Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 476

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 476
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2024 |   |
|:-------------------------|:----|:----------|---------:|:--|:----|:----------|-------------:|:--|
| Estimated equity value   |     | $         |  240,032 |   |     | $         |      224,133 |   |
| Expected life (in years) |     |           |      0.3 |   |     |           |          0.5 |   |
| Risk-free interest rate  |     |           |      4.3 | % |     |           |          4.2 | % |
| Dividend yield           |     |           |        0 | % |     |           |            0 | % |
| Volatility               |     |           |     81.5 | % |     |           |         53.7 | % |
| Marketability discount   |     | 20% - 32% |          |   |     | 31% - 32% |              |   |

The fair value of the WB II Incentive Units as of June 30, 2025 was $3.3 million ($2 - $900 per unit) and as of December 31, 2024 was $2.0 million ($0 - $543 per unit). The cumulative vested value of the liability for the WB II Incentive Units allocated to the Company was approximately $3.3 million and $2.0 million as of June 30, 2025 and December 31, 2024, respectively. The Company recognized expense of $0.7 million and expense of $1.3 million, respectively, in share-based compensation expense during the three months ended June 30, 2025 and 2024, respectively, which is included in general and administrative expense on the statements of operations. The Company recognized expense of $1.3 million and expense of $1.5 million, respectively, in share-based compensation during the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and the year ended December 31, 2024, the WB II Incentive Units were fully vested. There were no departures requiring accelerated vesting during the six months ended June 30, 2025 and 2024.

<div align='center'>F-104

WaterBridge Equity Finance LLC and Subsidiaries