Company: WBI
Filing Date: 2025-08-04
Form Type: DRS/A
Source: 0000950123-25-006924
Chunk: 248

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-04
Form: DRS/A
Chunk 248
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 a pro rata basis in accordance with their respective percentage ownership of OpCo Units, except that certain non‑pro rata adjustments will be required to be made to reflect built‑in gains and losses and tax depreciation and amortization with respect to such built‑in gains and losses. The OpCo LLC Agreement will provide, to the extent cash is available and subject to the terms of any current or future debt or other arrangements, 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 an advance distribution is made to us, we will use commercially reasonable efforts to cause OpCo to make additional distributions to each of the OpCo Unitholders. The additional distributions, if any, made to the OpCo Unitholders generally will be pro rata based on each member’s ownership of OpCo Units, calculated based on the amount distributed to us.

The OpCo LLC Agreement will provide that, except as otherwise determined by us or in connection with the exercise of the Call Right, at any time we issue a Class A share or any other equity security, the net proceeds received by us with respect to such issuance, if any, shall be concurrently invested in OpCo, and OpCo shall issue to us one OpCo Unit or other economically equivalent equity interest. Conversely, if at any time any Class A shares are redeemed, repurchased or otherwise acquired, OpCo shall redeem, repurchase or otherwise acquire an equal number of OpCo Units held by us, upon the same terms and for the same price, as the Class A shares are redeemed, repurchased or otherwise acquired.

Under the OpCo LLC Agreement, the members have agreed that the Five Point Members and Devon Holdco, as well as their affiliates, will be permitted to engage in business