# EDGAR Filing Document

**Accession Number:** 0002064947
**File Stem:** 0001193125-25-207591
**Filing Date:** 2025-9
**Character Count:** 1280991
**Document Hash:** 7583ced1533a05e49e0d23cda28750bc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-207591.hdr.sgml**: 20250918

**ACCESSION NUMBER**: 0001193125-25-207591

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250916

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250918

**DATE AS OF CHANGE**: 20250918

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WaterBridge Infrastructure LLC
- **CENTRAL INDEX KEY:** 0002064947
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL, GAS FIELD SERVICES, NBC [1389]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 334546086
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42850
- **FILM NUMBER:** 251324420

**BUSINESS ADDRESS:**
- **STREET 1:** 5555 SAN FELIPE STREET
- **STREET 2:** SUITE 1200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
- **BUSINESS PHONE:** (951) 760-6584

**MAIL ADDRESS:**
- **STREET 1:** 5555 SAN FELIPE STREET
- **STREET 2:** SUITE 1200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** September 16, 2025

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WaterBridge Infrastructure LLC

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| Delaware**(State or other jurisdiction <br>of incorporation)** | 001-42850<br>**(Commission <br>File Number)** | 33-4546086**(IRS Employer <br>Identification No.)** |

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5555 San Felipe Street**,** Suite 1200Houston**,** Texas 77056**(Address of principal executive offices and zip code)**

**Registrant's telephone number, including area code: (**713**)** 230-8864

Not applicable**(Former name or former address, if changed since last report.)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading <br>Symbol(s)** | **Name of each exchange <br>on which registered** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A shares representing limited liability company interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WBI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Stock Exchange<br>NYSE Texas, Inc.  |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.01 Entry into a Material Definitive Agreement.**

***Contribution and Corporate Reorganization Agreement***

Pursuant to a contribution and corporate reorganization agreement (the "Contribution and Reorganization Agreement"), dated September 8, 2025, by and among WaterBridge Infrastructure LLC, a Delaware limited liability company (the "Company"), WBR Holdings LLC, a Delaware limited liability company ("WBR Holdings"), NDB Midstream LLC, a Delaware limited liability company ("NDB Midstream"), WaterBridge Equity Finance LLC, a Delaware limited liability company ("WBEF"), Desert Environmental LLC, a Delaware limited liability company ("Desert Environmental"), WaterBridge Resources LLC, a Delaware limited liability company, WaterBridge Co-Invest LLC, a Delaware limited liability company, WaterBridge Co-Invest II LLC, a Delaware limited liability company, WaterBridge II LLC, a Delaware limited liability company, NDB Holdings LLC, a Delaware limited liability company ("NDB Holdings"), Devon WB Holdco L.L.C., a Delaware limited liability company ("Devon Holdco"), Desert Environmental Holdings LLC, a Delaware limited liability company ("Desert Holdings"), WB 892 LLC, a Delaware limited liability company ("WB 892"), Elda River Infrastructure WB LLC, a Delaware limited liability company ("Elda River"), Ashburton Investment Private Limited, a Singapore private limited company ("GIC"), and each other person who became party thereto in accordance with the terms of the Contribution and Reorganization Agreement, the Company completed certain restructuring transactions (the "WaterBridge Combination") in connection with the Offering (as defined below).

Pursuant to the Contribution and Reorganization Agreement, on or before September 17, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;•WBR Holdings formed WBI Operating LLC, a Delaware limited liability company ("OpCo");

&nbsp;&nbsp;&nbsp;&nbsp;•all of the existing equityholders of WB 892 (each, a "WB 892 Holder"), a holder of equity interests in WBEF, other than GIC, contributed all of their respective equity interests in WB 892 to WBR Holdings in exchange for the issuance to such WB 892 Holders of newly issued limited liability company interests in WBR Holdings (each such interest, a "WBR Holdings Interest"), and the WB 892 Holders were admitted as members of WBR Holdings, and WBR Holdings was admitted as a member of WB 892 (collectively, the "WB 892 Contributions");

&nbsp;&nbsp;&nbsp;&nbsp;•all of the existing equityholders of WBEF (each, a "WBEF Holder"), other than WB 892 and Elda River, contributed all of their respective equity interests in WBEF to WBR Holdings in exchange for the issuance to such WBEF Holders of newly issued WBR Holdings Interests such that, immediately following such contributions, WBR Holdings, directly or indirectly, owned all of the outstanding equity interests in WB 892 and WBEF other than (i) the equity interests in WB 892 held by GIC and (ii) the existing Series A preferred units in WBEF held by Elda River (such contributions, together with the WB 892 Contributions, the "WBR Holdings Reorganization");

&nbsp;&nbsp;&nbsp;&nbsp;•immediately following the WBR Holdings Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•(A) each of WB 892 and WBR Holdings contributed all of their respective equity interests in WBEF to OpCo in exchange for the issuance to WB 892 and WBR Holdings of newly issued limited liability company interests in OpCo (any such limited liability company interest, an "OpCo Interest" and collectively, the "OpCo Interests"), and (B) Elda River contributed all of its equity interests in WBEF to OpCo in exchange for the issuance to Elda River of newly issued OpCo Interests. Concurrently with the preceding contributions, OpCo was admitted as the sole member of WBEF, and each of WB 892, WBR Holdings and Elda River ceased to be a member of WBEF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•(A) Devon Holdco contributed all of its equity interests in NDB Midstream to OpCo in exchange for the issuance to Devon Holdco of newly issued OpCo Interests and (B) NDB Holdings contributed to OpCo all of its equity interests in NDB Midstream in exchange for the issuance to NDB Holdings of newly issued OpCo Interests (collectively, the "NDB Midstream Contributions"). Concurrently with the NDB Midstream Contributions, OpCo was admitted as the sole member of NDB Midstream, and each of Devon Holdco and NDB Holdings ceased to be a member of NDB Midstream;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Desert Holdings contributed all of its equity interests in Desert Environmental to OpCo in exchange for the issuance to Desert Holdings of newly issued OpCo Interests (the "Desert Contribution"). Concurrently with the Desert Contribution, OpCo was admitted as the sole member of Desert Environmental, and Desert Holdings ceased to be a member of Desert Environmental; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•concurrently with the issuances by OpCo of the OpCo Interests described above, (A) OpCo directly owned all of the outstanding equity interests in Desert Environmental, WBEF and NDB Midstream and (B) WBR Holdings, NDB Holdings, Desert Holdings, Devon Holdco, Elda River and GIC (collectively, the "Existing Owners"), either directly or through their respective equity interests in WB 892, owned 100% of the outstanding OpCo Interests; and

&nbsp;&nbsp;&nbsp;&nbsp;•prior to the closing of the Offering, the Company elected to be classified as a corporation for U.S. federal income tax purposes, and immediately thereafter, WBR Holdings and GIC caused WB 892 to merge with and into the Company, with the Company surviving, in exchange for the issuance of newly issued limited liability company interests in the Company to WBR Holdings and GIC, and immediately following such merger, (i) the equity interests in the Company held by NDB Holdings were cancelled, (ii) WBR Holdings and GIC were admitted as members of the Company and (iii) the Company was admitted as a member of OpCo.

Further, pursuant to the Contribution and Reorganization Agreement, the following transactions occurred in connection with the completion of the Offering in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;•WBR Holdings and GIC caused the Company to amend and restate its limited liability company agreement to facilitate the Offering, as described in further detail under Item 5.03 of this Current Report on Form 8-K;

&nbsp;&nbsp;&nbsp;&nbsp;•the Company issued 31,700,000 Class A shares representing limited liability company interests in the Company (the "Class A shares") in the Offering to the public, in exchange for the proceeds of this offering, at a price of $20.00 per Class A share;

&nbsp;&nbsp;&nbsp;&nbsp;•WBR Holdings, NDB Holdings, Desert Holdings (together, the "Five Point Members"), Devon Holdco and Elda River contributed approximately $80,200 in cash to the Company in exchange for the issuance of an aggregate 80,190,150 Class B shares representing the limited liability company interests in the Company (the "Class B shares" and together with the Class A shares, the "common shares") to the Five Point Members, Devon Holdco and Elda River, or one Class B share for each OpCo Unit (as defined below) to be owned by each such entity following the closing of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;•the Company (i) used approximately $228.2 million of the net proceeds from the Offering to purchase a portion of the OpCo Units held by Elda River and (ii) contributed all of the remaining net proceeds from this offering to OpCo in exchange for a number of OpCo Units equal to the number of Class A shares issued in this Offering;

&nbsp;&nbsp;&nbsp;&nbsp;•the Existing Owners (other than GIC) and the Company caused OpCo to amend and restate its limited liability company agreement, as described in further detail under Item 5.03 of this Current Report on Form 8-K, to, among other things, designate the Company as the managing member of OpCo, recapitalize the OpCo Interests into units representing limited liability company interests in OpCo ("OpCo Units"), and provide for the provision of OpCo Unit exchange rights for the benefit of the holders of OpCo Units other than the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;•OpCo used, or intends to use, the remaining net proceeds from the Offering to repay certain outstanding indebtedness of WaterBridge Operating LLC, a Delaware limited liability company, WaterBridge NDB Operating LLC and Desert Environmental and for general company purposes, including funding working capital and future growth projects.

As a result of the WaterBridge Combination, the Company's sole material asset consists of OpCo Units, and OpCo directly or indirectly owns all of the outstanding equity interests of its subsidiaries through which the Company will operate its business. The Company is the sole managing member of OpCo and is responsible for all operational,

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management and administrative decisions relating to OpCo's business and will, on a go-forward basis, consolidate the financial results of OpCo and its subsidiaries.

The foregoing description is qualified in its entirety by reference to the full text of the Contribution and Reorganization Agreement, which is attached as Exhibit 2.1 to this Current Report on Form 8-K and incorporated in this Item 1.01 by reference.

***Underwriting Agreement***

On September 16, 2025, the Company, OpCo, WBEF, NDB Midstream and Desert Environmental entered into an underwriting agreement (the "Underwriting Agreement") with J.P. Morgan Securities LLC and Barclays Capital Inc., as representatives of the underwriters named therein (the "Underwriters"), relating to the offer and sale of the Class A shares (the "Offering"). The Underwriting Agreement provides for the offer and sale by the Company, and the purchase by the Underwriters, of 31,700,000 Class A shares at a price to the public of $20.00 per Class A share. Pursuant to the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to 4,755,000 additional Class A shares (the "Option Shares") at the public offering price, which the Underwriters exercised in full on September 18, 2025. The closing of the Option Shares is expected to occur on September 22, 2025, subject to the satisfaction of customary closing conditions. The material terms of the Offering are described in the prospectus, dated September 16, 2025 (the "Prospectus"), filed by the Company with the U.S. Securities and Exchange Commission (the "Commission") on September 18, 2025, pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the "Securities Act"). The Offering was registered with the Commission pursuant to the Registration Statement on Form S-1, filed with the Commission on August 22, 2025 (as so filed and as amended, together with the additional registration statement relating to the Class A shares filed with the Commission pursuant to Rule 462(b) of the Securities Act, the "Registration Statement").

The Offering closed on September 18, 2025. The Company received net proceeds of approximately $587.6 million, and expects to receive additional net proceeds of approximately $89.4 million as a result of the issuance of the Option Shares, in each case, after deducting underwriting discounts and offering expenses from the Offering. The Company expects to use the net proceeds from the Offering as described under the section of the Prospectus entitled "Use of Proceeds."

The Underwriting Agreement contains customary representations and warranties, agreements and obligations and termination provisions. The Company has agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act, and to contribute to payments the Underwriters may be required to make because of any of those liabilities. Furthermore, in connection with entry into the Underwriting Agreement, the Company, its directors and executive officers, the Five Point Members, Devon Holdco, Elda River, GIC and certain of their respective affiliates, entered into lock-up agreements pursuant to which they are subject to certain restrictions with respect to the sale or other disposition of Class A shares, or securities convertible into or exercisable or exchangeable for Class A shares, including OpCo Units and Class B shares, until March 15, 2026, subject to certain exceptions.

The foregoing description of the Underwriting Agreement and the description contained in the Prospectus are qualified in their entirety by reference to the full text of the Underwriting Agreement, which is attached as Exhibit 1.1 to this Current Report on Form 8-K and incorporated in this Item 1.01 by reference.

*Relationships*

As more fully described under the caption "Underwriting (Conflicts of Interest)" in the Prospectus, certain of the Underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory, commercial banking and investment banking services for the Company and its affiliates in the ordinary course of business, for which they have received or would receive customary fees and expenses. In particular, affiliates of Barclays Capital Inc., Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC and TCBI Securities, Inc. are lenders under the Company's existing revolving credit facilities and such affiliates may receive a portion of the proceeds from the Offering used to repay outstanding borrowings under such credit facilities.

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***Registration Rights Agreement***

On September 18, 2025, in connection with the closing of the Offering, the Company entered into a registration rights agreement (the "RRA") with the Five Point Members, Devon Holdco, Elda River and GIC (collectively, the "Registration Rights Parties") pursuant to which the Company agreed to register under the federal securities laws the offer and resale of all Class A shares owned by or underlying the Class B shares and OpCo Units owned by Registration Rights Parties or certain of their affiliates or permitted transferees. These registration rights are subject to certain conditions and limitations, including the right of the underwriters to limit the number of Class A shares to be included in a registration and the Company's right to delay or withdraw a registration statement under certain circumstances. Subject to certain exceptions, if at any time the Company proposes to register an offering of Class A shares or conduct an underwritten offering, regardless of whether for its own account, then it must notify the holders of Registrable Securities (as defined in the RRA) or their permitted transferees of such proposal, to allow them to include a specified number of their Class A shares in that registration statement or underwritten offering, as applicable, including Class A shares issuable upon the exchange of the OpCo Units and the cancellation of a corresponding number of our Class B shares. The Company will generally be obligated to pay all registration expenses in connection with these registration obligations, regardless of whether a registration statement is filed or becomes effective. The RRA also requires the Company to indemnify each holder of Registrable Securities against certain liabilities under the Securities Act.

The foregoing description is qualified in its entirety by reference to the full text of the RRA, which is attached as Exhibit 4.1 to this Current Report on Form 8-K and incorporated in this Item 1.01 by reference.

***Amended and Restated Limited Liability Company Agreement of OpCo***

On September 18, 2025, in connection with the Offering, the Company, WBR Holdings, NDB Holdings, Desert Holdings, Devon Holdco and Elda River entered into the Amended and Restated Limited Liability Company Agreement of OpCo (the "OpCo LLC Agreement"). The OpCo LLC Agreement included certain changes to reflect the conversion of the preexisting equity interests of OpCo into OpCo Units and to reflect certain matters related to the Offering. In addition, under the OpCo LLC Agreement, each holder of an OpCo Unit (other than the Company) will, subject to certain limitations, have a right (a "Redemption Right") to cause OpCo to acquire all or a portion of its OpCo Units (along with the cancellation of a corresponding number of Class B shares) for, at OpCo's election, (i) Class A shares at a redemption ratio of one Class A share for each OpCo Unit redeemed, subject to applicable conversion rate adjustments, or (ii) cash in an amount equal to the Cash Election Amount (as defined in the OpCo LLC Agreement) of such Class A shares, subject to the Equity Offering Condition (as defined below). OpCo will determine whether to issue Class A shares or pay cash in an amount equal to the Cash Election Amount in lieu of the issuance of Class A shares based on facts in existence at the time of the decision, which are expected to include the relative value of the Class A shares (including the trading price for the Class A shares at the time), the cash purchase price, the availability of other sources of liquidity (such as an issuance of additional common shares) to acquire the OpCo Units and alternative uses for such cash. Alternatively, upon the exercise of the Redemption Right, the Company (instead of OpCo) will have the right (the "Call Right") to, for administrative convenience, acquire each tendered OpCo Unit directly from the redeeming holder for, at the Company's election, (x) one Class A share, subject to applicable conversion rate adjustments, or (y) cash in an amount equal to the Cash Election Amount of such Class A shares, subject to the Equity Offering Condition. The Company may exercise the Call Right only if a holder of an OpCo Unit first exercises its Redemption Right, and a holder of an OpCo Unit may exercise its Redemption Right beginning immediately following the consummation of the Offering. As the sole managing member of OpCo, the Company's decision to pay the Cash Election Amount upon an exercise of the Redemption Right or Call Right may be made by a conflicts committee consisting solely of independent directors. In connection with any redemption of OpCo Units pursuant to the Redemption Right or acquisition of OpCo Units pursuant to the Call Right, a corresponding number of Class B shares held by the redeeming holder will be automatically cancelled.

For so long as a redeeming holder and its affiliates own at least 40% of the voting power of the Company, (i) OpCo may elect to settle a redemption by such holder in cash only to the extent that, prior to or contemporaneously with making such election, the Company issues a number of equity securities at least equal to the number of OpCo Units subject to such redemption and contributes to OpCo an amount in cash equal to the net proceeds received by the Company from the issuance of such equity securities, and (ii) the Company may make a cash election in connection with its exercise of the Call Rights with respect to a redemption by such holder only to the extent that, prior to or

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contemporaneously with making such election, the Company issues a number of equity securities at least equal to the number of OpCo Units subject to such redemption (in each case, the "Equity Offering Condition").

The foregoing description is qualified in its entirety by reference to the full text of the OpCo LLC Agreement, which is attached as Exhibit 4.2 to this Current Report on Form 8-K and is incorporated in this Item 1.01 by reference.

***Shareholders' Agreement***

On September 18, 2025, in connection with the closing of the Offering, the Company entered into a shareholders' agreement (the "Shareholders' Agreement") with the Five Point Members and Devon Holdco (collectively, the "Initial Shareholders"). Among other things, the Shareholders' Agreement provides that the parties thereto will take all necessary action (including voting or causing to be voted all of our common shares beneficially owned by each) so that no amendment is made to the PubCo LLC Agreement (as defined below) in effect as of the date of the Shareholders' Agreement that would (a) add restrictions to the transferability of common shares by any such shareholder that are beyond those provided for in the PubCo LLC Agreement, the Shareholders' Agreement or applicable securities laws or (b) nullify any of the rights of any such shareholder, which rights are explicitly provided for in the Shareholders' Agreement, unless, in each case, such amendment is approved by the Five Point Members. To the extent such amendment would adversely and disproportionately affect the rights of Devon Holdco or its affiliates under the Shareholders' Agreement compared to the Five Point Members, then such amendment shall also require the approval of Devon Holdco.

The Shareholders' Agreement provides that, subject to compliance with applicable law and the rules of the New York Stock Exchange, (a) for so long as the Five Point Members, and certain affiliates beneficially own at least 40% of the outstanding common shares, the Five Point Members shall be entitled to designate a number of directors equal to a majority of the board of directors of the Company (the "board"), plus one director; (b) and for so long as the Five Point Members and such affiliates beneficially own at least 30%, 20% and 10% of the outstanding common shares, the Five Point Members shall be entitled to designate at least three directors, two directors and one director, respectively; and (c) for so long as Devon Holdco and its affiliates beneficially own at least 10% of our outstanding common shares, Devon Holdco shall be entitled to designate one director to the board. For so long as any Initial Shareholder is entitled to designate one or more nominees to the board and notifies the board of its desire to remove, with or without cause, any director previously designated by it to the board, the Company is required to take all necessary action to cause such removal. Further, so long as the Five Point Members or Devon Holdco, as the case may be, collectively with their affiliates beneficially own at least 5% of the outstanding common shares, the Five Point Members, as a group, and Devon Holdco, will each have the right to appoint one board observer, who will be entitled to attend all meetings of the board in a non-voting, observer capacity; provided, however, that board observers may be excluded from certain materials or meetings necessary to preserve legal privilege, address conflicts of interest or protect sensitive information.

The Shareholders' Agreement will terminate with respect to each Initial Shareholder upon such Initial Shareholder and its affiliates ceasing to beneficially own at least 5% of the common shares and with respect to the Company when all Initial Shareholders and their affiliates cease to beneficially own at least 5% of the common shares.

The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Shareholders' Agreement, which is attached as Exhibit 4.3 to this Current Report on Form 8-K and incorporated in this Item 1.01 by reference.

***WaterBridge Infrastructure LLC Long Term Incentive Plan***

The description of the WaterBridge Infrastructure LLC Long Term Incentive Plan (the "LTIP") provided in Item 5.02 hereto under the heading "WaterBridge Infrastructure LLC Long Term Incentive Plan" is incorporated by reference into this Item 1.01. A copy of the LTIP is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated in this Item 1.01 by reference.

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**Item 3.02 Unregistered Sales of Equity Securities.**

The information set forth in Item 1.01 hereto under "Contribution and Corporate Reorganization Agreement" is incorporated by reference into this Item 3.02. Such transactions were undertaken in reliance on an exemption from the registration requirements of the Securities Act pursuant to Section 4(a)(2) thereof.

**Item 3.03 Material Modification to Rights of Security Holders.**

The information set forth in Item 1.01 hereto under "Shareholders' Agreement" and in Item 5.03 hereto is incorporated by reference into this Item 3.03.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

***Appointment of Directors***

On September 17, 2025, the board was formed, David N. Capobianco was appointed as chairman of the board, and Jason Long, Matthew K. Morrow, Michael S. Sulton, Frank Bayouth, Kara Goodloe Harling, Jeffrey Eaton, Ben Moore, James Crane, Greg Daily and Jeffrey Ritenour were appointed as members of the board.

Biographical information for David N. Capobianco, Jason Long, Matthew K. Morrow, Michael S. Sulton, Frank Bayouth, Kara Goodloe Harling, Jeffrey Eaton, Ben Moore, James Crane, Greg Daily and Jeffrey Ritenour is set forth in the Prospectus under the caption "Management" and is incorporated herein by reference.

Messrs. Daily and Sulton and Ms. Goodloe Harling will initially serve as members of the board's Audit Committee, with Ms. Goodloe Harling serving as chair of the Audit Committee.

Based upon information requested from and provided by each director concerning his or her background, employment and affiliations, including family relationships, the board determined that Mr. Daily does not have any relationships that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that he is "independent" as that term is defined under the applicable rules and regulations of the Commission and the listing requirements of the New York Stock Exchange and the NYSE Texas, Inc. Except as previously disclosed in the Registration Statement and the Prospectus, there are no transactions in which David N. Capobianco, Jason Long, Matthew K. Morrow, Michael S. Sulton, Frank Bayouth, Kara Goodloe Harling, Jeffrey Eaton, Ben Moore, James Crane, Greg Daily and Jeffrey Ritenour have an interest requiring disclosure under Item 404(a) of Regulation S-K.

***Indemnification Agreements***

On September 18, 2025, in connection with the Offering, the Company entered into indemnification agreements with each of its directors and executive officers (the "Indemnification Agreements"). The Indemnification Agreements require, among other things, the Company to indemnify each such individual to the fullest extent permitted by law against liabilities that may arise by reason of such individual's service to the Company. The Indemnification Agreements also provide for the advancement or payment of expenses incurred as a result of any proceeding against such individual as to which he or she could be indemnified, subject to certain exceptions.

The foregoing description is not complete and is qualified in its entirety by reference to the full text of the form of Indemnification Agreement, which is attached as Exhibit 10.2 to this Current Report on Form 8-K and incorporated in this Item 5.02 by reference.

***WaterBridge Infrastructure LLC Long Term Incentive Plan***

The Company adopted the LTIP effective as of September 18, 2025 for the benefit of employees, directors and consultants of the Company. The LTIP provides for the grant of all or any of the following types of awards: options, share appreciation rights, restricted shares, restricted share units, share awards, dividend equivalents, other share-based awards, cash awards, substitute awards and performance awards intended to align the interests of service providers (including the Company's executive officers) with those of the Company's shareholders. Subject to adjustment in accordance with the terms of the LTIP, 5,700,000 Class A shares have been reserved for issuance

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pursuant to awards under the LTIP. If an award under the LTIP is forfeited, settled for cash or expires without the actual delivery of Class A shares, any Class A shares subject to such award will again be available for new awards under the LTIP. The LTIP will be administered by the board.

The foregoing description of the LTIP is not complete and is qualified in its entirety by reference to the full text of the LTIP, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated in this Item 5.02 by reference.

**Item 5.03 Amendments to Articles of Incorporation or Bylaws; Changes in Fiscal Year.**

***First Amended and Restated Limited Liability Company Agreement***

On September 18, 2025, WBR Holdings and GIC caused the amendment and restatement of the Company's limited liability company agreement in the form of the First Amended and Restated Limited Liability Company Agreement of WaterBridge Infrastructure LLC (the "PubCo LLC Agreement").

A description of the PubCo LLC Agreement is contained in the sections of the Prospectus entitled "Our Operating Agreement" and "Description of Shares" and is incorporated herein by reference.

The foregoing description of the PubCo LLC Agreement and the description contained in the Prospectus are qualified in their entirety by reference to the full text of the PubCo LLC Agreement, which is attached as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated in this Item 5.03 by reference.

**Item 7.01 Regulation FD Disclosure.**

On September 16, 2025, the Company issued a press release announcing the pricing of the Offering. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

On September 18, 2025, the Company issued a press release announcing the closing of the Offering. A copy of the press release is furnished herewith as Exhibit 99.2 and incorporated herein by reference.

The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, are being "furnished" pursuant to General Instruction B.2 of Form 8-K and shall not be deemed to be "filed" for purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act, except as shall be expressly set forth in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| Exhibit<br><u>Number</u> | <u>Description</u> |
| 1.1# | [<u>Underwriting Agreement, dated as of September 16, 2025, by and among WaterBridge Infrastructure LLC, WBI Operating LLC, WaterBridge Equity Finance LLC, NDB Midstream LLC, Desert Environmental LLC and J.P. Morgan Securities LLC and Barclays Capital Inc., as representatives of the several underwriters named therein.</u>](wbi-ex1_1.htm) |
| 2.1# | [<u>Contribution and Corporate Reorganization Agreement, dated as of September 8, 2025, by and among WaterBridge Infrastructure LLC, WBR Holdings LLC, NDB Midstream LLC, WaterBridge Equity Finance LLC, Desert Environmental LLC, WaterBridge Resources LLC, WaterBridge Co-Invest LLC, WaterBridge Co-Invest II LLC, WaterBridge II LLC, NDB Holdings LLC, Devon WB Holdco L.L.C., Desert Environmental Holdings LLC, WB 892 LLC, Elda River Infrastructure WB LLC and Ashburton Investment Private Limited, and each other person who becomes a party thereto in accordance with the terms of the agreement.</u>](wbi-ex2_1.htm) |

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| | |
|:---|:---|
| 3.1 | [<u>First Amended and Restated Limited Liability Company Agreement of WaterBridge Infrastructure LLC, dated as of September 18, 2025.</u>](wbi-ex3_1.htm) |
| 4.1 | [<u>Registration Rights Agreement, dated as of September 18, 2025, by and among WaterBridge Infrastructure LLC, WBR Holdings LLC, NDB Holdings LLC, Desert Environmental Holdings LLC, Devon WB Holdco L.L.C., Elda River Infrastructure WB LLC and Ashburton Investment Pte. Ltd.</u>](wbi-ex4_1.htm) |
| 4.2 | [<u>Amended and Restated Limited Liability Company Agreement of WBI Operating LLC, dated as of September 18, 2025.</u>](wbi-ex4_2.htm) |
| 4.3 | [<u>Shareholders' Agreement, dated as of September 18, 2025, by and among WaterBridge Infrastructure LLC, WBR Holdings LLC, NDB Holdings LLC, Desert Environmental Holdings LLC and Devon Holdco L.L.C.</u>](wbi-ex4_3.htm) |
| 10.1† | [<u>WaterBridge Infrastructure LLC Long Term Incentive Plan.</u>](wbi-ex10_1.htm) |
| 10.2 | [<u>Form of Indemnification Agreement (incorporated by reference to Exhibit 10.3 to WaterBridge Infrastructure LLC's Registration Statement on Form S-1, as amended, filed with the U.S. Securities and Exchange Commission on August 22, 2025).</u>](https://www.sec.gov/Archives/edgar/data/2064947/000095017025112682/wbi-ex10_3.htm) |
| 99.1 | [<u>Press Release, dated as of September 16, 2025.</u>](wbi-ex99_1.htm) |
| 99.2 | [<u>Press Release, dated as of September 18, 2025.</u>](wbi-ex99_2.htm) |

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# Certain schedules and exhibits to this agreement have been omitted in accordance with Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the SEC on request.

† Compensatory plan or arrangement.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| **WATERBRIDGE INFRASTRUCTURE LLC** | **WATERBRIDGE INFRASTRUCTURE LLC** |
| By: | /s/ Scott L. McNeely |
|  | Name: Scott L. McNeely |
|  | Title: Executive Vice President, Chief Financial Officer |
| Date: September 18, 2025 | Date: September 18, 2025 |

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## Exhibit 1.1

Exhibit 1.1

WaterBridge Infrastructure LLC<br>31,700,000 Class A Shares

Underwriting Agreement

September 16, 2025

J.P. Morgan Securities LLC

Barclays Capital Inc.

As Representatives of the<br> several Underwriters listed<br> in Schedule 1 hereto

c/o J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

c/o Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

Ladies and Gentlemen:

WaterBridge Infrastructure LLC, a Delaware limited liability company (the "Company"), proposes to issue and sell to the several underwriters listed in Schedule 1 hereto (the "Underwriters"), for whom you are acting as representatives (the "Representatives"), an aggregate of 31,700,000 Class A shares ("Class A shares") representing limited liability company interests of the Company (the "Underwritten Shares") and, at the option of the Underwriters, up to an additional 4,755,000 Class A shares (the "Option Shares"). The Underwritten Shares and the Option Shares are herein referred to as the "Shares."

Raymond James & Associates, Inc. (the "Directed Share Underwriter") has agreed to reserve a portion of the Shares to be purchased by it under this Agreement, up to 3,170,000 Shares, for sale to certain of the Company's directors, officers, and employees and other parties related to the Company (collectively, "Participants"), as set forth in the Prospectus (as hereinafter defined) under the heading "Underwriting (Conflicts of Interest)" (the "Directed Share Program"). The Shares to be sold by the Directed Share Underwriter and its affiliates pursuant to the Directed Share Program are referred to hereinafter as the "Directed Shares." Any Directed Shares not orally confirmed for purchase by any Participant by 11:59 P.M., New York City time on the date on which this Agreement is executed will be offered to the public by the Underwriters as set forth in the Prospectus.

The Company hereby confirms the engagement of J.P. Morgan Securities LLC as a "qualified independent underwriter" within the meaning of Rule 5121 ("Rule 5121") of the Financial Industry Regulatory Authority, Inc. ("FINRA") (J.P. Morgan Securities LLC acting in such capacity, the "QIU"). The QIU agrees with the Company to (i) undertake the legal responsibilities and liabilities of an underwriter under the Securities Act (as defined below), specifically including those inherent in Section 11 of the Securities Act, and (ii) participate in the preparation of the Registration Statement (as defined below) and the Prospectus (as defined below) and exercise the usual standards of "due diligence" in respect thereto. No compensation will be paid to the QIU for its services as a qualified independent underwriter.

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The Company was formed in contemplation of the proposed issuance and sale of the Shares (the "Offering"). It is understood and agreed to by all parties that the Company has entered, or will prior to the initial closing of the Offering enter, into certain corporate reorganization transactions (collectively, the "Reorganization Transactions"), pursuant to which the following transactions, among others, have occurred or will occur (as further described under the headings "Corporate Reorganization" and "Use of Proceeds" in the Pricing Disclosure Package (as defined below)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) WBR Holdings LLC, a Delaware limited liability company ("WBR Holdings"), formed WBI Operating LLC, a Delaware limited liability company ("OpCo" and, together with the Company and the Contributed Entities (as defined below), the "WaterBridge Parties");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all of the existing equityholders of WB 892 LLC, a Delaware limited liability company ("WB 892" and each such equity holder, a "WB 892 Holder"), other than Ashburton Investment Private Limited, a Singapore private limited company ("GIC"), will contribute all of their respective equity interests in WB 892 to WBR Holdings in exchange for the issuance to such WB 892 Holders of newly issued limited liability company interests in WBR Holdings (each such interest, a "WBR Holdings Interest"), the WB 892 Holders will be admitted as members of WBR Holdings, and WBR Holdings will be admitted as a member of WB 892 (collectively, the "WB 892 Contributions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) contemporaneously with the transactions contemplated in paragraph (b), all of the existing equityholders of WaterBridge Equity Finance LLC, a Delaware limited liability company ("WBEF" and each such equityholder, a "WBEF Holder"), other than WB 892 and Elda River Infrastructure WB LLC, a Delaware limited liability company ("Elda River"), will contribute all of their respective equity interests in WBEF to WBR Holdings in exchange for the issuance to such WBEF Holders of newly issued WBR Holdings Interests such that, immediately following such contributions, WBR Holdings will directly or indirectly own all of the outstanding equity interests in WB 892 and WBEF other than (i) the equity interests in WB 892 held by GIC and (ii) the existing Series A preferred units in WBEF (the "WBEF Preferred Units") held by Elda River (such contributions, together with the WB 892 Contributions, the "WBR Holdings Reorganization");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) immediately following the consummation of the WBR Holdings Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)(A) each of WB 892 and WBR Holdings will contribute all of their respective equity interests in WBEF to OpCo in exchange for the issuance to WB 892 and WBR Holdings of newly issued limited liability company interests in OpCo (any such limited liability company interest, an "OpCo Interest" and collectively, the "OpCo Interests"), and (B) Elda River will contribute all of its equity interests in WBEF to OpCo in exchange for the issuance to Elda River of newly issued OpCo Interests. Concurrently with the preceding contributions, OpCo will be admitted as the sole member of WBEF, and each of WB 892, WBR Holdings and Elda River will cease to be a member of WBEF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)contemporaneously with the transactions contemplated in paragraph (d)(i), (A) Devon WB Holdco L.L.C. ("Devon Holdco") will contribute all of its equity interests in NDB Midstream LLC, a Delaware limited liability company ("NDB Midstream") and the indirect owner of all of the equity interests in WaterBridge NDB Operating LLC, a Delaware limited liability company ("NDB Operating"), to OpCo in exchange for the issuance to Devon Holdco of newly issued OpCo Interests and (B) NDB Holdings LLC ("NDB Holdings") will contribute to OpCo all of its equity interests in NDB

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Midstream in exchange for the issuance to NDB Holdings of newly issued OpCo Interests (clauses (A) and (B) collectively, the "NDB Midstream Contributions"); Concurrently with the NDB Midstream Contributions, OpCo will be admitted as the sole member of NDB Midstream, and each of Devon Holdco and NDB Holdings will cease to be a member of NDB Midstream;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)contemporaneously with the transactions contemplated in paragraph (d)(i), Desert Environmental Holdings LLC ("Desert Holdings") will contribute all of its equity interests in Desert Environmental LLC ("Desert Environmental" and, together with WBEF and NDB Midstream, the "Contributed Entities") to OpCo in exchange for the issuance to Desert Holdings of newly issued OpCo Interests (the "Desert Contribution"). Concurrently with the Desert Contribution, OpCo will be admitted as the sole member of Desert Environmental, and Desert Holdings will cease to be a member of Desert Environmental; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)concurrently with the issuances by OpCo of the OpCo Interests described above, (A) OpCo will directly own all of the outstanding equity interests in the Contributed Entities and (B) WBR Holdings, NDB Holdings, Desert Holdings, Devon Holdco, Elda River and GIC (collectively, our "Existing Owners") will, either directly or through their respective equity interests in WB 892, own 100% of the outstanding OpCo Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) at least one day before the closing of the Offering, the Company will elect to be classified as a corporation for U.S. federal income tax purposes, and immediately thereafter, WBR Holdings and GIC will cause WB 892 to merge with and into the Company, with the Company surviving, in exchange for the issuance of newly issued limited liability company interests in the Company to WBR Holdings and GIC, and immediately following the merger, (i) the equity interests in the Company held by NDB Holdings shall be cancelled, (ii) WBR Holdings and GIC will be admitted as members of the Company and (iii) the Company will be admitted as a member of OpCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) WBR Holdings and GIC will cause the Company to amend and restate its operating agreement to facilitate the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) contemporaneously with the transactions contemplated in paragraph (f), the Company will issue the Shares to the Underwriters, in exchange for the proceeds of the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) contemporaneously with the transactions contemplated in paragraph (f), the Company will issue to each of WBR Holdings, NDB Holdings, Desert Holdings (together, the "Five Point Members"), Devon Holdco and Elda River a number of Class B shares equal to the number of OpCo Units (as defined below) held by each such entity after giving effect to the foregoing transactions and the transactions set forth in clauses (i) and (j) below (such entity's "Purchased Class B shares") and, in consideration of such issuance, each of the foregoing entities shall contribute to the Company an amount in cash equal to (i) the par value of each Class B share multiplied by (ii) the number of Purchased Class B shares issued to such entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company will (i) use approximately $228.2 million of the net proceeds from the Offering to purchase a portion of the OpCo Interests held by Elda River (the "Acquired OpCo Interests")

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and (ii) contribute all of the remaining net proceeds from the Offering to OpCo in exchange for (A) the issuance to the Company of a number of OpCo Units equal to (1) the number of Class A shares issued in the Offering *less* (2) the number of OpCo Units to be received by the Company in the OpCo Recapitalization (as defined below) in respect of the Acquired OpCo Interests and (B) the admission of the Company as the sole managing member of OpCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Existing Owners (other than GIC) and the Company will cause OpCo to amend and restate its operating agreement to, among other things, (i) recapitalize the OpCo Interests into a single class of common units representing limited liability company interests in OpCo ("OpCo Units"), (ii) issue OpCo Units to each of the Existing Owners (other than GIC) and the Company in respect of their respective OpCo Interests (the "OpCo Recapitalization") and (iii) designate the Company as the managing member of OpCo; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) OpCo will use the remaining net proceeds from the Offering as described under the heading "Use of Proceeds" in the Pricing Disclosure Package.

Following the Offering and the Reorganization Transactions, the Company will be a holding company whose sole material asset will consist of limited liability company interests in OpCo, and OpCo will wholly own, directly or indirectly, all of the Company's operating assets. References herein to the "Company and its subsidiaries" refer to the Company and its subsidiaries following the consummation of the Reorganization Transactions.

Each of the WaterBridge Parties hereby confirms its agreement with the several Underwriters concerning the purchase and sale of the Shares, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Registration Statement</u>. The Company has prepared and filed with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the "Securities Act"), a registration statement on Form S-1 (File No. 333-289823), including a prospectus, relating to the Shares. Such registration statement, as amended at the time it became effective, including the information, if any, deemed pursuant to Rule 430A, 430B or 430C under the Securities Act to be part of the registration statement at the time of its effectiveness ("Rule 430 Information"), is referred to herein as the "Registration Statement"; and as used herein, the term "Preliminary Prospectus" means each prospectus included in such registration statement (and any amendments thereto) before effectiveness, any prospectus filed with the Commission pursuant to Rule 424(a) under the Securities Act and the prospectus included in the Registration Statement at the time of its effectiveness that omits Rule 430 Information, and the term "Prospectus" means the prospectus in the form first used (or made available upon request of purchasers pursuant to Rule 173 under the Securities Act) in connection with confirmation of sales of the Shares. If the Company has filed an abbreviated registration statement pursuant to Rule 462(b) under the Securities Act (the "Rule 462 Registration Statement"), then any reference herein to the term "Registration Statement" shall be deemed to include such Rule 462 Registration Statement. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Registration Statement and the Prospectus.

At or prior to the Applicable Time (as defined below), the Company had prepared the following information (collectively with the pricing information set forth on Annex A, the "Pricing Disclosure Package"): a Preliminary Prospectus dated September 15, 2025 and each "free-writing prospectus" (as defined pursuant to Rule 405 under the Securities Act) listed on Annex A hereto.

"Applicable Time" means 6:00 P.M., New York City time, on September 16, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Purchase of the Shares</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company agrees to issue and sell the Underwritten Shares to the several Underwriters as provided in this underwriting agreement (this "Agreement"), and each Underwriter, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase at a price per share of $18.80 (the "Purchase Price") from the Company the respective number of Underwritten Shares set forth opposite such Underwriter's name in Schedule 1 hereto.

In addition, the Company agrees to issue and sell the Option Shares to the several Underwriters as provided in this Agreement, and the Underwriters, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, shall have the option to purchase, severally and not jointly, from the Company the Option Shares at the Purchase Price less an amount per share equal to any dividends or distributions declared by the Company and payable on the Underwritten Shares but not payable on the Option Shares.

If any Option Shares are to be purchased, the number of Option Shares to be purchased by each Underwriter shall be the number of Option Shares which bears the same ratio to the aggregate number of Option Shares being purchased as the number of Underwritten Shares set forth opposite the name of such Underwriter in Schedule 1 hereto (or such number increased as set forth in Section 10 hereof) bears to the aggregate number of Underwritten Shares being purchased from the Company by the several Underwriters, subject, however, to such adjustments to eliminate any fractional Shares as the Representatives in their sole discretion shall make.

The Underwriters may exercise the option to purchase Option Shares at any time in whole, or from time to time in part, on or before the 30th day following the date of the Prospectus, by written notice from the Representatives to the Company. Such notice shall set forth the aggregate number of Option Shares as to which the option is being exercised and the date and time when the Option Shares are to be delivered and paid for, which may be the same date and time as the Closing Date (as hereinafter defined) but shall not be earlier than the Closing Date nor later than the 10th full business day (as hereinafter defined) after the date of such notice (unless such time and date are postponed in accordance with the provisions of Section 10 hereof). Any such notice shall be given at least two business days prior to the date and time of delivery specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the WaterBridge Parties understands that the Underwriters intend to make a public offering of the Shares, and initially to offer the Shares on the terms set forth in the Pricing Disclosure Package. Each of the WaterBridge Parties acknowledges and agrees that the Underwriters may offer and sell Shares to or through any affiliate of an Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Payment for the Shares shall be made by wire transfer in immediately available funds to the account specified by the Company to the Representatives in the case of the Underwritten Shares, at the offices of Gibson, Dunn & Crutcher LLP, 811 Main Street, Suite 3000, Houston, Texas 77002 at 10:00 A.M. New York City time on September 18, 2025, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representatives and the Company may agree upon in writing or, in the case of the Option Shares, on the date and at the time and place specified by the Representatives in the written notice of the Underwriters' election to purchase such Option Shares. The time and date of such payment for the Underwritten Shares is referred to herein as the "Closing Date," and the time and date for such payment for the Option Shares, if other than the Closing Date, is herein referred to as the "Additional Closing Date."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Payment for the Shares to be purchased on the Closing Date or the Additional Closing Date, as the case may be, shall be made against delivery to the Representatives for the respective accounts of the several Underwriters of the Shares to be purchased on the Closing Date or the Additional Closing

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Date, as the case may be, with any transfer taxes payable in connection with the sale of such Shares to the Underwriters duly paid by the Company. Delivery of the Shares shall be made through the facilities of The Depository Trust Company ("DTC") unless the Representatives shall otherwise instruct. The certificates for the Shares, if any, will be made available for inspection and packaging by the Representatives at the office of DTC or its designated custodian not later than 1:00 P.M., New York City time, on the business day prior to the Closing Date or the Additional Closing Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The WaterBridge Parties acknowledge and agree that the Representatives and the other Underwriters are acting solely in the capacity of an arm's length contractual counterparty to the WaterBridge Parties with respect to the offering of Shares contemplated hereby (including in connection with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the WaterBridge Parties or any other person. Additionally, neither the Representatives nor any other Underwriter is advising the WaterBridge Parties or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. Each of the WaterBridge Parties shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and neither the Representatives nor the other Underwriters shall have any responsibility or liability to the WaterBridge Parties with respect thereto. Any review by the Representatives and the other Underwriters of the WaterBridge Parties, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Underwriters and shall not be on behalf of the WaterBridge Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Representations and Warranties of the WaterBridge Parties</u>. The WaterBridge Parties represent and warrant to each Underwriter that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Preliminary Prospectus.* (i) No order preventing or suspending the use of any Preliminary Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission, and (ii) each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Securities Act and the rules and regulations of the Commission thereunder, and did not include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u>, <u>however</u>, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information (as defined in Section 7(b) of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Pricing Disclosure Package*. The Pricing Disclosure Package as of the Applicable Time, did not, and as of the Closing Date and as of the Additional Closing Date, as the case may be, will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus and each Written Testing-the-Waters Communication does not conflict with the information contained in the Registration Statement, the Preliminary Prospectus or the Prospectus and each Issuer Free Writing Prospectus and each Written Testing-the-Waters Communication, as supplemented by and taken together with the Pricing Disclosure Package, as of the Applicable Time, did not, and as of the Closing Date and as of the Additional Closing Date, as the case may be, will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u>, <u>however</u>, that this representation and warranty shall not apply to statements or omissions made in reliance upon and in conformity with the Underwriter Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Issuer Free Writing Prospectus.* Other than the Registration Statement, the Preliminary Prospectus and the Prospectus, the Company (including its agents and representatives, other than the Underwriters in their capacity as such) has not prepared, made, used, authorized, approved or referred to

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and will not prepare, make, use, authorize, approve or refer to any "written communication" (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Shares (each such communication by the Company or its agents and representatives (other than a communication referred to in clause (i) below) an "Issuer Free Writing Prospectus") other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities Act or Rule 134 under the Securities Act or (ii) the documents listed on Annex A hereto, each electronic road show and any other written communications approved in writing in advance (which may be by electronic mail) by the Representatives. The Company has complied and will comply with the requirements of Rule 433 under the Securities Act applicable to any Issuer Free Writing Prospectus, including timely filing with the Commission or retention where required and legending; and the Company represents that it has satisfied and agrees that it will satisfy the conditions under Rule 433 under the Securities Act to avoid a requirement to file with the Commission any electronic road show.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Emerging Growth Company*. From the time of initial confidential submission of a registration statement relating to the Shares with the Commission (or, if earlier, the first date on which the Company engaged directly or through any person authorized to act on its behalf in any Testing-the-Waters Communication) through the date hereof, the Company has been and is an "emerging growth company" as defined in Section 2(a)(19) of the Securities Act (an "Emerging Growth Company"). "Testing-the-Waters Communication" means any oral or written communication with potential investors undertaken in reliance on either Section 5(d) of, or Rule 163B under, the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Testing-the-Waters Materials.* The Company (i) has not engaged in, or authorized any other person to engage in, any Testing-the-Waters Communications, other than Testing-the-Waters Communications with the prior consent of the Representatives with entities that the Company reasonably believes are qualified institutional buyers as defined in Rule 144A under the Securities Act or institutions that are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act and (ii) has not distributed, or authorized any other person to distribute, any Written Testing-the-Waters Communications, other than those distributed with the prior consent of the Representatives that are listed on Annex B hereto; and the Company reconfirms that the Representatives have been authorized to act on its behalf in engaging in Testing-the-Waters Communications by virtue of a writing substantially in the form of Exhibit A hereto. "Written Testing-the-Waters Communication" means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)*Registration Statement and Prospectus.* The Registration Statement has been declared effective by the Commission. No order suspending the effectiveness of the Registration Statement has been issued by the Commission, and no proceeding for that purpose or pursuant to Section 8A of the Securities Act against the Company or related to the offering of the Shares has been initiated or, to the knowledge of the Company, threatened by the Commission; as of the applicable effective date of the Registration Statement and any post-effective amendment thereto, the Registration Statement and any such post-effective amendment complied and, as of the Closing Date or any Additional Closing Date, will comply in all material respects with the Securities Act, and did not, as of the applicable effective date, and will not, as of the Closing Date or any Additional Closing Date, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; and as of the date of the Prospectus and any amendment or supplement thereto and as of the Closing Date and as of the Additional Closing Date, as the case may be, the Prospectus will comply in all material respects with the applicable provisions of the Securities Act and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u>, <u>however</u>, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)*Financial Statements.* The financial statements included in the Registration Statement, the Preliminary Prospectus and the Prospectus, together with the related schedules and notes, present fairly, in all material respects, the financial position of the Company, NDB Operating, WBEF, Desert Environmental and their respective subsidiaries at the dates indicated and the statement of operations, shareholders' equity and cash flows of the Company, NDB Operating, WBEF, Desert Environmental and their respective subsidiaries for the periods specified; said financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and applied on a consistent basis throughout the periods involved. The supporting schedules, if any, present fairly, in all material respects, in accordance with GAAP the information required to be stated therein. The summary financial information included in the Registration Statement, the Preliminary Prospectus and the Prospectus present fairly, in all material respects, the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included therein. Except as included therein, no historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the Preliminary Prospectus or the Prospectus under the Securities Act or the rules and regulations promulgated thereunder. All disclosures contained in the Registration Statement, the Preliminary Prospectus and the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply, in all material respects, with Regulation G of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Item 10(e) of Regulation S-K of the Securities Act, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)*Pro Forma Financial Statements*. The pro forma financial statements included in the Registration Statement, the Preliminary Prospectus and the Prospectus include assumptions that provide a reasonable basis for presenting the effects attributable to the transactions and events described therein, the related pro forma adjustments give appropriate effect to those assumptions, and the pro forma adjustments reflect an appropriate application of those adjustments to the historical financial statement amounts in the pro forma financial statements included in the Registration Statement, the Preliminary Prospectus and the Prospectus. The pro forma financial statements included in the Registration Statement, the Preliminary Prospectus and the Prospectus comply as to form in all material respects with the applicable requirements of Article 11 of Regulation S-X under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*No Material Adverse Change.* Except as set forth or contemplated in the Preliminary Prospectus, none of the WaterBridge Parties nor any of their respective subsidiaries has, since the date of the latest audited financial statements included in the Preliminary Prospectus, (i) sustained any material loss or material interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree; or (ii) entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the WaterBridge Parties and their respective subsidiaries, taken as a whole, or incurred any liability or obligation, direct or contingent, that is material to the WaterBridge Parties and their respective subsidiaries, taken as a whole; and, since the respective dates as of which information is given in the Registration Statement and the Preliminary Prospectus, there has not been (A) other than de minimis changes, any change in the equity capitalization of the WaterBridge Parties (other than as a result of (1) the exercise, if any, of share options or the right to purchase Shares or the grant or settlement, if any, of share options, the right to purchase shares, restricted shares or restricted share units in the ordinary course of business pursuant to the Company's equity plans that are described in the Preliminary Prospectus and the Prospectus, (2) the issuance, if any, of shares upon conversion of Company and OpCo securities as described in the Preliminary Prospectus and the Prospectus or (3) the Reorganization Transactions) or long-term debt of the WaterBridge Parties or any of their respective subsidiaries or (B) any Material Adverse Effect (as defined below); as used in this Agreement, "Material Adverse Effect" shall mean any material adverse change or effect, or any development involving a prospective material adverse change or effect, in or affecting (1) the business, properties, general affairs, management, financial position, shareholders' equity or results of operations of the WaterBridge Parties and their respective subsidiaries, taken as a whole, except as set forth or

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contemplated in the Preliminary Prospectus, or (2) the ability of the WaterBridge Parties to perform their respective obligations under this Agreement, including the issuance and sale of the Shares, or to consummate the transactions contemplated in the Preliminary Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)*Organization and Good Standing.* Each of the WaterBridge Parties and their respective subsidiaries has been (i) duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power and authority (limited liability company, corporate or other) to own its properties and conduct its business as described in the Preliminary Prospectus, and (ii) duly qualified as a foreign limited liability company, corporation or otherwise for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except, in the case of this clause (ii), where the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. After giving effect to the Reorganization Transactions, the Company will not own or control, directly or indirectly, any corporation, association or other entity than the subsidiaries listed on Schedule 2 to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)*Capitalization.* Immediately following the Reorganization Transactions, (i) the Company and OpCo will have an authorized capitalization as set forth in the Preliminary Prospectus and the Prospectus under the heading "Capitalization" and (ii) all of the issued shares of the Company and outstanding common units representing limited liability company interests in OpCo will have been duly and validly authorized and issued and will be fully paid (to the extent required under OpCo's limited liability company agreement) and non-assessable (except as such non-assessability may be affected by, as applicable, Sections 18-607 and 18-804 of the Delaware Limited Liability Company Act) and will conform in all material respects to the description of such shares of the Company and common units of OpCo, respectively, contained in the Pricing Disclosure Package and Prospectus; and all of the issued limited liability company interests in each subsidiary of the Company and OpCo have been duly and validly authorized and issued, are fully paid (to the extent required under each such company's governing documents) and non-assessable (except as such non-assessability may be affected by, as applicable, Sections 18-607 and 18-804 of the Delaware Limited Liability Company Act), and immediately following the Reorganization Transactions, will be owned directly or indirectly by the Company or OpCo, in accordance with applicable law, free and clear of all liens, encumbrances, equities or claims, except for liens pursuant to (A) the Credit Agreement, dated as of June 27, 2024, by and between WaterBridge Midstream Operating LLC, a Delaware limited liability company ("SDB Borrower"), as borrower, Barclays Bank PLC, as administrative agent, Truist Bank, as collateral agent, and the lenders party thereto, (B) the Amended and Restated Revolving Credit Agreement, dated as June 27, 2024, among SDB Borrower, as borrower, the lenders from time to time party thereto, Truist Bank, as administrative agent, collateral agent and issuing bank, Barclays Bank PLC, Citibank, N.A., Goldman Sachs USA and Wells Fargo Bank, National Association, as co-syndication agents, and First Horizon, a Tennessee State Bank, and Texas Capital Bank, as co-documentation agents, (C) the Credit Agreement, dated as of May 10, 2024, by and between NDB Operating, as borrower, the lenders from time to time party thereto, Barclays Bank PLC, as administrative agent, and Truist Bank, as collateral agent, as amended by that certain First Amendment to Credit Agreement, dated as of June 27, 2024, and that certain Second Amendment to Credit Agreement, dated as of December 18, 2024, (D) the Revolving Credit Agreement, dated as of June 8, 2022, by and among NDB Operating, the lenders from time to time party thereto and Truist Bank, as administrative agent and collateral agent, as amended by that certain Master Assignment, Agreement and Amendment No. 1 to Revolving Credit Agreement, dated as of June 7, 2023, and that certain Amendment No. 2 to Revolving Credit Agreement, dated as of May 10, 2024, and (E) the Credit Agreement, dated October 3, 2024, among Desert Environmental, the guarantors from time to time party thereto, and Origin Bank, as the lender, as amended by that certain First Amendment to Credit Agreement, dated March 1, 2024, and that certain Second Amendment to Credit Agreement dated February 4, 2025 (collectively, the "Credit Facilities").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)*Due Authorization.* The WaterBridge Parties have the full right, power and authority to execute and deliver this Agreement, to perform their respective obligations hereunder and to consummate the actions contemplated hereby and in the Preliminary Prospectus; and all action required to be taken for the due and proper authorization, execution and delivery by the WaterBridge Parties of this Agreement and the consummation by the WaterBridge Parties of the transactions contemplated in this Agreement and the Preliminary Prospectus has been or will be duly and validly taken on or prior to the Closing Date and as of the Additional Closing Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)*Underwriting Agreement.* This Agreement has been duly authorized, executed and delivered by the WaterBridge Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)*The Shares.* Immediately following the Reorganization Transactions, the Shares to be issued and sold by the Company to the Underwriters hereunder will have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid (to the extent required under the Company's limited liability company agreement) and non-assessable (except as such non-assessability may be affected by, as applicable, Sections 18-607 and 18-804 of the Delaware Limited Liability Company Act) and will conform in all material respects to the description of the Shares contained in the Pricing Disclosure Package and the Prospectus; and the issuance of the Shares is not subject to any preemptive or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)*Description of the Underwriting Agreement.* This Agreement conforms in all material respects to the description thereof contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)*No Violation or Default.* None of the WaterBridge Parties nor any of their respective subsidiaries is (i) in violation of its certificate of formation or limited liability company agreement (or other applicable organizational document), (ii) in violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over any of the WaterBridge Parties or any of their respective subsidiaries or any of their properties, or (iii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, except, in the case of the foregoing clauses (ii) and (iii), for such defaults as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)*No Conflicts.* The issue and sale of the Shares and the compliance by the Company with this Agreement and the consummation of the transactions contemplated in this Agreement and the Preliminary Prospectus, including the Reorganization Transactions, will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, (i) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which any of the WaterBridge Parties or any of their respective subsidiaries is a party or by which any of the WaterBridge Parties or any of their respective subsidiaries is bound or to which any of the property or assets of any of the WaterBridge Parties or any of their respective subsidiaries is subject, (ii) the certificate of formation or the limited liability company agreement (or other applicable organizational document) of any of the WaterBridge Parties or any of their respective subsidiaries, or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over any of the WaterBridge Parties or any of their respective subsidiaries or any of their properties, except, in the case of clauses (i) and (iii), for such defaults, breaches, or violations that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)*No Consents Required.* No consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale of

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the Shares or the consummation by any of the WaterBridge Parties of the transactions contemplated by this Agreement, except such as have been obtained under the Securities Act, the approval by the Financial Industry Regulatory Authority ("FINRA") of the underwriting terms and arrangements, such consents, approvals, authorizations, orders, registrations or qualifications, or as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Shares by the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)*Legal Proceedings.* Other than as set forth in the Preliminary Prospectus, there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings ("Actions") pending to which any of the WaterBridge Parties or any of their respective subsidiaries or, to the knowledge of any of the WaterBridge Parties, any officer or director of the WaterBridge Parties, is a party or of which any property of any of the WaterBridge Parties or any of their respective subsidiaries or, to the knowledge of any of the WaterBridge Parties, any officer or director of any of the WaterBridge Parties, is the subject which, if determined adversely to any of the WaterBridge Parties or any of their respective subsidiaries (or such officer or director), would individually or in the aggregate reasonably be expected to have a Material Adverse Effect; and, to the knowledge of any of the WaterBridge Parties, no such proceedings are threatened or contemplated by governmental authorities or others; there are no current or pending Actions that are required under the Securities Act to be described in the Registration Statement or the Preliminary Prospectus that are not so described therein; and there are no statutes, regulations or contracts or other documents that are required under the Securities Act to be filed as exhibits to the Registration Statement or described in the Registration Statement or the Preliminary Prospectus that are not so filed as exhibits to the Registration Statement or described in the Registration Statement and the Preliminary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)*Independent Accountants*. (i) Deloitte & Touche LLP, who has certified certain financial statements of (I) the Company, (II) NDB Operating and its subsidiaries and (III) WBEF and its subsidiaries and (ii) Weaver and Tidwell, L.L.P., who has certified certain financial statements of Desert Environmental and its subsidiaries, in each case included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, are independent public accounting firms with respect to the Company, NDB Operating, WBEF and Desert Environmental, as applicable, as required by the Securities Act and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)*Title to Real and Personal Property*. The WaterBridge Parties and their respective subsidiaries have good and marketable title to, or have valid rights to lease or otherwise use, all real and personal property that are material to the respective businesses of the WaterBridge Parties and their respective subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except (A) those that do not materially interfere with the use made and proposed to be made of such property by the WaterBridge Parties and their respective subsidiaries, (B) those that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect or (C) liens arising under the Credit Facilities. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the WaterBridge Parties and their respective subsidiaries have such consents, easements, rights-of-way or licenses from any person as are necessary to enable the WaterBridge Parties and their respective subsidiaries to conduct their respective businesses in the manner described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, subject to such qualifications as may be set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)*Intellectual Property.* The WaterBridge Parties and each of their respective subsidiaries owns, or is licensed to use, all material copyrights, copyrightable works, patents, patent applications, trademarks, service marks, trade names, brand names, trade dress, slogans, logos and internet domain names and uniform resources locators and other types of intellectual or industrial property rights necessary to

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conduct its business as currently conducted, and the use thereof does not infringe in any material respect upon the rights of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)*No Undisclosed Relationships*. No relationship, direct or indirect, exists between or among any of the WaterBridge Parties or any of their respective subsidiaries, on the one hand, and the directors, officers, shareholders or other affiliates of any of the WaterBridge Parties or any of their respective subsidiaries, on the other, that would be required by the Securities Act to be described in a registration statement on Form S-1 to be filed with the Commission and that is not so described in the Registration Statement, the Preliminary Prospectus or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)*Investment Company Act*. The Company is not and, immediately after giving effect to the offering and sale of the Shares and the application of the proceeds thereof, will not be an "investment company," as such term is defined in the Investment Company Act of 1940, as amended (the "Investment Company Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)*Taxes.* The WaterBridge Parties and their respective subsidiaries have paid all federal, state, local and foreign taxes and filed all tax returns required to be paid or filed through the date hereof; and except as would not reasonably be expected to have a Material Adverse Effect, there is no tax deficiency asserted, or that would reasonably be expected to be asserted, against any of the WaterBridge Parties or any of their respective subsidiaries or any of their respective properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)*Licenses and Permits.* The WaterBridge Parties and each of their respective subsidiaries have such permits, licenses, authorizations, consents and franchises, or rights thereto as are necessary under applicable law to conduct their respective businesses substantially in the manner described in the Registration Statement, the Preliminary Prospectus and the Prospectus, except for any of the foregoing that would not, individually or in the aggregate, have a Material Adverse Effect. To the knowledge of any of the WaterBridge Parties, none of the WaterBridge Parties nor any of their respective subsidiaries is in violation of any valid rights of others with respect to any of the foregoing, other than to the extent any failure to do so or violation could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)*No Labor Disputes.* No labor disturbance by or dispute with employees of any of the WaterBridge Parties or any of their respective subsidiaries exists or, to the knowledge of any of the WaterBridge Parties, is contemplated or threatened. None of the WaterBridge Parties nor any of their respective subsidiaries is a party to any collective bargaining agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)*Certain Environmental Matters*. Except as disclosed in the Pricing Disclosure Package and the Prospectus, (i)(A) none of the WaterBridge Parties nor any of their respective subsidiaries is in violation of, and, to the knowledge of any of the WaterBridge Parties, after due inquiry, does not have any liability under, any federal, state, local or non-U.S. statute, law, rule, regulation, ordinance, code, other requirement or rule of law (including common law), or decision or order of any domestic or foreign governmental agency, governmental body or court, relating to pollution, to the use, handling, transportation, treatment, storage, discharge, disposal or Release of Hazardous Substances (as defined below), to the protection or restoration of the environment or natural resources, to human health and safety as such relates to exposure to Hazardous Substances, and to natural resource damages (collectively, "Environmental Laws"), (B) none of the WaterBridge Parties nor any of their respective subsidiaries is liable for any Release or threatened Release of Hazardous Substances, (C) none of the WaterBridge Parties nor any of their respective subsidiaries is subject to any pending, or to the knowledge of any of the WaterBridge Parties, threatened, claim by any governmental agency or governmental body or person arising under Environmental Laws or relating to the Release of or exposure to Hazardous Substances and (D) the WaterBridge Parties and their respective subsidiaries have received, are in compliance with all permits, licenses, authorizations, identification numbers, consents, waivers, exemptions, or other approvals required

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under applicable Environmental Laws to conduct their business, except in each case covered by clauses (A) through (D) such as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (ii) to the knowledge of any of the WaterBridge Parties, there are no facts or circumstances that would reasonably be expected to result in a violation of, liability under, or claim pursuant to any Environmental Law that would reasonably be expected to have a Material Adverse Effect. (x) There is no proceeding that is pending or, to the knowledge of any of the WaterBridge Parties, threatened, against any of the WaterBridge Parties or any of their respective subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such proceeding regarding which it is reasonably believed no monetary sanctions of $300,000 or more will be imposed, and (y) none of the WaterBridge Parties nor their respective subsidiaries anticipates material capital expenditures relating to any Environmental Laws. For purposes of this subsection "Hazardous Substances" means (A) petroleum and petroleum products, by-products or breakdown products, radioactive materials, asbestos-containing materials, per- and polyfluoroalkyl substances, and polychlorinated biphenyls, and (B) any other chemical, material or substance defined or regulated as toxic or hazardous or as a pollutant, contaminant or waste under Environmental Laws and "Release" means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, migrating, leaching, dumping or disposing into the environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)*Compliance with ERISA*. (i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), for which any of the WaterBridge Parties or any member of their respective "Controlled Group" (defined as any entity, whether or not incorporated, that is under common control with any such WaterBridge Party within the meaning of Section 4001(a)(14) of ERISA or any entity that would be regarded as a single employer with any such WaterBridge Party under Section 414(b),(c),(m) or (o) of the Internal Revenue Code of 1986, as amended (the "Code")) has any material liability (each, a "Plan") has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan, excluding transactions effected pursuant to a statutory or administrative exemption; (iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no Plan has failed (whether or not waived), or is reasonably expected to fail, to satisfy the minimum funding standards (within the meaning of Section 302 of ERISA or Section 412 of the Code) applicable to such Plan; (iv) no Plan is, or is reasonably expected to be, in "at risk status" (within the meaning of Section 303(i) of ERISA) and no Plan that is a "multiemployer plan" within the meaning of Section 4001(a)(3) of ERISA is in "endangered status" or "critical status" (within the meaning of Sections 304 and 305 of ERISA); (v) the fair market value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (vi) no "reportable event" (within the meaning of Section 4043(c) of ERISA and the regulations promulgated thereunder) has occurred or is reasonably expected to occur, excluding any reportable event for which a waiver could apply; (vii) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification; (viii) none of the WaterBridge Parties nor any member of their respective Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the ordinary course and without default) in respect of a Plan (including a "multiemployer plan" within the meaning of Section 4001(a)(3) of ERISA); and (ix) none of the following events has occurred or is reasonably likely to occur: (A) a material increase in the aggregate amount of contributions required to be made to all Plans by any of the WaterBridge Parties or their respective Controlled Group affiliates in the current fiscal year of such WaterBridge Party and its Controlled Group affiliates compared to the amount of such contributions made in such WaterBridge Party's and its Controlled Group affiliates' most recently completed fiscal year; or (B) a material increase in any of the WaterBridge Parties and their respective subsidiaries' "accumulated post-retirement benefit obligations" (within the meaning of

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Accounting Standards Codification Topic 715-60) compared to the amount of such obligations in such WaterBridge Party's and its subsidiaries' most recently completed fiscal year, except in each case with respect to the events or conditions set forth in clauses (i) through (ix) hereof, as would not, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)*Disclosure Controls*. The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that will comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to the WaterBridge Parties and their respective subsidiaries is made known to the Company's principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)*Accounting Controls.* The Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that (i) complies with the applicable requirements of the Exchange Act, (ii) has been designed by the Company's principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and (iii) is sufficient to provide reasonable assurance that (A) transactions are executed in accordance with management's general or specific authorization, (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets, (C) access to assets is permitted only in accordance with management's general or specific authorization and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and except as set forth or contemplated in the Preliminary Prospectus and the Prospectus, the Company's internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting (it being understood that this subsection shall not require the Company to comply with Section 404 of the Sarbanes-Oxley Act of 2002, as amended, as of an earlier date than it would otherwise be required to so comply under applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)*Insurance.* The properties of the WaterBridge Parties and their respective subsidiaries are insured in respect of general casualty and general liability insurance in amounts as are customary for companies engaged in similar businesses and owning similar properties in locations where the WaterBridge Parties and their respective subsidiaries operate. The WaterBridge Parties and their respective subsidiaries, taken as a whole, are insured against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are currently engaged and as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)*Cybersecurity; Data Protection.* The WaterBridge Parties and their respective subsidiaries' information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, "<u>IT Systems</u>") are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the WaterBridge Parties and their respective subsidiaries as currently conducted, and, to the knowledge of each WaterBridge Party, the IT Systems are free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants. The WaterBridge Parties and their respective subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and material data (including all personal, personally identifiable, sensitive, confidential or regulated data (collectively, "Personal Data")) used in connection with their businesses, and, to the knowledge of each WaterBridge Party, there have been no material breaches, violations, outages or unauthorized uses of or unauthorized accesses to the same, except for those that have been remedied without

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material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The WaterBridge Parties and their respective subsidiaries are presently in compliance in all material respects with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)*No Unlawful Payments.* None of the WaterBridge Parties nor any of their respective subsidiaries nor any director or officer of any of the WaterBridge Parties or any of their respective subsidiaries nor, to the knowledge of any of the WaterBridge Parties, any employee, agent, affiliate or other person associated with or acting on behalf of any of the WaterBridge Parties or any of their respective subsidiaries has (i) made, offered, promised, authorized or approved any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity (or taken any act in furtherance thereof); (ii) made, offered, promised, authorized or approved any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or violated the Bribery Act 2010 of the United Kingdom or any other applicable anti-corruption, anti-bribery or related law, statute, or regulation (collectively, "Anti-Corruption Laws"); or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The WaterBridge Parties and their respective subsidiaries and, to the knowledge of each of the WaterBridge Parties, the affiliates of each of the WaterBridge Parties have conducted their businesses in compliance with Anti-Corruption Laws and have instituted, maintain and enforce, and will continue to maintain and enforce, policies and procedures reasonably designed to promote and ensure compliance with such applicable laws and with the representations and warranties contained herein. None of the WaterBridge Parties nor any of their respective subsidiaries will use, directly or indirectly, the proceeds of the Offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Compliance with Anti-Money Laundering Laws*. The operations of the WaterBridge Parties and their respective subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable anti-money laundering laws of all jurisdictions in which any of the WaterBridge Parties and their respective subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency including the Bank Secrecy Act of 1970, applicable provisions of the USA PATRIOT Act of 2001, the Money Laundering Control Act of 1986, and the Anti-Money Laundering Act of 2020 (collectively, the "Anti-Money Laundering Laws") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving any of the WaterBridge Parties or any of their respective subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of any of the WaterBridge Parties, threatened. None of the WaterBridge Parties nor any of their respective subsidiaries will use, directly or indirectly, the proceeds of the Offering in any manner in violation of the Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)*No Conflicts with Sanctions Laws.* None of the WaterBridge Parties nor any of their respective subsidiaries, directors or officers, nor, to the knowledge of any of the WaterBridge Parties, any

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employee, agent, affiliate or other person acting on behalf of any of the WaterBridge Parties or any of their respective subsidiaries is (i) currently the subject or the target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury, the Bureau of Industry and Security of the U.S. Department of Commerce or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person"), the United Nations Security Council, the European Union, His Majesty's Treasury or any other relevant sanctions authority (collectively, "Sanctions"), or (ii) located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, the Crimea Region of Ukraine, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, Cuba, Iran, North Korea and Syria (each, a "Sanctioned Jurisdiction"); and none of the WaterBridge Parties will directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Jurisdiction or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. Since April 24, 2019, none of the WaterBridge Parties nor any of their respective subsidiaries has engaged in, are now engaged in, or will engage in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Jurisdiction; and the WaterBridge Parties and their respective subsidiaries have instituted and maintain, policies and procedures designed to promote and achieve continued compliance with Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)*No Restrictions on Subsidiaries*. Except as otherwise set forth or contemplated in the Prospectus, no subsidiary of any WaterBridge Party is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to such WaterBridge Party, from making any other distribution on such subsidiary's equity or similar ownership interest, from repaying to such WaterBridge Party any loans or advances to such subsidiary from such WaterBridge Party or from transferring any of such subsidiary's properties or assets to such WaterBridge Party or any other subsidiary of such WaterBridge Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)*No Broker's Fees.* None of the WaterBridge Parties nor any of their respective subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against any of them or any Underwriter for a brokerage commission, finder's fee or like payment in connection with the offering and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)*No Registration Rights*. Except as otherwise set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no person has the right to require the Company or any of its respective subsidiaries to register any securities for sale under the Securities Act by reason of the filing of the Registration Statement with the Commission or the issuance and sale of the Class A shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)*No Stabilization.* None of the WaterBridge Parties nor any of their respective affiliates has taken or will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company or any of its subsidiaries in connection with the offering of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)*Margin Rules*. Neither the issuance, sale and delivery of the Shares nor the application of the proceeds thereof by the Company and OpCo as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)*Forward*-*Looking Statements*. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) included in any of the Registration Statement, the Preliminary Prospectus or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith as of the date when such statement was made or reaffirmed, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)*Statistical and Market Data.* Nothing has come to the attention of any of the WaterBridge Parties that has caused any of the WaterBridge Parties to believe that the statistical and market-related data included in each of the Registration Statement, the Preliminary Prospectus and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects and, to the extent required by such sources, the WaterBridge Parties have obtained the written consent to use such data from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)*Sarbanes-Oxley Act*. There is and has been no failure on the part of the Company or any of the Company's directors or officers, in their capacities as such, to comply with any applicable provision of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations promulgated in connection therewith (the "Sarbanes-Oxley Act"), including Section 402 related to loans and Sections 302 and 906 related to certifications (it being understood that this subsection shall not require the Company to comply with sections of the Sarbanes-Oxley Act of 2002, as amended, as of an earlier date than it would otherwise be required to so comply under applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)*Status under the Securities Act*. At the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Company or any offering participant made a *bona fide* offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Shares, and at the date hereof, the Company was not and is not an "ineligible issuer," as defined under Rule 405 under the Securities Act. The Company has paid the registration fee for the Offering pursuant to Rule 456(b)(1) under the Securities Act or will pay such fee within the time period required by such rule (without giving effect to the proviso therein) and in any event prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)*Accurate Description*. The statements set forth in the Preliminary Prospectus and Prospectus under the caption "Description of Shares," insofar as they purport to constitute a summary of the terms of the Shares, and under the captions "Corporate Reorganization," "Certain Relationships and Related Party Transactions," "Our Operating Agreement" and "Material U.S. Federal Income Tax Consequences to Non-U.S. Holders," insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)*Integration*. None of the WaterBridge Parties have sold or issued any securities that would be integrated with the offering of the Shares contemplated by this Agreement pursuant to the Securities Act, the rules and regulations thereunder or the interpretations thereof by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)*Exchange Listings*. The Shares have been approved for listing, subject to official notice of issuance, on the New York Stock Exchange ("NYSE") and NYSE Texas, Inc. ("NYSE Texas").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)*Directed Share Program.* The Company has specifically directed in writing the allocation of Class A shares to each Participant in the Directed Share Program, and to the Company's knowledge, neither the Directed Share Underwriter nor any other Underwriter has had any involvement or influence, directly or indirectly, in such allocation decision. None of the Directed Shares distributed in connection with the Directed Share Program will be offered or sold outside of the United States. The Company has not offered, or caused the Representatives to offer, Class A shares to any person pursuant to the Directed Share Program with the specific intent to unlawfully influence (i) a customer or supplier of any of the WaterBridge Parties to alter the customer's or supplier's level or type of business with any of the WaterBridge Parties or

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(ii) a trade journalist or publication to write or publish favorable information about any of the WaterBridge Parties, their respective businesses or their respective products.

## Any certificate signed by any officer of any of the WaterBridge Parties and delivered to the Representatives or counsel for the Underwriters in connection with the Offering shall be deemed a representation and warranty by the WaterBridge Parties, as to matters explicitly covered thereby and as of the date of delivery of such certificate, to each Underwriter.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Further Agreements of the WaterBridge Parties</u>. The WaterBridge Parties covenant and agree with each Underwriter that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Required Filings.* The Company will file the final Prospectus with the Commission within the time periods specified by Rule 424(b) and Rule 430A, 430B or 430C under the Securities Act, will file any Issuer Free Writing Prospectus to the extent required by Rule 433 under the Securities Act; and the Company will furnish copies of the Prospectus and each Issuer Free Writing Prospectus (to the extent not previously delivered) to the Underwriters in New York City prior to 10:00 A.M., New York City time, on the business day next succeeding the date of this Agreement in such quantities as the Representatives may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Delivery of Copies.* The Company will, if requested, deliver, without charge, (i) to the Representatives, three signed copies of the Registration Statement as originally filed and each amendment thereto, in each case including all exhibits and consents filed therewith; and (ii) to each Underwriter (A) a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) and (B) during the Prospectus Delivery Period (as defined below), as many copies of the Prospectus (including all amendments and supplements thereto and each Issuer Free Writing Prospectus) as the Representatives may reasonably request. As used herein, the term "Prospectus Delivery Period" means such period of time after the first date of the public offering of the Shares as in the opinion of counsel for the Underwriters a prospectus relating to the Shares is required by law to be delivered (or required to be delivered but for Rule 172 under the Securities Act) in connection with sales of the Shares by any Underwriter or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Amendments or Supplements, Issuer Free Writing Prospectuses.* Before making, preparing, using, authorizing, approving, referring to or filing any Issuer Free Writing Prospectus, and before filing any amendment or supplement to the Registration Statement, the Pricing Disclosure Package or the Prospectus, the Company will furnish to the Representatives and counsel for the Underwriters a copy of the proposed Issuer Free Writing Prospectus, amendment or supplement for review (which may be by electronic mail) and will not make, prepare, use, authorize, approve, refer to or file any such Issuer Free Writing Prospectus or file any such proposed amendment or supplement to which the Representatives reasonably object by written notice to the Company (which may be by electronic mail).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Notice to the Representatives.* The Company will advise the Representatives promptly after it receives notice of any of the following, and confirm such advice in writing (which may be by electronic mail): (i) when the Registration Statement has become effective; (ii) when any amendment to the Registration Statement has been filed or becomes effective; (iii) when any supplement to the Pricing Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus or any Written Testing-the-Waters Communication or any amendment to the Prospectus has been filed or distributed; (iv) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or the receipt of any comments from the Commission relating to the Registration Statement or any other request by the Commission for any additional information including, but not limited to, any request for information concerning any Testing-the-Waters Communication; (v) of the issuance by the Commission or any other governmental or regulatory authority of any order suspending the effectiveness

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of the Registration Statement or preventing or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure Package, the Prospectus or any Written Testing-the-Waters Communication or the initiation or threatening of any proceeding for that purpose or pursuant to Section 8A of the Securities Act; (vi) of the occurrence of any event or development within the Prospectus Delivery Period as a result of which the Prospectus, any of the Pricing Disclosure Package, any Issuer Free Writing Prospectus or any Written Testing-the-Waters Communication as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus, the Pricing Disclosure Package, any such Issuer Free Writing Prospectus or any Written Testing-the-Waters Communication is delivered to a purchaser, not misleading; and (vii) any suspension of the qualification of the Shares for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the issuance of any such order suspending the effectiveness of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure Package or the Prospectus or any Written Testing-the-Waters Communication or suspending any such qualification of the Shares and, if any such order is issued, will use its reasonable best efforts to obtain as soon as possible the withdrawal thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Ongoing Compliance.* (1) If during the Prospectus Delivery Period (i) any event or development shall occur or condition shall exist as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Prospectus to comply with applicable law, the Company will promptly notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file with the Commission and furnish to the Underwriters and to such dealers as the Representatives may designate such amendments or supplements to the Prospectus as may be necessary so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus will comply with law and (2) if at any time prior to the Closing Date (i) any event or development shall occur or condition shall exist as a result of which the Pricing Disclosure Package as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Pricing Disclosure Package is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Pricing Disclosure Package to comply with applicable law, the Company will promptly notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file with the Commission (to the extent required) and furnish to the Underwriters and to such dealers as the Representatives may designate such amendments or supplements to the Pricing Disclosure Package as may be necessary so that the statements in the Pricing Disclosure Package as so amended or supplemented will not, in the light of the circumstances existing when the Pricing Disclosure Package is delivered to a purchaser, be misleading or so that the Pricing Disclosure Package will comply with law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)*Blue Sky Compliance.* If required by applicable law, the Company will qualify the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request and will continue such qualifications in effect so long as required for distribution of the Shares; <u>provided</u> that none of the WaterBridge Parties shall be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)*Earning Statement.* The Company will make generally available to its security holders and the Representatives as soon as practicable an earning statement that satisfies the provisions of Section 11(a)

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of the Securities Act and Rule 158 of the Commission promulgated thereunder covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the "effective date" (as defined in Rule 158) of the Registration Statement, provided that such requirement shall be deemed satisfied if such information is made available via the Commission's Electronic Data Gathering, Analysis, and Retrieval system (EDGAR), or any successor system of the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)*Clear Market.* During the period beginning from the date hereof and continuing to and including the date 180 days after the date of the Prospectus (the "Lock-Up Period"), the Company and OpCo will not (i) offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or publicly file with or confidentially submit to the Commission a registration statement under the Securities Act relating to, any securities of the Company or any units of OpCo that are substantially similar to the Class A shares, or any securities pursuant to the terms of an equity incentive or similar plan described in the Registration Statement, Preliminary Prospectus and the Prospectus, including but not limited to any options or warrants to purchase Class A shares or any securities that are convertible into or exchangeable for, or that represent the right to receive, Class A shares or any such substantially similar securities, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Class A shares or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Class A shares or such other securities, in cash or otherwise (other than the Class A shares to be sold hereunder or pursuant to an equity incentive or similar plan described in the Registration Statement, Preliminary Prospectus and the Prospectus), without the prior written consent of the Representatives.

## The restrictions described above shall not apply to (A) any Class A shares or any securities or other awards (including, without limitation, options, restricted shares, performance share units or restricted share units) convertible into, exchangeable for, or that represents the right to receive, Class A shares (collectively, "Incentive Awards") issued pursuant to any share option plan, incentive plan or share purchase plan of the Company (collectively, the "Company Share Plans") or pursuant to equity compensation arrangements described in the Registration Statement and the Prospectus, (B) any Class A shares issued upon the conversion, exercise or exchange of convertible, exercisable or exchangeable securities described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or any Class A shares vested or exercised pursuant to Incentive Awards, (C) the filing of a registration statement on Form S-8 relating to securities granted or to be granted pursuant to the terms of a Company Share Plan as described in the Pricing Disclosure Package and the Prospectus, (D) the issuance of securities in connection with the Reorganization Transactions (as described in the Registration Statement and the Pricing Disclosure Package in the section titled "Corporate Reorganization"), (E) the confidential submission by the Company of a resale shelf draft registration statement on Form S-1 with the Commission as contemplated by the registration rights agreement entered into in connection with the Offering (provided, in the case of any such confidential submission, (1) the Company shall give written notice to the Representatives at least three business days prior to such submission, (2) no public announcement of such confidential submission shall be made and (3) no such confidential submission shall become a publicly available registration statement during the Lock-Up Period), (F) the issuance of Class A shares or securities convertible into or exercisable or exchangeable for Class A shares as consideration for the acquisition of equity interests or assets of any person, or the acquisition by the Company by any other manner of any business, properties, assets or person, in one transaction or a series of related transactions, or the filing of a registration statement related to such securities; provided that with respect to clause (F) above no more than an aggregate of 10% of the number of shares of the Company's Class A shares outstanding immediately after the issuance of the Class A shares pursuant to this Agreement are issued, and (G) facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of the Company

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## pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Class A shares (provided that (i) such plan does not provide for the transfer of Class A shares during the Lock-Up Period and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by the Company regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Class A shares may be made under such plan during the Lock-Up Period).

## If the Representatives, in their sole discretion, agree to release or waive the restrictions set forth in a lock-up letter described in Section 6(l) hereof for an officer or director of the Company and provide the Company with notice of the impending release or waiver substantially in the form of Exhibit B hereto at least three business days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of Exhibit C hereto through a major news service at least two business days before the effective date of the release or waiver.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Use of Proceeds.* The Company and OpCo will apply the net proceeds from the sale of the Shares as described in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus under the heading "Use of proceeds."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)*No Stabilization.* None of the WaterBridge Parties nor their respective subsidiaries or affiliates will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Class A shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)*Exchange Listings.* The Company will use its reasonable best efforts to list, subject to notice of issuance, the Shares on the NYSE and NYSE Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)*Reports.* For a period of three years from the date of this Agreement, so long as the Shares are outstanding, the Company will furnish to the Representatives, promptly after they are available, copies of all reports or other communications (financial or other) furnished to holders of the Shares, and copies of any reports and financial statements furnished to or filed with the Commission or any national securities exchange or automatic quotation system; <u>provided</u> the Company will be deemed to have furnished such reports and financial statements to the Representatives to the extent they are filed on the Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, or any successor system of the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)*Record Retention*. The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)*Filings.* The Company will file with the Commission such reports as may be required by Rule 463 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)*Directed Share Program.* The Company will comply with all applicable securities and other laws, rules and regulations in each jurisdiction in which the Directed Shares are offered in connection with the Directed Share Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)*Post-Effective Amendment*. If the Company elects to rely upon Rule 462(b), the Company shall file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by 10:00 P.M., Washington, D.C. time, on the date of this Agreement, and the Company shall at the time of filing either pay to the Commission the filing fee for the Rule 462(b) Registration Statement or give irrevocable instructions for the payment of such fee pursuant to Rule 111 under the Securities Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)*Corporate Logo*. Upon reasonable request of any Underwriter, to furnish, or cause to be furnished, to such Underwriter an electronic version of any of the WaterBridge Parties' trademarks, servicemarks and corporate logo for use on the website, if any, operated by such Underwriter for the purpose of facilitating the on-line offering of the Shares (the "License"); provided, however, that the License shall be used solely for the purpose described above, is granted without any fee and may not be assigned or transferred by such Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)*Emerging Growth Company*. The Company will promptly notify the Representatives if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of Shares within the meaning of the Securities Act and (ii) completion of the Lock-Up Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Certain Agreements of the Underwriters</u>. Each Underwriter hereby represents and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It has not and will not use, authorize use of, refer to or participate in the planning for use of, any "free writing prospectus," as defined in Rule 405 under the Securities Act (which term includes use of any written information furnished to the Commission by the Company and any press release issued by the Company) other than (i) a free writing prospectus that contains no "issuer information" (as defined in Rule 433(h)(2) under the Securities Act) that was not included in the Preliminary Prospectus or a previously filed Issuer Free Writing Prospectus, (ii) any Issuer Free Writing Prospectus listed on Annex A or prepared pursuant to Section 3(c) or Section 4(c) above (including any electronic road show), or (iii) any free writing prospectus prepared by such Underwriter and approved by the Company in advance in writing (each such free writing prospectus referred to in clauses (i) or (iii), an "Underwriter Free Writing Prospectus").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)It has not and will not, without the prior written consent of the Company, use any free writing prospectus that contains the final terms of the Shares unless such terms have previously been included in a free writing prospectus filed with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)It is not subject to any pending proceeding under Section 8A of the Securities Act with respect to the Offering (and will promptly notify the Company if any such proceeding against it is initiated during the Prospectus Delivery Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Conditions of Underwriters' Obligations.</u> The obligation of each Underwriter to purchase the Underwritten Shares on the Closing Date or the Option Shares on the Additional Closing Date, as the case may be, as provided herein is subject to the performance by the WaterBridge Parties of their covenants and other obligations hereunder and to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Registration Compliance; No Stop Order.* No order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose or pursuant to Section 8A under the Securities Act shall be pending before or threatened by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely filed with the Commission under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule 433 under the Securities Act) and in accordance with Section 4(a) hereof; and all requests by the Commission for additional information shall have been complied with to the reasonable satisfaction of the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Representations and Warranties.* The representations and warranties of the WaterBridge Parties contained herein shall be true and correct on the date hereof and on and as of the Closing Date or the Additional Closing Date, as the case may be; and the statements of any of the WaterBridge Parties and their respective officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date or the Additional Closing Date, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*No Downgrade.* Subsequent to the earlier of (A) the Applicable Time and (B) the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded any debt securities, convertible securities or preferred stock issued, or guaranteed by, any of the WaterBridge Parties or any of their respective subsidiaries by any "nationally recognized statistical rating organization," as such term is defined under Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of any such debt securities or preferred stock issued or guaranteed by any of the WaterBridge Parties or any of their respective subsidiaries (other than an announcement with positive implications of a possible upgrading).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*No Material Adverse Change.* No event or condition of a type described in Section 3(i) hereof shall have occurred or shall exist, which event or condition is not described in the Pricing Disclosure Package (excluding any amendment or supplement thereto) and the Prospectus (excluding any amendment or supplement thereto) and the effect of which in the judgment of the Representatives makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date or the Additional Closing Date, as the case may be, on the terms and in the manner contemplated by this Agreement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Officer's Certificates.* The Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, certificates of the chief financial officer or chief accounting officer of the Company and OpCo and one additional senior executive officer of the Company and OpCo who is satisfactory to the Representatives (i) confirming that such officers have carefully reviewed the Registration Statement, the Pricing Disclosure Package and the Prospectus and, to the knowledge of such officers, the representations set forth in Sections 3(b) and 3(f) hereof are true and correct, (ii) confirming that the other representations and warranties of the Company and OpCo in this Agreement are true and correct and that each of the Company and OpCo has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date or the Additional Closing Date, as the case may be, and (iii) to the effect set forth in paragraphs (a), (c) and (d) above and as to such other matters as the Representatives may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)*Comfort Letters.* (i) On the date of this Agreement and on the Closing Date or the Additional Closing Date, as the case may be, Deloitte & Touche LLP shall have furnished to the Representatives, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, containing statements and information of the type customarily included in accountants' "comfort letters" to underwriters with respect to the financial statements and certain financial information contained in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, as applicable; provided, that the letter delivered on the Closing Date or the Additional Closing Date, as the case may be, shall use a "cut-off" date no more than two business days prior to such Closing Date or such Additional Closing Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On the date of this Agreement and on the Closing Date or the Additional Closing Date, as the case may be, Weaver and Tidwell, L.L.P. shall have furnished to the Representatives, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, containing statements and information of the type customarily included in accountants' "comfort letters" to underwriters with respect to the financial statements and certain financial information contained in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, as applicable; provided, that the letter delivered on the Closing Date or the Additional Closing Date, as the case may be, shall use a "cut-off" date no more than two business days prior to such Closing Date or such Additional Closing Date, as the case may be.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)*Opinion and 10b-5 Statement of Counsel for the Company.* (i) Latham & Watkins LLP, counsel for the Company, shall have furnished to the Representatives, at the request of the Company, its written opinion and 10b-5 statement, (ii) Richards, Layton & Finger, P.A., counsel for the Company, shall have furnished to the Representatives, at the request of the Company, its written opinion and (iii) Vinson & Elkins L.L.P., counsel for the Company, shall have furnished to the Representatives, at the request of the Company, its written opinion, each dated the Closing Date or the Additional Closing Date, as the case may be, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)*Opinion and 10b-5 Statement of Counsel for the Underwriters.* The Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, an opinion and 10b-5 statement, addressed to the Underwriters, of Gibson, Dunn & Crutcher LLP, counsel for the Underwriters, with respect to such matters as the Representatives may reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*No Legal Impediment to Issuance and Sale.* No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date or the Additional Closing Date, as the case may be, prevent the issuance or sale of the Shares; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date or the Additional Closing Date, as the case may be, prevent the issuance or sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)*Good Standing*. The Representatives shall have received on and as of the Closing Date or the Additional Closing Date, as the case may be, satisfactory evidence of the good standing of each of the WaterBridge Parties and their respective subsidiaries in their respective jurisdictions of organization and their good standing in such other jurisdictions as the Representatives may reasonably request, in each case in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)*Exchange Listings.* The Shares to be delivered on the Closing Date or the Additional Closing Date, as the case may be, shall have been approved for listing on the NYSE and NYSE Texas, subject to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)*Lock-up Agreements*. The "lock-up" agreements, each substantially in the form of Exhibit D hereto, between you and each shareholder, officer and director of the Company listed on Schedule 3 hereto relating to sales and certain other dispositions of Class A shares or certain other securities, delivered to you on or before the date hereof, shall be in full force and effect on the Closing Date or the Additional Closing Date, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)*Additional Documents.* On or prior to the Closing Date or the Additional Closing Date, as the case may be, the WaterBridge Parties shall have furnished to the Representatives such further certificates and documents as the Representatives may reasonably request.

All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Indemnification and Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Indemnification of the Underwriters.* The WaterBridge Parties agree to indemnify and hold harmless each Underwriter, its affiliates, directors and officers and each person, if any, who controls such

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Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including reasonable and documented legal fees and other reasonable and documented expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, not misleading, or (ii) any untrue statement or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), any Preliminary Prospectus, any Issuer Free Writing Prospectus, any "issuer information" filed or required to be filed pursuant to Rule 433(d) under the Securities Act, any Written Testing-the-Waters Communication, any road show as defined in Rule 433(h) under the Securities Act (a "road show") or any Pricing Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended), or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in paragraph (b) below.

