Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 487

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 487
---
   |     | Incentive Units |     - |     | Weighted Average 
 Grant Date       
 Fair Value       |     - |     | Weighted Average      
 Remaining Contractual 
 Term (years)          |    - |
|:---------------------------------|:----|:----------------|------:|:----|:-----------------|------:|:----|:----------------------|-----:|
| Granted                          |     |                 | 4,400 |     |                  | 56.65 |     |                       |      |
| Forfeited                        |     |                 |     - |     |                  |     - |     |                       |      |
| Outstanding at December 31, 2023 |     |                 | 4,400 |     |                  | 56.65 |     |                       | 2.00 |
| Granted                          |     |                 |   300 |     |                  | 53.04 |     |                       |      |
| Forfeited                        |     |                 |  -578 |     |                  | 56.65 |     |                       |      |
| Outstanding at December 31, 2024 |     |                 | 4,122 |     | $                | 56.39 |     |                       | 1.00 |

<div align='center'>F-120

Desert Environmental LLC and Subsidiaries

Notes to Consolidated Financial Statements</div>

The Incentive Units represent a substantive class of equity and are accounted for under FASB ASC 718, Compensation – Stock Compensation. U.S. GAAP requires recognition of compensation expense for such awards with performance conditions, such as return thresholds, once achievement of the condition is considered probable. The compensation expense recognized is based on the fair value of the rewards on the grant date. The compensation expense for the Incentive Units for the years ended December 31, 2024, and 2023 was $73 thousand and $83 thousand, respectively. Included in compensation expense during the year ended December 31, 2024, is the reversal of $17 thousand of expense related to employee departures. As of December 31, 2024, remaining unrecognized compensation expense for the Incentive Units was $78 thousand and will be recognized over the next year as the Incentive Units vest. There were no units forfeited during 2023. The Company uses the Black-Scholes option valuation model to value units granted to employees that uses the assumptions