Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 387

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 387
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 0 | % |
| Volatility               |     |           |        40 | % |     |            |      42 | % |
| Marketability discount   |     | 18% - 19% |           |   |     | 24% - 26%  |         |   |

The Incentive Units were estimated using a Monte Carlo Simulation with the following inputs to determine the modification date fair value:

|                          |     | 7/1/2024  |         |   |
|:-------------------------|:----|:----------|--------:|:--|
| Estimated equity value   |     | $         | 251,139 |   |
| Expected life (in years) |     |           |     2.5 |   |
| Risk-free interest rate  |     |           |     4.5 | % |
| Dividend yield           |     |           |       0 | % |
| Volatility               |     |           |      40 | % |
| Marketability discount   |     | 22% - 24% |         |   |

<div align='center'>F-39

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)