## The Company also agrees to indemnify and hold harmless J.P. Morgan Securities LLC, its affiliates, directors and officers and each person, if any, who controls J.P. Morgan Securities LLC within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities incurred as a result of J.P. Morgan Securities LLC's participation as the QIU in connection with the offering of the Shares.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Indemnification of the* WaterBridge Parties*.* Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the WaterBridge Parties, their directors, their officers who signed the Registration Statement and each person, if any, who controls the WaterBridge Parties within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, the Prospectus (or any amendment or supplement thereto), any Preliminary Prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication, any road show or any Pricing Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended) (the "Underwriter Information"), it being understood and agreed upon that the only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on behalf of each Underwriter: the concession and reallowance figures appearing in the third paragraph under the caption "Underwriting (Conflicts of Interest)" and the information contained in the nineteenth and twentieth paragraphs under the caption "Underwriting (Conflicts of Interest)" relating to stabilization transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Notice and Procedures.* If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to the preceding paragraphs of this Section 7, such person (the "Indemnified Person") shall promptly notify the person against whom such indemnification may be sought (the "Indemnifying Person") in writing; <u>provided</u> that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under the preceding paragraphs of this Section 7

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except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and <u>provided</u>, <u>further</u>, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under the preceding paragraphs of this Section 7. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section that the Indemnifying Person may designate in such proceeding and shall pay the reasonable and documented fees and expenses in such proceeding and shall pay the reasonable and documented fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be paid or reimbursed as they are incurred; provided, however, that if indemnity may be sought pursuant to the second paragraph of Section 7(a) above in respect of such proceeding, then in addition to such separate firm of the Underwriters, their affiliates, directors, officers and such control persons of the Underwriters the indemnifying party shall be liable for the fees and expenses of not more than one separate firm (in addition to any local counsel) for J.P. Morgan Securities LLC in its capacity as the QIU, its affiliates, directors, officers and all persons, if any, who control J.P. Morgan Securities LLC within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act. Any such separate firm for any Underwriter, its affiliates, directors and officers and any control persons of such Underwriter shall be designated in writing by the Representatives and any such separate firm for the WaterBridge Parties, their directors, their officers who signed the Registration Statement and any control persons of the WaterBridge Parties shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, which such consent shall not be unreasonably withheld, delayed or conditioned, but if settled with such consent, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Contribution.* If the indemnification provided for in paragraphs (a) or (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the WaterBridge Parties, on the one hand, and the Underwriters or J.P. Morgan Securities LLC in its capacity as the QIU, as the case may be, on the other, from the offering of the Shares

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or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the WaterBridge Parties, on the one hand, and the Underwriters or J.P. Morgan Securities LLC in its capacity as the QIU, as the case may be, on the other, in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the WaterBridge Parties, on the one hand, and the Underwriters or J.P. Morgan Securities LLC in its capacity as the QIU, as the case may be, on the other, shall be deemed to be in the same respective proportions as the net proceeds (after total underwriting discounts and commissions but before deducting expenses) received by the WaterBridge Parties from the sale of the Shares and the total underwriting discounts and commissions received by the Underwriters in connection therewith, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate offering price of the Shares. The relative fault of the WaterBridge Parties, on the one hand, and the Underwriters or J.P. Morgan Securities LLC in its capacity as the QIU, as the case may be, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the WaterBridge Parties or by the Underwriters or J.P. Morgan Securities LLC in its capacity as the QIU, as the case may be, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*Limitation on Liability.* The WaterBridge Parties and the Underwriters agree that it would not be just and equitable if contribution pursuant to paragraph (d) above were determined by <u>pro</u> <u>rata</u> allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any reasonable and documented legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of paragraphs (d) and (e), in no event shall an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter with respect to the offering of the Shares exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters' obligations to contribute pursuant to paragraphs (d) and (e) are several in proportion to their respective purchase obligations hereunder and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)*Non-Exclusive Remedies.* The remedies provided for in this Section 7 paragraphs (a) through (e) are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)*Directed Share Program Indemnification.* The WaterBridge Parties agree to indemnify and hold harmless the Directed Share Underwriter, its affiliates, directors and officers and each person, if any, who controls the Directed Share Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (each a "Directed Share Underwriter Entity") from and against any and all losses, claims, damages and liabilities (including any reasonable and documented legal fees and other reasonable and documented expenses incurred in connection with defending or investigating any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred) (i) caused by any untrue statement or alleged untrue statement of a material fact contained in any material prepared by or with the consent of any of the WaterBridge Parties for distribution to Participants in connection with the Directed Share Program or caused by any omission or alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

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(ii) caused by the failure of any Participant to pay for and accept delivery of Directed Shares that the Participant agreed to purchase; or (iii) related to, arising out of, or in connection with the Directed Share Program, other than losses, claims, damages or liabilities (or expenses relating thereto) that are finally judicially determined to have resulted from the bad faith or gross negligence of the Directed Share Underwriter Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)In case any proceeding (including any governmental investigation) shall be instituted involving any Directed Share Underwriter Entity in respect of which indemnity may be sought pursuant to paragraph (g) above, the Directed Share Underwriter Entity seeking indemnity shall promptly notify the Company in writing and the Company, upon request of the Directed Share Underwriter Entity, shall retain counsel reasonably satisfactory to the Directed Share Underwriter Entity to represent the Directed Share Underwriter Entity and any others the Company may designate in such proceeding and shall pay the reasonable fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Directed Share Underwriter Entity shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Directed Share Underwriter Entity unless (i) the Company and such Directed Share Underwriter Entity shall have mutually agreed to the retention of such counsel, (ii) the Company has failed within a reasonable time to retain counsel reasonably satisfactory to such Directed Share Underwriter Entity, (iii) the Directed Share Underwriter Entity shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the WaterBridge Parties or (iv) the named parties to any such proceeding (including any impleaded parties) include the WaterBridge Parties and the Directed Share Underwriter Entity and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. The WaterBridge Parties shall not, in respect of the legal expenses of the Directed Share Underwriter Entities in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Directed Share Underwriter Entities. The WaterBridge Parties shall not be liable for any settlement of any proceeding effected without their written consent, which such consent shall not be unreasonably withheld, delayed or conditioned, but if settled with such consent, the WaterBridge Parties agree to indemnify the Directed Share Underwriter Entities from and against any loss or liability by reason of such settlement. The WaterBridge Parties shall not, without the prior written consent of the Directed Share Underwriter, effect any settlement of any pending or threatened proceeding in respect of which any Directed Share Underwriter Entity is or could have been a party and indemnity could have been sought hereunder by such Directed Share Underwriter Entity, unless (x) such settlement includes an unconditional release of the Directed Share Underwriter Entities from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of the Directed Share Underwriter Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)To the extent the indemnification provided for in paragraph (g) above is unavailable to a Directed Share Underwriter Entity or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then the WaterBridge Parties in lieu of indemnifying the Directed Share Underwriter Entity thereunder, shall contribute to the amount paid or payable by the Directed Share Underwriter Entity as a result of such losses, claims, damages or liabilities (1) in such proportion as is appropriate to reflect the relative benefits received by the WaterBridge Parties on the one hand and the Directed Share Underwriter Entities on the other hand from the offering of the Directed Shares or (2) if the allocation provided by clause 7(i)(1) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 7(i)(1) above but also the relative fault of the WaterBridge Parties on the one hand and of the Directed Share Underwriter Entities on the other hand in connection with any statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the WaterBridge Parties on the one hand and the Directed Share Underwriter Entities on the other hand in connection with the offering of the Directed Shares shall be deemed to be in the same respective proportions as the net

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proceeds from the offering of the Directed Shares (after total underwriting discounts and commissions but before deducting expenses) and the total underwriting discounts and commissions received by the Directed Share Underwriter Entities for the Directed Shares, bear to the aggregate public offering price of the Directed Shares. If the loss, claim, damage or liability is caused by an untrue or alleged untrue statement of material fact or the omission or alleged omission to state a material fact, the relative fault of the WaterBridge Parties on the one hand and the Directed Share Underwriter Entities on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement or the omission or alleged omission relates to information supplied by the WaterBridge Parties or by the Directed Share Underwriter Entities and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The WaterBridge Parties and the Directed Share Underwriter Entities agree that it would be not just or equitable if contribution pursuant to paragraph (i) above were determined by pro rata allocation (even if the Directed Share Underwriter Entities were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (i) above. The amount paid or payable by the Directed Share Underwriter Entities as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by the Directed Share Underwriter Entities in connection with investigating or defending such any action or claim. Notwithstanding the provisions of paragraph (i) above, no Directed Share Underwriter Entity shall be required to contribute any amount in excess of the amount by which the total price at which the Directed Shares distributed to the public were offered to the public exceeds the amount of any damages that such Directed Share Underwriter Entity has otherwise been required to pay. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in paragraphs (g) through (j) are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The indemnity and contribution provisions contained in paragraphs (g) through (j) shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Directed Share Underwriter Entity or the WaterBridge Parties, their officers or directors or any person controlling the WaterBridge Parties and (iii) acceptance of and payment for any of the Directed Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Effectiveness of Agreement</u>. This Agreement shall become effective as of the date first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Termination</u>. This Agreement may be terminated in the absolute discretion of the Representatives, by notice to the Company, if after the execution and delivery of this Agreement and on or prior to the Closing Date or, in the case of the Option Shares, prior to the Additional Closing Date (i) trading generally shall have been suspended or materially limited on or by any of the New York Stock Exchange or The Nasdaq Stock Market; (ii) trading of any securities issued or guaranteed by the WaterBridge Parties shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representatives, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date or the Additional Closing Date, as the case may be, on the terms and in the manner contemplated by this Agreement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Defaulting Underwriter</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If, on the Closing Date or the Additional Closing Date, as the case may be, any Underwriter defaults on its obligation to purchase the Shares that it has agreed to purchase hereunder on such date, the non-defaulting Underwriters may in their discretion arrange for the purchase of such Shares by other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any Underwriter, the non-defaulting Underwriters do not arrange for the purchase of such Shares, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Underwriters to purchase such Shares on such terms. If other persons become obligated or agree to purchase the Shares of a defaulting Underwriter, either the non-defaulting Underwriters or the Company may postpone the Closing Date or the Additional Closing Date, as the case may be, for up to five full business days in order to effect any changes that in the opinion of counsel for the Company or counsel for the Underwriters may be necessary in the Registration Statement and the Prospectus or in any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement to the Registration Statement and the Prospectus that effects any such changes. As used in this Agreement, the term "Underwriter" includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 10, purchases Shares that a defaulting Underwriter agreed but failed to purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as provided in paragraph (a) above, the aggregate number of Shares that remain unpurchased on the Closing Date or the Additional Closing Date, as the case may be, does not exceed one-eleventh of the aggregate number of Shares to be purchased on such date, then the Company shall have the right to require each non-defaulting Underwriter to purchase the number of Shares that such Underwriter agreed to purchase hereunder on such date plus such Underwriter's pro rata share (based on the number of Shares that such Underwriter agreed to purchase on such date) of the Shares of such defaulting Underwriter or Underwriters for which such arrangements have not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as provided in paragraph (a) above, the aggregate number of Shares that remain unpurchased on the Closing Date or the Additional Closing Date, as the case may be, exceeds one-eleventh of the aggregate amount of Shares to be purchased on such date, or if the Company shall not exercise the right described in paragraph (b) above, then this Agreement or, with respect to any Additional Closing Date, the obligation of the Underwriters to purchase Shares on the Additional Closing Date, as the case may be, shall terminate without liability on the part of the non-defaulting Underwriters. Any termination of this Agreement pursuant to this Section 10 shall be without liability on the part of the WaterBridge Parties, except that the WaterBridge Parties will continue to be liable for the payment of expenses as set forth in Section 11 hereof and except that the provisions of Section 7 hereof shall not terminate and shall remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have to the WaterBridge Parties or any non-defaulting Underwriter for damages caused by its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Payment of Expenses</u>*.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the WaterBridge Parties will pay or cause to be paid all costs and expenses incident to the performance of their obligations hereunder, including (i) the costs incident to the authorization, issuance, sale, preparation and delivery of the Shares and any taxes payable in that connection; (ii) the costs incident to the preparation, printing and filing under the Securities Act of the Registration Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus, any Pricing Disclosure Package and the Prospectus (including all exhibits, amendments and supplements thereto) and

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the distribution thereof; (iii) the fees and expenses of the WaterBridge Parties' counsel and independent accountants; (iv) the reasonable and documented fees and expenses incurred in connection with the registration or qualification and determination of eligibility for investment of the Shares under the laws of such jurisdictions as the Representatives may designate and the cost of the preparation, printing and distribution of a Blue Sky Memorandum (including reasonable and documented related fees and expenses of counsel for the Underwriters); (v) the cost of preparing share certificates, if applicable; (vi) the costs and charges of any transfer agent and any registrar; (vii) all expenses and application fees incurred in connection with any filing with, and clearance of the offering by, FINRA (including the fees and expenses of J.P. Morgan Securities LLC acting as QIU); (viii) all expenses incurred by the WaterBridge Parties in connection with any "road show" presentation to potential investors (provided that all expenses related to chartered aircraft in connection with any "road show" presentation shall be split 50% by the WaterBridge Parties and 50% by the Underwriters); (ix) all expenses and application fees related to the listing of the Shares on the NYSE and NYSE Texas and (x) all of the fees and disbursements of counsel incurred by the Underwriters in connection with the Directed Share Program and stamp duties, similar taxes or duties or other taxes, if any, incurred by the Underwriters in connection with the Directed Share Program; provided that the fees and expenses of counsel for the Underwriters incurred pursuant clauses (iv), (vii) and (x) of this Section 11(a) shall not exceed $40,000 in the aggregate. It is understood, however, that, except as provided in this Section and Section 7 hereof, the Underwriters will pay all of their own costs and expenses, including the fees of their counsel, share transfer taxes on resale of any of the Shares by them, and any advertising expenses connected with any offers they may make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If (i) this Agreement is terminated pursuant to Section 9, (ii) the Company for any reason fails to tender the Shares for delivery to the Underwriters or (iii) the Underwriters decline to purchase the Shares for any reason permitted under this Agreement, the WaterBridge Parties agree to reimburse the Underwriters for all out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably incurred by the Underwriters in connection with this Agreement and the offering contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Persons Entitled to Benefit of Agreement</u>. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and, to the extent provided in <u>Sections 7</u> and <u>13</u>, the officers and directors and any controlling persons referred to herein, and the affiliates of each Underwriter referred to in Section 7 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Shares from any Underwriter shall be deemed to be a successor merely by reason of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Survival</u>. The respective indemnities, rights of contribution, representations, warranties and agreements of the WaterBridge Parties and the Underwriters contained in this Agreement or made by or on behalf of the WaterBridge Parties or the Underwriters pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Shares and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the WaterBridge Parties or the Underwriters or the directors, officers, controlling persons or affiliates referred to in Section 7 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Certain Defined Terms</u>. For purposes of this Agreement, (a) except where otherwise expressly provided, the term "affiliate" has the meaning set forth in Rule 405 under the Securities Act; (b) the term "business day" means any day other than a day on which banks are permitted or required to be closed in New York City; and (c) the term "subsidiary" has the meaning set forth in Rule 405 under the Securities Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Compliance with USA Patriot Act</u>. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the WaterBridge Parties, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Notices.* All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Underwriters shall be given to the Representatives c/o J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179; Attention Equity Syndicate Desk; and Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019, Attention: Syndicate Registration. Notices to the WaterBridge Parties shall be given to them at WaterBridge Infrastructure LLC, 5555 San Felipe Street, Suite 1200, Houston, Texas 77056; Attention: General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Governing Law.* This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Submission to Jurisdiction*. The WaterBridge Parties hereby submit to the exclusive jurisdiction of the U.S. federal and New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the WaterBridge Parties waive any objection which it may now or hereafter have to the laying of venue of any such suit or proceeding in such courts. The WaterBridge Parties agree that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the WaterBridge Parties and may be enforced in any court to the jurisdiction of which the WaterBridge Parties is subject by a suit upon such judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Waiver of Jury Trial.* Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Recognition of the U.S. Special Resolution Regimes*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

## As used in this Section 16(e):

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## "BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

## "Covered Entity" means any of the following:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

## "Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

## "U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Counterparts.* This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. The words "execution," "signed," "signature," and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement, if any, shall include images of manually executed signatures transmitted by facsimile or other electronic format (including "pdf," "tif" or "jpg") and other electronic signatures (including DocuSign and AdobeSign). The use of electronic signatures and electronic records (including any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Tax Treatment Confidential.* Notwithstanding anything herein to the contrary, the WaterBridge Parties are authorized to disclose to any persons the U.S. federal and state income tax treatment and tax structure of the potential transaction and all materials of any kind (including tax opinions and other tax analyses) provided to the WaterBridge Parties relating to that treatment and structure, without the Underwriters imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, "tax structure" is limited to any facts that may be relevant to that treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Amendments or Waivers.* No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Headings.* The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Construction and Interpretation*. For purposes of this Agreement, (a) the words "include," "includes" and "including" shall be deemed to be followed by the words "without limitation"; (b) the word "or" is not exclusive; (c) the words "this Agreement," "herein," "hereof," "hereby," "hereto," "hereunder" and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited; (d) each use in this Agreement of the plural will include the singular and vice versa, in each case as the context requires or as it is otherwise appropriate; (e) all references to "days" are to calendar days; (f) the word "will" will be construed to have the same meaning and effect as the word "shall"; and (g) the words "shall" and "will" are mandatory, and "may" is permissive. Unless the context otherwise requires, references herein: (i) to Sections, Schedules, Annexes and Exhibits mean the Sections of, and the Schedules, Annexes and Exhibits attached to, this Agreement; (ii) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented or modified from time to time to the extent permitted by the provisions thereof, and, where applicable, the provisions hereof; and (iii) to any law shall be construed as referring to such law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time and references to particular provisions of a law include a reference to the corresponding provisions of any prior or succeeding law. In the event of any inconsistency between a Schedule or Exhibit and the terms of this Agreement, the terms of this Agreement shall control. The recitals set forth at the beginning of this Agreement are and shall be deemed material and operative provisions of this Agreement and are hereby incorporated and made part of this Agreement with the same force and effect as if fully repeated herein.

## [ *Signature Pages Follow* ]

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If the foregoing is in accordance with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below.

Very truly yours,

WATERBRIDGE INFRASTRUCTURE LLC

By: <u>/s/ Scott L. McNeely</u> <br> Name: Scott L. McNeely<br> Title: Executive Vice President, Chief

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Officer

WBI OPERATING LLC

By: <u>/s/ Scott L. McNeely</u> <br> Name: Scott L. McNeely<br> Title: Executive Vice President, Chief

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Officer

WATERBRIDGE EQUITY FINANCE LLC

By: <u>/s/ Scott L. McNeely</u> <br> Name: Scott L. McNeely<br> Title: Executive Vice President, Chief

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Officer

NDB MIDSTREAM LLC

By: <u>/s/ Scott L. McNeely</u> <br> Name: Scott L. McNeely<br> Title: Executive Vice President, Chief

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Officer

DESERT ENVIRONMENTAL LLC

By: <u>/s/ Jason Williams</u> <br> Name: Jason Williams<br> Title: Chief Financial Officer

*Signature Page to Underwriting Agreement*

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Accepted: As of the date first written above

J.P. MORGAN SECURITIES LLC

BARCLAYS CAPITAL INC.

For themselves and on behalf of the<br>several Underwriters listed<br>in Schedule 1 hereto.

J.P. MORGAN SECURITIES LLC

By: <u>/s/ Isabelle Trimble</u> <br> Authorized Signatory

BARCLAYS CAPITAL INC.

By: <u>/s/ Robert Stowe</u> <br> Authorized Signatory

*Signature Page to Underwriting Agreement*

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Schedule 1

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| | |
|:---|:---|
| &nbsp;&nbsp;<u>Underwriter</u> | &nbsp;&nbsp;<u>Number of Shares</u> |
| &nbsp;&nbsp;J.P. Morgan Securities LLC  | &nbsp;&nbsp; 7608000  |
| &nbsp;&nbsp;Barclays Capital Inc.  | &nbsp;&nbsp; 5706000  |
| &nbsp;&nbsp;Goldman Sachs & Co. LLC | &nbsp;&nbsp; 3170000  |
| &nbsp;&nbsp;Morgan Stanley & Co. LLC  | &nbsp;&nbsp; 3170000  |
| &nbsp;&nbsp;Wells Fargo Securities, LLC  | &nbsp;&nbsp; 3170000  |
| &nbsp;&nbsp;Piper Sandler & Co.  | &nbsp;&nbsp; 2219000  |
| &nbsp;&nbsp;Raymond James & Associates, Inc.  | &nbsp;&nbsp; 2219000  |
| &nbsp;&nbsp;Stifel, Nicolaus & Company, Incorporated  | &nbsp;&nbsp; 1030250  |
| &nbsp;&nbsp;TCBI Securities, Inc.  | &nbsp;&nbsp; 951000  |
| &nbsp;&nbsp;PEP Advisory LLC  | &nbsp;&nbsp; 871750  |
| &nbsp;&nbsp;Janney Montgomery Scott LLC  | &nbsp;&nbsp; 713250  |
| &nbsp;&nbsp;Johnson Rice & Company L.L.C.  | &nbsp;&nbsp; 713250  |
| &nbsp;&nbsp;Roberts & Ryan, Inc.  | &nbsp;&nbsp;158500 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700000 |

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Schedule 1-1

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Schedule 2

**Subsidiaries**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Entity** | &nbsp;&nbsp;**State of Formation** |
| &nbsp;&nbsp;WBI Operating LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Operating LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Midstream Operating LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Resources Delaware, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Pecos Water LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Texas Operating LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Texas Midstream LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Permian Water LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Resources Mid-Continent, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Arkoma Operating, LLC | &nbsp;&nbsp;Oklahoma |
| &nbsp;&nbsp;Arkoma Water Resources, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;NDB Midstream LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;NDB Intermediate Holdings LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge NDB Operating LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EVX Operating LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EVX South Texas SWD, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;EVX Land LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;EVX Eagle Ford Partners, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Stateline LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Stateline Water, LLC | &nbsp;&nbsp;Oklahoma |
| &nbsp;&nbsp;Desert Environmental LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Safefill Pecos, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Desert Operating LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Desert Reclamation LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Equity Finance LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Holdings LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Management Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Management Company LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Partners GP LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;WaterBridge Partners LP | &nbsp;&nbsp;Delaware |

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Schedule 2-1

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Schedule 3

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Shareholder, Director or Officer** | &nbsp;&nbsp;**Address** |
| &nbsp;&nbsp;&nbsp;WBR Holdings LLC | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;NDB Holdings LLC | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Desert Environmental Holdings LLC | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Devon WB Holdco L.L.C. | &nbsp;&nbsp;333 West Sheridan Avenue, Oklahoma City, Oklahoma 73102-5015 |
| &nbsp;&nbsp;&nbsp;Elda River Infrastructure WB LLC | &nbsp;&nbsp;1111 Bagby Street, Suite 2000, Houston, Texas 77002 |
| &nbsp;&nbsp;&nbsp;Ashburton Investment Private Limited  | &nbsp;&nbsp;280 Park Avenue New York, New York 11017 |
| &nbsp;&nbsp;&nbsp;Five Point Energy Fund I LP | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy Fund I-C LP | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy Fund II LP | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy Fund II-A LP | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy Fund II-B LP | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy Fund III LP | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy GP I LP | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy GP I-C LP | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy GP II LP | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy GP II-A LP | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy GP II-B LP | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy GP III LP | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy GP I LLC | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy GP I-C LLC | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy GP II LLC | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Five Point Energy GP III LLC | &nbsp;&nbsp;845 Town and Country Lane, Suite 700, Houston, Texas 77024 |
| &nbsp;&nbsp;&nbsp;Jason Long | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Michael Reitz | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Scott L. McNeely | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Harrison Bolling | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Jason Williams | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;David Capobianco | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Matthew Morrow | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Michael Sulton | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Frank Bayouth | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Kara Goodloe Harling | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |

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Schedule 3-1

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Jeffrey Eaton | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Ben Moore | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;James Crane | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Greg Daily | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |
| &nbsp;&nbsp;&nbsp;Jeffrey Ritenour | &nbsp;&nbsp;5555 San Felipe Street, Suite 1200, Houston, Texas 77056 |

---

*Signature Page to Underwriting Agreement*

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Annex A

a. **Pricing Disclosure Package**

None.

b. **Pricing Information Provided Orally by Underwriters**

Number of Underwritten Shares: 31,700,000

Number of Option Shares: 4,755,000

Public Offering Price: $20.00 per Share

Annex A-1

------

Annex B

**Written Testing-the-Waters Communications**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Testing-the-Waters Presentation dated June 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Testing-the-Waters Presentation dated July 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Testing-the-Waters Presentation dated August 2025

Annex B-1

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Exhibit A

**Testing the waters authorization (to be delivered by the Issuer to the Representatives in email or letter form)**

In reliance on Section 5(d) of and/or Rule 163B under the Securities Act of 1933, as amended (the "Act"), WaterBridge Infrastructure LLC (the "Issuer") hereby authorizes J.P. Morgan Securities LLC and Barclays Capital Inc. (the "Representatives"), Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Pickering Energy Partners and Wells Fargo Securities, LLC (together with the Representatives, the "Authorized Underwriters") and their respective affiliates and employees to engage on behalf of the Issuer in oral and written communications with potential investors that are "qualified institutional buyers," as defined in Rule 144A under the Act ("QIBs"), or institutions that are "accredited investors," within the meaning of Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12) or (a)(13) under the Act ("Accredited Investors"), to determine whether such investors might have an interest in the Issuer's contemplated initial public offering ("Testing-the-Waters Communications"). The Issuer hereby agrees to comply with the Guidelines for Testing-the-Waters Meetings to which this Authorization Letter relates. The Issuer represents that it has not engaged in, or authorized any person other than the Authorized Underwriters to engage in, and will not engage in, and will not authorize any person other than the Authorized Underwriters to engage in, any Testing-the-Waters Communications other than Testing-the-Water Communications with the prior consent of the Representatives with persons that are QIBs or Accredited Investors. A "Written Testing-the-Waters Communication" means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Act.

Any Written Testing-the-Waters Communication shall be subject to prior approval by the Issuer's Chief Financial Officer prior to its dissemination to a potential investor, provided, however, that no such approval shall be required for any written communication that is administrative in nature (i.e., scheduling meetings) or that solely contains information already contained in a communication previously approved by the Issuer. The Issuer has advised the Authorized Underwriters that it does not intend to provide or authorize any written communications to potential investors other than communications that are solely administrative in nature.

The Issuer represents that it is an "emerging growth company" as defined in Section 2(a)(19) of the Act ("Emerging Growth Company") and agrees to promptly notify the Representatives in writing if the Issuer hereafter ceases to be an Emerging Growth Company while this authorization is in effect. The Issuer further represents that none of the Written Testing-the-Waters Communications include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Until the earlier of this authorization being revoked (if the Issuer informs the Representatives that it has decided not to proceed with the initial public offering) or the execution of a definitive underwriting agreement for the initial public offering, if at any time following the distribution of any Written Testing-the-Waters Communication there occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Issuer will promptly notify the Representatives and, only to the extent (i) any further testing-the-waters meetings are held subsequent to such time and/or (ii) the proxy disclosure package for the offering does not contain a correction to such material misstatement or omission, will promptly amend or supplement, at its own expense, any such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

Nothing in this authorization is intended to limit or otherwise affect the ability of the Authorized Underwriters and their respective affiliates and employees to engage in communications in which they

Exhibit A-1

------

could otherwise lawfully engage in the absence of this authorization, including, without limitation, any written communication containing only one or more of the statements specified under Rule 134(a) under the Act. This authorization shall remain in effect until the Issuer has provided to the Representatives a written notice revoking this authorization. All notices as described herein shall be sent by email to the attention of Lucy Brash at lucy.j.brash@jpmorgan.com and Robert Stowe at robert.stowe@barclays.com.

Exhibit A-2

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Exhibit B

**Form of Waiver of Lock-up<br>J.P. MORGAN SECURITIES LLC**

**BARCLAYS CAPITAL INC.**

WaterBridge Infrastructure LLC<br>Public Offering of Class A Shares

, 20__

[Name and Address of <br>Officer or Director <br>Requesting Waiver]

Dear Mr./Ms. [Name]:

This letter is being delivered to you in connection with the offering by WaterBridge Infrastructure LLC (the "Company") of an aggregate of ______ Class A shares ("Class A shares") representing limited liability company interests of the Company and the lock-up letter dated , 2025 (the "Lock-up Letter"), executed by you in connection with such offering, and your request for a [waiver] [release] dated__________________, 20__, with respect to ______ Class A shares (the "Shares").

J.P. Morgan Securities LLC and Barclays Capital Inc. hereby agree to [waive] [release] the transfer restrictions set forth in the Lock-up Letter, but only with respect to the Shares, effective __________________, 20__; <u>provided</u>, <u>however</u>, that such [waiver] [release] is conditioned on the Company announcing the impending [waiver] [release] by press release through a major news service at least two business days before effectiveness of such [waiver] [release]. This letter will serve as notice to the Company of the impending [waiver] [release].

Except as expressly [waived] [released] hereby, the Lock-up Letter shall remain in full force and effect.

Yours very truly,

**[Signature of J.P. Morgan Securities LLC Representative]**

 **[Name of J.P. Morgan Securities LLC Representative]**

**[Signature of Barclays Capital Inc. Representative]**

 **[Name of Barclays Capital Inc. Representative]**

cc: Company

Exhibit B-1

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Exhibit C

**Form of Press Release**

**WaterBridge Infrastructure LLC<br>[Date]**

WaterBridge Infrastructure LLC (NYSE, NYSE Texas: WBI) (the "Company") announced today that J.P. Morgan Securities LLC and Barclays Capital Inc., the lead book-running managers in the Company's recent public sale of Class A shares ("Class A shares") representing limited liability company interests of the Company, are [waiving] [releasing] a lock-up restriction with respect to Class A shares held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on , 20 , and the Class A shares may be sold on or after such date.

**This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.** 

Exhibit C-1

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Exhibit D

**Form of Lock-Up Agreement**

, 20__

J.P. Morgan Securities LLC

Barclays Capital Inc.<br>As Representatives of <br>the several Underwriters listed in <br>Schedule 1 to the Underwriting<br>Agreement referred to below

<br>c/o J.P. Morgan Securities LLC<br>383 Madison Avenue<br>New York, New York 10179

c/o Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

Re: WaterBridge Infrastructure LLC --- Public Offering

Ladies and Gentlemen:

The undersigned understands that you, as representatives (the "Representatives"), propose to enter into an underwriting agreement (the "Underwriting Agreement") on behalf of the several Underwriters named in Schedule 1 to the Underwriting Agreement (collectively, the "Underwriters") with WaterBridge Infrastructure LLC, a Delaware limited liability company (the "Company"), and WBI Operating LLC, a Delaware limited liability company ("OpCo"), providing for an initial public offering (the "Public Offering") of 31,700,000 Class A shares ("Class A shares") representing limited liability company interests in the Company (the "Underwritten Shares") and, at the election of the Underwriters, up to 4,755,000 additional Class A shares (the "Option Shares") pursuant to a Registration Statement on Form S-1 (the "Registration Statement") filed with the U.S. Securities and Exchange Commission (the "Commission") (the Underwritten Shares and the Option Shares that the Underwriters elect to purchase pursuant to Section 2 of the Underwriting Agreement being collectively called the "Shares"). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Underwriting Agreement.

In consideration of the agreement by the Underwriters to offer and sell the Shares, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period beginning from the date of this Lock-Up Agreement and continuing to and including the date 180 days after the date of the final prospectus (the "Prospectus") relating to the Public Offering (such period, the "Lock-Up Period"), the undersigned shall not, and shall not cause or direct any of its affiliates to, (i) offer, sell, contract to sell, pledge, grant any option to purchase, lend, make any short sale or otherwise transfer or dispose of any Class A shares, including but not limited to any options or warrants to purchase any Class A shares, or any securities convertible into, exchangeable for or that represent the right to receive Class A shares (such Class A shares, options, or other securities,

Exhibit D-1

------

collectively, "Lock-Up Securities"), including without limitation any such Lock-Up Securities now owned or hereafter acquired by the undersigned, (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by the undersigned or someone other than the undersigned), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Class A shares or other securities, in cash or otherwise (any such sale, loan, pledge or other disposition, or transfer of economic consequences, a "Transfer"), (iii) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities, except for the exercise of the right for the Company to confidentially submit a resale shelf registration statement on Form S-1 with the Commission as contemplated by the registration rights agreement entered into in connection with the Public Offering (provided that no Lock-Up Securities may be offered or sold pursuant to such registration statement prior to the termination of the Lock-Up Period), or (iv) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clause (i), (ii) or (iii) above. Except for the transactions on the terms described under "Corporate Reorganization" and "Use of Proceeds" in the Prospectus, the undersigned represents and warrants that the undersigned is not, and has not caused or directed any of its affiliates to be or become, currently a party to any agreement or arrangement that provides for, is designed to or reasonably could be expected to lead to or result in any Transfer during the Lock-Up Period.

Notwithstanding the foregoing, the undersigned may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer the undersigned's Lock-Up Securities: (i) as one or more bona fide gifts or charitable contributions, or for bona fide estate planning purposes, (ii) upon death by will, testamentary document or intestate succession, (iii) if the undersigned is a natural person, to any member of the undersigned's immediate family (for purposes of this Lock-Up Agreement, "immediate family" shall mean any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin) or to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned or, if the undersigned is a trust, to a trustor or beneficiary of the trust or the estate of a beneficiary of such trust, (iv) to a partnership, limited liability company or other entity of which the undersigned and the immediate family of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests, (v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (a)(i) through (iv) above, (vi) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund, vehicle, account, portion of a fund, vehicle or account or other entity which fund or entity controls or manages or is controlled or managed by, or under common control with, the undersigned or affiliates of the undersigned (including, for the avoidance of doubt, where the undersigned is a partnership, to its general partner or a successor partnership or fund, or any other funds, vehicles, accounts or portions of funds, vehicles or accounts managed by such partnership), or (B) as part of a distribution, transfer or disposition without consideration by the undersigned to its stockholders, partners, members or other equityholders or to the estate of any such stockholders, partners, members or other equityholders, (vii) by operation of law, such as pursuant to a qualified domestic relations order, divorce settlement, divorce decree or separation agreement, (viii) to the Company from an employee of the Company upon death, disability or termination of employment, in each case, of such employee or pursuant to the clawback provisions of any corporate governance policy of the Company, (ix) if the undersigned is not an officer or director of the Company, in connection with a sale of the undersigned's Class A shares acquired (A) from the Underwriters in the Public Offering or (B) in open market transactions after the closing date of the Public Offering, (x) to the Company

Exhibit D-2

------

in connection with the vesting, settlement or exercise of restricted share units, options, warrants or other rights to purchase Class A shares (including, in each case, by way of "net" or "cashless" exercise) that are scheduled to expire or automatically vest during the Lock-Up Period, including any transfer to the Company for the payment of exercise price and tax withholdings or remittance payments due as a result of the vesting, settlement or exercise of such restricted share units, options, warrants or other rights, or in connection with the conversion of convertible securities, in all such cases pursuant to an agreement or equity awards granted under a share incentive plan or other equity award plan, or pursuant to the terms of convertible securities, each as described in the Registration Statement, the preliminary prospectus relating to the Shares included in the Registration Statement immediately prior to the time the Underwriting Agreement is executed and the Prospectus, provided that any securities received upon such vesting, settlement, exercise or conversion shall be subject to the terms of this Lock-Up Agreement, (xi) in an exchange of any units representing limited liability company interests in OpCo ("OpCo Units") (or securities convertible into, exchangeable for or that represent the right to receive OpCo Units) and a corresponding number of the Class B shares representing limited liability company interests in the Company ("Class B shares") into or for Class A shares pursuant to the Amended and Restated Limited Liability Company Agreement of OpCo, the distribution of OpCo Units and a corresponding number of Class B shares to the members of OpCo as described in the Prospectus, provided that any such securities received by the undersigned shall be subject to the terms of this Lock-Up Agreement, or (xii) with the prior written consent of the Representatives, provided that (A) in the case of clauses (a)(i), (ii), (iii), (iv), (v) and (vi) above, such transfer or distribution shall not involve a disposition for value, (B) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (vii) above, it shall be a condition to the transfer or distribution that the donee, devisee, transferee or distributee, as the case may be, shall sign and deliver a lock-up agreement in the form of this Lock-Up Agreement for the remainder of the Lock-up Period, (C) in the case of clauses (a)(i), (ii), (iii), (iv), (v) and (vi) above, no filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee, distributor or distributee) under the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of Lock-Up Securities shall be required or shall be voluntarily made in connection with such transfer or distribution, and (D) in the case of clauses (a)(vii), (viii), (ix) and (x) above, no filing under the Exchange Act or other public filing, report or announcement shall be voluntarily made, and if any such filing, report or announcement as may be legally required during the Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes thereto (A) the circumstances of such transfer or distribution and (B) in the case of a transfer or distribution pursuant to clause (a)(vii) above, that the donee, devisee, transferee or distributee has agreed to be bound by a lock-up agreement in the form of this Lock-Up Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter into a written trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act relating to the transfer, sale or other disposition of the undersigned's Lock-Up Securities, if then permitted by the Company, provided that none of the securities subject to such plan may be transferred, sold or otherwise disposed of until after the expiration of the Lock-Up Period and no public announcement, report or filing under the Exchange Act, or any other public filing, report or announcement, shall be voluntarily made regarding the establishment of such plan during the Lock-Up Period, and if any such filing, report or announcement shall be legally required during the Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes thereto that none of the securities subject to such plan may be transferred, sold or otherwise disposed of pursuant to such plan until after the expiration of the Lock-Up Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transfer the undersigned's Lock-Up Securities pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company's capital shares involving a Change of Control of the Company (for purposes hereof, "Change of Control" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated persons, of shares of capital stock if, after such transfer, such person or group

Exhibit D-3

------

of affiliated persons would hold at least a majority of the outstanding voting securities of the Company (or the surviving entity)); provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the undersigned's Lock-Up Securities shall remain subject to the provisions of this Lock-Up Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) transfer the Lock-Up Securities in connection with the transactions described under "Corporate Reorganization" and "Use of Proceeds" in the Prospectus.

If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing provisions shall be equally applicable to any issuer-directed or other Shares the undersigned may purchase in the Public Offering.

If the undersigned is not a natural person, the undersigned represents and warrants that no single natural person, entity or "group" (within the meaning of Section 13(d)(3) of the Exchange Act), other than a natural person, entity or "group" (as described above) that has executed a Lock-Up Agreement in substantially the same form as this Lock-Up Agreement, beneficially owns, directly or indirectly, 50% or more of the common equity interests, or 50% or more of the voting power, in the undersigned.

If the undersigned is an officer or director of the Company, (i) the Representatives agree that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Class A shares, the Representatives will notify the Company of the impending release or waiver, and (ii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service (or such other method approved by the Representatives that satisfies the requirements of FINRA Rule 5131(d)(2)) at least two business days before the effective date of the release or waiver. Any release or waiver granted by the Representatives hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (i) the release or waiver is effected solely to permit a transfer not for consideration or that is to an immediate family member as defined in FINRA Rule 5130(i)(5) and (ii) the transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

The undersigned now has, and, except as contemplated by clauses (a) and (c) of the third paragraph of this Lock-Up Agreement, for the duration of this Lock-Up Agreement will have, good and marketable title to the undersigned's Lock-Up Securities, free and clear of all liens, encumbrances and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with the foregoing restrictions.

The undersigned acknowledges and agrees that none of the Underwriters has made any recommendation or provided any investment or other advice to the undersigned with respect to this Lock-Up Agreement or the subject matter hereof, and the undersigned has consulted its own legal, accounting, financial, regulatory, tax and other advisors with respect to this Lock-Up Agreement and the subject matter hereof to the extent the undersigned has deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters may have provided or hereafter provide to the undersigned in connection with the Public Offering a Form CRS and/or certain other disclosures as contemplated by Regulation Best Interest, the Underwriters have not made and are not making a recommendation to the undersigned to enter into this Lock-Up Agreement or to transfer, sell or dispose of, or to refrain from transferring, selling or disposing of, any Class A shares, and nothing set forth in such disclosures or herein is intended to suggest that any Underwriter is making such a recommendation.

Exhibit D-4

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This Lock-Up Agreement shall automatically terminate and the undersigned shall be released from all of his, her or its obligations hereunder upon the earlier of (i) the date on which the Registration Statement filed with the Commission with respect to the Public Offering is withdrawn, (ii) the date on which for any reason the Underwriting Agreement is terminated (other than the provisions thereof that survive termination) prior to payment for and delivery of the Shares to be sold thereunder (other than pursuant to the Underwriters' option thereunder to purchase additional Shares), (iii) the date on which the Company or the Representatives advise in writing and prior to the execution of the Underwriting Agreement, that they do not intend to proceed with the Public Offering, (iv) October 18, 2025, in the event that the Underwriting Agreement has not been executed by such date (provided, however, that the Company may, by written notice to the undersigned prior to such date, extend such date by a period of up to an additional 90 days) and (v) October 18, 2025, in the event that the Public Offering is not completed by such date (provided, however, that the Company may, by written notice to the undersigned prior to such date, extend such date by a period of up to an additional 90 days).

The undersigned understands that the Company and the Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns. The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement. This Lock-Up Agreement and any claim, controversy or dispute arising under or related to this Lock-Up Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflict of laws that would result in the application of any law other than the laws of the State of New York. The undersigned agrees that any suit or proceeding arising in respect of this Lock-Up Agreement or any transaction contemplated by this Lock-Up Agreement will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in the City and County of New York and the undersigned agrees to submit to the jurisdiction of, and to venue in, such courts. This Lock-Up Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

[*Signature page follows*.]

Exhibit D-5

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Very truly yours,

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| | | | |
|:---|:---|:---|:---|
| **IF AN INDIVIDUAL:** | **IF AN INDIVIDUAL:** | **IF AN ENTITY:** | **IF AN ENTITY:** |
| By: |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(duly authorized signature)* | *(please print complete name of entity)* | *(please print complete name of entity)* |
| Name: |  | By: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(please print full name)* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(duly authorized signature)* |
|  |  | Name: |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(please print full name)* |
|  |  | Title: |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(please print full title)* |

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*[Signature Page to Lock-Up Agreement]*

Exhibit D-6

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## Exhibit 2.1

Exhibit 2.1

**CONTRIBUTION AND CORPORATE REORGANIZATION AGREEMENT**

**BY AND AMONG**

**WATERBRIDGE INFRASTRUCTURE LLC, WBR HOLDINGS LLC, NDB MIDSTREAM LLC, WATERBRIDGE EQUITY FINANCE LLC,** 

**DESERT ENVIRONMENTAL LLC, THE CONTRIBUTING PARTIES**

**AND**

**EACH ADDITIONAL PARTY HERETO**

**DATED SEPTEMBER 8, 2025**

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**CONTENTS**

**Page**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article I Definitions and Interpretation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article I Definitions and Interpretation | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Construction and Interpretation | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article II WATERBRIDGE COMBINATION TRANSACTIONS; INITIAL CLOSING | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article II WATERBRIDGE COMBINATION TRANSACTIONS; INITIAL CLOSING | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | WaterBridge Combination Transactions | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Working Capital | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Ownership of PubCo and OpCo | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article III INITIAL PUBLIC OFFERING; RESTRUCTURING; IPO CLOSING | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article III INITIAL PUBLIC OFFERING; RESTRUCTURING; IPO CLOSING | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Corporate Reorganization Transactions | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Closing Equity Value; Percentage Interests | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IV Initial closing; ipo closing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IV Initial closing; ipo closing | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Initial Closing | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02 | Initial Closing Deliverables | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03 | IPO Closing | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article V Representations and Warranties of eACH Contributing Party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article V Representations and Warranties of eACH Contributing Party | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 | Organization and Qualification | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02 | Authorization; Enforceability | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03 | No Conflicts | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04 | Consents and Preferential Rights | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.05 | Contributed Equity Interests | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.06 | Bankruptcy | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.07 | Legal Proceedings | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.08 | Brokers | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.09 | Securities Matters | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10 | Tax | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11 | Related Party | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12 | No Additional Representation or Warranties | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VI Representations and Warranties of Water JV, WBEF AND DESERT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VI Representations and Warranties of Water JV, WBEF AND DESERT | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01 | Organization and Qualification | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02 | Authorization; Enforceability | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.03 | No Conflicts | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.04 | Consents and Preferential Rights | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.05 | Capitalization; Subsidiary Equity Interests | 25 |

---

i

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.06 | Permits | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.07 | Compliance with Laws | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.08 | Bankruptcy | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.09 | Legal Proceedings | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.10 | Brokers | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.11 | Subsidiaries | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.12 | Financial Statements | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.13 | Tax Matters | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.14 | Material Contracts | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.15 | Insurance | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.16 | SWD Wells; Recycling Facilities; Pipelines | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.17 | Environmental Laws | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.18 | Real Property | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.19 | Absence of Changes | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.20 | No Additional Representation or Warranties | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VII Representations and Warranties of the PUBLIC COMPANY GROUP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VII Representations and Warranties of the PUBLIC COMPANY GROUP | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01 | Organization and Qualification | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02 | Authorization; Enforceability | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.03 | No Conflicts | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.04 | Consents and Approvals | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.05 | Valid Issuance of Equity Interests | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.06 | Brokers | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.07 | Formation | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.08 | No Additional Representation or Warranties | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VIII Representations and Warranties of GIC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VIII Representations and Warranties of GIC | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01 | Organization and Qualification | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02 | Authorization; Enforceability | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.03 | No Conflicts | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.04 | Consents and Approvals | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.05 | Equity Interests | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.06 | Bankruptcy | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.07 | Legal Proceedings | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.08 | Brokers | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.09 | No Additional Representation or Warranties | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IX ADDITIONAL AGREEMENTS, Covenants, RIGHTS AND OBLIGATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IX ADDITIONAL AGREEMENTS, Covenants, RIGHTS AND OBLIGATIONS | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.01 | Underwriting Agreement | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.02 | Post-Closing Consolidation | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.03 | Conduct of Business | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.04 | Further Cooperation | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.05 | Control of Other Party's Business | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.06 | Initial Public Offering; Lock-Up Period | 39 |

---

ii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.07 | NYSE Listing | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.08 | Formation of OpCo | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.09 | Several and Not Joint Obligations | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.10 | Release | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.11 | Consent | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.12 | Termination of Certain Rights; Terminated Agreements | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article X CONDITIONS TO CLOSING | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article X CONDITIONS TO CLOSING | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.01 | Conditions to Each Party's Obligations | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.02 | Conditions to the Obligations of PubCo and OpCo | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.03 | Conditions to the Obligations of each Contributing Party | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.04 | Conditions to the Obligations of GIC | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XI Tax Matters | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XI Tax Matters | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.01 | Transfer Taxes | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.02 | Intended Tax Treatment | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.03 | Withholding | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XII SURVIVAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XII SURVIVAL | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.01 | Survival | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XIII TERMINATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XIII TERMINATION | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.01 | Termination of Agreement | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.02 | Effect of Certain Terminations | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.03 | Enforcement of this Agreement | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.04 | Rescission Events | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XIV Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XIV Miscellaneous | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.01 | Expenses | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.02 | Notices | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.03 | Joint Preparation | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.04 | Severability | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.05 | Entire Agreement | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.06 | Successors and Assigns | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.07 | No Third-Party Beneficiaries | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.08 | Amendment and Modification | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.09 | Waiver | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.10 | Governing Law | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.11 | Submission to Jurisdiction | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.12 | Waiver of Jury Trial | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.13 | No Non-Party Recourse | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.14 | Directors and Officers | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.15 | Counterparts | 53 |

---

iii

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iv

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**Exhibits**

Exhibit A Contributing Parties and Contributed Equity Interests

Exhibit B Form of Joinder Agreement

Exhibit C Assets of Contributed Entities and Contributing Parties <br>Exhibit D OpCo Units; Percentage Interests; Closing Equity Values<br>Exhibit E Form of OpCo A&R LLCA<br>Exhibit F Form of PubCo A&R LLCA

Exhibit G Form of Instrument of Transfer<br>Exhibit H Form of WB 892 Merger Agreement<br>Exhibit I Notice Information

Exhibit J Terminated Agreements

Exhibit K Shareholders' Agreement

Exhibit L Registration Rights Agreement

Exhibit M Tax Receivable Agreement

Exhibit N Form of A&R LLCA of WaterBridge Holdings

Exhibit O Form of Seventh A&R LLCA of WBEF

Exhibit P Form of Second A&R LLCA of Desert

Exhibit Q Form of Second A&R LLCA of Water JV

Exhibit R Survival

**Schedules**

Schedule 1 Disclosure Schedules

v

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**CONTRIBUTION AND CORPORATE REORGANIZATION AGREEMENT**

This Contribution and Corporate Reorganization Agreement (this "**Agreement**"), is executed as of September 8, 2025 (the "**Execution Date**"), by and among WaterBridge Infrastructure LLC, a Delaware limited liability company ("**WaterBridge**" or "**PubCo**"), WBR Holdings LLC, a Delaware limited liability company ("**WBR Holdings**"), NDB Midstream LLC, a Delaware limited liability company ("**Water JV**"), WaterBridge Equity Finance LLC, a Delaware limited liability company ("**WBEF**"), Desert Environmental LLC, a Delaware limited liability company ("**Desert**"), WaterBridge Resources LLC, a Delaware limited liability company ("**WaterBridge Resources**"), WaterBridge Co-Invest LLC, a Delaware limited liability company ("**WaterBridge Co-Invest**"), WaterBridge Co-Invest II LLC, a Delaware limited liability company ("**WaterBridge Co-Invest II**"), WaterBridge II LLC, a Delaware limited liability company ("**WaterBridge II**"), NDB Holdings LLC, a Delaware limited liability company ("**NDB Holdings**"), Devon WB Holdco L.L.C., a Delaware limited liability company ("**DVN JV Holdco**"), Desert Environmental Holdings LLC, a Delaware limited liability company ("**Desert Holdings**"), WB 892 LLC, a Delaware limited liability company ("**WB 892**"), Elda River Infrastructure WB LLC, a Delaware limited liability company ("**Elda River**"), and Ashburton Investment Private Limited, a Singapore private limited company ("**GIC**"), and each other Person who becomes a Party hereto in accordance with the terms of this Agreement. Each of the parties to this Agreement is referred to herein from time to time individually as a "**Party**" and collectively as the "**Parties**."

**RECITALS**

WHEREAS, each Contributing Party (as defined herein) directly owns the Equity Interests set forth opposite its name on <u>Exhibit A</u> hereto (the "**Contributed Equity Interests**");

WHEREAS, in anticipation of the Initial Public Offering (as defined herein), NDB Holdings formed PubCo on April 11, 2025 as the initial sole member thereof, and as of the date hereof, NDB Holdings owns all of the issued and outstanding Equity Interests of PubCo (the "**NDB WBI Interest**");

WHEREAS, prior to the Initial Closing Date (as defined herein) and no earlier than thirty (30) days prior to the completion of the WBR Holdings Reorganization (as defined below), WBR Holdings shall form a new Delaware limited liability company, WBI Operating LLC ("**OpCo**"), and immediately following such formation, (a) WBR Holdings shall own all of the issued and outstanding Equity Interests in OpCo, and (b) OpCo shall become party to this Agreement pursuant to a Joinder in substantially the form attached hereto as <u>Exhibit B</u>;

WHEREAS, on the Initial Closing Date, PubCo, OpCo and the Contributing Parties will complete the WaterBridge Combination Transactions (as defined herein), as set forth in <u>Article II</u> of this Agreement; and

WHEREAS, on the IPO Closing Date, the applicable Parties will complete the Corporate Reorganization Transactions (as defined herein), as set forth in <u>Article III</u> of this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

------

# Article I<br>Definitions and Interpretation

## Section 1.01 Definitions . The following terms when used in this Agreement have the meanings specified or referred to in this <u>Section 1.01</u>:
"**Action**" means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity.

"**Acquired OpCo Interests**" has the meaning set forth in <u>Section 3.01(d)</u>.

"**Affiliate**" means, with respect to any relevant Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with, such relevant Person. The term "control" (including its derivatives and similar terms) of a relevant Person means possessing (whether through beneficial ownership of capital stock or other similar interests, by contract, agreement, or otherwise), directly or indirectly, the power to vote more than 50% of the voting stock or other voting ownership or Equity Interests of any such relevant Person. For purposes of this Agreement, no Party nor any of its Affiliates is an "Affiliate" of any other Party, except that: (a) prior to the Initial Closing, (i) Water JV shall be considered an Affiliate of each Water JV Holder, (ii) WBEF shall be considered an Affiliate of each WBEF Holder, and (iii) Desert shall be considered an Affiliate of Desert Holdings, and (b) from and after the Initial Closing, each Contributed Entity and each of its respective Subsidiaries shall be considered an Affiliate of OpCo and not of any Contributing Party or any of its respective Affiliates, and (c) from and after the IPO Closing, each Contributed Entity and each of its Subsidiaries shall be considered an Affiliate of PubCo and not of any Contributing Party or any of its respective Affiliates. Notwithstanding anything to the contrary, for purposes of this Agreement, (x) no portfolio company of Elda River Capital Management, LLC (or its affiliated funds) shall be considered an Affiliate of Elda River and (y) no portfolio company or other investment of GIC Private Limited (or its affiliated funds) shall be considered an Affiliate of GIC.

"**Aggregate Consideration**" means, with respect to a particular Contributing Party, the total consideration paid or payable to such Contributing Party pursuant to <u>Article II</u> or <u>Article III</u>, as applicable. In determining the "Aggregate Consideration," the value of any Equity Interests in PubCo or OpCo issued to a Contributing Party shall be based on the price to the public of the Class A shares as set forth on the front cover of the Final Prospectus and, for the avoidance of doubt, shall not include reductions for any underwriting discounts or commissions or any other fees and expenses incurred by PubCo or the other parties to this Agreement in connection therewith.

"**Agreement**" has the meaning set forth in the preamble to this Agreement.

"**Business**" means, (a) with respect to Water JV and its Subsidiaries, the Water JV Business, (b) with respect to WBEF and its Subsidiaries, the WBEF Business, and (c) with respect to Desert and its Subsidiaries, the Desert Business.

"**Business Day**" means any day (except Saturday or Sunday) on which commercial banks located in Houston, Texas are generally open for business.

"**Class A shares**" means the Class A common shares representing limited liability interests in PubCo.

"**Class B shares**" means the Class B common shares representing limited liability interests in PubCo.

------

"**Closing Equity Value**" has the meaning set forth in <u>Section 3.02</u>.

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Continuing Partnership**" has the meaning set forth in <u>Section 11.02(a)</u>.

"**Contracts**" means all contracts, subcontracts, leases, bonds, mortgages, licenses, instruments, notes, commitments, undertakings, indentures, joint ventures or other agreements, commitments or legally binding arrangements, whether written or oral.

"**Contributed Assets**" means, (a) with respect to Water JV and its Subsidiaries, the Water JV Assets, (b) with respect to WBEF and its Subsidiaries, the WBEF Assets, and (c) with respect to Desert and its Subsidiaries, the Desert Assets.

"**Contributed Entity**" means, (a) with respect to the Water JV Holders, Water JV, (b) with respect to the WBEF Holders, WBEF, (c) with respect to the WB 892 Holders, WB 892, and (d) with respect to Desert Holdings, Desert.

"**Contributed Equity Interests**" has the meaning set forth in the recitals.

"**Contributing Party**" means each WB 892 WaterBridge Holder, WBR Holdings, NDB Holdings, DVN JV Holdco, Desert Holdings, Elda River and WB 892, individually, and "**Contributing Parties**" means all of the foregoing Persons, collectively.

"**Corporate Reorganization Transactions**" has the meaning set forth in <u>Section 3.01</u>.

"**D&O Provisions**" has the meaning set forth in <u>Section 14.14(a)</u>.

"**D&O Tail Policy**" has the meaning set forth in <u>Section 14.14(b)</u>.

"**Desert**" has the meaning set forth in the preamble to this Agreement.

"**Desert Assets**" means all assets of Desert, including those certain non-hazardous oilfield reclamation and solid waste disposal facilities owned and operated by Desert and its Subsidiaries set forth on <u>Exhibit C-1</u> and assets primarily used or held for use in connection therewith, and any obligations primarily related thereto.

"**Desert Business**" means the ownership and operation of the Desert Assets as conducted by Desert and its Subsidiaries as of the Execution Date and consistent with past practice in all material respects.

"**Desert Credit Agreement**" means a certain Credit Agreement, dated October 3, 2024 (as amended, restated, amended and restated, supplemented, refinanced, renewed, replaced, extended or otherwise modified from time-to-time), among Desert, Desert Reclamation LLC, Desert Operating LLC and Safefill Pecos, LLC, as the Guarantors, and Origin Bank, as the lender.

"**Desert Contributions**" has the meaning set forth in <u>Section 2.01(c)(iii)</u>.

"**Desert Holdings**" has the meaning set forth in the preamble to this Agreement.

"**Desert Interests**" means all of the issued and outstanding Equity Interests in Desert.

------

"**Disclosure Schedules**" means the Disclosure Schedules delivered to all Parties concurrently with the execution and delivery of this Agreement, and with respect to any Party, contains the disclosure set forth opposite or directly beneath such Party's name on such Disclosure Schedule as is readily apparent on its face.

"**DVN JV Holdco**" has the meaning set forth in the preamble to this Agreement.

"**Elda River**" has the meaning set forth in the preamble to this Agreement.

"**Elda River Redemption Amount**" means an amount equal to (a) the redemption value of the WBEF Series A Preferred Units calculated in accordance with Section 4.02(d)(i) under the Sixth Amended & Restated Limited Liability Agreement of WBEF as if all such WBEF Series A Preferred Units were outstanding as of the IPO Closing Date, less (b) $75,000,000.

"**End Date**" has the meaning set forth in <u>Section 13.04(b)</u>.

"**Environmental Law**" means any and all applicable Laws relating to pollution or protection of the environment (including natural resources) or human health and safety (with respect to exposure to Hazardous Materials), or the use, storage, emission, disposal or Release of Hazardous Materials, each as in effect as of the date hereof, including any of the following: (a) the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.A. §9601 et seq.; (b) the Resource Conservation and Recovery Act, 42 U.S.C.A. §6901 et seq.; (c) the Clean Water Act, 33 U.S.C.A. §1251 et seq.; (d) the Safe Drinking Water Act, 42 U.S.C.A. §300f et seq.; (e) the Clean Air Act, 42 U.S.C.A. §7401 et seq.; and (f) the Toxic Substances Control Act, 15 U.S.C.A. §2601 et seq., as each are amended from time to time, and all analogous state and local Laws.

"**Equityholders Agreement**" has the meaning set forth in <u>Exhibit J</u> attached hereto.

"**Equity Interests**" means any (a) corporate stock, shares, partnership interests (whether general or limited), limited liability company interests, membership interests or other equity interests or units, (b) other interest or participation that confers on a Person the right to receive a share of the profits and Losses of, or distribution of assets of, the issuing entity, or the right to vote on or direct the management or affairs of the issuing entity, or (c) subscriptions, calls, warrants, options or commitments of any kind or character relating to, exercisable or exchangeable for, or convertible into, or entitling any Person to purchase or otherwise acquire, any of the foregoing.

"**Execution Date**" has the meaning set forth in the preamble to this Agreement.

"**Final Prospectus**" means the final prospectus (as defined in Rule 433 promulgated under the Securities Act) filed by PubCo with the SEC in connection with the Initial Public Offering.

"**Financial Statements**" has the meaning set forth in <u>Section 6.12(a)</u>.

"**Five Point Members**" means, collectively, WBR Holdings, NDB Holdings and Desert Holdings.

"**Fundamental Representations**" means (a) with respect to each Contributing Party, those representations and warranties of such Contributing Party set forth in <u>Section 5.01</u>, <u>Section 5.02</u>, <u>Section 5.03(a)</u>, <u>Section 5.03(e)</u>, <u>Section 5.05</u> and <u>Section 5.08</u>, (b) with respect to Water JV, WBEF and Desert, those representations and warranties set forth in <u>Section 6.01</u>, <u>Section 6.02,</u> <u>Section 6.03(a)</u>, <u>Section 6.05,</u> <u>Section 6.10</u> and <u>Section 6.11,</u> (c) with respect to the Public Company Group, those representations and warranties set forth in <u>Section 7.01</u>, <u>Section 7.02</u>, <u>Section 7.03(a)</u>, <u>Section 7.04</u>, <u>Section 7.05</u>, <u>Section 7.06</u>

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and <u>Section 7.07</u> and (d) with respect to GIC, those representations and warranties of GIC set forth in <u>Section 8.01</u>, <u>Section 8.02, Section 8.03(a)</u>, <u>Section 8.03(d)</u>, <u>Section 8.04</u>, <u>Section 8.05</u> and <u>Section 8.08</u>.

"**GAAP**" means United States generally accepted accounting principles in effect from time to time.

"**GIC**" has the meaning set forth in the preamble to this Agreement.

"**Governmental Authority**" means any federal, state, local, tribal or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction, including any tribal authority having or asserting jurisdiction.

"**Governmental Authorization**" has the meaning set forth in <u>Section 5.03</u>.

"**Hazardous Material**" means any material, substance or waste that is listed, regulated, or otherwise defined as "hazardous," "toxic," or "radioactive," or as a "pollutant" or "contaminant," or words of similar intent or meaning, under applicable Environmental Laws, including but not limited to petroleum, petroleum by-products, asbestos or asbestos-containing materials, polychlorinated biphenyls, per- and polyfluoroalkyl substances, flammable or explosive substances, or pesticides.

"**Hydrocarbons**" means any mixture of gaseous or liquid hydrocarbons, or of hydrocarbons and other gases, whether in a gaseous state, or consisting primarily of methane, oil, condensate, natural gasoline, and all liquid hydrocarbons, or any blend of such.

"**Indebtedness**" means, without duplication, (a) indebtedness for borrowed money or indebtedness issued or incurred in substitution or exchange for indebtedness for borrowed money, (b) indebtedness evidenced by any note, bond, debenture, mortgage or other debt instrument or debt security, (c) any obligations, contingent or otherwise, under any performance bond or letter of credit or similar facilities (subject to clause (ii) below), (d) obligations under any financing or capital lease arrangements, (e) obligations for purchase price adjustments, under conditional sale or other title retention agreements or for the deferred purchase price of property, assets, services or equity interests (whether contingent or otherwise), including "earn-outs" and "seller notes" (but excluding any trade payables or purchase commitments for capital expenditures arising in the ordinary course of business), (f) the net settlement amount of all obligations under any derivative financial instruments, including interest rate swaps, collars, caps, hedging and other derivative and similar arrangements, (g) guarantees of any of the foregoing described in clauses (a) through (f) above, and (h) for clauses (a) through (g) above, all accrued but unpaid interest, redemption or prepayment premiums or penalties and other fees related to the foregoing thereon, if any. For the avoidance of doubt, Indebtedness shall not include (i) trade payables in the ordinary course of business, (ii) any obligations under any performance bond, letter of credit or similar facility to the extent undrawn or uncalled as of the Initial Closing Date, (iii) any intercompany Indebtedness of any Contributed Entity or its applicable Subsidiary, (iv) any endorsement of negotiable instruments for collection in the ordinary course of business, and (v) any deferred revenue in the ordinary course of business.

"**Indemnified Persons**" has the meaning set forth in <u>Section 14.14(a)</u>.

"**Initial Closing**" has the meaning set forth in <u>Section 4.01</u>.

"**Initial Closing Date**" has the meaning set forth in <u>Section 4.01</u>.

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"**Initial Public Offering**" means the first underwritten public offering of Class A shares pursuant to the Registration Statement, with gross proceeds to PubCo of at least $300 million. For purposes of this Agreement, gross proceeds to PubCo shall be determined by multiplying the number of Class A shares to be sold to the public in the Initial Public Offering by the price to the public and, for the avoidance of doubt, shall not include reductions for any underwriting discount or structuring fee or any other fees and expenses incurred by PubCo or the other Parties in connection therewith.

"**Insurance Policies**" has the meaning set forth in <u>Section 6.15</u>.

"**Intended Tax Treatment**" has the meaning set forth in <u>Section 11.02(a)</u>.

"**Interim Balance Sheets**" has the meaning set forth in <u>Section 6.12(b)</u>.

"**IPO Closing**" has the meaning set forth in <u>Section 4.03</u>.

"**IPO Closing Date**" has the meaning set forth in <u>Section 4.03</u>.

"**IPO Proceeds**" has the meaning set forth in <u>Section 3.01(d)</u>.

"**Joinder**" has the meaning set forth in <u>Section 9.08</u>.

"**Knowledge**" means with respect to each Party, the actual knowledge (without investigation) of those individuals set forth on <u>Schedule 1.01(a)</u> of such Party's Disclosure Schedule.

"**Law**" means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law of any Governmental Authority.

"**Leases**" means, with respect to each Contributed Entity or any Subsidiary thereof, all leases, subleases, licenses or agreements, pursuant to which such Contributed Entity or Subsidiary has a leasehold interest in Real Property, including all amendments, terminations and modifications thereof, in each case, excluding oil and gas or oil, gas and mineral leases.

"**Lien**" means any charge, pledge, option, mortgage, deed of trust, hypothecation, lien, collateral assignment, security interest or other encumbrance.

"**Lock-Up Agreement**" has the meaning set forth in <u>Section 9.06(b)</u>.

"**Losses**" means losses, damages, liabilities, deficiencies, Taxes, Actions, judgments, interest, awards, penalties, fines, costs or expenses of whatever kind, including reasonable and documented (i) out-of-pocket attorneys' fees, (ii) charges and disbursements and (iii) costs of enforcing any right to indemnification hereunder or pursuing any insurance providers.

"**Made Available**" means that a Party has uploaded and made available to all other Parties such information to that certain data room titled "Project Gulfstream" and hosted by Venue by Donnelley Financial Solutions, at least two Business Days prior to the Execution Date.

"**Material Adverse Effect**" means (a) with respect to any Party, a material adverse effect on the ability of such Party to consummate the transactions provided for herein or to perform its obligations hereunder or (b) with respect to any Person or group of Persons, any event, occurrence, fact, condition, change, development or effect, individually or in the aggregate, that has had a material and adverse effect on the business, assets, financial condition or results of operations of such Person or group of Persons;

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*provided, however*, that, with respect to clause (b), a Material Adverse Effect shall not include any event, occurrence, fact, condition, change, development or effect on the business, assets, financial condition or results of operations of such Person or group of Persons to the extent arising or resulting from (i) changes in the oil and natural gas industry to the extent that such changes would have the same general effect on companies engaged in the same lines of business as those conducted by such Person or group of Persons, (ii) changes in general economic conditions (including changes in interest rates or markets for commodities or supplies, including in oil and natural gas, fuel, or water prices), financial or securities markets or political conditions, in each case to the extent that such changes would have the same general effect on companies engaged in the same lines of business as those conducted by such Person or group of Persons, (iii) changes in Laws or standards or interpretations thereof or changes in accounting standards, requirements or principles (including GAAP) to the extent that such changes would have the same general effect on companies engaged in the same lines of business as those conducted by such Person or group of Persons, (iv) the announcement, execution or performance of this Agreement, the consummation of the transactions contemplated hereby, or the Initial Public Offering, (v) any natural disaster or acts of terrorism, sabotage, military action or war (whether or not declared) not directly damaging or impacting such Person or group of Persons, to the extent that such acts have the same general effect on companies engaged in the same lines of business as those conducted by such Person or group of Persons, or (vi) any action required to be taken under any applicable Law to the extent that such action would have the same general effect on companies engaged in the same lines of business as those conducted by such Person or group of Persons or pursuant to the Agreement or the other Transaction Agreements.

"**Material Contracts**" means, with respect to any Contributed Entity, all of the following Contracts to which such Contributed Entity or any of its Subsidiaries is a party, or, regardless of the respective parties to such Contract, to which such Contributed Entity's Contributed Assets are bound or otherwise subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Contract that includes non-competition restrictions, geographic restrictions, or other similar restrictions on doing business or which otherwise purports to restrict, limit or prohibit the manner in which, or the locations in which, such Contributed Entity (or any of its Affiliates after the Initial Closing) or its Subsidiaries may conduct its business, in each case that will be binding on such Contributed Entity following the IPO Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Contract (excluding Surface Contracts or Contracts for the sale of skim oil) that constitutes a Produced Water (including recycled Produced Water) sale, transportation, management, services, redelivery, reuse, gathering, handling, treating, disposal, supply, water handling or similar Contract that would reasonably be expected to result in revenues received by such Contributed Entity or its applicable Subsidiary in excess of $25,000,000 in the 12-month period following July 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Contract (other than a Permit or Surface Contract) with any Governmental Authority relating to the ownership or operation of any such Contributed Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Contract involving any resolution or settlement of any Action that would reasonably be expected to require non-*de minimis* expenditures by such Contributed Entity or any of its Subsidiaries or impose non-*de minimis* obligations or restrictions with respect to any Contributed Asset (and excluding, for the avoidance of doubt, any ongoing monitoring or reporting obligations), in each case following the Execution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each Contract which includes provisions for hedging, price risk management or other such financial arrangements or transactions, which will affect or burden any such Contributed Assets or such Contributed Entity, any of its Subsidiaries or any of its other Affiliates after Initial Closing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) each Contract (other than those disclosed pursuant to paragraph (b) of this definition) that would reasonably be expected to involve expenditures by such Contributed Entity or its applicable Subsidiary in excess of $25,000,000 in the 12-month period following July 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each Contract that provides for the sale, exchange or transfer of any of such Contributed Entity's (or any of its Subsidiaries') interest in its Contributed Assets (other than this Agreement and any agreement for the sale of fresh or produced water or skim oil entered into in the ordinary course of Business) following the Execution Date or grants to any Person a right of first refusal, a right of first offer or a right to purchase any such Contributed Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each Contract that is an indenture, mortgage, loan, credit lien, sale-leaseback, guaranty, bond, letter of credit or similar Contract, or any Contract providing for a financing or capital lease arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Contract that constitutes a partnership agreement, joint venture agreement, joint operating agreement or similar Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all Contracts (other than this Agreement and any agreement or instrument entered into pursuant to this Agreement) between or among a Contributed Entity or any of its Subsidiaries, on the one hand, and either (A) a Contributing Party or any of its Affiliates (other than such Contributed Entity or any of its Subsidiaries) or (B) a current or former officer or director of a Contributed Entity or any of its Subsidiaries, on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) solely with respect to Desert, the top twenty (20) customer Contracts of Desert and its Subsidiaries based on revenue for the six-month period ended June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) each Contract for the sale of skim oil that would reasonably be expected to result in revenues received by such Contributed Entity or its applicable Subsidiary in excess of $25,000,000 in the 12-month period following July 1, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) each other Contract in effect as of the Execution Date that is filed as an exhibit to the Registration Statement.

"**NDB Holdings**" has the meaning set forth in the preamble to this Agreement.

"**NDB Operating**" means WaterBridge NDB Operating LLC.

"**NDB WBI Interests**" has the meaning set forth in the recitals of this Agreement.

"**NYSE**" means the New York Stock Exchange.

"**OpCo**" has the meaning set forth in the recitals of this Agreement.

"**OpCo A&R LLCA**" has the meaning set forth in <u>Section 3.01(e)</u>.

"**OpCo Formation Date**" has the meaning set forth in <u>Section 9.08</u>.

"**OpCo Interest**" has the meaning set forth in <u>Section 2.01(c)(i)</u>.

"**OpCo Recapitalization**" has the meaning set forth in <u>Section 3.01(e)</u>.

"**OpCo Units**" has the meaning set forth in <u>Section 3.01(e)</u>.

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"**Organizational Documents**" means, with respect to any Person that is not a natural Person, the articles or certificate of incorporation, formation or limited partnership, as applicable, bylaws, limited partnership agreement, partnership agreement or limited liability company agreement, as applicable, or other governing or organizational documents of such Person.

"**Outside Date**" has the meaning set forth in <u>Section 13.01(a)(ii)</u>.

"**Parties**" has the meaning set forth in the preamble to this Agreement.

"**Party**" has the meaning set forth in the preamble to this Agreement.

"**Permits**" means, with respect to a Contributed Entity or its Subsidiaries, any material permit, license, permission, grant or other similar authorization issued by, or required to be issued by, any Governmental Authority with respect to the ownership or operation by such Contributed Entity (or Subsidiary thereof) of any of its Contributed Assets.

"**Permitted Liens**" means (a) any Lien for Taxes or assessments (i) for which payment is not yet due or delinquent or (ii) being contested in good faith by appropriate proceedings and identified on the applicable Party's Disclosure Schedule, *provided* that adequate reserves for Taxes described in this <u>clause (ii)</u> have been established in accordance with GAAP (which, for the avoidance of doubt, such reserves shall only be required in respect of those items described in this <u>clause (ii)</u> and not in respect of other items in this definition of "Permitted Liens"), (b) any statutory Lien arising in the ordinary course of business by operation of Law with respect to a liability (i) that is not yet due or delinquent or (ii) which is being contested in good faith by appropriate proceedings, (c) all Liens and encumbrances that are released or discharged on or prior to the Initial Closing Date or the IPO Closing Date (as applicable), (d) all Liens encumbering the landowner's interest underlying an easement that is not in default or in a foreclosure proceeding; (e) all rights vested in or reserved to any Governmental Authority to regulate any of the applicable Contributed Assets, to terminate any rights, power, franchise, license, or permit afforded by such Governmental Authority, or to purchase, condemn, or expropriate any of the applicable Contributed Assets, (f) all rights to consent by, required notices to, filings with, or other actions by any Governmental Authority, where the same are customarily obtained subsequent to the assignment, disposition or transfer of any of the applicable Contributed Assets, (g) preferential rights to purchase and required Third Party consents to assignment and similar agreements, in each case that are disclosed on <u>Section 5.04(a)</u> or <u>Section 5.04(b)</u> of the applicable Party's Disclosure Schedule, as applicable, and (i) for which the applicable consent or waiver has been obtained prior to the Initial Closing Date or the IPO Closing Date (as applicable) or (ii) that are not triggered by the transactions contemplated in the Transaction Agreements, (h) easements, rights-of-way, servitudes, permits, surface leases and other rights in respect of surface operations on or over any of the applicable Contributed Assets to the extent the same do not materially interfere with the ownership or use of the applicable Contributed Assets as currently owned and operated, (i) the terms and conditions (including Liens arising thereunder in respect of any obligations that are not yet due or delinquent) of the Material Contracts to the extent the same do not materially interfere with the ownership or use of the applicable Contributed Assets as currently owned and operated, and (j) other imperfections of title or encumbrances, if any, that do not interfere in any material respect with the value, use or ownership of the applicable Contributed Assets as currently owned and operated.

"**Person**" means any individual or corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association or other entity.

"**Pipelines**" means, with respect to a Contributed Entity (or its Subsidiaries), all Produced Water gathering and transportation pipelines owned and operated by such Contributed Entity (or a Subsidiary thereof).

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"**Pre-Transaction Claims**" has the meaning set forth in <u>Section 9.10.</u>

"**Pre-Transaction Matters**" has the meaning set forth in <u>Section 9.10</u>.

"**Preferential Purchase Right**" means any (a) preferential purchase rights, rights of first refusal or similar rights or (b) rights of first offer, tag-along rights, drag-along rights or other similar rights.

"**Private Placement**" means a private placement of Class A shares by PubCo that would be consummated substantially concurrently with, and contingent upon, the IPO Closing.

"**Produced Water**" means water, brine, saltwater, frac flowback water and associated incidental Hydrocarbons from oil and natural gas exploration and production activities.

"**PubCo**" or "**WaterBridge**" has the meaning set forth in the preamble to this Agreement.

"**PubCo A&R LLCA**" has the meaning set forth in <u>Section 3.01(a)</u>.

"**Public Company Group**" has the meaning set forth in <u>Article VII</u>.

"**Public Company Group Member**" has the meaning set forth in <u>Article VII</u>.

"**Purchased Class B shares**" has the meaning set forth in <u>Section 3.01(c)</u>.

"**Real Property**" means, with respect to a Contributed Entity or any Subsidiary thereof, any fee, easement, license, servitude, or leasehold estates in real property and all surface rights appurtenant thereto of such Contributed Entity or any Subsidiary thereof, together with the interests of such Contributed Entity or Subsidiary in all buildings, facilities, fixtures and other improvements located thereon and all appurtenances thereto and any surface right leases or agreements for the use or occupancy by such Contributed Entity or Subsidiary of land above, on, or below the surface for any purpose or for the injection by the Contributed Entity or Subsidiary of products into the ground or removal of products from the ground (including all Surface Contracts), in each case, excluding oil, gas or other mineral interests, whether in fee or leasehold.

"**Recycling Facilities**" means any facilities and equipment intended to transport, store and/or treat Produced Water (and/or blend Produced Water with fresh or brackish water), in each case, for the purpose of making such Produced Water or blended water available to customers for use or reuse, including ponds and co-located pipelines, aeration and/or chemical treating facilities and related infrastructure, as applicable.

"**Registration Rights Agreement**" has the meaning set forth in <u>Section 4.02(a)(i)</u>.

"**Registration Statement**" means the Registration Statement on Form S-1 (No. 333-289823) (including the prospectus included therein and the exhibits thereto), filed by PubCo in connection with the Initial Public Offering, as amended from time to time.

"**Registration Statement Draft**" means the Registration Statement as amended as of September 8, 2025.

"**Release**" means any release, spill, emission, leaking, pumping, depositing, pouring, placing, discarding, abandoning, emptying, seeping, escaping, leaching, dumping, injection, disposal or discharge into the environment.

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"**Released Parties**" has the meaning set forth in <u>Section 9.10</u>.

"**Released Securities**" has the meaning set forth in <u>Section 9.06(b)</u>.

"**Releasing Parties**" has the meaning set forth in <u>Section 9.10</u>.

"**Representatives**" means the representatives of the Underwriters named in the Registration Statement.

"**Rescission Event**" has the meaning set forth in <u>Section 13.04(b)</u>.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"**Shareholders' Agreement**" has the meaning set forth in <u>Section 4.02(a)(ii)</u>.

"**Subsidiary**" means, with respect to any Person, any other Person of which a majority of the outstanding shares or other Equity Interests having the power to vote for directors or comparable managers are owned, directly or indirectly, by the first Person.

"**Subsidiary Equity Interests**" has the meaning set forth in <u>Section 6.05(b)</u>.

"**Surface Contracts**" means, with respect to any Contributed Entity or any Subsidiary thereof, all easements, permits, licenses, servitudes, rights-of-way, Leases, and other surface rights appurtenant to, and used or held for use by such Contributed Entity or Subsidiary in connection with, the Contributed Assets.

"**Supermajority Interest**" means Parties holding (or entitled to receive) at least 70% of the total OpCo Interests to be issued to the Parties to this Agreement prior to the IPO Closing*; provided* that, such Parties must include each of DVN JV Holdco and GIC.

"**SWD Well**" means, with respect to a Contributed Entity or any Subsidiary thereof, each Produced Water disposal well owned and operated by such Contributed Entity or Subsidiary.

"**Tax**" means any U.S. federal, state, local or non-U.S. taxes, levies, fees, imposts, assessments, duties and charges of whatever kind in the nature of a tax (including any interest, penalties, or additions attributable thereto, imposed in connection therewith or imposed with respect thereto), including, without limitation, taxes imposed on, or measured by, net or gross income, alternative minimum, accumulated earnings, personal holding company, franchise, capital stock, net worth, capital gains, profits, windfall profits, gross receipts, business, securities transaction, value added, sales, use, severance, production, environmental, excise, custom, transfer, registration, stamp, premium, real property, personal property, *ad valorem*, intangibles, occupancy, license, occupational, employment, unemployment, social security, disability, workers' compensation, payroll, withholding, estimated and recording.

"**Tax Receivable Agreement**" has the meaning set forth in <u>Section 4.02(a)(iii)</u>.

"**Tax Return**" means any return, report, declaration, form, claim for refund or information return or statement, including any schedule or related or supporting information, filed or required to be filed in connection with the determination, assessment or collection of any Tax, including any attachment, amendment, or supplement thereto.

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"**Terminated Agreements**" has the meaning set forth in <u>Section 9.12</u>.

"**Termination Agreement**" has the meaning set forth in <u>Section 9.12</u>.

"**Third Party**" means any Person other than a Party or an Affiliate of a Party.

"**Transaction Agreements**" means, collectively, this Agreement, the OpCo A&R LLCA, the PubCo A&R LLCA, the Registration Rights Agreement, the Shareholders' Agreement, the Tax Receivable Agreement, the WB 892 Merger Agreement, the Lock-Up Agreements and any of the certificates, agreements, documents or instruments delivered pursuant to <u>Section 4.02</u>.

"**Transaction Expenses**" means, in respect of each Contributed Entity or other applicable Party, all reasonable and documented out-of-pocket fees and expenses (other than Taxes) incurred (or estimated to be incurred, as the case may be) by such Person or its Affiliates, in connection with the preparation, negotiation and execution of this Agreement and the Transaction Agreements, and the performance and consummation of the transactions contemplated hereby and thereby to occur at the Initial Closing or the IPO Closing, as the case may be or otherwise relating to the IPO.

"**Transfer Taxes**" has the meaning set forth in <u>Section 11.01</u>.

"**Underwriters**" means the underwriters named in the Registration Statement.

"**Underwriters' Option**" means the option, at the election of the Underwriters, to purchase additional Class A shares pursuant to the Underwriting Agreement.

"**Underwriting Agreement**" means the underwriting agreement to be entered into by PubCo with the Representatives in connection with the Initial Public Offering and pursuant to which PubCo shall agree to issue and sell (a) a certain number of Class A shares to the Underwriters at the price set forth therein *plus*, (b) at the election of the Underwriters, up to a certain number of additional Class A shares pursuant to the Underwriters' Option.

"**Water JV**" has the meaning set forth in the preamble to this Agreement.

"**Water JV Assets**" means all assets of Water JV, including those certain Produced Water midstream assets owned and operated by NDB Holdings and its Subsidiaries set forth on <u>Exhibit C-2</u>, and assets primarily used or held for use in connection therewith, and any obligations primarily related thereto.

"**Water JV Business**" means the ownership and operation of the Water JV Assets as conducted by Water JV and its Subsidiaries as of the Execution Date and consistent with past practice in all material respects.

"**Water JV Holder**" means each of DVN JV Holdco and NDB Holdings, individually.

"**Water JV Interests**" means all of the issued and outstanding Equity Interests in Water JV.

"**WaterBridge II**" has the meaning set forth in the preamble to this Agreement.

"**WaterBridge Co-Invest**" has the meaning set forth in the preamble to this Agreement.

"**WaterBridge Co-Invest II**" has the meaning set forth in the preamble to this Agreement.

"**WaterBridge Combination Transactions**" has the meaning set forth in <u>Section 2.01</u>.

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"**WaterBridge Holdings**" has the meaning set forth in <u>Section 9.02(a)</u>.

"**WaterBridge Resources**" has the meaning set forth in the preamble to this Agreement.

"**WB 892**" has the meaning set forth in the preamble to this Agreement.

"**WB 892 Contributions**" has the meaning set forth in <u>Section 2.01(a)</u>.

"**WB 892 Holder**" means each WB 892 WaterBridge Holder and GIC.

"**WB 892 WaterBridge Holder**" means each of WaterBridge Resources, WaterBridge Co-Invest, WaterBridge Co-Invest II and WaterBridge II, individually.

"**WB 892 Interests**" means all of the issued and outstanding Equity Interests in WB 892.

"**WB 892 Merger**" has the meaning set forth in <u>Section 2.01(d)</u>.

"**WB 892 Merger Agreement**" has the meaning set forth in <u>Section 2.01(d)</u>.

"**WBEF**" has the meaning set forth in the preamble to this Agreement.

"**WBEF Assets**" means all assets of WBEF, including those certain Produced Water midstream assets owned and operated by WBEF and its Subsidiaries set forth on <u>Exhibit C-3</u>, and assets primarily used or held for use in connection therewith, and any obligation primarily related thereto.

"**WBEF Business**" means the ownership and operation of the WBEF Assets as conducted by WBEF and its Subsidiaries as of the Execution Date and consistent with past practice in all material respects.

"**WBEF Contributions**" has the meaning set forth in <u>Section 2.01(b)</u>.

"**WBEF Holder**" means each of WaterBridge Resources, WaterBridge Co-Invest, WaterBridge Co-Invest II, WB 892, WaterBridge II and Elda River.

"**WBEF Interests**" means all of the issued and outstanding Equity Interests of WBEF.

"**WBEF Series A Preferred Units**" means the Series A Preferred Units representing limited liability company interests in WBEF.

"**WBEF Series B Preferred Units**" means the Series B Preferred Units representing limited liability company interests in WBEF.

"**WBR Holdings**" has the meaning set forth in the preamble to this Agreement.

"**WBR Holdings Interest**" has the meaning set forth in <u>Section 2.01(a)</u>.

"**WBR Holdings Reorganization**" has the meaning set forth in <u>Section 2.01(b)</u>.

## Section 1.02 Construction and Interpretation . For purposes of this Agreement, (a) the words "include," "includes" and "including" shall be deemed to be followed by the words "without limitation"; (b) the word "or" is not exclusive; (c) the words "this Agreement," "herein," "hereof," "hereby," "hereto," "hereunder" and words of similar import refer to this Agreement as a whole and not to any particular

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## subdivision unless expressly so limited; (d) each use in this Agreement of the plural will include the singular and vice versa, in each case as the context requires or as it is otherwise appropriate; (e) all references to "days" are to calendar days; (f) the word "will" will be construed to have the same meaning and effect as the word "shall"; (g) the words "shall" and "will" are mandatory, and "may" is permissive; and (h) all references to "$" and dollars will be deemed to refer to United States currency. Unless the context otherwise requires, references herein: (i) to Articles, Sections, Schedules and Exhibits mean the Articles and Sections of, and the Schedules and Exhibits attached to, this Agreement; (ii) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented or modified from time to time to the extent permitted by the provisions thereof, and, where applicable, the provisions hereof; and (iii) to any Law, unless referenced with respect to a particular point in time, shall be construed as referring to such Law as amended, modified, codified or reenacted, in whole or in part, and in effect from time to time and references to particular provisions of a Law include a reference to the corresponding provisions of any prior or succeeding Law. The Schedules and Exhibits referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein; *provided* that in the event of any inconsistency between a Schedule or Exhibit and the terms of this Agreement, the terms of this Agreement shall control. Descriptive headings as to the contents of particular Sections or Articles are for convenience only and do not control or affect the meaning, construction or interpretation of this Agreement. The recitals set forth at the beginning of this Agreement are and shall be deemed material and operative provisions of this Agreement and are hereby incorporated and made part of this Agreement with the same force and effect as if fully repeated herein.

# Article II<br>WATERBRIDGE COMBINATION TRANSACTIONS; INITIAL CLOSING

## Section 2.01 WaterBridge Combination Transactions . Subject to the terms and conditions set forth herein, each of the Parties hereby agrees that each of the following transactions set forth in this <u>Article II</u> shall be deemed to occur on the Initial Closing Date in the order set forth herein unless otherwise specified (collectively, the " WaterBridge Combination Transactions "); *provided, however,* that if any WaterBridge Combination Transaction fails to occur, no other WaterBridge Combination Transaction shall occur:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of the Initial Closing Date, the WB 892 WaterBridge Holders hereby contribute to WBR Holdings their respective WB 892 Interests, free and clear of all Liens (other than restrictions on transfer (A) that may be imposed by applicable securities Laws or (B) that are set forth in the Organizational Documents of WB 892), in exchange for the issuance to such WB 892 WaterBridge Holders of newly issued limited liability company interests in WBR Holdings (each such interest, a "**WBR Holdings Interest**"), which are hereby allocated among such WB 892 WaterBridge Holders as set forth herein. Effective as of the Initial Closing Date, WB 892 WaterBridge Holders are hereby admitted as members of WBR Holdings with respect to such WBR Holdings Interests, and WBR Holdings is hereby admitted as a member of WB 892 (collectively, the "**WB 892 Contributions**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective as of the Initial Closing Date, the WBEF Holders, other than WB 892 and Elda River, hereby contribute to WBR Holdings their respective WBEF Interests, free and clear of all Liens (other than restrictions on transfer (A) that may be imposed by applicable securities Laws or (B) that are set forth in the Organizational Documents of WBEF), in exchange for the issuance to such WBEF Holders of newly issued WBR Holdings Interests, which shall be allocated among such WBEF Holders as set forth herein. Effective as of the Initial Closing Date, WBEF Holders are hereby admitted as members of WBR Holdings with respect to such WBR Holdings Interests, and WBR Holdings is hereby admitted as a member of WBEF (collectively, the "**WBEF Contributions**" and, together with the WB 892 Contributions, the "**WBR Holdings Reorganization**").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Immediately following the consummation of the WBR Holdings Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) Each of WB 892 and WBR Holdings shall contribute to OpCo all of its right, title and interest in and to the WBEF Interests, free and clear of all Liens (other than restrictions on transfer (1) that may be imposed by applicable securities Laws or (2) that are set forth in the Organizational Documents of WBEF), in exchange for the issuance to WB 892 and WBR Holdings of newly issued limited liability company interests in OpCo (any such limited liability company interest, an "**OpCo Interest**" and collectively, the "**OpCo Interests**"), which shall be allocated between WB 892 and WBR Holdings as set forth herein, and (B) Elda River shall contribute to OpCo all of its right, title and interest in and to the WBEF Series A Preferred Units, free and clear of all Liens (other than restrictions on transfer (1) that may be imposed by applicable securities Laws or (2) that are set forth in the Organizational Documents of WBEF), in exchange for the issuance to Elda River of newly issued OpCo Interests and payment of any accrued and unpaid distributions on such WBEF Series A Preferred Units ("**Unpaid Series A Distributions**"). Concurrently with the contributions contemplated by this <u>Section 2.01(c)(i)</u>, OpCo shall be admitted as the sole member of WBEF and shall directly own all of the WBEF Interests, and immediately following the admission of OpCo as a substitute member of WBEF, each of WB 892, WBR Holdings and Elda River shall cease to be a member of WBEF and WBEF shall continue without dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Contemporaneously with the transactions contemplated in <u>Section 2.01(c)(i)</u>, (A) DVN JV Holdco shall contribute to OpCo all of its right, title and interest in and to the Water JV Interests, free and clear of all Liens (other than restrictions on transfer (1) that may be imposed by applicable securities Laws or (2) that are set forth in the Organizational Documents of Water JV), in exchange for the issuance to DVN JV Holdco of newly issued OpCo Interests and (B) NDB Holdings shall contribute to OpCo all of its right, title and interest in and to the Water JV Interests, free and clear of all Liens (other than restrictions on transfer (1) that may be imposed by applicable securities Laws or (2) that are set forth in the Organizational Documents of Water JV), in exchange for the issuance to NDB Holdings of newly issued OpCo Interests. Concurrently with the contributions contemplated by the preceding sentences in this <u>Section 2.01(c)(ii)</u>, OpCo shall be admitted as the sole member of Water JV, OpCo shall directly own all of the Water JV Interests, and immediately following the admission of OpCo as a substitute member of Water JV, each of DVN JV Holdco and NDB Holdings shall cease to be a member of Water JV and Water JV shall continue without dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Contemporaneously with the transactions contemplated in <u>Section 2.01(c)(i)</u> and <u>Section 2.01(c)(ii)</u>, Desert Holdings shall contribute to OpCo all of its right, title and interest in and to the Desert Interests, free and clear of all Liens (other than restrictions on transfer (A) that may be imposed by applicable securities Laws or (B) that are set forth in the Organizational Documents of Desert) (collectively, the "**Desert Contributions**"), in exchange for the issuance to Desert Holdings of newly issued OpCo Interests. Concurrently with the Desert Contributions contemplated by this <u>Section 2.01(c)(iii)</u>, OpCo shall be admitted as the sole member of Desert, OpCo shall directly own all of the Desert Interests, and immediately following the admission of OpCo as a substitute member of Desert, Desert Holdings shall cease to be a member of Desert and Desert shall continue without dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Concurrently with the issuance by OpCo of the OpCo Interests to each of WB 892, WBR Holdings, Elda River, the Water JV Holders and Desert Holdings pursuant to this <u>Section 2.01(c)</u>, each of WB 892, WBR Holdings, Elda River, the Water JV Holders and Desert Holdings shall be admitted as a member of OpCo, and the OpCo Interests issued to each such

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Party shall be duly authorized and validly issued in exchange for the consideration specified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) WB 892, WBR Holdings, GIC and NDB Holdings shall enter into an Agreement and Plan of Merger with PubCo, in substantially the form attached hereto as <u>Exhibit H</u> (the "**WB 892 Merger Agreement**"), pursuant to which, effective as of the Initial Closing Date, WB 892 shall merge with and into PubCo, with PubCo surviving (the "**WB 892 Merger**"), in exchange for the issuance of newly issued limited liability company interests in PubCo to WBR Holdings and GIC. Concurrently with the consummation of the WB 892 Merger, (i) the NDB WBI Interest held by NDB Holdings shall be canceled, (ii) WBR Holdings and GIC shall be admitted as members of PubCo, (iii) PubCo shall be admitted as a member of OpCo and (iv) PubCo and OpCo shall continue without dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the Parties hereby agrees that the transactions contemplated by this <u>Section 2.01</u> shall be effected consistent with this <u>Section 2.01</u> notwithstanding any provision of the Organizational Documents of each Contributed Entity that would otherwise prohibit such transactions, and any requirements or conditions under such Organizational Documents to effect the transactions contemplated by this Agreement are hereby waived solely for purposes of effecting the transactions contemplated by this <u>Section 2.01</u> as and when contemplated by this Agreement (subject to the satisfaction of any conditions thereto set forth in this Agreement, any of the other Transaction Agreements or any other documents dated as of the date hereof or as of the Initial Closing Date and delivered by the applicable Parties in connection with this Agreement).

