Company: WBI
Filing Date: 2025-04-18
Form Type: DRS
Source: 0000950123-25-003575
Chunk: 87

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-04-18
Form: DRS
Chunk 87
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 see “Dividend Policy.” There can be no assurance that we will pay dividends in the future or continue to pay any dividends if we do commence paying dividends. Investors in this offering should make any investment in our Class A shares without reliance on payment of any future dividend.

Five Point has the ability to direct the voting of a majority of our common shares and control certain decisions with respect to our management and business, including certain consent rights and the right to designate more than a majority of the members of our board as long as it and its affiliates beneficially own at least % of our outstanding common shares, as well as lesser director designation rights as long as it and its affiliates beneficially own less than % but at least % of our outstanding common shares. Five Point’s interests may conflict with those of our other shareholders.

Upon completion of this offering, the Five Point Members will collectively initially own of our Class A shares and of our Class B shares, representing % of our voting power (or of our Class A shares and of our Class B shares, representing % of our voting power if the underwriters’ option to purchase additional Class A shares is exercised in full). Five Point’s initial beneficial ownership of greater than 50% of our common shares means Five Point will be able to control matters requiring shareholder approval, including the election of directors, changes to our organizational documents, approval of acquisition offers and other significant corporate transactions. This concentration of ownership makes it unlikely that any other holder or group of holders of our Class A shares will be able to affect the way we are managed or the direction of our business. The interests of Five Point with respect to matters potentially or actually involving or affecting us, such as future acquisitions, financings and other corporate opportunities and attempts to acquire us, may conflict with the interests of our other shareholders.

Furthermore, prior to the completion of this offering, we expect to enter into a Shareholders’ Agreement (as defined herein) with the Five Point Members and certain of our other Existing Owners. The Shareholders’ Agreement will provide that the Five Point Members will have the right to designate more than a majority of the members of our board as long as it and its affiliates beneficially own at least % of our outstanding common shares, as well as lesser director designation rights as long as it and its affiliates beneficially own less than % but at least % of our outstanding common shares. For so long as the Five Point Members and certain affiliates beneficially own at least % of our outstanding common shares, we and our subsidiaries may not, without the approval