Company: WBI
Filing Date: 2025-08-04
Form Type: DRS/A
Source: 0000950123-25-006924
Chunk: 438

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-04
Form: DRS/A
Chunk 438
---
.0 million and income of $0.6 million, respectively, in share-based compensation during the three months ended June 30, 2025 and 2024, respectively, which is included in general and administrative expense on the statements of operations. The Company recognized expense of $6.1 million and expense of $6.6 million, respectively, in share-based compensation during the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and the year ended December 31, 2024 the WBR Incentive Units were fully vested. There were no departures requiring accelerated vesting during the six months ended June 30, 2025 and 2024. WB II Incentive Units The WB II LLC Agreement authorizes the issuance of up to 10,000 Incentive Units (“WB II Incentive Units”) that represent profit interests in WB II. The number of WB II Incentive Units granted and forfeited during the six months ended June 30, 2025 and during the twelve months ending December 31, 2024 is shown in the following table:

| Outstanding at January 1, 2024   |     | 6,179 |   |
| Granted                          |     |     - |   |
| Forfeited                        |     |   (27 | ) |
| Outstanding at December 31, 2024 |     | 6,152 |   |
| Granted                          |     |     - |   |
| Forfeited                        |     |   (17 | ) |
| Outstanding at March 31, 2025    |     | 6,135 |   |
| Granted                          |     |     - |   |
| Forfeited                        |     |     - |   |
| Outstanding at June 30, 2025     |     | 6,135 |   |

The weighted average estimated fair value of the time-based portion of WB II Incentive Units was valued using a Monte Carlo simulation with the following inputs:

|                          |     |           | June 30, 
     2025 |   |     |           | December 31, 
         2024 |   |
|:-------------------------|:----|:----------|---------:|:--|:----|:----------|-------------:|:--|
| Estimated equity value   |     | $         |  240,032 |   |