## Section 2.02 Working Capital. For the avoidance of doubt, the contribution or surrender (as applicable) of each respective Contributed Entity's Equity Interests set forth in <u>Section 2.01(a)</u>, <u>Section 2.01(b)</u>, <u>Section 2.01(c)</u> and <u>Section 2.01(d)</u> shall include all of the associated Contributed Entity's rights, duties, obligations, assets and liabilities, including and cash, checks, accounts receivable or other working capital attributable to such Contributed Entity, whether arising prior to, as of, or following the Initial Closing Date.

## Section 2.03 Ownership of PubCo and OpCo. The Parties acknowledge and agree that, immediately following the transactions set forth in <u>Section 2.01</u>, the Equity Interests in each of PubCo and OpCo shall be owned by the Persons and in the percentages as set forth on <u>Exhibit D</u> attached hereto.

# Article III<br>INITIAL PUBLIC OFFERING; RESTRUCTURING; IPO CLOSING

## Section 3.01 Corporate Reorganization Transactions. Subject to the terms and conditions set forth herein, each of the Parties hereby agrees that each of the following transactions set forth in this <u>Article III</u> shall be deemed to occur on the closing date of the first sale of Class A shares in the Initial Public Offering pursuant to the Underwriting Agreement in the order set forth herein unless otherwise specified (collectively, the " Corporate Reorganization Transactions "):
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Immediately prior to the closing of the first sale of Class A shares in the Initial Public Offering pursuant to the Underwriting Agreement, the initial limited liability company agreement of PubCo, dated as of April 11, 2025, shall be amended and restated in substantially the form attached hereto as <u>Exhibit F</u> (the "**PubCo A&R LLCA**") and, in connection therewith, all of the then-existing Equity Interests in PubCo shall be recapitalized into two classes of limited liability company interests in PubCo, initially consisting of Class A shares and Class B shares, in each case, having the respective rights and obligations as provided in the PubCo A&R LLCA, and (ii) PubCo shall issue Class A shares to WBR Holdings and GIC in respect of their Equity Interests in PubCo.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Contemporaneously with the closing of the first sale of Class A shares in the Initial Public Offering pursuant to the Underwriting Agreement, PubCo shall issue Class A shares to the Underwriters in the manner and for the consideration set forth in the Underwriting Agreement and, in exchange therefor, the investors in the Initial Public Offering, through the Underwriters, shall contribute the net proceeds of the Initial Public Offering to PubCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Contemporaneously with the transactions contemplated in <u>Section 3.01(b)</u>, PubCo shall issue to each of WBR Holdings, NDB Holdings, Desert Holdings, DVN JV Holdco and Elda River a number of Class B shares equal to the number of OpCo Units (as defined herein) held by each such Party (such Party's "**Purchased Class B shares**") after giving effect to the foregoing transactions and the transactions set forth in <u>Section 3.01(d)</u> and <u>Section 3.01(e)</u> below and, in consideration for such issuance, each of WBR Holdings, NDB Holdings, Desert Holdings, DVN JV Holdco and Elda River shall contribute to PubCo an amount equal to (i) $0.001 per Class B share multiplied by (ii) the number of Purchased Class B shares issued to such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) PubCo shall use the net proceeds received by it in the Initial Public Offering (the "**IPO Proceeds**") in accordance with the "Use of Proceeds" section of the Registration Statement Draft (other than changes to amounts or that are incidental to the inclusion of a price range or the public offering price and size of the Initial Public Offering as set forth in the Final Prospectus), including to, among other things: (i) pay expenses associated with the Initial Public Offering; (ii) purchase a portion of the OpCo Interests held by Elda River in an amount equal to the Elda River Redemption Amount (the "**Acquired OpCo Interests**"); and (iii) contribute all of the remaining IPO Proceeds to OpCo in exchange for (A) the issuance by OpCo to PubCo of a number of OpCo Units equal to (1) the number of Class A shares issued and sold by PubCo to the Underwriters in connection with the IPO Closing *less* (2) the number of OpCo Units to be received by PubCo in the OpCo Recapitalization (as defined herein) in respect of the Acquired OpCo Interests and (B) the admission of PubCo as the sole managing member of OpCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Concurrently with the transactions contemplated in <u>Section 3.01(d)(iii)</u>, (i) PubCo, WBR Holdings, NDB Holdings, Desert Holdings, DVN JV Holdco and Elda River shall cause the initial limited liability company agreement of OpCo to be amended and restated in substantially the form attached hereto as <u>Exhibit E</u> (the "**OpCo A&R LLCA**") and, in connection therewith, the OpCo Interests shall be recapitalized into a single class of common units representing limited liability company interests in OpCo (the "**OpCo Units**") having the respective rights and obligations as provided in the OpCo A&R LLCA; (ii) each of PubCo, WBR Holdings, NDB Holdings, Desert Holdings, DVN JV Holdco and Elda River (in the case of Elda River, at the ER Adjustment Issuance Price (as defined below) as contemplated by <u>Exhibit D</u>) shall be issued OpCo Units in respect of their respective OpCo Interests (the "**OpCo Recapitalization**"); and (iii) PubCo shall be designated as the "managing member" of OpCo pursuant to the OpCo A&R LLCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Following the completion of the contribution contemplated by <u>Section 3.01(d)(iii)</u>, OpCo (i) shall use all or a portion of the proceeds of such contributions to repay certain of its outstanding indebtedness and (ii) retain a portion of the proceeds of such contributions for general company purposes, in either case, in accordance with the "Use of Proceeds" section of the Registration Statement Draft (other than changes to amounts or that are incidental to the inclusion of a price range or the public offering price and size of the Initial Public Offering as set forth in the Final Prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If the Underwriters exercise the Underwriters' Option, in whole or in part (whether at the IPO Closing or thereafter), PubCo shall contribute to OpCo the net proceeds received by it pursuant to such exercise of the Underwriters' Option in exchange for the issuance by OpCo to PubCo of a number of OpCo Units equal to the number of Class A shares issued and sold by PubCo to the Underwriters in connection with the closing of such Underwriters' Option. Immediately following such contribution, OpCo shall either (i) use all or a portion of such additional net proceeds to repay certain of its outstanding indebtedness and/or

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(ii) retain all or a portion of such additional net proceeds for general company purposes, in each case in accordance with the "Use of Proceeds" section of the Registration Statement Draft (and as may be updated in the Final Prospectus as a result of the final public offering price and size of the Initial Public Offering).

## Section 3.02 Closing Equity Value; Percentage Interests . <u>Exhibit D</u> sets forth (a) the relative percentage of the total OpCo Units held by each Contributing Party as of the IPO Closing Date and (b) the relative percentage that each of Water JV, WBEF and Desert will comprise of the total value of OpCo as of the IPO Closing Date, after giving effect to the transactions described in <u>Section 3.01</u> but, in each case, before giving effect to any OpCo Units issued to PubCo in the Initial Public Offering, the issuance of any Class A shares pursuant to any Private Placement or the purchase by PubCo of the Acquired OpCo Interests set forth in <u>Section 3.01(d)(ii)</u> (following the initial issuance of OpCo Interests to Elda River in <u>Section 2.01(c)(i)</u>) (the " Closing Equity Value ").

# Article IV<br>Initial closing; ipo closing

## Section 4.01 Initial Closing . Subject to the satisfaction or waiver of the conditions set forth in <u>Article X</u>, the consummation of the transactions contemplated by this Agreement and set forth in <u>Article II</u> (the " Initial Closing ") shall take place by remote exchange of signatures, documents and instruments on the first Business Day following the pricing of the Initial Public Offering and execution of the Underwriting Agreement (the " Initial Closing Date "). The Parties need not attend the Initial Closing in person, and the delivery of all documents as described in this <u>Article IV</u> may be exchanged by email or other means of electronic transmission.

## Section 4.02 Initial Closing Deliverables .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At or prior to the Initial Closing, each applicable Contributing Party shall deliver, or cause to be delivered, to the Public Company Group or such other counterparty thereto, the following, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of WBR Holdings, NDB Holdings, Desert Holdings, DVN JV Holdco, GIC and Elda River, a counterpart to the Registration Rights Agreement, substantially in the form attached hereto as <u>Exhibit K</u> (the "**Registration Rights Agreement**"), duly executed by an authorized representative of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of WBR Holdings, NDB Holdings, Desert Holdings and DVN JV Holdco, a counterpart to the Shareholders' Agreement, substantially in the form attached hereto as <u>Exhibit L</u> (the "**Shareholders' Agreement**"), duly executed by an authorized representative of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of WBR Holdings, NDB Holdings, Desert Holdings, DVN JV Holdco, GIC and Elda River, a counterpart to the Tax Receivable Agreement, substantially in the form attached hereto as <u>Exhibit M</u> (the "**Tax Receivable Agreement**"), duly executed by an authorized representative of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of WBR Holdings, NDB Holdings, Desert Holdings, DVN JV Holdco and Elda River, a counterpart of the OpCo A&R LLCA, substantially in the form attached hereto as <u>Exhibit E</u>, duly executed by an authorized representative of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of WBR Holdings, NDB Holdings, Desert Holdings, DVN JV Holdco and Elda River, a duly executed Internal Revenue Service Form W-9 of such Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in the case of WB 892, WBR Holdings, NDB Holdings, Desert Holdings, DVN JV Holdco and Elda River, a counterpart of an instrument of transfer, as required under any applicable Law or the applicable Organizational Documents, in order to cause the valid transfer of the applicable Contributed Equity Interests held by such Person, in substantially the form attached hereto as <u>Exhibit G</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in the case of WBR Holdings, GIC, NDB Holdings and WB 892, a counterpart of the WB 892 Merger Agreement duly executed by such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in the case of WBR Holdings, GIC and NDB Holdings, a counterpart of the PubCo A&R LLCA, duly executed by an authorized representative of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a copy of any lender consent, and/or amendment to any Indebtedness that is required by the transactions contemplated by this Agreement or contemplated in connection with the Initial Public Offering, including the lender consent under the Desert Credit Agreement and any amendment described in the Registration Statement, in each case, in form and substance reasonably satisfactory to DVN JV Holdco; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all other documents and instruments reasonably requested by PubCo or OpCo that are necessary to consummate the transactions contemplated to be consummated at the Initial Closing or at the IPO Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Initial Closing or the IPO Closing, as applicable, OpCo shall deliver the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to each applicable Person party thereto, a counterpart to the OpCo A&R LLCA, duly executed by an authorized representative of OpCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to each Contributing Party, a certificate of good standing in respect of OpCo from the Secretary of State of the state of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a counterpart of an instrument of transfer, as required under any applicable Law or the applicable Organizational Documents, in order to cause the valid transfer to OpCo of the applicable Contributed Equity Interests held by the counterparty thereto, in accordance with the transactions set forth in <u>Section 2.01(c)</u>, in substantially the form attached hereto as <u>Exhibit G</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all other documents and instruments reasonably requested by PubCo that are necessary to consummate the transactions contemplated to be consummated at the Initial Closing or at the IPO Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to each applicable Person party thereto, a counterpart to the Tax Receivable Agreement, duly executed by an authorized representative of OpCo; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) evidence of the termination of the Terminated Agreements if required pursuant to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the Initial Closing or the IPO Closing, as applicable, PubCo shall deliver the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a counterpart of the WB 892 Merger Agreement duly executed by each such Person party thereto;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a counterpart to the Registration Rights Agreement, duly executed by an authorized representative of PubCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to each applicable Person party thereto, a counterpart of the OpCo A&R LLCA, duly executed by an authorized representative of PubCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to each applicable Person party thereto, a counterpart to the Tax Receivable Agreement, duly executed by an authorized representative of PubCo; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a counterpart to the Shareholders' Agreement, duly executed by an authorized representative of PubCo.

## Section 4.03 IPO Closing . The consummation of the transactions contemplated by this Agreement and set forth in <u>Article III</u> (the " IPO Closing ") shall take place by remote exchange of signatures, documents and instruments on the date on which PubCo closes the Initial Public Offering (the " IPO Closing Date "). Unless this Agreement is validly terminated in accordance with its terms prior to the IPO Closing Date and subject to applicable Law, the consummation of the transactions set forth in <u>Article III</u> and contemplated to take place effective as of the IPO Closing Date shall take place on the IPO Closing Date without any further action by any of the Parties hereto; *provided, however*, that no such transactions will take place if there is a Governmental Authority of competent jurisdiction that has issued a final and nonappealable order, injunction or other legal restraint permanently enjoining or otherwise prohibiting the consummation of the transactions contemplated by <u>Article II</u> or <u>Article III</u> of this Agreement.

# Article V<br>Representations and Warranties of eACH Contributing Party
Except as set forth on such Contributing Party's Disclosure Schedule, each Contributing Party, solely on behalf of itself and with respect to its applicable Contributed Equity Interests, represents and warrants to the other Parties that each statement contained in this <u>Article V</u> is true and correct as of each of the Initial Closing Date and the IPO Closing Date.

## Section 5.01 Organization and Qualification . Such Contributing Party has been duly formed and is validly existing and in good standing under the applicable Law of its jurisdiction of formation with all requisite corporate, limited liability company, partnership or other, as applicable, power and authority to own, lease or otherwise hold and operate its properties and assets (including its respective Contributed Equity Interests) and to carry on its business as presently conducted. Each Contributing Party represents on behalf of itself that it is duly qualified and in good standing as a foreign entity to do business in each jurisdiction in which the conduct or nature of its business or the ownership, leasing, holding or operating of its properties makes such qualification necessary, except such jurisdictions where the failure to be so qualified or in good standing would not reasonably be expected to have a Material Adverse Effect.

## Section 5.02 Authorization; Enforceability . Such Contributing Party has all requisite legal capacity, power and authority to enter into this Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance by such Contributing Party of this Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all requisite legal action on the part of such Contributing Party and, if required, its Affiliates. This Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, have been duly

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## and validly executed and delivered by such Contributing Party, and (assuming due authorization, execution and delivery by the other parties hereto and thereto) constitute legal, valid and binding obligations of such Contributing Party, enforceable against it in accordance with their respective terms and conditions, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors' rights generally or by general principles of equity.

## Section 5.03 No Conflicts . The execution, delivery and performance by such Contributing Party of this Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with, violate, or result in a breach or default under, any provision of such Contributing Party's Organizational Documents; (b) violate or conflict with any Law applicable to such Contributing Party; (c) require any consent, approval, authorization or permit of, registration declaration or filing with, or notification to, any Governmental Authority (each, a " Governmental Authorization "), other than any Governmental Authorization that (A) may be obtained after the Initial Closing without penalty, (B) the failure of which to obtain is not reasonably expected to have a material impact on the Business (as it pertains to the Contributed Equity Interests in which such Contributing Party owns an interest) or (C) the failure of which to obtain is not reasonably expected to have a material impact on the ability of such Contributing Party to consummate the transactions contemplated hereby or thereby; (d) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination, acceleration, cancellation or modification (with or without notice or lapse of time or both) or give rise to the loss of a benefit under, or trigger any transfer or "change of control" related right under any of the terms, conditions or provisions of any Material Contract to which such Contributing Party is a party or by which any of their respective assets (including its respective Contributed Equity Interests) or properties are bound or affected; or (e) result in the creation or imposition of any Lien on any of its respective Contributed Equity Interests.

## Section 5.04 Consents and Preferential Rights .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 5.04(a)</u> of such Contributing Party's Disclosure Schedule sets forth each consent, approval, clearance, exemption, waiver, order and authorization of, or registration, declaration or filing that any such Contributing Party is required to obtain from any Person in connection with the consummation of the transactions contemplated by this Agreement, the failure of which to obtain (i) would result in the transfer or contribution to OpCo of any of such Contributing Party's Contributed Equity Interests being null and void or voidable, (ii) would result in OpCo or a Contributed Entity (or any of its Subsidiaries) being required to (A) bear any expenses, including the payment of any penalty or other amount to any Person or (B) undertake any action outside of the ordinary course of business or (iii) would otherwise result in such Contributing Party's interest in any portion of its Contributed Equity Interests being reduced, terminated or terminable in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Section 5.04(b)</u> of such Contributing Party's Disclosure Schedule, there are no Preferential Purchase Rights existing with respect to any of the Contributed Entity's respective Contributed Equity Interests or that are applicable in connection with the execution by the Contributing Party of any of the Transaction Agreements or the consummation of any of the transactions contemplated thereby.

## Section 5.05 Contributed Equity Interests . Except as set forth on <u>Section 5.05</u> of such Contributing Party's Disclosure Schedule, as of immediately prior to the consummation of the applicable transactions contemplated herein, such Party is (or will be, following the WBR Holdings Reorganization, as applicable) the sole legal, beneficial, record and equitable owner of, and has (or will have, as applicable) good and valid title to its respective Contributed Equity Interests as set forth opposite such Contributing Party's name on <u>Exhibit A</u>, free and clear of all Liens (other than restrictions on transfer (i) that may be

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## imposed by applicable securities Laws or (ii) that are set forth in the Organizational Documents of the applicable Contributed Entity). Upon consummation of the transactions contemplated by this Agreement, OpCo will be the sole legal, beneficial, record and equitable owner of, and have good and valid title to, such Contributing Party's respective Contributed Equity Interests, free and clear of all Liens (other than (1) restrictions on transfer (x) that may be imposed by applicable securities Laws or (y) that are set forth in the Organizational Documents of the applicable Contributed Entity and (2) Liens arising by or through OpCo).

## Section 5.06 Bankruptcy . There are no bankruptcy, insolvency, reorganization or receivership proceedings pending against, being contemplated by or, to such Contributing Party's Knowledge, threatened against such Contributing Party or any of its Affiliates. Such Contributing Party is not insolvent.

## Section 5.07 Legal Proceedings . Except as set forth on <u>Section 5.07</u> of such Contributing Party's Disclosure Schedule, there is no Action of any nature pending or, to such Contributing Party's Knowledge, threatened in writing (a) against, by or otherwise involving, relating to or affecting such Contributing Party's Contributed Equity Interests; or (b) that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement or the documents to be delivered hereunder (including the other Transaction Agreements) to which such Contributing Party is a party.

## Section 5.08 Brokers . No broker, finder, financial advisor, investment banker or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission in connection with the origination, negotiation, execution, or performance of this Agreement or consummation of transactions contemplated by this Agreement that one or more of the other Parties (or any of their respective Affiliates) is or could become liable or obligated for based upon arrangements made by or on behalf of such Contributing Party (or any of its Affiliates).

## Section 5.09 Securities Matters . The Equity Interests such Contributing Party is acquiring are solely for its own account for investment purposes, not as a nominee or agent, and not with a view to, or for offer or sale in connection with, any distribution thereof that would cause such Contributing Party to be deemed an "underwriter", as defined in Section 2(11) of the Securities Act, or that would require registration under the Securities Act or applicable state or other securities laws. Such Contributing Party acknowledges that such Equity Interests are not registered under the Securities Act, or any state securities laws, and that such Equity Interests may not be transferred or sold except pursuant to the registration provisions of the Securities Act or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable. Such Contributing Party is able to bear the economic risk of holding such Equity Interests for an indefinite period (including total loss of its investment), and has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risk of its investment. Such Contributing Party acknowledges that the Equity Interests being acquired by such Contributing Party were not offered to such Contributing Party by means of publicly disseminated advertisements or sales literature, nor is such Contributing Party aware of any offers made to any other Contributing Party by such means.

## Section 5.10 Tax .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All material Tax Returns required by applicable Law to be filed with respect to such Contributing Party's Contributed Equity Interests have been duly and timely filed, and all such Tax Returns are true, correct and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All material Taxes due and payable with respect to such Contributing Party's Contributed Equity Interests (regardless of whether shown on any Tax Return) have been paid in full.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There is no action, suit, proceeding, investigation, audit or claim now pending against, or with respect to, such Contributing Party's Contributed Equity Interests in respect of any material Tax or material Tax assessment, nor has any claim for additional material Tax or material Tax assessment been asserted in writing by any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No written claim has been made by any Governmental Authority in a jurisdiction where a Tax Return is not currently filed with respect to such Contributing Party's Contributed Equity Interests indicating that it is or may be subject to any material Tax in such jurisdiction, nor has any such assertion been threatened or proposed in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Such Contributing Party has no outstanding request for any extension of time within which to pay any material Taxes or file any Tax Returns with respect to such Contributing Party's Contributed Equity Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There has been no waiver or extension of any applicable statute of limitations for the assessment or collection of any material Taxes with respect to such Contributing Party's Contributed Equity Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Such Contributing Party is not a "foreign person" within the meaning of Section 1445 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) There are no Tax Liens on such Contributing Party's Contributed Equity Interests except for Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For each Contributing Party that is a partnership, limited liability company, grantor trust or Subchapter S corporation under the Code, (i) for the period that the Contributing Party owns Equity Interests in WBR Holdings or OpCo, at no time during such period will "substantially all" (within the meaning of Treasury Regulation Section 1.7704-1(h)(3)) of the value of any beneficial owner's interest in such Contributing Party be attributable to the Contributing Party's ownership (direct or indirect) of such Equity Interests; and (ii) the applicable Contributing Party does not have, in acquiring such Equity Interests, a principal purpose of permitting WBR Holdings or OpCo to satisfy the 100 partner limitation in Treasury Regulation Section 1.7704-1(h)(1), and, to the best of such Contributing Party's knowledge, no owner of a beneficial interest in such Contributing Party has such a principal purpose.

## Section 5.11 Related Party Transactions . There are no transactions, agreements, arrangements or understandings between any Contributed Entity, on the one hand, and such Contributing Party or any of its Affiliates, on the other hand, that would be required to be disclosed under Item 404 of Regulation S-K under the Securities Act (assuming such Contributed Entity were subject to the requirements of the Securities Exchange Act of 1934) that are not so disclosed in the Registration Statement Draft (including in the financial statements filed therewith).

## Section 5.12 No Additional Representation or Warranties . Such Contributing Party makes no representation or warranty in any provision of this Agreement, the Disclosure Schedules or otherwise, other than those representations and warranties expressly set forth in this <u>Article V</u>. Without limiting the foregoing, such Contributing Party acknowledges that it and its advisors have made their own investigation of the other Parties and, except as provided in the Registration Statement Draft, this <u>Article V</u>, <u>Article VI,</u> <u>Article VII</u> or <u>Article VIII</u> with respect to the representations and warranties of the other Parties, are not relying on any representation or warranty whatsoever as to the condition, merchantability, suitability or fitness for a particular purpose or trade as to any of the assets of the other Contributed Entities or any of their Subsidiaries (including its respective Contributed Assets), the prospects (financial or otherwise) or the viability or likelihood of success of the business of such Contributed Entities or any of their Subsidiaries as

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## conducted after the Initial Closing or the IPO Closing, as applicable, as contained in any materials provided by or on behalf of the other Parties or any of their respective Affiliates or any of their respective directors, officers, employees, stockholders, partners, members or representatives or otherwise.

# Article VI<br>Representations and Warranties of Water JV, WBEF AND DESERT
Except as set forth on such Contributed Entity's Disclosure Schedule, NDB Holdings on behalf of Water JV, WaterBridge Resources and WaterBridge II on behalf of WBEF and Desert Holdings on behalf of Desert, represents and warrants to the other Parties that each statement contained in this <u>Article VI</u> is true and correct as of each of the Initial Closing Date and the IPO Closing Date.

## Section 6.01 Organization and Qualification . Such Contributed Entity is a limited liability company duly organized, validly existing and in good standing under the Laws of the state of its formation and has all requisite organizational power and authority to own its assets (including its respective Contributed Assets) and to carry on its and its Subsidiaries' business (including its Business, as applicable) as presently conducted. Such Contributed Entity is in good standing and qualified to do business (including as a foreign entity) in each jurisdiction in which its ownership, leasing, holding, or operating of property or assets or the conduct of its businesses as currently conducted requires it to qualify, except where the failure to be qualified would not reasonably be expected to have a Material Adverse Effect.

## Section 6.02 Authorization; Enforceability . Such Contributed Entity has all requisite legal capacity, power and authority to enter into this Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance by such Contributed Entity of this Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all requisite limited liability company action on the part of such Contributed Entity and, if required, its Affiliates. This Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, have been duly and validly executed and delivered by such Contributed Entity, and (assuming due authorization, execution and delivery by the other parties hereto and thereto) constitute legal, valid and binding obligations of such Contributed Entity, enforceable against it in accordance with their respective terms and conditions, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors' rights generally or by general principles of equity.

## Section 6.03 No Conflicts . The execution, delivery and performance by such Contributed Entity of this Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with, violate, or result in a breach or default under, any provision of such Contributed Entity's Organizational Documents; (b) violate or conflict with any Law or order of any Governmental Authority applicable to such Contributed Entity or its Subsidiaries; (c) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination, acceleration, cancellation or modification (with or without notice or lapse of time or both) or give rise to the loss of a benefit under, or trigger any transfer or "change of control" related right under any of the terms, conditions or provisions of any Material Contract to which such Contributed Entity or its Subsidiaries is a party or by which any of its Contributed Assets or other properties are bound or affected; or (d) result in the creation or imposition of any Lien on any of its respective Contributed Assets, except, in the cases of <u>clauses (b)</u> and <u>(c)</u>, for such violations, conflictions, defaults or rights of termination, acceleration, or modification as would not, or would reasonably be expected to not, in the aggregate, (i)

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## prevent or materially delay the consummation of the transactions contemplated by this Agreement (or the documents to be delivered hereunder, including the other Transaction Agreements, to which it is a party), (ii) materially impair such Contributed Entity's ability to perform its obligations under this Agreement (or the documents to be delivered hereunder, including the other Transaction Agreements, to which it is a party), or (iii) have a material and adverse effect on OpCo or such Contributed Entity.

## Section 6.04 Consents and Preferential Rights . <u>Section 6.04</u> of such Contributed Entity's Disclosure Schedule sets forth each consent, approval, clearance, exemption, waiver, order and authorization of, or registration, declaration or filing that such Contributed Entity is required to obtain from any Person in connection with the consummation of the transactions contemplated by this Agreement, the failure of which to obtain would result in (a) a Material Contract of such Contributed Entity (or any of its Subsidiaries) being terminated or terminable by the counterparty to such Material Contract, (b) such Contributed Entity (or any of its Subsidiaries) being required to (i) bear any material expenses, including the payment of any penalty or other amount to any Person or (ii) undertake material actions outside of the ordinary course of business or (c) would otherwise result in such Contributed Entity's interest in any portion of its Contributed Assets being reduced, terminated or terminable in any material respect.

## Section 6.05 Capitalization; Subsidiary Equity Interests .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of WBEF, the Contributed Equity Interests in respect of WBEF constitute all of the issued and outstanding Equity Interests in WBEF. In the case of Water JV, the Contributed Equity Interests in respect of Water JV constitute all of the issued and outstanding Equity Interests in Water JV. In the case of Desert, the Contributed Equity Interests in respect of Desert constitute all of the issued and outstanding Equity Interests in Desert. Such Contributed Equity Interests have been duly authorized and are validly issued. Upon consummation of the transactions contemplated by this Agreement, OpCo will be the sole legal, beneficial, record and equitable owner of, and have good and valid title to, such Contributed Equity Interests, free and clear of all Liens (other than restrictions on transfer (i) that may be imposed by applicable securities Laws or (ii) that are set forth in the Organizational Documents of the applicable Contributed Entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 6.05(b)</u> of such Contributed Entity's Disclosure Schedule sets forth the Equity Interests owned, directly and indirectly, by such Contributed Entity (the "**Subsidiary Equity Interests**"). Such Contributed Entity or its applicable Subsidiary is the sole, legal, beneficial, record and equitable owner of, and has good and valid title to such Subsidiary Equity Interests, free and clear of all Liens (other than restrictions on transfer (i) that may be imposed by applicable securities Laws or (ii) that are set forth in the Organizational Documents of the applicable Subsidiary). The Subsidiary Equity Interests constitute 100% of the total issued and outstanding Equity Interests in the applicable Subsidiary. The Subsidiary Equity Interests have been duly authorized and are validly issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in the Transaction Agreements or as set forth on <u>Section 6.05(c)</u> of such Contributed Entity's Disclosure Schedule, there are no (i) pre-emptive, authorized or other outstanding rights (contingent or otherwise), options, warrants, conversion rights, stock appreciation rights, redemption rights, repurchase rights, preferential purchase rights, agreements, arrangements, calls, subscription agreements, rights of first offer, rights of first refusal, tag along rights, drag along rights, subscription rights, conversion rights, exchange rights, or commitments or other rights of any kind or character relating to any Equity Interests (including the Contributed Equity Interests and Subsidiary Equity Interests) in such Contributed Entity or any of its Subsidiaries or entitling any Person to purchase or otherwise acquire any Equity Interests (including the Contributed Equity Interests and Subsidiary Equity Interests) in such Contributed Entity or any of its Subsidiaries or obligating such Party or any of its Affiliates to sell, convey, transfer, assign, dispose or issue any Equity Interests (including the Contributed Equity Interests), or any other interest, in such Contributed Entity or any of its Subsidiaries; (ii) shareholders' agreements, voting

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trusts, proxies or other agreements, instruments or understandings with respect to the purchase, sale, transfer or voting of any Equity Interests (including the Contributed Equity Interests or the Subsidiary Equity Interests) of such Contributed Entity or any of its Subsidiaries; or (iii) Contracts under which such Contributed Entity or any of its Subsidiaries is obligated to repurchase, redeem, retire or otherwise acquire any Equity Interest (including the Contributed Equity Interests and the Subsidiary Equity Interests) in such Contributed Entity or any of its Subsidiaries. Except as set forth in the Transaction Agreements, no Equity Interests of such Contributed Entity or any of its Subsidiaries are reserved for issuance.

## Section 6.06 Permits . Except as would not reasonably be expected to have a material and adverse effect with respect to such Contributed Entities: (a) such Contributed Entity and each of its Subsidiaries, as applicable, is in compliance with the terms of its Permits; (b) each such Permit is valid and in full force and effect; (c) neither such Contributed Entity nor any of its Subsidiaries has received any written notice from a Governmental Authority that concerns any default or violation with respect to any such Permit; and (d) no event has occurred or circumstance exists that would reasonably be expected to constitute or result in a default or violation with respect to any such Permit.

## Section 6.07 Compliance with Laws . For the two years immediately preceding the Initial Closing Date, such Contributed Entity and such Contributed Entity's Subsidiaries have complied in all material respects with all Laws applicable to such Contributed Entity's conduct of its respective business (including the Business, as applicable) as it relates to the Contributed Assets of such Contributed Entity, including the ownership and use of such Contributed Entity's respective Contributed Assets. Neither such Contributed Entity, nor any of its Affiliates has received any written notice from any Governmental Authority alleging any conflict with, or violation or breach of, any Law with respect to or involving the Contributed Assets of such Contributed Entity or the Business of such Contributed Entity that would, in each case, reasonably expected to have a material and adverse effect on such Contributed Entity.

## Section 6.08 Bankruptcy . There are no bankruptcy, insolvency, reorganization or receivership proceedings pending against, being contemplated by or, to such Contributed Entity's Knowledge, threatened against such Contributed Entity, any of its Subsidiaries or any of its Affiliates. Such Contributed Entity is not, and none of its Subsidiaries is, insolvent.

## Section 6.09 Legal Proceedings . Except as set forth on <u>Section 6.09</u> of such Contributed Entity's Disclosure Schedule, there is no material Action of any nature pending or, to such Contributed Entity's Knowledge, threatened in writing (a) against, by or otherwise involving, relating to or affecting such Contributed Entity's or its Subsidiaries' assets or property (including its Contributed Assets); or (b) that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement or the documents to be delivered hereunder (including the other Transaction Agreements) to which such Contributed Entity is a party.

## Section 6.10 Brokers . No broker, finder, financial advisor, investment banker or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission in connection with the origination, negotiation, execution, or performance of this Agreement or consummation of transactions contemplated by this Agreement that one or more of the other Parties (or any of their respective Affiliates) is or could become liable or obligated for based upon arrangements made by or on behalf of such Contributed Entity (or any of its Affiliates).

## Section 6.11 Subsidiaries . <u>Section 6.05(b)</u> of such Contributed Entity's Disclosure Schedule sets forth each Subsidiary of such Contributed Entity, its name, place of incorporation or organization. Each such Subsidiary is wholly owned, directly or indirectly, by such Contributed Entity. Each of the Subsidiaries identified on <u>Section 6.05(b)</u> of such Contributed Entity's Disclosure Schedule: (a) is duly organized, validly existing and in good standing under the Laws of the state of its formation, (b) has all requisite

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## corporate, or other legal entity, as the case may be, power and authority to own, lease and operate its properties and assets and to carry on its businesses as currently conducted, except where the failure to hold such power and authority would not be material and (c) is qualified to do business and in good standing (including as a foreign entity) in each jurisdiction in which its ownership, leasing, holding, or operation of its property or assets or the conduct of its businesses as currently conducted requires it to qualify, except where the failure to be so qualified or in good standing would not be material. Except as set forth on <u>Section 6.05(b)</u> of such Contributed Entity's Disclosure Schedule, such Contributed Entity does not own, or have any interest in, any Equity Interests in any other Person.

## Section 6.12 Financial Statements; Indebtedness.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The financial statements of WBEF, NDB Operating and Desert included in the Registration Statement Draft, including all related notes and schedules related thereto (the "**Financial Statements**"), fairly present in all material respects the consolidated financial position of each such Person and its applicable consolidated Subsidiaries as of the respective balance sheet dates and the consolidated results of operations, changes in members' equity and cash flows of each such Person and its applicable consolidated Subsidiaries for the periods indicated (in the case of interim financial statements, subject to normal year-end adjustments), and have been prepared in accordance with GAAP applied on a consistent basis throughout the periods involved (except, in the case of interim financial statements, for normal and recurring year-end adjustments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth in <u>Section 6.12(b)</u> of such Contributed Entity's Disclosure Schedules, the Contributed Entities do not have any (i) Indebtedness of the types described in clauses (a) or (b) of the definition of "Indebtedness" or (ii) any other Indebtedness that is not reflected in the unaudited financial statements consisting of the consolidated unaudited balance sheets of such Contributed Entity covering the most recent quarterly period of such Contributed Entity and included in the Registration Statement Draft (the "**Interim Balance Sheets**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in <u>Section 6.12(c)</u> of such Contributed Entity's Disclosure Schedule or included in the Registration Statement Draft, such Contributed Entity has no liabilities, debts, or obligations of a type required to be disclosed on a balance sheet prepared in accordance with GAAP, except for liabilities, debts, or obligations (i) which have been incurred in the ordinary course of business and which would not reasonably be expected to have a material adverse effect on the financial condition of such Contributed Entity and its Subsidiaries, taken as a whole, (ii) arising under this Agreement or any of the other Transaction Agreements, or (iii) that are adequately reflected or reserved against in the Interim Balance Sheets.

## Section 6.13 Tax Matters . Except as set forth on <u>Section 6.13</u> of such Contributed Entity's Disclosure Schedule:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All income and other material Tax Returns required to be filed by such Contributed Entity (or its applicable Subsidiary) or otherwise related to the Contributed Assets of such Contributed Entity have been duly and timely filed, and such Tax Returns are true, correct, and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All income and other material Taxes owed by such Contributed Entity or any Subsidiary thereof or otherwise related to the Contributed Assets of such Contributed Entity that have become due and payable have been properly and timely paid in full in accordance with applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All withholding Tax requirements imposed on or with respect to such Contributed Entity or any Subsidiary thereof or otherwise related to the Contributed Assets of such Contributed Entity have been satisfied in full in all respects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are not currently in effect any extensions or waivers of any statute of limitations of any jurisdiction regarding the assessment or collection of any Taxes of such Contributed Entity or any Subsidiary thereof or otherwise related to the Contributed Assets of such Contributed Entity and no request for such waiver or extension is pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There is no Tax sharing, Tax allocation, Tax indemnity or similar agreement or arrangement that would be binding on OpCo following the Initial Closing Date or IPO Closing Date, as applicable, with respect to such Contributed Entity or any Subsidiary thereof or otherwise related to the Contributed Assets of such Contributed Entity (excluding, for the avoidance of doubt, any customary provisions contained in commercial agreements or contracts that are not primarily related to Taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There are no claims, assessments, demands, actions, suits, proceedings, or audits with respect to Taxes asserted or now in progress, or to such Contributed Entity's Knowledge, threatened, against such Contributed Entity or any Subsidiary thereof or otherwise related to the Contributed Assets of such Contributed Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There are no currently existing, pending or, to such Contributed Entity's knowledge, threatened Liens (other than Permitted Liens) with respect to a Contributed Entity or any Subsidiary thereof or otherwise related to the Contributed Assets of such Contributed Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For U.S. federal (and applicable state and local) income tax purposes, (i) such Contributed Entity is currently classified as a partnership or disregarded entity and has been since its formation classified as either a partnership or a disregarded entity and (ii) any Subsidiary of such Contributed Entity is, and has been since its formation, classified as a disregarded entity (other than WaterBridge Management Inc., which is, and has been since its formation, classified as a corporation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None of such Contributed Entity or its Subsidiaries has been a member of a consolidated, combined, unitary or similar group for Tax purposes (other than a group, the common parent of which is such Contributed Entity) and no such Contributed Entity has any liability for the Taxes of another person (other than any of its Subsidiaries) under Treasury Regulations Section 1.1502-6 or any similar or comparable provision of state, local or non-U.S. Law, or as a result of transferee, successor or similar liability, by operation of Law, or by contract or assumption or otherwise (excluding, for the avoidance of doubt, any customary provisions contained in commercial agreements or contracts that are not primarily related to Taxes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) None of such Contributed Entity or its Subsidiaries has any material outstanding obligation in respect of escheat or unclaimed property Laws.

Notwithstanding anything to the contrary in this Agreement, this <u>Section 6.13</u> and <u>Section 6.12</u> provide the sole and exclusive representations and warranties of such Contributed Entity in respect of Tax matters or Tax Laws.

## Section 6.14 Material Contracts . <u>Section 6.14</u> of such Contributed Entity's Disclosure Schedule sets forth a complete list of the Material Contracts as of the Execution Date. With respect to each Contributed Entity and its respective Material Contracts:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there exists no material breach or default under any Material Contract by such Contributed Entity or any of its Subsidiaries or, to such Contributed Entity's Knowledge, by any other Person that is party to such Material Contract, and no event has occurred that with notice or lapse of time or both would constitute a material default under any such Material Contract by such Contributed Entity or any of its

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Subsidiaries or, to such Contributed Entity's Knowledge, by any other Person that is party to such Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Material Contract is in full force and effect as to such Contributed Entity or its applicable Subsidiary and, to such Contributed Entity's Knowledge, the other Persons party to such Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no written notice has been received by, or delivered by or on behalf of, such Contributed Entity or any of its Subsidiaries, alleging any default or breach or demanding termination, price redetermination, market out or curtailment of any such Material Contract that has not been finally resolved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such Contributed Entity has Made Available to the other Parties true, correct and complete copies of each such Material Contract and all amendments thereto as of the Execution Date.

## Section 6.15 Insurance . <u>Section 6.15</u> of such Contributed Entity's Disclosure Schedule sets forth a true and complete list, as of immediately prior to the Initial Closing Date, of all material insurance policies maintained by such Contributed Entity or any Subsidiary thereof, or with respect to which such Contributed Entity (or any of its Subsidiaries) is a named insured or otherwise the beneficiary of coverage (collectively, the " Insurance Policies "). Such Insurance Policies are in full force and effect in all material respects on the Initial Closing Date and all premiums due on such Insurance Policies have been paid. There is no claim pending under any such Insurance Policies applicable to the Contributed Assets of such Contributed Entity or any of its Subsidiaries as to which coverage with respect to the policy holder or insured party has been denied or disputed by the underwriters or issuers of such Insurance Policies.

## Section 6.16 SWD Wells; Recycling Facilities; Pipelines .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent applicable, such Contributed Entity (or its applicable Subsidiary) has the legal right to own, use and operate each SWD Well, Recycling Facility and Pipeline owned and operated by such Contributed Entity or any Subsidiary thereof, with all rights to use, operate, maintain, remove or plug and abandon, as applicable, such SWD Wells, Recycling Facilities and Pipelines, in each case, in the manner in which they are currently owned, used and operated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Contributed Assets (i) are in good working order and repair (taking into account age and except for ordinary wear and tear) and are adequate for the uses to which they are being put and are sufficient for the continued operation of the Produced Water handling and disposal activities, in each case, up to the current volume and as currently operated consistent with past practices, and (ii) for the two years immediately prior to the Initial Closing Date (or, if such Contributed Entity or its applicable Subsidiary has owned or operated such Contributed Asset for less than two years prior to the Initial Closing Date, for the period commencing on or the in-service date or the date of acquisition by such Contributed Entity or its applicable Subsidiary, as applicable), have been owned, constructed, maintained and operated in a good and workmanlike manner by such Contributed Entity (or its applicable Subsidiary) as a reasonable and prudent operator of such systems in accordance with current industry standards, in each case with respect to clauses (i) and (ii), in all material respects.

## Section 6.17 Environmental Laws . Except as set forth on <u>Section 6.17</u> of such Contributed Entity's Disclosure Schedule or as would not be material, in the aggregate, to the Business or the Contributed Assets of such Party:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Contributed Entity and each of its Subsidiaries is and, for the last two years, has been in compliance with all applicable Environmental Laws in all material respects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no Actions pending against or, to such Contributed Entity's Knowledge, threatened in writing against such Contributed Entity or any of its Subsidiaries alleging any violations of or liability under any Environmental Law or any violations or liability concerning any Hazardous Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither such Contributed Entity nor any of its Subsidiaries has entered into or agreed to any order, consent decree, writ, injunction or judgment or is subject to any order, consent decree, writ, injunction or judgment relating to compliance with Environmental Laws, Permits required under applicable Environmental Laws or the investigation, Release, sampling, monitoring, treatment, remediation, removal or cleanup of Hazardous Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither such Contributed Entity nor any of its Subsidiaries has assumed, by Contract (other than customer Contracts entered into by Desert in the ordinary course of business) or to the Knowledge of such Contributed Entity, by operation of Law, any liability under any Environmental Law or relating to Hazardous Materials, and neither such Contributed Entity nor any of its Subsidiaries is an indemnitor in connection with any threatened or asserted claim, action, suit, proceeding, demand, lien, investigation by any third-party indemnitee for any liability under any Environmental Law or relating to any Hazardous Materials. With respect to Desert, any liability assumed under any Environmental Law or relating to any Hazardous Materials under customer Contracts entered into by Desert or its Subsidiaries is customary and reasonable for reasonable prudent operators engaging in the line of business as Desert.

Notwithstanding anything to the contrary in this Agreement, this <u>Section 6.17</u> provides the sole and exclusive representations and warranties of such Contributed Entity in respect of environmental matters, including any and all matters arising under or related to Environmental Laws or Hazardous Materials.

## Section 6.18 Real Property . Except as set forth on <u>Section 6.18</u> of such Contributed Entity's Disclosure Schedule or as would not reasonably be expected to have a material and adverse effect on such Contributed Entity:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Contributed Entity or its applicable Subsidiary holds the Surface Contracts required to operate the Business, and the Surface Contracts held by each Contributed Entity and its Subsidiaries comprise all of the interests in Real Property used or held for use in connection with the Contributed Assets of such Contributed Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Such Contributed Entity (or its applicable Subsidiary) has good and valid title to each such Surface Contract; (ii) such Contributed Entity (or its applicable Subsidiary) is not in default under any Surface Contract and, to such Contributed Entity's Knowledge, no event has occurred or circumstance exists that, after the giving of notice of the passage of time, or both, would constitute any such default or could allow or result in limitations, revocation or termination of any of such Surface Contracts or could result in any material impairment of the rights of the holder of such Surface Contract; (iii) such Contributed Entity's (or its applicable Subsidiary's) interests in the Real Property pursuant to such Surface Contracts are free and clear of, and are not subject to, any Liens, other than Permitted Liens; and (iv) all Contributed Assets owned, operated or otherwise held for use by such Contributed Entity (or its applicable Subsidiary) are located within the geographic boundaries covered by such Surface Contracts, except as would not materially interfere with the ownership or operation of such Contributed Assets as currently owned and operated.

## Section 6.19 Absence of Changes .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth on <u>Section 6.19(a)</u> of such Contributed Entity's Disclosure Schedule or as contemplated by the Transaction Agreements or disclosed in the Registration Statement Draft, since June 30, 2025, (i) the Business has been conducted in all material respects in the ordinary course of business,

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except as contemplated by the Transaction Agreements, and (ii) there has not been a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Section 6.19(b)</u> of such Contributed Entity's Disclosure Schedule or as described in the Financial Statements or disclosed in the Registration Statement Draft, since June 30, 2025, none of Water JV, WBEF and Desert has taken any action that if taken from the Execution Date through the IPO Closing Date or earlier termination of this Agreement in accordance with Article XII would constitute a material breach of <u>Section 9.03</u>.

## Section 6.20 No Additional Representation or Warranties . Such Contributing Party makes no representation or warranty in any provision of this Agreement, the Disclosure Schedules, or otherwise, other than those representations and warranties expressly set forth in this <u>Article VI</u>. Without limiting the foregoing, such Contributing Party acknowledges that it and its advisors have made their own investigation of the other Parties and, except as provided in the Registration Statement Draft, <u>Article V</u>, this <u>Article VI,</u> <u>Article VII</u> or <u>Article VIII</u> with respect to the representations and warranties of the other Parties, are not relying on any representation or warranty whatsoever as to the condition, merchantability, suitability or fitness for a particular purpose or trade as to any of the assets of the other Contributed Entities or their respective Subsidiaries (including its Contributed Assets), the prospects (financial or otherwise) or the viability or likelihood of success of the business of such Contributed Entities or any of their Subsidiaries as conducted after the Initial Closing or the IPO Closing, as applicable, as contained in any materials provided by or on behalf of the other Parties or any of their respective Affiliates or any of their respective directors, officers, employees, stockholders, partners, members or representatives or otherwise.

# Article VII<br>Representations and Warranties of the PUBLIC COMPANY GROUP
Each of PubCo and, following the date on which OpCo becomes a Party, OpCo (collectively, the "**Public Company Group**" and each, a "**Public Company Group Member**") hereby represents and warrants to the other Parties that each statement contained in this <u>Article VII</u> is true and correct as of the date hereof and as of Initial Closing Date and the IPO Closing Date.

## Section 7.01 Organization and Qualification . Each Public Company Group Member has the requisite organizational power and authority to own, lease or otherwise hold its properties and assets and to carry on its business as presently conducted. PubCo is a duly organized and validly existing and in good standing under the laws of the State of Delaware. Upon its formation, OpCo will be a limited liability company duly organized and validly existing and in good standing under the laws of the State of Delaware. OpCo will be formed specifically in connection with the transactions contemplated by this Agreement, including the Initial Public Offering, and as contemplated by this Agreement .

## Section 7.02 Authorization; Enforceability . Such Public Company Group Member has the requisite legal capacity, power and authority to enter into this Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance by such Public Company Group Member of this Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all requisite legal action on the part of such Public Company Group Member. This Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is or will be a party, have been or will be duly and validly executed and delivered by such Public Company Group Member, and (assuming due authorization, execution and delivery by the other parties hereto and thereto) constitute or will constitute legal, valid and binding obligations of such Public Company Group Member,

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## enforceable against it in accordance with their respective terms and conditions, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors' rights generally or by general principles of equity.

## Section 7.03 No Conflicts . The execution, delivery and performance by such Public Company Group Member of this Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is or will be a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with, violate, or result in a breach or default under, any provision of its Organizational Documents; (b) violate or conflict with any Law or order of any Governmental Authority applicable to such Public Company Group Member; (c) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination, acceleration or modification of any obligation or loss of any benefit under any Contract to which such Public Company Group Member is a party; or (d) result in the creation or imposition of any Lien on the assets of any Contributed Entity or any Subsidiary thereof, or any Equity Interests of such Public Company Group Member, except, in the cases of <u>clauses (b)</u> and <u>(c)</u>, for such violations, conflictions, defaults or rights of termination, acceleration or modification as would not, or would be reasonably expected to not, individually or in the aggregate, prevent or materially delay the consummation of the transactions contemplated by this Agreement (or the documents to be delivered hereunder) or to materially impair such Public Company Group Member's ability to perform its obligations under this Agreement (or any such document).

## Section 7.04 Consents and Approvals . No approval, consent, order, waiver or authorization of, or registration, declaration or filing with, any Governmental Authority or other Person by such Public Company Group Member is required in connection with the execution, delivery or performance of this Agreement or any of the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party.

## Section 7.05 Valid Issuance of Equity Interests .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of PubCo, the Class A shares and Class B shares, when issued and delivered in accordance with the terms of this Agreement, the Underwriting Agreement and the PubCo A&R LLCA for the consideration expressed in this Agreement or the Underwriting Agreement will constitute all of the issued and outstanding Equity Interests in PubCo as of the IPO Closing (other than any Class A shares that will be issued as of the IPO Closing Date pursuant to the Private Placement, if any) and will be duly and validly issued, fully paid (to the extent required by the PubCo A&R LLCA) and nonassessable (except to the extent provided in the Delaware Limited Liability Company Act (as amended) and subject to the provisions of the PubCo A&R LLCA), and will be free and clear of all Liens imposed by or through PubCo other than restrictions as set forth in this Agreement, the PubCo A&R LLCA and the other Transaction Agreements and under applicable securities Laws. Except as set forth in the Transaction Agreements, for issuances under the LTIP (as defined in the Registration Statement) to be adopted by PubCo or as set forth on <u>Section 7.05(a)</u> of the Public Company Group's Disclosure Schedule, there are no pre-emptive, authorized or other outstanding rights (contingent or otherwise), options, warrants, conversion rights, stock appreciation rights, redemption rights, repurchase rights, preferential purchase rights, agreements, arrangements, calls, subscription agreements, rights of first offer, rights of first refusal, tag along rights, drag along rights, subscription rights, conversion rights, exchange rights, or commitments or other rights of any kind or character relating to any Equity Interests in PubCo or any of its Subsidiaries or entitling any Person to purchase or otherwise acquire any Equity Interests in PubCo or any of its Subsidiaries or obligating such Party or any of its Affiliates to sell, convey, transfer, assign, dispose or issue any Equity Interests, or any other interest, in PubCo or any of its Subsidiaries. Other than the Shareholders' Agreement or as set forth in the Registration Rights Agreement, the PubCo A&R LLCA, the OpCo A&R LLCA or as set forth on <u>Section 7.05(a)</u> of the Public Company Group's Disclosure Schedule, neither the Class A shares

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nor the Class B shares are subject to any shareholders' agreements, voting trusts, proxies or other agreements or understandings with respect to the purchase, sale, voting, distribution rights or transfer of any such Class A shares or Class B shares. The Class A shares and Class B shares will be issued in accordance with the registration requirements of the Securities Act or pursuant to a valid exemption therefrom and will be otherwise issued in compliance with all applicable securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of OpCo, the OpCo Units, when issued and delivered in accordance with the terms of this Agreement and the OpCo A&R LLCA for the consideration expressed in this Agreement, will constitute all of the issued and outstanding Equity Interests in OpCo and will be duly and validly issued, fully paid (to the extent required by the OpCo A&R LLCA) and nonassessable (except to the extent provided in the Delaware Limited Liability Company Act (as amended) and subject to the provisions of the OpCo A&R LLCA), and will be free and clear of all Liens imposed by or through OpCo other than restrictions as set forth in this Agreement, the OpCo A&R LLCA and the other Transaction Agreements and under applicable United States state and federal securities laws. Except as set forth in the PubCo A&R LLCA or the OpCo A&R LLCA, there are no pre-emptive, authorized or other outstanding rights (contingent or otherwise), options, warrants, conversion rights, stock appreciation rights, redemption rights, repurchase rights, preferential purchase rights, agreements, arrangements, calls, subscription agreements, rights of first offer, rights of first refusal, tag along rights, drag along rights, subscription rights, conversion rights, exchange rights, or commitments or other rights of any kind or character relating to any Equity Interests in OpCo or any of its Subsidiaries or entitling any Person to purchase or otherwise acquire any Equity Interests in OpCo or any of its Subsidiaries or obligating such Party or any of its Affiliates to sell, convey, transfer, assign, dispose or issue any Equity Interests, or any other interest, in OpCo or any of its Subsidiaries. Other than the Shareholders' Agreement or as set forth in the PubCo A&R LLCA or the OpCo A&R LLCA, the OpCo Units are not subject to any shareholders' agreements, voting trusts, proxies or other agreements or understandings with respect to the purchase, sale, voting, distribution rights or transfer of any such OpCo Units. The OpCo Units will be issued pursuant to a valid exemption from registration under the Securities Act and will be otherwise issued in compliance with all applicable securities Laws.

## Section 7.06 Brokers . No broker, finder, financial advisor, investment banker or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission in connection with the origination, negotiation, execution, or performance of this Agreement or consummation of transactions contemplated by this Agreement that one or more of the Parties (or any of their respective Affiliates following the IPO Closing) other than a Public Company Group Member is or could become liable or obligated for based upon arrangements made by or on behalf of any Public Company Group Member (or any of its Affiliates prior to the IPO Closing).

## Section 7.07 Formation .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) PubCo was formed on April 11, 2025 and was formed solely for the purpose of engaging in the transactions contemplated by this Agreement and the other Transaction Agreements. PubCo has not owned any material assets or engaged in any other material business activities or conducted any operations since the date of its formation other than in connection with the transactions contemplated hereby or thereby or otherwise in connection with the Initial Public Offering and, if applicable at the IPO Closing, the Private Placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) OpCo will be formed prior to consummation of the transactions contemplated by this Agreement and the other Transaction Agreements. From and after its respective date of formation and except as contemplated by this Agreement, OpCo will not own any material assets or engage in any material business activities or conduct any material operations other than in connection with the transactions contemplated by this Agreement or as may reasonably be required in connection with the Initial Public Offering.

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## Section 7.08 No Additional Representation or Warranties . Each Public Company Group Member makes no representation or warranty in any provision of this Agreement, the Disclosure Schedule or otherwise, other than those representations and warranties expressly set forth in this <u>Article VII</u> Without limiting the foregoing, such Public Company Group Member acknowledges that it and its advisors, have made their own investigation of the Parties and, except as provided in the Registration Statement Draft, <u>Article V</u>, <u>Article VI,</u> this <u>Article VII</u> or <u>Article VIII</u> with respect to the representations and warranties of the Parties, are not relying on any representation or warranty whatsoever as to the condition, merchantability, suitability or fitness for a particular purpose or trade as to any of the assets of the Contributed Entities or any of their Subsidiaries, the prospects (financial or otherwise) or the viability or likelihood of success of the businesses of such Contributed Entities or any of their Subsidiaries as conducted after the IPO Closing, as contained in any materials provided by or on behalf of the Parties or any of their respective Affiliates or any their respective directors, officers, employees, stockholders, partners, members or representatives or otherwise.

# Article VIII<br>Representations and Warranties of GIC
GIC hereby represents and warrants to the other Parties that each statement contained in this <u>Article VIII</u> is true and correct as of each of the Initial Closing Date and the IPO Closing Date.

## Section 8.01 Organization and Qualification . GIC has been duly formed and is validly existing and in good standing under the applicable Law of its jurisdiction of formation with all requisite corporate, limited liability company, partnership or other, as applicable, power and authority to own, lease or otherwise hold and operate its properties and assets and to carry on its business as presently conducted. GIC represents on behalf of itself that it is duly qualified and in good standing as a foreign entity to do business in each jurisdiction in which the conduct or nature of its business or the ownership, leasing, holding or operating of its properties makes such qualification necessary, except such jurisdictions where the failure to be so qualified or in good standing would not reasonably be expected to have a Material Adverse Effect.

## Section 8.02 Authorization; Enforceability . GIC has all requisite legal capacity, power and authority to enter into this Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance by GIC of this Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all requisite legal action on the part of GIC and, if required, its Affiliates. This Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party, have been duly and validly executed and delivered by GIC, and (assuming due authorization, execution and delivery by the other parties hereto and thereto) constitute legal, valid and binding obligations of GIC, enforceable against it in accordance with their respective terms and conditions, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors' rights generally or by general principles of equity.

## Section 8.03 No Conflicts . The execution, delivery and performance by GIC of this Agreement and the documents to be delivered hereunder (including the other Transaction Agreements) to which it is or will be a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with, violate, or result in a breach or default under, any provision of its Organizational Documents; (b) violate or conflict with any Law or order of any Governmental Authority applicable to GIC; (c) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination, acceleration or modification of any obligation or loss of any

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## benefit under any Contract to which GIC is a party; or (d) result in the creation or imposition of any Lien on the assets of any Contributed Entity or any Subsidiary thereof or on the Contributed Equity Interests in which GIC indirectly owns an interest, except, in the cases of <u>clauses (b)</u> and <u>(c)</u>, for such violations, conflictions, defaults or rights of termination, acceleration or modification as would not, or would be reasonably expected to not, individually or in the aggregate, prevent or materially delay the consummation of the transactions contemplated by this Agreement (or the documents to be delivered hereunder) or to materially impair GIC's ability to perform its obligations under this Agreement (or any such document).

## Section 8.04 Consents and Approvals . No approval, consent, order, waiver or authorization of, or registration, declaration or filing with, any Governmental Authority or other Person is required in connection with GIC's execution, delivery or performance of this Agreement or any of the documents to be delivered hereunder (including the other Transaction Agreements) to which it is a party.

## Section 8.05 Equity Interests . As of immediately prior to the consummation of the applicable transactions contemplated herein, GIC is the sole legal, beneficial, record and equitable owner of, and has (or will have, as applicable) good and valid title to, 360,819,200 Class A Common Units and 18,056.1652 Class P-1 Common Units, respectively, in WB 892, free and clear of all Liens (other than restrictions on transfer (a) that may be imposed by applicable securities Laws or (b) that are set forth in the Organizational Documents of WB 892).

## Section 8.06 Bankruptcy . There are no bankruptcy, insolvency, reorganization or receivership proceedings pending against, being contemplated by or, to GIC's Knowledge, threatened against GIC. GIC is not insolvent.

## Section 8.07 Legal Proceedings . There is no Action of any nature pending or, to GIC's Knowledge, threatened in writing (a) against, by or otherwise involving, relating to or affecting any Contributed Equity Interests in which GIC indirectly owns an interest; or (b) that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement or the documents to be delivered hereunder (including the other Transaction Agreements) to which GIC is a party.

## Section 8.08 Brokers . No broker, finder, financial advisor, investment banker or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission in connection with the origination, negotiation, execution, or performance of this Agreement or consummation of transactions contemplated by this Agreement that one or more of the other Parties (or any of their respective Affiliates) is or could become liable or obligated for based upon arrangements made by or on behalf of GIC (or any of its Affiliates).

## Section 8.09 No Additional Representation or Warranties . GIC makes no representation or warranty in any provision of this Agreement, the Disclosure Schedules or otherwise, other than those representations and warranties expressly set forth in this <u>Article VIII</u> and in the WB 892 Merger Agreement. Without limiting the foregoing, GIC acknowledges that it and its advisors have made their own investigation of the other Parties and, except as provided in the Registration Statement Draft, Article V, Article VI or Article VII with respect to the representations and warranties of the other Parties, are not relying on any representation or warranty whatsoever as to the condition, merchantability, suitability or fitness for a particular purpose or trade as to any of the assets of the other Contributed Entities or any of their Subsidiaries (including its respective Contributed Assets), the prospects (financial or otherwise) or the viability or likelihood of success of the business of such Contributed Entities or any of their Subsidiaries as conducted after the Initial Closing or the IPO Closing, as applicable, as contained in any materials provided by or on behalf of the other Parties or any of their respective Affiliates or any of their respective directors, officers, employees, stockholders, partners, members or representatives or otherwise.

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# Article IX<br>ADDITIONAL AGREEMENTS, Covenants, RIGHTS<br>AND OBLIGATIONS

## Section 9.01 Underwriting Agreement . Promptly following execution of the Underwriting Agreement, PubCo shall notify the Contributing Parties and GIC of the execution of the Underwriting Agreement. PubCo is hereby authorized to authorize the release of each applicable Party's respective Lock-Up Agreement contemporaneously with the execution of the Underwriting Agreement.

## Section 9.02 Post-Closing Consolidation . On the IPO Closing Date, immediately following the transactions set forth in Section 3.01, OpCo hereby agrees that the following transactions set forth below shall be deemed to occur in the order set forth herein:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) WBEF, as the sole member of WaterBridge Holdings LLC ("**WaterBridge Holdings**"), shall cause the Sixth Amended and Restated Limited Liability Company Agreement of WaterBridge Holdings, dated as of September 14, 2023, to be amended and restated substantially in the form attached hereto as <u>Exhibit N</u> and shall pay or cause to be paid to Elda River an amount equal to the Unpaid Series A Distributions in immediately available funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) OpCo shall cause the Sixth Amended and Restated Limited Liability Company Agreement of WBEF, dated as of September 14, 2023 (as amended by that First Amendment to Sixth Amended and Restated Limited Liability Company Agreement of WBEF, dated June 27, 2024), to be amended and restated substantially in the form attached hereto as <u>Exhibit O</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) OpCo shall cause the Amended and Restated Limited Liability Company Agreement of Desert, dated as of September 15, 2023, to be amended and restated substantially in the form attached hereto as <u>Exhibit P</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) OpCo shall cause the Amended and Restated Limited Liability Company Agreement of NDB Midstream LLC, dated as of May 3, 2023, to be amended and restated substantially in the form attached hereto as <u>Exhibit Q</u>.

## Section 9.03 Conduct of Business . Except (w) as otherwise permitted or contemplated by this Agreement, (x) as otherwise required by Law, (y) as set forth on <u>Section 9.03</u> of each Party's respective Disclosure Schedule, as applicable, or (z) with the prior written consent of PubCo and a Supermajority Interest (which consent, in each case, of PubCo and such Supermajority Interest, will not be unreasonably withheld, delayed or conditioned), each of the Contributing Parties agrees that from the Execution Date through the IPO Closing Date or earlier termination of this Agreement in accordance with <u>Article XIII</u>:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to each Contributing Party's respective Business, such Contributing Party shall and shall cause its respective Contributed Entity to (i) conduct or cause to be conducted the Business in the ordinary course of business (including operating the applicable Contributed Assets in the ordinary course of business) in all material respects and in compliance in all material respects with applicable Laws, Permits and Material Contracts, and (ii) use or cause to be used commercially reasonable efforts to preserve intact the present business organizations and material rights and franchises of the Business and to preserve the material relationships of the Business with operators, producers, customers, suppliers, others having business dealings with the Business, and Governmental Authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Contributing Party shall cause its respective Contributed Entity to (and no Contributed Entity shall) take any of the following actions:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except as contemplated by the transactions set forth in <u>Article II</u> and <u>Article III</u> herein, terminate, amend, modify, extend or waive any material right under the Organizational Documents of such Contributed Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as contemplated by the transactions set forth in <u>Article II</u> and <u>Article III</u> herein, terminate, amend, modify, extend or waive any material right under any Material Contract; *provided*, *however*, notwithstanding anything to the contrary in this Agreement, each Contributed Entity may terminate, amend, modify, extend or waive any material right under any Material Contract under clauses (b), (f), (h), (k), and (l) (in each case, including such Material Contracts that would otherwise be included in clause (m) as well) of the definition of "Material Contracts" as long as such action is in the ordinary course of business and would not, individually or in the aggregate, be reasonably expected to materially and adversely affect the applicable Contributed Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into any Contract that, if in effect as of the Execution Date, would be a Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except in connection with the transactions contemplated by this Agreement or any other Transaction Agreements, authorize, issue, subdivide, redeem, repurchase, or reclassify any Equity Interests or any options, warrants or rights to acquire any Equity Interests or any interest therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) amend, change or alter the rights, preferences or privileges of any of its respective Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) grant or voluntarily incur any Liens on or against any of its respective Equity Interests (other than restrictions on transfer (A) that may be imposed by applicable securities Laws or (b) that are set forth in the Organizational Documents of such Contributed Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) liquidate (or partially liquidate), dissolve or otherwise wind up the affairs of such Contributed Entity, or adopt a plan of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) except in connection with the transactions contemplated by this Agreement or any other Transaction Agreements, enter into any consolidation, merger, reorganization or similar transaction or otherwise acquire any business line or Person, whether by merger or consolidation, purchase of substantial assets or Equity Interests, or by any other manner, in a single transaction or a series of related transactions, or enter into any Contract with respect to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) make, change or revoke any material Tax election; amend any material Tax Return outside the ordinary course of business; file any material Tax Return outside the ordinary course of business; settle or compromise any material Tax liability; enter into any closing or similar agreement with respect to Taxes; surrender or compromise any material Tax refund; extend or waive any statute of limitations in respect of Taxes; or incur any material Tax liability outside the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) except as set forth on <u>Section 9.03(b)(x)</u> of each Party's respective Disclosure Schedule (as applicable), mortgage, re-mortgage, pledge, hypothecate, or otherwise encumber or subject to a Lien, any material asset of such Contributed Entity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) sell, lease, lend, license, exchange, abandon, cancel, or otherwise dispose of any material asset of such Contributed Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) except for trade payables in the ordinary course of business or with respect to any capital expenditure set forth in the applicable development plan included in such Contributed Entity's Disclosure Schedules attached as <u>Schedule 11</u> of the Disclosure Schedules, permit the Contributed Entity to (A) create, incur or assume any Indebtedness, (B) assume, guarantee, endorse or otherwise become liable or responsible (whether directly or indirectly) for any obligations of any Person other than any Subsidiary of such Contributed Entity or (C) make any loans, advances or capital contributions to, or investments in, any Person other than any Subsidiary of such Contributed Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) cancel any third-party Indebtedness owed to such Contributed Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) amend or modify on materially adverse terms or conditions, terminate, permit to lapse or fail to maintain (without replacement on substantially similar or no less favorable terms and conditions) any existing material Permit held by a Contributed Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) settle any Action or compromise or settle any liability arising therefrom or at dispute therein which results in restrictions or limitations that materially and adversely affect the ability of the Contributed Entity to conduct its Business after the IPO Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) authorize, or make any commitment with respect to, any capital expenditure other than capital expenditures made in accordance with the applicable development plan included in such Contributed Entity's Disclosure Schedules attached as <u>Schedule 11</u> of the Disclosure Schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) declare, pay or set aside any dividend or make any distribution except for dividends or distributions set forth on <u>Section 9.03(b)(xvii)</u> of each Party's respective Disclosure Schedule (as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) enter into an agreement to accomplish any of the foregoing items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) PubCo and OpCo shall, and WBR Holdings and NBD Holdings shall cause each of PubCo and OpCo to, not make any material change to the "Use of Proceeds" section of the Registration Statement Draft relating to the uses of the IPO Proceeds (other than changes to amounts or that are incidental to the inclusion of a price range or the public offering price and size of the Initial Public Offering as set forth in the Final Prospectus).

Prior to the Initial Closing and without limitation to the consents given by each of the applicable Parties pursuant to <u>Section 9.11</u>, nothing in this <u>Section 9.03</u> shall supersede (i) any of DVN JV Holdco's consent and other rights pursuant to Water JV's Organizational Documents, which shall, in each case, remain in full force and effect in accordance with their terms or (ii) each of GIC and Elda River's consent and other rights pursuant to WBEF's Organizational Documents, WB 892's Organizational Documents and the Equityholders Agreement, in each case, as applicable, which shall, in each case, remain in full force and effect in accordance with their terms.

## Section 9.04 Further Cooperation . Each Party agrees that it will (and will cause its respective Affiliates to), at any time and from time to time after the Initial Closing or the IPO Closing, as applicable, upon the written request of PubCo or OpCo and without further consideration, do, perform, execute, acknowledge and deliver such further acts, documents, instruments, assignments and certificates, and

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## provide such further assurances, as may be reasonably required to carry out the provisions of this Agreement or give effect to the transactions contemplated hereby or the documents to be delivered hereunder or to carry out and perform any undertaking made by the Parties hereunder or thereunder. Without limiting the foregoing, each Contributing Party shall take such actions as reasonably required to contribute to the applicable Contributed Entity (or such Contributed Entity's Subsidiary), effective as of the Initial Closing, any assets or Contracts primarily used or held for use in connection with, and any obligations primarily related thereto, such Contributed Entity's Contributed Assets or Business. Further, each Party shall, as applicable and with respect to the applicable Contributed Assets, (a) actively pursue the unconditional approval of all applicable Governmental Authorities, (b) file and actively pursue approvals from the applicable Governmental Authority of all federal and state change of operator forms, as applicable, and (c) actively pursue all other consents and approvals that may be required in connection with such contribution or merger, in each case, that shall not have been obtained prior to the Initial Closing.

## Section 9.05 Control of Other Party's Business . Nothing contained in this Agreement will give any Party, directly or indirectly, the right to control or direct the operations of any other Party prior to the Initial Closing Date or IPO Closing Date, as applicable. Prior to the Initial Closing, each of the Parties will exercise, consistent with the terms and conditions of this Agreement, complete control and supervision over its respective business, assets and operations and the business, assets and operations of its respective Subsidiaries (and, for the avoidance of doubt, after the IPO Closing Date, shall maintain control with respect to any portion thereof that is not contributed to PubCo or its Subsidiaries pursuant to this Agreement). The Parties further acknowledge that, except as expressly provided in this Agreement, any of the other Transaction Agreements or any other documents dated as of the date hereof or as of the Initial Closing Date and delivered by the applicable Parties in connection with this Agreement, including without limitation, each Parties rights under <u>Section 9.03</u> hereof, and without modifying or limiting any of the terms of any of the foregoing, the Five Point Members and PubCo will be able to make all decisions with respect to the terms, launch and consummation of the Initial Public Offering; *provided, however*, the Five Point Members and PubCo agree to consult in good faith with DVN JV Holdco prior to or concurrently with making any material decisions with respect to the Initial Public Offering, it being understood that each of the Five Point Members and PubCo shall be deemed to have complied with the foregoing proviso if DVN JV Holdco has been afforded the opportunity to attend scheduled meetings among the Five Point Members (or their Affiliates) and the managing underwriters of the Initial Public Offering at which material terms of the Initial Public Offering are discussed. Nothing in this Agreement, including any of the actions, rights or restrictions set forth herein, will be interpreted in such a way as to place PubCo or any of the other Parties in violation of any rule, regulation or policy of any Governmental Authority or applicable Law.

## Section 9.06 Initial Public Offering; Lock-Up Period .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Contributing Party and GIC agrees, if requested by PubCo or the Representatives, to promptly provide such information as may be reasonably and customarily requested by PubCo or such Representatives (to the extent such information is in the possession of such Contributing Party), and to otherwise reasonably cooperate and use commercially reasonable efforts to facilitate the consummation of the Initial Public Offering; provided, that, with respect to GIC, DVN JV Holdco and WB 892, the foregoing shall not require the grant of, or be deemed to grant, any consent or waive any condition under this Agreement, any of the other Transaction Agreements or any other documents dated as of the date hereof or as of the Initial Closing Date and delivered by the applicable Parties in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Initial Public Offering, each Contributing Party and GIC agrees that, upon request of the Representatives and prior to the Initial Closing Date, it shall enter into a customary lock-up agreement (substantially in the form attached as an exhibit to the Underwriting Agreement and not exceeding 180 days after the date of the Underwriting Agreement) covering its Class A shares or securities convertible into or exercisable or exchangeable for Class A shares or any other securities of PubCo and for

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a period specified by the managing underwriter or managing underwriters of such Initial Public Offering (each a "**Lock-Up Agreement**"). Such Party shall deliver to PubCo such Party's executed counterpart to such Lock-Up Agreement prior to the execution of the Underwriting Agreement and agrees that PubCo shall have the right to release such executed counterpart on behalf of such Party immediately following execution of the Underwriting Agreement. Notwithstanding the foregoing, each Lock-Up Agreement (i) shall contain customary exceptions and carveouts that are no less favorable to such Party than any other Lock-Up Agreement and (ii) shall provide that in the event that PubCo or the managing underwriters of the Initial Public Offering waive or terminate any of the restrictions contained in any Lock-Up Agreement or similar agreement with respect to the Equity Interests of any Contributing Party, GIC or any officer, director or holder of more than 1% of the Class A shares of PubCo (in any such case, the "**Released Securities**"), the restrictions in each other Lock-Up Agreement shall be waived or terminated, as applicable, to the same extent and with respect to the same percentage of Equity Interests held by each Contributing Party and GIC, as applicable, as the percentage of Released Securities represent with respect to the Equity Interests held by the Contributing Party, GIC, officer, director or holder holding Released Securities, subject to customary exceptions to be mutually agreed upon with the managing underwriters of the Initial Public Offering.

## Section 9.07 NYSE Listing . Prior to the IPO Closing, PubCo will use its best efforts to obtain approval for listing the Class A shares on the NYSE.

## Section 9.08 Formation of OpCo . From and after the Execution Date but no earlier than the date of the launch of the "roadshow" with respect to the Initial Public Offering, WBR Holdings will form OpCo as a Delaware limited liability company pursuant to Organizational Documents approved in advance by PubCo (such date of formation, the " OpCo Formation Date "). On the OpCo Formation Date, WBR Holdings shall cause OpCo to, and OpCo shall, execute a joinder to this Agreement (in substantially the form attached hereto as <u>Exhibit B</u>), pursuant to which OpCo shall agree to become, and be deemed to be, a party to this Agreement, subject to the terms, limitations and conditions set forth herein (the " Joinder ").

## Section 9.09 Several and Not Joint Obligations . Notwithstanding anything to the contrary in this Agreement, each of the covenants of the Parties contained herein are made severally as to such Party only, and are not made jointly.

## Section 9.10 Release . Upon the occurrence of the IPO Closing and effective as of the Initial Closing Date, each of the Contributing Parties and GIC, in each case, on behalf of itself and its Affiliates (in its capacity as a Party as well as its capacity as a partner, member, manager, stockholder or other direct or indirect equityholder, or officer, director or representative of any Contributed Entity), each Contributed Entity, WaterBridge, OpCo and PubCo (collectively, the " Releasing Parties "), hereby unconditionally and irrevocably releases and forever discharges, effective as of and forever after the Initial Closing Date, to the fullest extent permitted by Law, WaterBridge, WBR Holdings, OpCo, GIC, each other Contributing Party, and each of the Contributed Entities and each of their respective Subsidiaries and each other partner, member, manager, stockholder or other direct or indirect equityholder, or officer, director or representative of such Contributed Entity (collectively, the " Released Parties ") from any and all debts, liabilities, obligations, claims, demands, actions or causes of action, suits, judgments or controversies of any kind whatsoever that such Releasing Party may possess against each Released Party, if any, or any of them that arises out of or is based on any (collectively, " Pre-Transaction Claims ") agreement or understanding or act or failure to act (including any act or failure to act that constitutes ordinary negligence), transaction, fact, event or other matter occurring on or prior to the Initial Closing Date (whether based at law or in equity, based on tort, common law, contract, statute or any other theory of recovery or under any theory of strict liability, negligence, or otherwise, foreseen or unforeseen, matured or unmatured, known or unknown, asserted or unasserted, accrued or not accrued) (collectively " Pre-Transaction Matters "), including: (a) claims by such Releasing Party with respect to repayment of loans or indebtedness; (b) any right, title and interest in, to or under any agreements, arrangements or understandings to which such Releasing Party is a

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## party (other than this Agreement or the transactions provided for herein or contemplated hereby); and (c) claims by such Releasing Party with respect to Equity Interests, dividends, distributions, violations of preemptive rights and such Releasing Party's status as an officer, director, stockholder, partner, member, manager, option holder or other security holder of a Released Party; *provided, however*, that this <u>Section 9.10</u> shall not apply to (x) any claim to enforce this Agreement or any other Transaction Agreement or the transactions provided for herein or therein or contemplated hereby or thereby, or (y) any rights or obligations under any existing Contracts between a Releasing Party and Released Party that are not terminated as a result of the transactions contemplated in the Transaction Agreements. Each Releasing Party further agrees, from and after the Initial Closing Date, not to file or bring any claim before any Governmental Authority on the basis of or with respect to any Pre-Transaction Claim concerning any Pre-Transaction Matter against any Released Party. Each Releasing Party (i) acknowledges that such Releasing Party fully comprehends and understands all the terms of this <u>Section 9.10</u> and their legal effects and (ii) expressly represents and warrants that (A) such Releasing Party is competent to effect the release made in this <u>Section 9.10</u> knowingly and voluntarily and without reliance on any statement or representation of any Released Party or its representatives and (B) such Releasing Party had the opportunity to consult with an attorney of such Releasing Party's choice regarding this <u>Section 9.10</u>.

## Section 9.11 Consent . The execution of this Agreement by each of the Parties shall be deemed to be a consent or waiver by such Party (in its capacity as a Party as well as its capacity as a partner, member, manager, stockholder or other direct or indirect equityholder, or officer, director or representative of any other Party or any Contributed Entity), as applicable, to the transactions expressly provided for in this Agreement and the other Transaction Agreements attached hereto for all purposes under the Organizational Documents of each Contributed Entity or otherwise; *provided, however,* that the foregoing shall not constitute a consent or waiver by any Indemnified Person under any applicable D&O Provision as set forth in <u>Section 14.14(a)</u>.

## Section 9.12 Termination of Certain Rights; Terminated Agreements . From and after the Initial Closing, (a) each Party waives any and all rights under the Organizational Documents of each Contributed Entity or otherwise, including any right to appoint a director, manager or observer to the board of directors (or similar governing body) of PubCo, OpCo or any of their Subsidiaries (including any Contributed Entity) and any right to receive information about PubCo, OpCo or their Subsidiaries, other than as set forth in the Shareholders' Agreement, the Registration Rights Agreement, the PubCo A&R LLCA and the OpCo A&R LLCA, and (b) each Party acknowledges and agrees that each of the agreements listed on <u>Exhibit J</u> attached hereto (the " Terminated Agreements ") shall, subject to <u>Section 13.04</u>, terminate effective upon the Initial Closing (provided that the IPO Closing occurs) and that, subject to <u>Section 9.10</u>, no party to any such Terminated Agreement shall have any rights or obligations or liabilities thereunder after such termination except as expressly contemplated thereby. Without limiting the foregoing, each Party acknowledges that certain of the Parties have entered into a Termination Agreement on the date hereof (the " Termination Agreement ") with the parties to the Terminated Agreements to terminate such Terminated Agreements effective upon the Initial Closing.

# Article X<br>CONDITIONS TO CLOSING

## Section 10.01 Conditions to Each Party's Obligations . The obligation of the Parties to proceed with the Initial Closing is subject to the satisfaction on or prior to the Initial Closing Date of any one or more of the following conditions, which may be waived in writing, in whole or in part, as to a Party by such Party:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No order, decree, preliminary or permanent injunction or other legal restraint of any Governmental Authority shall be in effect, and no Law shall have been enacted or adopted, that enjoins,

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prohibits or makes illegal the consummation of the transactions contemplated by <u>Article II</u> or <u>Article</u> III, as applicable, of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No actions, lawsuits, claims or proceedings shall be pending that seeks to restrain, enjoin, prohibit or delay consummation of the transactions contemplated by this Agreement.

## Section 10.02 Conditions to the Obligations of PubCo and OpCo . The obligation of PubCo and OpCo to proceed with the Initial Closing or the IPO Closing, in each case, is subject to the satisfaction on or prior to the Initial Closing Date or the IPO Closing Date of all of the following conditions, any one or more of which may be waived in writing, in whole or in part, by PubCo (in its sole discretion):
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The representations and warranties of each Contributing Party set forth in <u>Article V</u> (other than the Fundamental Representations) shall be true and correct (without giving effect to any "material", "materially", "materiality", "Material Adverse Effect", "material adverse effect" or similar qualifiers contained in any of such representations and warranties) in all respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) and as of the IPO Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) except for any failures of such representations or warranties to be so true and correct which would not have or would not be reasonably likely to have a Material Adverse Effect; (ii) each Contributing Party's Fundamental Representations and the representations and warranties with respect to <u>Section 5.10</u> shall be true and correct in all but *de minimis* respects as of the Execution Date, as of the Initial Closing as if made on the date thereof and as of the IPO Closing as if made on the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date); and (iii) each Contributing Party shall have performed in all material respects (or caused to have been performed in all material respects) all covenants and agreements required of it by this Agreement as of the Initial Closing and the IPO Closing, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The representations and warranties of each of NDB Holdings, WaterBridge Resources, WaterBridge II and Desert Holdings set forth in <u>Article VI</u> (other than the Fundamental Representations) shall be true and correct (without giving effect to any "material", "materially", "materiality", "Material Adverse Effect", "material adverse effect" or similar qualifiers contained in any of such representations and warranties) in all respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) and as of the IPO Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) except for any failures of such representations or warranties to be so true and correct which would not have or would not be reasonably likely to have a Material Adverse Effect; (ii) each of NDB Holdings', WaterBridge Resources', WaterBridge II's and Desert Holdings' Fundamental Representations and the representations and warranties contained with respect to <u>Section 6.13</u> shall be true and correct in all but *de minimis* respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) and as of the IPO Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date); and (iii) each of NDB Holdings, WaterBridge Resources, WaterBridge II and Desert Holdings shall have performed in all material respects (or caused to have been performed in all material respects) all covenants and agreements required of it by this Agreement as of the Initial Closing and the IPO Closing, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The representations and warranties of GIC set forth in <u>Article VIII</u> (other than the Fundamental Representations) shall be true and correct (without giving effect to any "material", "materially", "materiality", "Material Adverse Effect", "material adverse effect" or similar qualifiers contained in any of such representations and warranties) in all respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) and as of the IPO Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) except for any failures of such representations or warranties to be so true and correct which would not have or would not be reasonably likely to have a Material Adverse Effect; (ii) GIC's Fundamental Representations shall be true and correct in all but *de minimis* respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) and as of the IPO Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date); and (iii) GIC shall have performed in all material respects (or caused to have been performed in all material respects) all covenants and agreements required of it by this Agreement as of the Initial Closing and the IPO Closing, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each applicable Party (other than OpCo and Pubco) has delivered, or caused to be delivered, all applicable documents and instruments required to be delivered pursuant to <u>Section 4.02</u>.

## Section 10.03 Conditions to the Obligations of each Contributing Party . The obligation of each Contributing Party to proceed with the Initial Closing and, with respect to DVN JV Holdco, the effectiveness of all of DVN JV Holdco's consents, waivers and agreements contemplated herein, is subject to the satisfaction on or prior to the Initial Closing Date of all of the following conditions, any one or more of which may be waived in writing, in whole or in part, solely by the applicable Contributing Party to which each such condition pertains:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The representations and warranties of the Public Company Group set forth in <u>Article VII</u> (other than the Fundamental Representations) shall be true and correct (without giving effect to any "material", "materially", "materiality", "Material Adverse Effect", "material adverse effect" or similar qualifiers contained in any of such representations and warranties) in all respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) except for any failures of such representations or warranties to be so true and correct which would not have or would not be reasonably likely to have a Material Adverse Effect; (ii) each Public Company Group Member's Fundamental Representations shall be true and correct in all but *de minimis* respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date); and (iii) each Public Company Group Member shall have performed in all material respects (or caused to have been performed in all material respects) all covenants and agreements required of it by this Agreement as of the Initial Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The representations and warranties of each of NDB Holdings, WaterBridge Resources, WaterBridge II and Desert Holdings set forth in <u>Article VI</u> (other than the Fundamental Representations) shall be true and correct (without giving effect to any "material", "materially", "materiality", "Material Adverse Effect", "material adverse effect" or similar qualifiers contained in any of such representations and warranties) in all respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) except for any failures of such representations or warranties to be so true and correct which would not have or would not be reasonably likely to have a Material Adverse

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Effect; (ii) each of NDB Holdings', WaterBridge Resources', WaterBridge II's and Desert Holdings' Fundamental Representations and the representations and warranties contained with respect to <u>Section 6.13</u> shall be true and correct in all but *de minimis* respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date); and (iii) each of NDB Holdings, WaterBridge Resources, WaterBridge II and Desert Holdings shall have performed in all material respects (or caused to have been performed in all material respects) all covenants and agreements required of it by this Agreement as of the Initial Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) The representations and warranties of each other Contributing Party set forth in <u>Article V</u> (other than the Fundamental Representations) shall be true and correct (without giving effect to any "material", "materially", "materiality", "Material Adverse Effect", "material adverse effect" or similar qualifiers contained in any of such representations and warranties) in all respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) except for any failures of such representations or warranties to be so true and correct which would not have or would not be reasonably likely to have a Material Adverse Effect; (ii) each other Contributing Party's Fundamental Representations and the representations and warranties with respect to <u>Section 5.10</u> shall be true and correct in all but *de minimis* respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date); and (iii) each other Contributing Party shall have performed in all material respects (or caused to have been performed in all material respects) all covenants and agreements required of it by this Agreement as of the Initial Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) The representations and warranties of GIC set forth in <u>Article VIII</u> (other than the Fundamental Representations) shall be true and correct (without giving effect to any "material", "materially", "materiality", "Material Adverse Effect", "material adverse effect" or similar qualifiers contained in any of such representations and warranties) in all respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) except for any failures of such representations or warranties to be so true and correct which would not have or would not be reasonably likely to have a Material Adverse Effect; (ii) GIC's Fundamental Representations shall be true and correct in all but *de minimis* respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date); and (iii) GIC shall have performed in all material respects (or caused to have been performed in all material respects) all covenants and agreements required of it by this Agreement as of the Initial Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each other applicable Party has delivered, or caused to be delivered, all applicable documents and instruments required to be delivered pursuant to <u>Section 4.02</u>.

## Section 10.04 Conditions to the Obligations of GIC . The obligation of GIC to proceed with the Initial Closing and the effectiveness of all of GIC's consents, waivers and agreements contemplated herein, is subject to the satisfaction on or prior to the Initial Closing Date, of all of the following conditions, any one or more of which may be waived in writing, in whole or in part, by GIC:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The representations and warranties of the Public Company Group set forth in <u>Article VII</u> (other than the Fundamental Representations) shall be true and correct (without giving effect to any "material", "materially", "materiality", "Material Adverse Effect", "material adverse effect" or similar qualifiers contained in any of such representations and warranties) in all respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations

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and warranties made as of a specific date, which shall be true and correct as of such specific date) except for any failures of such representations or warranties to be so true and correct which would not have or would not be reasonably likely to have a Material Adverse Effect; (ii) each Public Company Group Member's Fundamental Representations shall be true and correct in all but *de minimis* respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date); and (iii) each Public Company Group Member shall have performed in all material respects (or caused to have been performed in all material respects) all covenants and agreements required of it by this Agreement as of the Initial Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The representations and warranties of each of NDB Holdings, WaterBridge Resources, WaterBridge II and Desert Holdings set forth in <u>Article VI</u> (other than the Fundamental Representations) shall be true and correct (without giving effect to any "material", "materially", "materiality", "Material Adverse Effect", "material adverse effect" or similar qualifiers contained in any of such representations and warranties) in all respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) except for any failures of such representations or warranties to be so true and correct which would not have or would not be reasonably likely to have a Material Adverse Effect; (ii) each of NDB Holdings', WaterBridge Resources', WaterBridge II's and Desert Holdings' Fundamental Representations and the representations and warranties contained with respect to <u>Section 6.13</u> shall be true and correct in all but *de minimis* respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date); and (iii) each of NDB Holdings, WaterBridge Resources, WaterBridge II and Desert Holdings shall have performed in all material respects (or caused to have been performed in all material respects) all covenants and agreements required of it by this Agreement as of the Initial Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) The representations and warranties of each Contributing Party set forth in <u>Article V</u> (other than the Fundamental Representations) shall be true and correct (without giving effect to any "material", "materially", "materiality", "Material Adverse Effect", "material adverse effect" or similar qualifiers contained in any of such representations and warranties) in all respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date) except for any failures of such representations or warranties to be so true and correct which would not have or would not be reasonably likely to have a Material Adverse Effect; (ii) each Contributing Party's Fundamental Representations and the representations and warranties with respect to <u>Section 5.10</u> shall be true and correct in all but *de minimis* respects as of the Execution Date and as of the Initial Closing Date as though made on and as of the date thereof (except for representations and warranties made as of a specific date, which shall be true and correct as of such specific date); and (iii) each Contributing Party shall have performed in all material respects (or caused to have been performed in all material respects) all covenants and agreements required of it by this Agreement as of the Initial Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each applicable Party (other than GIC) has delivered, or caused to be delivered, all applicable documents and instruments required to be delivered pursuant to <u>Section 4.02</u>.

# Article XI<br>Tax Matters

## Section 11.01 Transfer Taxes . All transfer, documentary, sales, use, stamp, registration, value added and similar Taxes and fees incurred in connection with this Agreement and the documents to be delivered hereunder (" Transfer Taxes ") shall be borne and paid by OpCo or its applicable Subsidiary.

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## OpCo or its applicable Subsidiary shall timely file any Tax Return with respect to Transfer Taxes (and the Parties shall cooperate with respect thereto as necessary).

## Section 11.02 Intended Tax Treatment; Tax Elections .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties acknowledge and agree that for U.S. federal (and applicable state and local) income tax purposes (i) the contributions by the WB 892 WaterBridge Holders and certain WBEF Holders contemplated by the WBR Holdings Reorganization will be treated as tax-deferred contributions to WBR Holdings under Section 721 of the Code, (ii) the contributions by DVN JV Holdco, NDB Holdings, WB 892, WBR Holdings and Elda River contemplated by <u>Section 2.01(c)</u> will be treated as an "assets-over" partnership merger within the meaning of Treasury Regulation Section 1.708-1(c)(3)(i), pursuant to which (x) OpCo will be treated as a continuation of Water JV pursuant to Section 708 of the Code (the "**Continuing Partnership**"), (y) DVN JV Holdco and NDB Holdings will be treated as continuing partners in the Continuing Partnership, and (z) WBEF will be treated as making tax-deferred contributions of all of its assets and liabilities to the Continuing Partnership under Section 721 of the Code in exchange for OpCo Interests, and immediately thereafter, WBEF will be treated as distributing such OpCo Interests to WB 892, WBR Holdings and Elda River in liquidation under Section 731 of the Code, (iii) the contributions by Desert Holdings contemplated by <u>Section 2.01(c)</u> will be treated as tax-deferred contributions to the Continuing Partnership under Section 721 of the Code, (iv) the WB 892 Merger and the election by PubCo to be classified as a corporation for U.S. federal income tax purposes, taken together, will be treated as a "reorganization" within the meaning of Section 368(a) and (v) the purchase of the Acquired OpCo Interests described in <u>Section 3.01(d)</u> will be treated as a taxable sale to PubCo by Elda River of the Acquired OpCo Interests in accordance with Sections 741, 1001 and 1012 of the Code (clauses (i) through (v), collectively, the "**Intended Tax Treatment**"). The Parties will, and will cause each of their respective Affiliates to, prepare and file all Tax Returns in a manner consistent with the Intended Tax Treatment, and none of the Parties or their respective Affiliates will take any position with any Governmental Authority or otherwise that is inconsistent with the Intended Tax Treatment, except as required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An election under Section 6226 of the Code (and any similar elections under state or local Law) shall be made for OpCo with respect to any "imputed underpayment" or similar adjustment that relates to any taxable period (or portion thereof) ending on or prior to the Initial Closing Date or the IPO Closing Date, as applicable, and OpCo (and its members) shall take such actions as are needed to effect the foregoing. In addition, any available election under Section 6226 of the Code (and any similar elections under state or local Law) shall be made for any Subsidiaries of OpCo (including each applicable Contributed Entity) with respect to any "imputed underpayment" or similar adjustment that relates to any taxable period (or portion thereof) ending on or prior to the Initial Closing Date or the IPO Closing Date, as applicable, and OpCo (and its members) and any Subsidiaries of OpCo shall take such actions as are needed to effect the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Contributing Parties shall cause OpCo and any Subsidiary of OpCo that is (i) classified as a partnership for U.S. federal income tax purposes and (ii) not held exclusively through one or more entities classified as corporations for U.S. federal income tax purposes to make or maintain an effective election under Section 754 of the Code for the taxable year that includes the IPO Closing Date; *provided*, that, in the case of any entity in which OpCo owns a direct or indirect interest and which is not controlled by OpCo, the Contributing Parties will only be required to use reasonable best efforts to cause such election to be made for such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The WB 892 Merger Agreement and this Agreement, taken together, are intended to constitute, and the Parties hereto adopt the foregoing as, a "plan of reorganization" for purposes of Sections 354 and 361 of the Code and within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3(a).

