Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 444

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 444
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   |
| Risk-free interest rate  |     |              |     4.2 | % |     |           |     4.7 | % |
| Dividend yield           |     |              |       0 | % |     |           |       0 | % |
| Volatility               |     |              |    53.7 | % |     |           |    65.5 | % |
| Marketability discount   |     | 31% - 32%    |         |   |     | 30% - 32% |         |   |

The fair value of the WB II Incentive Units as of December 31, 2024 was $2.0 million ($0 - $543 per unit) and as of December 31, 2023 was $3.1 million ($32 - $662 per unit). The cumulative vested value of the liability for the WB II Incentive Units allocated to the Company was approximately $2.0 million and $2.5 million as of December 31, 2024 and 2023, respectively. The Company recognized income of $0.5 million and income of $2.1 million, respectively, in share-based compensation expense during the years ended December 31, 2024 and 2023, respectively, which is included in general and administrative expense on the statements of operations. For the year ended December 31, 2024, the WB II Incentive Units were fully vested. For the year ended December 31, 2023, the remaining unrecognized compensation expense for the WB II Incentive Units was $0.6 million and the weighted average remaining vesting period was approximately 1.0 years. There were no departures requiring accelerated vesting during 2024 and 2023.

<div align='center'>F-84</div>

Changes in the allocated vested and unvested fair value of the Incentive Units for the years ended December 31, 2024 and 2023 were as follows (in thousands):

| Recurring:                |     |   |         |   |
|:--------------------------|:----|:--|--------:|:--|
| Balance January 1, 2023   |     | $ |  33,822 |   |
| Remeasurements            |     |   | (17,889 | ) |
| Balance December 31, 2023 |     | $ |