Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 428

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 428
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 the Consolidated Financial Statements
reporting period, which equals the liquidation preference. Below is a summary of the redemption values as of December 31, 2024, and 2023.

|                                                          |     | December 31, |    2024 |     |   |    2023 |
|:---------------------------------------------------------|:----|:-------------|--------:|:----|:--|--------:|
| Redeemable Series A Preferred Units, including PIK Units |     | $            | 279,750 |     | $ | 252,777 |
| Step-Up PIK Units                                        |     |              |  12,973 |     |   |  11,658 |
| Total Redemption Value                                   |     | $            | 292,723 |     | $ | 264,435 |

Redeemable Series B Preferred Units On August 27th, 2020, the Company issued 95,000 Series B Preferred Units (“Redeemable Series B Preferred Units”) to investors in exchange for $95.0 million in cash. The key terms of the Series B Preferred Units are outlined in the WBEF LLCA, as amended from time to time. The Redeemable Series B Preferred Units have preference over Series A units upon the dissolution of the Company. The Redeemable Series B Preferred Units are junior to (i) the satisfaction of all the Company’s indebtedness, and (ii) the Series A Preferred Units. The Series B Preferred Units did not have voting rights. Furthermore, the Series B Preferred Units are entitled to participate in quarterly cash distributions with common unitholders following the redemption of the Company’s Series A Preferred Units, provided there is available cash for distributions. No cash distributions were made to the Series B unitholders during the years ended December 31, 2024, and 2023. In addition to the share settled redemption feature described in the paragraph below, the Redeemable Series B Preferred Units are contingently convertible at a fixed conversion price following a Series B Liquidation Event (defined below), an IPO, certain equity transactions with a third party, or a merger or consolidation transaction meeting specific equity valuation requirements. Upon the occurrence of one of the aforementioned events, the Series B Preferred Unitholder will receive the greatest of: (i) the number of shares issuable at the fixed conversion price, and (ii) the variable number of shares issuable under the share settled redemption feature described below. The Series B