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## Section 11.03 Withholding . Each Party hereto, and their applicable Affiliates or agents, will be permitted to deduct and withhold from any amounts paid pursuant to this Agreement any Taxes required to be deducted or withheld therefrom under applicable Law. If any Person intends to deduct or withhold under this <u>Section 11.03</u> on any amounts payable pursuant to this Agreement, such Person will use commercially reasonable efforts to give the Person in respect of whom such deduction or withholding will be made at least five (5) Business Days' prior written notice of such intention and will reasonably cooperate with such Person to reduce, mitigate or eliminate the potential deduction or withholding to the extent permitted under applicable Law, including through accepting any relevant forms, certificates or other documents. Any Taxes so deducted or withheld will be timely paid by such Person to the applicable Governmental Authority and to the extent such Taxes are paid to the applicable Governmental Authority will be treated for purposes of this Agreement as paid to the Person in respect of whom such deduction or withholding was made.

# Article XII<br>SURVIVAL

## Section 12.01 Survival . The Parties agree to the survival provisions set forth in <u>Exhibit R</u>.

# Article XIII<br>TERMINATION

## Section 13.01 Termination of Agreement .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement and the transactions contemplated hereby may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by PubCo, upon delivery of written notice to the other Parties at any time before the Initial Closing or the IPO Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by any Party, upon written notice to the other Parties at any time before the Initial Closing, if the transactions contemplated by <u>Article II</u> and/or <u>Article III</u> of this Agreement shall not have been consummated on or prior to such date that that is 180 days from the Execution Date (the "**Outside Date**"); *provided, however*, that the right to terminate this Agreement pursuant to this <u>Section 13.01(a)(ii)</u> shall not be available to any such Party whose failure to perform or observe in any material respect any of its obligations under this Agreement proximately caused the failure to consummate the transactions contemplated by <u>Article II</u> and/or <u>Article III</u> of this Agreement on or before the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by a Public Company Group Member, by written notice to the Contributing Parties at any time before the Initial Closing or the IPO Closing, if a Contributing Party, GIC or Contributed Entity materially breaches this Agreement and such breach (A) would give rise to the failure of a condition set forth in <u>Section 10.02</u> and (B) is not curable, or if curable, is not cured by the earlier of (x) the Outside Date and (y) 15 days after written notice from such Public Company Group Member stating such Public Company Group Member's intention to terminate this Agreement pursuant to this <u>Section 13.01(a)(iii)</u> and the basis of such termination; *provided* that such Public Company Group Member may not terminate this Agreement pursuant to this <u>Section 13.01(a)(iii)</u> if such Public Company Group Member is, at such time, in breach of any provision of this Agreement and such breach would cause a failure of any of the conditions in <u>Section 10.03</u> or <u>Section 10.04</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by a Contributing Party, by written notice to the Public Company Group and other Contributing Parties at any time before the Initial Closing, if a Public Company Group Member, Contributed Entity or other Contributing Party materially breaches this Agreement and such

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breach (A) would give rise to the failure of a condition set forth in <u>Section 10.03</u> and (B) is not curable, or if curable, is not cured by the earlier of (x) the Outside Date and (y) 15 days after written notice from such Contributing Party stating such Contributing Party's intention to terminate this Agreement pursuant to this <u>Section 13.01(a)(iv)</u> and the basis of such termination; *provided* that such Contributing Party may not terminate this Agreement pursuant to this <u>Section 13.01(a)(iv)</u> if such Contributing Party is, at such time, in breach of any provision of this Agreement and such breach would cause a failure of any of the conditions in <u>Section 10.02,</u> <u>Section 10.03</u> or <u>Section 10.04</u> (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) by GIC, by written notice to the Public Company Group and the Contributing Parties at any time before the Initial Closing, if a Public Company Member, Contributed Entity or Contributing Party materially breaches this Agreement and such breach (A) would give rise to the failure of a condition set forth in <u>Section 10.04</u> and (B) is not curable, or if curable, is not cured by the earlier of (x) the Outside Date and (y) 15 days after written notice from GIC stating GIC's intention to terminate this Agreement pursuant to this <u>Section 13.01(a)(v)</u> and the basis of such termination; *provided* that GIC may not terminate this Agreement pursuant to this <u>Section 13.01(a)(v)</u> if GIC is, at such time, in breach of any provision of this Agreement and such breach would cause a failure of any of the conditions in <u>Section 10.02</u> or <u>Section 10.03</u> (as applicable).

## Section 13.02 Effect of Certain Terminations . In the event of termination of this Agreement pursuant to this <u>Article XIII</u>, all rights and obligations of the Parties under this Agreement shall terminate, except the provisions of this <u>Article XIII</u> and <u>Article XIV</u> shall survive such termination; *provided, however*, that nothing herein shall relieve any Party from any liability arising from fraud or for any intentional or willful and material breach by such Party of any of its representations, warranties, covenants or agreements set forth in this Agreement and all rights and remedies of a non-breaching Party under this Agreement in the case of such intentional or willful and material breach, at law or in equity, shall be preserved notwithstanding termination of this Agreement pursuant to this <u>Article XIII</u>.

## Section 13.03 Enforcement of this Agreement . The Parties acknowledge and agree that an award of money damages would be inadequate for any breach of this Agreement by any Party and any such breach would cause the non-breaching Parties irreparable harm. Accordingly, the Parties agree that in the event of any breach or threatened breach of this Agreement by one of the Contributing Parties, GIC, PubCo, OpCo, Water JV, WBEF or Desert, to the fullest extent permitted by Law, will also be entitled, without the requirement of posting a bond or other security, to equitable relief, including injunctive relief and specific performance. Such remedies will not be the exclusive remedies for any breach of this Agreement but will be in addition to all other remedies available at law or equity to each of the Parties.

## Section 13.04 Rescission Events .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary, upon the occurrence of a Rescission Event (as defined herein), each Contributing Party's transfer of the Contributed Equity Interests to any Party shall, to the fullest extent permitted by law, be void *ab initio* and such Party shall return the Contributed Equity Interests to such Contributing Party and the Parties will take all steps necessary to rescind the original transaction for federal and applicable state income tax purposes and all other purposes with effect as of the date of this Agreement. Further, the Parties intend and agree that such rescission shall be effective so as to restore the Parties to the *status quo ante* in all but *de minimis* respects (which such *de minimis* deviations solely resulting in the ordinary course of business from the passage of time), and acknowledge that such rescission shall occur within the same taxable year as the original transaction for each Party, and that no third-party rights may be adversely affected. The Parties shall cooperate and shall take all such actions, and refrain from taking any actions, as may be necessary or advisable to give full effect to the foregoing and to

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rescind the transactions otherwise contemplated under this Agreement, including (i) filing amended Tax Returns and making any required Tax filings or disclosures, (ii) rescinding any transaction that occurred with respect to the sale of the Contributed Equity Interests, (iii) with respect to the applicable Party, transferring the Contributed Equity Interests to such Contributing Party so that such Contributing Party's right, title and interest with respect to such Contributed Equity Interests are the same as they were immediately prior to the Initial Closing, (iv) with respect to the applicable Contributing Party, promptly refunding to PubCo or OpCo, as applicable, by wire transfer as directed in writing by such Contributing Party, the Aggregate Consideration paid to the Contributing Party in exchange for the applicable Contributed Equity Interests and (v) taking any other action contemplated by this Agreement or necessary to effectuate the intent of this <u>Section 13.04(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used above: "**Rescission Event**" means, and shall be deemed to have occurred if, (i) the Initial Public Offering does not occur or is not consummated by the date that is three days following the Initial Closing Date (the "**End Date**") or (ii) the Underwriting Agreement has been terminated in accordance with its terms prior to the End Date; *provided that*, the Parties may waive the occurrence of a Rescission Event or extend Outside Date with the prior written agreement (email being sufficient) of PubCo, WBR Holdings, NDB Holdings, Desert Holdings, DVN JV Holdco, GIC and Elda River.

# Article XIV<br>Miscellaneous

## Section 14.01 Expenses . If (a) the IPO Closing occurs, OpCo shall reimburse the reasonable and documented out-of-pocket costs and expenses (including all Transaction Expenses and excluding Taxes) incurred by the Parties in connection with this Agreement and the transactions contemplated hereby (including Transaction Expenses with respect to the Initial Public Offering), or (b) the IPO Closing does not occur, WBEF and Water JV shall each cover fifty percent (50%) of all such costs and expenses (including all Transaction Expenses and excluding Taxes); *provided* that none of OpCo, WBEF or Water JV shall have any obligation under the foregoing clauses (a) and (b) to reimburse Elda River, DVN JV Holdco or GIC, in each case, for any amounts exceeding the amounts set forth on <u>Schedule 14.01</u> of the PubCo Disclosure Schedule.

## Section 14.02 Notices . All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by email of a PDF document if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient (*provided* that if the sender receives an "out of office" or similar automated message in return indicating that the message has not been delivered to the recipients, delivery by email shall not be deemed to have occurred); or (d) upon the actual receipt shown on the return receipt, first class certified or registered mail, postage prepaid, return receipt requested. Such communications must be sent to the respective Parties at the address set forth opposite such Party's name on <u>Exhibit I</u> (or at such other address for a Party as shall be specified in a notice given in accordance with this <u>Section 14.02</u>).

## Section 14.03 Joint Preparation . The Parties have participated jointly in the negotiation and drafting of this Agreement with the assistance of counsel. Consequently, in the event an ambiguity or question of intent or interpretation arises, the Parties intend that this Agreement shall be construed as jointly drafted by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement or interim drafts of this Agreement.

## Section 14.04 Severability . If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other

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## term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

## Section 14.05 Entire Agreement . This Agreement (including the Exhibits, the Disclosure Schedules and the other Schedules hereto), the other Transaction Agreements, the documents and instruments referred to herein and all other documents dated as of the date hereof or as of the Initial Closing Date and delivered by the applicable Parties in connection with this Agreement, constitute the full and entire understanding and agreement among the applicable Parties thereto with respect to the subject matter hereof and thereof, and any other written or oral agreement, understanding, representation or warranty relating to the subject matter hereof or thereof existing by or among the Parties are expressly superseded by this Agreement. All Schedules and Exhibits referenced herein and attached hereto are incorporated herein and expressly made a part of this Agreement as though completely set forth herein. All references to this Agreement herein or in any of the Schedules or Exhibits will be deemed to refer to this entire Agreement, including all Schedules and Exhibits.

## Section 14.06 Successors and Assigns . This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign its rights or obligations hereunder, including by operation of Law, without the prior written consent of the other Parties. Any purported assignment in violation of the foregoing shall be null and void. No assignment shall relieve the assigning party of any of its obligations hereunder.

## Section 14.07 No Third-Party Beneficiaries . Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the Parties or their respective successors and permitted assigns any rights, remedies or liabilities under or by reason of this Agreement; *provided* that only a Party and its successors and permitted assigns will have the right to enforce the provisions of this Agreement on its own behalf (but shall not be obligated to do so).

## Section 14.08 Amendment and Modification . This Agreement, including any Exhibit or Schedule, may only be amended, modified or supplemented by an agreement in writing signed by each Party.

## Section 14.09 Waiver . No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving. No waiver by any Party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

## Section 14.10 Governing Law . This Agreement (and any Action that may be based upon, arise out of or relate to the transactions contemplated hereby, to the negotiation, execution or performance hereof, or to the inducement of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute, or otherwise) shall in all respects be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would direct the application of the laws of any other jurisdiction. EACH OF THE PARTIES HERETO

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## AGREES THAT THIS AGREEMENT INVOLVES AT LEAST US$100,000.00 AND THAT THIS AGREEMENT HAS BEEN ENTERED INTO IN EXPRESS RELIANCE UPON 6 Del. C. § 2708. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES (i) TO BE SUBJECT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND OF THE FEDERAL COURTS SITTING IN THE STATE OF DELAWARE, AND (ii)(A) TO THE EXTENT SUCH PARTY IS NOT OTHERWISE SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE, TO APPOINT AND MAINTAIN AN AGENT IN THE STATE OF DELAWARE AS SUCH PARTY'S AGENT FOR ACCEPTANCE OF LEGAL PROCESS AND TO NOTIFY THE OTHER PARTIES OF THE NAME AND ADDRESS OF SUCH AGENT, AND (B) THAT, TO THE FULLEST EXTENT PERMITTED BY LAW, SERVICE OF PROCESS MAY ALSO BE MADE ON SUCH PARTY BY PREPAID CERTIFIED MAIL TO THE ADDRESS SPECIFIED IN SECTION 13.02 OF THIS AGREEMENT WITH A VALIDATED PROOF OF MAILING RECEIPT CONSTITUTING EVIDENCE OF VALID SERVICE, AND THAT SERVICE MADE PURSUANT TO (ii)(A) OR (B) ABOVE SHALL, TO THE FULLEST EXTENT PERMITTED BY LAW, HAVE THE SAME LEGAL FORCE AND EFFECT AS IF SERVED UPON SUCH PARTY PERSONALLY WITHIN THE STATE OF DELAWARE.

## Section 14.11 Submission to Jurisdiction . Any Action arising out of or based upon this Agreement or the transactions contemplated hereby shall be instituted exclusively in the Court of Chancery of the State of Delaware (or, if such court declines to accept jurisdiction, any state or federal court located within the State of Delaware), and each Party irrevocably submits to the exclusive jurisdiction of such courts in any such Action.

## Section 14.12 Waiver of Jury Trial . EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY OR ACTION WHICH MAY ARISE DIRECTLY OR INDIRECTLY OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION ARISING DIRECTLY OR INDIRECTLY OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 14.12</u>.

## Section 14.13 No Non-Party Recourse . This Agreement may only be enforced against, and any Action may only be brought against the Persons that are expressly named as Parties and then only with respect to the specific obligations set forth in this Agreement with respect to such Party. No former, current and future Affiliates or beneficiaries of any Party, or any of their respective former, current and future direct or indirect directors, officers, principals, general or limited partners, financing sources, employees, stockholders, other equityholders, members, managers, agents, successors, assignees, Affiliates, controlling person or agents (unless such Person is expressly a Party to this Agreement) shall have any liability (whether in contract or in tort or otherwise) for any obligations or liabilities of such Party arising under, in connection with or related to this Agreement or for any claim based on, in respect of, or by reason of, this Agreement or the transactions contemplated by this Agreement. Notwithstanding the foregoing, nothing in this <u>Section 14.13</u> shall limit any liability of the Parties for any breach or violation of any provision of this Agreement.

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## Section 14.14 Directors and Officers .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) OpCo acknowledges that (i) each Person that prior to the Initial Closing or the IPO Closing, as applicable, served as a director, manager or officer of any Contributed Entity or any Subsidiary thereof and, with respect to Water JV, that is a "Covered Person" under Water JV's Organizational Documents (collectively, with such Person's heirs, executors or administrators, the "**Indemnified Persons**") is entitled to indemnification, expense reimbursement and exculpation to the extent provided in their respective Organizational Documents in effect as of immediately prior to the Execution Date ("**D&O Provisions**"), (ii) such D&O Provisions are rights of Contract and (iii) following the Execution Date until the seventh anniversary of the IPO Closing Date, no amendment or modification to any such D&O Provisions shall affect in any manner the Indemnified Persons' rights, or the Contributed Entities' or any Subsidiary's obligations. In addition to the foregoing, (i) the Parties hereby agree that, notwithstanding the terms of the D&O Provisions, each Person that prior to Initial Closing or the IPO Closing, as applicable, served as an officer, manager, or director of any Contributed Entity or otherwise is a "Covered Person" under Water JV's Organizational Documents, shall, for purposes of the foregoing sentence, be deemed to be Indemnified Persons pursuant to the D&O Provisions and shall be entitled to indemnification and the other rights of Indemnified Persons set forth in the immediately preceding sentence to the same extent as each other Indemnified Person as contemplated by and pursuant to this <u>Section 14.14</u>, and (ii) for a period of seven years from the IPO Closing Date, as applicable, OpCo shall, to the fullest extent permitted by law, indemnify, defend and hold harmless each Person that prior to Initial Closing or the IPO Closing, as applicable, served as an officer, manager, or director of any Contributed Entity or otherwise is a "Covered Person" under Water JV's Organizational Documents, to the fullest extent that the Contributed Entity or any of its Subsidiaries would have been required to do so in accordance with the indemnification, expense reimbursement and exculpation provisions provided in their respective Organizational Documents in effect as of immediately prior to the Execution Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the IPO Closing, OpCo shall, or shall cause WBEF and Water JV, for themselves and on behalf of each of their respective Subsidiaries, to, obtain, maintain or be insured under, and fully pay for irrevocable "tail" insurance policies ("**D&O Tail Policy**") naming the Indemnified Persons, as direct beneficiaries with a claims period of at least six years from the IPO Closing Date from one or more reputable insurance carrier(s) with respect to directors' liability insurance in an amount and scope no less favorable in the aggregate as the existing policies of such Persons with respect to matters existing or occurring at or prior to the IPO Closing Date; *provided* that in the event that any claim is brought under any such policy prior to the sixth anniversary of the IPO Closing Date, such insurance policies shall be maintained until final disposition thereof. Subject to the foregoing, OpCo shall not, and shall cause WBEF and Water JV to not, cancel or change such insurance policies in any respect which would adversely affect the rights of any Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any claims are made under any directors' and officers' liability insurance policies maintained by OpCo, PubCo, the Contributing Parties or its Affiliates, or the Contributed Entities and their Subsidiaries after the IPO Closing that may also be covered by the D&O Tail Policy, the D&O Tail Policy shall be deemed to provide primary coverage with respect to such claims, and any such other insurance policies shall be deemed excess thereto.

## Section 14.15 Counterparts . This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by email or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.
[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

**<u>PUBCO</u>**:

**WATERBRIDGE INFRASTRUCTURE LLC**

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely

Title: Executive Vice President, Chief Financial Officer

[*Signature Page to Contribution and Corporate Reorganization Agreement*]

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**<u>CONTRIBUTING PARTIES</u>**:

**DEVON WB HOLDCO L.L.C.** 

By: <u>/s/ Jeffrey L. Ritenour</u> 

Name: Jeffrey L. Ritenour

Title: Executive Vice President

[*Signature Page to Contribution and Corporate Reorganization Agreement*]

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**<u>CONTRIBUTING PARTIES</u>**:

**NDB HOLDINGS LLC**

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely

Title: Executive Vice President, Chief Financial Officer

**WBR HOLDINGS LLC**

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely

Title: Executive Vice President, Chief Financial Officer

**WB 892 LLC**

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely

Title: Executive Vice President, Chief Financial Officer

**WATERBRIDGE RESOURCES LLC**

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely

Title: Executive Vice President, Chief Financial Officer

**WATERBRIDGE CO-INVEST LLC**

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely

Title: Executive Vice President, Chief Financial Officer

**WATERBRIDGE CO-INVEST II LLC**

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely

Title: Executive Vice President, Chief Financial Officer

[*Signature Page to Contribution and Corporate Reorganization Agreement*]

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**<u>CONTRIBUTING PARTIES</u>**:

**WATERBRIDGE II LLC**

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely

Title: Executive Vice President, Chief Financial Officer

**ELDA RIVER INFRASTRUCTURE WB LLC**

By: <u>/s/ Adam Daley</u> 

Name: Adam Daley

Title: Managing Partner

**DESERT ENVIRONMENTAL HOLDINGS LLC**

By: <u>/s/ Jason Williams</u> 

Name: Jason Williams

Title: Chief Financial Officer

[*Signature Page to Contribution and Corporate Reorganization Agreement*]

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**<u>CONTRIBUTED ENTITIES:</u>** 

**NDB MIDSTREAM LLC**

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely

Title: Executive Vice President, Chief Financial Officer

**WATERBRIDGE EQUITY FINANCE LLC**

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely

Title: Executive Vice President, Chief Financial Officer

**DESERT ENVIRONMENTAL LLC**

By: <u>/s/ Jason Williams</u> 

Name: Jason Williams

Title: Chief Financial Officer

[*Signature Page to Contribution and Corporate Reorganization Agreement*]

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**<u>GIC:</u>** 

**ASHBURTON INVESTMENT PRIVATE LIMITED**

By: <u>/s/ Helen Newell</u> 

Name: Helen Newell

Title: Authorized Signatory

[*Signature Page to Contribution and Corporate Reorganization Agreement*]

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**Exhibit A<br>CONTRIBUTING PARTIES AND Contributed Equity Interests**

<u>Contributed Equity Interests with respect to WB 892 and WBEF prior to the WBR Holdings Reorganization:</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Contributing Party</u>** | &nbsp;&nbsp;**<u>Contributed Equity Interests</u>** |
| &nbsp;&nbsp;WaterBridge Resources  | &nbsp;&nbsp;23.20% of all Class A Common Units in WB 892<br>27.19% of all Class A Units in WBEF |
| &nbsp;&nbsp;WaterBridge Co-Invest  | &nbsp;&nbsp;4.18% of all Class A Common Units of WB 892<br>8.18% of all Class A Units in WBEF |
| &nbsp;&nbsp;WaterBridge Co-Invest II  | &nbsp;&nbsp;50.10% of all Class P-1 Common Units in WB 892<br>61.91% of all Series B Preferred Units in WBEF |
| &nbsp;&nbsp;WaterBridge II  | &nbsp;&nbsp;22.72% of all Class A Common Units in WB 892<br>26.55% of all Class A Units in WBEF |

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<u>Contributed Equity Interests after giving effect to the WBR Holdings Reorganization:</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Contributing Party</u>** | &nbsp;&nbsp;**<u>Contributed Equity Interests</u>** |
| &nbsp;&nbsp;NDB Holdings | &nbsp;&nbsp;70.0% of all Equity Interests in Water JV  |
| &nbsp;&nbsp;DVN JV Holdco | &nbsp;&nbsp;30.0% of all Equity Interests in Water JV  |
| &nbsp;&nbsp;Desert Holdings  | &nbsp;&nbsp;100% of all Equity Interests in Desert |
| &nbsp;&nbsp;WBR Holdings | &nbsp;&nbsp;61.91% of all Class A Units in WBEF<br>61.91% of all Series B Preferred Units in WBEF<sup>1</sup> |
| &nbsp;&nbsp;WB 892 | &nbsp;&nbsp;38.09% of all Class A Units in WBEF<br>38.09% of all Series B Preferred Units in WBEF |
| &nbsp;&nbsp;Elda River  | &nbsp;&nbsp;100.0% of all Series A Preferred Units in WBEF |

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<sup>1</sup> Contributed to WBEF by WaterBridge Co-Invest II pursuant to Section 2.01(b).

Exhibit A

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**Exhibit B<br>Form of Joinder Agreement**

[See attached.]

Exhibit B

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**FORM OF JOINDER AGREEMENT**

This Joinder Agreement (this "**Joinder**") to that certain Contribution and Corporate Reorganization Agreement, dated as of September 8, 2025 (as amended or otherwise modified from time to time in accordance with its terms, the "**Contribution and Reorganization Agreement**"), by and among WaterBridge Infrastructure LLC, a Delaware limited liability company, WBR Holdings LLC, a Delaware limited liability company, NDB Midstream LLC, a Delaware limited liability company, WaterBridge Equity Finance LLC, a Delaware limited liability company, Desert Environmental LLC, a Delaware limited liability company, each of the Persons set forth on <u>Schedule I</u> thereto and each other Person who becomes a Party thereto in accordance with the terms of the Contribution and Reorganization Agreement, is made and entered into by WBI Operating LLC, a Delaware limited liability company ("**OpCo**"), as of [  ], 2025. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Contribution and Reorganization Agreement.

By executing this Joinder, OpCo hereby agrees to become a party to the Contribution and Reorganization Agreement as "OpCo" and, as applicable, a "Public Company Group Member" thereunder and to accept, be bound by, be subject to, and comply with, in all respects, all of the representations and warranties, covenants, terms, obligations, conditions, and provisions of the Contribution and Reorganization Agreement applicable to "OpCo" and, as applicable, a "Public Company Group Member" thereunder, in each case, in the same manner as if OpCo was an original signatory to the Contribution and Reorganization Agreement.

The provisions of <u>Article XII</u> and <u>Section 14.10</u> of the Contribution and Reorganization Agreement shall apply to this Joinder, *mutatis mutandis*.

*[Signature Pages Follow]*

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IN WITNESS WHEREOF, OpCo has executed this Joinder as of the date first written above.

**WBI OPERATING LLC**

By:_______________________________<br>Name:<br>Title:

\|

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**Exhibit C <br>Assets OF CONTRIBUTING PARTIES AND CONTRIBUTED ENTITIES**

[See attached.]

Exhibit C

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**Exhibit D <br>Percentage Interests; Closing Equity Value**

Following the transactions set forth in <u>Section 2.01</u>:<sup>2</sup>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Contributing Party</u>** | &nbsp;&nbsp;**<u>OpCo Percentage Interest</u>** | &nbsp;&nbsp;**<u>PubCo Percentage Interest</u>** | &nbsp;&nbsp;**<u>See-Through Ownership of OpCo</u>** |
| &nbsp;&nbsp;WBR Holdings | &nbsp;&nbsp;13.29% | &nbsp;&nbsp;50.10% | &nbsp;&nbsp;17.39% |
| &nbsp;&nbsp;NDB Holdings | &nbsp;&nbsp;49.76% | &nbsp;&nbsp;— | &nbsp;&nbsp;49.76% |
| &nbsp;&nbsp;Desert Holdings | &nbsp;&nbsp;7.44% | &nbsp;&nbsp;— | &nbsp;&nbsp;7.44% |
| &nbsp;&nbsp;DVN JV Holdco | &nbsp;&nbsp;21.33% | &nbsp;&nbsp;— | &nbsp;&nbsp;21.33% |
| &nbsp;&nbsp;Elda River  | &nbsp;&nbsp;—<sup>3</sup> | &nbsp;&nbsp;— | &nbsp;&nbsp;—<sup>4</sup> |
| &nbsp;&nbsp;GIC | &nbsp;&nbsp;— | &nbsp;&nbsp;49.90% | &nbsp;&nbsp;4.08%<sup>5</sup> |
| &nbsp;&nbsp;PubCo | &nbsp;&nbsp;8.18% | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

---

Following the transactions set forth in <u>Section 3.01</u>:<sup>6</sup>

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Contributing Party</u>** | &nbsp;&nbsp;**<u>OpCo Unit Percentage Interest</u>** |
| &nbsp;&nbsp;WBR Holdings | &nbsp;&nbsp;13.29% |
| &nbsp;&nbsp;NDB Holdings | &nbsp;&nbsp;49.76% |
| &nbsp;&nbsp;Desert Holdings | &nbsp;&nbsp;7.44% |

---

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<sup>2</sup> Percentages do not reflect (i) the initial issuance of OpCo Interests to Elda River in <u>Section 2.01(c)(i)</u> and (ii) any adjustments solely between NDB Holdings and DVN JV Holdco (and without any effect on any other percentage interests) pursuant to any accrued earn-out payment pursuant to, and prior to the termination of, any Terminated Agreement.

<sup>3</sup> Excludes OpCo Interests initially issued to Elda River in <u>Section 2.01(c)(i)</u>.

<sup>4</sup> Excludes OpCo Interests initially issued to Elda River in <u>Section 2.01(c)(i)</u>.

<sup>5</sup> GIC will continue to hold 4.08% of the OpCo Units, on a look-through basis, following the transactions set forth in <u>Section 3.01</u>, but before giving effect to any OpCo Units issued to PubCo in the Initial Public Offering, any issuance of Class A shares in a Private Placement and the purchase by PubCo of the Acquired OpCo Interests from Elda River in <u>Section 3.01(d)(ii)</u> (following the initial issuance of OpCo Interests to Elda River in <u>Section 2.01(c)(i)</u>).

<sup>6</sup> OpCo Units held by the Contributing Parties (other than Elda River), including on a look-through basis, will be proportionally reduced to reflect that Elda River will own a number of OpCo Units equal to (a) $75 million divided by (b) the price to the public of the Class A shares as set forth on the front cover of the Final Prospectus (the "**ER Adjustment Issuance Price**") after (i) the purchase by PubCo of the Acquired OpCo Interests as set forth in <u>Section 3.01(d)(ii)</u> (following the initial issuance of OpCo Interests to Elda River in <u>Section 2.01(c)(i)</u>), (ii) the consummation of the Initial Public Offering and (iii) any issuance of Class A shares in a Private Placement.

Exhibit D

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| | |
|:---|:---|
| &nbsp;&nbsp;DVN JV Holdco | &nbsp;&nbsp;21.33% |
| &nbsp;&nbsp;Elda River  | &nbsp;&nbsp;—%<sup>7</sup> |
| &nbsp;&nbsp;PubCo | &nbsp;&nbsp;8.18% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Contributed Entity</u>** | &nbsp;&nbsp;**<u>Closing Equity Value Percentage</u>** |
| &nbsp;&nbsp;Water JV | &nbsp;&nbsp;71.09% |
| &nbsp;&nbsp;WBEF | &nbsp;&nbsp;21.47% |
| &nbsp;&nbsp;Desert  | &nbsp;&nbsp;7.44% |

---

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<sup>7</sup> Elda River will own a number of OpCo Units equal to (a) $75 million divided by (b) ER Adjustment Issuance Price.

Exhibit D

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**Exhibit E<br>Form of OpCo A&R LLCA**

Exhibit E

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**Exhibit F<br>Form of PUBCO A&R LLCA**

Exhibit F

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**Exhibit G<br>Form of INSTRUMENT OF TRANSFER**

Exhibit G

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**Exhibit H<br>Form of WB 892 MERGER AGREEMENT**

[See attached.]

Exhibit H

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**FORM OF**

**AGREEMENT AND PLAN OF MERGER**

This Agreement and Plan of Merger (this "**Agreement**"), effective as of [  ], 2025 (the "**Effective Date**"), is being entered into by and among WB 892 LLC, a Delaware limited liability company (the "**Non-Surviving LLC**"), WaterBridge Infrastructure LLC, a Delaware limited liability company (the "**Surviving LLC**"), WBR Holdings LLC, a Delaware limited liability company ("**WBR Holdings**"), Ashburton Investment Private Limited, a Singapore private limited company ("**GIC**", and together with WBR Holdings, the "**WB 892 Members**"), and NDB Holdings LLC, a Delaware limited liability company ("**NDB Holdings**"), in accordance with Section 18-209 of the Delaware Limited Liability Company Act, 6 Del. C. §18-101, et seq. (the "**Act**"). Each of the Non-Surviving LLC, the Surviving LLC, WBR Holdings, GIC and NDB Holdings is referred to in this Agreement from time to time individually as a "**Party**" and collectively as the "**Parties**."

**WITNESSETH:**

WHEREAS, as of the Effective Date, WBR Holdings and GIC collectively own all the issued and outstanding limited liability company interests in the Non-Surviving LLC as set forth on <u>Exhibit A</u>;

WHEREAS, as of the Effective Date and before giving effect to the Merger (as defined below), NDB Holdings owns all the issued and outstanding limited liability company interests in, and is the sole member of, the Surviving LLC;

WHEREAS, the Non-Surviving LLC, the Surviving LLC, WBR Holdings, GIC and NDB Holdings, together with the other parties thereto, previously entered into that certain Contribution and Corporate Reorganization Agreement, dated as of [  ], 2025 (the "**Contribution Agreement**");

WHEREAS, in connection with the transactions contemplated by the Contribution Agreement, the Non-Surviving LLC and the Surviving LLC desire to merge (the "**Merger**"), subject to the terms set forth herein;

WHEREAS, the Surviving LLC has elected to be classified as a corporation for U.S. federal income tax purposes, and the Merger, taken together with such election, is intended to be treated for U.S. federal (and applicable state and local) income tax purposes as a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "**Code**"); and

WHEREAS, WBR Holdings, as the managing member and as a member of the Non-Surviving LLC, GIC, as a member of the Non-Surviving LLC, and NDB Holdings, as sole member of the Surviving LLC, in their capacities as such, have each, upon the terms and subject to the conditions set forth in this Agreement and in accordance with their respective Organizational Documents, approved (a) this Agreement, (b) the consummation of the Merger, and (c) the filing of a certificate of merger substantially in the form attached hereto as <u>Exhibit B</u> (the "**Certificate of Merger**") with the Secretary of State of the State of Delaware (the "**Secretary of State**") by an authorized person of the Surviving LLC.

NOW THEREFORE, the Parties hereby agree as follows:

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**ARTICLE I**

**THE MERGER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01. The Merger.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the Effective Date, an authorized person of the Surviving LLC shall, in accordance with <u>Section 1.01(b)</u>, file the Certificate of Merger with the Secretary of State and make all other filings or recordings required by the Act in connection with the Merger. [  ] is hereby designated as an "authorized person" of the Surviving LLC within the meaning of the Act and is hereby authorized, for and on behalf of the Surviving LLC, to execute, deliver and cause the filing of the Certificate of Merger with the Secretary of State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Merger shall become effective upon the filing of the Certificate of Merger with the Secretary of State (the "**Effective Time**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the Effective Time, the Non-Surviving LLC shall be merged with and into the Surviving LLC, whereupon the separate existence of the Non-Surviving LLC shall cease, and the Surviving LLC shall be the surviving limited liability company of the Merger in accordance with Section 18-209 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.02. Membership Certificates and Interests; Consideration**. At the Effective Time, by virtue of the Merger and without the consent of any Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the limited liability company interests in the Non-Surviving LLC outstanding immediately prior to the Effective Time shall, by virtue of the Merger and without any action on the part of any holder thereof, be converted into newly issued limited liability company interests in the Surviving LLC ("**Surviving LLC Interests**") pursuant to <u>Section 1.02(c)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any certificate evidencing a limited liability company interest in the Non-Surviving LLC outstanding immediately prior to the Effective Time shall be surrendered to the Surviving LLC and shall be cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) notwithstanding anything to the contrary in the Second Amended and Restated Limited Liability Company Agreement of the Non-Surviving LLC, dated as of August 27, 2020, or in the Limited Liability Company Agreement of the Surviving LLC, dated as of April 11, 2025 (the "**Initial LLCA**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)each member of the Non-Surviving LLC immediately prior to the Effective Time shall (A) cease to be a member of the Non-Surviving LLC; (B) receive the percentage and number of the Surviving LLC Interests set forth opposite its name on <u>Exhibit C</u>; and (C) be admitted as a member of the Surviving LLC pursuant to this Agreement, and the Surviving LLC shall continue without dissolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)contemporaneous with the issuance of the Surviving LLC Interests and the admission of each member of the Non-Surviving LLC as a member of the Surviving LLC pursuant to <u>Section 1.02(c)(i)</u>, (A) the limited liability company interests in the Surviving LLC outstanding immediately prior to the Effective Time shall, in connection with the Merger and without any action on the part of the Surviving LLC or NDB Holdings, be cancelled, and no consideration shall be paid in respect thereof; (B) NDB Holdings shall cease to be a member of the Surviving LLC; (C) NDB Holdings shall be designated as non-member manager of the Surviving LLC; and (D) the Surviving LLC shall continue without dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.03 Tax Matters**. For U.S. federal income tax purposes, (a) the Parties intend that the election by the Surviving LLC to be classified as an association taxable as a corporation for U.S. federal income tax

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purposes, and the Merger, taken together with such election, be treated as a "reorganization" within the meaning of Section 368(a) of the Code and the Treasury Regulations promulgated thereunder (the "**Intended Tax Treatment**"), and (b) the Contribution Agreement and this Agreement, taken together, are intended to constitute, and the Parties hereto adopt the foregoing as, a "plan of reorganization" for purposes of Sections 354 and 361 of the Code and within the meaning of Treasury Regulations Sections 1.368-2(g) and 1.368-3(a). The Parties will, and will cause each of their respective Affiliates to, prepare and file all tax returns in a manner consistent with the Intended Tax Treatment, and none of the Parties or their respective Affiliates will take any position with any Governmental Authority or otherwise that is inconsistent with the Intended Tax Treatment, except as required by applicable Law.

**ARTICLE II**

**THE SURVIVING LIMITED LIABILITY COMPANY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01. Certificate of Formation.** The certificate of formation of the Surviving LLC in effect at the Effective Time shall continue to be the certificate of formation of the Surviving LLC unless and until amended in accordance with applicable law. The name of the Surviving LLC shall remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02. The Merger.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Initial LLCA, as amended by this Article II, shall continue to be the limited liability company agreement of the Surviving LLC unless and until amended in accordance with its terms, the Contribution Agreement and applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Effective Time, pursuant to Section 18-209(f)(2) of the Act, the Initial LLCA is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The introductory paragraph of the Initial LLCA is hereby amended and restated in its entirety to read as follows: "This LIMITED LIABILITY COMPANY AGREEEMENT of WaterBridge Infrastructure LLC (the "<u>Company</u>"), dated as of April 11, 2025 (this "Agreement"), is entered into by WBR Holdings LLC and Ashburton Investment Private Limited, as the sole members of the Company, and NDB Holdings LLC, as the non-member manager of the Company. The term "<u>Member</u>" as used herein shall mean both WBR Holdings LLC and Ashburton Investment Private Limited, each in its capacity as a member of the Company. The term "Manager" as used herein shall mean NDB Holdings LLC, in its capacity as non-member manager of the Company."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Section 10 of the Initial LLCA is hereby amended and restated in its entirety to read as follows: "The powers of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed under the direction of, the Manager, which shall make all decisions and take all actions for the Company. It is the intent of the Members and the Manager that this Agreement be amended and restated pursuant to and in accordance with that certain Contribution and Corporate Reorganization Agreement, dated as of [  ], 2025, among the Company, WBR Holdings LLC, NBD Midstream LLC, WaterBridge Equity Finance LLC, Desert Environmental LLC and the other parties thereto. Notwithstanding the foregoing, the Manager may designate one or more persons, who may or may not be members of the Company, as officers ("Officers") of the Company. Officers will have such rights and duties as may be designated by the Manager. Notwithstanding any provision of this Agreement to the contrary, any action hereunder requiring the consent, approval or other action of "the Member" shall, instead, require the consent, approval or other action of the Manager, and neither Member shall have the power or authority to bind the Company without the consent of the Manager. No Member shall transfer, assign or pledge its interests in the Company without the prior written consent of the Manager."

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**ARTICLE III**

**TRANSFER AND CONVEYANCE OF ASSETS AND ASSUMPTION OF LIABILITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01. Transfer, Conveyance and Assumption**. At the Effective Time, the Surviving LLC shall continue in existence and, without further transfer, succeed to and possess all of the rights, privileges and powers of the Non-Surviving LLC, and all of the assets and property of whatever kind and character of the Non-Surviving LLC shall vest in the Surviving LLC without further act or deed; thereafter, the Surviving LLC shall be liable for all of the liabilities and obligations of the Non-Surviving LLC, and any claim or judgment against the Non-Surviving LLC may be enforced against the Surviving LLC, in accordance with Section 18-209 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.02. Further Assurances**. If at any time the Surviving LLC shall consider or be advised that any further assignment, conveyance or assurance is necessary or advisable to vest, perfect or confirm of record in the Surviving LLC the title to any property or right of the Non-Surviving LLC, or otherwise to carry out the provisions hereof, the proper representatives of the Non-Surviving LLC as of the Effective Time shall execute and deliver any and all proper deeds, assignments, and assurances and do all things necessary or proper to vest, perfect or convey title to such property or right in the Surviving LLC, and otherwise to carry out the provisions hereof.

**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01. Representations and Warranties of the Non-Surviving LLC**. The Non-Surviving LLC represents and warrants to the other Parties that each statement contained in this <u>Section 4.01</u> is true and correct as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. The Non-Surviving LLC has been duly formed and is validly existing and in good standing under the laws of the State of Delaware with all requisite limited liability company power and authority to own, lease or otherwise hold and operate its properties and assets and to carry on its business as presently conducted. The Non-Surviving LLC is duly qualified and in good standing as a foreign entity to do business in each jurisdiction in which the conduct or nature of its business or the ownership, leasing, holding or operating of its properties makes such qualification necessary, except such jurisdictions where the failure to be so qualified or in good standing would not have a material adverse effect on the ability of the Non-Surviving LLC to consummate the transactions provided for herein or to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization; Enforceability</u>. The Non-Surviving LLC has all requisite legal capacity, power and authority to enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance by the Non-Surviving LLC of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all requisite legal action on the part of the Non-Surviving LLC. This Agreement and the documents to be delivered hereunder have been duly and validly executed and delivered by the Non-Surviving LLC, and (assuming due authorization, execution and delivery by the other Parties) constitute legal, valid and binding obligations of the Non-Surviving LLC, enforceable against it in accordance with their respective terms and conditions, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors' rights generally or by general principles of equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflicts</u>. The execution, delivery and performance by the Non-Surviving LLC of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby and thereby, do not and will not: (i) conflict with, violate, or result in a breach or default under, any provision of the Non-Surviving LLC's Organizational Documents; (ii) violate or conflict with any Law applicable to the Non-Surviving LLC; (iii) require any consent, approval, authorization or permit of, registration declaration or filing with, or notification to, any Governmental Authority (each, a "**Governmental Authorization**"), other than any Governmental Authorization that the failure of which to obtain is not reasonably expected to have a material impact on the ability of the Non-Surviving LLC to consummate the transactions contemplated hereby or thereby; or (iv) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination, acceleration, cancellation or modification (with or without notice or lapse of time or both) or give rise to the loss of a benefit under, or trigger any transfer or "change of control" related right under any of the terms, conditions or provisions of any material Contract to which the Non-Surviving LLC is a party or by which any of its assets or properties are bound or affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Consents and Approvals</u>. No approval, consent, order, waiver or authorization of, or registration, declaration or filing with, any Governmental Authority or other Person by the Non-Surviving LLC is required in connection with the execution, delivery or performance of this Agreement or any of the documents to be delivered hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Brokers</u>. No broker, finder, financial advisor, investment banker or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission in connection with the origination, negotiation, execution, or performance of this Agreement or consummation of transactions contemplated by this Agreement that one or more of the other Parties (or any of their respective Affiliates) is or could become liable or obligated for based upon arrangements made by or on behalf of the Non-Surviving LLC (or any of its Affiliates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Additional Representation or Warranties</u>. The Non-Surviving LLC makes no representation or warranty in any provision of this Agreement, other than those representations and warranties expressly set forth in this <u>Section 4.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02. Representations and Warranties of the Surviving LLC**. The Surviving LLC represents and warrants to the other Parties that each statement contained in this <u>Section 4.02</u> is true and correct as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. The Surviving LLC has been duly formed and is validly existing and in good standing under the laws of the State of Delaware with all requisite limited liability company power and authority to own, lease or otherwise hold and operate its properties and assets and to carry on its business as presently conducted. The Surviving LLC is duly qualified and in good standing as a foreign entity to do business in each jurisdiction in which the conduct or nature of its business or the ownership, leasing, holding or operating of its properties makes such qualification necessary, except such jurisdictions where the failure to be so qualified or in good standing would not have a material adverse effect on the ability of the Surviving LLC to consummate the transactions provided for herein or to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization; Enforceability</u>. The Surviving LLC has all requisite legal capacity, power and authority to enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance by the Surviving LLC of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all requisite legal action on the part of the Surviving LLC. This Agreement and the

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documents to be delivered hereunder have been duly and validly executed and delivered by the Surviving LLC, and (assuming due authorization, execution and delivery by the other Parties) constitute legal, valid and binding obligations of the Surviving LLC, enforceable against it in accordance with their respective terms and conditions, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors' rights generally or by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflicts</u>. The execution, delivery and performance by the Surviving LLC of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby and thereby, do not and will not: (i) conflict with, violate, or result in a breach or default under, any provision of the Surviving LLC's Organizational Documents; (ii) violate or conflict with any Law applicable to the Surviving LLC; (iii) require any Governmental Authorization, other than any Governmental Authorization that the failure of which to obtain is not reasonably expected to have a material impact on the ability of the Surviving LLC to consummate the transactions contemplated hereby or thereby; or (iv) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination, acceleration, cancellation or modification (with or without notice or lapse of time or both) or give rise to the loss of a benefit under, or trigger any transfer or "change of control" related right under any of the terms, conditions or provisions of any material Contract to which the Surviving LLC is a party or by which any of its assets or properties are bound or affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Consents and Approvals</u>. No approval, consent, order, waiver or authorization of, or registration, declaration or filing with, any Governmental Authority or other Person by the Surviving LLC is required in connection with the execution, delivery or performance of this Agreement or any of the documents to be delivered hereunder (other than the filing of the Certificate of Merger with the Secretary of State).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Valid Issuance of Equity Interests</u>. Each of the Surviving LLC Interests, when issued and delivered in accordance with the terms of this Agreement, will be duly and validly issued, fully paid and nonassessable (except to the extent provided in the Act), and will be free and clear of all Liens imposed by or through the Surviving LLC other than restrictions as set forth in this Agreement, the Initial LLCA (as amended by this Agreement) and the other Transaction Agreements (as defined in the Contribution Agreement) and under applicable securities Laws. The issuance of each of the Surviving LLC Interests is not subject to any pre-emptive, authorized or other outstanding rights (contingent or otherwise), options, warrants, conversion rights, stock appreciation rights, redemption rights, repurchase rights, preferential purchase rights, agreements, arrangements, calls, subscription agreements, rights of first offer, rights of first refusal, tag along rights, drag along rights, subscription rights, conversion rights, exchange rights, or commitments or other rights of any kind or character relating to such interests and such interests will be registered pursuant to the Securities Act or issued pursuant to a valid exemption from such registration and otherwise issued in compliance with all applicable securities Laws. Other than as set forth in the Contribution Agreement, the Surviving LLC Interests are not subject to any shareholders' agreements, voting trusts, proxies or other agreements, instruments or understandings with respect to the purchase, sale, transfer or voting, distribution rights or disposition of any such Surviving LLC Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Brokers</u>. No broker, finder, financial advisor, investment banker or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission in connection with the origination, negotiation, execution, or performance of this Agreement or consummation of transactions contemplated by this Agreement that one or more of the other Parties (or any of their respective Affiliates) is or could become liable or obligated for based upon arrangements made by or on behalf of the Surviving LLC (or any of its Affiliates).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Additional Representation or Warranties</u>. The Surviving LLC makes no representation or warranty in any provision of this Agreement, other than those representations and warranties expressly set forth in this <u>Section 4.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.03. Representations and Warranties of the WB 892 Members**. Each of GIC and WBR Holdings represents and warrants to the other Parties, severally and not jointly, only as to itself, that each statement contained in this <u>Section 4.03</u> is true and correct as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. Such WB 892 Member has been duly formed and is validly existing and in good standing under the laws of Singapore or the State of Delaware, as applicable, with all requisite limited liability company or other applicable organizational power and authority to own, lease or otherwise hold and operate its properties and assets and to carry on its business as presently conducted. Such WB 892 Member is duly qualified and in good standing as a foreign entity to do business in each jurisdiction in which the conduct or nature of its business or the ownership, leasing, holding or operating of its properties makes such qualification necessary, except such jurisdictions where the failure to be so qualified or in good standing would not have a material adverse effect on the ability of such WB 892 Member to consummate the transactions provided for herein or to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization; Enforceability</u>. Such WB 892 Member has all requisite legal capacity, power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by such WB 892 Member of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all requisite legal action on the part of such WB 892 Member. This Agreement and the documents to be delivered hereunder have been duly and validly executed and delivered by such WB 892 Member, and (assuming due authorization, execution and delivery by the other Parties) constitute legal, valid and binding obligations of such WB 892 Member, enforceable against it in accordance with their respective terms and conditions, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors' rights generally or by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflicts</u>. The execution, delivery and performance by such WB 892 Member of this Agreement and the consummation of the transactions contemplated hereby, do not and will not: (i) conflict with, violate, or result in a breach or default under, any provision of such WB 892 Member's Organizational Documents; (ii) violate or conflict with any Law applicable to such WB 892 Member; (iii) require any Governmental Authorization, other than any Governmental Authorization that the failure of which to obtain is not reasonably expected to have a material impact on the ability of such WB 892 Member to consummate the transactions contemplated hereby; or (iv) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination, acceleration, cancellation or modification (with or without notice or lapse of time or both) or give rise to the loss of a benefit under, or trigger any transfer or "change of control" related right under any of the terms, conditions or provisions of any material Contract to which such WB 892 Member is a party or by which any of its assets or properties are bound or affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Consents and Approvals</u>. No approval, consent, order, waiver or authorization of, or registration, declaration or filing with, any Governmental Authority or other Person by such WB 892 Member is required in connection with the execution, delivery or performance of this Agreement or any of the documents to be delivered hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Equity Interests in the Non-Surviving LLC</u>. As of immediately prior to the consummation of the Merger, such WB 892 Member is the sole legal, beneficial, record and equitable owner of, and has good and valid title to its respective equity interests in the Non-Surviving LLC as set forth opposite its name

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on <u>Exhibit A</u>, free and clear of all Liens (other than restrictions on transfer (i) that may be imposed by applicable securities Laws or (ii) that are set forth in the Organizational Documents of the Non-Surviving LLC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Brokers</u>. No broker, finder, financial advisor, investment banker or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission in connection with the origination, negotiation, execution, or performance of this Agreement or consummation of transactions contemplated by this Agreement that one or more of the other Parties (or any of their respective Affiliates) is or could become liable or obligated for based upon arrangements made by or on behalf of such WB 892 Member (or any of its Affiliates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Additional Representation or Warranties</u>. Such WB 892 Member makes no representation or warranty in any provision of this Agreement, other than those representations and warranties expressly set forth in this <u>Section 4.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.04. Representations and Warranties of NDB Holdings**. NDB Holdings represents and warrants to the other Parties that each statement contained in this <u>Section 4.04</u> is true and correct as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. NDB Holdings has been duly formed and is validly existing and in good standing under the laws of the State of Delaware with all requisite limited liability company power and authority to own, lease or otherwise hold and operate its properties and assets and to carry on its business as presently conducted. NDB Holdings is duly qualified and in good standing as a foreign entity to do business in each jurisdiction in which the conduct or nature of its business or the ownership, leasing, holding or operating of its properties makes such qualification necessary, except such jurisdictions where the failure to be so qualified or in good standing would not have a material adverse effect on the ability of NDB Holdings to consummate the transactions provided for herein or to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization; Enforceability</u>. NDB Holdings has all requisite legal capacity, power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by NDB Holdings of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all requisite legal action on the part of NDB Holdings. This Agreement and the documents to be delivered hereunder have been duly and validly executed and delivered by NDB Holdings, and (assuming due authorization, execution and delivery by the other Parties) constitute legal, valid and binding obligations of NDB Holdings, enforceable against it in accordance with their respective terms and conditions, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors' rights generally or by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflicts</u>. The execution, delivery and performance by NDB Holdings of this Agreement and the consummation of the transactions contemplated hereby, do not and will not: (i) conflict with, violate, or result in a breach or default under, any provision of NDB Holdings' Organizational Documents; (ii) violate or conflict with any Law applicable to NDB Holdings; (iii) require any Governmental Authorization, other than any Governmental Authorization that the failure of which to obtain is not reasonably expected to have a material impact on the ability of NDB Holdings to consummate the transactions contemplated hereby; or (iv) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination, acceleration, cancellation or modification (with or without notice or lapse of time or both) or give rise to the loss of a benefit under, or trigger any transfer or "change of control" related right under any of the terms, conditions or provisions

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of any material Contract to which NDB Holdings is a party or by which any of its assets or properties are bound or affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Consents and Approvals</u>. No approval, consent, order, waiver or authorization of, or registration, declaration or filing with, any Governmental Authority or other Person by NDB Holdings is required in connection with the execution, delivery or performance of this Agreement or any of the documents to be delivered hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Equity Interests in the Surviving LLC</u>. As of immediately prior to the consummation of the Merger, NDB Holdings is sole legal, beneficial, record and equitable owner of, and has good and valid title to all equity interests in the Surviving LLC, free and clear of all Liens (other than restrictions on transfer (i) that may be imposed by applicable securities Laws or (ii) that are set forth in the Organizational Documents of the Surviving LLC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Brokers</u>. No broker, finder, financial advisor, investment banker or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission in connection with the origination, negotiation, execution, or performance of this Agreement or consummation of transactions contemplated by this Agreement that one or more of the other Parties (or any of their respective Affiliates) is or could become liable or obligated for based upon arrangements made by or on behalf of NDB Holdings (or any of its Affiliates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Additional Representation or Warranties</u>. NDB Holdings makes no representation or warranty in any provision of this Agreement, other than those representations and warranties expressly set forth in this <u>Section 4.04</u>.

**ARTICLE V**

**TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.01. Termination**. This Agreement may be terminated, and the Merger may be abandoned, at any time prior to the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by mutual written consent of the Surviving LLC and the Non-Surviving LLC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by either the Surviving LLC or the Non-Surviving LLC, if there shall be any Law that makes consummation of the Merger illegal or otherwise prohibited, or if any judgment, injunction, order or decree enjoining the Surviving LLC or the Non-Surviving LLC from consummating the Merger is entered and such judgment, injunction, order or decree shall become final and nonappealable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.02. Effect of Termination**. If this Agreement is terminated pursuant to <u>Section 5.01</u>, this Agreement shall become void and of no effect with no liability on the part of any Party.

**ARTICLE VI**

**NO SURVIVAL**

The Parties hereby agree that all representations and warranties of the Parties shall not survive following the Effective Time. The covenants and agreements of the Parties that, by their terms, are to be performed at or prior to the Effective Time shall survive until the earlier of the Effective Time and the date on which they are fully performed, and the covenants and agreements of the Parties that, by their terms, are to be performed after the Effective Time shall survive the Effective Time until fully performed.

------

**ARTICLE VII**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.01. Certain Defined Terms**. The following terms when used in this Agreement have the meanings specified in this <u>Section 7.01</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Action**" means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Affiliate**" means, with respect to any relevant Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with, such relevant Person. The term "control" (including its derivatives and similar terms) of a relevant Person means possessing (whether through beneficial ownership of capital stock or other similar interests, by contract, agreement, or otherwise), directly or indirectly, the power to vote more than 50% of the voting stock or other voting ownership or equity interests of any such relevant Person. For purposes of this Agreement, no Party nor any of its Affiliates is an "Affiliate" of any other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Contracts**" means all contracts, subcontracts, leases, bonds, mortgages, licenses, instruments, notes, commitments, undertakings, indentures, joint ventures or other agreements, commitments or legally binding arrangements, whether written or oral.

&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Governmental Authority**" means any federal, state, local, tribal or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the force of law), or any arbitrator, court or tribunal of competent jurisdiction, including any tribal authority having or asserting jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Law**" means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law of any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Lien**" means any charge, pledge, option, mortgage, deed of trust, hypothecation, lien, collateral assignment, security interest or other encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Organizational Documents**" means, with respect to any Person that is not a natural Person, the articles or certificate of incorporation or formation or limited partnership, bylaws, limited partnership agreement, partnership agreement or limited liability company agreement, as applicable, or such other governing or organizational documents of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Person**" means any individual or corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;**7.02. Joint Preparation**. The Parties have participated jointly in the negotiation and drafting of this Agreement with the assistance of counsel. Consequently, in the event an ambiguity or question of intent or interpretation arises, the Parties intend that this Agreement shall be construed as jointly drafted by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement or interim drafts of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**7.03. Severability**. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision

------

of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;**7.04. Successors and Assigns**. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign its rights or obligations hereunder, including by operation of Law, without the prior written consent of the other Parties. Any purported assignment in violation of the foregoing shall, to the fullest extent permitted by Law, be null and void. No assignment shall relieve the assigning party of any of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**7.05. No Third-Party Beneficiaries**. Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the Parties or their respective successors and permitted assigns any rights, remedies or liabilities under or by reason of this Agreement; *provided* that only a Party and its successors and permitted assigns will have the right to enforce the provisions of this Agreement on its own behalf (but shall not be obligated to do so).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.06. Amendment and Modification**. This Agreement, including any Exhibit, may only be amended, modified or supplemented by an agreement in writing signed by each Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.07. Waiver**. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving. No waiver by any Party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.08. Governing Law**. This Agreement (and any Action that may be based upon, arise out of or relate to the transactions contemplated hereby, to the negotiation, execution or performance hereof, or to the inducement of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute, or otherwise) shall in all respects be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would direct the application of the laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.09. Submission to Jurisdiction**. Any Action arising out of or based upon this Agreement or the transactions contemplated hereby shall be instituted exclusively in the Court of Chancery of the State of Delaware (or, if such court declines to accept jurisdiction, any state or federal court located within the State of Delaware), and each Party irrevocably submits to the exclusive jurisdiction of such courts in any such Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10. Waiver of Jury Trial**. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY OR ACTION WHICH MAY ARISE DIRECTLY OR INDIRECTLY OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION ARISING DIRECTLY OR INDIRECTLY OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED

------

HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT, OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 7.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11. Counterparts**. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by email or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

*[Signature Pages Follow]*

------

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

---

| |
|:---|
| &nbsp;&nbsp;**<u>NON-SURVIVING LLC</u>**: |
| &nbsp;&nbsp; <br>**WB 892 LLC**<br>By: ______________________________<br>Name: <br>Title:  |
| &nbsp;&nbsp;**<u>SURVIVING LLC</u>**: |
| &nbsp;&nbsp; <br>**WATERBRIDGE INFRASTRUCTURE LLC**<br>By: ______________________________ <br>Name: <br>Title:  |
| &nbsp;&nbsp;**<u>WBR HOLDINGS</u>**: |
| &nbsp;&nbsp; <br>**WBR HOLDINGS LLC**<br>By: ______________________________ <br>Name: <br>Title:  |
| &nbsp;&nbsp; <br>**<u>NDB HOLDINGS</u>**: |
| &nbsp;&nbsp; <br>**NDB HOLDINGS LLC**<br>By: ______________________________ <br>Name: <br>Title:  |

---

[*Signature Page to Agreement and Plan of Merger*]

\|

------

---

| |
|:---|
| &nbsp;&nbsp;**<u>GIC</u>**: |
| &nbsp;&nbsp; <br>**ASHBURTON INVESTMENT PRIVATE LIMITED**<br>By: ______________________________ <br>Name:<br>Title: |

---

[*Signature Page to Agreement and Plan of Merger*]

\|

------

**<u>EXHIBIT A</u>**

**Non-Surviving LLC Interests**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>WB 892 Member</u>** | &nbsp;&nbsp;**<u>Non-Surviving LLC Interests</u>** | &nbsp;&nbsp;**<u>Non-Surviving LLC Class A Common Units</u>** | &nbsp;&nbsp;**<u>Non-Surviving LLC Class P-1 Common Units</u>** |
| &nbsp;&nbsp;WBR Holdings | &nbsp;&nbsp;50.10% | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;GIC | &nbsp;&nbsp;49.90% | &nbsp;&nbsp;360819200 | &nbsp;&nbsp;18056.1652 |

---

------

**<u>EXHIBIT B</u>**

**Certificate of Merger**

[See attached.]

------

**STATE OF DELAWARE** 

**CERTIFICATE OF MERGER** 

**OF** 

**WB 892 LLC** 

**(a Delaware limited liability company)**

**MERGING WITH AND INTO**

**WATERBRIDGE INFRASTRUCTURE LLC**

**(a Delaware limited liability company)**

Pursuant to Title 6, Section 18-209 of the Delaware Limited Liability Company Act, the undersigned surviving limited liability company executed the following Certificate of Merger:

First: The name and type of entity of the surviving limited liability company is WaterBridge Infrastructure LLC, a Delaware limited liability company.

Second: The jurisdiction in which this surviving limited liability company was formed is Delaware.

Third: The name and type of entity of the limited liability company being merged with and into the surviving limited liability company is WB 892 LLC, a Delaware limited liability company (the "<u>Merging Delaware LLC</u>"). The jurisdiction in which the Merging Delaware LLC was formed is Delaware.

Fourth: The Agreement and Plan of Merger has been approved, adopted, certified, executed and acknowledged by the surviving limited liability company and by the Merging Delaware LLC.

Fifth: The name of the surviving domestic limited liability company is WaterBridge Infrastructure LLC.

Sixth: This Certificate of Merger and the merger of the Merging Delaware LLC with and into the surviving limited liability company shall be effective upon filing this Certificate of Merger with the Secretary of State of the State of Delaware.

Seventh: The executed Agreement and Plan of Merger is on file at 5555 San Felipe Street, Suite 1200, Houston, Texas 77056, a place of business of the surviving limited liability company.

Eighth: A copy of the Agreement and Plan of Merger will be furnished by the surviving limited liability company, on request without cost, to any member of the surviving limited liability company or to any person holding an interest in any other business entity which is to merge or consolidate.

*(signature page follows)*

\|

------

IN WITNESS WHEREOF, said surviving limited liability company has caused this certificate to be signed by its authorized person this of September, 2025.

**WATERBRIDGE INFRASTRUCTURE LLC**

By:

Name:

Title: Authorized Person

------

**<u>EXHIBIT C</u>**

**Surviving LLC Interests**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>WB 892 Member</u>** | &nbsp;&nbsp;**<u>Surviving LLC Interests</u>** | &nbsp;&nbsp;**<u>Surviving LLC Class A Shares</u>** | &nbsp;&nbsp;**<u>Surviving LLC Class B Shares</u>** |
| &nbsp;&nbsp;WBR Holdings | &nbsp;&nbsp; 50.10% | &nbsp;&nbsp;[●] | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;GIC | &nbsp;&nbsp; 49.90% | &nbsp;&nbsp;[●] | &nbsp;&nbsp;— |

---

\|

------

**Exhibit I<br>Notice Information**

Exhibit I

------

**Exhibit J<br>TERMINATED AGREEMENTS** 

Exhibit J

------

**Exhibit K<br>registration rights agreement**

Exhibit K

------

**Exhibit L<br>shareholders' agreement**

Exhibit L

------

**Exhibit M<br>TAX RECEIVABLE agreement**

Exhibit M

------

**Exhibit N<br>FORM OF A&R LLCA OF WATERBRIDGE HOLDINGS**

Exhibit N

------

**Exhibit O<br>FORM OF Seventh A&R LLCA OF WBEF**

Exhibit O

------

**Exhibit P<br>FORM OF SECOND A&R LLCA OF DESERT**

Exhibit P

------

**Exhibit Q<br>FORM OF SECOND A&R LLCA OF WATER JV**

Exhibit Q

------

**Exhibit R<br>SURVIVAL**

Schedule 1

------

**Schedule 1<br>Disclosure ScheduleS**

[See attached.]

Schedule 1

------

## Exhibit 3.1

Exhibit 3.1

**FIRST AMENDED AND RESTATED**

**LIMITED LIABILITY COMPANY AGREEMENT**

**OF**

**WATERBRIDGE INFRASTRUCTURE LLC**

------

**TABLE OF CONTENTS**

<u>Page</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article I DEFINITIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article I DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 | Construction | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article II ORGANIZATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article II ORGANIZATION | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | Formation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | Certificate of Formation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 | Name | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 | Registered Office; Registered Agent | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 | Principal Office; Principal Place of Business | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 | Purposes | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.7 | Powers | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.8 | Term | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.9 | Company Assets | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article III MEMBERS AND SHARES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article III MEMBERS AND SHARES | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | Members | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | Shares | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | Certificates and Transfer | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | Record Holders | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 | Splits and Combinations | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 | Class B Shares | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.7 | Rights of Members | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.8 | Issuance of Class B Shares; Recapitalization of Existing LLC Interests | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.9 | Shareholders' Agreement | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IV DIVIDENDS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IV DIVIDENDS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | Dividends | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | Distributions on Liquidation | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3 | Record Holders | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4 | Limitations on Distributions | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article V MANAGEMENT AND OPERATION OF BUSINESS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article V MANAGEMENT AND OPERATION OF BUSINESS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 | Power and Authority of Board | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 | Number, Qualification and Term of Office of Directors | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 | Classes of Directors | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 | Removal | 17 |

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i

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5 | Resignations | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6 | Vacancies | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.7 | Nomination of Directors | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.8 | Chairman of Meetings | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.9 | Place of Meetings | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10 | Regular Meetings | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11 | Special Meetings | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12 | Action Without Meeting | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.13 | Notice | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.14 | Meetings by Remote Communication | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.15 | Quorum | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.16 | Waiver of Notice | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.17 | Regulations | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.18 | Minutes | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.19 | Remuneration | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.20 | Reliance by Third Parties | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.21 | Consent Rights | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.22 | Registration Statement | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VI EXCULPATION, INDEMNIFICATION, ADVANCES AND INSURANCE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VI EXCULPATION, INDEMNIFICATION, ADVANCES AND INSURANCE | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 | Exculpation | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 | Indemnification | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 | Duties of Officers and Directors | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 | Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5 | Outside Activities | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VII COMMITTEES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VII COMMITTEES | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 | Designation, Powers | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 | Procedure; Meetings; Quorum | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 | Alternate Members of Committees | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VIII OFFICERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VIII OFFICERS | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 | Officers | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2 | Chief Executive Officer | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3 | President | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4 | Executive Vice Presidents and Vice Presidents | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5 | Secretary | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.6 | Treasurer | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.7 | Vacancies | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.8 | Action with Respect to Securities of Other Companies | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.9 | Delegation | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IX BOOKS, RECORDS, ACCOUNTING AND REPORTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IX BOOKS, RECORDS, ACCOUNTING AND REPORTS | 29 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 | Records and Accounting | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2 | Fiscal Year | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3 | Reports | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article X TAX MATTERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article X TAX MATTERS | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 | Tax Elections | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2 | Withholding | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XI DISSOLUTION AND LIQUIDATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XI DISSOLUTION AND LIQUIDATION | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1 | Dissolution | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2 | Liquidator | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3 | Liquidation | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4 | Cancellation of Certificate of Formation | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5 | Return of Contributions | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.6 | Waiver of Partition | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XII AMENDMENT OF AGREEMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XII AMENDMENT OF AGREEMENT | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.1 | General | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.2 | Shareholder Amendments | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.3 | Amendments to be Adopted Solely by the Board | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.4 | Amendment Requirements | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XIII MERGER, CONSOLIDATION OR CONVERSION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XIII MERGER, CONSOLIDATION OR CONVERSION | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.1 | Authority | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.2 | Procedure for Merger, Consolidation or Conversion | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.3 | Approval by Members of Merger, Consolidation or Conversion or Sales of Substantially All of the Company's Assets | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.4 | Certificate of Merger | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.5 | Effect of Merger | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.6 | Certain Merger Rights | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XIV MEMBER MEETINGS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XIV MEMBER MEETINGS | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.1 | Member Meetings | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.2 | Notice of Meetings of Members | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.3 | Record Date | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.4 | Adjournment | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.5 | Waiver of Notice; Approval of Meeting | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.6 | Quorum; Required Vote for Member Action; Voting for Directors | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.7 | Conduct of a Meeting; Member Lists | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.8 | Action Without a Meeting | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.9 | Voting and Other Rights | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.10 | Proxies and Voting | 41 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.11 | Notice of Member Business and Nominations | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XV GENERAL PROVISIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XV GENERAL PROVISIONS | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.1 | Addresses and Notices | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.2 | Further Action | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.3 | Binding Effect | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.4 | Integration | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.5 | Creditors | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.6 | Waiver | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.7 | Third-Party Beneficiaries | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.8 | Rights of Members Independent | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.9 | Counterparts | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.10 | Applicable Law | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.11 | Invalidity of Provisions | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.12 | Consent of Members | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.13 | Expenses | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.14 | Electronic Signatures | 49 |

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**FIRST AMENDED AND RESTATED<br>LIMITED LIABILITY COMPANY AGREEMENT<br>OF<br>WATERBRIDGE INFRASTRUCTURE LLC**

This FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF WATERBRIDGE INFRASTRUCTURE LLC, is dated as of September 18, 2025 (as amended, supplemented or restated from time to time, this "**<u>Agreement</u>**"). Capitalized terms used herein without definition shall have the respective meanings ascribed thereto in <u>Section 1.1</u>.

WHEREAS, the Company was formed under the Act pursuant to a certificate of formation filed with the Secretary of State of the State of Delaware on April 11, 2025, and a Limited Liability Company Agreement of WaterBridge Infrastructure LLC, dated as of April 11, 2025 (as amended by the WB 892 Merger Agreement (as defined below), the "**<u>Original LLC Agreement</u>**"), entered into by NDB Holdings;

WHEREAS, pursuant to that certain Agreement and Plan of Merger, dated as of September 17, 2025 (the "**<u>WB 892</u> <u>Merger Agreement</u>**"), by and among the Company and WB 892 LLC, a Delaware limited liability company ("**<u>WB 892</u>**"), WB 892 merged with and into the Company, with the Company surviving (the "**<u>Merger</u>**"), and in connection with the Merger, (a) each of the Existing Members received newly issued limited liability company interests in the Company (such Member's "**<u>Existing LLC Interest</u>**") and was admitted as a member of the Company, (b) the limited liability company interest in the Company held by the initial member of the Company (the "**<u>Initial Member</u>**") and such Initial Member's interest (the "**<u>Initial LLC Interest</u>**") was cancelled, and the Initial Member ceased to be a member of the Company and (c) the Initial Member was designated as a non-member manager of the Company; and

WHEREAS, the Board, the Initial Member and the Existing Members have authorized and approved an amendment and restatement of the Original LLC Agreement on the terms set forth herein.

NOW THEREFORE, the Original LLC Agreement is hereby amended and restated to read in its entirety as follows:

# Article I<br>DEFINITIONS

## Section 1.1 <u>Definitions</u>. The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.
"***Act***" means the Delaware Limited Liability Company Act, 6 Del. C. Section 18-101, et seq., as amended, supplemented or restated from time to time, and any successor to such statute.

"***Affiliate***" has the meaning ascribed to such term in Rule 12b-2 promulgated under the Exchange Act.

"***Agreement***" has the meaning assigned to such term in the preamble of this Agreement.

"***Board***" has the meaning assigned to such term in <u>Section 5.1</u>.

"***Business Day***" means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the United States of America or the State of New York shall not be regarded as a Business Day.

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"***Capital Contribution***" means any cash, cash equivalents or the value of contributed property that a Member contributes to the Company pursuant to this Agreement.

"***Certificate***" means a certificate in such form as may be adopted by the Board, issued by the Company evidencing ownership of one or more Shares.

"***Certificate of Formation***" means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware as referenced in <u>Section 2.2</u>, as such Certificate of Formation may be amended, supplemented or restated from time to time.

"***Chairman of the Board***" has the meaning assigned to such term in <u>Section 5.8</u>.

"***Change of Control***" means the first to occur of the following events: (a) the sale of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to any Person (or group of Persons acting in concert), other than to (i) one or more Shareholders or (ii) any employee benefit plan (or trust forming a part thereof) maintained by the Company or any of its Affiliates or other Person of which a majority of its voting power or other equity securities is owned, directly or indirectly, by the Company or any of its Affiliates (any Person described in the foregoing <u>clauses (i)</u> or <u>(ii)</u>, an "**<u>Affiliated Person</u>**"); (b) a sale of Shares by either (i) the Company or (ii) one or more Shareholders to a Person (or group of Persons acting in concert), or a merger, consolidation or similar transaction involving the Company, in any case, that results in (x) more than 50% of the Voting Shares of the Company (or any resulting company after a merger, or the ultimate parent company thereof, as applicable) being held by a Person (or group of Persons acting in concert) that is not an Affiliated Person and (y) the Five Point Members ceasing to own at least 40% of the Voting Shares of the Company; or (c) any event that results in the Sponsor Group ceasing to hold the ability to elect a majority of the members of the Board.

"***Class A Share***" means a Class A share representing a limited liability company interest in the Company having the rights and obligations specified in this Agreement.

"***Class B Share***" means a Class B share representing a limited liability company interest in the Company having the rights and obligations specified in this Agreement.

"***close of business***" has the meaning assigned to such term in <u>Section 14.11(d)</u>.

"***Closing Date***" means the first date on which Class A Shares are delivered by the Company to the Underwriters pursuant to the provisions of the Underwriting Agreement.

"***Code***" means the United States Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding law).

"***Commission***" means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the functions thereof.

"***Common Shares***" means any Shares that are not Preferred Shares, including Class A Shares and Class B Shares.

"***Company***" means WaterBridge Infrastructure LLC, a Delaware limited liability company, and any successors thereto.

"***Company Group***" means the Company and each Subsidiary of the Company, collectively.

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"***Conflicts Committee***" means an ad hoc committee of the Board comprised entirely of Independent Directors empaneled at the discretion of the Board by resolution establishing its roles and responsibilities that is formed to review and, if so determined, approve any transaction, activity, arrangement or circumstance involving a conflict of interest or a potential conflict of interest between any member of the Sponsor Group, one or more Directors, Officers, equity owners or their respective Affiliates, on the one hand, and the Company, any Group Member or any Member other than a member of such Sponsor Group, on the other.

"***Consolidated Adjusted EBITDA***" means the Company's and its consolidated Subsidiaries' net income (loss) before interest; taxes; depreciation, amortization, depletion and accretion; share-based compensation; and other extraordinary and/or non-recurring expenses deducted in calculating Adjusted EBITDA as publicly disclosed by the Company for the most recently completed fiscal period.

"***Contribution Agreement***" means that certain Contribution and Corporate Reorganization Agreement, dated as of September 8, 2025, by and among the Company, the Five Point Members and the other Persons party thereto, as such may be amended, supplemented or restated from time to time.

"***Derivative Instrument***" has the meaning assigned to such term in <u>Section 14.11(a)(ii)(A)</u>.

"***Desert Holdings***" means Desert Environmental Holdings LLC, a Delaware limited liability company.

"***Designated Director***" means any Director who may be elected by the holders of any class or series of Shares specified in the related Share Designation for such class or series to the extent provided therein.

"***DGCL***" means the General Corporation Law of the State of Delaware, as amended (or any corresponding provisions of succeeding law).

"***Director***" means a member of the Board.

"***Dividend***" means any distribution by the Company to a holder of a Share other than (i) a return of some or all of the Capital Contribution related to such Share or (ii) a distribution upon liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary; *provided* that the term "Dividend" shall not include any repurchase or redemption of Shares by the Company.

"***DVN JV Holdco***" means Devon WB Holdco L.L.C., a Delaware limited liability company, and its successors.

"***Elda River***" means Elda River Infrastructure WB LLC, a Delaware limited liability company.

"***Exchange Act***" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (or any corresponding provisions of succeeding law).

"***Existing Members***" means WBR Holdings and GIC, collectively, and "***Existing Member***" means any of the foregoing, individually.

"***Five Point Members***" means WBR Holdings, NDB Holdings, Desert Holdings, and each of their respective successors.

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"***Five Point Representative***" means Five Point Infrastructure LLC or any successor thereto designated in writing to the Company by the holders of a majority-in-interest of the Five Point Members (based on ownership of Shares).

"***Foreign Action***" has the meaning assigned to such term in <u>Section 15.10(d)</u>.

"***FSC Enforcement Action***" has the meaning assigned to such term in <u>Section 15.10(d)</u>.

"***GIC***" means Ashburton Investment Private Limited, a Singapore private limited company,

"***Good Faith***" means, when applied to any action or omission of a Person, that such Person, at the time of such action or omission, held a subjective belief that such action or omission is in, or not opposed to, the best interests of the Company.

"***Governmental Entity***" means any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof.

"***Group Member***" means a member of the Company Group.

"***Group Member Agreement***" means the partnership agreement of any Group Member that is a limited or general partnership, the limited liability company agreement of any Group Member, other than the Company, that is a limited liability company, the certificate of incorporation and bylaws or similar organizational documents of any Group Member that is a corporation, the joint venture agreement or similar governing document of any Group Member that is a joint venture and the governing or organizational or similar documents of any other Group Member that is a Person other than a limited or general partnership, limited liability company, corporation or joint venture, as such may be amended, supplemented or restated from time to time.

"***Indemnified Person***" means (a) any Person who is or was a Director or Officer, (b) any Person who is or was serving at the request of the Company or any of its Subsidiaries as an officer, director, member, manager, partner, fiduciary or trustee of another Person (including any Subsidiary); provided, that a Person shall not be an Indemnified Person by reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial services, (c) any member of the Sponsor Group and its Affiliates and (d) any Person the Board designates as an "Indemnified Person" for purposes of this Agreement.

"***Independent Director***" means a Director who is determined by the Board to meet the then current independence and other standards established by the Exchange Act and by each National Securities Exchange on which Shares are listed for trading and, for the purposes of service on a Conflicts Committee, is determined by the Board to be independent with respect to any transaction, activity, arrangement or circumstance to be evaluated by such Conflicts Committee.

"***Initial OpCo Unitholders***" means, collectively, the Five Point Members, DVN JV Holdco and Elda River.

"***IPO***" means the initial offering and sale of Class A Shares to the public, as described in the Registration Statement.

"***Law***" means any statute, law, ordinance, regulation, rule, code, order, requirement or rule of law (including common law) of any Governmental Entity.

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"***Liquidation Date***" means the date on which an event giving rise to the dissolution, winding up and termination of the Company occurs.

"***Liquidator***" means one or more Persons selected by the Board to perform the functions described in <u>Section 11.2</u> as liquidating trustee of the Company within the meaning of the Act.

"***Member***" means each member of the Company, including any Person admitted as an additional or substitute member of the Company in accordance with this Agreement, each in such Person's capacity as a member of the Company.

"***Member Associated Person***" has the meaning assigned to such term in <u>Section 14.11(d)</u>.

"***Merger Agreement***" has the meaning assigned to such term in <u>Section 13.1</u>.

"***National Securities Exchange***" means an exchange registered with the Commission under Section 6(a) of the Exchange Act.

"***NDB Holdings***" means NDB Holdings LLC, a Delaware limited liability company.

"***Officers***" has the meaning assigned to such term in <u>Section 8.1(a)</u>.

"***OpCo***" means WBI Operating LLC, a Delaware limited liability company.

"***OpCo LLC Agreement***" means the Amended and Restated Limited Liability Agreement of OpCo, as it may be amended, restated, supplemented and otherwise modified from time to time.

"***OpCo Units***" has the meaning assigned to such term in <u>Section 3.3(g)</u>.

"***Outstanding***" means, with respect to any class, series or other category of Shares, all such Shares that are issued by the Company and reflected as outstanding on the Company's books and records as of the date of determination, net of any such Shares held in the Company's treasury.

"***Percentage Interest***" means, as of any date of determination, (a) as to any Class A Shares, the product obtained by multiplying (i) 100% less the percentage applicable to the Shares referred to in <u>clause (c)</u> by (ii) the quotient obtained by dividing (A) the number of such Class A Shares by (B) the total number of all Outstanding Class A Shares, (b) as to any Class B Shares, 0%, and (c) as to any other Shares, the percentage established for such Shares by the Board as a part of the issuance of such Shares.

"***Person***" means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act.

"***Preferred Shares***" means a class of Shares that entitles the Record Holders thereof to a preference or priority over the Record Holders of any other class of Shares in (a) the right to share profits or losses or items thereof, (b) the right to share in Dividends, or (c) rights upon dissolution or liquidation of the Company.

"***Public Announcement***" has the meaning assigned to such term in <u>Section 14.11(d)</u>.

"***Quarter***" means, unless the context requires otherwise, a fiscal quarter, or, with respect to the fiscal quarter in which the Closing Date occurs, the portion of such fiscal quarter after the Closing Date, of the Company.

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"***Record Date***" means the date established by the Board for determining (a) the identity of the Record Holders entitled to notice of, or to vote at, any meeting of Members or entitled to exercise rights in respect of any lawful action of Members or (b) the identity of Record Holders entitled to receive any report or Dividend or to participate in any offer.

"***Record Holder***" or "***holder***" means (a) with respect to any Class A Shares or Class B Shares, respectively, the Person in whose name such Shares are registered on the books of the Transfer Agent as of the opening of business on a particular Business Day, and (b) with respect to any Shares of any other class, the Person in whose name such Shares are registered on the books that the Company has caused to be kept as of the opening of business on such Business Day.

"***Redemption***" has the meaning assigned to such term in the OpCo LLC Agreement.

"***Registration Statement***" means the Registration Statement on Form S-1 (Registration No. 333-289823) as it has been or as it may be amended or supplemented from time to time, filed by the Company with the Commission under the Securities Act in connection with the IPO.

"***Securities Act***" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (or any corresponding provisions of succeeding law).

"***Share***" means a share issued by the Company that evidences a Member's limited liability company interest in, and rights, powers and duties with respect to, the Company pursuant to this Agreement and the Act. Shares may be Common Shares or Preferred Shares and may be issued in different classes or series.

"***Share Designation***" has the meaning assigned to such term in <u>Section 3.2(c)</u>.

"***Share Majority***" means a majority of the total votes that may be cast generally in the election of Directors (other than a Designated Director) by holders of all Outstanding Voting Shares, voting together as a single class.

"***Shareholders***" has the meaning assigned to such term in the Shareholders' Agreement.

"***Shareholders' Agreement***" means that certain Shareholders' Agreement, dated September 18, 2025, by and among the Company, the Five Point Members and DVN JV Holdco, as amended, supplemented or restated from time to time.

"***Solicitation Statement***" has the meaning assigned to such term in <u>Section 14.11(a)(ii)(A)</u>.

"***Special Approval***" means, with respect to any transaction, activity, arrangement or circumstance, that such transaction, activity, arrangement or circumstance (a) has been specifically approved by a majority of the members of a Conflicts Committee, or (b) complies with any applicable rules or guidelines established by a Conflicts Committee with respect to categories of transactions, activities, arrangements or circumstances that are deemed approved by a Conflicts Committee.

"***Sponsor Group***" means, collectively, (a) the Five Point Members and their Affiliates, and (b) DVN JV Holdco and its Affiliates.

"***Subsidiary***" means, with respect to any Person, as of any date of determination, any other Person as to which such Person owns or otherwise controls, directly or indirectly, more than 50% of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of

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such Person. For the avoidance of doubt, OpCo and its Subsidiaries shall be deemed to be Subsidiaries of the Company.

"***Surviving Business Entity***" has the meaning assigned to such term in <u>Section 13.2(a)(ii)</u>.

"***transfer***" means, with respect to a Share, a transaction by which the Record Holder of a Share assigns such Share to another Person who is or is admitted as a Member in accordance with this Agreement, and includes a sale, assignment, gift, exchange or any other disposition by Law or otherwise, including any transfer upon foreclosure of any pledge, encumbrance, hypothecation or mortgage.

"***Transfer Agent***" means, with respect to any class of Shares, such bank, trust company or other Person (including the Company or one of its Affiliates) as shall be appointed from time to time by the Company to act as registrar and transfer agent for such class of Shares; provided that if no Transfer Agent is specifically designated for such class of Shares, the Company shall act in such capacity.

"***Trigger Event***" means the first date on which the Shareholders no longer collectively beneficially own or control the voting of more than 40% of the aggregate of Voting Shares, voting together as a single class.

"***Underwriter***" means each Person named as an underwriter in the Underwriting Agreement who is obligated to purchase Class A Shares pursuant thereto.

"***Underwriting Agreement***" means the Underwriting Agreement to be entered into by the Company providing for the sale of Class A Shares in the IPO.

"***Unrestricted Party***" has the meaning assigned to such term in <u>Section 6.5(a)</u>.

"***U.S. GAAP***" means United States generally accepted accounting principles, as in effect from time to time, consistently applied.

"***Voting Commitment***" has the meaning assigned to such term in <u>Section 14.11(a)(ii)(D)</u>.

"***Voting Shares***" means the Class A Shares, the Class B Shares and any other class or series of Shares issued after the date of this Agreement that entitles the Record Holder thereof to vote in the election of Directors (other than a Designated Director), voting together as a single class.

"***WB 892***" has the meaning assigned to such term in the recitals to this Agreement.

"***WB 892 Merger Agreement***" has the meaning assigned to such term in the preamble of this Agreement.

"***WBR Holdings***" means WBR Holdings LLC, a Delaware limited liability company.

## Section 1.2 <u>Construction</u>. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: (a) the terms defined in <u>Section 1.1</u> are applicable to the singular as well as the plural forms of such terms; (b) all accounting terms not otherwise defined herein have the meanings assigned under U.S. GAAP; (c) all references to currency, monetary values and dollars set forth herein shall mean United States dollars and all payments hereunder shall be made in United States dollars; (d) when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated; (e) whenever the words "include," "includes" or "including" are used in this Agreement, they

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## shall be deemed to be followed by the words "without limitation"; (f) "or" is not exclusive; (g) the terms "in writing," "written communications," "written notice" and words of similar import shall be deemed satisfied under this Agreement by use of e-mail and other forms of electronic communication; and (h) the words "hereof," "herein" and "hereunder" and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement.

# Article II<br>ORGANIZATION

## Section 2.1 <u>Formation</u>. The Company has been formed as a limited liability company pursuant to the provisions of the Act upon the terms, provisions and conditions herein set forth.

## Section 2.2 <u>Certificate of Formation</u>. The Certificate of Formation has been filed with the Secretary of State of the State of Delaware as required by the Act, with such filing being hereby confirmed, ratified and approved in all respects. The Board shall use all reasonable efforts to cause to be filed such other certificates or documents that it determines to be necessary or appropriate for the formation, continuation, qualification and operation of a limited liability company in the State of Delaware or any other state in which the Company may elect to do business or own property. To the extent that the Board determines such action to be necessary or appropriate, the Board shall direct the appropriate Officers of the Company to file amendments to and restatements of the Certificate of Formation and do all things to maintain the Company as a limited liability company under the laws of the State of Delaware or of any other state in which the Company may elect to do business or own property, and any such Officer so directed shall be an "authorized person" of the Company within the meaning of the Act for purposes of filing any such certificate with the Secretary of State of the State of Delaware. The Company shall not be required, before or after filing, to deliver or mail a copy of the Certificate of Formation, any qualification document or any amendment thereto to any Member.

## Section 2.3 <u>Name</u>. The name of the Company continued without dissolution hereby shall be "WaterBridge Infrastructure LLC." The Company's business may be conducted under any other name or names, as determined at the discretion of the Board. The words "Limited Liability Company," "LLC," or similar words or letters shall be included in the Company's name where necessary for the purpose of complying with the Laws of any jurisdiction that so requires. The Board may change the name of the Company at any time and from time to time and shall notify the Members of such change within a reasonable time.

## Section 2.4 <u>Registered Office; Registered Agent</u>. Unless and until changed by the Board, the registered office of the Company in the State of Delaware shall be located at 108 Lakeland Ave, Dover, Delaware 19901, Kent County, and the registered agent for service of process on the Company in the State of Delaware at such registered office shall be Capitol Services, Inc.

## Section 2.5 <u>Principal Office; Principal Place of Business</u>. Unless and until changed by the Board in its discretion, the principal office of the Company shall be located at 5555 San Felipe Street, Suite 1200, Houston, Texas 77056 or such other place as the Board may from time to time designate by notice to the Members. The Company may maintain offices at such other place or places within or outside the State of Delaware as the Board determines to be necessary or appropriate. The principal place of business of the Company shall be located in such place as is determined by the Board from time to time.

## Section 2.6 <u>Purposes</u>. The purpose of the Company shall be to engage in any business activity that lawfully may be conducted by a limited liability company organized under the Laws of the State of Delaware and, in connection therewith, to exercise all of the rights and powers conferred upon it pursuant to the agreements relating to such business activity.

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## Section 2.7 <u>Powers</u>. The Company shall be empowered and authorized to do, take, and engage in, any and all acts and things necessary, appropriate, desirable, advisable, ancillary or incidental for the furtherance and accomplishment of the purposes described in <u>Section 2.6</u>.

## Section 2.8 <u>Term</u>. The Company's term commenced upon the filing of the Certificate of Formation in accordance with the Act and shall be perpetual, unless and until it is dissolved, its affairs are wound up and it is terminated in accordance with the provisions of <u>Article XI</u>. The existence of the Company as a separate legal entity shall continue until the cancellation of the Certificate of Formation as provided in the Act.

## Section 2.9 <u>Company Assets</u>. Company assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Company as an entity, and no Member, Director or Officer, individually or collectively, shall have any ownership interest in such Company assets or any portion thereof. Title to any or all of the Company assets may be held in the name of the Company or one or more nominees, as the Board may determine in its discretion. All Company assets shall be recorded as the property of the Company in its books and records, irrespective of the name in which record title to such Company assets is held.

# Article III<br>MEMBERS AND SHARES

## Section 3.1 <u>Members</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Person shall be admitted as a Member and shall become bound by the terms of this Agreement if such Person purchases or otherwise lawfully acquires any Share and becomes the Record Holder of such Share in accordance with the provisions of this <u>Article III</u>. A Person may become a Record Holder and, thus, a Member, without the consent or approval of any other Member. A Person may not become a Member without becoming a Record Holder of a Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The name and mailing address of each Record Holder shall be listed on the books and records of the Company maintained for such purpose by the Company or the Transfer Agent. The Secretary of the Company shall update the books and records of the Company from time to time as necessary to reflect accurately the information therein (or shall cause the Transfer Agent to do so, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided in the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Member shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to <u>Articles XIII</u> and <u>XIV</u>, Members may not be expelled from or removed as Members. Members shall not have any right to withdraw from the Company; provided, that when a transferee of a Member's Shares becomes a Record Holder of such Shares, such transferring Member shall cease to be a Member with respect to the Shares so transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except to the extent expressly provided in this Agreement (including any Share Designation): (i) no Member shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent, if any, that distributions made pursuant to this Agreement or upon dissolution of the Company may be considered as such by Law and then only to the extent provided for in this Agreement; (ii) except as otherwise expressly provided in this Agreement or with respect to a Share Designation, no Member shall have priority over any other Member either as to the return of Capital Contributions or as to profits, losses or Dividends; (iii) no interest shall be paid by the Company on Capital Contributions; and (iv) no Member,

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in its capacity as such, shall participate in the operation or management of the Company's business, transact any business in the Company's name or have the power to sign documents for or otherwise bind the Company, by reason of being a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to <u>Section 6.5</u>, any Member, including, for the avoidance of doubt, any member of the Sponsor Group, shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Company, including business interests and activities in direct competition with the Company Group, and none of the same shall constitute a breach of this Agreement or any duty (including fiduciary duties) otherwise existing at law, in equity or otherwise to any Group Member or Member. Neither the Company nor any of the other Members shall have any rights by virtue of this Agreement in any such business interests or activities of any Member.

## Section 3.2 <u>Shares</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may issue Shares, and options, rights, warrants and appreciation rights relating to Shares, for any Company purpose at any time and from time to time to such Persons for such consideration (which may be cash, property, services or any other lawful consideration) or for no consideration and on such terms and conditions as the Board shall determine, all without the approval of any Member. Each Share shall have the rights and be governed by the provisions set forth in this Agreement (including any Share Designation). Except to the extent expressly provided in this Agreement (including any Share Designation) or as otherwise approved by the Board, no Shares shall entitle any Member to any preemptive, conversion, preferential, or similar rights with respect to the issuance of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date of this Agreement, two classes of Shares have been designated: Class A Shares and Class B Shares. The Class A Shares and the Class B Shares shall entitle the Record Holders thereof to one vote per Share on any and all matters submitted for the consent or approval of Members generally, and shall vote together as a single class, except as otherwise provided by Law or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the Class A Shares and the Class B Shares Outstanding on the date hereof, and without the consent or approval of any Member, additional Shares may be issued by the Company in one or more classes or series, with such designations, preferences, rights, powers, qualifications, limitations and restrictions (which may be junior to, equivalent to, or senior or superior to, any existing classes of Shares), as shall be fixed by the Board and reflected in a written action or actions approved by the Board in compliance with <u>Section 5.1</u> and subject to any limitations prescribed by Law (each, a "***Share Designation***"), including (i) whether or not the class or series is to have full, special or limited voting rights, or is to be without voting rights, and whether or not such class or series is to be entitled to vote as a separate class or series either alone or together with the holders of one or more other classes or series of Shares; (ii) the right to share Company profits and losses or items thereof; (iii) the Dividend rate, whether Dividends are payable in cash, Shares or other property, the conditions upon which and the times when such Dividends are payable, the preference to or the relation to the payment of Dividends payable on any other class or classes or series of Shares, whether or not such Dividends shall be cumulative or noncumulative, and if cumulative, the date or dates from which such Dividends shall accumulate; (iv) rights upon termination, dissolution and liquidation of the Company; (v) whether, and the terms and conditions upon which, the Company may redeem the Shares; (vi) whether such Shares are issued with the privilege of redemption, conversion or exchange and, if so, the redemption, conversion or exchange price or prices or rate or rates, or any adjustments thereto, the date or dates on which, or the period or periods during which, the shares will be redeemable, convertible or exchangeable and all other terms and conditions upon which the redemption, conversion or exchange may be made; (vii) the terms and conditions upon which such Shares will be issued, evidenced by certificates and assigned or transferred; (viii) the method for determining the Percentage Interest, if any, applicable to such Shares; (ix) the terms and amounts of any sinking fund provided for the purchase or redemption of Shares of the class or series; (x) whether there will be restrictions

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on the issuance of Shares of the same class or series or any other class or series; and (xi) the right, if any, of the holder of each such Share to vote on Company matters, including matters relating to the relative rights, preferences and privileges of such Shares. A Share Designation (or any resolution of the Board amending any Share Designation) shall be effective when a duly executed original of the same is delivered to the Secretary of the Company for inclusion among the permanent records of the Company, and shall be annexed to, and constitute part of, this Agreement (and, for the avoidance of doubt, this Agreement, together with each Share Designation, shall constitute the "limited liability company agreement" of the Company within the meaning of the Act and in the event of any inconsistency between the terms of a Share Designation and the terms of this Agreement, the terms of such Share Designation shall control). Unless otherwise provided in the applicable Share Designation, the Board may at any time increase or decrease the authorized amount of Shares of any class or series, but not below the number of Shares of such class or series then Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company is authorized to issue an unlimited number of Shares in one or more classes, or one or more series of any such classes as shall be fixed by the Board. All Shares issued pursuant to, and in accordance with the requirements of, this <u>Article III</u> shall be validly issued Shares, except to the extent otherwise provided in the Act or this Agreement (including any Share Designation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board may, without the consent or approval of any Members, amend this Agreement and make any filings under the Act or otherwise to the extent the Board determines that it is necessary or desirable in order to effectuate any issuance of Shares pursuant to this <u>Article III</u>, including an amendment of <u>Section 3.2(d)</u>.

