Company: WBI
Filing Date: 2025-08-04
Form Type: DRS/A
Source: 0000950123-25-006924
Chunk: 126

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-04
Form: DRS/A
Chunk 126
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 for: (i) pro rata tax distributions to the OpCo Unitholders in an amount generally intended to allow such holders to satisfy their respective income tax liabilities with respect to their allocable share of the income of OpCo, based on certain assumptions and conventions, provided that the distribution will be sufficient to allow us to satisfy our actual tax liabilities; (ii) non-pro rata advance distributions to us, which will be treated as an advance of the distributions otherwise payable to us, to allow us to make payments under the Tax Receivable Agreement that we will enter into with OpCo and the TRA Holders in connection with the closing of this offering and any subsequent tax receivable agreements that we may enter into in connection with future acquisitions; and (iii) non-pro rata payments to us to reimburse us for our corporate and other overhead expenses.

If OpCo makes distributions to us and the OpCo Unitholders in any given year, we may pay dividends in respect of our Class A shares out of some or all of such distributions remaining after the payment of taxes and other expenses if determined by our board of directors. However, because our board of directors may determine to pay or not pay dividends in respect of our Class A shares based on the factors described above, holders of our Class A shares may not necessarily receive dividends, even if OpCo makes such distributions to us.

See “Risk Factors—Risks Related to this Offering, Our Corporate Structure and Our Class A Shares—Any decision to pay cash dividends in the future will be made in the sole discretion of our board of directors. If we do not pay any cash dividends on our Class A shares following this offering, you may not receive a return on investment unless you sell your Class A shares for a price greater than that which you paid for them.”

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CAP ITALIZATION The following table sets forth our cash and cash equivalents and capitalization as of June 30, 2025, as follows: • on an actual basis for WaterBridge, the registrant; • on an actual basis for WBEF and NDB Operating, our predecessors; • on an actual basis for Desert Environmental, our energy waste management business; • on a pro forma basis to give effect to the WaterBridge Combination; and • on a pro forma, as adjusted, basis to give effect to the WaterBridge Combination, the Corporate Reorganization and this offering at the assumed initial offering price of $ per Class A share (the midpoint of the price range set forth