Company: WBI
Filing Date: 2025-04-18
Form Type: DRS
Source: 0000950123-25-003575
Chunk: 202

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-04-18
Form: DRS
Chunk 202
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 that the administrator deems appropriate to reflect the applicable transaction or event.

No Repricing

Except in connection with (i) the issuance of substitute awards granted to new service providers in connection with a transaction or (ii) in connection with adjustments to awards granted under the LTIP as a result of a transaction or recapitalization involving us, without the approval of our shareholders, the terms of outstanding option or SAR may not be amended to reduce the exercise price or grant price or to take any similar action that would have the same economic result.

Clawback

All awards granted under the LTIP are subject to reduction, cancelation or recoupment under any written clawback policy that we may adopt and that we determine must, to the extent required by applicable law, or should apply to awards under the LTIP.

Amendment and Termination

The LTIP will automatically expire on the tenth anniversary of its effective date. The administrator may amend or terminate the LTIP at any time, subject to shareholder approval if required by applicable law, rule or regulation, including the rules of the NYSE. The administrator may amend the terms of any outstanding award granted under the LTIP at any time so long as the amendment would not materially and adversely affect the rights of a participant under a previously granted award without the participant’s consent.

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### CORPORATE REORGANIZATION
WaterBridge was formed as a Delaware limited liability company by NDB Holdings on April 11, 2025. WaterBridge intends to elect to be classified as a corporation for U.S. federal income tax purposes in the Corporate Reorganization. WaterBridge has not conducted and will not conduct any material business operations prior to the completion of the Corporate Reorganization, other than certain activities related to this offering. Immediately following the consummation of WaterBridge Combination described under “—WaterBridge Combination” above and summarized below, OpCo will directly or indirectly own all of the outstanding equity interests of the subsidiaries through which we will operate our business other than the WBEF Preferred Units, which will continue to be held by the Legacy Preferred Holder until being transferred to OpCo in exchange for OpCo preferred equity interests that will be purchased in full in connection with this offering as described below.

Pursuant to the WaterBridge Combination, we expect each of the following transactions to occur:

all of the existing equity holders of WB 892, other than GIC, will contribute all of their respective equity interests in WB 892 to WBR Aggregator in exchange for