## Section 3.3 <u>Certificates and Transfer</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, unless the Board shall determine otherwise in respect of some or all of any or all classes of Shares, Shares shall not be evidenced by certificates. Certificates that are issued shall be executed on behalf of the Company by the Chairman of the Board, President, Chief Executive Officer or any Executive Vice President or Vice President and the Chief Financial Officer or the Secretary or any Assistant Secretary of the Company. No Certificate for a class or series of Shares shall be valid for any purpose until it has been countersigned by the Transfer Agent for such class or series of Shares; *provided* that if the Board elects to cause the Company to issue Shares of such class or series in global form, the Certificate shall be valid upon receipt of a certificate from the Transfer Agent certifying that the Shares have been duly registered in accordance with the directions of the Company. The Shares shall be entered in the books of the Company as they are issued and shall exhibit the holder's name and number of Shares. The Shares shall be transferred on the books of the Company, which may be maintained by a third-party registrar or the Transfer Agent, by the holder thereof in person or by such holder's attorney, upon surrender for cancellation of certificates for at least the same number of shares, with an assignment and power of transfer endorsed thereon or attached thereto, duly executed, with such proof of the authenticity of the signature as the Company or its agents may reasonably require or upon receipt of proper transfer instructions from the registered holder of uncertificated Shares and upon compliance with appropriate procedures for transferring Shares in uncertificated form, at which time the Company shall issue a new certificate to the Person entitled thereto (if the Shares are then represented by certificates), cancel the old certificate and record the transaction upon its books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By acceptance of the transfer of any Share, each transferee of a Share (including any nominee holder or an agent or representative acquiring such Shares for the account of another Person) (i) shall be admitted to the Company as a Member with respect to the Shares so transferred to such transferee when any such transfer or admission is reflected in the books and records of the Company, (ii) shall be deemed to agree to be bound by the terms of this Agreement, (iii) shall become the Record Holder of the Shares so transferred, (iv) grants powers of attorney to the Officers of the Company and any Liquidator of

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the Company, as specified herein, and (v) makes the consents and waivers contained in this Agreement. The transfer of any Shares and the admission of any new Member shall not constitute an amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each certificated Share shall be signed, countersigned and registered in the manner required by this Agreement. In case any Officer, the Transfer Agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be such Officer, Transfer Agent or registrar before such certificate is issued, it may be issued by the Company with the same effect as if he or she were such Officer, Transfer Agent or registrar at the date of issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any mutilated Certificate is surrendered to the Transfer Agent, the appropriate Officers on behalf of the Company shall execute, and the Transfer Agent shall countersign and deliver in exchange therefor, a new Certificate evidencing the same number and class or series of Shares as the Certificate so surrendered. The appropriate Officers on behalf of the Company shall execute, and the Transfer Agent shall countersign and deliver, a new Certificate in place of any Certificate previously issued if the Record Holder of the Certificate: (i) makes proof by affidavit, in form and substance satisfactory to the Company, that a previously issued Certificate has been lost, destroyed or stolen; (ii) requests the issuance of a new Certificate before the Company has notice that the Certificate has been acquired by a purchaser for value in good faith and without notice of an adverse claim; (iii) if requested by the Company, delivers to the Company a bond, in form and substance satisfactory to the Company, with surety or sureties and with fixed or open penalty as the Company may direct to indemnify the Company and the Transfer Agent against any claim that may be made on account of the alleged loss, destruction or theft of the Certificate; and (iv) satisfies any other reasonable requirements imposed by the Company. If a Member fails to notify the Company within a reasonable time after the Member has notice of the loss, destruction or theft of a Certificate, and a transfer of the Shares represented by the Certificate is registered before the Company or the Transfer Agent receives such notification, the Member shall, to the fullest extent permitted by law, be precluded from making any claim against the Company or the Transfer Agent for such transfer or for a new Certificate. As a condition to the issuance of any new Certificate under this <u>Section 3.3</u>, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Transfer Agent) reasonably connected therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board shall have the power and authority to make all such rules and regulations concerning the issue, transfer and registration or the replacement of certificates for Shares. The Company may enter into additional agreements with Members to restrict the transfer of Shares in any manner not prohibited by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing contained in this Agreement shall preclude the settlement of any transactions involving Shares entered into through the facilities of any National Securities Exchange on which such Shares are listed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding the foregoing, no Class B Shares may be transferred unless a corresponding number of units representing limited liability company interests in OpCo ("***OpCo Units***") are transferred therewith in accordance with the OpCo LLC Agreement.

## Section 3.4 <u>Record Holders</u>. The Company shall be entitled to recognize the Record Holder as the owner of a Share and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Share on the part of any other Person, regardless of whether the Company shall have actual or other notice thereof, except as otherwise provided by Law or any applicable rule, regulation, guideline or requirement of any National Securities Exchange on which such Shares are listed for trading. Without limiting the foregoing, when a Person (such as a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing) is acting as nominee, agent or in some other representative capacity for

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## another Person in acquiring and/or holding Shares, as between the Company on the one hand, and such other Persons on the other, such representative Person shall be the Record Holder of such Shares.

## Section 3.5 <u>Splits and Combinations</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may make a pro rata Dividend of Shares of any class or series to all Record Holders of such class or series of Shares, or may effect a subdivision or combination of Shares of any class or series so long as, after any such event and subject to the effect of <u>Section 3.5(d)</u> below, each Member shall have the same Percentage Interest in the Company as before such event, and any amounts calculated on a per Share basis or stated as a number of Shares are proportionately adjusted. Notwithstanding the foregoing, in no event shall either Class A Shares or Class B Shares be split, divided, or combined unless the Outstanding Shares of the other class shall be proportionately split, divided or combined, and a corresponding number of OpCo Units are split, divided or combined in accordance with the OpCo LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever such a Dividend, subdivision or combination of Shares is declared, the Board may select a Record Date as of which the Dividend, subdivision or combination shall be effective and shall send notice thereof at least 20 days prior to such Record Date to each Record Holder. Such Record Date shall not precede the date upon which the resolution fixing the Record Date is adopted and shall not be more than 60 nor less than 10 days prior to such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly following any such Dividend, subdivision or combination, the Company may issue Certificates to the Record Holders of Shares as of the applicable Record Date representing the new number of Shares held by such Record Holders, or the Board may adopt such other procedures that it determines to be necessary or appropriate to reflect such changes. If any such combination results in a smaller total number of Outstanding Shares, the Company shall require, as a condition to the delivery to a Record Holder of such new Certificate, the surrender of any Certificate held by such Record Holder immediately prior to such Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall not issue fractional Shares upon any Dividend, subdivision or combination of Shares. If a Dividend, subdivision or combination of Shares would otherwise result in the issuance of fractional Shares, each fractional Share shall be rounded to the nearest whole Share (and a 0.5 Share shall be rounded to the next higher Share).

## Section 3.6 <u>Class B Shares</u>. Class B Shares shall be redeemable for Class A Shares on the terms and subject to the conditions set forth in the OpCo LLC Agreement. The Company will at all times reserve and keep available out of its authorized but unissued Class A Shares, solely for the purpose of issuance upon Redemption of the Outstanding Class B Shares for Class A Shares pursuant to the OpCo LLC Agreement, such number of Class A Shares that shall be issuable upon any such Redemption pursuant to the OpCo LLC Agreement; provided that nothing contained herein shall be construed to preclude OpCo or the Company from satisfying its rights or obligations in respect of any such Redemption of Class B Shares pursuant to the OpCo LLC Agreement by delivering to the holder of such Class B Shares upon such Redemption cash in lieu of Class A Shares in the amount permitted by and provided in the OpCo LLC Agreement or Class A Shares held in the treasury of the Company. All Class A Shares issued upon any such Redemption will, upon issuance in accordance with the OpCo LLC Agreement, be validly issued, fully paid and non-assessable (except as such non-assessability may be limited by Sections 18-607 and 18-804 of the Act).

## Section 3.7 <u>Rights of Members</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Member shall have the right, for a purpose that is reasonably related, as determined by the Board in its discretion, to such Member's interest as a Member in the Company, upon reasonable written demand stating the purpose of such demand and at such Member's own expense, to obtain the following documents (which shall be deemed satisfied by virtue of the Company publicly filing such documents via EDGAR):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company's most recent annual report and any subsequent quarterly or periodic reports required to be filed with the Commission pursuant to Section 13(a) of the Securities Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of other publicly available documents that the Company has filed with or furnished to the Commission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of this Agreement and the Certificate of Formation and all amendments thereto, together with copies of the executed copies of all powers of attorney pursuant to which this Agreement, the Certificate of Formation and all amendments thereto have been executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by applicable Law, the rights pursuant to <u>Section 3.7(a)</u> replace in their entirety any rights to information provided for in Section 18-305 of the Act. Each of the Members, each other Person who acquires an interest in a Share and each other Person bound by this Agreement hereby agrees to the fullest extent permitted by Law that such Person does not have any rights as a Member to receive any information either pursuant to Section 18-305 of the Act or otherwise except for the information identified in <u>Section 3.7(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may keep confidential from the Members, for such period of time as the Board deems reasonable, (i) any information that the Board reasonably believes to be in the nature of trade secrets or (ii) other information the disclosure of which the Board believes (A) is not in the best interests of the Company Group, (B) could damage the Company Group or its business or (C) that any Group Member is required by Law or by agreement with any third party to keep confidential (other than agreements with Affiliates of the Company the primary purpose of which is to circumvent the obligations set forth in this <u>Section 3.7</u>).

## Section 3.8 <u>Issuance of Class B Shares; Recapitalization of Existing LLC Interests</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On April 11, 2025, in connection with the formation of the Company under the Act, NDB Holdings was admitted as a member of the Company and was issued the Initial LLC Interest. On September 17, 2025, as contemplated by the Contribution Agreement and pursuant to the WB 892 Merger Agreement, (i) each of the Existing Members was admitted as a member of the Company and was issued such Member's respective Existing LLC Interest, (ii) the Initial LLC Interest was cancelled and NDB Holdings ceased to be a member of the Company, (iii) NDB Holdings was designated as non-member manager of the Company, and (iv) the Company was continued without dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the date hereof and pursuant to the Contribution Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Initial OpCo Unitholders will each purchase, and the Company shall issue to each such Initial OpCo Unitholder, a number of Class B Shares equal to the number of OpCo Units held by such Initial OpCo Unitholder in exchange for a Capital Contribution of an amount in cash equal to $0.001 per Class B Share issued to such Initial OpCo Unitholder, and each such Initial OpCo Unitholder shall be admitted as a Member and shall become bound by the terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Existing LLC Interests held by WBR Holdings and GIC shall be converted into 3,411,735 Class A Shares and 3,398,115 Class A Shares, respectively.

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## Section 3.9 <u>Shareholders' Agreement</u>. The Company, the Five Point Members and DVN JV Holdco have entered into the Shareholders' Agreement, which sets forth certain agreements among them and the Company, including with the Company in respect of the designation of nominees for the Board. In the event of any conflict between the terms of this Agreement and the terms of the Shareholders' Agreement, the terms of the Shareholders' Agreement shall control and shall be deemed an amendment or modification of the terms of this Agreement. Any person purchasing or otherwise acquiring any interest in any Shares shall be deemed to have notice of and consented to the provisions of the Shareholders' Agreement.

# Article IV<br>DIVIDENDS

## Section 4.1 <u>Dividends</u>. Subject to the prior rights and preferences, if any, applicable to any class or series of Shares specified in the related Share Designation or any series thereof, the holders of Class A Shares shall be entitled to receive ratably in proportion to the number of Class A Shares held by them such Dividends (payable in cash, Shares or otherwise), if any, as may be declared thereon by the Board in its discretion at any time and from time to time out of any funds of the Company legally available therefor. Dividends shall not be declared or paid on the Class B Shares unless (a) the Dividend consists of Class B Shares or of rights, options, warrants or other securities convertible or exercisable into, or exchangeable or redeemable for, Class B Shares paid proportionally with respect to each Outstanding Class B Share and (b) a Dividend consisting of Class A Shares or of rights, options, warrants or other securities convertible or exercisable into, or exchangeable or redeemable for, Class A Shares on equivalent terms is simultaneously paid to the holders of Class A Shares. If Dividends are declared on the Class A Shares or the Class B Shares that are payable in Common Shares, or securities convertible into, or exercisable or exchangeable or redeemable for, Common Shares, the Dividends payable to the holders of Class A Shares shall be paid only in Class A Shares (or securities convertible into, or exercisable or exchangeable or redeemable for, Class A Shares), the Dividends payable to the holders of Class B Shares shall be paid only in Class B Shares (or securities convertible into, or exercisable or exchangeable or redeemable for, Class B Shares), and such Dividends shall be paid in the same number of Shares (or fraction thereof) on a per share basis of the Class A Shares and Class B Shares, respectively (or securities convertible into, or exercisable or exchangeable or redeemable for, the same number of Shares (or fraction thereof) on a per share basis of the Class A Shares and Class B Shares, respectively).

## Section 4.2 <u>Distributions on Liquidation</u>. Notwithstanding <u>Section 4.1</u>, in the event of the dissolution and liquidation of the Company, all proceeds received during or after the end of any Quarter in which the Liquidation Date occurs shall be applied and distributed solely in accordance with, and subject to the terms and conditions of, <u>Section 11.3</u>.

## Section 4.3 <u>Record Holders</u>. Each Dividend in respect of a Class A Share shall be paid by the Company, directly or through the Transfer Agent or through any other Person or agent, only to the Record Holder of such Class A Share as of the Record Date set for such Dividend. Such Dividend shall constitute full payment and satisfaction of the Company's liability in respect of such payment, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise.

## Section 4.4 <u>Limitations on Distributions</u>. Notwithstanding any other provision of this Agreement to the contrary, the Company shall not make a Dividend or other distribution to a Member on account of its interest in the Company if such Dividend or other distribution would violate the Act or other applicable Law.

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# Article V<br>MANAGEMENT AND OPERATION OF BUSINESS

## Section 5.1 <u>Power and Authority of Board</u>. Except as otherwise expressly provided in this Agreement, the business and affairs of the Company shall be managed by or under the direction of a board of directors (the "*Board* "). The Directors shall constitute "managers" within the meaning of the Act. No Member, by virtue of its status as such, shall have any management power over the business and affairs of the Company or actual or apparent authority to enter into, execute or deliver contracts on behalf of, or to otherwise bind, the Company. Except as otherwise expressly provided in this Agreement, in addition to the powers that now or hereafter can be granted to managers under the Act and to all other powers granted under any other provision of this Agreement, the Board shall, subject to the restrictions imposed by Law or the Certificate of Formation, have full power and authority to exercise all the powers of the Company.

## Section 5.2 <u>Number, Qualification and Term of Office of Directors</u>. The number of Directors which shall constitute the whole Board shall be nine at the time of the execution of this Agreement. After completion of the IPO, the number of Directors which shall constitute the whole Board shall be determined from time to time by resolution adopted by a majority of the Board then in office, subject to the terms of the Shareholders' Agreement and the rights of the holders of any class or series of Shares specified in the related Share Designation, if applicable, but shall consist of not less than nine Directors. No decrease in the number of authorized Directors constituting the Board shall shorten the term of any incumbent Director.

## Section 5.3 <u>Classes of Directors</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until the Trigger Event, the Directors, other than those who may be elected by the holders of any class or series of Shares specified in the related Share Designation to the extent provided therein, shall consist of a single class, with the initial term of office to expire at the next annual meeting of Members following the date hereof, and each Director shall hold office until his or her successor shall have been duly elected and qualified, subject, however, to such Director's earlier death, resignation, disqualification or removal. Prior to the Trigger Event, at each annual meeting of Members, Directors elected to succeed those Directors whose terms then expire shall be elected for a term of office to expire at the next succeeding annual meeting of Members after his or her election (subject to adjustment or provided in <u>Section 5.3(b)</u>), with each Director to hold office until his or her successor shall have been duly elected and qualified, subject, however, to such Director's earlier death, resignation, disqualification or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On and after the Trigger Event, the Directors, other than those who may be elected by the holders of any class or series of Shares specified in the related Share Designation to the extent provided therein, shall be divided, with respect to the time for which they severally hold office, into three classes, as nearly equal in number as is reasonably possible, with the initial term of office of the first class to expire at the first annual meeting of Members following the Trigger Event, the initial term of office of the second class to expire at the second annual meeting of Members following the Trigger Event, and the initial term of office of the third class to expire at the third annual meeting of Members following the Trigger Event, with each Director to hold office until his or her successor shall have been duly elected and qualified, subject, however, to (i) the terms of the Shareholders' Agreement and (ii) such Director's earlier death, resignation, disqualification or removal. Following such initial term, each Director shall serve for a term ending on the third annual meeting following the annual meeting of Members at which such Director was elected. Subject to the terms of the Shareholders' Agreement, the Five Point Members shall assign members of the Board, other than those Directors who may be elected by the holders of any class or series of Shares specified in the related Share Designation to the extent provided therein, to such classes at the time such classification becomes effective. At each meeting specified in the related Share Designation of Members following the Trigger Event, Directors elected to succeed those Directors whose terms expire at such

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meeting shall be elected for a term of office to expire in accordance with the related Share Designation, with each Director to hold office until his or her successor shall have been duly elected and qualified, subject, however, to such Director's earlier death, resignation, disqualification or removal. If the number of Directors is changed, any increase or decrease shall be apportioned among the classes so as to maintain the number of Directors in each class as nearly equal as possible, and any additional Director of any class elected to fill a vacancy resulting from an increase in such class or from the death, resignation or removal from office of a Director or other cause shall hold office for a term that shall coincide with the remaining term of that class, but in no case will a decrease in the number of Directors shorten the term of any incumbent Director. Directors need not be Members.

## Section 5.4 <u>Removal</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Trigger Event, subject to (i) the terms of the Shareholders' Agreement and (ii) the rights of the holders of any class or series of Shares specified in the related Share Designation, if any, to elect and/or remove additional Directors, any Director may be removed from time to time and at any time, either for or without cause, upon the affirmative vote of a Share Majority acting in accordance with the Act and this Agreement (including any Share Designation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On and after the Trigger Event, subject to (i) the terms of the Shareholders' Agreement and (ii) the rights of the holders of any class or series of Shares specified in the related Share Designation, if any, to elect and/or remove additional Directors and except as otherwise provided herein, any Director may be removed only for cause, upon the affirmative vote of the holders of at least 66-2/3% of the voting power of the Outstanding Voting Shares, voting together as a single class and acting at a meeting of the Members in accordance with the Act and this Agreement (including any Share Designation). Except as applicable Law otherwise provides, "cause" for the removal of a Director shall be deemed to exist only if the Director whose removal is proposed: (1) has been convicted of a felony by a court of competent jurisdiction and that conviction is no longer subject to direct appeal; (2) has been found to have been grossly negligent in the performance of his or her duties to the Company in any matter of substantial importance to the Company by (a) the affirmative vote of at least 80% of the disinterested Directors then in office at any meeting of the Board called for that purpose or (b) a court of competent jurisdiction; or (3) has been adjudicated by a court of competent jurisdiction to be mentally incompetent. Notwithstanding the foregoing, in the event that a party to the Shareholders' Agreement provides notice to the Company to remove a Director designated by such Member pursuant to the terms of the Shareholders' Agreement, the Company shall take all necessary action to cause such removal, to the extent permitted by applicable Law.

## Section 5.5 <u>Resignations</u>. Any Director may resign at any time by giving notice of such Director's resignation in writing to the Company. Any such resignation shall take effect at the time specified therein. Unless otherwise specified therein, the Company's acceptance of such resignation shall not be necessary to make such resignation effective. Subject to the terms of the Shareholders' Agreement, the vacancy in the Board caused by any such resignation shall be filled by the Board as provided in <u>Section 5.6</u> unless the Board chooses to reduce the number of Directors as provided in <u>Section 5.2</u>.

## Section 5.6 <u>Vacancies</u>. Subject to (i) the terms of the Shareholders' Agreement, (ii) applicable Law and (iii) the rights of the holders of any class or series of Outstanding Shares specified in the related Share Designation, if any, any newly created directorship that results from an increase in the number of Directors or any vacancy on the Board shall be filled (a) prior to the Trigger Event, by the affirmative vote of a majority of the total number of Directors then in office or by a sole remaining Director, in each case even if less than a quorum, or the affirmative vote of a Share Majority acting at a meeting of the Members or by written consent (if and then only to the extent permitted) in accordance with the Act and this Agreement (including any Share Designation) and (b) on or after the Trigger Event, solely by the affirmative vote of a majority of the total number of Directors then in office or by a sole remaining Director,

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## in each case even if less than a quorum, and shall not be filled by the Members. Any Director elected or appointed to fill a vacancy not resulting from an increase in the number of Directors shall hold office for the remaining term of his or her predecessor and until his or her successor is elected and qualified or until his or her earlier death, resignation, disqualification or removal. Subject to (i) the terms of the Shareholders' Agreement and (ii) the rights of the holders of any class or series of Shares specified in the related Share Designation, if any, any Director elected or appointed prior to the Trigger Event to fill a vacancy resulting from an increase in the number of Directors shall hold office for a term to expire at the next succeeding annual meeting of Members after his or her election or appointment, and any Director elected or appointed on and after the Trigger Event to fill a vacancy resulting from an increase in the number of Directors shall be assigned to such class as the Board in its sole discretion determines is appropriate, subject, however, to such Director's earlier death, resignation, disqualification or removal.

## Section 5.7 <u>Nomination of Directors</u>. Only Persons who are nominated in accordance with the procedures set forth in <u>Section 14.11(a)(i)</u> and <u>Section 14.11(a)(ii)</u> shall be eligible for election as Directors of the Company, except as may be otherwise provided in the Shareholders' Agreement or in any Share Designation with respect to the right of Members of any class of Shares to nominate and elect a specified number of Directors.

## Section 5.8 <u>Chairman of Meetings</u>. The Board may elect a Director to serve as Chairman of the Board (the "*Chairman of the Board* "). Unless otherwise determined by the Board, the Chairman of the Board shall preside at all meetings of the Board and preside over all Member meetings. In the absence of the Chairman of the Board, meetings of Members shall be presided over by the Chief Executive Officer, if he or she is a Director, or in the absence of the Chief Executive Officer, by another Person designated by the Board. The Chairman shall perform all duties incidental to his or her office that may be required by applicable Law and all such other duties as are properly required by the Board. The Chairman shall make reports to the Board and shall see that all orders and resolutions of the Board and of any committee thereof are carried into effect. The Chairman of the Board may also serve as Chief Executive Officer, if so appointed by the Board.

## Section 5.9 <u>Place of Meetings</u>. The Board may hold meetings, both regular and special, either within or outside of the State of Delaware.

## Section 5.10 <u>Regular Meetings</u>. The Board may, by resolution, provide the time and place (if any) for the holding of regular meetings without any notice other than such resolution.

## Section 5.11 <u>Special Meetings</u>. Special meetings of the Board shall be called at the request of the Chairman, the Chief Executive Officer or a majority of the Board then in office. The Person or Persons authorized to call special meetings of the Board may fix the place, if any, date and time of the meetings. Any business may be conducted at a special meeting of the Board.

## Section 5.12 <u>Action Without Meeting</u>. Any action required or permitted to be taken at any meeting by the Board or any committee thereof, as the case may be, may be taken without a meeting if a consent thereto is signed or transmitted electronically, as the case may be, by members of the Board or of such committee, as the case may be, having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all members of the Board or such committee, as the case may be, entitled to vote thereon were present and voted. Such writing or electronic transmission shall be filed with the minutes of proceedings of the Board or such committee.

## Section 5.13 <u>Notice</u>. Notice of any special meeting of the Board shall be given to each Director at his or her business or residence in writing by hand delivery, first-class or overnight mail, courier service or electronic transmission or orally by telephone. If mailed by first-class mail, such notice shall be deemed

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## adequately delivered if deposited in the United States mail so addressed, with postage thereon prepaid, at least five days before such meeting. If by overnight mail or courier service, such notice shall be deemed adequately delivered if the notice is delivered to the overnight mail or courier service company at least 24 hours before such meeting. If by electronic transmission, such notice shall be deemed adequately delivered if the notice is transmitted at least 24 hours before such meeting. If by telephone or by hand delivery, such notice shall be given at least 24 hours prior to the time set for the meeting and shall be confirmed by electronic transmission that is sent promptly thereafter. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Board need be specified in the notice of such meeting, except for amendments to this Agreement.

## Section 5.14 <u>Meetings by Remote Communication</u>. Members of the Board, or any committee thereof, may participate in a meeting of the Board or such committee by means of conference telephone or other communications equipment by means of which all Persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at such meeting.

## Section 5.15 <u>Quorum</u>. At all meetings of the Board, a majority of the then total number of Directors in office shall constitute a quorum for the transaction of business. At all meetings of any committee of the Board, the presence of a majority of the total number of members of such committee (assuming no vacancies) shall constitute a quorum. The act of a majority of the Directors or committee members present at any meeting at which there is a quorum shall be the act of the Board or such committee, as the case may be. If a quorum shall not be present at any meeting of the Board or any committee, a majority of the Directors or members, as the case may be, present thereat may adjourn the meeting from time to time without further notice other than announcement at the meeting unless (A) the date, time and place, if any, of the adjourned meeting are not announced at the time of adjournment, in which case notice conforming to the requirements of <u>Section 5.13</u> of this Agreement shall be given to each Director, or (B) the meeting is adjourned for more than 24 hours, in which case the notice referred to in clause (A) shall be given to those Directors not present at the announcement of the date, time and place of the adjourned meeting.

## Section 5.16 <u>Waiver of Notice</u>. Whenever notice to any Director is required to be given under this Agreement, a written waiver, signed by the Person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a Person at any such meeting of the Directors shall constitute a waiver of notice of such meeting, except when the Person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Directors need be specified in any written waiver of notice unless so required by resolution of the Board. All waivers and approvals shall be filed with the Company records or made part of the minutes of the meeting.

## Section 5.17 <u>Regulations</u>. To the extent consistent with applicable Law and this Agreement, the Board may adopt such rules and regulations for the conduct of meetings of the Board and for the management of the affairs and business of the Company as the Board may deem appropriate.

## Section 5.18 <u>Minutes</u>. The Board and each committee thereof shall keep regular minutes of their meetings and proceedings and each committee shall report the same to the Board at the next meeting thereof. Unless otherwise determined by the Board, the Secretary of the Company shall act as secretary at each meeting of the Board. In case the Secretary shall be absent from any meeting of the Board, an Assistant Secretary shall perform the duties of secretary at such meeting; and in the absence from any such meeting of the Secretary and all the Assistant Secretaries, the chairman of the meeting may appoint any Person to act as secretary of the meeting.

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## Section 5.19 <u>Remuneration</u>. Each Director shall receive remuneration for such Director's services as determined by the Board at any time and from time to time by resolution. The Board may also likewise provide that the Company shall reimburse each Director for any expenses paid by such Director on account of such Director's attendance at any meeting. Nothing in this <u>Section 5.19</u> shall be construed to preclude any Director from serving the Company in any other capacity and receiving remuneration therefor.

## Section 5.20 <u>Reliance by Third Parties</u>. Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Company shall be entitled to assume that the Board and any Officer authorized by the Board to act on behalf of and in the name of the Company has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Company and to enter into any authorized contracts on behalf of the Company, and such Person shall be entitled to deal with the Board or any such Officer as if the Board or any such Officer were the Company's sole party in interest, both legally and beneficially. Each Member hereby waives, to the fullest extent permitted by applicable Law, any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the Board or any Officer in connection with any such dealing. In no event shall any Person dealing with the Board or any Officer or any of their respective representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expedience of any act or action of the Board or any Officer or any of their respective representatives. Each and every certificate, document or other instrument executed on behalf of the Company by the Board or any Officer or any of their respective representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (a) at the time of the execution and delivery of such certificate, document or instrument, this Agreement was in full force and effect, (b) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Company and (c) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Company.

## Section 5.21 <u>Consent Rights</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as the Five Point Members collectively, directly or indirectly, own at least 40% of the Outstanding Voting Shares, the Company shall not take, and shall take all necessary action to cause each member of the Company Group not to take, directly or indirectly (whether by amendment, merger, consolidation, reorganization or otherwise), any of the following actions (or enter into an agreement to take such any such action) without the prior consent of the Five Point Representative, which consent may be withheld in the Five Point Representative's sole discretion, in addition to any required approval of the Board (or, as applicable, the approval of the requisite governing body of any Subsidiary of the Company or any requisite statutory vote):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) terminating the Chief Executive Officer of the Company and/or hiring or appointing his or her successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) removing the Chairman of the Board and/or appointing his or her successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) increasing or decreasing the size of the Board or any committee of the Board or taking any such action with respect to the governing body of any other member of the Company Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) agreeing to or entering into any transaction that, if consummated, would constitute a Change of Control or entering into any definitive agreement or series of related agreements that govern any transaction or series of related transactions that, if consummated, would result in a Change of Control (other than, in each case, a sale of Shares by a Five Point Member to a Person that either results in (A) the Five Point Members ceasing to own at least 40% of the Voting Shares of the Company or (B) the Sponsor Group ceasing to hold the ability to elect a majority of the members of the Board);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) incurring debt for borrowed money (or liens securing such debt) in an amount that would result in outstanding debt for borrowed money that exceeds the Company's Consolidated Adjusted EBITDA for the four quarter period immediately prior to the proposed date of incurrence of such debt by 4.00 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) authorizing, creating (by way of reclassification, merger, consolidation or otherwise) or issuing any equity securities of the Company (other than (A) pursuant to any equity compensation plan approved by the Board or a committee thereof or (B) intra-company issuances among the members of the Company Group);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to the fullest extent permitted by applicable Law, making any voluntary election to liquidate or dissolve or commence bankruptcy or insolvency proceedings, adopting a plan with respect to any of the foregoing or making any determination not to oppose any such action or similar proceeding commenced by a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) selling, transferring or disposing of assets outside the ordinary course of business in a transaction or series of transactions with a fair market value in excess of $10,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) amending, modifying or waiving this <u>Section 5.21</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) So long as the Five Point Members collectively, directly or indirectly, own at least 10% of the Outstanding Voting Shares, the Company shall not, and shall take all necessary action to cause each other Group Member not to, directly or indirectly (whether by amendment, merger, consolidation, reorganization or otherwise), make (or enter into an agreement to make) any amendment, modification or waiver of this Agreement or any other governing documents of any Group Member that materially and adversely affects any of the Five Point Members or any such member's rights under this Agreement or the OpCo LLC Agreement without the prior consent of the Five Point Representative, which consent may be withheld in the Five Point Representative's sole discretion.

Nothing in this <u>Section 5.21</u>, or the exercise of the rights contemplated hereby (including any grant or withholding of consent, as the case may be), shall be deemed to create or otherwise result in any duty (including any fiduciary duty), obligation or liability on the part of any member of the Sponsor Group, express or implied, in equity or otherwise. In addition, with respect to any Director who is also a director, officer, employee or principal of any member of the Sponsor Group, no act or omission of such director, officer, employee or principal of any member of the Sponsor Group in his or her capacity as such shall (i) be deemed to be an act or omission of such individual in his or her capacity as a Director or (ii) be deemed to create or otherwise result in any duty, obligation or liability on the part of such individual in his or her capacity as a Director, express or implied, in equity or otherwise.

## Section 5.22 <u>Registration Statement</u>. Notwithstanding any other provision of this Agreement, any Group Member Agreement, the Act or any applicable Law, each Record Holder and each other Person who may acquire an interest in Shares or that is otherwise bound by this Agreement hereby (i) approves, ratifies and confirms the execution, delivery and performance by the parties thereto of this Agreement and the Group Member Agreement of each other Group Member, the Shareholders' Agreement, the Underwriting Agreement, the Contribution Agreement and the other agreements described in or filed as exhibits to the Registration Statement that are related to the transactions contemplated by the Registration Statement (in each case other than this Agreement, without giving effect to any amendments, supplements or restatements thereof entered into after the date such Person becomes bound by the provisions of this Agreement); (ii) agrees that the Company (and any Officer or Director on behalf of the Company) is authorized to execute, deliver and perform the agreements referred to in clause (i) of this sentence and the other agreements, acts, transactions and matters described in or contemplated by the Registration Statement

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## without any further act, approval or vote of the Members or the other Persons who may acquire an interest in Shares or are otherwise bound by this Agreement; and (iii) agrees that the execution, delivery or performance by the Company, any other Group Member or any Affiliate of any of them (or any officer or director of any of the foregoing on behalf of such Person) of this Agreement or any agreement authorized or permitted under this Agreement shall not constitute a breach by such Person (or any officer or director of such Person) of any duty that such Person (or officer or director of such Person) may owe the Company or the Members or any other Persons under this Agreement (or any other agreements) or of any duty existing at Law, in equity or otherwise.

# Article VI<br>EXCULPATION, INDEMNIFICATION, ADVANCES AND INSURANCE

## Section 6.1 <u>Exculpation</u>. Subject to other applicable provisions of this <u>Article VI</u> to the fullest extent permitted by applicable Law as it presently exists or may hereafter be amended, the Indemnified Persons shall not be liable to the Company, any Director, any Member or any other Person bound by this Agreement by virtue of being an Indemnified Person or for any acts or omissions in their capacity as an Indemnified Person or otherwise in connection with the Company, this Agreement or the business and affairs of the members of the Company Group.

## Section 6.2 <u>Indemnification</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indemnified Persons shall be indemnified by the Company, to the fullest extent permitted by applicable Law as it presently exists or may hereafter be amended (provided, that, to the fullest extent permitted by applicable Law, no such amendment shall limit an Indemnified Person's rights to indemnification hereunder with respect to any actions or events occurring prior to the effective date of such amendment), against all expenses and liabilities (including judgments, fines, penalties, interest, amounts paid in settlement with the approval of the Company and counsel fees and disbursements) arising by virtue of being an Indemnified Person or for any acts or omissions in such Indemnified Person's capacity as an Indemnified Person or otherwise in connection with the Company, this Agreement or the business and affairs of the members of the Company Group, or any investment made or held by any member of the Company Group, including in connection with any civil, criminal, administrative, investigative or other action, suit or proceeding to which any such Person may hereafter be made party by reason of being or having been a manager of the Company under the Act, a director or officer of any member of the Company Group, or an officer, director, member, partner, fiduciary or trustee of another Person or any employee benefit plan at the request of the Company. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnified Person, pursuant to a loan guaranty or otherwise, for any indebtedness of any member of the Company Group (including any indebtedness that any member of the Company Group has assumed or taken subject to), and the Officers are hereby authorized and empowered, on behalf of the Company, to enter into one or more indemnity agreements consistent with the provisions of this <u>Article VI</u> in favor of any Indemnified Person having or potentially having liability for any such indebtedness. It is the intention of this <u>Section 6.2(a)</u> that the Company indemnify each Indemnified Person to the fullest extent permitted by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of this Agreement, to the extent they restrict the duties and liabilities of an Indemnified Person otherwise existing at Law or in equity, including <u>Section 6.3</u>, are agreed by the Company, each Member and each other Person bound by this Agreement to modify such duties and liabilities of the Indemnified Person to the extent permitted by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Indemnified Person may apply to the Court of Chancery of the State of Delaware or any other court of competent jurisdiction in the State of Delaware for indemnification to the extent otherwise permissible under <u>Article VI</u>. The basis of such indemnification by a court shall be a

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determination by such court that indemnification of the Indemnified Person is proper in the circumstances because such Indemnified Person has met the applicable standards of conduct set forth in <u>Section 6.2(a)</u>. Notice of any application for indemnification pursuant to this <u>Section 6.2(c)</u> shall be given to the Company promptly upon the filing of such application. If successful, in whole or in part, the Indemnified Person seeking indemnification shall also be entitled to be paid the expense of prosecuting such application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the fullest extent permitted by applicable Law, expenses (including attorneys' fees) incurred by an Indemnified Person in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Company in advance of the final disposition of such action, suit or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnification and advancement of expenses provided by or granted pursuant to this <u>Article VI</u> shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under this Agreement, or any other agreement, vote of Members or disinterested Directors or otherwise, and shall continue as to an Indemnified Person who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnified Person unless otherwise provided in a written agreement with such Indemnified Person or in the writing pursuant to which such Indemnified Person is indemnified, it being the policy of the Company that indemnification of the Persons specified in <u>Section 6.2(a)</u> shall be made to the fullest extent permitted by applicable Law. The provisions of this <u>Article VI</u> shall not be deemed to preclude the indemnification of any Person who is not specified in <u>Section 6.2(a)</u> but whom the Company has the power or obligation to indemnify under the provisions of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company may purchase and maintain insurance on behalf of any Person entitled to indemnification under this <u>Article VI</u> against any liability asserted against such Person and incurred by such Person in any capacity to which they are entitled to indemnification hereunder, or arising out of such Person's status as such, whether or not the Company would have the power or the obligation to indemnify such Person against such liability under the provisions of this <u>Article VI</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The indemnification and advancement of expenses provided by, or granted pursuant to, this <u>Article VI</u> shall, unless otherwise provided when authorized or ratified, inure to the benefit of the heirs, executors and administrators of any Person entitled to indemnification under this <u>Article VI</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company may, to the extent authorized from time to time by the Board, provide rights to indemnification and to the advancement of expenses to officers, employees and agents of the Company and to the officers, employees and agents of the Company Group similar to those conferred in this <u>Article VI</u> to Indemnified Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If this <u>Article VI</u> or any portion of this <u>Article VI</u> shall be invalidated on any ground by a court of competent jurisdiction the Company shall nevertheless indemnify each Indemnified Person as to expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement with respect to any action, suit, proceeding or investigation, whether civil, criminal or administrative, including a grand jury proceeding or action or suit brought by or in the right of the Company, to the full extent permitted by any applicable portion of this <u>Article VI</u> that shall not have been invalidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Each of the Indemnified Persons may, in the performance of his, her or its duties, consult with legal counsel and accountants, and any act or omission by such Person on behalf of the Company in furtherance of the interests of the Company in reliance upon, and in accordance with, the advice of such legal counsel or accountants as to matters the Indemnified Person believes are within such Person's professional or expert competence will, to the fullest extent permitted by applicable Law, be full

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justification for any such act or omission, and such Person will, to the fullest extent permitted by applicable Law, be fully protected for such acts and omissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) An Indemnified Person shall not be denied indemnification in whole or in part under this <u>Article VI</u> because the Indemnified Person had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any liabilities that an Indemnified Person incurs resulting from acting on behalf of the Company (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the United States Internal Revenue Service, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities indemnifiable under this <u>Article VI</u>, to the maximum extent permitted by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) An Indemnified Person shall be fully protected in relying in good faith upon the records of the Company and on such information, opinions, reports or statements presented to the Company by any of the Officers or employees of the Company or those of any other Group Member, or committees of the Board, or by any other Person as to matters such Indemnified Person reasonably believes are within such other Person's professional or expert competence, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, or any other facts pertinent to the existence and amount of assets from which distributions to the Members might properly be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Any amendment, modification or repeal of this <u>Article VI</u> or any provision hereof shall be prospective only and shall not in any way affect the limitations on the liability of any indemnitee under this <u>Article VI</u> as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted and provided such Person became an Indemnified Person hereunder prior to such amendment, modification or repeal.

## Section 6.3 <u>Duties of Officers and Directors</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except with respect to actions taken or omitted with respect to conflicts of interests (<u>Section 6.4</u>), business opportunities (<u>Section 6.5</u>), or as otherwise set forth in this <u>Section 6.3</u>, the duties and obligations owed to the Company and the Members by the Officers and Directors shall be those duties and obligations applicable to officers and directors, respectively, of a Delaware corporation under the DGCL. For the avoidance of doubt, the duties and obligations owed to the Company and the Members by the Officers and Directors in respect of matters contemplated by <u>Section 6.3(b)</u>, <u>Section 6.3(c)</u> <u>Section 6.4</u> or <u>Section 6.5</u>, shall not be those duties and obligations applicable to officers and directors, respectively, of a Delaware corporation under the DGCL, but rather such duties and obligations shall solely be governed by the requirements set forth in <u>Section 6.3(b)</u>, <u>Section 6.3(c)</u>, <u>Section 6.4</u> and <u>Section 6.5</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board shall have the right to exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it thereunder either directly or by or through the duly authorized Officers, and the Board shall not be responsible for the misconduct or negligence on the part of any such Officer duly appointed or duly authorized by the Board in Good Faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board, when acting on behalf of the Company in its capacity as the managing member of OpCo, shall have the right to approve amendments to the OpCo LLC Agreement relating to the Redemption of OpCo Units (together with the cancellation of a corresponding number of Class B Shares)

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for Class A Shares without any duty to the Company, any Member or any other Person bound by this Agreement.

## Section 6.4 <u>Resolution of Conflicts of Interest; Standards of Conduct and Modification of Duties</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly provided in this Agreement, whenever a potential conflict of interest exists or arises between any member of the Sponsor Group, one or more Directors, Officers or equity owners of the Company or any of their respective Affiliates, on the one hand, and the Company, any Group Member or any Member other than a member of the Sponsor Group, one or more Directors, Officers or equity owners of the Company or their respective Affiliates, on the other hand, any resolution or course of action by the Board or its Affiliates in respect of such conflict of interest shall be permitted and deemed approved by all Members, and shall not constitute a breach of this Agreement, or any agreement contemplated herein, or of any duty stated or implied by Law or equity, including any fiduciary duty, if the resolution or course of action in respect of such conflict of interest is: (i) approved by Special Approval; (ii) approved by the vote of holders of Outstanding Voting Shares representing a majority of the total Outstanding Voting Shares that are held by disinterested parties and eligible to be cast in the election of Directors; (iii) on terms that are, when taken together in their entirety, determined by the Board to be no less favorable to the Company than those generally being provided to or available from unrelated third parties; (iv) determined by the Board to be fair and reasonable to the Company, taking into account the totality of the relationships between the parties involved (including other transactions that may be particularly favorable or advantageous to the Company); or (v) with respect to any election on behalf of OpCo to settle a Redemption with a Cash Election (as defined in the OpCo LLC Agreement), approved by the Board or a committee of the Board that has been delegated the authority to make such elections. The Board shall be authorized, but not required, in connection with its resolution of such conflict of interest to seek Special Approval of such resolution, and the Board may also adopt a resolution or course of action that has not received Special Approval. If Special Approval is sought, any such determination, action or omission by the Board or any committee thereof, as applicable (including the determination to seek Special Approval), will for all purposes be presumed to have been in Good Faith and, in any proceeding brought by or on behalf of any Member or the Company challenging such approval, the Person bringing or prosecuting such proceeding shall have the burden of proving that such determination, action or omission was not in Good Faith. If Special Approval is not sought and the Board, or committee thereof, as applicable, approves the resolution or course of action taken with respect to a conflict of interest, then it shall be presumed that, in making its decision, the Board (or committee thereof) acted in accordance with any and all of its applicable duties, whether express or implied, in equity or otherwise, and in any proceeding brought by any Member or by or on behalf of such Member or any other Member or the Company challenging such approval, the Person bringing or prosecuting such proceeding shall have the burden of overcoming such presumption. Notwithstanding anything to the contrary in this Agreement, the existence of the conflicts of interest described in the Registration Statement are hereby approved by all Members and shall not constitute a breach of this Agreement or of any duty otherwise existing at Law, in equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Members hereby authorize the Board, on behalf of the Company as a partner or member of a Group Member, to approve of actions by the managing member, board of directors or similar governing body of such Group Member similar to those actions permitted to be taken by the Board pursuant to this <u>Section 6.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Agreement (including <u>Section 6.3(a)</u>), or any duty existing at Law, in equity or otherwise, whenever the Board (or any committee of the Board, including the Conflicts Committee) makes a determination or takes or declines to take any action in such capacity under this <u>Section 6.4</u>, the Board (or such committee) shall make such determination or take or decline to take such other action in Good Faith.

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## Section 6.5 <u>Outside Activities</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section 6.5(b)</u>, notwithstanding any duty otherwise existing at Law or in equity: (i) each member of the Sponsor Group, each officer and director of a member of the Sponsor Group, each Officer and Director of the Company, and each of their respective Affiliates (each an "***Unrestricted Party***") shall have the right to engage in businesses of every type and description and other activities for profit and to engage in and possess an interest in other business ventures of any and every type or description, whether in businesses engaged in or anticipated to be engaged in by any Group Member, independently or with others, including business interests and activities in direct competition with the business and activities of any Group Member or business interests and activities with any Group Member's clients, customers, vendors or employees, and none of the same shall constitute a breach of this Agreement or any duty otherwise existing at Law, in equity or otherwise to any Group Member or any Member (other than to the extent such activity is in breach of any express obligation contained in this Agreement or any other agreement to which such Person and any member of the Company Group are parties); and (ii) neither the doctrine of "corporate opportunity" nor any analogous doctrine shall apply to the Unrestricted Parties. The Company and each Member hereby renounce any interest or expectancy in, or right to be offered an opportunity to participate in, any business opportunity which may be available to or known by the Unrestricted Parties, except as provided in <u>Section 6.5(b)</u>. Subject to <u>Section 6.5(b)</u>, the Unrestricted Parties shall have no obligation hereunder or resulting from any duty expressed or implied by Law to present, offer or communicate business opportunities to the Members, the Company or its Affiliates that may become available to or known by any member of the Sponsor Group or such Officer, Director or Affiliate. None of any Group Member, any Member or any other Person shall have any rights by virtue of an Officer's or Director's duties as an Officer or Director, this Agreement or any Group Member Agreement in any business ventures of any member of the Sponsor Group, any Officer, Director or any of their respective Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of <u>Section 6.5(a)</u>, the Company and each Member do not renounce any interest in any business opportunity offered to any member of the Sponsor Group, any Officer or Director of the Company, or any of their respective Affiliates if such member of the Sponsor Group or such Officer, Director or Affiliate engages in such business or activity resulting from or using information that the Company establishes by a preponderance of the evidence is confidential information of any member of the Company Group, and the provisions of <u>Section 6.5(a)</u> above shall not apply to any such business opportunity. With respect to the members of the Sponsor Group, any Officer or Director, or any of their respective Affiliates, as applicable, the term "confidential information" does not include any information that (i) at the time of disclosure, is available to the public, other than as a result of a disclosure by such Person in breach of a duty or obligation of confidentiality, (ii) is already in the possession of such Person or becomes available to such Person on a non-confidential basis from a source other than the Company Group (*provided* that such source is not, to such Person's knowledge, bound by a contractual, legal or fiduciary obligation of confidentiality to the Company Group with respect to such information) or (iii) has been or was independently developed by such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Member shall be deemed to have notice of and to have consented to the provisions of this <u>Section 6.5</u>.

# Article VII<br>COMMITTEES

## Section 7.1 <u>Designation, Powers</u>. Subject to the terms of the Shareholders' Agreement, the Board may designate one or more committees, each committee to consist of one or more of the Directors. Any such committee shall have and may exercise all the powers and authority of the Board in the

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## management of the business and affairs of the Company to the extent provided in the resolution of the Board and may authorize the seal of the Company to be affixed to all papers which may require it.

## Section 7.2 <u>Procedure; Meetings; Quorum</u>. Any committee designated pursuant to <u>Section 7.1</u> shall choose its own chairman by a majority vote of the members then in attendance in the event the chairman has not been selected by the Board and shall meet at such times and at such place or places as may be provided by the charter of such committee or by resolution of such committee or resolution of the Board. At every meeting of any such committee, the presence of a majority of all the members thereof shall constitute a quorum and the affirmative vote of a majority of the members present at a meeting where a quorum is present shall be necessary for the adoption by it of any resolution. The Board shall adopt a charter for each committee for which a charter is required by applicable Law, regulations or stock exchange rules, may adopt a charter for any other committee, and may adopt other rules and regulations for the governance of any committee not inconsistent with the provisions of this Agreement or any such charter, and each committee may adopt its own rules and regulations of governance and may create one or more subcommittees, in each case to the extent not inconsistent with this Agreement or any charter or other rules and regulations adopted by the Board.

## Section 7.3 <u>Alternate Members of Committees</u>. The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of such committee.

# Article VIII<br>OFFICERS

## Section 8.1 <u>Officers</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board shall have the power and authority to appoint such officers with such titles, authority and duties as determined by the Board. Such Persons so designated by the Board shall be referred to as "***Officers***." Unless provided otherwise by resolution of the Board, the Officers shall have the titles, power, authority and duties described below in this <u>Article VIII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Officers of the Company may include a Chief Executive Officer, a President, one or more Executive Vice Presidents and Vice Presidents, and a Secretary, and such other Officers as the Board from time to time may deem proper. All Officers elected by the Board shall each have such powers and duties as generally pertain to their respective offices, subject to the specific provisions of this <u>Article VIII</u>. Such Officers shall also have such powers and duties as from time to time may be conferred by the Board or by any committee thereof or, with respect to any Executive Vice President, Vice President, Treasurer or Secretary, by the Chief Executive Officer or President, if any. The Board or any committee thereof may from time to time elect, or the Chief Executive Officer or President, if any, may appoint, such other Officers and such agents, as may be necessary or desirable for the conduct of the business of the Company. Such other Officers and agents shall have such duties and shall hold their offices for such terms as shall be provided in this Agreement or as may be prescribed by the Board or such committee thereof or by the Chief Executive Officer or President, as the case may be. Any number of offices may be held by the same Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Officer shall hold office until his or her successor shall have been duly elected or appointed and shall have qualified or until such Officer's earlier death, resignation, disqualification or removal; *provided* that any Officer may be removed from office at any time by the affirmative vote of a majority of the Board or, except in the case of an Officer or agent elected by the Board, by the Chief Executive Officer or President, if any. Such removal shall be without prejudice to the contractual rights, if any, of the Person so removed. No elected Officer shall have any contractual rights against the Company for compensation by virtue of such election beyond the date of the election of such Officer's successor or

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such Officer's resignation, disqualification or removal, whichever event shall first occur, except as otherwise provided in an employment contract or under an employee deferred compensation plan. Any Officer may resign at any time upon written notice to the Secretary of the Company.

## Section 8.2 <u>Chief Executive Officer</u>. The Chief Executive Officer shall be responsible for the general management of the affairs of the Company and shall act in a general executive capacity subject to the oversight of the Board in the administration and operation of the Company's business and general supervision of its policies and affairs. The Chief Executive Officer shall have the authority to sign, in the name and on behalf of the Company, checks, orders, contracts, leases, notes, drafts and all other documents and instruments in connection with the business of the Company.

## Section 8.3 <u>President</u>. The President, if any, shall have such powers and shall perform such duties as shall be assigned to him or her by the Board. In the absence (or inability or refusal to act) of the Chairman and the Chief Executive Officer, the President (if any and if he or she shall be a director) may preside when present at all meetings of the Board and be the chairman of the meeting at all Member meetings, in each case, as determined by the Board.

## Section 8.4 <u>Executive Vice Presidents and Vice Presidents</u>. Each Executive Vice President and Vice President, if any, shall have such powers and shall perform such duties as shall be assigned to him or her by the Board, the Chief Executive Officer or the President, if any.

## Section 8.5 <u>Secretary</u>. The Secretary shall keep or cause to be kept in one or more books provided for that purpose, the minutes of all meetings of the Board, the committees of the Board and the Members; he or she shall see that all notices are duly given in accordance with the provisions of this Agreement and as required by applicable Law; he or she shall be custodian of the records and the seal of the Company and affix and attest the seal to all Certificates of the Company (unless the seal of the Company on such certificates shall be a facsimile, as hereinafter provided) and affix and attest the seal to all other documents to be executed on behalf of the Company under its seal; and he or she shall see that the books, reports, statements, certificates and other documents and records required by Law to be kept and filed are properly kept and filed; and in general, he or she shall perform all the duties incident to the office of Secretary and such other duties as from time to time may be assigned to him or her by the Board, the Chief Executive Officer or the President, if any.

## Section 8.6 <u>Treasurer</u>. The Treasurer, if any, shall exercise general supervision over the receipt, custody and disbursement of corporate funds. He or she shall have such further powers and duties and shall be subject to such directions as may be granted or imposed upon him or her from time to time by the Board, the Chief Executive Officer or the President, if any.

## Section 8.7 <u>Vacancies</u>. A newly created elected office and a vacancy in any elected office because of death, resignation or removal may be filled by the Board for the unexpired portion of the term at any meeting of the Board. Any vacancy in an office appointed by the Chief Executive Officer or the President, if any, because of death, resignation or removal may be filled by the Chief Executive Officer or the President, if any.

## Section 8.8 <u>Action with Respect to Securities of Other Companies</u>. Unless otherwise directed by the Board, the Chief Executive Officer or President or any Officer authorized by the Chief Executive Officer or the President, shall have power to vote and otherwise act on behalf of the Company, in person or by proxy, at any meeting of security holders of or with respect to any action of security holders of any other corporation or other entity in which the Company may hold securities and otherwise to exercise any and all rights and powers that the Company may possess by reason of its ownership of securities in such other corporation.

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## Section 8.9 <u>Delegation</u>. The Board may from time to time delegate the powers and duties of any Officer to any other Officer or agent, notwithstanding any provision hereof.

# Article IX<br>BOOKS, RECORDS, ACCOUNTING AND REPORTS

## Section 9.1 <u>Records and Accounting</u>. The Board shall keep or cause to be kept appropriate books and records with respect to the Company's business, including all books and records necessary to provide to the Members any information required to be provided pursuant to this Agreement. Any books and records maintained by or on behalf of the Company in the regular course of its business, including the record of the Members, books of account and records of Company proceedings, may be kept on, or be in the form of, any information storage device or method; provided, that the books and records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Company shall be maintained, for tax and financial reporting purposes, on an accrual basis in accordance with U.S. GAAP.

## Section 9.2 <u>Fiscal Year</u>. The fiscal year for tax and financial reporting purposes of the Company shall be a calendar year ending December 31 unless otherwise required by the Code or by applicable Law.

## Section 9.3 <u>Reports</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as practicable, but in no event later than 120 days after the close of each fiscal year of the Company, the Board shall use commercially reasonable efforts to cause to be mailed or made available to each Record Holder of a Share, as of a date selected by the Board, an annual report containing financial statements of the Company for such fiscal year of the Company, presented in accordance with U.S. GAAP, including a balance sheet and statements of operations, equity and cash flows, such statements to be audited by a registered public accounting firm selected by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as practicable, but in no event later than 90 days after the close of each Quarter except the last Quarter of each fiscal year, the Board shall use commercially reasonable efforts to cause to be mailed or made available to each Record Holder of a Share, as of a date selected by the Board, a report containing unaudited financial statements of the Company and such other information as may be required by applicable Law, regulation or rule of any National Securities Exchange on which the Shares are listed for trading, or as the Board determines to be necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall be deemed to have made a report available to each Record Holder as required by this <u>Section 9.3</u> if it has either (i) filed such report with the Commission via its Electronic Data Gathering, Analysis and Retrieval system and such report is publicly available on such system or (ii) made such report available on any publicly available website maintained by the Company.

# Article X<br>TAX MATTERS

## Section 10.1 <u>Tax Elections</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has made an election under Treasury Regulation Section 301.7701-3(c) to be classified as an association taxable as a corporation for U.S. federal tax purposes. The Company shall not make an election to be classified as other than an association taxable as a corporation pursuant to Treasury Regulation Section 301.7701-3.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, the Board shall determine whether the Company should make, change or revoke any other elections permitted by the Code.

## Section 10.2 <u>Withholding</u>. Notwithstanding any other provision of this Agreement, the Board is authorized to take any action that may be required to cause the Company and other Group Members to comply with any withholding requirements established under the Code or any other federal, state, local or foreign law including pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Company withholds and pays over to any taxing authority any amount in connection with any Dividend or other distribution to any Member, the Board may treat the amount withheld as a distribution of cash pursuant to <u>Section 4.1</u> or <u>Section 11.3</u>, as applicable, in the amount of such withholding from such Member.

# Article XI<br>DISSOLUTION AND LIQUIDATION

## Section 11.1 <u>Dissolution</u>. The Company shall not be dissolved by the admission of additional Members. The Company shall dissolve, and its affairs shall be wound up, upon:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an election to dissolve the Company by the Board that is approved by the holders of a Share Majority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the entry of a decree of judicial dissolution of the Company pursuant to the provisions of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at any time that there are no Members of the Company, unless the business of the Company is continued in accordance with the Act.

## Section 11.2 <u>Liquidator</u>. Upon dissolution of the Company, the Board shall select one or more Persons to act as Liquidator. The Liquidator (if other than the Board) shall be entitled to receive such compensation for its services as may be approved by holders of a Share Majority. The Liquidator (if other than the Board) shall agree not to resign at any time without 15 days' prior notice and may be removed at any time, with or without cause, by notice of removal approved by holders of a Share Majority. Upon dissolution, death, incapacity, removal or resignation of the Liquidator, a successor and substitute Liquidator (who shall have and succeed to all rights, powers and duties of the original Liquidator) shall within 30 days thereafter be approved by holders of a Share Majority. The right to approve a successor or substitute Liquidator in the manner provided herein shall be deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided. Except as expressly provided in this <u>Article XI</u>, the Liquidator approved in the manner provided herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred upon the Board under the terms of this Agreement (but subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers) necessary or appropriate to carry out the duties and functions of the Liquidator hereunder for and during the period of time required to complete the winding up and liquidation of the Company as provided for herein.

## Section 11.3 <u>Liquidation</u>. The Liquidator shall proceed to dispose of the assets of the Company, discharge its liabilities, and otherwise wind up its affairs in such manner and over such period as determined by the Liquidator, subject to Section 18-804 of the Act and as provided herein. The steps to be accomplished by the Liquidator are as follows:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As promptly as reasonably possible after dissolution and again after final liquidation, the Liquidator shall cause a proper accounting to be made by a recognized firm of certified public accountants

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of the Company's assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Liquidator shall pay, satisfy or discharge from Company funds, or otherwise make reasonable provision for payment and discharge thereof (including the establishment of a cash fund for contingent, conditional or unmatured liabilities in such amount and for such term as the Liquidator may reasonably determine): all of the debts, liabilities and obligations of the Company (including expenses incurred in liquidation); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) following the payment and satisfaction of liabilities under <u>Section 11.3(b)</u>, all remaining assets of the Company shall be distributed to the Members ratably in proportion to the number of Class A Shares held by the Members by the end of the taxable year during which the liquidation of the Company occurs (or, if later, by ninety days after the date of the liquidation). The distribution of cash and/or property to the Members in accordance with the provisions of this <u>Section 11.3</u> constitutes a complete return to the Members of their Capital Contributions, a complete distribution to the Members of their interest in the Company and all the Company's property and, to the fullest extent permitted by applicable Law, constitutes a compromise to which all Members have consented within the meaning of the Act. To the extent that a Member returns funds to the Company, to the fullest extent permitted by applicable Law, it has no claim against any other Member for those funds.

## Section 11.4 <u>Cancellation of Certificate of Formation</u>. Upon the completion of the distribution of Company cash and property as provided in <u>Section 11.3</u> in connection with the liquidation of the Company, the Certificate of Formation and all qualifications of the Company as a foreign limited liability company in jurisdictions other than the State of Delaware shall be canceled and such other actions as may be necessary to terminate the Company shall be taken.

## Section 11.5 <u>Return of Contributions</u>. None of any member of the Board or any Officer of the Company will be personally liable for, or have any obligation to contribute or loan any monies or property to the Company to enable it to effectuate, the return of the Capital Contributions of the Members, or any portion thereof, it being expressly understood that any such return shall be made solely from Company assets.

## Section 11.6 <u>Waiver of Partition</u>. To the maximum extent permitted by applicable Law, each Member hereby waives any right to partition of the Company property.

# Article XII<br>AMENDMENT OF AGREEMENT

## Section 12.1 <u>General</u>. Except as provided in <u>Section 12.3</u> and <u>Section 12.4</u>, the Board may amend any of the terms of this Agreement but only in compliance with the terms, conditions and procedures set forth in this <u>Section 12.1</u>. If the Board desires to amend any provision of this Agreement other than pursuant to <u>Section 12.3</u>, then it shall first adopt a resolution setting forth the amendment proposed, declaring its advisability, and then (a) call a special meeting of the Members entitled to vote in respect thereof for the consideration of such amendment, (b) direct that the amendment proposed be considered at the next annual meeting of the Members or (c) seek the written consent of the Members, if and then only to the extent permitted. Amendments to this Agreement may be proposed only by the Board. Such special or annual meeting shall be called and held upon notice in accordance with <u>Article XIV</u> of this Agreement. The notice shall set forth such amendment in full or a brief summary of the changes to be effected thereby, as the Board shall deem advisable. At the meeting, a vote of Members entitled to vote thereon shall be taken for and against the proposed amendment. A proposed amendment shall be effective upon its approval by a

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## Share Majority, unless a greater percentage is required under this Agreement, the Shareholders' Agreement or by applicable Delaware Law.

## Section 12.2 <u>Shareholder Amendments</u>. Subject to <u>Section 12.1</u>, <u>Section 12.3</u> and <u>Section 12.4</u>, this Agreement may be altered, amended, restated or repealed by the Members of the Company only (a) prior to the Trigger Event, by the affirmative vote of holders of not less than 50% in voting power of the Outstanding Voting Shares and entitled to vote thereon, voting together as a single class, or (b) on and after the Trigger Event, by the affirmative vote of holders of not less than 66-2/3% in voting power of the Outstanding Voting Shares, voting together as a single class. No amendment hereafter made or adopted, nor any repeal of or amendment thereto, shall invalidate any prior act of the Board that was valid at the time such act was taken.

## Section 12.3 <u>Amendments to be Adopted Solely by the Board</u>. Notwithstanding <u>Section 12.1</u> or <u>Section 12.2</u>, the Board, without the approval of any Member, may amend any provision of this Agreement, and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a change in the name of the Company, the location of the principal place of business of the Company, the registered agent of the Company or the registered office of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the admission, substitution, withdrawal or removal of Members in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a change that the Board determines to be necessary or appropriate to qualify or continue the qualification of the Company as a limited liability company under the Laws of any state;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a change that, in the sole discretion of the Board, it determines (i) does not adversely affect the Members (including adversely affecting the holders of any particular class or series of Shares as compared to other holders of other classes or series of Shares) in any material respect, (ii) to be necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute (including the Act), (iii) to be necessary, desirable or appropriate to facilitate the trading of the Shares or comply with any rule, regulation, guideline or requirement of any National Securities Exchange on which Shares are or will be listed for trading, compliance with any of which the Board deems to be in the best interests of the Company and the Members, (iv) to be necessary or appropriate in connection with action taken by the Board pursuant to <u>Section 3.5</u> or (v) is required to effect the intent expressed in the Registration Statement or the intent of the provisions of this Agreement or is otherwise contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a change in the fiscal year or taxable year of the Company and any other changes that the Board determines to be necessary or appropriate resulting from a change in the fiscal year or taxable year of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an amendment that the Board determines, based on the advice of counsel, to be necessary or appropriate to prevent the Company or its Directors, Officers, trustees or agents from in any manner being subjected to the provisions of the Investment Company Act of 1940, as amended, the Investment Advisers Act of 1940, as amended, or "plan asset" regulations adopted under the Employee Retirement Income Security Act of 1974, as amended, regardless of whether such are substantially similar to plan asset regulations currently applied or proposed by the United States Department of Labor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an amendment that (i) sets forth the designations, rights, preferences, powers and duties of any class or series of Shares or (ii) the Board determines to be necessary or appropriate in connection with the authorization or issuance of any class or series of Shares pursuant to <u>Section 3.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any amendment expressly permitted in this Agreement to be made by the Board acting alone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amendment effected, necessitated or contemplated by a Merger Agreement approved in accordance with <u>Section 13.3</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an amendment that the Board determines to be necessary or appropriate to reflect and account for the formation by the Company of, or investment by the Company in, any corporation, partnership, joint venture, limited liability company or other entity, in connection with the conduct by the Company of activities permitted by <u>Section 2.6</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a merger, conversion or conveyance pursuant to <u>Section 13.3(d)</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any other amendments substantially similar to the foregoing.

## Section 12.4 <u>Amendment Requirements</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the provisions of <u>Sections 12.1</u> and <u>12.3</u> (other than <u>Section 12.3(d)</u>), no provision of this Agreement that establishes a percentage of Outstanding Voting Shares required to take any action shall be amended, altered, changed, repealed or rescinded in any respect that would have the effect of reducing such voting percentage unless such amendment is approved by the affirmative vote of holders of Outstanding Voting Shares whose aggregate Outstanding Voting Shares constitute not less than the voting requirement sought to be reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of <u>Sections 12.1</u> and <u>12.3</u> (other than <u>Section 12.3(d)</u>), no amendment to this Agreement may (i) enlarge the obligations of any Member without its consent, unless such shall occur resulting from an amendment approved pursuant to <u>Section 12.4(c)</u>, (ii) change <u>Section 11.1(a)</u>, (iii) change the term of the Company or, (iv) except as set forth in <u>Section 11.1(a)</u>, give any Person the right to dissolve the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as provided in <u>Section 13.3</u>, and without limitation of the Board's authority to adopt amendments to this Agreement without the approval of any Members as contemplated in <u>Section 12.1</u>, any amendment that would have a material adverse effect on the rights or preferences of any class or series of Shares in relation to other classes or series of Shares must be approved by the holders of a majority of the Outstanding Shares of the class or series affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) So long as the Five Point Members collectively own, directly or indirectly, at least 10% of the Outstanding Voting Shares, no amendment, modification or waiver of this Agreement, the Certificate of Formation or any other governing documents of the Company that materially and adversely affects any Five Point Member shall be made without the prior consent of the Five Point Representative, which consent may be withheld in the Five Point Representative's sole discretion.

# Article XIII<br>MERGER, CONSOLIDATION OR CONVERSION

## Section 13.1 <u>Authority</u>. The Company may merge or consolidate with one or more limited liability companies or "other business entities" as defined in Section 18-209 of the Act, pursuant to a written

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## agreement of merger or consolidation ()"*Merger Agreement* "), or convert into any such entity, whether such entity is formed under the laws of the State of Delaware or any other state of the United States of America, in accordance with this <u>Article XIII</u>.

## Section 13.2 <u>Procedure for Merger, Consolidation or Conversion</u>. Merger, consolidation or conversion of the Company pursuant to this <u>Article XIII</u> requires the prior approval of the Board.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Board shall determine to consent to a merger or consolidation, the Board shall approve the Merger Agreement, which shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the names and jurisdictions of formation or organization of each of the business entities proposing to merge or consolidate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name and jurisdiction of formation or organization of the business entity that is to survive the proposed merger or consolidation (the "***Surviving Business Entity***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the terms and conditions of the proposed merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the manner and basis of exchanging or converting the rights or securities of, or interests in, each constituent business entity for, or into, cash, property, rights, or securities of or interests in, the Surviving Business Entity; and if any rights or securities of, or interests in, any constituent business entity are not to be exchanged or converted solely for, or into, cash, property, rights, or securities of or interests in, the Surviving Business Entity, the cash, property, rights, or securities of or interests in, any limited liability company or other business entity which the holders of such rights, securities or interests are to receive, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a statement of any changes in the constituent documents or the adoption of new constituent documents (the certificate of formation or limited liability company agreement, articles or certificate of incorporation, articles of trust, declaration of trust, certificate or agreement of limited partnership or other similar charter or governing document) of the Surviving Business Entity to be affected by such merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the effective time of the merger or consolidation, which may be the date of the filing of the certificate of merger or certificate of consolidation pursuant to <u>Section 13.4</u> or a later date specified in or determinable in accordance with the Merger Agreement (provided, that if the effective time of the merger or consolidation is to be later than the date of the filing of the certificate of merger or certificate of consolidation, the effective time shall be fixed no later than the time of the filing of the certificate of merger or certificate of consolidation or the time stated therein); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such other provisions with respect to the proposed merger or consolidation that the Board determines to be necessary or appropriate.

## Section 13.3 <u>Approval by Members of Merger, Consolidation or Conversion or Sales of Substantially All of the Company's Assets</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Section 13.3(d)</u> and <u>Section 13.6</u>, the Board, upon its approval of the Merger Agreement or documentation regarding any conversion, shall direct that the Merger Agreement or such conversion documents be submitted to a vote of Members, whether at an annual meeting or a special meeting, in either case, in accordance with the requirements of <u>Article XII</u>. A copy or a summary of the Merger Agreement or such conversion documents shall be included in or enclosed with the notice of meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in <u>Section 13.3(d)</u> and <u>Section 13.6</u>, the Merger Agreement or conversion documents, as applicable, shall be approved upon receiving the affirmative vote or consent of the holders of a Share Majority unless the Merger Agreement or conversion documents, as applicable, contains any provision that, if contained in an amendment to this Agreement, the provisions of this Agreement or the Act would require for its approval the vote or consent of a greater percentage of the Outstanding Voting Shares or of any class or series of Members, in which case such greater percentage vote or consent shall be required for approval of the Merger Agreement or such conversion documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as provided in <u>Section 13.3(d)</u> and <u>Section 13.6</u>, after such approval by vote or consent of the Members, and at any time prior to the filing of the certificate of merger or certificate of consolidation or certificate of conversion pursuant to <u>Section 13.4</u>, the merger, consolidation or conversion may be abandoned pursuant to provisions therefor, if any, set forth in the Merger Agreement or conversion documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything else contained in this <u>Article XIII</u> or in this Agreement, the Board is permitted, without Member approval, to convert the Company into a different limited liability entity form (including, for the avoidance of doubt, a corporation), or to merge the Company into, or convey all of the Company's assets to, another limited liability entity (including, for the avoidance of doubt, a corporation), which shall be newly formed and shall have no assets, liabilities or operations at the time of such merger or conveyance other than those it receives from the Company, if (i) the sole purpose of such conversion, merger or conveyance is to effect a mere change in the legal form of the Company and (ii) the Board has determined that the governing instruments of the new entity provide the Members and the Board with substantially similar rights and obligations as are herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Members are not entitled to dissenters' rights of appraisal in the event of a merger, consolidation or conversion pursuant to this <u>Article XIII</u>, a sale of all or substantially all of the assets of any member of the Company Group, or any other similar transaction or event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Board may not cause the Company to sell, exchange or otherwise dispose of all or substantially all of its assets, in one transaction or a series of related transactions, or approve on behalf of the Company any such sale, exchange or other disposition, without receiving the affirmative vote or consent of the holders of a Share Majority; *provided* that the foregoing will not limit the ability of the Board to authorize the Company to mortgage, pledge, hypothecate or grant a security interest in all or substantially all of the assets of the Company without the approval of any Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each merger, consolidation or conversion approved pursuant to this <u>Article XIII</u> shall provide that all holders of Class A Shares shall be entitled to receive the same consideration pursuant to such transaction with respect to each of their Class A Shares.

## Section 13.4 <u>Certificate of Merger</u>. Upon the required approval by the Board and the Members of a Merger Agreement or a conversion pursuant to <u>Section 13.3(d)</u>, a certificate of merger, certificate of consolidation or certificate of conversion, as applicable, shall be executed and filed with the Secretary of State of the State of Delaware in conformity with the requirements of the Act.

## Section 13.5 <u>Effect of Merger</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the effective time of the certificate of merger or certificate of consolidation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all of the rights, privileges and powers of each of the business entities that have merged or consolidated, and all property, real, personal and mixed, and all debts due to any of those business entities shall be vested in the Surviving Business Entity and after the merger or consolidation shall be the

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property of the Surviving Business Entity and all other things and causes of action belonging to each of those business entities, shall be vested in the Surviving Business Entity to the extent they were of each constituent business entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the title to any real property vested by deed or otherwise in any of those constituent business entities shall not revert and is not in any way impaired because of the merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all rights of creditors and all liens on or security interests in property of any of those constituent business entities shall be preserved unimpaired; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all debts, liabilities and duties of those constituent business entities shall attach to the Surviving Business Entity and may be enforced against it to the same extent as if the debts, liabilities and duties had been incurred or contracted by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is the intent of the parties hereto that a merger or consolidation effected pursuant to this <u>Article XIII</u> shall not be deemed to result in a transfer or assignment of assets or liabilities from one entity to another.

## Section 13.6 <u>Certain Merger Rights</u>. Notwithstanding any other provision of this Agreement, the Board, acting unilaterally and without seeking the consent of the Members, shall be entitled to cause the Company to merge with or into another Person in the same manner and in accordance with the same processes and requirements as would be applicable if the Company were a corporation subject to Section 251(f) through (h), Section 253 and Section 267 of the DGCL and the portion of Section 264 that would permit a Delaware corporation to effect a merger with another entity in the same manner as it would effect a merger with a corporation pursuant to Section 251(f) through (h) of the DGCL, including in each case, for the avoidance of doubt, the processes and requirements whereby a corporation may consummate a merger without seeking consent of its stockholders. For purposes of applying this <u>Section 13.6</u>, references in the DGCL to stock of a constituent corporation shall be deemed to refer to Shares.

# Article XIV<br>MEMBER MEETINGS

## Section 14.1 <u>Member Meetings</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All acts of Members to be taken hereunder shall be taken in the manner provided in this <u>Article XIV</u>. An annual meeting of the Members for the election of Directors and for the transaction of such other business as may properly come before the meeting shall be held at such time and place as the Board shall specify in a resolution of the Board. If authorized by the Board, and subject to such guidelines and procedures as the Board may adopt, Members and proxyholders not physically present at a meeting of Members may by means of remote communication participate in such meeting and be deemed present in person and vote at such meeting, provided that the Company shall implement reasonable measures to verify that each Person deemed present and permitted to vote at the meeting by means of remote communication is a Member or proxyholder, to provide such Members or proxyholders a reasonable opportunity to participate in the meeting, and to record the votes or other action made by such Members or proxyholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A failure to hold the annual meeting of the Members at the designated time or to elect a sufficient number of Directors to conduct the business of the Company shall not affect otherwise valid acts of the Company or work a forfeiture or dissolution of the Company. If the annual meeting for election of Directors is not held on the date designated therefor, the Directors shall cause the meeting to be held as soon as is convenient. If there is a failure to hold the annual meeting for a period of 30 days after the date designated for the annual meeting, or if no date has been designated, for a period of 13 months after the

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latest to occur of the date of this Agreement or the Company's last annual meeting, the Delaware Court of Chancery may summarily order a meeting to be held upon the application of any Member or Director. The Delaware Court of Chancery may issue such orders as may be appropriate, including orders designating the time and place of such meeting, the record date for determination of Members entitled to vote, and the form of notice of such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All elections of Directors will be by written ballots; if authorized by the Board, such requirement of a written ballot shall be satisfied by a ballot submitted by electronic transmission, provided that any such electronic transmission must either set forth or be submitted with information from which it can be reasonably determined that the electronic transmission was authorized by the Member or proxyholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Special meetings of Members of the Company may be called only by the Board pursuant to a resolution adopted by the affirmative vote of a majority of the whole Board; *provided* that prior to the Trigger Event, special meetings of the Members may also be called by the Secretary of the Company at the request of the Record Holders of a majority of the Outstanding Voting Shares. On and after the Trigger Event, subject to the rights of holders of any class or series of Shares specified in the related Share Designation, the Members shall not have the power to call or request a special meeting of the Members. The Board or a designee authorized by the Board may fix the date, time and place, if any, of any special meeting. The Board or, in the case of a meeting called at the request of the Record Holders of a majority of the Outstanding Voting Shares, the Secretary of the Company at the request of such holders, may adjourn, reschedule, postpone or cancel any special meeting of the Members previously scheduled by or on behalf of the Board.

## Section 14.2 <u>Notice of Meetings of Members</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notice, stating the place, if any, day and time of any annual or special meeting of the Members, as determined by the Board, and (i) the means of remote communications, if any, by which Members and proxyholders may be deemed to be present in person and vote at such meeting, (ii) the record date for determining the Members entitled to vote at the meeting, if such date is different from the record date for determining Members entitled to notice of the meeting, (iii) in the case of a special meeting of the Members, the purpose or purposes for which the meeting is called, as determined by the Board if applicable, or (iv) in the case of an annual meeting, those matters that the Board, at the time of giving the notice, intends to present for action by the Members, shall be delivered by the Company not less than 10 calendar days nor more than 60 calendar days before the date of the meeting, in a manner and otherwise in accordance with <u>Section 15.1</u> to each Record Holder who is entitled to vote at such meeting. Such further notice shall be given as may be required by Delaware law. The notice of any meeting of the Members at which Directors are to be elected shall include the name of any nominee or nominees who, at the time of the notice, the Board intends to present for election. Only such business shall be conducted at a special meeting of Members as shall have been brought before the meeting pursuant to the Company's notice of meeting. Any previously scheduled meeting of the Members may be adjourned, rescheduled or postponed, and any special meeting of the Members may be adjourned, rescheduled, postponed or canceled, by resolution of the Board upon public notice given prior to or on the date previously scheduled for such meeting of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board shall designate the place, if any, of meeting, or means of remote communication, if any, for any annual meeting or for any special meeting of the Members. If no designation is made, the place of meeting shall be the principal office of the Company.

## Section 14.3 <u>Record Date</u>. For purposes of determining the Members entitled to notice of or to vote at a meeting of the Members, the Board may set a Record Date, which shall not be less than 10 nor more than 60 days before the date of the meeting (unless such requirement conflicts with any rule,

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## regulation, guideline or requirement of any National Securities Exchange on which the Shares are listed for trading, in which case the rule, regulation, guideline or requirement of such exchange shall govern). If no Record Date is fixed by the Board, the Record Date for determining Members entitled to notice of or to vote at a meeting of Members shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of Members of record entitled to notice of or to vote at a meeting of Members shall apply to any adjournment, rescheduling or postponement of the meeting; *provided* that the Board may fix a new Record Date for the adjourned, rescheduled or postponed meeting, and in such case shall also fix as the Record Date for Members entitled to notice of such adjourned, rescheduled or postponed meeting the same or earlier date as that fixed for determination of Members entitled to vote in accordance herewith at the adjourned, rescheduled or postponed meeting.

## Section 14.4 <u>Adjournment</u>. When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting and a new Record Date need not be fixed, if the time and place, if any, and the means of remote communications, if any, by which Members and proxyholders may be deemed to be present in person and vote at such adjourned meeting are (i) announced at the meeting at which the adjournment is taken, (ii) displayed, during the time scheduled for the meeting, on the same electronic network used to enable Members and proxyholders to participate in the meeting by means of remote communication, or (iii) set forth in the notice of meeting given in accordance with <u>Section 14.2</u>; unless such adjournment shall be for more than 30 days. At the adjourned meeting, the Company may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days or if a new Record Date is fixed for the adjourned meeting, a notice of the time and place, if any, and the means of remote communication, if any, of the adjourned meeting shall be given in accordance with this <u>Article XIV</u>.

## Section 14.5 <u>Waiver of Notice; Approval of Meeting</u>. Whenever notice to the Members is required to be given under this Agreement, a written waiver, signed by the Person entitled to notice, or a waiver by electronic transmission by the Person entitled to notice (which shall constitute a waiver duly executed or signed by such Person), whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a Person at any such meeting of the Members shall constitute a waiver of notice of such meeting, except when the Person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Members need be specified in any written waiver of notice unless so required by resolution of the Board. All waivers and approvals shall be filed with the Company records or made part of the minutes of the meeting.

## Section 14.6 <u>Quorum; Required Vote for Member Action; Voting for Directors</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any meeting of the Members, the holders of a majority of the Outstanding Voting Shares entitled to vote at the meeting, represented in person or by proxy, shall constitute a quorum for such meeting, notwithstanding any provision of this Agreement to the contrary; *provided* that where a separate vote by a class or series or classes or series is required, a majority of the voting power of the class or classes or series entitled to vote on such matter, represented in person or by proxy, shall constitute a quorum of such class or classes or series with respect to such matter. The submission of matters to Members for approval and the election of Directors shall occur only at a meeting of the Members duly called and held in accordance with this Agreement at which a quorum is present; *provided* that the Members present at a duly called or held meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of enough Members to leave less than a quorum, if any action taken (other than adjournment) is approved by the required percentage of Outstanding Voting Shares specified in this

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Agreement. Any meeting of Members may be adjourned or recessed from time to time for any reason by the chairman of the meeting to another place or time, without regard to the presence of a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directors will be elected by a plurality of the votes of Outstanding Voting Shares present in person or represented by proxy and entitled to vote on the election of Directors at any annual or special meeting of Members. Cumulative voting for the election of directors is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All matters (other than the election of Directors and non-binding advisory votes described below) submitted to Members for approval shall be determined by a majority of the votes cast affirmatively or negatively by Members holding Outstanding Voting Shares unless a greater percentage is required with respect to such matter under the Act, under the rules of any National Securities Exchange on which the Shares are listed for trading, or under the provisions of this Agreement, in which case the approval of Members holding Outstanding Voting Shares that in the aggregate represent at least such greater percentage shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In non-binding advisory matters with more than two possible vote choices, the affirmative vote of a plurality of the Outstanding Voting Shares present in person or represented by proxy at the meeting and entitled to vote on the matter shall be the recommendation of the Members.

## Section 14.7 <u>Conduct of a Meeting; Member Lists</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board shall have full power and authority concerning the manner of conducting any meeting of the Members, including the determination of Persons entitled to vote, the existence of a quorum, the satisfaction of the requirements of this <u>Article XIV</u>, the conduct of voting, the validity and effect of any proxies and the determination of any controversies, votes or challenges arising in connection with or during the meeting or voting. The Board may make such other rules and regulations consistent with applicable Law and this Agreement as it may deem advisable concerning the conduct of any meeting of the Members, including regulations in regard to the appointment of proxies, the appointment and duties of inspectors of votes, the submission and examination of proxies and other evidence of the right to vote. Except to the extent inconsistent with the rules and regulations adopted by the Board, the chairman of the meeting shall have the right and authority to convene and recess and/or adjourn (whether or not a quorum is present and for any reason or no reason) the meeting, to prescribe such rules, regulations, and procedures, and to do all such acts as, in the judgment of the chairman of the meeting, are appropriate for proper conduct of the meeting and safety of those in attendance. All minutes shall be kept with the records of the Company maintained by the Board. Such rules, regulations, or procedures, whether adopted by the Board or prescribed by the chairman of the meeting, may include (i) the establishment of an agenda or order of business for the meeting; (ii) regulating the opening and closing of the polls for balloting and matters that are to be voted on by ballot; (iii) rules and procedures for maintaining order at the meeting and the safety of those present; (iv) limitations on attendance at or participation in the meeting to Members entitled to vote at the meeting, their duly authorized and constituted proxies or such other Persons as the chairman of the meeting shall determine; (v) restrictions on entry to the meeting after the time fixed for the commencement thereof; (vi) limitations on the time allotted to questions or comments by participants; and (vii) restrictions on the use of any photographic or audio or video recording devices (including cellular phones) at the meeting. Unless and to the extent determined by the Board or the chairman of the meeting, meetings of Members are not required to be held in accordance with the rules of parliamentary procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No later than the tenth day before each meeting of Members, a complete list of Members entitled to vote at any meeting of Members, arranged in alphabetical order for each class or series of Shares, shall be open to the examination of any Member, for any purpose germane to the meeting, (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting or (ii) during ordinary business hours at the principal place of

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business of the Company. In the event that the Company determines to make the list available on an electronic network, the Company shall take reasonable steps to ensure that such information is available only to Members of the Company.

## Section 14.8 <u>Action Without a Meeting</u>. Prior to the Trigger Event, subject to the rights of holders of any class or series of Shares specified in the related Share Designation with respect to such class or series of Shares, on any matter that is to be voted on, consented to or approved by Members, the Members may take such action without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, shall be signed by the Members having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Members entitled to vote thereon were present and voted. On and after the Trigger Event, subject to the rights of holders of any class or series of Shares specified in the related Share Designation with respect to such class or series of Shares, any action required or permitted to be taken by the Members of the Company must be taken at a duly held annual or special meeting of Members and may not be taken by any consent in writing of such Members. In order that the Company may determine the Members entitled to express consent to an action in writing without a meeting prior to the Trigger Event, the Board may fix a Record Date, which shall not be more than ten days after the date upon which the resolution fixing the Record Date is adopted by the Board. If no Record Date for determining Members entitled to express consent to Company action in writing without a meeting is fixed by the Board, (i) when no prior action of the Board is required by applicable Law or this Agreement, the Record Date for such purpose shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Company in accordance with applicable Law, and (ii) if prior action by the Board is required by applicable Law or this Agreement, the Record Date for such purpose shall be at the close of business on the day on which the Board adopts the resolution taking such prior action.

## Section 14.9 <u>Voting and Other Rights</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Only those Record Holders of Outstanding Voting Shares on the Record Date set pursuant to <u>Section 14.3</u> shall be entitled to notice of, and to vote at, a meeting of Members or to act with respect to matters as to which the holders of the Outstanding Voting Shares have the right to vote or to act. All references in this Agreement to votes of, or other acts that may be taken by, the Outstanding Voting Shares shall be deemed to be references to the votes or acts of the Record Holders of such Outstanding Voting Shares on such Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to Outstanding Voting Shares that are held for a Person's account by another Person (such as a broker, dealer, bank, trust company or clearing corporation, or an agent of any of the foregoing), in whose name such Outstanding Voting Shares are registered, such other Person shall, in exercising the voting rights in respect of such Outstanding Voting Shares on any matter, and unless the arrangement between such Persons provides otherwise, vote such Outstanding Voting Shares in favor of, and at the direction of, the Person who is the beneficial owner, and the Company shall be entitled to assume it is so acting without further inquiry.

## Section 14.10 <u>Proxies and Voting</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On any matter that is to be voted on by Members, the Members may vote in person or by proxy, and such proxy may be granted in writing, by means of electronic transmission or as otherwise permitted by applicable Law. Any such proxy shall be filed in accordance with the procedure established for the meeting. For purposes of this Agreement, the term "electronic transmission" means any form of communication not directly involving the physical transmission of paper that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process. Any copy, facsimile telecommunication or other reliable

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reproduction of the writing or transmission created pursuant to this paragraph may be substituted or used in lieu of the original writing or transmission for any and all purposes for which the original writing or transmission could be used, provided that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire original writing or transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company may, and to the extent required by applicable Law, shall, in advance of any meeting of Members, appoint one or more inspectors to act at the meeting and make a written report thereof, which inspector or inspectors may include individuals who serve the Company in other capacities, including as Officers, employees, agents or representatives. Inspectors need not be Members. The Company may designate one or more alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of Members, the Person presiding at the meeting may, and to the extent required by applicable Law, shall, appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of his or her ability. Every vote taken by ballots shall be counted by a duly appointed inspector or inspectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to the use of proxies at any meeting of Members, the Company shall be governed by paragraphs (b), (c), (d) and (e) of Section 212 of the DGCL and other applicable provisions of the DGCL, as though the Company were a Delaware corporation and as though the Members were stockholders of a Delaware corporation.

