Company: WBI
Filing Date: 2025-04-18
Form Type: DRS
Source: 0000950123-25-003575
Chunk: 203

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-04-18
Form: DRS
Chunk 203
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 newly issued common units in WBR Aggregator;

all of the existing equity holders of WBEF (other than WB 892 and the Legacy Preferred Holder) will contribute all of their respective equity interests in WBEF to WBR Aggregator in exchange for newly issued common units in WBR Aggregator such that, immediately following such contributions, WBR Aggregator will directly or indirectly own all of the outstanding equity interests in WB 892 and WBEF other than (i) the equity interests in WB 892 held by GIC and (ii) the WBEF Preferred Units held by the Legacy Preferred Holder;

WPX Permian will form Devon Holdco and contribute all of its equity interests in NDB Midstream to Devon Holdco in exchange for equity interests in Devon Holdco;

WBR Aggregator will form OpCo as a Delaware limited liability company; and

(i) WB 892 and WBR Aggregator will contribute all of their respective equity interests in WBEF to OpCo in exchange for newly issued common equity interests in OpCo; and (ii) NDB Holdings and Devon Holdco, which will collectively own 100% of the outstanding equity interests of NDB Midstream at such time, will contribute their respective equity interests in NDB Midstream to OpCo in exchange for newly issued common equity interests in OpCo such that, immediately following such contributions:

OpCo will directly own all of the outstanding equity interests in WBEF and NDB Midstream other than the WBEF Preferred Units held by the Legacy Preferred Holder; and

Our Existing Owners will, either directly or through their respective equity interests in WB 892, own 100% of the outstanding common equity interests in OpCo.

Immediately following the consummation of the transactions described above, OpCo will cause certain of its subsidiaries to undergo a series of merger transactions, including the merger of NDB Midstream with and into WBEF, with WBEF surviving, and the merger of NDB Operating with and into WaterBridge Midstream, with WaterBridge Midstream surviving. Following such merger transactions, WBEF will own all of the legacy assets and operations of WBEF, NDB Operating and their respective subsidiaries.

Following the Corporate Reorganization, WaterBridge will be a holding company, the sole material asset of which will consist of limited liability company interests in OpCo, which will directly or indirectly own all of the outstanding equity interests of the subsidiaries through which WaterBridge will operate its business, and WaterBridge will be the sole