Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 249

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 249
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     |                                                                        0 |     | N/A                       |     | N/A                    |
|                  |     | July 21, 2023      |     | WB NDB             |     |                                                                     67 |     |                                                                      133 |     | N/A                       |     | N/A                    |

(1) We believe that, despite the fact that the Incentive Units (as defined below) do not require the payment of an exercise price, they are most similar economically to stock options, and as such, they are properly classified as “options” under the definition provided in Item 402(m)(5)(i) of Regulation S-K as an instrument with an “option-like feature.” Each Incentive Unit is granted with a specific hurdle amount, or distribution threshold, and will only provide value to the holder based upon our growth above that hurdle amount. Because the Incentive Units are not traditional options, there is no exercise price or expiration date associated with the awards in the table above. A more detailed description of the Incentive Unit program is provided in the narrative below. (2) Incentive Units were granted to our NEOs by WaterBridge Resources (WB I), WaterBridge II (WB II) and WB NDB. Distributions attributable to Incentive Units are based on returns received by investors of WaterBridge Resources, WaterBridge II and WB NDB once certain return thresholds have been met. Incentive Units are solely a payment obligation of WaterBridge Resources, WaterBridge II and WB NDB, as applicable, and neither the Company nor OpCo has any cash or other obligation to make payments in connection with the Incentive Units. (3) Incentive Units that are reflected as “exercisable” were vested as of December 31, 2024. (4) Incentive Units reflected as “unexercisable” were still subject to time-based vesting conditions as of December 31, 2024. Each relevant Incentive Unit award vests in equal annual installments over three years, subject to the NEO’s continued service. Notwithstanding the foregoing, the Incentive Unit Awards granted to Mr. Jones in 2022 and 2023 became vested in full upon his separation from service.

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Additional Narrative Disclosure Regarding Executive Compensation Matters

2024 Salaries

Our NEOs receive a base salary to compensate them for services rendered to the Company. The base salary payable to each NEO is intended to provide