Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 145

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 145
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 share‑based awards, cash awards, substitute awards and performance awards intended to align the interests of employees, directors and service providers with those of our shareholders. As such, our historical financial data may not present an accurate indication of what our actual results would have been if we had implemented the LTIP program prior to the periods presented within.

Existing Term Loans and Existing Revolving Credit Facilities

In connection with the WaterBridge Combination, the NDB Term Loan (as defined below) will be assumed by the borrower under the WBM Term Loan (as defined below) and the NDB Revolving Credit Facility (as defined below) will be assumed by the borrower under the WBM Revolving Credit Facility (as defined below; the WBM Revolving Credit Facility, collectively with the NDB Term Loan, the WBM Term Loan, and the NDB Revolving Credit Facility, the “Credit Facilities”) (such assumptions, the “NDB Assumption”).

In connection with the WaterBridge Combination and the NDB Assumption, certain of the existing collateral documents securing the NDB Term Loan, the WBM Term Loan, the NDB Revolving Credit Facility and the WBM Revolving Credit Facility will be amended, amended and restated, supplemented, or otherwise modified to provide for (i) an unsecured guarantee from the Company, OpCo and WaterBridge Operating LLC (“WBO”) of the obligations

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under the Credit Facilities (the “Parent Guarantee”), (ii) collateral securing obligations under the NDB Term Loan and the NDB Revolving Credit Facility to also secure the obligations under the WBM Term Loan and the WBM Revolving Credit Facility, (iii) collateral securing obligations under the WBM Term Loan and the WBM Revolving Credit Facility to also secure obligations under the NDB Term Loan and the NDB Revolving Credit Facility and (iv) the grant of security interests by certain subsidiaries of Desert Environmental to secure the obligations under each Credit Facility, following which, each Credit Facility will be secured by a first-priority lien on substantially all of our assets (collectively, the “Collateral Amendments”).

In addition, in connection with the the NDB Assumption and the Collateral Amendments, we will amend each of the WBM Revolving Credit Facility (as defined below) and the NDB Revolving Credit Facility (as defined below) to, among other things, permit the NDB Assumption and the Collateral Amendments.

As of June 30, 2025,