## Section 14.11 <u>Notice of Member Business and Nominations</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Annual Meetings of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Nominations of Persons for election to the Board and the proposal of other business to be considered by the Members at an annual meeting of Members may be made only (A) pursuant to the Company's notice of meeting (or any supplement thereto), (B) by or at the direction of the Board or any committee thereof authorized to do so, (C) by any Member of the Company who (i) was a Member of record at the time of giving of notice provided for in this <u>Section 14.11</u> and at the time of the annual meeting, (ii) is entitled to vote at the meeting, and (iii) complies with the notice procedures and other requirements set forth in this Agreement and applicable Law, or (D) pursuant to the terms of the Shareholders' Agreement. In addition, if the proposal is made on behalf of a beneficial owner other than the Member of record, such beneficial owner must be the beneficial owner of Shares of the Company both at the time of giving of notice provided for in this <u>Section 14.11</u> and at the time of the annual meeting. <u>Section 14.11(a)(ii)(C)</u> of this Agreement shall be the exclusive means for a Member to make nominations or submit other business (other than business brought properly under and in compliance with Rule 14a-8 of the Exchange Act, as may be amended from time to time) before an annual meeting of the Members, except as otherwise provided in <u>Section 14.11(a)(ii)(D)</u>. Nothing in this <u>Section 14.11</u> shall be deemed to affect any rights of Members to request inclusion of proposals or nominations in the Company's proxy statement or proxy card pursuant to mandatory provisions of the Exchange Act and the rules and regulations thereunder, subject, in each case, to compliance with those provisions of this Agreement that are permitted under such mandatory provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For any nominations or any other business to be properly brought before an annual meeting by a Member, other than any of the Shareholders, pursuant to <u>Section 14.11(a)(ii)(C)</u> of this Agreement, (A) the Member must have given timely notice thereof in writing to the Secretary of the Company and such notice must be in proper form, as required by this Agreement, (B) in the case of business other than nominations, such other business must otherwise be a matter that would be proper for action by the Members pursuant to this Agreement, and (C) the record Member and the beneficial owner, if any, on whose behalf any such proposal or nomination is made, must have acted in accordance with the representations set forth in the Solicitation Statement required by this Agreement. To be timely, a Member's

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notice, other than from any of the Shareholders, must be received by the Secretary of the Company at the principal executive offices of the Company not earlier than the close of business on the 120th day and not later than the close of business on the 90th day prior to the first anniversary of the Public Announcement for the immediately preceding annual meeting (which anniversary, in the case of the first annual meeting of Members following the consummation of the IPO, shall be deemed to be September 1, 2026); *provided* that subject to the following sentence, if the date of the annual meeting (other than the first annual meeting of Members following the consummation of the IPO) is scheduled for a date that has changed by more than 30 days before or after such anniversary date, or if no annual meeting was held in the prior year (other than the first annual meeting of Members following the consummation of the IPO), notice by the Member to be timely must be so received not earlier than the close of business on the 120th day and not later than the close of business on the later of the 90th day prior to such annual meeting or, if the first Public Announcement of the date of such annual meeting is less than 90 days prior to the date of such annual meeting, the 10th day following the day on which Public Announcement of the date of such meeting is first made by the Company. In no event shall any adjournment, rescheduling or postponement of an annual meeting or the announcement thereof commence a new time period for the giving of a Member's notice as described above. To be in proper form, a Member's notice, other than any of the Shareholders, (whether given pursuant to this <u>Section 14.11(a)</u> or <u>Section 14.11(b)</u>) to the Secretary of the Company must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) set forth, as to the Member giving the notice and the beneficial owner, if any, on whose behalf the nomination or business is proposed (i) the name and address of such Member, as they appear on the Company's books, and of such Member's Member Associated Person (as defined in <u>Section 14.11(d)</u>), if any, (ii) (A) the class or series and number of Shares that are, directly or indirectly, owned beneficially and of record by such Member and any Member Associated Person, (B) any option, warrant, convertible security, Share appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of Shares or with a value derived in whole or in part from the value of any class or series of Shares, whether or not such instrument or right shall be subject to settlement in the underlying class or series of Shares or otherwise (a "***Derivative Instrument***"), directly or indirectly owned beneficially by such Member or by any Member Associated Person and any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of Shares held by such Member or any Member Associated Person, (C) a complete and accurate description of any agreement, arrangement or understanding between or among such Member and such Member's Member Associated Person and any other person or persons in connection with such Member's director nomination and the name and address of any other person(s) or entity or entities known to the Member to support such nomination, (D) a description of any proxy, contract, arrangement, understanding or relationship pursuant to which such Member or any Member Associated Person has a right to vote, directly or indirectly, any Shares, (E) any short interest in any security of the Company held by such Member or any Member Associated Person (for purposes of this Agreement, a Person shall be deemed to have a "short interest" in a security if such Person directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the value of the subject security), (F) any rights to Dividends on the Shares owned beneficially by such Member or by any Member Associated Person that are separated or separable from the underlying Shares, (G) any proportionate interest in Shares or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such Member or any Member Associated Person is a general partner or, directly or indirectly, beneficially owns an interest in a general partner, and (H) any performance-related fees (other than an asset-based fee) that such Member or any Member Associated Person is entitled to based on any increase or decrease in the value of Shares or Derivative Instruments, if any, as of the date of such notice, including any such interests held by members of such Member's or any Member Associated Person's immediate family sharing the same household (which information shall be supplemented by such Member and any Member Associated Person, if any, not later than ten days after the Record Date for determining the Members entitled to vote at the meeting to disclose such ownership as of the Record Date; provided, that if such date is after the date of the meeting,

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not later than the day prior to the meeting), (iii) any other information relating to such Member and any Member Associated Person, if any, that would be required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies for, as applicable, the proposal or for the election of directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder, (iv) a representation that the Member is a holder of record of Shares entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to bring such nomination or other business before the meeting, and (v) a representation as to whether or not such Member or any Member Associated Person intends or is part of a group that intends to deliver a proxy statement or form of proxy to holders of at least the percentage of the voting power of the Company's Outstanding Shares required to approve or adopt the proposal or, in the case of a nomination or nominations, at least the percentage of the voting power of the Company's Outstanding Shares reasonably believed by the Member or Member Associated Person, as the case may be, to be sufficient to elect such nominee or nominees (such representation, a "***Solicitation Statement***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if the notice relates to any business other than a nomination of a director or directors that the Member proposes to bring before the meeting, set forth (i) a brief description of the business desired to be brought before the meeting, (ii) the exact text of the proposal or business (including the text of any resolution proposed for consideration and in the event that such business includes a proposal to amend this Agreement, the language of the proposed amendment), and the reasons for conducting such business at the meeting, (iii) any substantial interest (within the meaning of Item 5 of Schedule 14A under the Exchange Act) of such Member and Member Associated Person, if any, in such business, and (iv) a complete and accurate description of all agreements, arrangements and understandings between or among such Member and such Member Associated Person, if any, and any other Person or Persons or entity or entities (including their names and addresses) in connection with the proposal of such business by such Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) set forth, as to each Person, if any, whom the Member proposes to nominate for election or reelection to the Board (i) all information relating to such Person that would be required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder (including such Person's written consent to being named in the proxy statement as a nominee and to serving as a director, if elected, for the full term for which such Person is standing for election), (ii) a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three years, and any other material relationships, between or among such Member and Member Associated Person, if any, and their respective Affiliates and associates, or others acting in concert therewith, on the one hand, and each proposed nominee, and his or her respective Affiliates and associates, or others acting in concert therewith, on the other hand, including all information that would be required to be disclosed pursuant to Rule 404 promulgated under Regulation S-K if the Member making the nomination and any beneficial owner on whose behalf the nomination is made, if any, or any Affiliate or associate thereof or Person acting in concert therewith, were the "registrant" for purposes of such rule and the nominee were a director or executive officer of such registrant, and (iii) a representation that such Person intends to serve a full term, if elected as a director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) with respect to each nominee for election or reelection to the Board, include (i) a completed and signed questionnaire, representation and agreement in a form provided by the Company, which form the Member must request from the Secretary of the Company in writing with no less than seven days' advance notice and (ii) a written representation and agreement (in the form provided by the Secretary of the Company upon written request) that such Person (A) is not and will not become a party to (1) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any Person as to how such Person, if elected as a director of the Company, will act or vote on any issue

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or question (a "***Voting Commitment***") that has not been disclosed to the Company or (2) any Voting Commitment that could limit or interfere with such Person's ability to comply, if elected as a director of the Company, with such Person's fiduciary duties under applicable Law, (B) is not and will not become a party to any agreement, arrangement or understanding with any Person other than the Company with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director that has not been disclosed therein, and (C) in such person's individual capacity and on behalf of any Person on whose behalf the nomination is being made, would be in compliance, if elected as director of the Company, and will comply with all applicable governance, conflict of interest, confidentiality and Share ownership and trading policies and guidelines of the Company. The Company may require any proposed nominee to furnish such other information as may reasonably be required by the Company to determine the eligibility of such proposed nominee to serve as a director of the Company, including information that could be relevant to a determination of whether such Person can be considered an Independent Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A Member, other than any of the Shareholders, providing notice of a nomination or proposal of other business to be brought before a meeting shall further update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice shall be true and correct (1) as of the Record Date for the meeting and (2) as of the date that is ten Business Days prior to the meeting or any adjournment, rescheduling or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary of the Company at the principal executive offices of the Company not later than five Business Days after the Record Date for the meeting (in the case of the update and supplement required to be made as of the Record Date) and not later than seven Business Days prior to the date for the meeting or any adjournment, rescheduling or postponement thereof, if practicable (or, if not practicable, on the first practicable date prior to any adjournment, rescheduling or postponement thereof (in the case of the update and supplement required to be made as of ten Business Days prior to the meeting or any adjournment, rescheduling or postponement thereof)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Special Meeting of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On and after the Trigger Event, only such business shall be conducted at a special meeting of Members as shall have been brought before the meeting by or at the direction of the Board. Nominations of Persons for election to the Board may be made at a special meeting of Members at which directors are to be elected pursuant to a notice of meeting (1) by or at the direction of the Board or any committee thereof (or the Members pursuant to <u>Section 14.2</u> of this Agreement prior to the Trigger Event) or (2) if the Board (or the Members pursuant to <u>Section 14.2</u> of this Agreement prior to the Trigger Event) has determined that directors shall be elected at such meeting, and subject to the terms of the Shareholders' Agreement, by any Member of the Company who (A) is a Member of record at the time of giving of notice provided for in this Agreement and at the time of the special meeting, (B) is entitled to vote at the meeting, and (C) complies with the notice procedures set forth in this Agreement and applicable Law. In addition, if the nomination is made on behalf of a beneficial owner other than the Member of record, such beneficial owner must be the beneficial owner of Shares of the Company both at the time of giving of notice provided for in this <u>Section 14.11</u> and at the time of the special meeting. If a special meeting of Members is called for the purpose of electing one or more directors to the Board, any such Member may nominate a Person or Persons (as the case may be), for election to such position(s) as specified in the Company's notice of meeting, if the Member, other than any Shareholders, delivers notice with the information required by <u>Section 14.11(a)(ii)</u> (with the updates required by <u>Section 14.11(a)(iii)</u> of this Agreement with respect to any nomination (including the completed and signed questionnaire, representation and agreement required by <u>Section 14.11(a)(ii)(D)</u> of this Agreement)). Such notice shall be delivered to the Secretary of the Company at the principal executive offices of the Company not earlier than the close of business on the 120th day prior to such special meeting and not later than the close of business on the later of the 90th day prior to such special meeting or the 10th day following the day on which Public Announcement is first

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made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall any adjournment, rescheduling or postponement or the announcement thereof of a special meeting commence a new time period for the giving of a Member's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms of the Shareholders' Agreement and except as otherwise required by applicable Law or regulation promulgated under the Exchange Act, and except for director nominees and business proposed by the Board, only such Person who are nominated in accordance with the procedures set forth in this Agreement shall be eligible to serve as Directors, and only such business shall be conducted at a meeting of Members as shall have been brought before the meeting in accordance with the procedures set forth in this Agreement. Any Member or beneficial owner, if any, or Member Associated Person, directly or indirectly soliciting proxies for the election of Directors must use a proxy card color other than white, which shall be reserved for exclusive use by the Company. Except as otherwise provided by applicable Law or this Agreement, the chairman of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in this Agreement and applicable Law and, if any proposed nomination or business is not in compliance with this Agreement and applicable Law, to declare that such defective proposal or nomination shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of this Agreement, "***close of business***" shall mean 6:00 p.m. local time at the principal executive offices of the Company on any calendar day, whether or not the day is a Business Day, "***Public Announcement***" shall mean disclosure in a press release reported by Dow Jones News Service, the Associated Press, or any other national news service or in a document publicly filed or furnished by the Company with the Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder, and "***Member Associated Person***" shall mean, for any Member, (A) any Person controlling, directly or indirectly, or acting in concert with, such Member, (B) any beneficial owner of Shares owned of record or beneficially by such Member or (C) any Person controlling, controlled by or under common control with any Person referred to in the preceding clauses (A) or (B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Member or beneficial owner, if any, or any Member Associated Person, intends to solicit proxies in support of any Director nominee other than the Company's nominees, such Person shall, in addition to the requirements of this <u>Section 14.11</u>: (i) deliver to the Company, no later than the earlier of the time provided in this <u>Section 14.11</u> or the time provided in Rule 14a-19 of the Exchange Act, the notice and other information required in Rule 14a-19 of the Exchange Act; and (ii) deliver to the Company, no later than five Business Days prior to the applicable meeting of Members, reasonable evidence that it (including any others acting in concert with it) has met the requirements of Rule 14a-19 of the Exchange Act with respect to such nominees. Unless otherwise required by applicable Law, if any Member (1) provides notice pursuant to Rule 14a-19(b) of the Exchange Act and (2) subsequently fails to comply with any requirement of Rule 14a-19 of the Exchange Act or any other rules or regulations thereunder or fails timely to provide the evidence described in the preceding clause (ii), then the Company shall disregard any proxies or votes solicited for such nominees, and such nominations shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In addition to the foregoing provisions of this Agreement, a Member shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Agreement; *provided* that any references in this Agreement to the Exchange Act or the rules promulgated thereunder are not intended to and shall not limit the requirements applicable to nominations or proposals as to any other business to be considered pursuant to <u>Section 14.11(a)</u> or <u>Section 14.11(b)</u> of this Agreement. Nothing in this Agreement shall be deemed to affect any rights (A) of Members to request inclusion of proposals in the Company's proxy statement pursuant to Rule 14a-8 under the Exchange Act or (B) of the holders of any class or series of Shares specified in the related Share Designation if and to the extent provided for under applicable Law or this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless otherwise required by law, if the Member (or a qualified representative of the Member) making a nomination or proposal under this <u>Section 14.11</u> does not appear at the applicable meeting of Members to present such nomination or proposal, the nomination shall be disregarded and the proposed business shall not be transacted, as the case may be, notwithstanding that proxies in favor thereof may have been received by the Company. For purposes of this <u>Section 14.11</u>, to be considered a qualified representative of the Member, a Person must be a duly authorized officer, manager or partner of such Member or must be authorized by a writing executed by such Member or an electronic transmission delivered by such Member to act for such Member as proxy at the meeting of Members and such Person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For any nominations or any other business to be properly brought before an annual or special meeting by any Shareholder, such Shareholder shall submit a reasonably detailed notice thereof to the Company not later than the later of the close of business on the 30th day prior to the date the Company first files its preliminary or definitive proxy statement related to such meeting pursuant to the Exchange Act or the tenth day following the day on which public announcement is first made of the date of the special meeting, and such Shareholder and the Company shall cooperate reasonably and in good faith with respect to the inclusion of such matters to be considered at such meeting.

# Article XV<br>GENERAL PROVISIONS

## Section 15.1 <u>Addresses and Notices</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice, demand, request, report or proxy materials required or permitted to be given or made to a Member under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail or by other means of written communication to the Member at the address described below. Any notice, payment or report to be given or made to a Member hereunder shall be deemed conclusively to have been given or made, and the obligation to give such notice or report or to make such payment shall be deemed conclusively to have been fully satisfied, upon sending of such notice, payment or report to the Record Holder of such Shares at his address as shown on the records of the Transfer Agent or as otherwise shown on the records of the Company, regardless of any claim of any Person who may have an interest in such Shares by reason of any assignment or otherwise. Notwithstanding the foregoing, if (i) a Member shall consent to receiving notices, demands, requests, reports or proxy materials via electronic mail or by the Internet or (ii) the rules of the Commission shall permit any report or proxy materials to be delivered electronically or made available via the Internet, any such notice, demand, request, report or proxy materials shall be deemed given or made when delivered or made available via such mode of delivery. An affidavit or certificate of making of any notice, payment or report in accordance with the provisions of this <u>Section 15.1</u> executed by the Company, the Transfer Agent or the mailing organization shall be prima facie evidence of the giving or making of such notice, payment or report. If any notice, payment or report given or made in accordance with the provisions of this <u>Section 15.1</u> is returned marked to indicate that such notice, payment or report was unable to be delivered, such notice, payment or report and, in the case of notices, payments or reports returned by the United States Postal Service (or other physical mail delivery service outside the United States of America) and any subsequent notices, payments and reports shall be deemed to have been duly given or made without further mailing (until such time as such Record Holder or another Person notifies the Transfer Agent or the Company of a change in his address) or other delivery if they are available for the Member at the principal office of the Company for a period of one year from the date of the giving or making of such notice, payment or report to the other Members. Delivery of one copy of any notice, demand, request, report or proxy materials to all Record Holders having the same address shall constitute sufficient notice to all such Members under this Agreement if such method of delivery would be permitted by the DGCL to

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stockholders of a Delaware corporation and if permitted by the rules of the Commission. Written notice from any Record Holder to the Company shall, unless otherwise required by law, be given by hand or registered U.S. mail, postage prepaid, return receipt requested, or courier services, charges prepaid to, and received by, the Secretary of the Company at the principal executive offices of the Company. Any notice to the Company shall be deemed given if received by the Secretary at the principal office of the Company designated pursuant to <u>Section 2.4</u>. The Board and the Officers may rely and shall be protected in relying on any notice or other document from a Member or other Person if believed by it to be genuine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The terms "in writing," "written communications," "written notice" and words of similar import shall be deemed satisfied under this Agreement by use of e-mail and other forms of electronic communication.

## Section 15.2 <u>Further Action</u>. The parties shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

## Section 15.3 <u>Binding Effect</u>. All of the terms and provisions of this Agreement shall be binding upon the parties and their respective successors and assigns, but shall inure to the benefit of and be enforceable by the successors and assigns of any Member only to the extent that they are permitted successors and assigns pursuant to the terms hereof. No party may assign its rights hereunder except as herein expressly permitted.

## Section 15.4 <u>Integration</u>. This Agreement and the Shareholders' Agreement constitute the entire agreement among the parties hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties and there are no warranties, representations or other agreements between the parties in connection with the subject matter hereof except as specifically set forth herein and therein. This Agreement is subject to the terms and provisions of the Shareholders' Agreement in its entirety.

## Section 15.5 <u>Creditors</u>. None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Company.

## Section 15.6 <u>Waiver</u>. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition.

## Section 15.7 <u>Third-Party Beneficiaries</u>. Each Member agrees that any Indemnified Person shall be entitled to assert rights and remedies hereunder as a third-party beneficiary hereto with respect to those provisions of this Agreement affording a right, benefit or privilege to such Indemnified Person. Subject to the immediately preceding sentence, nothing in this Agreement, whether express or implied, is intended to give any Person, other than the parties hereto or their respective successors and permitted assigns, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement.

## Section 15.8 <u>Rights of Members Independent</u>. The rights available to the Members under this Agreement and at Law shall be deemed to be several and not dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference to any other such right. Any one or more and/or any combination of such rights may be exercised by a Member and/or the Company from time to time and no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof from time to time thereafter or simultaneously.

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## Section 15.9 <u>Counterparts</u>. This Agreement may be executed in counterparts, all of which together shall constitute an agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto or, in the case of a Person acquiring a Share pursuant to <u>Section 3.3</u> without execution hereof.

## Section 15.10 <u>Applicable Law</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by and construed according to the Laws of the State of Delaware without regard to principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery lacks jurisdiction, the Superior Court of the State of Delaware, or, if the Superior Court of the State of Delaware does not have jurisdiction, the United States District Court for the District of Delaware, in each case, subject to that court having personal jurisdiction over the indispensable parties named defendants therein) shall, to the fullest extent permitted by applicable Law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, Officer, employee, Member or agent of the Company to the Company or the Company's Members, (iii) any action asserting a claim against the Company or any director or Officer, Member or other employee of the Company arising pursuant to any provision of the Act or this Agreement, or (iv) any action asserting a claim against the Company or any director or Officer, Member or other employee of the Company governed by the internal affairs doctrine, in each such case subject to said court having personal jurisdiction over the indispensable parties named as defendants therein. Unless the Company consents in writing to the selection of an alternative forum, to the fullest extent permitted by applicable Law, the United States District Court for the District of Delaware shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. Any Person purchasing or otherwise acquiring any interest in Shares of the Company shall be deemed to have notice of and consented to the provisions of this <u>Section 15.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the fullest extent permitted by applicable Law, if any action the subject matter of which is within the scope of <u>Section 15.10(b)</u> is filed in a court other than a court located within the State of Delaware (a "***Foreign Action***") in the name of any Member, such Member shall be deemed to have consented to (i) the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce <u>Section 15.10(b)</u> (an "***FSC Enforcement Action***") and (ii) having service of process made upon such Member in any such FSC Enforcement Action by service upon such Member's counsel in the Foreign Action as agent for such Member.

## Section 15.11 <u>Invalidity of Provisions</u>. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby and this Agreement shall, to the fullest extent permitted by

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## applicable Law, be reformed and construed as if such invalid, illegal or unenforceable provision, or part of a provision, had never been contained herein, and such provisions or part reformed so that it would be valid, legal and enforceable to the maximum extent possible.

## Section 15.12 <u>Consent of Members</u>. Each Member hereby expressly consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the affirmative vote or consent of less than all of the Members, such action may be so taken upon the concurrence of less than all of the Members and each Member shall be bound by the results of such action.

## Section 15.13 <u>Expenses</u>. Except as otherwise provided in this Agreement, each party shall bear its own expenses in connection with the transactions contemplated by this Agreement.

## Section 15.14 <u>Electronic Signatures</u>. The use of electronic signatures affixed in the name and on behalf of the Transfer Agent and registrar of the Company on certificates representing Shares is expressly permitted by this Agreement.
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IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

**NDB HOLDINGS:**

NDB HOLDINGS LLC, a Delaware limited liability company

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| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Scott L. McNeely |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Scott L. McNeely |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Executive Vice President, Chief Financial Officer |

---

**EXISTING MEMBERS:**

WBR HOLDINGS LLC, a Delaware limited liability company

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| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Scott L. McNeely |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Scott L. McNeely |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Executive Vice President, Chief Financial Officer |

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ASHBURTON INVESTMENT PRIVATE LIMITED, a Singapore private limited company

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| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Helen Newell |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Helen Newell |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Authorized Signatory |

---

Signature Page to the First Amended and Restated Limited Liability Company Agreement

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## Exhibit 4.1

Exhibit 4.1

**REGISTRATION RIGHTS AGREEMENT**

This Registration Rights Agreement (this "***Agreement***"), dated as of September 18, 2025, is entered into by and among WaterBridge Infrastructure LLC, a Delaware limited liability company (the "***Company***"), WBR Holdings LLC, a Delaware limited liability company ("***WBR Holdings***"), NDB Holdings LLC, a Delaware limited liability company ("***NDB Holdings***"), Desert Environmental Holdings LLC, a Delaware limited liability company (together with WBR Holdings and NDB Holdings, the "***Five Point Members***"), Devon WB Holdco L.L.C., a Delaware limited liability company ("***Devon***" and together with the Five Point Members, the "***Investor Holders***"), Elda River Infrastructure WB LLC, a Delaware limited liability company ("***Elda River***"), and Ashburton Investment Pte. Ltd., a Singapore private limited company ("***GIC***" and, together with the Investor Holders and Elda River, the "***Initial Holders***"). The Company and the Initial Holders are referred to herein collectively as the "***Parties***" and each individually as a "***Party***."

WHEREAS, the Investor Holders, Elda River, certain other parties thereto and the Company have entered into that certain Contribution and Corporate Reorganization Agreement, dated as of September 8, 2025 (the "***Contribution Agreement***"), pursuant to which (a) the Investor Holders and Elda River received, as consideration for the transactions contemplated by the Contribution Agreement, units representing limited liability company interests in WBI Operating LLC, a Delaware limited liability company ("***OpCo Units***"), and Class B shares representing limited liability company interests in the Company ("***Class B Shares***"), and (b) WBR Holdings and GIC received Class A shares representing limited liability company interests in the Company ("***Class A Shares***," and together with the Class B Shares, the "***Common Shares***"); and

WHEREAS, in connection with, and effective upon, the completion of the underwritten initial public offering of Class A Shares (the "***IPO***"), the Initial Holders have requested, and the Company has agreed to provide, certain registration rights with respect to the Registrable Securities (as herein after defined) as set forth in this Agreement.

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the Parties hereby agree as follows:

1.<u>Definitions</u>. As used in this Agreement, the following terms have the meanings indicated:

"***Affiliate***" means, with respect to any specified Person, a Person that, directly or indirectly, Controls or is Controlled by, or is under common Control with, such specified Person.

"***Automatic Shelf Registration Statement***" means an "automatic shelf registration statement" as defined under Rule 405.

"***Board***" means the board of directors of the Company.

"***Business Day***" means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking institutions in the State of Texas or the State of New York are authorized or required to be closed by law or governmental action.

"***Commission***" means the U.S. Securities and Exchange Commission or any other federal agency then administering the Securities Act or Exchange Act.

"***Company Securities***" means any equity interest of any class or series in the Company.

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"***Controls***," "***Controlled by***" and "***under common Control with***" mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

"***Effective Date***" means the time and date that a Registration Statement is first declared effective by the Commission or otherwise becomes effective.

"***Exchange Act***" means the Securities Exchange Act of 1934, as amended.

"***FINRA***" means the Financial Industry Regulatory Authority.

"***Holder***" means (a) each Initial Holder, unless and until such Initial Holder ceases to hold any Registrable Securities; and (b) any holder of Registrable Securities to whom registration rights conferred by this Agreement have been transferred in compliance with <u>Section 8(e)</u> hereof; *provided*, that any Person referenced in clause (b) of this definition shall be a Holder only if such Person agrees to execute a Joinder as set forth in <u>Section 8(e)</u>.

"***Initiating Holder***" means the Holder delivering the Demand Notice or the Underwritten Offering Notice, as applicable.

"***Lock-Up Period***" has the meaning set forth in the underwriting agreement entered into by the Company in connection with the IPO.

"***Material Adverse Change***" means (a) any general suspension of trading in, or limitation on prices for, securities on any national securities exchange or in the over-the-counter market in the United States; (b) the declaration of a banking moratorium or any suspension of payments in respect of banks in the United States; (c) a material outbreak or escalation of armed hostilities or other international or national calamity involving the United States or the declaration by the United States of a national emergency or war or a change in national or international financial, political or economic conditions; or (d) any event, change, circumstance or effect that is or is reasonably likely to be materially adverse to the business, properties, assets, liabilities, condition (financial or otherwise), operations, results of operations or prospects of the Company and its subsidiaries taken as a whole.

"***Offering***" means any Requested Secondary Offering or Underwritten Piggyback Offering.

"***Person***" means an individual, corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited partnership, limited liability company, joint stock company, estate, trust, government (or an agency or subdivision thereof) or other entity of any kind.

"***Proceeding***" means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial proceeding, such as a deposition) pending or, to the knowledge of the Company, threatened.

"***Prospectus***" means the prospectus included in a Registration Statement (including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and all other amendments and supplements to such Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

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"***Registrable Securities***" means the Shares; *provided* that Registrable Securities shall not include: (a) any Shares that have been registered under the Securities Act and disposed of pursuant to an effective Registration Statement or otherwise transferred to a Person who is not entitled to the registration rights and other rights hereunder; (b) any Shares that have been sold or transferred by the Holder thereof pursuant to Rule 144 (or any similar exemption then in force under applicable law), as a result of which the legend on any certificate or book-entry notation, as the case may be, representing such Registrable Security restricting transfer of such Registrable Security has been removed; (c) any Shares that are eligible for resale without restriction (including any limitation thereunder on volume or manner of sale) and without the need for current public information pursuant to any provision of Rule 144 (or any similar provision then in effect) under the Securities Act, unless such Shares are held by a Holder that beneficially owns Shares representing 2.5% or more of the aggregate voting power of the Company's Common Shares eligible to vote in the election of directors of the Company; and (d) any Shares that cease to be outstanding (whether as a result of repurchase and cancellation, conversion or otherwise).

"***Registration Statement***" means a registration statement of the Company in the form required to register under the Securities Act and other applicable law for the resale of the Registrable Securities in accordance with the intended plan of distribution of each Holder included therein, and including any Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre-and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

"***Rule 144***" means Rule 144 promulgated by the Commission pursuant to the Securities Act.

"***Rule 405***" means Rule 405 promulgated by the Commission pursuant to the Securities Act.

"***Rule 415***" means Rule 415 promulgated by the Commission pursuant to the Securities Act.

"***Rule 424***" means Rule 424 promulgated by the Commission pursuant to the Securities Act.

"***Rule 430A***" means Rule 430A promulgated by the Commission pursuant to the Securities Act.

"***Rule 430B***" means Rule 430B promulgated by the Commission pursuant to the Securities Act.

"***Rule 430C***" means Rule 430C promulgated by the Commission pursuant to the Securities Act.

"***Securities Act***" means the Securities Act of 1933, as amended.

"***Selling Expenses***" means all underwriting discounts, selling commissions and transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder in connection with such sale (except as set forth in <u>Section 5</u>).

"***Shares***" means the Class A Shares held by the Holders as of the date hereof and any Class A Shares hereafter acquired, including any Class A Shares issued or issuable upon the redemption of OpCo Units (along with the cancellation of a corresponding number of Class B Shares) held by the Holders as of

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the date hereof and any such OpCo Units hereafter acquired, and any other equity interests of the Company or equity interests in any successor of the Company issued in respect of such shares by reason of or in connection with any share dividend, share split, combination, reorganization, recapitalization, conversion to another type of entity or similar event involving a change in the capital structure of the Company. For purposes of this Agreement, a Person shall be deemed to be a holder of Shares and such Shares shall be deemed to be in existence whenever such Person has the right to acquire such Shares (upon conversion, exchange or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right other than vesting), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a holder of Shares.

"***Shelf Registration Statement***" means a Registration Statement filed with the Commission on Form S-3 (or any successor form or other appropriate form under the Securities Act) for an offering to be made on a continuous or delayed basis pursuant to Rule 415 (or any similar rule that may be adopted by the Commission) or, if the Company is not then eligible to file on Form S-3, on Form S-1 or any other appropriate form under the Securities Act, or any successor rule that may be adopted by the Commission, and all amendments and supplements to such Registration Statement (including post-effective amendments), covering the Registrable Securities, as applicable.

"***Subsequent Shelf Registration Statement***" means a new shelf registration statement filed in the event the Shelf Registration Statement ceases to be effective while Registrable Securities are still outstanding.

"***Trading Market***" means the principal national securities exchange on which Registrable Securities are listed.

"***Underwritten Offering***" means an underwritten offering of Class A Shares for cash (whether a Requested Underwritten Offering or in connection with a public offering of Class A Shares by the Company, shareholders or both), excluding an offering relating solely to an employee benefit plan, an offering relating to a transaction on Form S-4 or Form S-8 or an offering on any registration statement form that does not permit secondary sales.

"***VWAP***" means, as of a specified date and in respect of Registrable Securities, the volume weighted average price for such security on the Trading Market for the five trading days immediately preceding, but excluding, such date.

"***WKSI***" means a "well known seasoned issuer" as defined under Rule 405.

Unless the context requires otherwise: (a) references to Sections refer to sections of this Agreement; (b) the terms "include," "includes," "including" and words of like import shall be deemed to be followed by the words "without limitation"; (c) the terms "hereof," "hereto," "herein" or "hereunder" refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) the term "or" is not exclusive and shall have the inclusive meaning of "and/or"; (e) defined terms herein will apply equally to both the singular and plural forms and derivative forms of defined terms will have correlative meanings; (f) references to any law or statute shall include all rules and regulations promulgated thereunder, and references to any law or statute shall be construed as including any legal and statutory provisions consolidating, amending, succeeding or replacing the applicable law or statute; (g) references to any Person include such Person's successors and permitted assigns; and (h) references to "days" and "months" are to calendar days and calendar months, unless otherwise indicated.

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2.<u>Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Shelf Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No later than ten Business Days following the earlier of (i) the date on which the Company files its first Annual Report on Form 10-K following the IPO (or, if later, the date that is 60 days prior to the expiration of the Lock-Up Period) and (ii) the expiration of the Lock-Up Period, the Company shall prepare and file (which may, in the Company's sole discretion, be a confidential submission) with the Commission a Shelf Registration Statement covering the resale of, at the election of the Holders, all or a portion of the Registrable Securities (determined at least ten Business Days prior to such filing by delivery of written notice to the Company by the Holder) on a delayed or continuous basis (a "***Shelf Registration***") and shall use commercially reasonable efforts to have such Shelf Registration Statement declared effective as soon as reasonably practicable after the filing thereof, but no later than five Business Days after the date the Company is notified by the Commission that the Shelf Registration Statement will not be "reviewed" or will not be subject to further review. Notwithstanding the foregoing, the Shelf Registration Statement shall be an Automatic Shelf Registration Statement if the Company is a WKSI and otherwise eligible to use such Automatic Shelf Registration Statement. Such Shelf Registration Statement shall provide for the resale of the Registrable Securities included therein pursuant to the intended timing and method of disposition requested by any Holder named therein by written notice delivered to the Company at least five Business Days prior to the filing of such Shelf Registration Statement. The Company shall use commercially reasonable efforts to maintain a Shelf Registration Statement in accordance with the terms hereof, and shall prepare and file with the Commission such amendments, including post-effective amendments, and supplements as may be necessary to keep a Shelf Registration Statement continuously effective, available for use to permit the Holders named therein to sell their Registrable Securities included therein and in material compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities (the period during which the Company is required to use commercially reasonable efforts to keep the Shelf Registration Statement continuously effective under the Securities Act in accordance with this clause (i), the "***Shelf Period***"). In the event the Company files a Shelf Registration Statement on Form S-1, the Company shall use its commercially reasonable efforts to convert the Shelf Registration Statement on Form S-1 (and any Subsequent Shelf Registration Statement) to a Shelf Registration Statement on Form S-3 as soon as reasonably practicable after the Company is eligible to use Form S-3. Notwithstanding anything in this <u>Section 2(a)(i)</u> to the contrary, the Company's obligations under this <u>Section 2(a)(i)</u> shall, for the avoidance of doubt, be subject to <u>Section 8(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If any Shelf Registration Statement ceases or, to the Company's knowledge, will cease to be effective under the Securities Act for any reason at any time while Registrable Securities are still outstanding, the Company shall use its commercially reasonable efforts to as promptly as is reasonably practicable cause such Shelf Registration Statement to again become effective under the Securities Act or file a Subsequent Shelf Registration Statement registering the resale of, at the election of the Holders, all or a portion of the Registrable Securities (determined at least three Business Days prior to such filing by delivery of written notice to the Company by the Holder), in each case using its commercially reasonable efforts to prevent any period in which the Registrable Securities would not be registered for offer and sale pursuant to a Shelf Registration Statement, and pursuant to the intended timing and method of disposition requested by any Holder named therein by written notice delivered to the Company at least three Business Days prior to the filing of such Shelf Registration Statement. If a Subsequent Shelf Registration Statement (which shall be an Automatic Shelf Registration Statement if the Company is a WKSI and otherwise eligible to use such Automatic Shelf Registration Statement and shall be on Form S-3 if the Company is otherwise eligible to use such form) is filed, the Company shall use its commercially reasonable efforts to (i) if such Shelf Registration Statement is not an Automatic Shelf Registration Statement, cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof, and (ii) keep such Subsequent Shelf Registration Statement continuously

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effective, available for use to permit the Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. Notwithstanding anything in this <u>Section 2(a)(ii)</u> to the contrary, the Company's obligation under this <u>Section 2(a)(ii)</u> shall, for the avoidance of doubt, be subject to <u>Section 8(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Demand Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If (i) a Shelf Registration Statement has not been filed in accordance with <u>Section 2(a)</u> registering the offer and sale of such Registrable Securities as required in accordance with <u>Section 2(a)</u> or (ii) following the effectiveness of the Shelf Registration Statement contemplated by <u>Section 2(a)</u>, the Company thereafter ceases to have an effective Shelf Registration Statement registering the offer and sale of all Registrable Securities during the Shelf Period (other than during any Suspension Period), subject to the terms and conditions of this Agreement, at any time after the expiration of the Lock-Up Period, any Investor Holder shall have the option and right, exercisable by delivering a written notice to the Company (a "***Demand Notice***"), to require the Company to, pursuant to the terms of and subject to the limitations contained in this Agreement, prepare and file with the Commission a Registration Statement registering the offering and sale of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice, which may include sales on a delayed or continuous basis pursuant to Rule 415 on a Shelf Registration Statement (a "***Demand Registration***"). The Demand Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Demand Registration and the intended timing and method of disposition thereof. Notwithstanding anything to the contrary herein, in no event shall the Company be required to effectuate a Demand Registration unless the Registrable Securities of the Holders to be included therein after compliance with <u>Section 2(b)(ii)</u> (A) represent at least 5% of the total outstanding Common Shares or (B) have an aggregate value of at least $50 million based on the VWAP (the "***Minimum Amount***") as of the date of the Demand Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Within five Business Days (or if the Registration Statement will be a Shelf Registration Statement, within three Business Days) after the receipt of the Demand Notice, the Company shall give written notice of such Demand Notice to all Holders and, within 30 days after receipt of the Demand Notice (except if the Company is not then eligible to register for offer and resale the Registrable Securities on Form S-3, in which case, within 90 days thereof), shall, subject to the limitations of this <u>Section 2(b)</u>, file a Registration Statement in accordance with the terms and conditions of, and the intended timing and method of disposition described in, the Demand Notice, which Registration Statement shall cover all of the Registrable Securities that the Holders shall in writing request to be included in the Demand Registration (such request to be given to the Company within three Business Days after receipt of notice of the applicable Demand Notice given by the Company pursuant to this <u>Section 2(b)(ii)</u>). Each Holder agrees that such Holder shall treat as confidential the receipt of the notice of such Demand Notice, and shall not disclose or use the information contained in such notice without the prior written consent of the Company or until such time as the information contained therein is or becomes available to the public generally other than as a result of disclosure by the Holder in breach of the terms of this Agreement. The Company shall use commercially reasonable efforts to cause such Registration Statement to become, as soon as reasonably practicable after the filing thereof (but no later than five Business Days after the date the Company is notified by the Commission that the Registration Statement will not be "reviewed" or will not be subject to further review), and remain continuously, effective under the Securities Act until the earlier of (A) 180 days (or the expiration of the Shelf Period if a Shelf Registration Statement is requested) after the Effective Date of such Registration Statement or (B) the date on which all Registrable Securities covered by such Registration Statement have been sold or otherwise disposed of or such Shares are no longer Registrable Securities (the "***Effectiveness Period***"); *provided* that such period shall be extended for a period of time equal to the period the Holders refrain from selling any securities included in such Registration Statement at the request of an underwriter of the Company or the Company pursuant to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Subject to the other limitations contained in this Agreement, the Company is not obligated hereunder to effect (A) a Demand Registration within 60 days after the closing of any Requested Underwritten Offering, or (B) a subsequent Demand Registration pursuant to a Demand Notice if a Registration Statement covering all of the Registrable Securities held by the Initiating Holder shall have become and remains effective under the Securities Act and is sufficient to permit offers and sales of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice in accordance with the intended timing and method of disposition thereof specified in the Demand Notice. No Demand Registration shall be deemed to have occurred for purposes of this <u>Section 2(b)(iii)</u> if the Registration Statement relating thereto does not become effective or is not maintained effective for its entire Effectiveness Period, in which case the Initiating Holder shall be entitled to an additional Demand Registration in lieu thereof. Further, a Demand Registration shall not constitute a Demand Registration of the Initiating Holder for purposes of this <u>Section 2(b)(iii)</u> if, as a result of <u>Section 2(b)(v)</u>, there is included in the Demand Registration less than the lesser of (x) Registrable Securities of the Initiating Holder having a VWAP measured on the Effective Date of the applicable Registration Statement of $50 million and (y) two-thirds of the number of Registrable Securities the Initiating Holder set forth in the applicable Demand Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)A Holder may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the applicable Registration Statement by delivering written notice to the Company setting forth the number of Registrable Securities that the Holder intends to withdraw from such Demand Registration. Upon receipt of written notice from the Initiating Holder that the Initiating Holder is withdrawing all of its Registrable Securities from the Demand Registration or written notice from a Holder to the effect that the Holder is withdrawing an amount of its Registrable Securities such that the remaining amount of Registrable Securities to be included in the Demand Registration is below the Minimum Amount, the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement. Such registration nonetheless shall be deemed a Demand Registration with respect to the Initiating Holder for purposes of <u>Section 2(b)(iii)</u> unless (A) the Initiating Holder shall have paid or reimbursed the Company for its pro rata share of all reasonable and documented out-of-pocket fees and expenses (including the reasonable and documented fees and expenses of the Company's counsel) incurred by the Company in connection with the withdrawn registration of such Registrable Securities (based on the number of securities the Initiating Holder sought to register, as compared to the total number of securities included in such Demand Registration) or (B) the withdrawal is made following the occurrence of a Material Adverse Change or the occurrence of a Suspension Period or Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Company may include in any such Demand Registration other Company Securities for sale for its own account or for the account of any other Person, subject to <u>Section 2(b)(v)</u> and <u>Section 2(e)(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)In the case of a Demand Registration not being underwritten, if the applicable Initiating Holder advises the Company that in its reasonable opinion the aggregate number of securities requested to be included in such registration exceeds the number that can be included without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company shall include in such Demand Registration only that number of securities that, in the reasonable opinion of such Initiating Holder, will not have such adverse effect, with such number to be allocated as follows: (A) first, pro-rata among all Holders (including the Initiating Holder) that have requested to participate in such Demand Registration based on the relative number of Registrable Securities then held by each such Holder, (B) second, if there remains availability for additional securities to be included in such Demand Registration, to the Company, and (C) third, if there remains availability for additional securities to be included in such Demand Registration following the allocation provided in clauses (A) and (B) above, to any other holders of Company Securities entitled to participate

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in such Demand Registration, if applicable, based on the relative number of Company Securities such holder is entitled to include in such Demand Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Subject to the limitations contained in this Agreement, the Company shall effect any Demand Registration on such appropriate registration form of the Commission (A) as shall be selected by the Company and (B) as shall permit the disposition of the Registrable Securities in accordance with the intended method of disposition as reasonably specified in the Demand Notice; *provided* that if the Company becomes, and is at the time of its receipt of a Demand Notice, a WKSI, the Demand Registration for any offering and selling of Registrable Securities shall be effected pursuant to an Automatic Shelf Registration Statement, which shall be on Form S-3 (if available to the Company). If at any time a Registration Statement on Form S-3 is effective and a Holder provides written notice to the Company that it intends to effect an offering of all or part of the Registrable Securities included on such Registration Statement, the Company shall amend or supplement such Registration Statement as may be necessary in order to enable such offering to take place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Without limiting <u>Section 3</u>, in connection with any Demand Registration pursuant to and in accordance with this <u>Section 2(b)</u>, the Company shall (A) promptly prepare and file or cause to be prepared and filed (1) such additional forms, amendments, supplements, Prospectuses, certificates, letters, opinions and other documents as may be necessary or advisable to register or qualify the Registrable Securities subject to such Demand Registration, including under the securities laws of such jurisdictions as any Investor Holder shall reasonably request; *provided* that no such qualification shall be required in any jurisdiction where, as a result thereof, the Company would become subject to general service of process or to taxation or qualification to do business in such jurisdiction solely as a result of such registration and (2) such forms, amendments, supplements, Prospectuses, certificates, letters, opinions and other documents as may be necessary to apply for listing or to list the Registrable Securities subject to such Demand Registration on the Trading Market and (B) do any and all other acts and things that may be reasonably necessary or appropriate or reasonably requested by the Holders to enable the Holders to consummate a public sale of such Registrable Securities in accordance with the intended timing and method of distribution thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)In the event a Holder transfers Registrable Securities included on a Registration Statement and such Registrable Securities remain Registrable Securities following such transfer, at the request of such Holder, the Company shall amend or supplement such Registration Statement as may be necessary in order to enable the transferee of such Registrable Securities to offer and sell such Registrable Securities pursuant to such Registration Statement; *provided* that in no event shall the Company be required to file a post-effective amendment to the Registration Statement unless (A) such Registration Statement includes only Registrable Securities held by the Holder, Affiliates of the Holder or transferees of the Holder or (B) the Company has received written consent therefor from each other Holder for whom Registrable Securities have been registered on (but not yet sold under) such Registration Statement, other than the Holder, Affiliates of the Holder or transferees of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Requested Underwritten Offering</u>. Any Investor Holder shall have the option and right, exercisable by delivering written notice to the Company and the other Investor Holders of its intention to distribute Registrable Securities by means of an Underwritten Offering (an "***Underwritten Offering Notice***"), to require the Company, pursuant to the terms of and subject to the limitations of this Agreement, including <u>Section 2(b)(ii)</u> and <u>Section 2(b)(iii)</u>, to effectuate a distribution of any or all of its Registrable Securities by means of an Underwritten Offering pursuant to a new Demand Registration or pursuant to an effective Registration Statement covering such Registrable Securities (a "***Requested Underwritten Offering***"); *provided* that if the Requested Underwritten Offering is pursuant to a new Demand Registration, then the Registrable Securities of such Initiating Holder requested to be included in such Requested Underwritten Offering have an aggregate value at least equal to the Minimum Amount as of the

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date of such Underwritten Offering Notice, and if the Requested Underwritten Offering is pursuant to an effective Demand Registration, then the Registrable Securities of such Initiating Holder requested to be included in such Requested Underwritten Offering have an aggregate value at least equal to $50 million based on the VWAP as of the date of such Underwritten Offering Notice. The Underwritten Offering Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Requested Underwritten Offering and each other Initial Holder shall have the opportunity to participate in such Requested Underwritten Offering in accordance with the procedures set forth in <u>Section 2(b)(ii)</u> and <u>Section 2(e)</u>. The Company shall propose three potential managing underwriters for such Requested Underwritten Offering (the "***Proposed Underwriters***"), and the Initiating Holder shall be entitled to designate the managing underwriter or managing underwriters from the list of Proposed Underwriters. The Initiating Holder, in connection with any other Initial Holder participating in such Underwritten Offering, shall determine with the Company the pricing of the Registrable Securities offered pursuant to any Requested Underwritten Offering and the applicable underwriting discounts and commissions and determine the timing of any such Requested Underwritten Offering. Notwithstanding the foregoing, the Company is not obligated to effect a Requested Underwritten Offering within 90 days after the closing of an Underwritten Offering. Any Requested Underwritten Offering (other than the first Requested Underwritten Offering made in respect of a prior Demand Registration or a Shelf Registration) shall constitute a Demand Registration of the Initiating Holder for purposes of <u>Section 2(b)(iii)</u> (it being understood that if requested concurrently with a Demand Registration then, together, such Demand Registration and Requested Underwritten Offering shall count as a single Demand Registration); *provided* that a Requested Underwritten Offering shall not constitute a Demand Registration of the Initiating Holder for purposes of <u>Section 2(b)(iii)</u> if, as a result of <u>Section 2(e)(iii)(A)</u>, the Requested Underwritten Offering includes less than two-thirds of the number of Registrable Securities of the Initiating Holder set forth in the applicable Underwritten Offering Notice. For the avoidance of doubt, in no event shall a Requested Underwritten Offering or Demand Registration relieve the Company of its obligations to effect a Shelf Registration under Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Block Trades and Other Coordinated Offerings</u>. Notwithstanding anything contained in this <u>Section 2</u>, in the event a sale of Registrable Securities by an Investor Holder is (a) an underwritten transaction requiring the involvement of the Company but not involving (i) any "road show" or (ii) a lock-up agreement of more than 45 days to which the Company is a party, and which is commonly known as a "block trade" (a "***Block Trade***"), or (b) an "at the market" or similar registered offering through a broker, sales agent or distribution agent, whether as agent or principal (an "***Other Coordinated Offering***" and, together with Requested Underwritten Offerings and Block Trades, "***Requested Secondary Offerings***"), then (A) the Initiating Holder, with respect to any Block Trade, (1) as soon as reasonably practicable, but in no event later than one Business Day prior to such transaction, shall give notice in writing (a "***Block Trade Notice***") of such transaction to the Company and each other Initial Holder and (2) identify the potential underwriter in such Block Trade Notice with contact information for such underwriter; and (B) the Company shall cooperate with such Initiating Holder to the extent it is reasonably able to do so and shall not be required to give notice thereof to other Holders or permit their participation therein; *provided* that each other Initial Holder shall be given a reasonable opportunity to participate in any such Block Trade pursuant to a Registration Statement so long as such Initial Holder delivers written notice to the Initiating Holder and the Company, no later than 24 hours following such Initial Holder's receipt of the Block Trade Notice, of such Initial Holder's desire to participate in such Block Trade; *provided further* that such Initial Holder's participation in such Block Trade will be limited to its pro rata portion of the Registrable Securities included in such Block Trade as determined pursuant to <u>Section 2(e)(iii)</u> and the Initiating Holder shall have the sole right to determine the pricing of the Block Trade and the applicable underwriting discounts and commissions and determine the timing of any such Block Trade. For the avoidance of doubt, neither a Block Trade nor an Other Coordinated Offering shall constitute a Requested Underwritten Offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Piggyback Registration and Piggyback Underwritten Offering</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If the Company shall, at any time, propose to file a registration statement under the Securities Act with respect to an offering of Class A Shares (other than a registration statement (x) on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto) or (y) filed in connection with any employee benefit, stock option or dividend reinvestment plan, and other than a Demand Registration, Block Trade or Other Coordinated Offering), whether or not for its own account, then the Company shall promptly notify all Initial Holders of such proposal reasonably in advance of (and in any event at least five Business Days before) the anticipated filing date (the "***Piggyback Registration Notice***"). The Piggyback Registration Notice shall offer Initial Holders the opportunity to include for registration in such registration statement the number of Registrable Securities as they may request in writing (a "***Piggyback Registration***"). The Company shall use commercially reasonable efforts to include in each such Piggyback Registration such Registrable Securities for which the Company has received written requests for inclusion therein within three Business Days after sending the Piggyback Registration Notice. Each Initial Holder shall be permitted to withdraw all or part of such Initial Holder's Registrable Securities from a Piggyback Registration by giving written notice to the Company of its request to withdraw; *provided*, that (A) such request must be made in writing and delivered prior to the effectiveness of such Registration Statement and (B) such withdrawal shall be irrevocable and, after making such withdrawal, an Initial Holder shall no longer have any right to include Registrable Securities in the Piggyback Registration as to which such withdrawal was made. Any withdrawing Initial Holder shall continue to have the right to include any Registrable Securities in any subsequent Registration Statement as may be filed by the Company with respect to offerings of Class A Shares, all upon the terms and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the Company shall, at any time, propose to conduct an Underwritten Offering (including a Requested Underwritten Offering), whether or not for its own account, then the Company shall promptly notify all Initial Holders of such proposal reasonably in advance of (and in any event at least five Business Days before) the commencement of such Underwritten Offering, which notice shall set forth the principal terms and conditions of the issuance, including the proposed offering price or range of offering prices (if known), the anticipated filing date of the related Registration Statement (if applicable) and the number of Class A Shares that are proposed to be registered (the "***Underwritten Offering Piggyback Notice***"). Receipt of any Underwritten Offering Piggyback Notice required to be provided in this <u>Section 2(e)(ii)</u> to Initial Holders shall be kept confidential by the Initial Holder and such Initial Holder shall not disclose or use the information contained in such Offering Piggyback Notice without the prior written consent of the Company or until such time as the information contained therein is or becomes available to the public generally other than as a result of disclosure by the Initial Holder in breach of the terms of this Agreement. The Underwritten Offering Piggyback Notice shall offer Holders the opportunity to include in such Underwritten Offering (and any related registration of Company Securities, if applicable) the number of Registrable Securities as they may request in writing (an "***Underwritten Piggyback Offering***"); *provided* that in the event that the Company proposes to effectuate the subject Underwritten Offering pursuant to an effective Shelf Registration Statement other than an Automatic Shelf Registration Statement, only Registrable Securities of Initial Holders that are subject to an effective Shelf Registration Statement may be included in such Underwritten Piggyback Offering, unless the Company is then able to file an Automatic Shelf Registration Statement and, in the reasonable judgment of the managing underwriter or managing underwriters, the filing of the Automatic Shelf Registration Statement including Registrable Securities of Initial Holders that are not otherwise included in an effective Shelf Registration Statement would not have any material adverse effect on the price, timing or distribution of the Class A Shares in such Underwritten Piggyback Offering. The Company shall use commercially reasonable efforts to include in each such Underwritten Piggyback Offering such Registrable Securities for which the Company has received written requests for inclusion therein within three Business Days after sending the Underwritten Offering Piggyback Notice. Each Initial Holder shall be permitted to withdraw all or part of such Initial Holder's

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Registrable Securities from an Underwritten Piggyback Offering at any time prior to the effectiveness of the applicable Registration Statement, and such Initial Holder shall continue to have the right to include any Registrable Securities in any subsequent Underwritten Offerings, all upon the terms and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If the managing underwriter or managing underwriters of an Underwritten Offering advise the Company and the Holders that, in their reasonable opinion, the inclusion of all of the Holders' Registrable Securities requested for inclusion in the subject Underwritten Offering (and any related registration, if applicable) (and any other Class A Shares proposed to be included in such Underwritten Offering) exceeds the number of Class A Shares that can be included without being likely to have a significant adverse effect on the price, timing or distribution of the Company Securities offered or the market for the Company Securities offered (such maximum number of such securities, as applicable, the "***Maximum Number of Securities***"), the Company shall include in such Underwritten Offering (and any related registration, if applicable) only that number of Class A Shares proposed to be included in such Underwritten Offering (and any related registration, if applicable) that, in the reasonable opinion of the managing underwriter or managing underwriters, will not have such significant adverse effect, with such number of Class A Shares to be allocated as follows: (A) in the case of a Requested Underwritten Offering or Block Trade, (1) first, pro-rata among the Initial Holders (including the Initiating Holder) that have requested to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Initial Holder, (2) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (1), to the Company, and (3) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (1) and (2), to any other holders of Class A Shares entitled to participate in such Underwritten Offering, if applicable, based on the relative number of Class A Shares then held by each such holder; and (B) in the case of any other Underwritten Offerings, (1) first, to the Company, (2) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (1), pro-rata among the Initial Holders that have requested to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Initial Holder, and (3) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (1) and (2), to any other holders of Class A Shares entitled to participate in such Underwritten Offering, if applicable, based on the relative number of Class A Shares then held by each such holder. If any Holder disapproves of the terms of any such Underwritten Offering, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter(s) delivered on or prior to the time of the commencement of such Underwritten Offering. Any Registrable Securities withdrawn from such Underwritten Offering shall be excluded and withdrawn from the registration, and such Holder shall continue to have the right to include any Registrable Securities in any subsequent Underwritten Offerings, all upon the terms and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The Company shall have the right to terminate or withdraw any registration initiated by it under this <u>Section 2(e)</u> at any time in its sole discretion whether or not any Holder has elected to include Registrable Securities in such Registration Statement. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with <u>Section 5</u>.

3.<u>General Procedures</u>. The procedures to be followed by the Company and each Holder electing to sell Registrable Securities in a Registration Statement pursuant to this Agreement, and the respective rights and obligations of the Company and such Holders, with respect to the preparation, filing and effectiveness of such Registration Statement and the effectuation of any Requested Secondary Offering or other sale by a broker, placement agent or sales agent pursuant to a Registration Statement, as applicable, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In connection with a Demand Registration or a Shelf Registration, the Company will, at least two Business Days prior to the anticipated filing of the Registration Statement and any related

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Prospectus or any amendment or supplement thereto (other than, after effectiveness of the Registration Statement, any filing made under the Exchange Act that is incorporated by reference into the Registration Statement) (for purposes of this subsection, supplements and amendments shall not be deemed to include any filing that the Company is required to make pursuant to the Exchange Act or any amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with respect thereto), (i) furnish to such Holders and representatives of such Holders copies of all such documents prior to filing and (ii) provide each Holder and its representatives the opportunity to object to any information pertaining to such Holder and its plan of distribution that is contained therein, and, in either such case, the Company shall use commercially reasonable efforts to make any changes reasonably requested by the Holders prior to the filing of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In connection with a Piggyback Registration, Underwritten Piggyback Offering, Requested Secondary Offering or other sale by a broker, placement agent or sales agent pursuant to a Registration Statement, as applicable, the Company will, at least three Business Days prior to the anticipated filing of any initial Registration Statement that identifies the Holders and any related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with respect thereto), as applicable, furnish to such Holders copies of any such Registration Statement or related Prospectus or amendment or supplement thereto that identify the Holders and any related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with respect thereto). The Company will consider in good faith such comments as such Holders reasonably shall propose within two Business Days following such Holders' receipt of such notice from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company will use commercially reasonable efforts to, as promptly as reasonably practicable, (i) prepare and file with the Commission such amendments, including post-effective amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as may be necessary under applicable law to keep such Registration Statement continuously effective with respect to the disposition of all Registrable Securities covered thereby for its Effectiveness Period and, subject to the limitations contained in this Agreement, prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities held by the Holders; (ii) cause the related Prospectus to be amended or supplemented by any required prospectus supplement and, as so supplemented or amended, to be filed pursuant to Rule 424; (iii) respond to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably practicable, provide such Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to such Holders as selling shareholders but not any comments that would result in the disclosure to such Holders of material and non-public information concerning the Company; and (iv) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Holders of such Registrable Securities to consummate the disposition of such Registrable Securities in accordance with their intended method of distribution. Each Holder agrees that such Holder shall treat as confidential the receipt of any correspondence pursuant to clause (iii) above, and shall not disclose or use the information contained in such notice without the prior written consent of the Company or until such time as the information contained therein is or becomes available to the public generally other than as a result of disclosure by the Holder in breach of the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Company will comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration Statement and the disposition of all Registrable Securities covered by a Registration Statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Company will notify such Holders who are included in a Registration Statement as promptly as reasonably practicable: (i) (A) when a Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement in which such Holder is included has been filed; (B) when the Commission notifies the Company whether there will be a "review" of the applicable Registration Statement and when the Commission comments in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each of such Holders that pertain to such Holders as selling shareholders); and (C) with respect to each applicable Registration Statement or any post-effective amendment thereto, when the same has been declared effective; (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to such Registration Statement or Prospectus or for additional information that pertains to such Holders as sellers of Registrable Securities; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence (but not the details) of any event or passage of time that makes any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, in the case of such Registration Statement, or include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in the case of the Prospectus; *provided* that no notice by the Company shall be required pursuant to this clause (v) in the event that the Company either promptly files a prospectus supplement to update the Prospectus or a Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement, which, in either case, contains the requisite information that results in such Registration Statement no longer containing any untrue statement of material fact or omitting to state a material fact required to be stated therein or necessary to make the statements therein not misleading, in the case of such Registration Statement, or including any untrue statement of a material fact or omitting to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in the case of the Prospectus. Each Holder agrees that such Holder shall treat as confidential the receipt of any notice in accordance with this <u>Section 3(e)</u>, and shall not disclose or use the information contained in such notice without the prior written consent of the Company or until such time as the information contained therein is or becomes available to the public generally other than as a result of disclosure by the Holder in breach of the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Company will use commercially reasonable efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as promptly as reasonably practicable, or if any such order or suspension is made effective during any Blackout Period or Suspension Period, as promptly as reasonably practicable after such Blackout Period or Suspension Period ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)During the Shelf Period or the Effectiveness Period, as applicable, the Company will furnish to each such Holder, without charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Holder (including those incorporated by reference) as promptly as reasonably practical after the filing of such documents with the Commission; *provided* that the Company will not have any obligation to provide any document pursuant to this clause that is available on the Commission's EDGAR system.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Company will as promptly as reasonably practical deliver to each Holder, without charge, as many copies of each Prospectus (including each form of prospectus) authorized by the Company for use and each amendment or supplement thereto as such Holder may reasonably request during the Shelf Period or the Effectiveness Period, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Upon the occurrence of any event contemplated by <u>Section 3(e)(v)</u>, as promptly as reasonably practicable, the Company will prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, nor will any Prospectus include any untrue statement of a material fact or omit to state any material face necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)With respect to Underwritten Offerings, subject to the right of a Holder to withdraw such Holder's Registrable Securities from an Underwritten Offering in accordance with the terms of this Agreement, (i) the right of any Holder to include such Holder's Registrable Securities in an Underwritten Offering shall be conditioned upon such Holder's participation in such underwriting and the inclusion of such Holder's Registrable Securities in the underwriting to the extent provided herein, (ii) each Holder participating in such Underwritten Offering severally agrees to enter into and execute an underwriting agreement in customary form and sell such Holder's Registrable Securities on the basis provided in any underwriting arrangement approved by the Persons entitled to select the managing underwriter hereunder and (iii) each Holder participating in such Underwritten Offering severally agrees to complete and execute all questionnaires, powers of attorney, indemnities, lock-up agreements and other documents customarily and reasonably required under the terms of such underwriting arrangement. Any such underwriting agreement to be entered into among the Company, the managing underwriter of such offering and each Holder participating in such Underwritten Offering shall contain representations and warranties by such Holders and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions on the part of selling shareholders. No Holder shall be required in any such underwriting agreement to make any representations or warranties to, or agreements with, the underwriter(s) other than representations, warranties or agreements regarding such Holder, such Holder's Registrable Securities, such Holder's intended method of distribution and any other representations required by applicable law. The Company hereby agrees with each Holder that, in connection with any Requested Secondary Offering, in accordance with the terms hereof, it will negotiate in good faith and execute all customary indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangement, including using commercially reasonable efforts to procure customary legal opinions (including negative assurance letters) and auditor "comfort" letters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)For a reasonable period of time prior to the filing of any Registration Statement and throughout the Shelf Period and Effectiveness Period, the Company will make available, upon reasonable notice at the Company's principal place of business or such other reasonable place as determined by the Company in its discretion, for inspection during normal business hours by a representative of the selling Holders, the managing underwriter and any attorneys or accountants retained by such selling Holders or managing underwriter, all such financial and other information and books and records of the Company, and cause the officers, employees, counsel and independent certified public accountants to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client privilege in such counsel's reasonable belief) to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; *provided* that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Persons unless disclosure of such information is required by court or administrative order or, based on the advice of counsel to such Person,

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applicable law, in which case, such Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent or limit the proposed disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)In connection with any Requested Secondary Offering or other sale by a broker, placement agent or sales agent pursuant to a Registration Statement, the Company will use commercially reasonable efforts to cause appropriate officers and employees to be available, on a customary basis and upon reasonable notice, to meet with prospective investors in presentations, meetings and road shows, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Each Holder agrees to furnish to the Company any other information regarding such Holder and the distribution of such securities as the Company reasonably determines is required to be included in any Registration Statement or any Prospectus or prospectus supplement relating to a Requested Secondary Offering or other sale by a broker, placement agent or sales agent pursuant to a Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Notwithstanding any other provision of this Agreement, the Company shall not be required to file a Registration Statement (or any amendment thereto) or effect a Requested Secondary Offering (or, if the Company has filed a Shelf Registration Statement and has included Registrable Securities therein, the Company shall be entitled to suspend the offer and sale of Registrable Securities pursuant to such Registration Statement) for a period of up to 60 consecutive days if (i) the Company determines that a postponement is in the best interest of the Company and its shareholders generally due to the occurrence or existence of any pending corporate development involving the Company or any of its subsidiaries (including a pending securities offering by the Company), public filings with the Commission or any other material event that, in the reasonable judgment of the Company, makes such suspension appropriate or necessary, (ii) the Company determines such registration would render the Company unable to comply with applicable securities laws or (iii) the Company determines such registration would require disclosure of material information that the Company has a *bona fide* business purpose for preserving as confidential (any such period, a "***Blackout Period***"); *provided* that, subject to <u>Section 8(b)</u>, in no event shall any Blackout Period together with any Suspension Period exceed an aggregate of 120 days in any consecutive 12-month period. Each Holder agrees that the receipt of any notice pursuant to this <u>Section 3(n)</u> does not constitute material non-public information, but nevertheless shall be kept confidential and not be disclosed without the prior written consent of the Company until such time as the information contained therein is or becomes available to the public generally other than as a result of disclosure by the Holder in breach of the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)In connection with any Underwritten Offering made pursuant to a Registration Statement filed pursuant to <u>Section 2</u>, if requested by the managing underwriter in an Underwritten Offering, each Holder that (i) is participating in such Underwritten Offering or (ii) is a director or "executive officer" (as defined under Section 16 of the Exchange Act) of the Company, in each case, shall execute a customary "lock-up" agreement with the underwriters of such Underwritten Offering containing a lock-up period equal to the shorter of (x) the shortest number of days that a director of the Company or executive officer of the Company contractually agrees with the underwriters of such Underwritten Offering not to sell any Company Securities following such Underwritten Offering and (y) 90 days from the date of the execution of the underwriting agreement with respect to such Underwritten Offering. Notwithstanding the foregoing, any discretionary waiver or termination of any lock-up provision by the Company or the underwriters with respect to any of the Holders or any director or executive officer of the Company shall apply to the other Holders as well, pro rata based upon the number of shares subject to such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Notwithstanding anything to the contrary in this Agreement, any Holder may make a written election (an "***Opt-Out Election***") to no longer receive from the Company any Demand Notice, Piggyback Registration Notice or Underwritten Offering Piggyback Notice (each, a "***Covered Notice***"),

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and, following receipt of such Opt-Out Election, the Company shall not be required to, and shall not, deliver any such Covered Notice to such Holder from the date of receipt of such Opt-Out Election and such Holder shall have no right to participate in any Registration Statement or Underwritten Offering as to which such Covered Notices pertain. An Opt-Out Election shall remain in effect until it has been revoked in writing and received by the Company. A Holder who previously has given the Company an Opt-Out Election may revoke such election at any time in writing, and there shall be no limit on the ability of a Holder to issue and revoke subsequent Opt-Out Elections.

4.<u>No Inconsistent Agreements; Additional Rights</u>. The Company shall not hereafter enter into, and is not currently a party to, any agreement with respect to its securities that conflicts with or is inconsistent in any material respect with the rights granted to the Holders by this Agreement.

5.<u>Registration Expenses</u>. All Registration Expenses incident to the Parties' performance of or compliance with their respective obligations under this Agreement or otherwise in connection with any Shelf Registration, Demand Registration, Requested Secondary Offering, Piggyback Registration, Underwritten Piggyback Offering or other sale by a broker, placement agent or sales agent pursuant to a Registration Statement (in each case, excluding any Selling Expenses) shall be borne by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement or whether or not a Registration Statement is filed or becomes effective. "***Registration Expenses***" means all documented expenses incurred in connection with registrations, filings or qualifications pursuant to <u>Section 2</u> and <u>Section 3</u>, including (i) registration and filing fees (including fees and expenses (A) with respect to filings required to be made with the Trading Market, (B) in compliance with applicable state securities or "Blue Sky" laws and (C) with respect to filings with FINRA), (ii) printing expenses (including expenses of printing certificates for Company Securities and of printing Prospectuses if the printing of Prospectuses is reasonably requested by a Holder of Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) reasonable fees and disbursements of counsel, auditors and accountants for the Company, (v) reasonable fees and disbursements of one counsel to the Holders reasonably acceptable to the Company and selected by the Holders (other than the Five Point Members) of a majority of the Registrable Securities to be included in such Offering, not to exceed $100,000 for each such Offering, (vi) Securities Act liability insurance, if the Company so desires such insurance, (vii) reasonable fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement, and (viii) all expenses in connection with an Underwritten Offering relating to marketing the sale of the Registrable Securities, including expenses related to conducting a "road show." In addition, the Company shall be responsible for all of its expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including expenses payable to third parties and all salaries and expenses of their officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on the Trading Market.

6.<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company shall indemnify and hold harmless each Holder, its Affiliates and each of their respective members, partners, officers, directors and employees and any representative or agent thereof (collectively, "***Holder Indemnified Persons***"), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, joint or several, costs (including reasonable and documented costs of preparation and reasonable and documented attorneys' fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act, the Exchange Act or otherwise (collectively, "***Losses***"), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement under

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which any Registrable Securities were registered, in any preliminary prospectus (if the Company authorized the use of such preliminary prospectus prior to the Effective Date of such Registration Statement), or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein not misleading, in the case of the Registration Statement, or arising out of, based upon or resulting from the omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in the case of any preliminary prospectus (if the Company authorized the use of such preliminary prospectus prior to the Effective Date), or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current); *provided* that the Company shall not be liable to any Holder Indemnified Person to the extent that any such claim arises out of, is based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or free writing prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder Indemnified Person, in its capacity as such, or any underwriter specifically for use in the preparation thereof. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. This indemnity shall be in addition to any liability the Company may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder Indemnified Person or any Indemnified Party and shall survive the transfer of such securities by such Holder. Notwithstanding anything to the contrary herein, this <u>Section 6</u> shall survive any termination or expiration of this Agreement indefinitely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In connection with any Registration Statement in which a Holder participates, such Holder, solely in its capacity as such, shall, severally and not jointly, indemnify and hold harmless the Company, its Affiliates and each of their respective members, partners, officers, directors and employees and any representative or agent thereof, to the fullest extent permitted by applicable law, from and against any and all Losses as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any such Registration Statement, in any preliminary prospectus (if used prior to the Effective Date of such Registration Statement), or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein not misleading, in the case of the Registration Statement, or arising out of, based upon or resulting from the omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in the case of any preliminary prospectus (if the Company authorized the use of such preliminary prospectus prior to the Effective Date), or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), but only, in each case, to the extent that the same are made in reliance and in conformity with information relating to the Holder furnished in writing to the Company by such Holder, solely in its capacity as such, expressly for use therein; *provided* that this <u>Section 6(b)</u> shall not apply to any information furnished in writing by such Holder to the Company that corrected or made not misleading information previously furnished to the Company, if such information was furnished prior to the filing of any such Registration Statement, preliminary prospectus, summary or final prospectus, or free writing prospectus, or in any amendment or supplement thereto, and the Company failed to include such information therein. This indemnity shall be in addition to any liability such Holder may otherwise have

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and shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any Indemnified Party. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder from the sale of the Registrable Securities giving rise to such indemnification obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any Person entitled to indemnification hereunder (each, an "***Indemnified Party***") shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such Indemnified Party's reasonable judgment a conflict of interest between such Indemnified Party and indemnifying party may exist with respect to such claim or there may be reasonable defenses available to the Indemnified Party that are different from, or additional to, those available to the indemnifying party, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the Indemnified Party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the Indemnified Party without its consent (but such consent may not be unreasonably withheld, delayed or conditioned). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (in addition to any local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless, in the reasonable judgment of any Indemnified Party, there may be one or more legal or equitable defenses available to such Indemnified Party that are in addition to, or may conflict with, those available to another Indemnified Party with respect to such claim. Failure to give prompt written notice as provided in clause (i) above shall not release the indemnifying party from its obligations hereunder. No indemnifying party shall, except with the prior written consent of the Indemnified Party, enter into any settlement in respect of any pending proceeding that (i) does not include an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding or (ii) involves the imposition of equitable remedies or any nonfinancial obligations on such Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the indemnification provided for in this <u>Section 6</u> is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any Losses referred to herein, the indemnifying party, in lieu of indemnifying such Indemnified Party thereunder, shall, to the extent permitted by applicable law, contribute to the amount paid or payable by such Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the Indemnified Party, on the other hand, in connection with the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact that resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the Indemnified Party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the Indemnified Party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or alleged statement or omission or alleged omission; *provided* that in no event shall any contribution by a Holder hereunder exceed the net proceeds received by such Holder from the sale of the Registrable Securities giving rise to such contribution obligation.

7.<u>Facilitation of Sales Pursuant to Rule 144</u>. To the extent it shall be required to do so under the Exchange Act, the Company shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144) and shall take such customary further action as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any Holder (i) the Company shall use its commercially reasonable efforts to remove restrictive legends on any Shares for which a registration statement covering the resale of such Shares is effective under the Securities Act and the applicable Holder delivers to the Company or its representatives

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a representation and/or "will comply" letter, as applicable, in form and substance reasonably acceptable to the Company and certifying that, among other things, such Holder will only transfer such Shares pursuant to such effective registration statement (to the extent a proposed sale of such Shares is pursuant to such registration statement and not Rule 144 or another applicable exemption from registration under the Securities Act) and will, upon the Company's request following any lapse of effectiveness of such registration statement, cooperate with the Company to have any then-applicable restrictive legends reincluded on such Shares, and (ii) in connection with such Holder's sale pursuant to Rule 144, the Company shall promptly deliver to such Holder a written statement as to whether the Company has complied with such requirements. In connection with clauses (i) and (ii) above or any other sales by a Holder in accordance with this Agreement or pursuant to Rule 144 or another applicable exemption from registration under the Securities Act, the Company will reasonably cooperate with and assist any Holder to facilitate the transfer of such Holder's Shares to a DTC participant brokerage account as reasonably requested by such Holder (including the delivery of instruction letters by the Company or its counsel to the Company's transfer agent, the delivery of customary legal opinions by counsel to the Company and the delivery of such shares without restrictive legends), provided that the Holder shall (i) deliver such documents reasonably requested by the Company or the Company's transfer agent in connection with such request and (ii) agree not to sell such Registrable Securities unless an effective registration statement is on file with the Commission or it may do so pursuant to Rule 144 or another applicable exemption from registration for such sale under the Securities Act or the rules promulgated thereunder. The Company shall bear all direct out-of-pocket costs and expenses incurred by the Company in connection with providing such cooperation, and such Holder shall bear all direct out-of-pocket costs and expenses incurred by such Holder in connection with any such sales.

8.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Remedies</u>. In the event of actual or potential breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled to exercise all rights granted by applicable law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement without the need to prove actual damages or the requirement to post any bond or other security. The Company agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Discontinued Disposition</u>. Each Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in clause (i) (with respect to the filing of a post-effective amendment that is not automatically effective) through clause (v) of <u>Section 3(e)</u> (provided that the Company shall not disclose any material non-public information that is the basis for such notice to the Holder without the consent of the Holder), such Holder will forthwith discontinue disposition of such Registrable Securities under the applicable Registration Statement until such Holder's receipt of the copies of the supplemental Prospectus or amended Registration Statement as contemplated by <u>Section 3(j)</u> or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement (a "***Suspension Period***"). The Company may provide appropriate stop orders to enforce the provisions of this <u>Section 8(b)</u>. For the avoidance of doubt, any discontinuation of such Holder's disposition of Registrable Securities during a Suspension Period pursuant to this <u>Section 8(b)</u> shall not constitute a breach of any of the Company's obligations or any other provision herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Amendments and Waivers</u>. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and Holders that hold a majority of the Registrable

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Securities as of the date of such waiver or amendment; *provided*, *however*, that notwithstanding the foregoing, any amendment hereto or waiver hereof shall also require the written consent of each Investor Holder so long as such Investor Holder and its Affiliates hold, in the aggregate, at least 3% of the outstanding Common Shares; *provided further*, that any waiver or amendment that would have a disproportionate adverse effect on a Holder relative to the other Holders shall require the consent of such Holder. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any manner impair the exercise of any such right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via electronic mail as specified in this <u>Section 8(d)</u> prior to 5:00 p.m. Central Time on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via electronic mail as specified in this Agreement later than 5:00 p.m. Central Time on any date and earlier than 11:59 p.m. Central Time on such date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service or (iv) upon actual receipt by the Party to whom such notice is required to be given. The address for such notices and communications shall be as follows:

If to the Company: WaterBridge Infrastructure LLC<br>5555 San Felipe Street, Suite 1200<br>Houston, Texas 77056

Attention: Harrison Bolling<br>Email: harrison.bolling@h2obridge.com<br>with a copy (which shall not constitute notice) to:<br>Latham & Watkins LLP<br>811 Main Street, Suite 3700<br>Houston, Texas 77002<br>Email: ryan.maierson@lw.com; thomas.brandt@lw.com

Attention: Ryan Maierson; Thomas Brandt<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;If to any Person who is then the registered Holder: | &nbsp;&nbsp;To the address of such Holder as indicated on the signature page of this Agreement or, if different, as it appears in the applicable register for the Registrable Securities or as may be designated in writing by such Holder in accordance with this <u>Section 8(d)</u>. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of each of the Parties and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns. The Company may not assign its rights or obligations hereunder. Except as provided in this <u>Section 8(e)</u>, this Agreement, and any rights or obligations hereunder, may not be assigned by a Holder without the prior written consent of the Company. Notwithstanding anything in the foregoing to the contrary, the rights of a Holder pursuant to this Agreement with respect to all or any portion of its Registrable Securities may be assigned without such consent (but only with all related obligations) with respect to such Registrable Securities (and any Registrable Securities issued as a dividend or other distribution with respect to, in exchange for or in replacement of such Registrable

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Securities) by such Holder to a transferee of such Registrable Securities; *provided*, that (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the Registrable Securities with respect to which such registration rights are being assigned; (ii) either (A) the transferee of such Registrable Securities is an Affiliate of the transferring Holder; or (B) if the transferring Holder is an Investor Holder, the amount of Registrable Securities with respect to which such registration rights are being assigned represent at least 5% of the total outstanding Common Shares outstanding as of the consummation of such transfer; and (iii) such transferee or assignee agrees in writing to be bound by and subject to the terms set forth in this Agreement by executing a Joinder in the form attached hereto as <u>Exhibit A</u> (a "***Joinder***"). Notwithstanding the foregoing, (i) no Initial Holder other than the Investor Holders may assign their rights under <u>Section 2(c)</u>, <u>Section 2(d)</u> or <u>Section 2(e)</u> to any other Person and (ii) any assignment of rights by an Investor Holder in accordance with the foregoing shall result in such assignee being deemed to be an Investor Holder and Initial Holder under this Agreement and entitled to the rights set forth herein, including <u>Section 2(c)</u>, <u>Section 2(d)</u> or <u>Section 2(e)</u>. For the avoidance of doubt, the provisions of this Agreement shall apply to the fullest extent set forth herein with respect to any and all Shares of the Company or any successor of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, stock dividends, stock splits, recapitalizations and the like occurring after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Other Registration Rights</u>. The Company represents and warrants that no person or entity, other than a Holder of Registrable Securities, has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration Statement filed by the Company for the sale of securities for its own account or for the account of any other person or entity. The Company hereby agrees and covenants that it will not grant rights to register any Common Shares (or securities convertible into or exchangeable for Common Shares) pursuant to the Securities Act that are more favorable, pari passu or senior to those granted to the Holders hereunder without (a) the prior written consent of each of the Investor Holders, for so long as such Investor Holder and its Affiliates hold, in the aggregate, at least 3% of the outstanding Common Shares; or (b) granting economically and legally equivalent rights to the Holders hereunder such that the Holders shall receive the benefit of such more favorable or senior terms and/or conditions. Further, the parties hereto agree that (x) this Agreement supersedes any other registration rights agreement or other agreement or arrangement with similar terms and conditions that may exist between such party and the Company or any of its Affiliates (each, an "***Other Arrangement***"), each of which shall be null and void as of the date hereof, (y) to the extent any Holder is a party to any such Other Arrangement with the Company or any of its Affiliates, such Holder hereby agrees that such Other Arrangement is superseded and replaced in its entirety by this Agreement, and such Other Arrangement is null and void as of the date hereof (or as of the date such Holder became party to this Agreement, as applicable), and (z) in the event of a conflict between any such Other Arrangement and this Agreement, the terms of this Agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>No Third-Party Beneficiaries</u>. Nothing in this Agreement, whether express or implied, shall be construed to give any Person, other than the Parties or their respective successors and permitted assigns and any Indemnified Party, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Execution and Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile or electronic mail transmission, such signature shall create a valid binding obligation of the Party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such signature delivered by facsimile or electronic mail transmission were the original thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Governing Law; Consent to Jurisdiction; Waiver of Jury Trial</u>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE). With respect to any Proceeding arising out of or relating to this Agreement, each of the Parties hereby irrevocably (a) submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware (or, if the Court of Chancery lacks jurisdiction, the Superior Court of the State of Delaware, or, if the Superior Court of the State of Delaware does not have jurisdiction, the United States District Court for the District of Delaware, in each case, subject to that court having personal jurisdiction over the indispensable parties named defendants therein) and the appellate courts therefrom (the "***Selected Courts***") and waives any objection to venue being laid in the Selected Courts whether based on the grounds of forum non conveniens or otherwise and hereby agrees not to commence any such Proceeding other than before one of the Selected Courts; *provided* that a Party may commence any Proceeding in a court other than a Selected Court solely for the purpose of enforcing an order or judgment issued by one of the Selected Courts; (b) consents to service of process in any Proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized international express carrier or delivery service, to their respective addresses referred to in <u>Section 8(d)</u> hereof; *provided* that nothing herein shall affect the right of any Party hereto to serve process in any other manner permitted by law; and (c) TO THE FULLEST EXTENT PERMITTED BY LAW, WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Cumulative Remedies</u>. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the Parties shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the Parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Entire Agreement</u>. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior contracts or agreements with respect to the subject matter hereof and the matters addressed or governed hereby, whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Termination</u>. Except for <u>Section 6</u>, this Agreement shall terminate as to any Holder when all Registrable Securities held by such Holder no longer constitute Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Electronic Signatures</u>. The use of electronic signatures affixed in the name and on behalf of the Parties hereto is expressly permitted by this Agreement.

*[Signature page follows.]*

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

**<u>COMPANY:</u>**

WATERBRIDGE INFRASTRUCTURE LLC

By: <u>/s/ Scott L. McNeely</u> <br>Name: Scott L. McNeely<br>Title: Executive Vice President, Chief Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Officer

**<u>HOLDERS:</u>**

WBR HOLDINGS LLC

By: <u>/s/ Scott L. McNeely</u> <br>Name: Scott L. McNeely<br>Title: Executive Vice President, Chief Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Officer

Address for notice:<br>5555 San Felipe Street, Suite 1200<br>Houston, Texas 77056

NDB HOLDINGS LLC

By: <u>/s/ Scott L. McNeely</u> <br>Name: Scott L. McNeely<br>Title: Executive Vice President, Chief Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Officer

Address for notice:<br>5555 San Felipe Street, Suite 1200<br>Houston, Texas 77056

DESERT ENVIRONMENTAL HOLDINGS LLC

By: <u>/s/ Jason Williams</u> 

Name: Jason Williams<br>Title: Chief Financial Officer

Address for notice:<br>5555 San Felipe Street, Suite 1200<br>Houston, Texas 77056

*Signature Page to Registration Rights Agreement*

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DEVON WB HOLDCO L.L.C.

By: <u>/s/ Jeffrey L. Ritenour</u> 

Name: Jeffrey L. Ritenour <br>Title: Executive Vice President

Address for notice:<br>Devon Energy Corporation<br>333 West Sheridan Avenue<br>Oklahoma City, Oklahoma 73102-5015<br>Email: jeff.ritenour@dvn.com; joe.pullampally@dvn.com; edward.highberger@dvn.com<br>Attn: Jeff Ritenour; Joe Pullampally; Edward Highberger

ELDA RIVER INFRASTRUCTURE WB LLC

By: <u>/s/ Adam Daley</u> 

Name: Adam Daley<br>Title: Managing Partner

Address for notice:<br>Elda River Capital Management, LLC <br>1111 Bagby Street <br>Suite 2000<br>Houston, Texas 77002 <br>Email: notices@eldariver.com <br>Attn: General Counsel

ASHBURTON INVESTMENT PTE. LTD.

By: <u>/s/ Helen Newell</u> 

Name: Helen Newell<br>Title: Authorized Signatory

Address for notice:<br>Ashburton Investment Private Limited<br>280 Park Avenue

New York, New York 11017

*Signature Page to Registration Rights Agreement*

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**EXHIBIT A**

**FORM OF JOINDER AGREEMENT** 

**[DATE]**

The undersigned hereby absolutely, unconditionally and irrevocably agrees to be bound by the terms and provisions of that certain Registration Rights Agreement, dated as of [  ], 2025, by and among WaterBridge Infrastructure LLC, a Delaware limited liability company, WBR Holdings LLC, a Delaware limited liability company, NDB Holdings LLC, a Delaware limited liability company, Desert Environmental Holdings LLC, a Delaware limited liability company, Devon WB Holdco L.L.C., a Delaware limited liability company, Elda River Infrastructure WB LLC, a Delaware limited liability company, and Ashburton Investment Pte. Ltd., a Singapore private limited company, and the other Holders (as defined therein) party thereto from time to time (the "***Registration Rights Agreement***"), and to join in the Registration Rights Agreement as a Holder with the same force and effect as if the undersigned were originally a party thereto.

*[Signature page follows.]*

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IN WITNESS WHEREOF, the undersigned has executed this Joinder as of the date first written above.

[  ]

By:

Name:<br>Title:

Address for notice:<br>[  ]<br>[  ]

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## Exhibit 4.2

Exhibit 4.2

**AMENDED AND RESTATED**

**LIMITED LIABILITY COMPANY AGREEMENT**

**OF**

**WBI OPERATING LLC**

**DATED AS OF SEPTEMBER 18**, **2025**

THE UNITS IN WBI OPERATING LLC HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, THE SECURITIES LAWS OF ANY STATE, OR ANY OTHER APPLICABLE SECURITIES LAWS, AND HAVE BEEN OR ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH UNITS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER AND THE APPLICABLE MEMBER. THE UNITS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS AGREEMENT, AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE APPLICABLE MEMBER. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH UNITS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME.

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**Table of Contents**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article I DEFINITIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article I DEFINITIONS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 | Construction | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article II ORGANIZATION OF THE LIMITED LIABILITY COMPANY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article II ORGANIZATION OF THE LIMITED LIABILITY COMPANY | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | Formation | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | Filing | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 | Name | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 | Registered Office; Registered Agent | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 | Principal Office; Principal Place of Business | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 | Purpose | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.7 | Powers | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.8 | Term | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.9 | Intent | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Title to Company Assets | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article III UNITS; OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article III UNITS; OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | Authorized Units; General Provisions With Respect to Units | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | Voting Rights | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | OpCo Recapitalization; Capital Contributions; Unit Ownership | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | Capital Accounts | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 | Other Matters | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 | Redemption of Units | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IV ALLOCATIONS OF PROFITS AND LOSSES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IV ALLOCATIONS OF PROFITS AND LOSSES | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | Profits and Losses | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | Special Allocations | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3 | Allocations for Tax Purposes in General | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4 | Other Allocation Rules | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article V DISTRIBUTIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article V DISTRIBUTIONS | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 | Distributions | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2 | Tax-Related Distributions | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3 | Distribution Upon Resignation | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4 | Issuance of New Equity Securities | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VI MANAGEMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VI MANAGEMENT | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 | The Managing Member; Fiduciary Duties | 33 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2 | Officers | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3 | Warranted Reliance on Others | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4 | Indemnification. | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5 | Maintenance of Insurance or Other Financial Arrangements | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6 | Resignation or Termination of Managing Member | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7 | No Inconsistent Obligations | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.8 | Reclassification Events of PubCo | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.9 | Certain Costs and Expenses | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VII ROLE OF MEMBERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VII ROLE OF MEMBERS | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 | Rights or Powers | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 | Voting | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 | Various Capacities | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 | Outside Activities | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VIII TRANSFERS OF INTERESTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article VIII TRANSFERS OF INTERESTS | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 | Restrictions on Transfer | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2 | Notice of Transfer | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3 | Transferee Members | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4 | Legend | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IX ACCOUNTING; CERTAIN TAX MATTERS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article IX ACCOUNTING; CERTAIN TAX MATTERS | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 | Books of Account | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2 | Tax Elections | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3 | Tax Returns; Information | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.4 | Company Representative | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.5 | Withholding Tax Payments and Obligations | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article X DISSOLUTION AND TERMINATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article X DISSOLUTION AND TERMINATION | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 | Liquidating Events | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2 | Bankruptcy | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.3 | Procedure | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.4 | Rights of Members | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5 | Notices of Dissolution | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.6 | Reasonable Time for Winding Up | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.7 | No Deficit Restoration | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XI GENERAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article XI GENERAL | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.1 | Amendments; Waivers | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.2 | Further Action | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.3 | Binding Effect | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.4 | Certain Representations by Members | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.5 | Entire Agreement | 48 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.6 | Rights of Members Independent | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.7 | Governing Law | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.8 | Jurisdiction and Venue | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.9 | Headings | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.10 | Counterparts | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.11 | Notices | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.12 | Representation By Counsel; Interpretation | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.13 | Severability | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.14 | Consent of Members | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.15 | Expenses | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.16 | Waiver of Jury Trial | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.17 | No Third-Party Beneficiaries | 50 |

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**AMENDED AND RESTATED**

**LIMITED LIABILITY COMPANY AGREEMENT**

**OF**

**WBI OPERATING LLC**

This AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as amended, supplemented or restated from time to time, this "***Agreement***") of WBI Operating LLC, a Delaware limited liability company (the "***Company***"), is entered into as of September 18, 2025 by and among the Company, WaterBridge Infrastructure LLC, a Delaware limited liability company <u>(</u>"***PubCo***"), as the managing member of the Company, each of the Existing Members (as defined herein), and each other Person who is or at any time becomes a Member in accordance with the terms of this Agreement and the Act. Capitalized terms used herein and not otherwise defined have the respective meanings set forth in <u>Section 1.1</u>.

**RECITALS**

**WHEREAS,** the Company was formed pursuant to a Certificate of Formation filed in the office of the Secretary of State of the State of Delaware on September 10, 2025, as amended from time to time, and is governed by that certain Limited Liability Company Agreement dated as of September 15, 2025 (the "***Existing LLC Agreement***");

**WHEREAS,** on September 17, 2025, pursuant to the Contribution Agreement, WB 892 LLC, a Delaware limited liability company ("***WB 892***"), and certain of the Existing Members contributed to the Company all of their right, title and interest in and to certain Equity Securities of the Contributed Entities (as defined in the Contribution Agreement) in exchange for newly issued limited liability company interests in the Company (the "***Existing OpCo Interests***") and were admitted as members of the Company;

**WHEREAS,** on September 17, 2025, as contemplated by the Contribution Agreement and pursuant to that certain Agreement and Plan of Merger, dated September 17, 2025, by and among WB 892, PubCo and certain other parties thereto, WB 892 merged with and into PubCo, with PubCo surviving, and PubCo succeeded to all of WB 892's rights and obligations as a Member of the Company;

**WHEREAS**, on the date hereof, PubCo (a) issued 31,700,000 Class A Shares to the public for cash in the IPO; (b) purchased certain of the Existing OpCo Interests from one of the Existing Members pursuant to the Contribution Agreement; and (c) contributed all of the remaining net proceeds received by it in the IPO to the Company in exchange for (i) a number of Units equal to the number of Class A Shares issued in the IPO less the number of Units received by PubCo in the OpCo Recapitalization in respect of the Existing OpCo Interests acquired in <u>clause (b)</u> above and (ii) the sole managing member interest in the Company, pursuant to which PubCo shall become the sole managing Member of the Company (in its capacity as managing member of the Company, the "***Managing Member***");

**WHEREAS,** all of the Existing OpCo Interests held by the Existing Members and PubCo shall be reclassified into Units in the amounts set forth on <u>Exhibit A</u> as of the date hereof (the "***OpCo Recapitalization***");

**WHEREAS**, following the date hereof, PubCo may issue additional Class A Shares as a result of the exercise by the underwriters of their over-allotment option to purchase additional Class A Shares in connection with the IPO (the "***Over-Allotment Option***") and, if the Over-Allotment Option is exercised in whole or in part, any additional net proceeds (the "***Over-Allotment Option Net Proceeds***") shall be used by PubCo to purchase additional newly issued Units from the Company pursuant to the Contribution Agreement;

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**WHEREAS**, each Unit (other than any Unit held by the PubCo Holdings Group) may be redeemed, at the election of the holder of such Unit (together with the surrender and delivery by such holder of one Class B Share), for one Class A Share in accordance with the terms and conditions of this Agreement and the First Amended and Restated Limited Liability Company Agreement of PubCo, dated as of September 18, 2025 (as may be amended from time to time, the "***PubCo LLCA***"); and

**WHEREAS**, in connection with the foregoing matters, the Company and the Members desire to amend and restate the Existing LLC Agreement and adopt this Agreement to reflect, among other things, (a) the OpCo Recapitalization, the designation of PubCo as the sole Managing Member of the Company, and (c) the other rights and obligations of the Company, the Managing Member, the Members, and PubCo, in each case, as provided and agreed upon in the terms of this Agreement as of the date hereof, at which time the Existing LLC Agreement shall be superseded and replaced in its entirety by this Agreement and shall be of no further force or effect.

**NOW THEREFORE**, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Existing LLC Agreement is hereby amended and restated in its entirety and the parties hereto hereby agree as follows:

# Article I<br>DEFINITIONS

## Section 1.1 <u>Definitions</u>. As used in this Agreement and the Schedules and Exhibits attached to this Agreement, the following definitions shall apply:
"***5% Owner***" means any Member that, together with its Affiliates, directly or indirectly, has a pecuniary interest in at least 5% of the Units outstanding at the time of the IPO, except for any member of the PubCo Holdings Group.

"***Act***" means the Delaware Limited Liability Company Act, as amended from time to time (or any corresponding provisions of succeeding Law).

"***Action***" means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Entity.

"***Additional Tax Distribution Amount***" means, for a Member with respect to a Tax Distribution Date, an amount equal to the excess (not to be less than zero) of (a) such Member's Assumed Tax Liability for the last Fiscal Year ending prior to such Tax Distribution Date (in the case of any Tax Distribution Date described in <u>clause (b</u>) of the definition thereof) or an estimate of such Member's Assumed Tax Liability as of the end of the quarterly portion of a Fiscal Year ending immediately prior to such Tax Distribution Date (in the case of any Tax Distribution Date described in <u>clause (a)</u> of the definition thereof), *minus* (b) the sum of (i) all distributions previously made to such Member pursuant to this Agreement with respect to such Fiscal Year (or portion thereof) and (ii) any distribution reasonably expected to otherwise be made to such Member pursuant to this Agreement at least five Business Days prior to the due date for the payment of taxes with respect to such Tax Distribution Date that is taken into account in the determination of available cash for purposes of <u>Section 5.2(c)</u>. For purposes of this definition, a cash distribution under <u>Section 5.1(a)</u> shall first be considered to have been made in the prior Fiscal Year to the extent (A) such distribution is made before the Tax Distribution Date described in <u>clause (b)</u> of the definition thereof with respect to such prior Fiscal Year, and (B) the amount distributable on such Tax Distribution Date with respect to such prior Fiscal Year is otherwise positive for any Member.

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"***Adjusted Basis***" has the meaning given such term in Section 1011 of the Code.

"***Adjusted Capital Account Deficit***" means the deficit balance, if any, in such Member's Capital Account at the end of any Fiscal Year or other taxable period, with the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) credit to such Capital Account any amount that such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c), as well as any addition thereto pursuant to the next to last sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) after taking into account thereunder any changes during such year in Company Minimum Gain and Member Minimum Gain; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) debit to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

This definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

"***Affiliate***" has the meaning ascribed to such term in Rule 12b-2 promulgated under the Exchange Act.

"***Agreement***" is defined in the preamble to this Agreement.

"***Assumed Tax Liability***" means, with respect to any Member for any Fiscal Year (or portion thereof), the product of (a) the aggregate amount of U.S. federal taxable income (other than taxable income incurred in connection with the receipt of a guaranteed payment for services by such Member or in a Redemption or Transfer of any Units held by such Member) allocated by the Company to such Member in such Fiscal Year (or portion thereof), *less*, but not below zero, the aggregate amount of U.S. federal taxable loss allocated by the Company to such Member in such Fiscal Year (or portion thereof) and all prior Fiscal Years (or portion thereof) to the extent such losses were not previously taken into account under this sentence (taking into account for purposes of this <u>clause (a</u>), (i) adjustments and allocations under Sections 704(c), 734 and 743 of the Code and (ii) any applicable limitations on the deductibility of losses assuming allocations of income and loss from the Company were the sole source of income and loss for such Member); *multiplied by* (b) the highest applicable U.S. federal, state and local income tax rate (including any tax rate imposed on "net investment income" by Section 1411 of the Code and taking into account any applicable deduction under Section 199A of the Code) applicable to an individual or, if higher, a corporation, resident in New York, New York, with respect to the character of U.S. federal taxable income or loss allocated by the Company to such Member (e.g., capital gains or losses, dividends, ordinary income, etc.) during such Fiscal Year (or portion thereof). The Managing Member shall reasonably determine the Assumed Tax Liability for each Member based on such assumptions and adjustments as the Managing Member deems necessary or appropriate, including adjustments on account of the resolution of tax audits.

