Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 442

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 442
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   |
| Forfeited                        |     |   (40 | ) |
| Outstanding at December 31, 2023 |     | 6,194 |   |
| Granted                          |     |     - |   |
| Forfeited                        |     |   (24 | ) |
| Outstanding at December 31, 2024 |     | 6,170 |   |

The fair value of the WBR Incentive Units attributable to the Company as of December 31, 2024 was $19.3 million ($0 - $8,178 per unit) and as of December 31, 2023 was $12.8 million ($18 - $4,872 per unit).

<div align='center'>F-83</div>

### Notes to the Consolidated Financial Statements
The cumulative vested value of the liability for the WBR Incentive Units allocated to the Company was approximately $19.3 million and $11.9 million as of December 31, 2024 and 2023, respectively. The Company recognized expense of $7.3 million and income of $9.9 million, respectively, in share-based compensation during the years ended December 31, 2024 and 2023, respectively, which is included in general and administrative expense on the statements of operations. For the year ended December 31, 2024 the WBR Incentive Units were fully vested. For the year ended December 31, 2023, the remaining unrecognized compensation expense for the WBR Incentive Units was $0.9 million and the weighted average remaining vesting period was approximately 1.0 years. There were no departures requiring accelerated vesting during 2024 and 2023. WB II Incentive Units The WB II LLC Agreement authorizes the issuance of up to 10,000 Incentive Units (“WB II Incentive Units”) that represent profit interests in WB II. As of December 31, 2024 and 2023, there were 6,152 and 6,179 WB II Incentive Units issued and outstanding. The number of WB II Incentive Units granted and forfeited during the twelve months ending December 31, 2024 and 2023 is shown in the following table:

| Outstanding at January 1, 2023   |     | 6,219 |   |
| Granted                          |     |     - |   |
| Forfeited                        |     |