Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 441

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 441
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2023. 11. Share-Based Compensation The Company accounts for share-based compensation expense for Incentive Units granted in exchange for employee services. Our management and employees currently participate in two equity-based incentive plans, managed by WBR and WB II, both indirect parents of the Company. The Incentive Units consist of time-based awards of profits interests in WBR and WB II. Please see “Share-Based Compensation” above for further discussion of the accounting treatment of the WBR and WB II Incentive Units. WBR Incentive Units The WBR LLC Agreement authorizes the issuance of up to 10,000 Incentive Units (“WBR Incentive Units”), which represent profits interests in WBR. As of December 31, 2024 and 2023, there were 6,170 and 6,194 WBR Incentive Units issued and outstanding. The weighted average fair value of the WBR Incentive Units is estimated using a Monte Carlo simulation with the following inputs:

|                          |     | December 31, |    2024 |   |     |           |    2023 |   |
|:-------------------------|:----|:-------------|--------:|:--|:----|:----------|--------:|:--|
| Estimated equity value   |     | $            | 229,354 |   |     | $         | 182,898 |   |
| Expected life (in years) |     |              |     0.5 |   |     |           |     1.0 |   |
| Risk-free interest rate  |     |              |     4.2 | % |     |           |     4.7 | % |
| Dividend yield           |     |              |       0 | % |     |           |       0 | % |
| Volatility               |     |              |    53.7 | % |     |           |    65.5 | % |
| Marketability discount   |     | 9% - 32%     |         |   |     | 16% - 32% |         |   |

The number of WBR Incentive Units granted and forfeited during the twelve months ending December 31, 2024 and 2023 is shown in the following table:

| Outstanding at January 1, 2023   |     | 6,234 |   |
| Granted                          |     |     - |