"***beneficially own***" and "***beneficial owner***" shall be as defined in Rule 13d-3 of the rules promulgated under the Exchange Act.

"***Board***" means the board of directors of PubCo.

"***Business Day***" means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the United States of America or the State of New York shall not be regarded as a Business Day.

"***Call Election Notice***" is defined in <u>Section 3.6(f)(ii)</u>.

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"***Call Right***" is defined in <u>Section 3.6(f)(i)</u>.

"***Capital Account***" means, with respect to any Member, the Capital Account maintained for such Member in accordance with <u>Section 3.4</u>.

"***Capital Contribution***" means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any property (other than cash) contributed or deemed to have been contributed to the Company by or on behalf of such Member. Any reference to the Capital Contribution of a Member will include any Capital Contributions made or deemed to have been made by or on behalf of a predecessor holder of such Member's Units to the extent that such Capital Contribution was made or deemed to have been made in respect of the Units received by such Member in the OpCo Recapitalization or Units Transferred to such Member.

"***Cash Election***" is defined in <u>Section 3.6(a)(iv)</u> and shall also include any election by PubCo to purchase Units for cash pursuant to an exercise of the Call Right set forth in <u>Section 3.6(f)</u>.

"***Cash Election Amount***" means, with respect to a particular Redemption or an exercise of the Call Right for which a Cash Election has been made, an amount of cash equal to the product of (a) the number of Class A Shares that would have been received in such Redemption or exercise of the Call Right if a Cash Election had not been made and (b) the Unit Redemption Price.

"***Change of Control Redemption Date***" is defined in <u>Section 3.6(h)</u>.

"***Class A Shares***" means, as applicable, (a) the Class A shares representing limited liability company interests in PubCo or (b) following any consolidation, merger, reclassification or other similar event involving PubCo, any Equity Securities or other securities of PubCo or any other Person or cash or other property that become payable in consideration for the Class A Shares or into which the Class A Shares are exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

"***Class B Shares***" means, as applicable, (a) the Class B shares representing limited liability company interests in PubCo or (b) following any consolidation, merger, reclassification or other similar event involving PubCo, any Equity Securities or other securities of PubCo or any other Person or cash or other property that become payable in consideration for the Class B Shares or into which the Class B Shares are exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

"***Code***" means the United States Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding Law).

"***Commission***" means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the functions thereof.

"***Company***" is defined in the preamble to this Agreement.

"***Company Level Taxes***" means any federal, state, or local taxes, additions to tax, penalties, and interest payable by the Company or any of its Subsidiaries as a result of any examination of the Company's or any of its Subsidiaries' affairs by any federal, state, or local tax authorities, including resulting administrative and judicial proceedings under the Partnership Tax Audit Rules.

"***Company Minimum Gain***" has the meaning of "partnership minimum gain" set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d). It is further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of Treasury Regulations Section 1.704-2(b)(2),

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including the requirement that if the adjusted Gross Asset Value of property subject to one or more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with reference to such Gross Asset Value.

"***Company Representative***" has the meaning assigned to the term "partnership representative" in Section 6223 of the Code and any Treasury Regulations or other administrative or judicial pronouncements promulgated thereunder, as appointed pursuant to <u>Section 9.4</u>.

"***Contract***" means any written agreement, contract, lease, sublease, license, sublicense, obligation, promise or undertaking.

"***Contribution Agreement***" means that certain Contribution and Corporate Reorganization Agreement, dated as of September 8, 2025, by and among PubCo, the Company, the Five Point Members, the other Existing Members and the other Persons party thereto, as such may be amended, supplemented or restated from time to time.

"***control***" (including the terms "controlled by" and "under common control with"), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly or as trustee, personal representative or executor, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, as trustee, personal representative or executor, by contract, credit arrangement or otherwise.

"***Corresponding OpCo Equity Securities***" is defined in <u>Section 3.1(e)</u>.

"***Corresponding PubCo Equity Securities***" is defined in <u>Section 3.1(e)</u>.

"***Covered Audit Adjustment***" means an adjustment to any partnership-related item (within the meaning of Section 6241(2)(B) of the Code) to the extent such adjustment results in an "imputed underpayment" as described in Section 6225(b) of the Code or any analogous provision of state or local Law.

"***Covered Person***" is defined in <u>Section 6.4</u>.

"***Debt Securities***" means any and all debt instruments or debt securities that are not convertible or exchangeable into Equity Securities.

"***Depreciation***" means, for each Fiscal Year or other taxable period, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such Fiscal Year or other taxable period, except that (a) with respect to any such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes and which difference is being eliminated by use of the "remedial method" pursuant to Treasury Regulations Section 1.704-3(d), Depreciation for such Fiscal Year or other taxable period shall be the amount of book basis recovered for such Fiscal Year or other taxable period under the rules prescribed by Treasury Regulations Section 1.704-3(d)(2), and with respect to any other such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes at the beginning of such Fiscal Year or other taxable period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year or other taxable period bears to such beginning Adjusted Basis; *provided* that if the Adjusted Basis for U.S. federal income tax purposes of an asset at the beginning of such Fiscal Year or other taxable period is zero, Depreciation with respect to such asset shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Managing Member.

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"***Desert Holdings***" means Desert Environmental Holdings LLC, a Delaware limited liability company.

"***Discount***" means any underwriters' discounts or commissions and brokers' fees or commissions, including, for the avoidance of doubt, any deferred discounts or commissions and brokers' fees or commissions payable in connection with or as a result of any Public Offering.

"***DVN JV Holdco***" means Devon WB Holdco L.L.C., a Delaware limited liability company.

"***Effective Time***" means the time and date of the initial closing of the IPO.

"***Elda River***" means Elda River Infrastructure WB LLC, a Delaware limited liability company.

"***Equity Securities***" means (a) with respect to a partnership, limited liability company or similar Person, any and all units, interests, rights to purchase, warrants, options or other equivalents of, or other ownership interests in, any such Person as well as debt or equity instruments convertible, exchangeable or exercisable into any such units, interests, rights or other ownership interests, and (b) with respect to a corporation, any and all shares, interests, participation or other equivalents (however designated) of corporate stock, including all common stock and preferred stock, or warrants, options or other rights to acquire any of the foregoing, including any debt instrument convertible or exchangeable into any of the foregoing.

"***ERISA***" means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder (or any corresponding provisions of succeeding Law).

"***Excess Tax Amount***" is defined in <u>Section 9.5(c)</u>.

"***Exchange Act***" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (or any corresponding provisions of succeeding Law).

"***Existing LLC Agreement***" is defined in the recitals to this Agreement.

"***Existing Members***" means, collectively, PubCo, the Five Point Members, DVN JV Holdco, and Elda River.

"***Fair Market Value***" means the fair market value of any property as determined in Good Faith by the Managing Member after taking into account such factors as the Managing Member shall deem appropriate.

"***Federal Bankruptcy Code***" means Title 11 of the United States Code, as amended, and the rules and regulations promulgated thereunder (or any corresponding provisions of succeeding Law).

"***Fiscal Year***" means the fiscal year of the Company, which shall end on December 31 of each calendar year unless, for U.S. federal income tax purposes, another fiscal year is required. The Company shall have the same fiscal year for U.S. federal income tax purposes and for accounting purposes.

"***Five Point Members***" means, collectively, NDB Holdings, WBR Holdings, Desert Holdings, and their respective successors.

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"***Five Point Representative***" means Five Point Infrastructure LLC or any successor thereto designated in writing to the Company by the holders of a majority-in-interest of the Five Point Members (based on ownership of Units).

"***Good Faith***" means, when applied to an action or omission of a Person, that such Person, at the time of such action or omission, held a subjective belief that such action or omission is in, or not opposed to, the best interests of the Company.

"***Governmental Entity***" means any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof.

"***Gross Asset Value***" means, with respect to any asset, the asset's Adjusted Basis for U.S. federal income tax purposes, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair Market Value of such asset as of the date of such contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values as of the following times: (i) the acquisition of an interest (or additional interest) in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution to the Company or in exchange for the performance of more than a de minimis amount of services to or for the benefit of the Company; (ii) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for an interest in the Company; (iii) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g)(1), (iv) the acquisition of an interest in the Company by any new or existing Member upon the exercise of a Non-Compensatory Option in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s); or (v) any other event to the extent determined by the Managing Member to be permitted and necessary or appropriate to properly reflect Gross Asset Values in accordance with the standards set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(q); *provided* that adjustments pursuant to <u>clauses (i</u>), <u>(ii</u>) and <u>(iv)</u> above shall be made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company. If any Non-Compensatory Options are outstanding upon the occurrence of an event described in this <u>paragraph (b)(i</u>) through <u>(b)(v</u>), the Company shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair Market Value of such asset on the date of such distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the Adjusted Basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and <u>subsection (f)</u> in the definition of "Profits" or "Losses" below or <u>Section 4.2(h)</u>; *provided* that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this subsection to the extent the Managing Member determines that an adjustment pursuant to <u>subsection (b)</u> of this definition is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this <u>subsection (d)</u>; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Gross Asset Value of a Company asset has been determined or adjusted pursuant to <u>subsections (a)</u>, <u>(b)</u> or <u>(d)</u> of this definition of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits, Losses and other items allocated pursuant to <u>Article IV</u>.

"***Indebtedness***" means (a) all indebtedness for borrowed money (including capitalized lease obligations, sale-leaseback transactions or other similar transactions, however evidenced), (b) any other indebtedness that is evidenced by a note, bond, debenture, draft or similar instrument, (c) notes payable and (d) lines of credit and any other agreements relating to the borrowing of money or extension of credit.

"***Individual Threshold Amount***" means, with respect to any Redemption pursuant to <u>Section 3.6(a)(ii)(A)(1)</u>, a number of Units equal to (a) $250,000 divided by (b) the Unit Redemption Price, rounded up to the nearest whole Unit.

"***Interest***" means the entire interest of a Member in the Company, including the Units and all of such Member's rights, powers and privileges under this Agreement and the Act.

"***Investment Company Act***" means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder (or any corresponding provisions of succeeding Law).

"***IPO***" means the initial offering and sale of Class A Shares by PubCo to the public, as described in the Registration Statement.

"***Law***" means any statute, law, ordinance, regulation, rule, code, order, requirement or rule of law (including common law) of any Governmental Entity.

"***Legal Action***" is defined in <u>Section 11.8</u>.

"***Liability***" means any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated and whether due or to become due, regardless of when asserted.

"***Liquidating Event***" is defined in <u>Section 10.1</u>.

"***Managing Member***" is defined in the recitals to this Agreement.

"***Member***" means any Person that executes this Agreement as a Member, and any other Person admitted to the Company as an additional or substituted Member, that has not made a disposition of such Person's entire Interest, each in such Person's capacity as a member of the Company.

"***Member Minimum Gain***" has the meaning ascribed to "partner nonrecourse debt minimum gain" set forth in Treasury Regulations Section 1.704-2(i). It is further understood that the determination of Member Minimum Gain and the net increase or decrease in Member Minimum Gain shall be made in the same manner as required for such determination of Company Minimum Gain under Treasury Regulations Sections 1.704-2(d) and 1.704-2(g)(3).

"***Member Nonrecourse Debt***" has the meaning of "partner nonrecourse debt" set forth in Treasury Regulations Section 1.704-2(b)(4).

"***Member Nonrecourse Deductions***" has the meaning of "partner nonrecourse deductions" set forth in Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2).

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"***Minority Member Redemption Date***" is defined in <u>Section 3.6(g)</u>.

"***Minority Member Redemption Notice***" is defined in <u>Section 3.6(g)</u>.

"***National Securities Exchange***" means an exchange registered with the Commission under Section 6(a) of the Exchange Act.

"***NDB Holdings***" means NDB Holdings, LLC, a Delaware limited liability company.

"***Non-Compensatory Option***" has the meaning set forth in Treasury Regulation Section 1.721-2(f).

"***Nonrecourse Deductions***" has the meaning assigned that term in Treasury Regulations Section I. 704-2(b).

"***Nonrecourse Liability***" is defined in Treasury Regulations Section 1.704-2(b)(3).

"***Officer***" is defined in <u>Section 6.2(b)</u>.

"***OpCo Recapitalization***" is defined in the recitals to this Agreement.

"***Opportunities Exempt Party***" is defined in <u>Section 7.4</u>.

"***Over-Allotment Option***" is defined in the recitals to this Agreement.

"***Over-Allotment Option Net Proceeds***" is defined in the recitals to this Agreement.

"***Partnership Tax Audit Rules***" means Sections 6221 through 6241 of the Code, as amended, together with any final or temporary Treasury Regulations, Revenue Rulings, and case law interpreting Sections 6221 through 6241 of the Code, as amended (and any analogous provision of state or local tax Law).

"***Permitted Transferee***" means, with respect to any Member, (a) any Affiliate of such Member, (b) any current or former officer, employee, manager, director, partner, shareholder, co-investor, affiliated investment fund, management entity or investment vehicle or member of such Member or any successor of such Persons, (c) any successor entity of such Member, (d) any Person established for the benefit of, and beneficially owned solely by, such Member, (e) with respect to any Member that is a natural person or of which a majority of the outstanding Equity Securities and voting power with respect to the election of directors (or the selection of any other similar governing body in the case of an entity other than a corporation) are beneficially owned by a single natural person, a trust established by or for the benefit of such natural person of which only such natural person and such natural person's immediate family members are beneficiaries, (f) upon the death of any Member that is a natural person, an executor, administrator or beneficiary of the estate of the deceased Member and (g) any 5% Owner.

"***Person***" means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act.

"***Plan Asset Regulations***" means the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, or any successor regulations, as the same may be amended from time to time.

"***Proceeding***" is defined in <u>Section 6.4</u>.

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"***Profits***" **or** "***Losses***" means, for each Fiscal Year or other taxable period, an amount equal to the Company's taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any income or gain of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in computing Profits or Losses shall be added to such taxable income or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses, shall be subtracted from such taxable income or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event the Gross Asset Value of any Company asset is adjusted pursuant to <u>subsection (b)</u> or <u>(c)</u> of the definition of Gross Asset Value above, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the Company asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the Company asset) from the disposition of such asset and shall, except to the extent allocated pursuant to <u>Section 4.2</u>, be taken into account for purposes of computing Profits or Losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) gain or loss resulting from any disposition of Company assets with respect to which gain or loss is recognized for U.S. federal income tax purposes shall be computed with reference to the Gross Asset Value of the asset disposed of, notwithstanding that the adjusted tax basis of such asset differs from its Gross Asset Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a distribution other than in liquidation of a Member's Interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any items of income, gain, loss or deduction that are specifically allocated pursuant to the provisions of <u>Section 4.2</u> shall not be taken into account in computing Profits or Losses for any taxable year, but such items available to be specially allocated pursuant to <u>Section 4.2</u> will be determined by applying rules analogous to those set forth in <u>subparagraphs (a)</u> through <u>(f)</u> above.

"***Property***" means all real and personal property owned by the Company from time to time, including both tangible and intangible property.

"***PubCo***" is defined in the preamble to this Agreement.

"***PubCo Change of Control***" means the acquisition of greater than 50% of the outstanding PubCo Shares entitled to vote in the election of directors of PubCo by any Person (or group of Persons acting in concert), other than by any of the Five Point Members or any Affiliate of any of the Five Point Members,

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in a transaction approved by (i) the Board and (ii) the Five Point Representative, for so long as the Five Point Members and their Affiliates collectively own at least 20% of the outstanding Units. Notwithstanding the foregoing, a "PubCo Change of Control" shall not be deemed to have occurred by virtue of the consummation of any transaction or series of related transactions immediately following which the beneficial holders of the Class A Shares, Class B Shares, or other Equity Securities of PubCo immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in and voting control over, and own substantially all of the shares of, an entity which owns all or substantially all of the assets of PubCo immediately following such transaction or series of transactions.

"***PubCo Change of Control Information***" is defined in <u>Section 3.6(h)</u>.

"***PubCo Holdings Group***" means PubCo and each Subsidiary of PubCo (other than the Company and its Subsidiaries), if any.

"***PubCo LLCA***" is defined in the recitals to this Agreement.

"***PubCo Shares***" means all classes and series of limited liability company interests in PubCo, including the Class A Shares and the Class B Shares.

"***Public Offering***" means an underwritten offering and sale of Equity Securities to the public pursuant to a registration statement, including a "bought" deal or "overnight" public offering.

"***Reclassification Event***" means any of the following: (a) any reclassification or recapitalization of PubCo Shares (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination or any transaction subject to <u>Section 3.1(g)</u>), (b) any merger, conversion, consolidation or other combination involving PubCo, or (c) any sale, conveyance, lease, or other disposal of all or substantially all the properties and assets of PubCo to any other Person, in each of <u>clauses (a)</u>, <u>(b)</u> or <u>(c)</u>, as a result of which holders of PubCo Shares shall be entitled to receive cash, securities or other property for their PubCo Shares.

"***Redeeming Member***" is defined in <u>Section 3.6(a)(i)</u>.

"***Redeemed Units***" is defined in <u>Section 3.6(a)(ii)(A)</u>.

"***Redemption***" is defined in <u>Section 3.6(a)(i)</u>.

"***Redemption Contingency***" is defined in <u>Section 3.6(a)(iii)(C)</u>.

"***Redemption Date***" means (a) the later of (i) the date that is five Business Days after the applicable Redemption Notice Date and (ii) if the Company or PubCo has made a valid Cash Election with respect to the relevant Redemption, the first Business Day on which the Company or PubCo has available funds to pay the Cash Election Amount, which in no event shall be more than ten Business Days after the Redemption Notice Date, or (b) such later date (i) specified in the Redemption Notice or (ii) on which the Redemption Contingency that is specified in the Redemption Notice is satisfied.

"***Redemption Notice***" is defined in <u>Section 3.6(a)(ii)</u>.

"***Redemption Notice Date***" is defined in <u>Section 3.6(a)(ii)</u>.

"***Registration Rights Agreement***" means that certain Registration Rights Agreement, dated September 18, 2025, by and among PubCo, the Five Point Members, DVN JV Holdco, Elda River and

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Ashburton Investment Private Limited, a Singapore private limited company, as such agreement may be amended from time to time in accordance with its terms.

"***Registration Statement***" means the Registration Statement on Form S-1 (Registration No. 333-289823) as it has been or as it may be amended or supplemented from time to time, filed by PubCo with the Commission under the Securities Act in connection with the IPO.

"***Regulatory Allocations***" is defined in <u>Section 4.2(i)</u>.

"***Retraction Notice***" is defined in <u>Section 3.6(b)(i)</u>.

"***Securities Act***" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (or any corresponding provisions of succeeding Law).

"***Shareholders' Agreement***" means that certain Shareholders' Agreement, dated September 18, 2025, by and among PubCo, the Five Point Members and Devon JV Holdco, as such agreement may be amended from time to time in accordance with its terms.

"***Subsidiary***" means, with respect to any specified Person, any other Person with respect to which such specified Person (a) has, directly or indirectly, the power, through the ownership of securities or otherwise, to elect a majority of directors or similar managing body or (b) beneficially owns, directly or indirectly, a majority of such Person's Equity Securities.

"***Tax Contribution Obligation***" is defined in <u>Section 9.5(c)</u>.

"***Tax Distribution Date***" means any date that is five Business Days prior to (a) each date on which quarterly estimated U.S. federal income tax payments are required to be made by calendar year individual taxpayers and (b) each due date for the U.S. federal income tax return of an individual calendar year taxpayer (without regard to extensions).

"***Tax Offset***" is defined in <u>Section 9.5(c)</u>.

"***Tax Receivable Agreement***" means that certain Tax Receivable Agreement, dated September 18, 2025, by and among PubCo, the Company, the TRA Representatives (as such term is defined in the Tax Receivable Agreement), the TRA Parties (as such term is defined in the Tax Receivable Agreement) and such other Persons party thereto from time to time, as such agreement may be amended from time to time in accordance with its terms.

"***TRA Distribution Date***" means any date that is five Business Days prior to the date that any payment is required to be made under the Tax Receivable Agreement (or any other tax receivable agreement that the Company and PubCo may enter into).

"***Trading Day***" means a day on which the New York Stock Exchange or such other principal United States securities exchange on which the Class A Shares are listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day).

"***Transfer***" means, when used as a noun, any voluntary or involuntary, direct or indirect (whether through a change of control of the Transferor or any Person that controls the Transferor, the issuance or transfer of Equity Securities of the Transferor, by operation of Law or otherwise), transfer, sale, pledge or hypothecation or other disposition and, when used as a verb, voluntarily or involuntarily, directly or indirectly (whether through a change of control of the Transferor or any Person that controls the Transferor,

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the issuance or transfer of Equity Securities of the Transferor or any Person that controls the Transferor, by operation of Law or otherwise), to transfer, sell, pledge or hypothecate or otherwise dispose of; *provided* that, notwithstanding anything in this Agreement to the contrary, "Transfer" shall be deemed not to include (a) any issuance or other Transfer of Equity Securities in a Member or any Person that directly or indirectly controls a Member; (b) any issuance or other Transfer of Equity Securities or other interest (i) in any investment fund or alternative investment vehicle of an investment fund that is managed or advised by the investment manager of any Member or its Affiliates or by an Affiliate of such investment manager (a "***Fund Entity***"), or (ii) in any Person that directly or indirectly owns any equity or voting interest in such Fund Entity (which, for the avoidance of doubt, includes any limited partner, general partner or managing member of any such Fund Entity and any Person who directly or indirectly owns any equity or voting interest in such limited partner, general partner or managing member); or (c) any pledge to any third-party pledgee in a bona fide transaction as collateral to secure obligations pursuant to lending or other arrangements, between such third parties (or their Affiliates or designees) and a Member and/or its Affiliates or any similar arrangement relating to a financing agreement for the benefit of a Member and/or its Affiliates. The terms "Transferee," "Transferor," "Transferred," and other forms of the word "Transfer" shall have the correlative meanings.

"***Transfer Agent***" is defined in <u>Section 3.6(a)(iii)</u>.

"***Treasury Regulations***" means pronouncements, as amended from time to time, or their successor pronouncements, which clarify, interpret and apply the provisions of the Code, and which are designated as "Treasury Regulations" by the United States Department of the Treasury.

"***Uniform Commercial Code***" means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State of Delaware.

"***Units***" means the units representing limited liability company interests in the Company issued under this Agreement, having the rights and obligations specified in this Agreement, and shall also include any Equity Security of the Company issued in respect of or in exchange for any such units, whether by way of dividend or other distribution, split, recapitalization, merger, rollup transaction, consolidation, conversion or reorganization.

"***Unit Redemption Price***" means, with respect to (x) a particular Redemption or an exercise of the Call Right for which a Cash Election has been made or (y) for purposes of determining the Individual Threshold Amount, (a) if the Class A Shares trade on a securities exchange or automated or electronic quotation system, the average of the volume-weighted closing price for a Class A Share on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Shares trade, as reported by Bloomberg, L.P., or its successor, for each of the ten consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the Redemption Notice Date, subject to appropriate and equitable adjustment for any share splits, reverse splits, share dividends or similar events affecting the Class A Shares and (b) if the Class A Shares no longer trade on a securities exchange or automated or electronic quotation system, an amount equal to the Fair Market Value of one Class A Share, as determined by the Managing Member in Good Faith, that would be obtained in an arms' length transaction for cash between an informed and willing buyer and an informed and willing seller, neither of whom is under any compulsion to buy or sell, and without regard to the particular circumstances of the buyer or seller; *provided* that if PubCo conducts a Public Offering to fund any Cash Election Amount as permitted by this Agreement, then the Unit Redemption Price shall be net of each Redeeming Member's pro rata share of any Discount in connection with such Public Offering.

"***Unit Reinvestment Price***" means, for a particular contribution on a Tax Distribution Date, an amount equal to (a) the Unit Redemption Price, as determined by substituting "Tax Distribution Date" for

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"Redemption Notice Date," *minus* (b) the quotient of (i) the total distributions made on such Tax Distribution Date divided by (ii) the total number of Units outstanding as of such Tax Distribution Date (without taking into account any Units issued on such Tax Distribution Date pursuant to <u>Section 5.2(d)</u>), *provided* that, for the avoidance of doubt, as used in this definition, the term "Unit Redemption Price" shall be applied as if the Discount is zero.

"***U.S. GAAP***" means United States generally accepted accounting principles, as in effect from time to time, consistently applied.

"***WBR Holdings***" means WBR Holdings LLC, a Delaware limited liability company.

"***Winding-Up Member***" is defined in <u>Section 10.3(a)</u>.

## Section 1.2 <u>Construction</u>. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: (a) the terms defined in <u>Section 1.1</u> are applicable to the singular as well as the plural forms of such terms; (b) all accounting terms not otherwise defined herein have the meanings assigned under U.S. GAAP; (c) all references to currency, monetary values and dollars set forth herein shall mean United States dollars and all payments hereunder shall be made in United States dollars; (d) when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated; (e) whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation"; (f) "or" is not exclusive; (g) the terms "in writing," "written communications," "written notice" and words of similar import shall be deemed satisfied under this Agreement by use of e-mail and other forms of electronic communication; and (h) the words "hereof," "herein" and "hereunder" and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement.

# Article II<br>ORGANIZATION OF THE LIMITED LIABILITY COMPANY

## Section 2.1 <u>Formation</u>. The Company has been formed as a limited liability company pursuant to the provisions of the Act upon the terms, provisions and conditions set forth in this Agreement.

## Section 2.2 <u>Filing</u>. The Company's Certificate of Formation has been filed with the Secretary of State of the State of Delaware in accordance with the Act, with such filing being hereby confirmed, ratified and approved in all respects. The Members shall execute such further documents (including amendments to such Certificate of Formation) and take such further action as is appropriate to comply with the requirements of Law for the formation or operation of a limited liability company in Delaware and in all states and counties where the Company may conduct its business. The Managing Member or any Officer, as an "authorized person" of the Company within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The Managing Member or any Officer shall execute, deliver and file, or cause the execution, delivery and filing of any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.

## Section 2.3 <u>Name</u>. The name of the Company continued without dissolution hereby is "WBI Operating LLC." The Company's business may be conducted under any other name or names, as determined at the discretion of the Managing Member. The words "Limited Liability Company," "LLC," or similar words or letters shall be included in the Company's name where necessary for the purpose of complying with the Laws of any jurisdiction that so requires. The Managing Member may change the name

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## of the Company at any time and from time to time and shall notify the Members of such change in the next regular communication to the Members.

## Section 2.4 <u>Registered Office; Registered Agent</u>. Unless and until changed by the Managing Member in its discretion, the registered office of the Company in the State of Delaware shall be located at 108 Lakeland Ave, Dover, Delaware 19901, Kent County, and the registered agent for service of process on the Company in the State of Delaware at such registered office shall be Capitol Services, Inc.

## Section 2.5 <u>Principal Office; Principal Place of Business</u>. Unless and until changed by the Managing Member in its discretion, the principal office of the Company shall be located at 5555 San Felipe Street, Suite 1200, Houston, Texas 77056. The Company may maintain offices at such other place or places within or outside the State of Delaware as the Managing Member may designate in its discretion. The principal place of business of the Company shall be located in such place as is determined by the Managing Member from time to time.

## Section 2.6 <u>Purpose</u>. The purpose of the Company shall be to engage in any business activity that lawfully may be conducted by a limited liability company organized under the Laws of the State of Delaware and, in connection therewith, to exercise all of the rights and powers conferred upon the Company pursuant to the agreements relating to such business activity.

## Section 2.7 <u>Powers</u>. The Company shall be empowered and authorized to do, take, and engage in, any and all acts and things necessary, appropriate, desirable, advisable, ancillary or incidental for the furtherance and accomplishment of the purposes described in <u>Section 2.6</u>.

## Section 2.8 <u>Term</u>. The Company's term commenced upon the filing of the Certificate of Formation in accordance with the Act and shall be perpetual, unless and until the Company is dissolved, its affairs are wound up and it is terminated in accordance with the provisions of <u>Article X</u> *.* The existence of the Company as a separate legal entity shall continue until the cancellation of the Certificate of Formation as provided in the Act.

## Section 2.9 <u>Intent</u>. It is the intent of the Members that the Company be operated in a manner consistent with its treatment as a "partnership" for U.S. federal and state income tax purposes, and, as a result of the transactions contemplated by the Contribution Agreement, the Company will be treated as a continuation of NDB Midstream LLC, a Delaware limited liability company, under Section 708 of the Code. It is also the intent of the Members that the Company not be operated or treated as a "partnership" for purposes of Section 303 of the Federal Bankruptcy Code. Neither the Company nor any Member shall take any action inconsistent with the express intent of the parties hereto as set forth in this <u>Section 2.9</u>.

## Section 2.10 <u>Title to Company Assets</u>. Title to Company assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Company as an entity, and no Member or Officer, individually or collectively, shall have any ownership interest in such Company assets or any portion thereof. Title to any or all of the Company assets may be held in the name of the Company or one or more nominees, as the Managing Member may determine in its discretion. All Company assets shall be recorded as the property of the Company in its books and records, irrespective of the name in which record title to such Company assets is held.

# Article III<br>UNITS; OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

## Section 3.1 <u>Authorized Units; General Provisions With Respect to Units</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interests in the Company shall be represented by Units and other Equity Securities of the Company, in each case as the Managing Member may establish in its discretion in accordance with the terms and subject to the restrictions set forth in this Agreement. Subject to the provisions of this Agreement, the Company shall be authorized to issue from time to time such number of Units and such other Equity Securities as the Managing Member shall determine in accordance with <u>Section 3.3</u>. Each authorized Unit may be issued pursuant to such agreements as the Managing Member shall approve, including pursuant to options and warrants. The Company may reissue any Units and other such Equity Securities that have been repurchased or acquired by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except to the extent explicitly provided otherwise herein (including <u>Section 3.3</u>), each outstanding Unit shall be identical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Initially, none of the Units will be represented by certificates. If the Managing Member determines that it is in the interest of the Company to issue certificates representing the Units, certificates will be issued and the Units will be represented by those certificates, and this Agreement shall be amended as necessary or desirable to reflect the issuance of certificated Units for purposes of the Uniform Commercial Code. Nothing contained in this <u>Section 3.1(c)</u> shall be deemed to authorize or permit any Member to Transfer its Units except as otherwise permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The total number of Units issued and outstanding and held initially by the Members as of the date hereof is set forth on <u>Exhibit A</u>. The Company shall, without the requirement of additional action or approval by the Managing Member or any other Person, update such schedule of Members in the books and records to reflect any Transfers of Interests, the issuance of additional Units or Equity Securities and subdivisions or combinations of Units, in each case, from time to time in accordance with the terms of this Agreement, and such update to the schedule of Members shall not constitute an amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, at any time after the Effective Time, PubCo issues a Class A Share or any other Equity Security of PubCo (other than Class B Shares), including pursuant to the Over-Allotment Option, (i) the Company shall concurrently issue to PubCo one Unit (if PubCo issues a Class A Share), or such other Equity Security of the Company (if PubCo issues Equity Securities other than Class A Shares) corresponding to the Equity Securities issued by PubCo, and with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences resulting from any tax or other Liabilities borne by PubCo) and other economic rights as those of such Equity Securities of PubCo to be issued ("***Corresponding OpCo Equity Securities***"), and (ii) PubCo shall concurrently contribute to the Company the net proceeds (in cash or other property, as the case may be), if any, received by PubCo for such Class A Share or other Equity Security (including, with respect to any issuance of Class A Shares pursuant to the Over-Allotment Option, the corresponding Over-Allotment Option Net Proceeds); *provided,* that if PubCo issues any Class A Shares in order to acquire or fund the acquisition from a Member (other than any member of the PubCo Holdings Group) of a number of Units (and Class B Shares) equal to the number of Class A Shares so issued, then the Company shall not issue any new Units in connection therewith and, where such Class A Shares have been issued for cash to fund such an acquisition by PubCo pursuant to a Cash Election, PubCo shall not be required to transfer such net proceeds to the Company, and such net proceeds shall instead be transferred to such Member as consideration for such acquisition as required pursuant to <u>Section 3.6(a)(iii)</u>. For the avoidance of doubt, if PubCo issues any Class A Shares or other Equity Security for cash to be used to fund the acquisition by any member of the PubCo Holdings Group of any Person or the assets of any Person, then PubCo shall not be required to transfer such cash proceeds to the Company but instead such member of the PubCo Holdings Group shall be required to contribute such Person or the assets and Liabilities of such Person to the Company or any of its Subsidiaries. Notwithstanding the foregoing, this <u>Section 3.1(e)</u> shall not apply to the issuance and distribution to holders of PubCo Shares of rights to purchase Equity Securities of PubCo

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under a "poison pill" or similar shareholders rights plan (and upon any Redemption of Units for Class A Shares, such Class A Shares will be issued together with a corresponding right under such plan), or to the issuance under PubCo's employee benefit plans of any warrants, options, other rights to acquire Equity Securities of PubCo or rights or property that may be converted into or settled in Equity Securities of PubCo, but shall in each of the foregoing cases apply to the issuance of Equity Securities of PubCo in connection with the exercise or settlement of such rights, warrants, options or other rights or property. Except pursuant to <u>Section 3.6</u>, (x) the Company may not issue any additional Units to any member of the PubCo Holdings Group unless substantially simultaneously therewith a member of the PubCo Holdings Group issues or sells an equal number of newly-issued Class A Shares to another Person, and (y) the Company may not issue any other Equity Securities of the Company to the PubCo Holdings Group unless substantially simultaneously therewith a member of the PubCo Holdings Group issues or sells, to another Person, an equal number of newly-issued shares of a new class or series of Equity Securities of PubCo with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences resulting from any tax or other Liabilities borne by PubCo) and other economic rights as those of such Equity Securities of the Company ("***Corresponding PubCo Equity Securities***"). If at any time any member of the PubCo Holdings Group issues Debt Securities, such member of the PubCo Holdings Group shall transfer to the Company (in a manner to be determined by the Managing Member in its reasonable discretion) the proceeds received by such member of the PubCo Holdings Group in exchange for such Debt Securities in a manner that directly or indirectly burdens the Company with the repayment of the Debt Securities. In the event any Equity Security outstanding at PubCo is exercised or otherwise converted and, as a result, any Class A Shares or other Equity Securities of PubCo are issued, (1) the corresponding Equity Security outstanding at the Company shall be similarly exercised or otherwise converted, as applicable, and an equivalent number of Units or other Equity Securities of the Company shall be issued to PubCo as contemplated by the first sentence of this <u>Section 3.1(e)</u>, and (2) PubCo shall concurrently contribute to the Company the net proceeds received by PubCo from any such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No member of the PubCo Holdings Group may redeem, repurchase or otherwise acquire (other than from another member of the PubCo Holdings Group) (i) except pursuant to <u>Section 3.6</u>, any Class A Shares (including upon forfeiture of any unvested Class A Shares) unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the PubCo Holdings Group an equal number of Units for the same price per security or (ii) any other Equity Securities of PubCo, unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the PubCo Holdings Group an equal number of Corresponding OpCo Equity Securities for the same price per security. The Company may not redeem, repurchase or otherwise acquire (x) except pursuant to <u>Section 3.6</u>, any Units from the PubCo Holdings Group unless substantially simultaneously the PubCo Holdings Group redeems, repurchases or otherwise acquires an equal number of Class A Shares for the same price per security from holders thereof, or (y) any other Equity Securities of the Company from the PubCo Holdings Group unless substantially simultaneously the PubCo Holdings Group redeems, repurchases or otherwise acquires for the same price per security an equal number of Corresponding PubCo Equity Securities. Notwithstanding the foregoing, to the extent that any consideration payable by the PubCo Holdings Group in connection with the redemption or repurchase of any Class A Shares or other Equity Securities of the PubCo Holdings Group consists (in whole or in part) of Class A Shares or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless exercise of an option or warrant), then the redemption or repurchase of the corresponding Units or other Equity Securities of the Company shall be effectuated in an equivalent manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except pursuant to <u>Section 3.1(i)</u> or as provided in <u>Section 5.2(d)</u>, the Company shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding Units or other Equity Securities of the Company unless accompanied by an identical subdivision or combination, as applicable, of the outstanding PubCo Shares or Corresponding

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PubCo Equity Securities, with corresponding changes made with respect to any other exchangeable or convertible securities. Unless in connection with any action taken pursuant to <u>Section 3.1(i),</u> PubCo shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding PubCo Shares or other Equity Securities of PubCo unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Units or Corresponding OpCo Equity Securities, with corresponding changes made with respect to any other exchangeable or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding any other provision of this Agreement, the Company may redeem Units from the PubCo Holdings Group for cash to fund any acquisition by the PubCo Holdings Group of another Person or the assets and Liabilities of such Person, *provided* that promptly after such redemption and acquisition the PubCo Holdings Group contributes or causes to be contributed, directly or indirectly, such Person or the assets and Liabilities of such Person to the Company or any of its Subsidiaries in exchange for a number of Units equal to the number of Units so redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any other provision of this Agreement (including <u>Section 3.1(e)</u>), if the PubCo Holdings Group acquires or holds any material amount of cash in excess of any monetary obligations PubCo reasonably anticipates, PubCo may, in its sole discretion: (i) contribute such excess cash amount to the Company in exchange for a number of Units or other Equity Securities of the Company, determined in its sole discretion, and distribute to the holders of Class A Shares such number of Class A Shares (if the Company issues Units to PubCo) or Corresponding PubCo Equity Securities (if the Company issues Equity Securities of the Company other than Units), or (ii) use or cause to be used such excess cash amount in such manner, and make such adjustments to or take such other actions with respect to the capitalization of PubCo and the Company and to the one-to-one exchange ratio between Units and Class A Shares, in each case, as PubCo (including in its capacity as the Managing Member) in Good Faith determines to be fair and reasonable to the holders of PubCo Shares and to the Members to preserve the intended economic effect of this <u>Section 3.1</u>, <u>Section 3.6</u>, and the other provisions hereof; *provided* that, if the PubCo Holdings Group contributes any such excess cash to the Company in exchange for Units, the number of Units issued to the PubCo Holdings Group shall be determined consistent with the provisions of <u>Section 5.2(d)</u>.

## Section 3.2 <u>Voting Rights</u>. No Member has any voting right except with respect to those matters specifically reserved for a Member vote under the Act and for matters expressly requiring the approval of Members under this Agreement. Except as otherwise required by the Act, each Unit will entitle the holder thereof to one vote on all matters to be voted on by the Members. Except as otherwise expressly provided in this Agreement, the holders of Units having voting rights will vote together as a single class on all matters to be approved by the Members.

## Section 3.3 <u>OpCo Recapitalization; Capital Contributions; Unit Ownership</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *OpCo Recapitalization*. In order to effect the OpCo Recapitalization contemplated by the Contribution Agreement, each Existing Member's respective Existing OpCo Interests are hereby converted, effective as of the Effective Time, into the number of Units set forth opposite the name of such Existing Member on <u>Exhibit A</u>, and such Units are hereby issued and outstanding as of the Effective Time and the holders of such Units shall continue as Members hereunder. Following the OpCo Recapitalization, the Company shall issue to PubCo, and PubCo will acquire pursuant to the Contribution Agreement, a number of newly issued Units in exchange for the net proceeds of the IPO payable to the Company pursuant to the Contribution Agreement. In addition, to the extent the underwriters of the IPO exercise the Over-Allotment Option, in whole or in part, PubCo will contribute the Over-Allotment Option Net Proceeds to the Company in exchange for newly issued Units pursuant to the Contribution Agreement, and such issuance of additional Units shall be reflected on <u>Exhibit A</u>. The number of Units issued pursuant to such contribution, in the

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aggregate, shall be equal to the number of Class A Shares issued by PubCo in such exercise of the Over-Allotment Option. For the avoidance of doubt, PubCo is hereby admitted as a Member. The parties hereto (x) intend the OpCo Recapitalization to be treated as a partnership recapitalization in accordance with Rev. Rul. 84-52 and Section 721(a) of the Code and (y) shall not take, and shall not permit any of their respective Affiliates to take, any position (whether in a tax return or financial statement, before any Governmental Entity, in any judicial proceeding or otherwise) that is inconsistent with such tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Capital Contributions.* Except as otherwise set forth in <u>Section 3.1(e)</u> with respect to the obligations of the PubCo Holdings Group, no Member shall be required to make additional Capital Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Issuance of Additional Units or Interests.* Except as otherwise expressly provided in this Agreement, the Managing Member shall have the right to authorize and cause the Company to issue on such terms (including price) as may be determined by the Managing Member (i) subject to the limitations of <u>Section 3.1</u>, additional Units or other Equity Securities in the Company (including creating preferred interests or other classes or series of interests having such rights, preferences and privileges as determined by the Managing Member, which rights, preferences and privileges may be senior to any existing Units), and (ii) obligations, evidences of Indebtedness or other securities or interests convertible or exchangeable for Units or other Equity Securities in the Company; *provided* that, at any time following the date hereof, in each case the Company shall not issue Equity Securities in the Company to any Person unless such Person shall have executed a counterpart to this Agreement and all other documents, agreements or instruments deemed necessary or desirable in the discretion of the Managing Member. Upon such issuance and execution, such Person shall be admitted as a Member of the Company. In that event, the Managing Member shall update the Company's books and records to reflect such additional issuances. Pursuant to <u>Section 11.1(b)</u>, the Managing Member is hereby authorized to amend this Agreement to set forth the designations, preferences, rights, powers and duties of such additional Units or other Equity Securities in the Company, or such other amendments that the Managing Member determines to be otherwise necessary or appropriate in connection with the creation, authorization or issuance of, any class or series of Units or other Equity Securities in the Company pursuant to this <u>Section 3.3(c)</u> (including that, for the avoidance of doubt, the Managing Member shall have the right to amend this Agreement as set forth in this sentence without the approval of any other Person (including any Member) and notwithstanding any other provision of this Agreement (including <u>Section 11.1</u>) if the Managing Member so determines that such amendment is necessary or appropriate, in connection with any offering of PubCo Shares or other Equity Securities of PubCo *provided* that the designations, preferences, rights, powers and duties of any such additional Units or other Equity Securities of the Company as set forth in such amendment are substantially similar to those applicable to such PubCo Shares or other Equity Securities of PubCo).

## Section 3.4 <u>Capital Accounts</u>. A Capital Account shall be maintained for each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations, the other provisions of this Agreement. Each Member's Capital Account shall be (a) increased by (i) allocations to such Member of Profits pursuant to <u>Section 4.1</u> and any other items of income or gain allocated to such Member pursuant to <u>Section 4.2</u>, (ii) the amount of cash or the initial Gross Asset Value of any asset (net of any Liabilities assumed by the Company and any Liabilities to which the asset is subject) contributed to the Company by such Member, and (iii) any other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b) decreased by (i) allocations to such Member of Losses pursuant to <u>Section 4.1</u> and any other items of deduction or loss allocated to such Member pursuant to the provisions of <u>Section 4.2</u>, (ii) the amount of any cash or the Gross Asset Value of any asset (net of any Liabilities assumed by the Member and any Liabilities to which the asset is subject) distributed to such Member, and (iii) any other decreases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv). In the event of a Transfer of Units made in accordance with this Agreement (including a deemed Transfer for U.S. federal income tax purposes as described in <u>Section 3.6(a)(v)</u>), the

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## Capital Account of the Transferor that is attributable to the Transferred Units shall carry over to the Transferee Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(1).

## Section 3.5 <u>Other Matters</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Member shall be entitled to demand or to receive a return on or of its Capital Contributions or resign from the Company without the written consent of the Managing Member. Under circumstances requiring a return of any Capital Contributions, no Member has the right to receive property other than cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Member shall receive any interest, salary, compensation, draw or reimbursement with respect to its Capital Contributions or its Capital Account, or for services rendered or expenses incurred on behalf of the Company or otherwise in its capacity as a Member, except as otherwise provided in <u>Section 5.2</u>, <u>Section 6.9</u> or as otherwise contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Liability of each Member shall be limited as set forth in the Act and other applicable Law and, except as expressly set forth in this Agreement or required by Law, no Member (or any of its Affiliates) shall be personally liable, whether to the Company, any of the other Members, the creditors of the Company, or any other third party, for any debt or Liability of the Company, whether arising in contract, tort or otherwise, solely by reason of being a Member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise required by the Act, a Member shall not be required to restore a deficit balance in such Member's Capital Account, to lend any funds to the Company or, except as otherwise set forth herein, to make any additional contributions or payments to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall not be obligated to repay any Capital Contributions of any Member.

## Section 3.6 <u>Redemption of Units</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Redemption Righ</u>t.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon the terms and subject to the conditions set forth in this <u>Section 3.6</u>, each of the Members (other than the PubCo Holdings Group) (the "***Redeeming Member***") shall be entitled to cause the Company to redeem all or a portion of such Member's Units (together with the surrender and delivery of the same number of Class B Shares) for an equivalent number of Class A Shares (a "***Redemption***") or, at the Company's election made in accordance with <u>Section 3.6(a)(iii)</u>, cash equal to the Cash Election Amount calculated with respect to such Redemption. Upon the Redemption of all of a Member's Units, such Member shall, for the avoidance of doubt, cease to be a member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unless otherwise approved by the Managing Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Except as set forth in <u>Section 3.6(a)(ii)(B)</u>, <u>(C)</u> or <u>(D)</u>, with respect to each Redemption, a Redeeming Member that is not a Five Point Member, DVN JV Holdco or Elda River shall be (1) required to redeem (A) for individuals, the lesser of (i) at least a number of Units having, in the aggregate, a fair market value of at least $250,000 upon conversion into Class A shares at the then-current market price of such Class A shares and (ii) all of the Units then held by such Redeeming Member and (B) for non-individuals, at least a number of Units equal to the lesser of (i) 250,000 Units and (ii) all of the Units then held by such Redeeming Member and (2) permitted to effect a Redemption of Units no

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more frequently than once per calendar quarter. The Managing Member may, if it reasonably believes it necessary to be in compliance with federal securities Law or if it determines it to be in the interest of the Company for administrative purposes to coordinate redemptions by multiple Members or otherwise, adopt a policy to limit Redemptions pursuant to this <u>Section 3.6(a)(ii)(A)</u> to a particular date or period during each quarter by providing notice of such limitation to all Members prior to the beginning of the relevant quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Subject to <u>Section 3.6(k)</u>, and except as set forth in <u>Section 3.6(a)(ii)(C)</u>, <u>(D)</u>, or <u>(E)</u>, with respect to each Redemption, a Redeeming Member that is a Five Point Member, DVN JV Holdco or Elda River shall be (1) required to redeem, together with its Affiliates that are also Redeeming Members in such Redemption, at least a number of Units equal to the lesser of (A) 250,000 Units and (B) all of the Units then held by the Five Point Members, DVN JV Holdco or Elda River and their respective Affiliates that are also Redeeming Members in such Redemption, respectively, and (2) permitted to effect a Redemption of Units no more frequently than once per calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Subject to <u>Section 3.6(k)</u>, and except as set forth in <u>Section 3.6(a)(ii)(D)</u>, with respect to each Redemption, a Redeeming Member that is a Five Point Member, DVN JV Holdco or Elda River, either alone or concurrently with its Affiliates, may exercise its Redemption right at any time with respect to at least 2,000,000 Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Subject to <u>Section 3.6(k)</u>, a Redeeming Member may exercise its Redemption right with respect to any of the then-held Units of such Member if such Redemption right is exercised in connection with a valid exercise of such Member's rights to have the Class A Shares issuable in connection with such Redemption to participate in an offering of securities pursuant to, and in accordance with, the Registration Rights Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Subject to <u>Section 3.6(k)</u>, a Redeeming Member may exercise its Redemption right no more frequently than once per calendar month with respect to any Units reasonably expected by the Redeeming Member to provide Class A Shares to be sold pursuant to a trading plan adopted pursuant to Rule 10b5-1 of the Exchange Act with respect to the Class A Shares; *provided*, that the Managing Member approved such trading plan for purposes of this Agreement in advance of its adoption (or amendment, if applicable) (such approval not to be unreasonably withheld, conditioned or delayed). The Managing Member may, if it reasonably believes it necessary to be in compliance with federal securities Law or if it determines it to be in the interest of the Company for administrative purposes to coordinate redemptions by multiple Members or otherwise, adopt a policy to limit Redemptions pursuant to this <u>Section 3.6(a)(ii)(E)</u> to a particular date or period during each calendar month by providing notice of such limitation to all Members prior to the beginning of the relevant calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In order to exercise any Redemption right under <u>Section 3.6(a)(i)</u>, the Redeeming Member shall provide written notice (a "***Redemption Notice***") to the Company at least three Business Days prior to the Redemption Date, with a copy to PubCo (the date of delivery of such Redemption Notice, the "***Redemption Notice Date***"), stating:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the number of Units (together with the surrender and delivery of an equal number of Class B Shares) the Redeeming Member elects to have the Company redeem (the "***Redeemed Units***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if the Class A Shares to be received are to be issued other than in the name of the Redeeming Member, the name(s) of the Person or Persons in whose name or on whose order the Class A Shares are to be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) whether the exercise of the Redemption right is to be contingent (including as to timing) upon the closing of a Public Offering of the Class A Shares for which the Units will be redeemed or the closing of an announced merger, consolidation or other transaction or event to which PubCo is a party in which the Class A Shares would be exchanged or converted or become exchangeable for or convertible into cash or other securities or property (such contingency, a "***Redemption Contingency***"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if the Redeeming Member requires the Redemption to take place on a specific Business Day, such Business Day, *provided* that any such specified Business Day shall not be earlier than the date that would otherwise apply pursuant to the definition of "Redemption Date."

If the Redeemed Units (and/or the Class B Shares to be transferred and surrendered) are represented by a certificate or certificates, prior to the Redemption Date, the Redeeming Member shall also present and surrender such certificate or certificates representing such Units (and/or Class B Shares) during normal business hours at the principal executive offices of the Company, or if any agent for the registration or transfer of Class A Shares is then duly appointed and acting (the "***Transfer Agent***"), at the office of the Transfer Agent. If required by the Managing Member, any certificate for Units and any certificate for Class B Shares (in each case, if certificated) surrendered to the Company hereunder shall be accompanied by instruments of transfer, in forms reasonably satisfactory to the Managing Member and the Transfer Agent, duly executed by the Redeeming Member or the Redeeming Member's duly authorized representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Upon receipt of a Redemption Notice, the Company shall be entitled to elect (a "***Cash Election***") to settle the Redemption by delivering to the Redeeming Member, in lieu of all, but not less than all, of the applicable number of Class A Shares that would be received in such Redemption, an amount of cash equal to the Cash Election Amount for such Redemption. In order to make a Cash Election with respect to a Redemption, the Company must provide written notice of such election to the Redeeming Member (with a copy to PubCo) no later than the second Business Day prior to the Redemption Date. If the Company fails to provide such written notice prior to such time, it shall not be entitled to make a Cash Election with respect to such Redemption without the written consent of the Redeeming Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) For U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the Company, and PubCo (and any other member of the PubCo Holdings Group, as applicable), agree to treat (A) each Redemption, to the extent that PubCo or another member of the PubCo Holdings Group contributes to the Company the consideration the Redeeming Member is entitled to receive pursuant to <u>Section 3.6(b)(ii)</u>, and (B) in the event PubCo exercises its Call Right, each transaction between the Redeeming Member and PubCo or such other member of the PubCo Holdings Group, as a sale of the Redeeming Member's Units (together with the same number of Class B Shares) to PubCo or such other member of the PubCo Holdings Group in exchange for Class A Shares or cash, as applicable. For U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the Company, and PubCo (and any other

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member of the PubCo Holdings Group, as applicable), agree to treat each Redemption, to the extent PubCo does not exercise its Call Right and neither PubCo nor another member of the PubCo Holdings Group contributes to the Company the consideration the Redeeming Member is entitled to receive under <u>Section 3.6(a)(i)</u>, as a distribution by the Company to the Redeeming Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Redemption Mechanics</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the satisfaction of any Redemption Contingency that is specified in the relevant Redemption Notice, the Redemption shall be completed on the Redemption Date and such Class A Shares issuable upon the Redemption, or, if a Cash Election has been made, the Cash Election Amount shall be delivered to the Redeeming Member, as applicable, as soon as reasonably practicable on or following the Redemption Date; provided, that if a valid Cash Election has not been made, the Redeeming Member may, at any time prior to the date that is one Business Day prior to the Redemption Date, revoke its Redemption Notice by giving written notice (the "***Retraction Notice***") to the Company (with a copy to PubCo, except, for the avoidance of doubt, in the event the Redeeming Member has waived such revocation right prior to delivering such Redemption Notice); *provided* that in no event may the Redeeming Member deliver more than one Retraction Notice in any calendar quarter; *provided further*, that (A) if (1) PubCo has not complied with its obligations under the Registration Rights Agreement with respect to the Redeeming Member at the time of delivery of a Retraction Notice, (2) the Redeeming Member is in possession of any material non-public information concerning PubCo, the receipt of which results in such Redeeming Member being prohibited or restricted from selling Class A Shares at or immediately following the Redemption without disclosure of such information, (3) there shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class A Shares is then traded or (4) there shall be in effect an injunction, a restraining order or a decree of any nature that restrains or prohibits the Redemption, then in any such case, such notice shall not be subject to the quarterly limitation in the immediately preceding clause and (B) if the Company shall have made a Cash Election or PubCo shall have elected to pay the Cash Election Amount in connection with its exercise of the Call Right, in either case, where such election is subject to <u>Section 3.6(b)(iii)</u>, but the Company or PubCo, as applicable, shall have failed to complete the related Redemption, the Redeeming Member shall be entitled to revoke its Redemption Notice at any time prior to consummation of such Redemption by delivering a Retraction Notice to the Company (which revocation right shall not be subject to any other limitation set forth herein). The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member's, the Company's and PubCo's (and any other member of the PubCo Holdings Group, as applicable) rights and obligations arising from the retracted Redemption Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unless the Redeeming Member has timely delivered a Retraction Notice as provided in <u>Section 3.6(b)(i)</u> or PubCo has elected to exercise its Call Right pursuant to <u>Section 3.6(f)</u>, on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (A) the Redeeming Member shall transfer and surrender the Redeemed Units (and a corresponding number of Class B Shares) to the Company, in each case free and clear of all liens and encumbrances, (B) unless, in the event of a Cash Election by the Company, the Company in its discretion elects to fund any part of the consideration the Redeeming Member is entitled to receive under <u>Section 3.6(a)(i)</u> without a contribution from PubCo (or such other member(s) of the PubCo Holdings Group designated by PubCo), PubCo shall directly or indirectly contribute to the Company the consideration the Redeeming Member is entitled to receive under <u>Section 3.6(a)(i)</u> and, as described in <u>Section 3.1(e)</u>, the Company shall issue to PubCo (or such other member(s) of the PubCo Holdings Group, as applicable) a number of Units or other Equity Securities of the Company as consideration for such contribution, (C) the Company shall (1) cancel the Redeemed Units, (2) transfer to the Redeeming Member the consideration the Redeeming Member is entitled

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to receive under <u>Section 3.6(a)(i)</u>, and (3) if the Redeemed Units are certificated, issue to the Redeeming Member a certificate for a number of Units equal to the difference (if any) between the number of Units evidenced by the certificate surrendered by the Redeeming Member pursuant to <u>clause (ii)(A)</u> of this <u>Section 3.6(b)</u> and the number of Redeemed Units, and (D) PubCo shall cancel the surrendered Class B Shares. Notwithstanding any other provisions of this Agreement to the contrary, in the event that the Company makes a valid Cash Election, the PubCo Holdings Group shall only be obligated to contribute to the Company an amount in cash equal to the net proceeds (after deduction of any Discount) from the sale by PubCo of a number of Class A Shares equal to the number of Redeemed Units and Class B Shares to be redeemed with such cash or from the sale of other PubCo Equity Securities used to fund the Cash Election Amount; *provided* that PubCo's Capital Account (or the Capital Account(s) of the other member(s) of the PubCo Holdings Group, as applicable) shall be increased by the amount of such Discount in accordance with <u>Section 6.9</u>; *provided further*, that the contribution of such net proceeds shall in no event affect the Redeeming Member's right to receive the Cash Election Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding any other provisions of this Agreement, so long as a Redeeming Member and its Affiliates own at least 40% of the Voting Power (as defined in the Shareholders' Agreement) of PubCo, (A) the Company may not make a Cash Election to settle a Redemption by such Redeeming Member and (B) PubCo may not elect to pay the Cash Election Amount in connection with its exercise of the Call Right with respect to a Redemption by such Redeeming Member, in each case, unless, prior to or contemporaneously with making such Cash Election or electing to pay the Cash Election Amount, as applicable, (y) PubCo has issued a number of PubCo Equity Securities at least equal to the number of Units subject to such Redemption and (z) in the case of <u>clause (A)</u>, PubCo shall have contributed to the Company an amount in cash equal to the net proceeds, net of any Discount (including, for the avoidance of doubt, any deferred Discounts payable in connection with or as a result of such issuance), from such issuance of such PubCo Equity Securities; *provided* that once an issuance of a PubCo Equity Security has been applied pursuant to this sentence to permit a Cash Election or an election to pay the Cash Election Amount in connection with the exercise of the Call Right, such issuance may not be utilized to permit a subsequent Cash Election or an election to pay the Cash Election Amount in connection with the exercise of the Call Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If (i) there is any reclassification, reorganization, recapitalization or other similar transaction pursuant to which the Class A Shares are converted or changed into another security, securities or other property (other than as a result of a subdivision or combination or any transaction subject to <u>Section 3.1(g)</u>), or (ii) except in connection with actions taken with respect to the capitalization of PubCo or the Company pursuant to <u>Section 3.1(i)</u>, PubCo, by dividend or otherwise, distributes to all holders of the Class A Shares evidences of its Indebtedness or assets, including securities (including Class A Shares and any rights, options or warrants to all holders of the Class A Shares to subscribe for or to purchase or to otherwise acquire Class A Shares, or other securities or rights convertible into, exchangeable for or exercisable for Class A Shares) but excluding (A) any cash dividend or distribution, or (B) any such distribution of Indebtedness or assets, in either of <u>clause (A)</u> or <u>(B)</u> received by PubCo from the Company in respect of the Units, then upon any subsequent Redemption, in addition to the Class A Shares or the Cash Election Amount, as applicable, each Member shall be entitled to receive the amount of such security, securities or other property that such Member would have received if such Redemption had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization, other similar transaction, dividend or other distribution, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or

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other similar transaction in which the Class A Shares are converted or changed into another security, securities or other property, or any dividend or distribution (other than an excluded dividend or distribution, as described above), this <u>Section 3.1</u> shall continue to be applicable, *mutatis mutandis*, with respect to such security or other property. This Agreement shall apply to the Units held by the Members as of the date hereof, as well as any Units hereafter acquired by a Member and or its Permitted Transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) PubCo shall at all times keep available, solely for the purpose of issuance upon a Redemption, such number of Class A Shares that shall be issuable upon the Redemption of all outstanding Units (other than those Units held by any member of the PubCo Holdings Group). PubCo covenants that all Class A Shares that shall be issued upon a Redemption shall, upon issuance thereof, be validly issued, fully paid and non-assessable (except as such non-assessability may be limited by Sections 18-607 and 18-804 of the Act). In addition, for so long as the Class A Shares are listed on a National Securities Exchange, PubCo shall use its reasonable best efforts to cause all Class A Shares issued upon a Redemption to be listed on such National Securities Exchange at the time of such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The issuance of Class A Shares upon a Redemption shall be made without charge to the Redeeming Member for any stamp or other similar tax in respect of such issuance; *provided* that if any such Class A Shares are to be issued in a name other than that of the Redeeming Member, then the Person or Persons in whose name the shares are to be issued shall pay to PubCo the amount of any tax that may be payable in respect of any transfer involved in such issuance or shall establish to the reasonable satisfaction of PubCo that such tax has been paid or is not payable. The Company and each member of the PubCo Holdings Group shall be entitled to deduct and withhold from any consideration payable or otherwise deliverable upon a Redemption such amounts as may be required to be deducted or withheld therefrom under the Code or any provision of applicable Law, and to the extent deduction and withholding is required, such deduction and withholding may be taken in Class A Shares. To the extent such amounts are so deducted or withheld and paid over to the relevant Governmental Entity, such amounts shall be treated for all purposes under this Agreement as having been paid to the Redeeming Member and, if withholding is taken in Class A Shares, the relevant withholding party shall be treated as having sold such Class A Shares on behalf of such Redeeming Member for an amount of cash equal to the fair market value thereof at the time of such deemed sale and paid such cash proceeds to the appropriate Governmental Entity. Notwithstanding the foregoing, in the event any deduction or withholding is required upon the issuance of Class A Shares, the relevant withholding party may require the Redeeming Member to pay to the relevant withholding party promptly, and in any no event later than ten Business Days after the Redemption Date, cash equal to the amount of any such required deduction or withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Call Right</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary in this <u>Section 3.6(f)</u>, but subject to <u>Section 3.6(g)</u>, a Redeeming Member shall be deemed to have offered to sell its Redeemed Units as described in the Redemption Notice to PubCo (or such other member(s) of the PubCo Holdings Group as may be designated by PubCo), which may, in its sole discretion, by means of delivery of a Call Election Notice in accordance with, and subject to the terms of, this <u>Section 3.6(f)</u>, elect to purchase directly and acquire such Units (together with the surrender and delivery of the same number of Class B Shares) on the Redemption Date by paying to the Redeeming Member (or, on the Redeeming Member's written order, its designee) that number of Class A Shares the Redeeming Member (or its designee) would otherwise receive pursuant to <u>Section 3.6(a)(i)</u> or, at the election of PubCo (or such designated member(s) of the PubCo Holdings Group), an amount of cash equal to the Cash Election Amount of such Class A Shares (the "***Call Right***"), whereupon PubCo (or such designated member(s) of the PubCo Holdings Group) shall acquire the Units offered for redemption by the Redeeming Member (together with the surrender and delivery of the same number of Class B Shares to PubCo for cancellation). PubCo (or such designated member(s) of the

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PubCo Holdings Group) shall be treated for all purposes of this Agreement as the owner of such Units; *provided* that if the Cash Election Amount is funded other than through the issuance of Class A Shares, such Units will be reclassified into another Equity Security of the Company if the Managing Member determines such reclassification is necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) PubCo (or such designated member(s) of the PubCo Holdings Group) may, at any time prior to the Redemption Date, in its sole discretion deliver a written notice (a "***Call Election Notice***") to the Company and the Redeeming Member setting forth its election to exercise its Call Right. A Call Election Notice may be revoked by the applicable member of the PubCo Holdings Group at any time; *provided* that any such revocation does not prejudice the ability of the parties to consummate a Redemption on the Redemption Date. Except as otherwise provided by this <u>Section 3.6(f)</u>, an exercise of the Call Right shall be consummated pursuant to the same timeframe and in the same manner as the relevant Redemption would have been consummated if a member of the PubCo Holdings Group had not delivered a Call Election Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event that (i) the Members (other than the PubCo Holdings Group) beneficially own, in the aggregate, less than 5% of the then outstanding Units and (ii) the Class A Shares are listed or admitted to trading on a National Securities Exchange, PubCo (or such other member(s) of the PubCo Holdings Group designated by PubCo) shall have the right, in its sole discretion, to require all such Members to effect a Redemption of all (but not less than all) of such Member's Units (together with the surrender and delivery of the same number of Class B Shares); *provided* that a Cash Election shall not be permitted pursuant to such a Redemption under this <u>Section 3.6(g)</u>. PubCo (or such designated member(s) of the PubCo Holdings Group) shall deliver written notice to the Company and each such Member of its intention to exercise its Redemption right pursuant to this <u>Section 3.6(g)</u> (a "***Minority Member Redemption Notice***") (x) in the case of any such Member that beneficially owns at least 1% of the then-outstanding Units, at least one calendar year, or (y) in the case of any other such Member, at least five Business Days prior to the proposed date upon which such Redemption is to be effected (such proposed date, the "***Minority Member Redemption Date***"), indicating in such notice the number of Units (and corresponding Class B Shares) held by such Member that PubCo (or such designated member(s) of the PubCo Holdings Group) intends to require to be subject to such Redemption. Any Redemption pursuant to this <u>Section 3.6(g)</u> shall be effective on the Minority Member Redemption Date. From and after the Minority Member Redemption Date, (x) the Units and Class B Shares subject to such Redemption shall be deemed to be transferred to PubCo (or such designated member(s) of the PubCo Holdings Group) on the Minority Member Redemption Date and (y) such Member shall cease to have any rights with respect to the Units and Class B Shares subject to the Redemption (other than the right to receive Class A Shares pursuant to such Redemption). Following the delivery of a Minority Member Redemption Notice and on or prior to the Minority Member Redemption Date, the Members shall take all actions reasonably requested by PubCo (or such designated member(s) of the PubCo Holdings Group) to effect such Redemption, including taking any action and delivering any document required pursuant to the remainder of this <u>Section 3.6</u> to effect a Redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In connection with a PubCo Change of Control, PubCo shall have the right, in its sole discretion, to require each Member (other than members of the PubCo Holdings Group) to effect a Redemption of some or all of such Member's Units (together with the surrender and delivery of the same number of Class B Shares); *provided* that a Cash Election shall not be permitted pursuant to such a Redemption under this <u>Section 3.6(h)</u>. Any Redemption pursuant to this <u>Section 3.6(h)</u> shall be effective immediately prior to the consummation of the PubCo Change of Control (and, for the avoidance of doubt, shall not be effective if such PubCo Change of Control is not consummated) (the "***Change of Control Redemption Date***"). From and after the Change of Control Redemption Date, (i) the Units and Class B Shares subject to such Redemption shall be deemed to be transferred to PubCo (or such other member(s) of the PubCo Holdings Group designated by PubCo) on the Change of Control Redemption Date and (ii) such Member shall cease to have any rights with respect to the Units and Class B Shares subject to such

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Redemption (other than the right to receive Class A Shares pursuant to such Redemption (or, if applicable, the consideration to be paid for the Class A Shares in the PubCo Change of Control)). PubCo shall provide written notice of an expected PubCo Change of Control to all Members within the earlier of (x) five Business Days following the execution of the agreement with respect to such PubCo Change of Control and (y) ten Business Days before the proposed date upon which the contemplated PubCo Change of Control is to be effected, indicating in such notice such information as may reasonably describe the PubCo Change of Control transaction, subject to applicable Law, including the date of execution of such agreement and the proposed effective date, as applicable, the amount and types of consideration to be paid for Class A Shares in the PubCo Change of Control, any election with respect to types of consideration that a holder of Class A Shares shall be entitled to make in connection with such PubCo Change of Control, and the number of Units (and corresponding Class B Shares) held by such Member that PubCo intends to require to be subject to such Redemption (the "***PubCo Change of Control Information***"). Following delivery of such notice and on or prior to the Change of Control Redemption Date, the Members shall take all actions reasonably requested by PubCo to effect such Redemption, including taking any action and delivering any document required pursuant to the remainder of this <u>Section 3.6(h)</u> to effect a Redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Redemption shall impair the right of the Redeeming Member to receive any distributions payable on the Redeemed Units pursuant to such Redemption in respect of a record date that occurs prior to the Redemption Date for such Redemption. For the avoidance of doubt, no Redeeming Member, or a Person designated by a Redeeming Member to receive Class A Shares, shall be entitled to receive, with respect to such record date, distributions or dividends both on Redeemed Units and on Class A Shares received by such Redeeming Member, or other Person so designated, if applicable, in such Redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any Units acquired by the Company under this <u>Section 3.6</u> and transferred by the Company to any member of the PubCo Holdings Group shall remain outstanding and shall not be cancelled as a result of their acquisition by the Company. Notwithstanding any other provision of this Agreement, the applicable member(s) of the PubCo Holdings Group shall be automatically admitted as a Member of the Company with respect to any Units or other Equity Securities in the Company it receives under this Agreement (including under this <u>Section 3.6</u> in connection with any Redemption).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To the extent the Managing Member determines in Good Faith, after consultation with a nationally recognized law firm reasonably acceptable to the Board, that additional limitations and restrictions on Redemptions are necessary or appropriate to avoid undue risk that the Company may be classified as a "publicly traded partnership" within the meaning of Section 7704 of the Code, the Managing Member may impose such additional limitations or restrictions on Redemptions as the Managing Member has determined in Good Faith to be so necessary or appropriate, after consultation with a nationally recognized law firm reasonably acceptable to the Board.

# Article IV<br>ALLOCATIONS OF PROFITS AND LOSSES

## Section 4.1 <u>Profits and Losses</u>. After giving effect to the allocations under <u>Section 4.2</u>, Profits and Losses (and, to the extent determined by the Managing Member to be necessary and appropriate to achieve the resulting Capital Account balances described below, any allocable items of income, gain, loss, deduction or credit includable in the computation of Profits and Losses) for each Fiscal Year or other taxable period shall be allocated among the Members during such Fiscal Year or other taxable period in a manner such that, after giving effect to the special allocations set forth in <u>Section 4.2</u> and all distributions through the end of such Fiscal Year or other taxable period, the Capital Account balance of each Member, immediately after making such allocation, is, as nearly as possible, equal to (a) the amount such Member would receive pursuant to <u>Section 10.3(b)</u> if all assets of the Company on hand at the end of such Fiscal

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## Year or other taxable period were sold for cash equal to their Gross Asset Values, all Liabilities of the Company were satisfied in cash in accordance with their terms (limited with respect to each Nonrecourse Liability to the Gross Asset Value of the assets securing such Liability), and all remaining or resulting cash was distributed, in accordance with <u>Section 10.3(b)</u>, to the Members immediately after making such allocation, *minus* (b) such Member's share of Company Minimum Gain and Member Minimum Gain, computed immediately prior to the hypothetical sale of assets, and the amount any such Member is obligated, or treated as obligated, to contribute to the Company, computed immediately after the hypothetical sale of assets.

## Section 4.2 <u>Special Allocations</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Members on a pro rata basis, in accordance with the number of Units owned by each Member as of the last day of such Fiscal Year or other taxable period. The amount of Nonrecourse Deductions for a Fiscal Year or other taxable period shall equal the excess, if any, of the net increase, if any, in the amount of Company Minimum Gain during that Fiscal Year or other taxable period over the aggregate amount of any distributions during that Fiscal Year or other taxable period of proceeds of a Nonrecourse Liability that are allocable to an increase in Company Minimum Gain, determined in accordance with the provisions of Treasury Regulations Section 1.704-2(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Member who bears economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(i). If more than one Member bears the economic risk of loss for such Member Nonrecourse Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated among the Members according to the ratio in which they bear the economic risk of loss. This <u>Section 4.2(b)</u> is intended to comply with the provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Agreement to the contrary, if there is a net decrease in Company Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Company Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this <u>Section 4.2(c)</u>), each Member shall be specially allocated items of Company income and gain for such Fiscal Year or other taxable period in an amount equal to such Member's share of the net decrease in Company Minimum Gain during such year (as determined pursuant to Treasury Regulations Section 1.704-2(g)(2)). This section is intended to constitute a minimum gain chargeback under Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement except <u>Section 4.2(c)</u>, if there is a net decrease in Member Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Member Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this <u>Section 4.2(d)</u>), each Member shall be specially allocated items of Company income and gain for such year in an amount equal to such Member's share of the net decrease in Member Minimum Gain (as determined pursuant to Treasury Regulations Section 1.704-2(i)(4)). This section is intended to constitute a partner nonrecourse debt minimum gain chargeback under Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any provision hereof to the contrary except <u>Section 4.2(a)</u> and <u>Section 4.2(b)</u>, no Losses or other items of loss or expense shall be allocated to any Member to the extent that such

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allocation would cause such Member to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the end of such Fiscal Year or other taxable period. All Losses and other items of loss and expense in excess of the limitation set forth in this <u>Section 4.2(e)</u> shall be allocated to the Members who do not have an Adjusted Capital Account Deficit in proportion to their relative positive Capital Accounts but only to the extent that such Losses and other items of loss and expense do not cause any such Member to have an Adjusted Capital Account Deficit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any provision hereof to the contrary except <u>Section 4.2(c)</u> and <u>Section 4.2(d)</u>, in the event any Member unexpectedly receives any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a pro rata portion of each item of income, including gross income, and gain for the Fiscal Year or other taxable period) shall be specially allocated to such Member in an amount and manner sufficient to eliminate any Adjusted Capital Account Deficit of that Member as quickly as possible; *provided* that an allocation pursuant to this <u>Section 4.2(f)</u> shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this <u>Article IV</u> have been tentatively made as if this <u>Section 4.2(f)</u> were not in this Agreement. This <u>Section 4.2(f)</u> is intended to constitute a qualified income offset under Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If any Member has a deficit balance in its Capital Account at the end of any Fiscal Year or other taxable period that is in excess of the sum of (i) the amount that such Member is obligated to restore and (ii) the amount that the Member is deemed to be obligated to restore pursuant to the penultimate sentence of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), that Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible, *provided* that an allocation pursuant to this <u>Section 4.2(g)</u> shall be made only if and to the extent that such Member would have a deficit balance in its Capital Account in excess of such sum after all other allocations provided for in this <u>Article IV</u> have been made as if <u>Section 4.2(f)</u> and this <u>Section 4.2(g)</u> were not in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) or 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution to any Member in complete liquidation of such Member's Interest in the Company, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be allocated to the Members in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) if such section applies or to the Member to whom such distribution was made if Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The allocations set forth in <u>Sections 4.2(a)</u> through <u>Section 4.2(h)</u> (the "***Regulatory Allocations***") are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding any other provision of this <u>Article IV</u> (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future Regulatory Allocations) shall be taken into account in allocating other items of income, gain, loss and deduction among the Members so that, to the extent possible, the net amount of such allocation of other items and the Regulatory Allocations to each Member should be equal to the net amount that would have been allocated to each such Member if the Regulatory Allocations had not occurred. This <u>Section 4.2(i)</u> is intended to minimize to the extent possible and to the extent necessary any economic distortions which may result from application of the Regulatory Allocations and shall be interpreted in a manner consistent therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Items of income, gain, loss, expense or credit resulting from a Covered Audit Adjustment shall be allocated to the Members in accordance with the applicable provisions of the Partnership Tax Audit Rules.

## Section 4.3 <u>Allocations for Tax Purposes in General</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this <u>Section 4.3</u>**<u>,</u>** each item of income, gain, loss and deduction of the Company for U.S. federal income tax purposes shall be allocated among the Members in the same manner as such item is allocated under <u>Sections 4.1</u> and <u>4.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying the principles of Code Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and deduction with respect to any Company property having a Gross Asset Value that differs from such property's adjusted U.S. federal income tax basis shall, solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference using such method or methods determined by the Managing Member to be appropriate and in accordance with the applicable Treasury Regulations; *provided*, that the Managing Member will use the "traditional method" under Treasury Regulations Section 1.704-3(b) with respect to the assets owned by the Company at the time of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any (i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations Sections 1.1245-1(e) and 1.1254-5, to the Members who received the benefit of such deductions, and (ii) recapture of credits shall be allocated to the Members in accordance with applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Allocations pursuant to this <u>Section 4.3</u> are solely for purposes of U.S. federal, state and local taxes and shall not affect or in any way be taken into account in computing any Member's Capital Account or share of Profits, Losses, other items or distributions pursuant to any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, as a result of an exercise of a Non-Compensatory Option to acquire an interest in the Company, a Capital Account reallocation is required under Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3), the Company shall make corrective allocations pursuant to Treasury Regulations Section 1.704-1(b)(4)(x).

## Section 4.4 <u>Other Allocation Rules</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Members are aware of the income tax consequences of the allocations made by this <u>Article IV</u> and the economic impact of the allocations on the amounts receivable by them under this Agreement. The Members hereby agree to be bound by the provisions of this <u>Article IV</u> in reporting their share of Company income and loss for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions regarding the establishment and maintenance for each Member of a Capital Account and the allocations set forth herein are intended to comply with the Treasury Regulations and to reflect the intended economic entitlement of the Members. If the Managing Member determines, that the application of these provisions would result in non-compliance with the Treasury Regulations or would be inconsistent with the intended economic entitlement of the Members, the Managing Member is authorized to make any appropriate adjustments to such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All items of income, gain, loss, deduction and credit allocable to an interest in the Company that may have been Transferred shall be allocated between the Transferor and the Transferee based on the portion of the Fiscal Year or other taxable period during which each was recognized as the owner of such

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interest, without regard to the results of Company operations during any particular portion of that year and without regard to whether cash distributions were made to the Transferor or the Transferee during that year; *provided* that this allocation must be made in accordance with a method determined by the Managing Member and permissible under Code Section 706 and the Treasury Regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Members' proportionate shares of the "excess nonrecourse liabilities" of the Company, within the meaning of Treasury Regulations Section 1.752 3(a)(3), shall be (i) first allocated to the Members, pursuant to the additional method described in Treasury Regulations Section 1.752-3(a)(3) and then (ii) next allocated to the Members in accordance with the Members' share of Company profits, in each case as described in Treasury Regulations Section 1.752-3(a)(3), provided that, the Managing Member may use such other method or methods that are appropriate, in accordance with applicable Law and as described in Treasury Regulations Section 1.752-3(a)(3) to the extent such method or methods do not have an adverse impact on any Member without such Member's written consent (such consent not to be unreasonably withheld, conditioned or delayed).

# Article V<br>DISTRIBUTIONS

## Section 5.1 <u>Distributions</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Distributions</u>. To the extent permitted by applicable Law and this Agreement, and except as otherwise provided in <u>Section 10.3</u>, distributions to Members may be declared by the Managing Member out of funds legally available therefor in such amounts and on such terms (including the payment dates of such distributions) as the Managing Member shall determine using such record date as the Managing Member may designate; any such distribution shall be made to the Members as of the close of business on such record date on a pro rata basis (except that, for the avoidance of doubt, repurchases or redemptions made in accordance with <u>Section 3.1(f)</u> or payments made in accordance with <u>Sections 5.2(b)</u>, <u>6.4</u> or <u>6.9</u> need not be on a pro rata basis), in accordance with the number of Units owned by each Member as of the close of business on such record date; *provided* that the Managing Member shall have the obligation to make distributions as set forth in <u>Sections 5.2</u> and <u>10.3(b)(ii)</u>; and *provided further* that, notwithstanding any other provision in this Agreement to the contrary, no distributions shall be made to any Member on account of its Interest to the extent such distribution would violate the Act or other applicable Law. Promptly following the designation of a record date and the declaration of a distribution pursuant to this <u>Section 5.1</u>, the Managing Member shall give notice to each Member of the record date, the amount and the terms of the distribution and the payment date thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Successors</u>. For purposes of determining the amount of distributions, each Member shall be treated as having made the Capital Contributions and as having received the distributions made to or received by its predecessors in respect of any of such Member's Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Distributions In-Kind</u>. Except as otherwise provided in this Agreement, any distributions may be made in cash or in kind, or partly in cash and partly in kind, as determined by the Managing Member. To the extent that the Company distributes property in-kind to the Members, the Company shall be treated as making a distribution equal to the Fair Market Value of such property for purposes of <u>Section 5.1(a)</u> and such property shall be treated as if it were sold for an amount equal to its Fair Market Value. Any resulting gain or loss shall be allocated to the Member's Capital Accounts in accordance with <u>Sections 4.1</u> and <u>4.2</u>.

## Section 5.2 <u>Tax-Related Distributions</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall, subject to any restrictions contained in any agreement to which the Company is bound, make distributions out of legally available funds to all Members on a pro rata basis in

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accordance with <u>Section 5.1,</u> at such times and in such amounts as the Managing Member reasonably determines is necessary to enable the PubCo Holdings Group, in the aggregate, to timely satisfy any and all U.S. federal, state and local and non-U.S. tax obligations (including any Company Level Taxes, but excluding any obligations to remit any withholdings withheld from payments to third parties) owed by the PubCo Holdings Group, in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall, subject to any restrictions contained in any agreement to which the Company is bound, make distributions out of legally available funds on each TRA Distribution Date, to all Members on a pro rata basis in accordance with <u>Section 5.1</u> to the extent required to cause the PubCo Holdings Group to receive a distribution in an amount equal to the payment due under the Tax Receivable Agreement (or any other tax receivable agreement that the Company and PubCo may enter into) with respect to such TRA Distribution Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall, subject to any restrictions contained in any agreement to which the Company is bound and the Managing Member's Good Faith determination as to the amount of the Company's available cash (for the avoidance of doubt, taking into account any distributions reasonably expected to be made pursuant to <u>this Agreement</u> reasonably contemporaneously with such Tax Distribution Date), make distributions out of legally available funds on each Tax Distribution Date, to all Members on a pro rata basis in accordance with <u>Section 5.1</u> to the extent required to cause (x) any Member in which a 5% Owner (or any Affiliate thereof) holds a direct or indirect interest, *provided* that such Member has notified the Company of such status (unless the Company is otherwise aware of such status), and (y) each other Member (other than any member of the PubCo Holdings Group) who on such Tax Distribution Date holds (together with its Affiliates) at least 5% of the then-outstanding Units, to receive a distribution at least equal to such Member's Additional Tax Distribution Amount, if any, with respect to such Tax Distribution Date, *provided* that, to the extent that the Managing Member determines in Good Faith that the Company does not have sufficient available cash, the amount of any distributions otherwise required to be made on such Tax Distribution Date shall be decreased as among the Members on a pro rata basis in accordance with the relative amount of the distribution that otherwise would be required to be made to each Member pursuant to such clause; *provided further* that, for purposes of this <u>Section 5.2(c)</u>, the amount of the Company's available cash shall be determined by taking into account the following: (i) all Indebtedness, obligations and anticipated borrowing needs of the Company and its Subsidiaries, (ii) contractual obligations (including restrictions on distributions under, or required payments with respect to, any credit facilities and other Indebtedness), (iii) the extent to which the Company and its Subsidiaries may commercially reasonably draw on any undrawn lines of credit or other Indebtedness (considering, for the avoidance of doubt, the cost and other terms of such Indebtedness, the desired leverage ratio and net cash flow of the Company, the Company's ability to repay any additional borrowings, and any other factors the Managing Member may deem appropriate in its Good Faith discretion), and (iv) such cash reserves as the Managing Member determines in its Good Faith discretion to provide for the proper conduct of the business of the Company and its Subsidiaries (including reserves for planned or reasonably contemplated capital expenditures, future acquisitions, and future debt service).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each member of the PubCo Holdings Group and each 5% Owner, if such Member so elects in writing at least 15 Business Days in advance of a Tax Distribution Date, shall be entitled to make a cash contribution to the Company, in an amount not greater than the amount of cash received by such Member pursuant to <u>Section 5.2(c)</u> on such Tax Distribution Date, in exchange for the issuance by the Company to such Member of a number of Units equal to (A) the amount of cash contributed to the Company divided by (B) the Unit Reinvestment Price as of such Tax Distribution Date; *provided* that to the extent any such contribution would give rise to the issuance of fractional Units pursuant to the foregoing formula, but taking into account any recapitalization

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of Units pursuant to <u>Section 5.2(d)(ii)</u>, such cash shall be retained by the contributing Member and no fractional Units shall be issued. Any such contribution and issuance of Units shall be made on such Tax Distribution Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Effective at the end of such Tax Distribution Date, the Company shall recapitalize its Units (by reverse Unit split, cancellation or otherwise as determined by the Managing Member) to the extent necessary to cause the aggregate number of Units held by the PubCo Holdings Group to equal the number of Class A Shares outstanding, and the Company, the Five Point Representative and PubCo, as applicable, shall make adjustments to the number of Class B Shares outstanding (including, for the avoidance of doubt, the issuance of new Class B Shares or the cancellation of existing Class B Shares) as may be necessary or appropriate such that each Member (other than any member of the PubCo Holdings Group) holds one Class B Share per Unit held by such Member after taking into account such recapitalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that the Company makes a material distribution pursuant to <u>Section 5.2(a)</u> or <u>Section 5.2(b)</u>, the Company shall provide notice to the members of the PubCo Holdings Group and each 5% Owner reasonably in advance of such distribution, and the provisions of <u>Sections 5.2(d)(i)</u> and <u>(ii)</u> shall apply in respect of such distribution as if it were made on a Tax Distribution Date pursuant to <u>Section 5.2(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For U.S. federal income (and applicable state and local) tax purposes, any contribution by a Member pursuant to this <u>Section 5.2(d)</u> shall not be treated as a contribution in exchange for the issuance of new Units, but instead the distribution to such Member pursuant to <u>Section 5.2(a)</u>, <u>Section 5.2(b)</u> or <u>Section 5.2(c)</u>, as applicable, shall be treated as having been reduced by the amount of such contribution.

## Section 5.3 <u>Distribution Upon Resignation</u>. No resigning Member shall be entitled to receive any distribution or the value of such Member's Interest in the Company as a result of resignation from the Company prior to the liquidation, dissolution or termination of the Company, except as specifically provided in this Agreement.

## Section 5.4 <u>Issuance of New Equity Securities</u>. This <u>Article V</u> shall be subject to and, to the extent necessary, amended to reflect the issuance by the Company of any additional Equity Securities.

# Article VI<br>MANAGEMENT

## Section 6.1 <u>The Managing Member; Fiduciary Duties</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) PubCo shall be the sole Managing Member of the Company. Except as otherwise required by applicable Law, (i) the Managing Member shall have full and complete charge of all affairs of the Company, (ii) the management and control of the Company's business activities and operations shall rest exclusively with the Managing Member, and the Managing Member shall make all decisions regarding the business, activities and operations of the Company (including the incurrence of costs and expenses) in the Managing Member's sole discretion without the consent of any other Member and (iii) no Member other than the Managing Member (in such Member's capacity as a Member) shall participate in the control, management, direction or operation of the activities or affairs of the Company or have the power to act for or bind the Company. The Managing Member shall not be compensated for its services as Managing Member of the Company except as expressly provided in this Agreement or approved by Members holding a majority of the outstanding Units. To the fullest extent permitted by applicable Law and notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of

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Law or equity or otherwise, whenever in this Agreement a Person is permitted or required to make a decision in its "sole discretion" or "discretion" or under a grant of similar authority or latitude, such Person shall be entitled to consider only such interests and factors as such Person desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the performance of its duties as the Managing Member of the Company, except as otherwise set forth herein, including <u>Section 6.1(a)</u>, <u>Section 6.1(c)</u> and <u>Section 7.4</u>, the Managing Member acknowledges that it will owe to the Company and the Members the same fiduciary duties as it would owe to a Delaware corporation and the stockholders thereof, respectively, if it were a member of the board of directors of such a corporation and the Members were stockholders of such a corporation. The Members acknowledge that the Managing Member will take action through the Board, and that the members of the Board will owe comparable fiduciary duties to the members of the Managing Member as set forth, and subject to the limitations, in the PubCo LLCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any resolution or course of action by the Managing Member in respect of any conflict of interest shall be permitted and deemed approved by all Members, and shall not constitute a breach of this Agreement, of any agreement contemplated herein, or of any duty stated or implied by Law or in equity, including any fiduciary duty, if the resolution or course of action in respect of such conflict of interest is resolved by the Managing Member through the procedures set forth in, and in accordance with, Section 6.4 of the PubCo LLCA. If Special Approval (as defined in the PubCo LLCA) is not sought and the Managing Member approved the resolution or course of action taken with respect to a conflict of interest pursuant to either of the standards set forth in clauses (iii) or (iv) of Section 6.4(a) of the PubCo LLCA, then it shall be presumed that, in making its decision, the Managing Member acted in accordance with any and all of its duties, whether express or implied, in equity or otherwise, and in any proceeding brought by any Person challenging such approval, the Person bringing or prosecuting such proceeding shall have the burden of overcoming such presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, the Act or any applicable Law, each Member and each other Person who may acquire an Interest or that is otherwise bound by this Agreement hereby (i) approves, ratifies and confirms the execution, delivery and performance by the parties hereto and thereto of this Agreement, the Contribution Agreement, the Tax Receivable Agreement and the other agreements described herein or therein (in each case other than this Agreement, without giving effect to any amendments, supplements or restatements thereof entered into after the date such Person becomes bound by the provisions of this Agreement); (ii) agrees that the Company (and any Officer or officer or director of the Managing Member on behalf of the Company) is authorized to execute, deliver and perform the agreements referred to in clause (i) of this sentence without any further act, approval or vote of the Members or the other Persons who may acquire an Interest or are otherwise bound by this Agreement; and (iii) agrees that the execution, delivery or performance by the Company, any other Group Member or any Affiliate of any of them (or any officer or director of any of the foregoing on behalf of such Person) of this Agreement or any agreement expressly authorized or permitted under this Agreement shall not constitute a breach by such Person (or officer or director of such Person) of any duty that such Person (or officer or director of such Person) may owe the Company or the Members or any other Persons under this Agreement (or any other agreements) or of any duty existing at Law, in equity or otherwise.

## Section 6.2 <u>Officers</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Managing Member may appoint, employ or otherwise contract with any Person for the transaction of the business of the Company or the performance of services for or on behalf of the Company, and the Managing Member may delegate to any such Persons such authority to act on behalf of the Company as the Managing Member may from time to time deem appropriate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth herein, the Managing Member may appoint one or more officers of the Company (each, an "***Officer***") at any time, and the Officers may include a president, one or more vice presidents, a secretary, one or more assistant secretaries, a chief executive officer, a chief financial officer, a general counsel, a treasurer, one or more assistant treasurers, a chief operating officer, an executive chairman, and any other Officers that the Managing Member deems appropriate. Except as set forth herein, the Officers will serve at the pleasure of the Managing Member, subject to all rights, if any, of such Officer under any contract of employment. Any individual may hold any number of offices, and an Officer may, but need not, be a Member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to this Agreement and to the rights, if any, of an Officer under a contract of employment, any Officer may be removed, either with or without cause, by the Managing Member. Any Officer may resign at any time by giving written notice to the Managing Member. Any resignation will take effect at the date of the receipt of that notice or at any later time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation will not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Company under any contract to which the Officer is a party. A vacancy in any office because of death, resignation, removal, disqualification or any other cause will be filled in the manner prescribed in this Agreement for regular appointments to that office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless the Managing Member decides otherwise, if an Officer's title is one commonly used for an officer of a Delaware corporation, the assignment of such title shall constitute the delegation to such Officer of the authority and duties that are normally associated with that office if such Officer held such office for a Delaware corporation, subject to any restrictions on such authority imposed by the Managing Member. In connection with the performance of their duties as Officers, the Officers shall owe to the Company and the Members the same fiduciary duties as they would owe if the Company was a Delaware corporation and the Members were stockholders thereof, except as otherwise set forth herein, including <u>Section 6.1(c)</u> and <u>Section 7.4</u>.

## Section 6.3 <u>Warranted Reliance on Others</u>. In exercising their authority and performing their duties under this Agreement, the Managing Member and the Officers shall be entitled to rely on information, opinions, reports, or statements of the following Persons or groups unless they have actual knowledge concerning the matter in question that would cause such reliance to be unwarranted:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one or more employees or other agents of the Company or subordinates whom the Managing Member or Officer believes to be reliable and competent in the matters presented; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any attorney, public accountant, financial advisor, investment banker or other Person as to matters which the Managing Member or Officer believes to be within such Person's professional or expert competence.

## Section 6.4 <u>Indemnification</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall indemnify and hold harmless, to the fullest extent permitted by applicable Law as it presently exists or may hereafter be amended (*provided* that no such amendment shall limit a Covered Person's rights to indemnification hereunder with respect to any actions or events occurring prior to such amendment), any Person who was or is made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed Action, suit or proceeding, whether civil, criminal, administrative or investigative (a "**<u>Proceeding</u>**") by reason of the fact that he, or a Person for whom he is the legal representative, is or was (w) a Person entitled to indemnification under the Existing LLC Agreement, (x) a Member, an Officer, or acting as the Managing Member or Company Representative or, while a Managing Manager (as defined in the Existing LLC Agreement), entitled to indemnification

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under the Existing LLC Agreement, (y) a Member, an Officer, or acting as the Managing Member or Company Representative, or (z) is or was serving at the request of the Company as a member, director, officer, trustee, employee or agent of another limited liability company or of a corporation, partnership, joint venture, trust, other enterprise or nonprofit entity, including service with respect to an employee benefit plan (each, a "**<u>Covered Person</u>**"), whether the basis of such Proceeding is an alleged action or failure to take action in an official capacity as a member, director, officer, trustee, employee or agent, or in any other capacity while serving as a member, director, officer, trustee, employee or agent, against all expenses, Liability and loss (including, without limitation, attorneys' fees, judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement), reasonably incurred or suffered by such Covered Person in connection with such Proceeding. The Company shall, to the fullest extent not prohibited by applicable Law as it presently exists or may hereafter be amended (*provided* that no such amendment shall limit a Covered Person's rights to indemnification hereunder with respect to any actions or events occurring prior to such amendment), pay the expenses (including attorneys' fees) incurred by a Covered Person in defending any Proceeding in advance of its final disposition; *provided* that to the extent required by applicable Law, such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it should be ultimately determined by final judicial decision from which there is no further right to appeal that the Covered Person is not entitled to be indemnified under this <u>Section 6.4</u> or otherwise. The rights to indemnification and advancement of expenses under this <u>Section 6.4</u> shall be contract rights and such rights shall continue as to a Covered Person who has ceased to be a member, director, officer, trustee, employee or agent and shall inure to the benefit of his heirs, executors and administrators. Notwithstanding the foregoing provisions of this <u>Section 6.4</u>, except for Proceedings to enforce rights to indemnification and advancement of expenses, the Company shall, to the fullest extent permitted by applicable Law, indemnify and advance expenses to a Covered Person in connection with a Proceeding (or part thereof) initiated by such Covered Person only if such Proceeding (or part thereof) was authorized by the Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by applicable Law, no Covered Persons shall be liable to the Company, any Subsidiary, any director, any Officer, any Member or any holder of any Equity Security in the Company or any Subsidiary by virtue of being an Covered Person or for any acts or omissions in his capacity as a Covered Person or otherwise in connection with this Agreement or the business and affairs of the Company and its Subsidiaries.

