Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 394

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 394
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     |                                                     |      |
| Granted                          |     |                 |  8,480 |     |                                        |   733 |     |                                                     |      |
| Forfeited                        |     |                 |      - |     |                                        |     - |     |                                                     |      |
| Outstanding at June 30, 2025     |     |                 | 18,330 |     | $                                      | 4,633 |     |                                                     | 1.26 |

As of June 30, 2025, remaining unrecognized compensation expense for the Incentive Units was $6.8 million and the weighted average remaining vesting period was approximately 2.29 years. Included in share-based compensation expense during the six months ended June 30, 2024 is the reversal of an immaterial amount of expense related to employee departures.

<div align='center'>F-54

WaterBridge NDB Operating LLC and Subsidiaries

Notes to the Unaudited Condensed Consolidated Financial Statements</div>

8. Related Party Transactions

| Revenues - Related Party               |     | Financial Statements Location           |     | Three Months Ended 
 June 30,           
 2025               |        |     | 2024 |        |     | Six Months Ended 
 June 30,         
 2025             |        |     | 2024 |        |
|:---------------------------------------|:----|:----------------------------------------|:----|:-------------------|-------:|:----|:-----|-------:|:----|:-----------------|-------:|:----|:-----|-------:|
| Customer Agreement                     |     | Produced water handling - related party |     | $                  | 29,433 |     | $    | 24,229 |     | $                | 56,292 |     | $    | 48,871 |
| Customer Agreement                     |     | Water solutions - related party         |     |                    |  1,633 |     |      |  1,343 |     |                  |  3,301 |     |      |  2,213 |
| Customer Agreement                     |     | Other revenues - related party          |     |                    |     38 |     |      |      - |     |                  |     38 |     |      |      - |
|                                        |     |                                         |     | $                  | 31,104 |     | $    | 25,