Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 405

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 405
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 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 |        |     | Weighted Average Grant Date Fair Value |       |     | Weighted Average Remaining Contractual Term (years) |      |
|:---------------------------------|:----|:----------------|-------:|:----|:---------------------------------------|------:|:----|:----------------------------------------------------|-----:|
| Outstanding at December 31, 2024 |     |                 |  9,850 |     | $                                      | 7,990 |     |                                                     |      |
| Granted                          |     |                 |  8,480 |     |                                        |   733 |     |                                                     |      |
| Forfeited                        |     |                 |      - |     |                                        |     - |     |                                                     |      |
| Outstanding at June 30, 2025     |     |                 | 18,330 |     | $                                      | 4,633 |     |                                                     | 1.26 |

As of June 30, 2025, remaining unrecognized compensation expense for the Incentive Units was $6.8 million and the weighted average remaining vesting period was approximately 2.29 years. Included in share-based compensation expense during the six months ended June 30, 2024 is the reversal of an immaterial amount of expense related to employee departures.

<div align='center'>F-55

WaterBridge NDB Operating LLC and Subsidiaries

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

8. Related Party Transactions

| Revenues - Related Party               |     | Financial Statements Location           |     | Three Months Ended 
 June 30,           
 2025               |        |     | 2024 |        |     | Six Months Ended 
 June 30,         
 2025             |        |     | 2024 |        |
|:---------------------------------------|:----|:----------------------------------------|:----|:-------------------|-------:|:----|:-----|-------:|:----|:-----------------|-------:|:----|:-----|