Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 446

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 446
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|--------:|:--|:----|:----------|--------:|:--|
| Estimated equity value   |     | $            | 229,354 |   |     | $         | 182,898 |   |
| Expected life (in years) |     |              |     0.5 |   |     |           |     1.0 |   |
| Risk-free interest rate  |     |              |     4.2 | % |     |           |     4.7 | % |
| Dividend yield           |     |              |       0 | % |     |           |       0 | % |
| Volatility               |     |              |    53.7 | % |     |           |    65.5 | % |
| Marketability discount   |     | 9% - 32%     |         |   |     | 16% - 32% |         |   |

The number of WBR Incentive Units granted and forfeited during the twelve months ending December 31, 2024 and 2023 is shown in the following table:

| Outstanding at January 1, 2023   |     | 6,234 |   |
| Granted                          |     |     - |   |
| Forfeited                        |     |   (40 | ) |
| Outstanding at December 31, 2023 |     | 6,194 |   |
| Granted                          |     |     - |   |
| Forfeited                        |     |   (24 | ) |
| Outstanding at December 31, 2024 |     | 6,170 |   |

The fair value of the WBR Incentive Units attributable to the Company as of December 31, 2024 was $19.3 million ($0 - $8,178 per unit) and as of December 31, 2023 was $12.8 million ($18 - $4,872 per unit).

<div align='center'>F-83</div>

### Notes to the Consolidated Financial Statements
The cumulative vested value of the liability for the WBR Incentive Units allocated to the Company was approximately $19.3 million and $11.9 million as of December 31, 2024 and 2023, respectively. The Company recognized expense of $7.3 million and income of $9.9 million, respectively, in share-based compensation during the years ended