be made to the sole member at the discretion of the board of managers of NDB Midstream, as the governing body of the parent entity of each of the sole member and the Company. The sole member’s equity account will be adjusted for distributions paid to the member and additional capital contributions that are made by the sole member. All revenues, costs and expenses of the Company are allocated to the sole member.

<div align='center'>F-52

WaterBridge NDB Operating LLC and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements</div>

7. Share-Based Compensation A summary of the Company’s aggregate share-based compensation expense is shown below. Substantially all share-based compensation expense is included in general and administrative expense on the consolidated statements of operations.

|                                  |     | 2025 | Three Months Ended June 30, |     | 2024 |       |     | 2025 | Six Months Ended June 30, |     | 2024 |       |
|:---------------------------------|:----|:-----|----------------------------:|:----|:-----|------:|:----|:-----|--------------------------:|:----|:-----|------:|
| Share-based compensation expense |     |      |                       1,058 |     |      | 8,064 |     | $    |                     1,382 |     | $    | 8,711 |

Incentive Units granted during the period were estimated using a Monte Carlo Simulation with the following inputs at the following grant date:

|                          |     | 3/21/2025 |         |   |
|:-------------------------|:----|:----------|--------:|:--|
| Estimated equity value   |     | $         | 318,713 |   |
| Expected life (in years) |     |           |     1.7 |   |
| Risk-free interest rate  |     |           |     3.9 | % |
| Dividend yield           |     |           |       0 | % |
| Volatility               |     |           |      40 | % |
| Marketability discount   |     | 19% - 32% |         |   |

A summary of the Incentive Units activity during the six months ended June 30, 2025 is shown in the following table:

|                                  |     | Incentive Units |