Company: WBI
Filing Date: 2025-06-02
Form Type: DRS/A
Source: 0000950123-25-005943
Chunk: 214

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-06-02
Form: DRS/A
Chunk 214
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 of any outstanding award granted under the LTIP at any time so long as the amendment would not materially and adversely affect the rights of a participant under a previously granted award without the participant’s consent.

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### CORPORATE REORGANIZATION
WaterBridge was formed as a Delaware limited liability company by NDB Holdings on April 11, 2025. WaterBridge intends to elect to be classified as a corporation for U.S. federal income tax purposes in the Corporate Reorganization. WaterBridge has not conducted and will not conduct any material business operations prior to the completion of the Corporate Reorganization, other than certain activities related to this offering. Immediately following the consummation of WaterBridge Combination described under “—WaterBridge Combination” above and summarized below, OpCo will directly or indirectly own all of the outstanding equity interests of the subsidiaries through which we will operate our business other than the WBEF Preferred Units, which will continue to be held by the Legacy Preferred Holder until being transferred to OpCo in exchange for OpCo preferred equity interests that will be purchased in full in connection with this offering as described below.

Pursuant to the WaterBridge Combination, we expect each of the following transactions to occur:

all of the existing equity holders of WB 892, other than GIC, will contribute all of their respective equity interests in WB 892 to WBR Aggregator in exchange for newly issued common units in WBR Aggregator;

all of the existing equity holders of WBEF (other than WB 892 and the Legacy Preferred Holder) will contribute all of their respective equity interests in WBEF to WBR Aggregator in exchange for newly issued common units in WBR Aggregator such that, immediately following such contributions, WBR Aggregator will directly or indirectly own all of the outstanding equity interests in WB 892 and WBEF other than (i) the equity interests in WB 892 held by GIC and (ii) the WBEF Preferred Units held by the Legacy Preferred Holder;

WPX Permian will form Devon Holdco and contribute all of its equity interests in NDB Midstream to Devon Holdco in exchange for equity interests in Devon Holdco;

WBR Aggregator will form OpCo as a Delaware limited liability company; and

(i) WB 892 and WBR Aggregator will contribute all of their respective equity interests in WBEF to OpCo in exchange for newly issued common equity interests in OpCo; and (ii) NDB Holdings and Devon Holdco,