Company: WBI
Filing Date: 2025-06-02
Form Type: DRS/A
Source: 0000950123-25-005943
Chunk: 322

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-06-02
Form: DRS/A
Chunk 322
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-free interest rate  |     |           |     4.5 | % |
| Dividend yield           |     |           |       0 | % |
| Volatility               |     |           |      40 | % |
| Marketability discount   |     | 22% - 24% |         |   |

<div align='center'>F-34

WaterBridge NDB Operating LLC and Subsidiaries

Notes to the Consolidated Financial Statements</div>

A summary of the Incentive Units activity during the year ended December 31, 2024 is shown in the following table:

|                                     |     | Incentive Units |       |   |     | Weighted Average Grant Date Fair Value |       |     | Weighted Average Remaining Contractual Term (years) |      |
|:------------------------------------|:----|:----------------|------:|:--|:----|:---------------------------------------|------:|:----|:----------------------------------------------------|-----:|
| Outstanding at December 31, 2023(1) |     |                 | 9,992 |   |     | $                                      | 1,548 |     |                                                     |      |
| Granted                             |     |                 |     - |   |     |                                        |     - |     |                                                     |      |
| Forfeited                           |     |                 |  (142 | ) |     |                                        | 1,135 |     |                                                     |      |
| Outstanding at December 31, 2024(2) |     |                 | 9,850 |   |     | $                                      |   985 |     |                                                     | 0.99 |

(1) Prior to the Division, incentive units outstanding at December 31, 2023 reflected the weighted average fair value per unit as of the measurement date as required for liability accounting. (2) The units outstanding as of December 31, 2024 reflect the effects of the Division which includes the weighted average per unit amount at the modification date of $987 per unit. As of December 31, 2024, remaining unrecognized compensation expense for the Incentive Units was $2.0 million and the weighted average remaining vesting period was approximately 1.5 years. Included in share-based compensation expense during the year ended December 31, 2024 is the reversal of an immaterial amount of expense related to employee departures. Share-based compensation expense during the year ended December 31, 2024