## Section 6.5 <u>Maintenance of Insurance or Other Financial Arrangements</u>. In compliance with applicable Law, the Company (with the approval of the Managing Member) may purchase and maintain insurance or make other financial arrangements on behalf of any Person who is or was a Member, Officer, employee or agent of the Company, or at the request of the Company is or was serving as a manager, director, officer, employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise, for any Liability asserted against such Person and Liability and expenses incurred by such Person in such Person's capacity as such, or arising out of such Person's status as such, whether or not the Company has the authority to indemnify such Person against such Liability and expenses.

## Section 6.6 <u>Resignation or Termination of Managing Member</u>. PubCo shall not, by any means, resign as, cease to be or be replaced as Managing Member except in compliance with this <u>Section 6.6</u>. No termination or replacement of PubCo as Managing Member shall be effective unless proper provision is made, in compliance with this Agreement, so that the obligations of PubCo, its successor (if applicable) and any substitute Managing Member and the rights of all Members under this Agreement and applicable Law remain in full force and effect. No appointment of a Person other than PubCo (or its successor, as applicable) as Managing Member shall be effective unless PubCo (or its successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such other Members against PubCo (or its successor, as applicable) and the new Managing Member (as applicable), to cause (a) PubCo to comply with all its obligations under this

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## Agreement (including its obligations under <u>Section 3.6</u>) other than those that must necessarily be taken in its capacity as Managing Member and (b) the new Managing Member to comply with all the Managing Member's obligations under this Agreement.

## Section 6.7 <u>No Inconsistent Obligations</u>. The Managing Member represents that it does not have any contracts, other agreements, duties or obligations that are inconsistent with its duties and obligations (whether or not in its capacity as Managing Member) under this Agreement and covenants that, except as permitted by <u>Section 6.1</u>, it will not enter into any contracts or other agreements or undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations.

## Section 6.8 <u>Reclassification Events of PubCo</u>. If a Reclassification Event occurs, the Managing Member or its successor, as the case may be, shall, as and to the extent necessary, amend this Agreement in compliance with <u>Section 11.1</u>, and enter into any necessary supplementary or additional agreements, to ensure that, following the effective date of the Reclassification Event: (a) the redemption rights of holders of Units set forth in <u>Section 3.6</u> provide that each Unit (together with the surrender and delivery of one Class B Share) is redeemable for the same amount and same type of property, securities or cash (or combination thereof) that one Class A Share becomes exchangeable for or converted into as a result of the Reclassification Event and (b) PubCo or the successor to PubCo, as applicable, is obligated to deliver such property, securities or cash upon such redemption. PubCo shall not consummate or agree to consummate any Reclassification Event unless the successor Person, if any, becomes obligated to comply with the obligations of PubCo (in whatever capacity) under this Agreement.

## Section 6.9 <u>Certain Costs and Expenses</u>. The Company shall (a) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company and its Subsidiaries (including the costs, fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company and its Subsidiaries) incurred in pursuing and conducting, or otherwise related to, the activities of the Company and (b) in the sole discretion of the Managing Member, reimburse the Managing Member for any costs, fees or expenses incurred by it in connection with serving as the Managing Member. To the extent that the Managing Member determines in its sole discretion that any costs, fees or expenses of any member of the PubCo Holdings Group are related to the business and affairs of the Company or of the Managing Member that are conducted through the Company and/or its Subsidiaries (including expenses that relate to the business and affairs of the Company and/or its Subsidiaries and that also relate to other activities of the Managing Member or any other member of the PubCo Holdings Group), the Managing Member may cause the Company to pay or bear all expenses of such member of the PubCo Holdings Group, including, without limitation, costs of securities offerings not borne directly by Members, board of directors compensation and meeting costs, costs of periodic reports to stockholders of PubCo, litigation costs and damages arising from litigation, accounting and legal costs; *provided* that the Company shall not pay or bear any income tax obligations of any member of the PubCo Holdings Group or any payments made pursuant to the Tax Receivable Agreement other than in a manner that is expressly contemplated under this Agreement. Notwithstanding the foregoing, the PubCo Holdings Group shall bear any reasonable, documented out-of-pocket cost or expense incurred by the Company that is related to the administration of, and determination of the amounts payable under, the Tax Receivable Agreement, either by (at the Managing Member's option) (x) the PubCo Holdings Group's reimbursing the Company for any such costs and expenses out of excess cash on hand or (y) the Company's making a distribution to all Members pursuant to <u>Section 5.1(a)</u> such that the PubCo Holdings Group would (but for this <u>clause (y)</u>) receive a distribution equal to the amount of any such costs and expenses, but reducing such distribution to PubCo by the amount of any such costs and expenses. In the event that (i) Class A Shares or other Equity Securities of PubCo are sold to underwriters in any Public Offering after the Effective Time, in each case, at a price per share that is lower than the price per share for which such Class A Shares or other Equity Securities of PubCo are sold to the public in such Public Offering after taking into account any Discounts and (ii) the proceeds from such Public Offering are used to fund the Cash Election Amount

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## for any Redeemed Units or otherwise contributed to the Company, the Company shall reimburse the applicable member of the PubCo Holdings Group for such Discount by treating such Discount as an additional Capital Contribution made by the relevant member of the PubCo Holdings Group to the Company, with the Company issuing Units in respect of such deemed Capital Contribution in accordance with <u>Section 3.6(b)(ii)</u>, and increasing such member's Capital Account by the amount of such Discount. For the avoidance of doubt, any payments made to or on behalf of the Managing Member or any other member of the PubCo Holdings Group pursuant to this <u>Section 6.9</u> shall not be treated as a distribution pursuant to <u>Section 5.1(a)</u> but shall instead be treated as an expense of the Company.

# Article VII<br>ROLE OF MEMBERS

## Section 7.1 <u>Rights or Powers</u>. Other than the Managing Member, the Members, acting in their capacity as Members, shall not have any right or power to take part in the management or control of the Company or its business and affairs or to act for or bind the Company in any way. Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the Act. A Member, any Affiliate thereof or an employee, equityholder, agent, director or officer of a Member or any Affiliate thereof, may also be an employee or be retained as an agent of the Company. Except as specifically provided herein, a Member (other than the Managing Member) shall not, in its capacity as a Member, take part in the operation, management or control of the Company's business, transact any business in the Company's name or have the power to sign documents for or otherwise bind the Company.

## Section 7.2 <u>Voting</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Meetings of the Members of the Company may be called by the Managing Member upon the written request of Members holding at least 50% of the outstanding Units. Such request shall state the location of the meeting and the nature of the business to be transacted at the meeting. Written notice of any such meeting shall be given to all Members not less than two Business Days and not more than 30 days prior to the date of such meeting. Members may vote in person, by proxy or by telephone at any meeting of the Members and may waive advance notice of such meeting. Whenever the vote or consent of Members is permitted or required under this Agreement, such vote or consent may be given at a meeting of the Members or may be given in accordance with the procedure prescribed in this <u>Section 7.2</u>. Except as otherwise expressly provided in this Agreement, the affirmative vote of the Members holding a majority of the outstanding Units shall constitute the act of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Member may authorize any Person or Persons to act for it by proxy on all matters in which such Member is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by such Member or its attorney-in-fact. No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Member executing it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each meeting of Members shall be conducted by an Officer designated by the Managing Member or such other natural Person as the Managing Member deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On any matter that is to be voted on, consented to or approved by Members, the Members may take such action without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, shall be signed by the Members having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Members entitled to vote thereon were present and voted.

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## Section 7.3 <u>Various Capacities</u>. The Members acknowledge and agree that the Members or their Affiliates will from time to time act in various capacities, including as a Member, Managing Member and as the Company Representative.

## Section 7.4 <u>Outside Activities</u>. To the fullest extent permitted by applicable Law, notwithstanding any duty otherwise existing at Law or in equity, the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to any Member, any of their respective Affiliates, or any of their respective officers, directors, agents, shareholders, members, and partners (each, an "*Opportunities Exempt Party* "). The Company renounces any interest or expectancy of the Company in, or in being offered an opportunity to participate in, or right to be offered an opportunity to participate in, any business opportunity which may be available to or known by an Opportunities Exempt Party. No Opportunities Exempt Party who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company or any of its Subsidiaries shall have any duty to communicate or offer such opportunity to the Company. No Opportunities Exempt Party shall have any obligation hereunder, or as a result of any duty expressed or implied by applicable Law, to present, offer or communicate business opportunities to the Members, the Company or its Affiliates that may become available to or known by such Opportunity Exempt Party; *provided* that such Opportunities Exempt Party may not engage in such business opportunities using confidential or proprietary information provided by or on behalf of the Company or any of its Subsidiaries to such Opportunities Exempt Party. No amendment or repeal of this <u>Section 7.4</u> shall apply to or have any effect on the Liability or alleged Liability of any Opportunities Exempt Party for or with respect to any opportunities of which any such Opportunities Exempt Party becomes aware prior to such amendment or repeal. Any Person purchasing or otherwise acquiring any interest in any Units shall be deemed to have notice of and consented to the provisions of this <u>Section 7.4</u>. Neither the alteration, amendment or repeal of this <u>Section 7.4</u>, nor the adoption of any provision of this Agreement inconsistent with this <u>Section 7.4</u>, shall eliminate or reduce the effect of this <u>Section 7.4</u> in respect of any business opportunity first identified or any other matter occurring, or any cause of action, suit or claim that, but for this <u>Section 7.4</u>, would accrue or arise, prior to such alteration, amendment, repeal or adoption. The Members expressly acknowledge and agree that, subject to the terms of any other agreement to which they may be bound, notwithstanding any duty otherwise existing at Law or in equity, the Members and their respective Affiliates are permitted to have, and may presently or in the future have, investments or other business relationships with entities engaged in the business of the Company or any of its Subsidiaries other than through the Company or any of its Subsidiaries. Without limiting the other provisions of this Agreement and except as otherwise set forth herein, no Member shall owe any fiduciary duties to the Company or any other Member or any other Person bound by this Agreement with respect to actions taken by such Member in such Member's capacity as such; *provided* that the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing.

# Article VIII<br>TRANSFERS OF INTERESTS

## Section 8.1 <u>Restrictions on Transfer</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Section 3.6</u> or this <u>Article VIII</u>, no Member shall Transfer all or any portion of its Interest without the Managing Member's prior written consent. If, notwithstanding the provisions of this <u>Section 8.1(a)</u>, all or any portion of a Member's Interests are Transferred in violation of this <u>Section 8.1(a)</u>, involuntarily, by operation of Law or otherwise, then without limiting any other rights and remedies available to the other parties under this Agreement or otherwise, the Transferee of such Interest (or portion thereof) shall not be admitted to the Company as a Member or be entitled to any rights as a Member hereunder, and the Transferor will continue to be bound by all obligations hereunder, unless and until the Managing Member consents in writing to such admission. Any attempted or purported Transfer of all or a portion of a Member's Interests in violation of this <u>Section 8.1(a)</u> shall be, to the fullest

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extent permitted by applicable Law, null and void and of no force or effect whatsoever. Notwithstanding anything to the contrary herein, no Class B Shares may be Transferred unless a corresponding number of Units are Transferred therewith to the same Person receiving such Class B Shares in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding <u>Section 8.1(a)</u>, without the Managing Member's consent, a Member may Transfer all or a portion of its Units (together with the same number of Class B Shares) to a Permitted Transferee. In the case of multiple immediately successive Transfers, the provisions of this <u>Section 8.1(b)</u> shall apply *mutatis mutandis* to any Permitted Transferee as though such Permitted Transferee were admitted as a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to any other restrictions on Transfer herein contained, including the provisions of this <u>Article VIII</u>, in no event may any Transfer or assignment of Interests by any Member be made (i) to any Person who lacks the legal right, power or capacity to own Interests; (ii) to any Person who is not a "U.S. Person" (within the meaning of Section 7701(a)(30) of the Code); (iii) if such Transfer (A) would be considered to be effected on or through an "established securities market" or a "secondary market or the substantial equivalent thereof," as such terms are used in Treasury Regulations Section 1.7704-1, (B) would result in the Company having more than 100 partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)), or (C) would cause the Company to be treated as a "publicly traded partnership" within the meaning of Section 7704 of the Code or a successor provision or to be classified as a corporation pursuant to the Code or successor of the Code; (iv) if such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a "party-ininterest" (as defined in Section 3(14) of ERISA) or a "disqualified person" (as defined in Section 4975(e)(2) of the Code); (v) if such Transfer would, in the opinion of counsel to the Company, cause any portion of the assets of the Company to constitute assets of any employee benefit plan pursuant to the Plan Asset Regulations or otherwise cause the Company to be subject to regulation under ERISA; (vi) if such Transfer requires the registration of such Interests or any Equity Securities issued upon any exchange of such Interests, pursuant to any applicable U.S. federal or state securities Laws; or (vii) if such Transfer subjects the Company to regulation under the Investment Company Act or the Investment Advisors Act of 1940, as amended (or any succeeding Laws). Any attempted or purported Transfer of all or a portion of a Member's Interests in violation of this <u>Section 8.1(c)</u> shall be null and void and of no force or effect whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding <u>Section 8.1(a)</u>, but subject to the other provisions in this <u>Article VIII</u>, a Member may Transfer all or a portion of its Units (together with the same number of Class B Shares) to any other Person without the consent of the Managing Member, provided that any such Transfer is a Transfer of not less than 5% of the then-outstanding Units to a single Transferee.

## Section 8.2 <u>Notice of Transfer</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than in connection with Transfers made pursuant to <u>Section 3.6</u>, each Member shall, after complying with the provisions of this Agreement, but in any event at least ten Business Days following any Transfer of Interests, give written notice to the Company of such Transfer. Each such notice shall describe the manner and circumstances of the Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Member making a Transfer permitted by this Agreement shall (i) (A) at least five Business Days prior to such Transfer, deliver to the Company an affidavit of non-foreign status with respect to such Member that satisfies the requirements of Section 1446(f)(2) of the Code, or (B) no more than 15 Business Days following such Transfer, provide to the Company proof that the transferee Member has properly withheld and remitted to the Internal Revenue Service the amount of tax required to be withheld upon the Transfer by Section 1446(f) of the Code, and (ii) at least five Business Days prior to such Transfer,

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deliver to the Company a properly completed and executed IRS Form W-9 (dated no earlier than 20 days prior to the Transfer) with respect to such transferee Member.

## Section 8.3 <u>Transferee Members</u>. A Transferee of Interests pursuant to this <u>Article VIII</u> shall have the right to become a Member only if (a) the requirements of this <u>Article VIII</u> are met, (b) such Transferee executes an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement and assuming all of the Transferor's then existing and future Liabilities arising under or relating to this Agreement, (c) such Transferee represents that the Transfer was made in accordance with this Agreement and all applicable securities Laws, and (d) if such Transferee is a natural person and he or his spouse is a resident of a community property jurisdiction, then such Transferee's spouse shall also execute an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement to the extent of her community property or quasi-community property interest, if any, in such Member's Interest. Unless agreed to in writing by the Managing Member, the admission of a Member shall not result in the release of the Transferor from any Liability that the Transferor may have to each remaining Member or to the Company under this Agreement or any other Contract between the Managing Member, the Company or any of its Subsidiaries, on the one hand, and such Transferor or any of its Affiliates, on the other hand. Written notice of the admission of a Member shall be sent promptly by the Company to each remaining Member.

## Section 8.4 <u>Legend</u>. Each certificate representing a Unit, if any, will be stamped or otherwise imprinted with a legend in substantially the following form (or if Units are issued in book-entry form, a notation in the following form will be maintained in the Company's or Transfer Agent's, as applicable, ownership ledger):
"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT").

THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER THE ACT.

THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF WBI OPERATING LLC DATED AS OF SEPTEMBER 18, 2025 AMONG THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH SECURITIES."

# Article IX<br>ACCOUNTING; CERTAIN TAX MATTERS

## Section 9.1 <u>Books of Account</u>. The Managing Member shall keep or cause to be kept at the principal office of the Company appropriate books and records with respect to the Company's business, including all books and records necessary to provide to the Members any information required pursuant to this Agreement. The books of the Company shall be maintained, for tax and financial reporting purposes, in accordance with U.S. GAAP. The Company shall permit each holder of at least 5% of the outstanding Units and each of its respective designated representatives, at such Member's sole cost and expense, to examine the books and records of the Company at the principal office of the Company or such other location

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## as the Managing Member shall reasonably approve during normal business hours and upon reasonable notice for any purpose reasonably related to such Member's interest as a member of the Company.

## Section 9.2 <u>Tax Elections</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company and any eligible Subsidiary shall make an election (or continue a previously made election) pursuant to Section 754 of the Code for the taxable year of the Company that includes the date hereof and shall not thereafter revoke such election. In addition, the Company shall make the following elections on the appropriate forms or tax returns, if permitted under the Code or applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to adopt the calendar year as the Company's Fiscal Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to adopt the accrual method of accounting for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to elect to amortize the organizational expenses of the Company as permitted by Section 709(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except where the Company Representative elects to apply <u>Section 9.5(e)</u>, to elect the application of Section 6226(a) of the Code with respect to any imputed underpayment, commonly known as the "push out" election, or any analogous election under state or local tax Law, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) except as otherwise provided herein, any other election the Company Representative may deem appropriate and in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon request of the Company Representative, each Member shall cooperate in Good Faith with the Company in connection with the Company's efforts to make any election pursuant to this <u>Section 9.2</u>.

## Section 9.3 <u>Tax Returns; Information</u>. The Company Representative shall arrange for the preparation and timely filing of all income and other tax and informational returns of the Company at the sole cost and expense of the Company (except as set forth in <u>Section 6.9</u>). For any taxable period (or portion thereof) during which any 5% Owner, Five Point Member or any of their respective Affiliates held any direct or indirect interest (other than through PubCo) in the Company, 14 days prior to filing the U.S. federal income tax return of the Company, the Company Representative shall provide a copy of the Company's draft of such tax return to each of the Five Point Representative and DVN JV Holdco for review and comment. The Company Representative shall consider in good faith any comments received from the Five Point Representative and DVN JV Holdco. The Company Representative shall furnish to each Member (i) a copy of each approved return and statement, together with any schedules (including Schedule K-1) or other information which a Member may require in connection with such Member's own tax affairs as soon as practicable after the end of each Fiscal Year and (ii) no more than once per quarter of each Fiscal Year, promptly upon the request of such Member, a good faith estimate as of such date of such Member's allocable share of all items of income, gain, loss, deduction and credit associated with its Units. Each Member acknowledges and agrees that such Member may be required to file tax returns on an extended basis. The Members agree to (a) take all actions reasonably requested by the Company or the Company Representative to comply with the Partnership Tax Audit Rules, and (b) furnish to the Company (i) all reasonably requested certificates or statements relating to the tax matters of the Company (including without limitation an affidavit of non-foreign status pursuant to Section 1446(f)(2) of the Code), and (ii) all pertinent information in its possession relating to the Company's operations that is reasonably necessary to enable the Company's tax returns to be prepared and timely filed.

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## Section 9.4 <u>Company Representative</u>. The Managing Member is specially authorized and appointed to act as the Company Representative (and in any similar capacity under state or local Law) at the sole cost and expense of the Company (except as set forth in <u>Section 6.9</u>). In acting as the Company Representative, the Managing Member shall act, to the maximum extent possible, to cause income, gain, loss, deduction, credit of the Company and adjustments thereto, to be allocated or borne by the Members in the same manner as such items or adjustments would have been borne if the Company could have effectively made an election under Section 6221(b) of the Code (commonly known as the "election out") or similar state or local provision with respect to the taxable period at issue. The Company Representative may retain, at the Company's expense, such outside counsel, accountants and other professional consultants as it may reasonably deem necessary in the course of fulfilling its obligations as Company Representative. With respect to any taxable period (or portion thereof) during which any 5% Owner, Five Point Member or any of their respective Affiliates held any direct or indirect interest (other than through PubCo) in the Company: (a) the Company Representative shall (i) consult with DVN JV Holdco and the Five Point Representative and consider in good faith their respective recommendations prior to taking any material action in its capacity as the Company Representative under this Agreement, (ii) keep DVN JV Holdco and each Five Point Member informed of the status of any audit or other proceeding relating to the tax matters of the Company, and (iii) give prompt written notice to DVN JV Holdco and each Five Point Member of any material notices it receives from any taxing authority concerning Company tax matters, including any notice of audit, any notice of action with respect to a revenue agent's report, any notice of a 30-day appeal letter and any notice of a deficiency in tax; and (b) neither the Company Representative nor the Company shall settle or compromise any such audit or other proceeding without the prior written consent of each of DVN JV Holdco and the Five Point Representative, such consent not to be unreasonably withheld, conditioned, or delayed.

## Section 9.5 <u>Withholding Tax Payments and Obligations</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Withholding Tax Payments</u>. Each of the Company and its Subsidiaries may withhold from distributions, allocations or portions thereof if it is required to do so by any applicable Law, and each Member hereby authorizes the Company and its Subsidiaries to withhold or pay on behalf of or with respect to such Member any amount of U.S. federal, state or local or non-U.S. taxes that the Company Representative determines, in Good Faith, that the Company or any of its Subsidiaries is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Tax Audits</u>. To the extent that any income tax is paid by the Company or any of its Subsidiaries as a result of an audit or other proceeding with respect to such tax and the Company Representative determines, in Good Faith, that such tax specifically relates to one or more particular Members (including any Company Level Taxes), such tax shall be treated as an amount of taxes withheld or paid with respect to such Member pursuant to this <u>Section 9.5</u>. Notwithstanding any provision to the contrary in this <u>Section 9.5</u>, the payment by the Company of Company Level Taxes shall, consistent with the Partnership Tax Audit Rules, be treated as the payment of a Company obligation and shall be treated as paid with respect to a Member to the extent the deduction with respect to such payment is allocated to such Member pursuant to <u>Section 4.2(j)</u>, and such payment shall not be treated as a withholding from distributions, allocations, or portions thereof with respect to a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Contribution and Indemnity Obligation</u>. Any amounts withheld or paid with respect to a Member pursuant to <u>Section 9.5(a)</u> or <u>(b)</u> shall be offset against any distributions to which such Member is entitled concurrently with such withholding or payment (a "***Tax Offset***"); *provided* that the amount of any distribution subject to a Tax Offset shall be treated as having been distributed to such Member pursuant to <u>Section 5.1</u>, <u>Section 5.2</u> or <u>Section 10.3(b)(ii)</u> at the time such Tax Offset is made. To the extent that (i) there is a payment of Company Level Taxes relating to a Member or (ii) the amount of such Tax Offset

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exceeds the distributions to which such Member is entitled during the same Fiscal Year as such withholding or payment <u>(</u>"***Excess Tax Amount***"), the amount of such (A) Company Level Taxes or (B) Excess Tax Amount, as applicable, shall, upon notification to such Member by the Company Representative, give rise to an obligation of such Member to make a Capital Contribution to the Company (a "***Tax Contribution Obligation***"), which Tax Contribution Obligation shall be immediately due and payable. In the event a Member defaults with respect to its obligation under the prior sentence, the Company shall be entitled to offset the amount of a Member's Tax Contribution Obligation against distributions to which such Member would otherwise be subsequently entitled until the full amount of such Tax Contribution Obligation has been contributed to the Company or has been recovered through offset against distributions, and, for the avoidance of doubt, any such offset shall be treated as distributed to such Members pursuant to <u>Section 5.3</u> or <u>Section 10.3</u>, as applicable, at the time such offset is made. Any such offset shall not reduce such Member's Capital Account. Any contribution by a Member with respect to a Tax Contribution Obligation shall increase such Member's Capital Account but shall not reduce the amount (if any) that a Member is otherwise obligated to contribute to the Company. Each Member hereby unconditionally and irrevocably grants to the Company a security interest in such Member's Units to secure such Member's obligation to pay the Company any amounts required to be paid pursuant to this <u>Section 9.5</u>. Each Member shall take such actions as the Company may reasonably request in order to perfect or enforce the security interest created hereunder. Each Member hereby agrees to indemnify and hold harmless the Company, the other Members and the Company Representative from and against any Liability (including any Liability for Company Level Taxes) with respect to income attributable to or distributions or other payments to such Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Continued Obligations of Former Members</u>. Any Person who ceases to be a Member shall be deemed to be a Member solely for purposes of this <u>Section 9.5</u>, and the obligations of a Member pursuant to this <u>Section 9.5</u> shall survive until 30 days after the closing of the applicable statute of limitations on assessment with respect to the taxes withheld or paid by the Company or a Subsidiary that relate to the period during which such Person was actually a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Company Representative Discretion Regarding Recovery of Taxes</u>. Notwithstanding the foregoing, the Company Representative may choose not to recover an amount of Company Level Taxes or other taxes withheld or paid with respect to a Member under this <u>Section 9.5</u> if the Company Representative determines, in its reasonable discretion, that such a decision would be in the best interests of the Members (e.g., where the cost of recovering the amount of taxes withheld or paid with respect to such Member is not justified in light of the amount that may be recovered from such Member).

# Article X<br>DISSOLUTION AND TERMINATION

## Section 10.1 <u>Liquidating Events</u>. The Company shall dissolve and commence winding up and liquidating upon the first to occur of the following (each, a " Liquidating Event "):
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon the determination of the Managing Member, following or in connection with the sale, exchange or other disposition of all or substantially all of the assets and properties of the Company and those of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the determination of the Managing Member, together with the approval of Members holding a majority of the outstanding Units (other than the PubCo Holdings Group) to dissolve, wind up, liquidate and terminate the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the entry of a decree of judicial dissolution of the Company pursuant to the provisions of the Act; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at any time that there are no Members of the Company, unless the business of the Company is continued in accordance with the Act.

The Members hereby agree that the Company shall not dissolve prior to the occurrence of a Liquidating Event and that no Member shall, to the fullest extent permitted by applicable Law, seek a dissolution of the Company, under Section 18-802 of the Act or otherwise, other than based on the matters set forth in <u>subsections</u> (<u>a)</u> and <u>(b)</u> above. If it is determined by a court of competent jurisdiction that the Company has dissolved prior to the occurrence of a Liquidating Event, the Members hereby agree to continue the business of the Company without a winding up or liquidation.

## Section 10.2 <u>Bankruptcy</u>. For purposes of this Agreement, the "bankruptcy" of a Member shall mean the occurrence of any of the following: (a) any Governmental Entity shall take possession of any substantial part of the property of that Member or shall assume control over the affairs or operations thereof, or a receiver or trustee shall be appointed, or a writ, order, attachment or garnishment shall be issued with respect to any substantial part thereof, and such possession, assumption of control, appointment, writ or order shall continue for a period of 90 consecutive days; (b) a Member shall admit in writing of its inability to pay its debts when due, or make an assignment for the benefit of creditors; or apply for or consent to the appointment of any receiver, trustee or similar officer or for all or any substantial part of its property; or shall institute (by petition, application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debts, dissolution, liquidation, or similar proceeding under the Laws of any jurisdiction; or (c) a receiver, trustee or similar officer shall be appointed for such Member or with respect to all or any substantial part of its property without the application or consent of that Member, and such appointment shall continue undischarged or unstayed for a period of 90 consecutive days or any bankruptcy, insolvency, reorganization, arrangements, readjustment of debt, dissolution, liquidation or similar proceedings shall be instituted (by petition, application or otherwise) against that Member and shall remain undismissed for a period of 90 consecutive days.

## Section 10.3 <u>Procedure</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of the dissolution of the Company for any reason, the Managing Member shall commence to wind up the affairs of the Company and to liquidate the Company's assets; *provided* that if the Managing Member is in bankruptcy or dissolved, another Member, who shall be appointed by the affirmative vote of the holders of a majority of the then-outstanding Units or as otherwise provided by Law <u>(</u>"***Winding-Up Member***") shall commence to wind up the affairs of the Company. Subject to <u>Section 10.4(a)</u>, the Managing Member or the Winding-Up Member, as applicable, shall have full right and unlimited discretion to determine in good faith the time, manner and terms of any sale or sales of the Property or other assets pursuant to such liquidation, having due regard to the activity and condition of the relevant market and general financial and economic conditions; provided that, at the reasonable request of any Member the Winding-up Member shall cause a proper accounting to be made by a recognized firm of certified public accountants of the Company's assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable. The Members shall continue to share profits, losses and distributions during the period of liquidation in the same manner and proportion as though the Company had not dissolved. The Company shall engage in no further business except as may be necessary, in the reasonable discretion of the Managing Member or the Winding-Up Member, as applicable, to preserve the value of the Company's assets during the period of winding up and liquidation. The costs of liquidation shall be borne as an expense of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following the payment of all expenses of liquidation and the allocation of all Profits and Losses as provided in <u>Article IV</u>, the proceeds of the liquidation and any other funds of the Company shall be distributed in the following order of priority:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *First*, to the payment and discharge of all of the Company's debts and Liabilities to creditors (whether third parties or Members), in the order of priority as provided by applicable Law, except any obligations to the Members in respect of their Capital Accounts; and to set up such cash reserves that the Managing Member or the Winding-Up Member, as applicable, reasonably deems necessary for contingent or unforeseen Liabilities or future payments (solely to third parties, other than amounts described in <u>Section 6.9</u>) described in <u>Section 10.3(b)(i)</u> (which reserves when they become unnecessary shall be distributed in accordance with the provisions of <u>subsection (ii)</u>, below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Second*, the balance to the Members, pro rata in accordance with the number of Units owned by each Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as provided in <u>Section 10.4(a)</u>, no Member shall have any right to demand or receive property other than cash upon the dissolution, liquidation and termination of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the completion of the liquidation of the Company and the distribution of all proceeds of the liquidation and any other funds of the Company, the Company shall terminate and the Managing Member or the Winding-Up Member, as the case may be, shall have the authority to execute and record a certificate of cancellation of the Company, as well as any and all other documents required to effectuate the winding up and termination of the Company.

## Section 10.4 <u>Rights of Members</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the maximum extent permitted by applicable Law, each Member irrevocably waives any right that it may have to maintain an action for partition with respect to the property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in this Agreement, (i) each Member shall look solely to the assets of the Company for the return of its Capital Contributions, and (ii) no Member shall have priority over any other Member as to the return of its Capital Contributions, distributions or allocations.

## Section 10.5 <u>Notices of Dissolution</u>. In the event a Liquidating Event occurs or an event occurs that would, but for the provisions of <u>Section 10.1</u>, result in a dissolution of the Company, the Company shall, within 10 days thereafter, (a) provide written notice thereof to each of the Members and to all other parties with whom the Company regularly conducts business (as determined in the discretion of the Managing Member), and continue to keep such parties apprised of matters relevant to the winding up of the Company, and (b) comply, in a timely manner, with all filing and notice requirements under the Act or any other applicable Law.

## Section 10.6 <u>Reasonable Time for Winding Up</u>. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets in order to minimize any losses that might otherwise result from such winding up.

## Section 10.7 <u>No Deficit Restoration</u>. No Member shall be personally liable for a deficit Capital Account balance of that Member, it being expressly understood that the distribution of liquidation proceeds shall be made solely from existing Company assets.

# Article XI<br>GENERAL

## Section 11.1 <u>Amendments; Waivers</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms and provisions of this Agreement may be waived, modified or amended by the Managing Member together with the holders of a majority of the Units held by the Members (other than the PubCo Holdings Group); *provided* that no waiver, modification or amendment shall be effective until at least five (5) Business Days after written notice is provided to the Members, and, for the avoidance of doubt, any Member shall have the right to file a Redemption Notice in accordance with <u>Section 3.6</u> prior to the effectiveness of any material waiver, modification or amendment; *provided further*, that no amendment to this Agreement may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) modify the limited liability of any Member, or increase the Liabilities of any Member, in each case, without the prior consent of each such affected Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) materially alter or change any rights, preferences or privileges of any class of Interests in a manner that is different or prejudicial relative to any other class of Interests, without the prior consent of the Members holding a majority of the Interests affected in such a different or prejudicial manner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) adversely affect any Member, without the prior consent of such Person, which consent may be withheld in such Person's sole discretion, so long as such Person, together with its Affiliates, directly or indirectly collectively own at least 10% of the outstanding Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing <u>subsection (a)</u>, the Managing Member, acting alone, may amend this Agreement, or update the books and records of the Company, (i) to reflect a change of an administrative nature that is necessary in order to implement the substantive provisions hereof, (ii) to reflect the admission of new Members, Transfers of Interests, the issuance of additional Units or Equity Securities, as provided by the terms of this Agreement, and, subject to <u>Section 11.1(a)</u>, subdivisions or combinations of Units made in compliance with <u>Section 3.1(g)</u> or <u>Section 5.2(d)</u>, (iii) to the minimum extent necessary to comply with or administer in an equitable manner the Partnership Tax Audit Rules in any manner determined by the Managing Member, (iv) as necessary to avoid the Company being classified as a "publicly traded partnership" within the meaning of Section 7704(b) of the Code and (v) to reflect a change in the name of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No waiver of any provision or default under, nor consent to any exception to, the terms of this Agreement or any agreement contemplated hereby shall be effective unless in writing and signed by the party to be bound and then only to the specific purpose, extent and instance so provided. No failure by any party to insist upon strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition.

## Section 11.2 <u>Further Action</u>. The parties hereto shall execute and deliver all documents, provide all information and take or refrain from taking action from time to time, upon the reasonable request of another party thereto, as may be necessary or appropriate to achieve the purposes of this Agreement.

## Section 11.3 <u>Binding Effect</u>. All of the terms and provisions of this Agreement shall be binding upon the parties and their respective successors and assigns, but shall inure to the benefit of and be enforceable by the successors and assigns of any Member only to the extent that they are permitted successors and assigns pursuant to the terms hereof. No party may assign its rights hereunder except as herein expressly permitted.

## Section 11.4 <u>Certain Representations by Members</u>. Each Member, by executing this Agreement and becoming a Member, whether by making a Capital Contribution, by admission in connection with a permitted Transfer, or otherwise, represents and warrants to the Company and the

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## Managing Member, as of the date of its admission as a Member, that such Member (or, if such Member is disregarded for U.S. federal income tax purposes, such Member's regarded owner for such purpose) is either: (a) not a partnership, grantor trust, or Subchapter S corporation for U.S. federal income tax purposes (e.g., an individual or a Subchapter C corporation), or (b) is a partnership, grantor trust, or Subchapter S corporation for U.S. federal income tax purposes, but (i) permitting the Company to satisfy the 100-partner limitation set forth in Treasury Regulations Section 1.7704-1(h)(1)(ii) is not a principal purpose of any beneficial owner of such Member in investing in the Company through such Member, (ii) such Member was formed for business purposes prior to or in connection with the investment by such Member in the Company or for estate planning purposes, and (iii) no beneficial owner of such Member has a redemption or similar right with respect to such Member that is intended to correlate to such Member's right to Redemption pursuant to <u>Section 3.6</u>.

## Section 11.5 <u>Entire Agreement</u>. This Agreement, together with all Exhibits and Schedules hereto and all other agreements referenced therein and herein, including the Contribution Agreement, the Shareholders' Agreement, the Tax Receivable Agreement and the Registration Rights Agreement, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and thereof and supersede all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties hereto and there are no warranties, representations or other agreements between the parties hereto in connection with the subject matter hereof except as specifically set forth herein and therein.

## Section 11.6 <u>Rights of Members Independent</u>. The rights available to the Members under this Agreement and at Law shall be deemed to be several and not dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference to any other such right. Any one or more and/or any combination of such rights may be exercised by a Member and/or the Company from time to time and no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof from time to time thereafter or simultaneously.

## Section 11.7 <u>Governing Law</u>. This Agreement, the legal relations between the parties and any Action, whether contractual or non-contractual, instituted by any party with respect to matters arising under or growing out of or in connection with or in respect of this Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware applicable to contracts made and performed in such State and without regard to conflicts of law doctrines.

## Section 11.8 <u>Jurisdiction and Venue</u>. The parties hereto hereby agree that, to the fullest extent permitted by applicable Law, the Court of Chancery of the State of Delaware (or, if the Court of Chancery lacks jurisdiction, the Superior Court of the State of Delaware, or, if the Superior Court of the State of Delaware does not have jurisdiction, the United States District Court for the District of Delaware, in each case, subject to that court having personal jurisdiction over the indispensable parties named defendants therein) shall be the sole and exclusive forum for any Action, suit or proceeding (a "*Legal Action*") arising out of or in connection with this Agreement. The parties hereto irrevocably waive the defense of an inconvenient forum to the maintenance of any such Legal Action. To the fullest extent permitted by applicable Law, each of the parties hereto further irrevocably consents to the service of process out of any of the aforementioned courts in any such Legal Action by the mailing of copies thereof by registered mail, postage prepaid, to such party at its address set forth in this Agreement, such service of process to be effective upon acknowledgment of receipt of such registered mail. Nothing in this <u>Section 11.8</u> shall affect the right of any party hereto to serve legal process in any other manner permitted by applicable Law.

## Section 11.9 <u>Headings</u>. The descriptive headings of the Articles, Sections and subsections of this Agreement are for convenience only and do not constitute a part of this Agreement.

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## Section 11.10 <u>Counterparts</u>. This Agreement and any amendment hereto or any other agreement (or document) delivered pursuant hereto may be executed in one or more counterparts, each of which will be an original and all of which together shall constitute one and the same agreement binding on all of the parties hereto.

## Section 11.11 <u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via electronic mail as specified in this <u>Section 11.11</u> prior to 5:00 p.m. in the time zone of the receiving party on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this Agreement no later than 5:00 p.m. in the time zone of the receiving party on any date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service or (iv) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as follows:
If to the Company or the Managing Member, addressed to it at:

WBI Operating LLC

5555 San Felipe Street, Suite 1200

Houston, Texas 77056

Electronic mail: Harrison.bolling@h2obridge.com

Attention: Harrison Bolling

With copies (which shall not constitute notice) to:

WaterBridge Infrastructure LLC

5555 San Felipe Street, Suite 1200

Houston, Texas 77056

Electronic mail: Harrison.bolling@h2obridge.com

Attention: Harrison Bolling

Latham & Watkins LLP

811 Main Street, Suite 3700

Houston, Texas 77002

Electronic mail: ryan.maierson@lw.com; thomas.brandt@lw.com

Attention: Ryan Maierson; Thomas Brandt

or to such other address or to such other Person as such party shall have last designated by such notice to the other parties.

## Section 11.12 <u>Representation By Counsel; Interpretation</u>. The parties acknowledge that each party to this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of Law, or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application and is expressly waived.

## Section 11.13 <u>Severability</u>. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby and this Agreement shall, to the fullest extent permitted by applicable Law, be reformed and construed as if such invalid, illegal or unenforceable provision, or part of a provision,

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## had never been contained herein, and such provisions or part reformed so that it would be valid, legal and enforceable to the maximum extent possible.

## Section 11.14 <u>Consent of Members</u>. Each Member hereby expressly consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the affirmative vote or consent of the Managing Member or less than all of the Members, such action may be so taken upon the determination of the Managing Member or the concurrence of less than all of the Members, as applicable, and each Member shall be bound by the results of such action.

## Section 11.15 <u>Expenses</u>. Except as otherwise provided in this Agreement, each party hereto shall bear its own expenses in connection with the transactions contemplated by this Agreement.

## Section 11.16 <u>Waiver of Jury Trial</u>. EACH OF THE COMPANY, THE MEMBERS, THE MANAGING MEMBER AND ANY INDEMNITEES SEEKING REMEDIES HEREUNDER, HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.

## Section 11.17 <u>No Third-Party Beneficiaries</u>. Except as expressly provided in <u>Section 6.4</u> and <u>Section 10.3</u>, nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto and their respective successors and permitted assignees, any rights or remedies under this Agreement or otherwise create any third party beneficiary hereto.
[Signatures on Next Page]

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**IN WITNESS WHEREOF**, each of the parties hereto has caused this Amended and Restated Limited Liability Company Agreement to be executed as of the day and year first above written.

**<u>COMPANY</u>**<br>**WBI OPERATING LLC**<br>By: <u>/s/ Scott L. McNeely</u><br>Name: Scott L. McNeely<br>Title: Executive Vice President, Chief<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Officer<br>**<u>MANAGING MEMBER</u>**<br>**WATERBRIDGE INFRASTRUCTURE LLC**<br>By: <u>/s/ Scott L. McNeely</u><br>Name: Scott L. McNeely<br>Title: Executive Vice President, Chief<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Officer<br>**<u>MEMBERS</u>**<br>**WBR HOLDINGS LLC**<br>By: <u>/s/ Scott L. McNeely</u><br>Name: Scott L. McNeely<br>Title: Executive Vice President, Chief<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Officer<br>**NDB HOLDINGS LLC**<br>By: <u>/s/ Scott L. McNeely</u><br>Name: Scott L. McNeely<br>Title: Executive Vice President, Chief<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Officer<br>**DESERT ENVIRONMENTAL HOLDINGS LLC**<br>By: <u>/s/ Jason Williams</u><br>Name: Jason Williams<br>Title: Chief Financial Officer<br>

*[Signature page to Amended and Restated Limited Liability Company Agreement of WBI Operating LLC]*

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**DEVON WB HOLDCO L.L.C.**<br>By: <u>/s/ Jeffrey L. Ritenour</u><br>Name: Jeffrey L. Ritenour<br>Title: Executive Vice President<br>**ELDA RIVER INFRASTRUCTURE WB LLC**<br>By: <u>/s/ Adam Daley</u><br>Name: Adam Daley<br>Title: Managing Partner<br>

*[Signature page to Amended and Restated Limited Liability Company Agreement of WBI Operating LLC]*

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**<u>EXHIBIT A</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Member** | &nbsp;&nbsp;**Number of Units Owned** |
| &nbsp;&nbsp;WaterBridge Infrastructure LLC | &nbsp;&nbsp;43264850 |
| &nbsp;&nbsp;WBR Holdings LLC  | &nbsp;&nbsp;11063925 |
| &nbsp;&nbsp;NDB Holdings LLC  | &nbsp;&nbsp;41425200 |
| &nbsp;&nbsp;Desert Environmental Holdings LLC | &nbsp;&nbsp;6193800 |
| &nbsp;&nbsp;Devon WB Holdco L.L.C. | &nbsp;&nbsp;17757225 |
| &nbsp;&nbsp;Elda River Infrastructure WB LLC | &nbsp;&nbsp;3750000 |

---

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## Exhibit 4.3

Exhibit 4.3

**SHAREHOLDERS' AGREEMENT**

**BY AND AMONG**

**WATERBRIDGE INFRASTRUCTURE LLC**

**WBR HOLDINGS LLC**

**NDB HOLDINGS LLC**

**DESERT ENVIRONMENTAL HOLDINGS LLC**

**AND**

**DEVON WB HOLDCO L.L.C.**

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**Dated as of September 18, 2025**

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**TABLE OF CONTENTS**

 **Page**

---

| | | |
|:---|:---|:---|
| Article I DEFINITIONS | Article I DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | Certain Defined Terms | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 | Construction | 3 |
| Article II TRANSFER | Article II TRANSFER | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | Binding Effect on Transferees | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | Additional Purchases | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 | Charter Provisions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 | Legend | 3 |
| Article III BOARD OF DIRECTORS | Article III BOARD OF DIRECTORS | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | Board | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | Committees | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | Board Observer | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | Restrictions on Other Agreements | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 | Reimbursement of Expenses | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 | Indemnity Agreements | 7 |
| Article IV MISCELLANEOUS | Article IV MISCELLANEOUS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 | Headings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 | Entire Agreement | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3 | Further Actions; Cooperation | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4 | Notices | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5 | Applicable Law | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6 | Severability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.7 | Successors and Assigns | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.8 | Amendments | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9 | Waiver | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.10 | Counterparts | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.11 | Submission To Jurisdiction | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.12 | Injunctive Relief | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.13 | Recapitalizations, Exchanges, Etc. Affecting the Common Shares; New Issuance | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.14 | Termination | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.15 | No Third Party Beneficiaries | 10 |

---

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**SHAREHOLDERS' AGREEMENT**

THIS SHAREHOLDERS' AGREEMENT (this "<u>Agreement</u>") is made as of September 18, 2025, by and between WBR Holdings LLC, a Delaware limited liability company ("<u>WBR Holdings</u>"), NDB Holdings LLC, a Delaware limited liability company ("<u>NDB Holdings</u>"), Desert Environmental Holdings LLC, a Delaware limited liability company (together with WBR Holdings and NDB Holdings, the "<u>Five Point Members</u>"), Devon WB Holdco L.L.C., a Delaware limited liability company ("<u>Devon</u>" and, together with the Five Point Members, the "<u>Initial Shareholders</u>"), and WaterBridge Infrastructure LLC, a Delaware limited liability company (the "<u>Company</u>"). Unless otherwise indicated, references to articles and sections shall be to articles and sections of this Agreement.

WHEREAS, (a) the Initial Shareholders are holders of Class B Shares (as hereinafter defined) and (b) WBR Holdings is also a holder of Class A Shares (as hereinafter defined); and

WHEREAS, the Company has agreed to provide the rights set forth herein.

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

# <u>Article I<br>DEFINITIONS</u> 

## Section 1.1 <u>Certain Defined Terms</u>. For purposes of this Agreement, the following terms shall have the following meanings:
"<u>Affiliate</u>" shall have the meaning set forth in Rule 12b-2 promulgated under the Exchange Act; provided that no Shareholder shall be deemed an Affiliate of any other Shareholder solely by reason of any investment in the Company or any provision of this Agreement.

"<u>Agreement</u>" shall have the meaning assigned to it in the preamble to this Agreement.

"<u>Applicable Listing Standards</u>" shall have the meaning assigned to it in <u>Section 3.1(g)</u>.

"<u>Appointing Party</u>" shall have the meaning assigned to it in <u>Section 3.3</u>.

A Person shall be deemed to "<u>Beneficially Own</u>" securities if such Person is deemed to be a "beneficial owner" thereof within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the date of this Agreement.

"<u>Board</u>" shall mean the board of directors of the Company.

"<u>Board Observer</u>" shall have the meaning assigned to it in <u>Section 3.3</u>.

"<u>Class A Share</u>" shall mean a Class A share representing a limited liability company interest in the Company having the rights and obligations specified in the Operating Agreement.

"<u>Class B Share</u>" shall mean a Class B share representing a limited liability company interest in the Company having the rights and obligations specified in the Operating Agreement.

"<u>Common Shares</u>" shall mean the Company's Class A Shares and Class B Shares, and any and all securities of any kind whatsoever of the Company that may be issued and outstanding on or after the date

------

hereof in respect of, in exchange for, or upon conversion of Common Shares pursuant to a merger, consolidation, share split, share dividend, or recapitalization of the Company or otherwise.

"<u>Company</u>" shall have the meaning assigned to it in the preamble to this Agreement.

"<u>Company Director Nominees</u>" shall have the meaning assigned to it in <u>Section 3.1(c)</u>.

"<u>Company Securities</u>" shall mean (i) any Common Shares and (ii) any other securities of the Company entitled to vote generally in the election of directors of the Company.

"<u>control</u>" (including the terms "<u>controlled by</u>" and "<u>under common control with</u>"), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, by contract or otherwise.

"<u>Devon</u>" shall have the meaning assigned to it in the preamble to this Agreement.

"<u>Devon Shareholders</u>" shall have the meaning assigned to it in <u>Section 3.1(a)(v)</u>.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Five Point Members</u>" shall have the meaning assigned to it in the preamble to this Agreement.

"<u>Five Point Shareholders</u>" shall have the meaning assigned to it in <u>Section 3.1(a)(i)</u>.

"<u>Independent Director</u>" shall mean any director of the Company whom the Board determines, in its sole discretion, qualifies as an "independent director" of the Company; provided that such director otherwise satisfies the applicable independence standards of the principal U.S. stock exchange on which the Class A Shares (or any successor securities) are listed for trading and those imposed by applicable law.

"<u>Initial Shareholders</u>" shall have the meaning assigned to it in the preamble to this Agreement.

"<u>Necessary Action</u>" shall mean, with respect to a specified result, all actions (to the extent such actions are permitted by applicable law and, in the case of any action by the Company that requires a vote or other action on the part of the Board, to the extent such action is consistent with the duties (including fiduciary duties, if any) that the Company's directors have in such capacity) necessary to cause such result, including (a) voting or providing a written consent or proxy with respect to Class A Shares or Class B Shares or other Company Securities owned of record or Beneficially Owned, (b) causing the adoption of members' resolutions and amendments to the organizational documents of the Company, (c) causing members of the Board (to the extent such members were designated by the Person obligated to undertake the Necessary Action) to act (subject to any applicable duties (including fiduciary duties, if any)) in a certain manner or causing them to be removed in the event they do not act in such a manner, (d) executing agreements and instruments and (e) making or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result.

"<u>Operating Agreement</u>" shall mean the First Amended and Restated Limited Liability Company Agreement of the Company, dated September 18, 2025, as may be amended and/or restated from time to time.

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"<u>Person</u>" shall mean any individual, firm, corporation, partnership, limited liability company or other entity, and shall include any successor (by merger or otherwise) of such entity.

"<u>Shareholders</u>" shall mean (i) the Initial Shareholders and (ii) each other Person that is or becomes a party to or bound by the provisions of this Agreement as a Shareholder in accordance with the terms hereof.

"<u>Voting Power</u>" of the Company shall mean the voting power of the then issued and outstanding Company Securities entitled to vote in the election of directors of the Company.

## Section 1.2 <u>Construction</u>. For the purposes of this Agreement (i) words (including capitalized terms defined herein) in the singular shall be held to include the plural as the context requires, (ii) the terms "hereof" and "herein" and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article and Section references are to Articles or Sections of this Agreement, unless otherwise specified, (iii) the word "including" and words of similar import when used in this Agreement shall mean "including, without limitation," and (iv) all references to any period of days shall be deemed to be to the relevant numbers of calendar days unless otherwise specified. This Agreement shall be , to the fullest extent permitted by applicable law, construed without regard to any presumption or other rule requiring construction against the party that drafted or caused this Agreement to be drafted.

# <u>Article II<br>TRANSFER</u> 

## Section 2.1 <u>Binding Effect on Transferees</u>. A Person that is a transferee of Company Securities from any Initial Shareholder after the date hereof shall become a Shareholder hereunder, without any further action by the Company, if such Person is, directly or indirectly, under common control with such Initial Shareholder or controls such Initial Shareholder. Such Person, as a condition of such transfer or acquisition, shall execute a joinder providing that such Person shall be bound by and shall fully comply with the terms of this Agreement.

## Section 2.2 <u>Additional Purchases</u>. Any Company Securities acquired by a Shareholder on or after the date of this Agreement shall have the benefit of and be subject to the terms and conditions of this Agreement.

## Section 2.3 <u>Charter Provisions</u>. Each Shareholder agrees with the Company (and only with the Company), severally and not jointly, that it shall take all Necessary Action to cause no amendment to be made to the Operating Agreement as in effect as of the date of this Agreement that would (a) add restrictions to the transferability of the Company Securities by any Shareholder, which restrictions are beyond those then provided for in the Operating Agreement as of the date hereof, this Agreement or applicable securities laws or (b) nullify any of the rights of any Shareholder, which rights are explicitly provided for in this Agreement, unless, in each such case, such amendment shall have been approved by the Five Point Members; *provided* that to the extent any such amendment would adversely and disproportionately affect the rights of Devon with respect to any Company Securities owned by Devon or any of its Affiliates or otherwise under this Agreement compared to the Five Point Members, then such amendment shall also require the approval of Devon hereunder.

## Section 2.4 <u>Legend</u>. Any certificate representing Company Securities issued to a Shareholder shall be stamped or otherwise imprinted with a legend indicating that such Company Securities are subject to the provisions contained in this Agreement. The Company shall make customary arrangements to cause

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## any Company Securities issued in uncertificated form to be identified on the books of the Company in a substantially similar manner.

# <u>Article III<br>BOARD OF DIRECTORS</u> 

## Section 3.1 <u>Board</u>.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so long as this Agreement is in effect, each of the Shareholders, severally and not jointly, agrees with the Company (and only with the Company), and the Company agrees with each of the Shareholders, severally and not jointly, that it shall take all Necessary Action so as to cause to be elected to the Board, and to cause to continue in office, the following number of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a number of directors equal to a majority of the Board, plus one director, all of which shall be designated by the Five Point Members, for so long as the Five Point Members and their Affiliates, including each other Person that is or becomes a party to or bound by the provisions of this Agreement by or on behalf of the Five Point Members and in accordance with the terms hereof (collectively, the "<u>Five Point Shareholders</u>"), collectively have Beneficial Ownership of at least 40% of the Voting Power of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a number of directors equal to three directors, all of which shall be designated by the Five Point Members, for so long as the Five Point Shareholders collectively have Beneficial Ownership of less than 40% but at least 30% of the Voting Power of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a number of directors equal to two directors, all of which shall be designated by the Five Point Members, for so long as the Five Point Shareholders collectively have Beneficial Ownership of less than 30% but at least 20% of the Voting Power of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) one director designated by the Five Point Members, for so long as the Five Point Shareholders collectively have Beneficial Ownership of less than 20% but at least 10% of the Voting Power of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) one director designated by Devon, for so long as Devon and its Affiliates, including each other Person that is or becomes a party to or bound by the provisions of this Agreement by or on behalf of Devon and in accordance with the terms hereof (collectively, the "<u>Devon Shareholders</u>"), collectively have Beneficial Ownership of at least 10% of the Voting Power of the Company.

The Company agrees with each Shareholder, severally and not jointly, that it will (x) include in the slate of director nominees recommended by the Board each individual designated by such Shareholder in accordance with this <u>Section 3.1(a)</u> and (y) take all Necessary Actions to cause the election of each such designee to the Board, including nominating each such designee to be elected as a director and recommending to the Company's shareholders that each such designee be elected as a director at any applicable meeting of the Company's shareholders, in each case subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For so long as any of the Initial Shareholders is entitled to designate one or more directors pursuant to this <u>Section 3.1</u>, the applicable Initial Shareholder(s) will have the right to remove any director previously designated by such Initial Shareholder(s) to the Board (with or without cause), from time to time and at any time, from the Board, exercisable upon written notice to the Company and the Initial Shareholders, and, upon such notification, the Company and each Initial Shareholder and its Affiliates will take all Necessary Action to cause such removal within seven days of receipt of such notice.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Initial Shareholders agrees with the Company (and only with the Company), severally and not jointly, that such Initial Shareholder shall (i) vote all Company Securities held by such Initial Shareholder (whether at any annual or special meeting, by written consent or otherwise) in such manner as may be necessary to elect and/or maintain in office as a member of the Board the slate of nominees recommended by the Company for election as directors at each applicable annual or special meeting of its stockholders at which directors are to be elected (the "<u>Company Director Nominees</u>"), and (ii) take all other Necessary Action to cause the Board to elect and/or maintain in office as members of the Board the Company Director Nominees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal of any director who is designated by an Initial Shareholder in accordance with this <u>Section 3.1</u>, the Initial Shareholder responsible for designating such director, to the extent such Initial Shareholder remains entitled to designate such director pursuant to this <u>Section 3.1,</u> shall have the exclusive right to designate a new designee for election to the Board to fill such vacancy, and the Company and each Initial Shareholder and its Affiliates shall take all Necessary Action to cause the vacancy created thereby to be filled as promptly as practicable by such new designee of such Initial Shareholder. In the event that the size of the Board is expanded, the Company and each Initial Shareholder and its Affiliates shall take all Necessary Action to cause the Board to continue to have the number of the Initial Shareholders' designees that correspond to the requirements of <u>Section 3.1(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the avoidance of doubt, the rights granted to the Initial Shareholders by the Company to designate directors are additive to, and not intended to limit in any way, the rights of the Initial Shareholders or any of their Affiliates to nominate or elect to remove directors under the Company's certificate of formation, Operating Agreement or the Act (as defined in the Operating Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The parties hereto acknowledge that, as of the date hereof, the Company is subject to certain corporate governance and independence standards, including with respect to the composition of the Board and certain committees thereof, under applicable U.S. federal securities law and certain U.S. stock exchange listing requirements applicable to the Company ("<u>Applicable Listing Standards</u>"). At such times as the Company is required by applicable law, or U.S. stock exchange listing standards applicable to the Company, to have a certain number of Independent Directors serving on the Board and/or any committee thereof (subject in each case to any applicable phase-in periods), the Five Point Members shall nominate such number of individuals that qualify as Independent Directors necessary to satisfy the Applicable Listing Standards prior to the Trigger Event (as defined in the Operating Agreement), after which Independent Directors will be nominated by action of the majority of the Board or applicable Board committee.

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## Section 3.2 <u>Committees</u>. For so long as this Agreement is in effect, subject to the Applicable Listing Standards and the provisions of the Operating Agreement relating to the formation of a Conflicts Committee (as defined in the Operating Agreement), the Company shall take all Necessary Action to cause to be appointed to any committee of the Board a number of directors designated by the Five Point Members that is up to the number of directors that is proportionate (rounding up to the next whole director) to the representation that the Five Point Members are entitled to designate to the Board under this Agreement. It is understood by the parties hereto that no Initial Shareholder shall be required to have its directors represented on any committee and any failure to exercise such right in this section in a prior period shall not constitute any waiver of such right in a subsequent period.

## Section 3.3 <u>Board Observer</u>. For so long as the Five Point Members or Devon, as the case may be, are entitled to designate one or more directors to the Board, the Five Point Members or Devon, as applicable, shall also have the right to appoint up to a number of board observers (each, a " <u>Board Observer</u> ") equal to the number of directors the Five Point Members or Devon (each, in such capacity, an " <u>Appointing Party</u> "), as applicable, are entitled to designate pursuant to <u>Section 3.1</u>. Additionally, for so long as (a) the Five Point Shareholders collectively have Beneficial Ownership of at least 5% of the Voting Power of the Company, then the Five Point Members shall have the right to collectively appoint one Board Observer, and (b) the Devon Shareholders have Beneficial Ownership of at least 5% of the Voting Power of the Company, then the Devon Shareholders shall have the right to collectively appoint one Board Observer. Each Board Observer shall be entitled to attend all meetings (including telephonic meetings) of the Board and its committees and receive all related materials of the Board and its committees as an observer. Each Appointing Party may at any time replace any individual then serving as such Appointing Party's Board Observer with another individual appointed by such Appointing Party to serve as a successor Board Observer. No Board Observer shall in any circumstance have any right to participate in any vote, consent or other action of the Board and its committees, and each Board Observer shall execute a reasonably acceptable confidentiality agreement with the Company. Notwithstanding anything in this Agreement to the contrary, the Board or any of its committees (solely as to the material or meeting of such committee) may exclude any Board Observer from access to any material or meeting or portion thereof if the Board or such committee concludes, in good faith, that (i) such exclusion is reasonably necessary to preserve the attorney-client or work product privilege between the Company and its subsidiaries and its counsel (*provided* that any such exclusion shall apply only to such portion of such material or meeting which would be reasonably required to preserve such privilege), (ii) such materials or discussion relates to an existing or potential contractual or other relationship or transaction between the Company or any of its subsidiaries, on the one hand, and the applicable Appointing Party or any of its Affiliates, on the other hand, or (iii) such exclusion is necessary because a Board Observer or the applicable Appointing Party has or may have a conflict of interest with respect to any matter under discussion or consideration by the Board or any committee thereof. In the event that a Board Observer or Appointing Party has or may have a conflict of interest with respect to any matter under discussion or consideration by the Board or any committee thereof, such Board Observer and Appointing Party shall be required to disclose to the Board, in writing, the existence of such conflict, and such Board Observer shall recuse himself or herself from such meeting; *provided* that, notwithstanding anything in this Agreement to the contrary, to the extent such conflict of interest is personal to such Board Observer, the applicable Appointing Party shall have the right, upon delivery of written notice to the Company, to appoint a single substitute Board Observer to attend such meeting or any subsequent meeting (or the applicable portion thereof).

## Section 3.4 <u>Restrictions on Other Agreements</u>. No Shareholder shall directly or indirectly, grant any proxy or enter into or agree to be bound by any voting trust, agreement or arrangement of any kind with respect to the Common Shares that is inconsistent with or would otherwise result in such Shareholder's inability to comply with its obligations under this Agreement.

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## Section 3.5 <u>Reimbursement of Expenses</u>. The Company shall reimburse the directors and Board Observers designated pursuant to this <u>Article III</u> consistent with the Company's policy regarding reimbursement of its independent directors' out-of-pocket expenses incurred in connection with their service as members of the Board and/or attendance at meetings of the Board of any committees thereof.

## Section 3.6 <u>Indemnity Agreements</u>. Contemporaneously with any person designated in accordance with this Agreement becoming a director, the Company shall execute and deliver to such director a director indemnification agreement, in substantially the same form as the director indemnification agreements the Company entered into with the Company's independent director(s) on or about the date of this Agreement.

# <u>Article IV<br>MISCELLANEOUS</u> 

## Section 4.1 <u>Headings</u>. The headings in this Agreement are for convenience of reference only and shall not control or affect the meaning or construction of any provisions hereof.

## Section 4.2 <u>Entire Agreement</u>. This Agreement and the Operating Agreement constitute the entire agreement and understanding of the parties hereto in respect of the subject matter contained herein, and there are no restrictions, promises, representations, warranties, covenants, conditions or undertakings with respect to the subject matter hereof, other than those expressly set forth or referred to herein. This Agreement and the Operating Agreement supersede all prior agreements and understandings between the parties hereto with respect to the subject matter hereof.

## Section 4.3 <u>Further Actions; Cooperation</u>. Each party hereto shall execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably requested from time to time by the other parties hereto to give effect to and carry out the transactions contemplated herein.

## Section 4.4 <u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via electronic mail as specified in this Agreement prior to 5:00 p.m. in the time zone of the receiving party on a business day, (ii) the business day after the date of transmission, if such notice or communication is delivered via electronic mail as specified in this Agreement after 5:00 p.m. in the time zone of the receiving party on any date, (iii) the business day following the date of mailing, if sent by nationally recognized overnight courier service or (iv) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as follows:
If to the Five Point Members, to:<br>NDB Holdings LLC<br>5555 San Felipe Street, Suite 1200<br>Houston, Texas 77056

Email: Harrison.Bolling@h2obridge.com <br>Attn: Harrison Bolling

with a copy (which shall not constitute notice) to:<br>Latham & Watkins LLP

811 Main Street, Suite 3700

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Houston, Texas 77002

Email: ryan.maierson@lw.com; thomas.brandt@lw.com

Attn: Ryan J. Maierson; Thomas G. Brandt

If to Devon, to:<br>Devon Energy Corporation<br>333 West Sheridan Avenue<br>Oklahoma City, Oklahoma 73102-5015<br>Email: jeff.ritenour@dvn.com; joe.pullampally@dvn.com; edward.highberger@dvn.com<br>Attn: Jeff Ritenour; Joe Pullampally; Edward Highberger

with a copy (which shall not constitute notice) to:<br>Skadden, Arps, Slate, Meagher & Flom LLP

1000 Louisiana Street, Suite 6800<br>Houston, Texas 77002<br>Email: mingda.zhao@skadden.com; emery.choi@skadden.com; michael.hong@skadden.com<br>Attn: Mingda Zhao; Emery J. Choi; Michael Hong

If to the Company, to:<br>WaterBridge Infrastructure LLC<br>5555 San Felipe Street, Suite 1200<br>Houston, Texas 77056<br>Email: Harrison Bolling<br>Attn: Harrison.Bolling@h2obridge.com

with a copy (which shall not constitute notice) to:<br>Latham & Watkins LLP<br>811 Main Street, Suite 3700<br>Houston, Texas 77002

Email: ryan.maierson@lw.com; thomas.brandt@lw.com

Attn: Ryan J. Maierson; Thomas G. Brandt

If to a Shareholder that is not listed above, then to the address set forth in the written agreement of such Shareholder provided for in <u>Section 2.1</u> hereof.

## Section 4.5 <u>Applicable Law</u>. The laws of the State of Delaware shall govern the interpretation, validity and performance of the terms of this Agreement, without regard to conflicts of law doctrines.

## Section 4.6 <u>Severability</u>. The provisions of this Agreement are independent of and separable from each other. The invalidity, illegality or unenforceability of one or more of the provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement, including any such provisions, in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law. The parties hereto shall endeavor in good faith negotiations to replace any invalid, illegal or unenforceable provisions

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## with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provision, as applicable.

## Section 4.7 <u>Successors and Assigns</u>. Except as otherwise provided herein, all the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of the parties hereto. No Shareholder may assign any of its rights hereunder to any Person other than a Person that is a Shareholder (or becomes a Shareholder in accordance with <u>Section 2.1</u>), except as otherwise approved by the Company in writing. Any such transferee of any Shareholder shall be subject to all of the terms of this Agreement, and by taking and holding such Company Securities such Person shall be entitled to receive the benefits of and be conclusively deemed to have agreed to be bound by and to comply with all of the terms and provisions of this Agreement. The Company may not assign any of its rights or obligations hereunder without the prior written consent of each of the Shareholders, and any assignment attempted or effected without obtaining such required consent shall be null and void. Notwithstanding the foregoing, no successor or assignee of the Company shall have any rights granted under this Agreement until such Person shall acknowledge its rights and obligations hereunder by a signed written statement of such Person's acceptance of such rights and obligations.

## Section 4.8 <u>Amendments</u>. This Agreement may not be amended, modified or supplemented unless such amendment, modification or supplement is in writing and signed by the Initial Shareholders and the Company.

## Section 4.9 <u>Waiver</u>. The failure of a party hereto at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same. No waiver by a party of any condition or of any breach of any term, covenant, representation or warranty contained in this Agreement shall be effective unless in a writing signed by the party against whom the waiver is to be effective, and no waiver in any one or more instances shall be deemed to be a further or continuing waiver of any such condition or breach in other instances or a waiver of any other condition or breach of any other term, covenant, representation or warranty.

## Section 4.10 <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same Agreement.

## Section 4.11 <u>Submission To Jurisdiction</u>. THE COURT OF CHANCERY OF THE STATE OF DELAWARE (OR, IF THE COURT OF CHANCERY LACKS JURISDICTION, THE SUPERIOR COURT OF THE STATE OF DELAWARE, OR, IF THE SUPERIOR COURT OF THE STATE OF DELAWARE DOES NOT HAVE JURISDICTION, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, IN EACH CASE, SUBJECT TO THAT COURT HAVING PERSONAL JURISDICTION OVER THE INDISPENSABLE PARTIES NAMED DEFENDANTS THEREIN) SHALL, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BE THE SOLE AND EXCLUSIVE FORUM FOR ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND THE APPELLATE COURTS THEREOF. EACH PARTY HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT THE ADDRESS FOR NOTICES SET FORTH HEREIN. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BROUGHT IN THE COURTS REFERRED

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## TO ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. THE PARTIES HERETO WAIVE THEIR RIGHT TO A JURY TRIAL WITH RESPECT TO DISPUTES HEREUNDER.

## Section 4.12 <u>Injunctive Relief</u>. Each Initial Shareholder hereby acknowledges and agrees, severally and not jointly, with the Company, and the Company hereby acknowledges and agrees with each Initial Shareholder, that a violation of any of the terms of this Agreement will cause the other parties irreparable injury for which an adequate remedy at law is not available. Therefore, to the fullest extent permitted by law, the Company and each Initial Shareholder shall be entitled to an injunction, restraining order, specific performance or other equitable relief from any court of competent jurisdiction, restraining (a) in the case of the Company, any Initial Shareholder or (b) in the case of any Initial Shareholder, the Company, from committing any violations of the provisions of this Agreement, without the need to post a bond or prove the inadequacy of monetary damages. The Company hereby agrees with each Initial Shareholder, severally and not jointly, that it will enforce the provisions of this Agreement against any such party in breach.

## Section 4.13 <u>Recapitalizations, Exchanges, Etc. Affecting the Common Shares; New Issuance</u>. The provisions of this Agreement shall apply, to the full extent set forth herein, with respect to Company Securities and to any and all equity or debt securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets, or otherwise) which may be issued in respect of, in exchange for, or in substitution of, such Company Securities and shall be appropriately adjusted for any share dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof.

## Section 4.14 <u>Termination</u>. This Agreement shall terminate, with respect to any individual Shareholder, once such Shareholder and its Affiliates cease to collectively Beneficially Own at least 5.0% of the Company Securities, and with respect to the Company and all Shareholders, once no Shareholders and its Affiliates collectively beneficially own at least 5% of the Company Securities..

## Section 4.15 <u>No Third Party Beneficiaries</u>. Nothing in this Agreement, whether express or implied, is intended to give any Person, other than the parties hereto or their respective successors and permitted assigns, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement.

## Section 4.16 <u>Electronic Signatures</u>. The use of electronic signatures affixed in the name and on behalf of the parties hereto is expressly permitted by this Agreement.
[*Signature page follows*.]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their respective officers thereunto duly as of the date first above written.

WATERBRIDGE INFRASTRUCTURE LLC

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely<br>Title: Executive Vice President, Chief Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Officer

WBR HOLDINGS LLC

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely<br>Title: Executive Vice President, Chief Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Officer

NDB HOLDINGS LLC

By: <u>/s/ Scott L. McNeely</u> 

Name: Scott L. McNeely<br>Title: Executive Vice President, Chief Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Officer

DESERT ENVIRONMENTAL HOLDINGS LLC

By: <u>/s/ Jason Williams</u> 

Name: Jason Williams<br>Title: Chief Financial Officer

[*Signature Page To Shareholders' Agreement*]

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DEVON WB HOLDCO L.L.C.

By: <u>/s/ Jeffrey L. Ritenour</u> 

Name: Jeffrey L. Ritenour<br>Title: Executive Vice President

[*Signature Page To Shareholders' Agreement*]

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## Exhibit 10.1

Exhibit 10.1

**WATERBRIDGE INFRASTRUCTURE LLC** 

**LONG TERM INCENTIVE PLAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Purpose**. The purpose of the WaterBridge Infrastructure LLC Long Term Incentive Plan (the "***Plan***") is to provide a means through which (a) WaterBridge Infrastructure LLC, a Delaware limited liability company ("***WaterBridge***"), and the Affiliates may attract, retain and motivate qualified persons as employees, directors and consultants, thereby enhancing the profitable growth of WaterBridge and the Affiliates, and (b) persons upon whom the responsibilities of the successful administration and management of WaterBridge and the Affiliates rest, and whose present and potential contributions to WaterBridge and the Affiliates are of importance, can acquire and maintain share ownership or awards the value of which is tied to the performance of WaterBridge, thereby strengthening their concern for WaterBridge and the Affiliates. Accordingly, the Plan provides for the grant of Options, SARs, Restricted Shares, Restricted Share Units, Share Awards, Dividend Equivalents, Other Share-Based Awards, Cash Awards, Substitute Awards, or any combination of the foregoing, as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Definitions**. For purposes of the Plan, the following terms shall be defined as set forth below:

"***Affiliate***" means any corporation, partnership, limited liability company, limited liability partnership, association, trust or other organization that, directly or indirectly, controls, is controlled by, or is under common control with, WaterBridge. For purposes of the preceding sentence, "control" (including, with correlative meanings, the terms "controlled by" and "under common control with"), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of the controlled entity or organization or (ii) to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of voting securities, by contract, or otherwise.

"***Applicable Law***" means any applicable law, including without limitation: (a) provisions of the Code, the Securities Act, the Exchange Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements or regulations, whether U.S. or non-U.S. federal, state or local; and (c) rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded.

"***ASC Topic 718***" means the Financial Accounting Standards Board Accounting Standards Codification Topic 718, *Compensation – Stock Compensation*, as amended or any successor accounting standard.

"***Award***" means any Option, SAR, Restricted Shares, Restricted Share Unit, Share Award, Dividend Equivalent, Other Share-Based Award, Cash Award, or Substitute Award, together with any other right or interest, granted under the Plan.

"***Award Agreement***" means any written instrument (including any employment, severance or change in control agreement) that sets forth the terms, conditions, restrictions and/or limitations applicable to an Award, in addition to those set forth under the Plan.

"***Board***" means the Board of Directors of WaterBridge.

"***Cash Award***" means an Award denominated in cash granted under <u>Section 6(i)</u>.

"***Change in Control***" means, except as otherwise provided in an Award Agreement, the occurrence of any of the following events after the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (x) the then-outstanding Class A Shares (the "***Outstanding Class A Shares***") or (y) the combined voting power of the then-outstanding voting securities of WaterBridge entitled to vote generally in the election of directors (the "***Outstanding Company Voting Securities***"); <u>provided</u> that for purposes of this clause (i), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from WaterBridge, (B) any acquisition by WaterBridge or its subsidiaries, (C) any acquisition by any employee benefit plan (or related

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trust) sponsored or maintained by WaterBridge or any entity controlled by WaterBridge or (D) any acquisition by any entity pursuant to a transaction that complies with clauses (A), (B) and (C) of clause (iii) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The individuals constituting the Board on the Effective Date (the "***Incumbent Directors***") cease for any reason (other than death or disability) to constitute at least majority of the Board; <u>provided</u> that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election, by WaterBridge's shareholders was approved by a vote of at least two-thirds of the Incumbent Directors (either by a specific vote or by approval of the proxy statement of WaterBridge in which such person is named as a nominee for director, without objection to such nomination) will be considered as though such individual were an Incumbent Director, but excluding, for purposes of this proviso, any such individual whose initial assumption of office occurs as a result of an actual or threatened proxy contest with respect to election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a "person" (as used in Section 13(d) of the Exchange Act), in each case, other than the Board, which individual, for the avoidance of doubt, shall not be deemed to be an Incumbent Director for purposes of this definition, regardless of whether such individual was approved by a vote of at least two-thirds of the Incumbent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of WaterBridge or an acquisition of assets of another entity (a "***Business Combination***"), in each case, unless, following such Business Combination, (A) the Outstanding Class A Shares and Outstanding Company Voting Securities immediately prior to such Business Combination represent or are converted into or exchanged for securities which represent or are convertible into more than 50% of, respectively, the then-outstanding Shares or common equity interests and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors or other governing body, as the case may be, of the entity resulting from such Business Combination (including an entity which as a result of such transaction owns WaterBridge, or all or substantially all of WaterBridge's assets either directly or through one or more subsidiaries), (B) no individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), excluding WaterBridge, its subsidiaries and any employee benefit plan (or related trust) sponsored or maintained by WaterBridge or the entity resulting from such Business Combination (or any entity controlled by either WaterBridge or the entity resulting from such Business Combination), beneficially owns, directly or indirectly, 50% or more of, respectively, the then-outstanding Shares or common equity interests of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors or other governing body of such entity except to the extent that such ownership results solely from direct or indirect ownership of WaterBridge that existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors or similar governing body of the entity resulting from such Business Combination were Incumbent Directors at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Approval by the shareholders of WaterBridge of a complete liquidation or dissolution of WaterBridge; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A transaction involving the purchase of Shares by WaterBridge's controlling shareholder that results in the company ceasing to be listed on a national securities exchange.

Notwithstanding any provision of this <u>Section 2(g)</u>, for purposes of an Award that provides for a deferral of compensation under the Nonqualified Deferred Compensation Rules, to the extent the impact of a Change in Control on such Award would subject a Participant to additional taxes under the Nonqualified Deferred Compensation Rules, a Change in Control described in subsection (i), (ii), (iii), (iv), or (v) above with respect to such Award will mean both a Change in Control and a "change in the ownership of a corporation," "change in the effective control of a corporation," or a "change in the ownership of a substantial portion of a corporation's assets" within the meaning of the Nonqualified Deferred Compensation Rules as applied to WaterBridge.

"***Change in Control Price***" means the amount determined in the following clause (i), (ii), (iii), (iv) or (v), whichever the Committee determines is applicable, as follows: (i) the price per share offered to holders of Shares in any merger or consolidation, (ii) the per share Fair Market Value of the Shares immediately before the Change in Control or other event without regard to assets sold in the Change in Control or other event and assuming WaterBridge has received the consideration paid for the assets in the case of a sale of the assets, (iii) the amount distributed per

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Share in a dissolution transaction, (iv) the price per share offered to holders of Shares in any tender offer or exchange offer whereby a Change in Control or other event takes place, or (v) if such Change in Control or other event occurs other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this <u>Section 2(h)</u>, the value per Share that may otherwise be obtained with respect to such Awards or to which such Awards track, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration offered to shareholders of WaterBridge in any transaction described in this <u>Section 2(h)</u> or in <u>Section 8(e)</u> consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than cash and such determination shall be binding on all affected Participants to the extent applicable to Awards held by such Participants.

"***Class A Shares***" means Class A shares representing limited liability company interests in WaterBridge.

"***Class B Shares***" means Class B shares representing limited liability company interests in WaterBridge.

"***Code***" means the Internal Revenue Code of 1986, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.

"***Committee***" means a committee of two or more directors designated by the Board to administer the Plan; <u>provided</u> that, unless otherwise determined by the Board, the Committee shall consist solely of two or more Qualified Members. To the extent the Board has not designated a Committee to administer the Plan, "Committee" shall mean the Board.

"***Dividend Equivalent***" means a right, granted to an Eligible Person under <u>Section 6(g)</u>, to receive cash, Shares, other Awards or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic payments.

"***Effective Date***" means September 18, 2025.

"***Eligible Person***" means any individual who, as of the date of grant of an Award, is an officer or employee of WaterBridge or of any Affiliate, and any other person who provides services to WaterBridge or any Affiliate, including directors of WaterBridge; <u>provided</u> that any such individual must be an "employee" of WaterBridge or any of its parents or subsidiaries within the meaning of General Instruction A.1(a) to Form S-8 if such individual is granted an Award that may be settled in Shares. An employee on an approved leave of absence may be an Eligible Person.

"***Exchange Act***" means the Securities Exchange Act of 1934, as amended from time to time, including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto.

"***Fair Market Value***" of a Share means, as of any specified date, (i) if the Shares are listed on a national securities exchange, the closing sales price of the Shares, as reported on the stock exchange composite tape on that date (or if no sales occur on such date, on the last preceding date on which such sales of the Shares are so reported); (ii) if the Shares are not traded on a national securities exchange but is traded over the counter on such date, the average between the reported high and low bid and asked prices of Shares on the most recent date on which Shares were publicly traded on or preceding the specified date; or (iii) in the event Shares are not publicly traded at the time a determination of its value is required to be made under the Plan, the amount determined by the Committee in its discretion in such manner as it deems appropriate, taking into account all factors the Committee deems appropriate, including the Nonqualified Deferred Compensation Rules. Notwithstanding this definition of Fair Market Value, with respect to one or more Award types, or for any other purpose for which the Committee must determine the Fair Market Value under the Plan, the Committee may elect to choose a different measurement date or methodology for determining Fair Market Value so long as the determination is consistent with the Nonqualified Deferred Compensation Rules and all other Applicable Laws and regulations.

"***ISO***" means an Option intended to be and designated as an "incentive stock option" within the meaning of Section 422 of the Code.

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"***Nonqualified Deferred Compensation Rules***" means the limitations and requirements of Section 409A of the Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.

"***Nonstatutory Option***" means an Option that is not an ISO.

"***Option***" means a right, granted to an Eligible Person under <u>Section 6(b)</u>, to purchase Shares at a specified price during specified time periods, which may either be an ISO or a Nonstatutory Option.

"***Other Share-Based Award***" means an Award granted to an Eligible Person under <u>Section 6(h)</u>.

"***Participant***" means a person who has been granted an Award under the Plan that remains outstanding, including a person who is no longer an Eligible Person.

"***Qualified Member***" means a member of the Board who is (i) a "non-employee director" within the meaning of Rule 16b-3(b)(3), and (ii) "independent" under the listing standards or rules of the securities exchange upon which the Shares are traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards or rules.

"***Restricted Shares***" means Shares granted to an Eligible Person under <u>Section 6(d)</u> that is subject to certain restrictions and to a risk of forfeiture.

"***Restricted Share Unit***" means a right, granted to an Eligible Person under <u>Section 6(e)</u>, to receive Shares, cash or a combination thereof at the end of a specified period (which may or may not be coterminous with the vesting schedule of the Award).

"***Rule 16b-3***" means Rule 16b-3, promulgated by the SEC under Section 16 of the Exchange Act.

"***SAR***" means a share appreciation right granted to an Eligible Person under <u>Section 6(c)</u>.

"***SEC***" means the Securities and Exchange Commission.

"***Securities Act***" means the Securities Act of 1933, as amended from time to time, including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto.

"***Shares***" means Class A Shares and such other securities as may be substituted (or re-substituted) for Shares pursuant to <u>Section 8</u>.

"***Share Award***" means unrestricted Shares granted to an Eligible Person under <u>Section 6(f)</u>.

"***Substitute Award***" means an Award granted under <u>Section 6(j)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Administration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authority of the Committee</u>. The Plan shall be administered by the Committee except to the extent the Board elects to administer the Plan, in which case references herein to the "Committee" shall be deemed to include references to the "Board." Subject to the express provisions of the Plan, Rule 16b-3 and other Applicable Laws, the Committee shall have the authority, in its sole and absolute discretion, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) designate Eligible Persons as Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determine the type or types of Awards to be granted to an Eligible Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) determine the number of Shares or amount of cash to be covered by Awards;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determine the terms and conditions of any Award, including whether, to what extent and under what circumstances Awards may be vested, settled, exercised, cancelled or forfeited (including conditions based on continued employment or service requirements or the achievement of one or more performance goals);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) modify, waive or adjust any term or condition of an Award that has been granted, which may include the acceleration of vesting, waiver of forfeiture restrictions, modification of the form of settlement of the Award (for example, from cash to Shares or vice versa), early termination of a performance period, or modification of any other condition or limitation regarding an Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) determine the treatment of an Award upon a termination of employment or other service relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) impose a holding period with respect to an Award or the Shares received in connection with an Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) interpret and administer the Plan and any Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) correct any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award, or in any Award Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.

The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee. Any action of the Committee shall be final, conclusive and binding on all persons, including WaterBridge, the Affiliates, shareholders, Participants, beneficiaries, and permitted transferees under <u>Section 7(a)</u> or other persons claiming rights from or through a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercise of Committee Authority</u>. At any time that a member of the Committee is not a Qualified Member, any action of the Committee relating to an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in respect of WaterBridge where such action is not taken by the full Board may be taken either (i) by a subcommittee, designated by the Committee, composed solely of two or more Qualified Members, or (ii) by the Committee but with each such member who is not a Qualified Member abstaining or recusing himself or herself from such action; <u>provided</u> that upon such abstention or recusal, the Committee remains composed solely of two or more Qualified Members. Such action, authorized by such a subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes of the Plan. For the avoidance of doubt, the full Board may take any action relating to an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in respect of WaterBridge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Delegation of Authority</u>. The Committee may delegate any or all of its powers and duties under the Plan to a subcommittee of directors or to any officer of WaterBridge, including the power to perform administrative functions and grant Awards; <u>provided</u> that such delegation does not (i) violate state or corporate law, or (ii) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of WaterBridge. Upon any such delegation, all references in the Plan to the "Committee," other than in <u>Section 8</u>, shall be deemed to include any subcommittee or officer of WaterBridge to whom such powers have been delegated by the Committee. Any such delegation shall not limit the right of such subcommittee members or such an officer to receive Awards; <u>provided</u> that such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive officer of WaterBridge or an Affiliate, or take any action with respect to any Award previously granted to himself or herself, a member of the Board, or any executive officer of WaterBridge or an Affiliate. The Committee may also appoint agents who are not executive officers of WaterBridge or members of the Board to assist in administering the Plan, <u>provided</u> that such individuals may not be delegated the authority to grant or modify any Awards that will, or may, be settled in Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Limitation of Liability</u>. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or employee of WaterBridge or any Affiliate, WaterBridge's legal counsel, independent auditors, consultants or any other agents assisting in the

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administration of the Plan. Members of the Committee and any officer or employee of WaterBridge or any Affiliate acting at the direction or on behalf of the Committee shall, to the fullest extent permitted by Applicable Laws and WaterBridge's certificate of formation and limited liability company agreement, (i) not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and (ii) be indemnified and held harmless by WaterBridge with respect to any such action or determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Participants in Non-U.S. Jurisdictions</u>. Notwithstanding any provision of the Plan to the contrary, to comply with Applicable Laws in countries other than the United States in which WaterBridge or any Affiliate operates or has employees, directors or other service providers from time to time, or to ensure that WaterBridge complies with any applicable requirements of foreign securities exchanges, the Committee, in its sole discretion, shall have the power and authority to: (i) determine which of the Affiliates shall be covered by the Plan; (ii) determine which Eligible Persons outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to Eligible Persons outside the United States to comply with applicable foreign laws or listing requirements of any foreign exchange; (iv) establish sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such sub-plans and/or modifications shall be attached to the Plan as appendices), <u>provided</u> that no such sub-plans and/or modifications shall increase the share limitations contained in <u>Section 4(a)</u>; and (v) take any action, before or after an Award is granted, that it deems advisable to comply with any applicable governmental regulatory exemptions or approval or listing requirements of any such foreign securities exchange. For purposes of the Plan, all references to foreign laws, rules, regulations or taxes shall be references to the laws, rules, regulations and taxes of any applicable jurisdiction other than the United States or a political subdivision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Shares Subject to the Plan**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Number of Shares Available for Delivery</u>. Subject to adjustment in a manner consistent with <u>Section 8</u>, 5,935,000 Shares are reserved and available for delivery with respect to Awards, and such total shall be available for the issuance of shares upon the exercise of ISOs; <u>provided</u>, that, on January 1 of each calendar year occurring after the Effective Date and prior to the tenth anniversary of the Effective Date, the total number of Shares reserved and available for delivery with respect to Awards under the Plan shall increase by a number of Shares equal to the lesser of (x) 5% of the total number of Class A Shares and Class B Shares outstanding as of December 31 of the immediately preceding calendar year; (y) the number of Shares required to bring the total Shares available for issuance under the Plan to 5% of the total number of Class A Shares and Class B Shares outstanding as of December 31 of the immediately preceding calendar year; or (z) such smaller number of Shares as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Application of Limitation to Grants of Awards</u>. Subject to <u>Section 4(c)</u>, no Award may be granted if the number of Shares that may be delivered in connection with such Award exceeds the number of Shares remaining available under the Plan minus the number of Shares issuable in settlement of or relating to then-outstanding Awards. The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or Substitute Awards) and make adjustments if the number of Shares actually delivered differs from the number of shares previously counted in connection with an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Availability of Shares Not Delivered under Awards</u>. If all or any portion of an Award expires or is cancelled, forfeited, exchanged, settled in cash or is otherwise terminated without the delivery of Shares, the Shares subject to such Award (including (i) Shares forfeited with respect to Restricted Shares, and (ii) the number of Shares withheld or surrendered to WaterBridge in payment of any exercise or purchase price of an Award or taxes relating to Awards) shall not be considered "delivered Shares" under the Plan, shall be available for delivery with respect to Awards, and shall no longer be considered issuable or related to outstanding Awards for purposes of <u>Section 4(b)</u>. If an Award may be settled only in cash, such Award need not be counted against any Share limit under this <u>Section 4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Shares Available Following Certain Transactions</u>. Substitute Awards granted in accordance with applicable stock exchange requirements and in substitution or exchange for awards previously granted by a company acquired by WaterBridge or any subsidiary or with which WaterBridge or any subsidiary combines shall not reduce the number of Shares authorized for issuance under the Plan or the limitations on grants to non-employee members of the Board under <u>Section 5(b)</u>, nor shall Shares subject to such Substitute Awards be added to the Shares available for issuance under the Plan as provided above (whether or not such Substitute Awards are later cancelled, forfeited or otherwise terminated).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Shares Offered</u>. The Shares to be delivered under the Plan shall be made available from (i) authorized but unissued Shares, (ii) Shares held in the treasury of WaterBridge, or (iii) previously issued Shares reacquired by WaterBridge, including Shares purchased on the open market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Eligibility; Award Limitations for Non-Employee Members of the Board**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Awards may be granted under the Plan only to Eligible Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In each calendar year during any part of which the Plan is in effect, a non-employee member of the Board may not be granted Awards for such individual's service on the Board having a value (determined, if applicable, pursuant to ASC Topic 718) on the date of grant in excess of $850,000; <u>provided</u> that for any calendar year in which a non-employee member of the Board (i) first commences service on the Board, (ii) serves on a special committee of the Board, or (iii) serves as lead director or chairman of the Board, additional Awards may be granted to such non-employee member of the Board in excess of such limit; <u>provided</u>, <u>further</u>, that the limit set forth in this <u>Section 5(b)</u> shall be applied without regard to (A) cash fees paid to a non-employee member of the Board during such calendar year (or grants of Awards, if any, made to a non-employee member of the Board in lieu of all or any portion of such cash fees) or (B) grants of Awards, if any, made to a non-employee member of the Board during any period in which such individual was an employee of WaterBridge or any Affiliate or was otherwise providing services to WaterBridge or to any Affiliate other than in the capacity as a director of WaterBridge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Specific Terms of Awards**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Awards may be granted on the terms and conditions set forth in this <u>Section 6</u>. Awards granted under the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any other Award. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to <u>Section 10</u>), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including subjecting such awards to service- or performance-based vesting conditions. Without limiting the scope of the preceding sentence, with respect to any performance-based conditions, (i) the Committee may use one or more business criteria or other measures of performance as it may deem appropriate in establishing any performance goals applicable to an Award, (ii) any such performance goals may relate to the performance of the Participant, WaterBridge (on a consolidated basis), or to specified subsidiaries, business or geographical units or operating areas of WaterBridge, (iii) the performance period or periods over which performance goals will be measured shall be established by the Committee, and (iv) any such performance goals and performance periods may differ among Awards granted to any one Participant or to different Participants. To the extent provided in an Award Agreement, the Committee may exercise its discretion to reduce or increase the amounts payable under any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Options</u>. The Committee is authorized to grant Options, which may be designated as either ISOs or Nonstatutory Options, to Eligible Persons on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Exercise Price</u>. Each Award Agreement evidencing an Option shall state the exercise price per Share (the "***Exercise Price***") established by the Committee; <u>provided</u> that except as provided in <u>Section 6(j)</u> or in <u>Section 8</u>, the Exercise Price of an Option shall not be less than the greater of (A) the par value per Share or (B) 100% of the Fair Market Value per Share as of the date of grant of the Option (or in the case of an ISO granted to an individual who owns Shares possessing more than 10% of the total combined voting power of all classes of shares of WaterBridge or its parent or any of its subsidiaries, 110% of the Fair Market Value per Share on the date of grant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Time and Method of Exercise; Other Terms</u>. The Committee shall determine the methods by which the Exercise Price may be paid or deemed to be paid, the form of such payment, including cash or cash equivalents, Shares (including previously owned shares or through a cashless exercise, i.e., "net settlement", a broker-assisted exercise, or other reduction of the amount of shares otherwise issuable pursuant to the Option), other Awards or awards granted under other plans of WaterBridge or any Affiliate, other property, or any other legal consideration the Committee deems appropriate (including notes or other contractual obligations of Participants to make payment on a deferred basis), the methods by or forms in which Shares will be delivered or deemed to be delivered to Participants, including the delivery of Restricted Shares subject to <u>Section 6(d)</u>, and any other terms and conditions of any Option. In the case of an exercise whereby the Exercise Price is paid with Shares, such Shares shall be valued

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based on the Share's Fair Market Value as of the date of exercise. No Option may be exercisable for a period of more than ten years following the date of grant of the Option (or in the case of an ISO granted to an individual who owns shares possessing more than 10% of the total combined voting power of all classes of shares of WaterBridge or its parent or any of its subsidiaries, for a period of more than five years following the date of grant of the ISO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>ISOs</u>. The terms of any ISO granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code. ISOs may only be granted to Eligible Persons who are employees of WaterBridge or employees of a parent or any subsidiary corporation (as defined in Section 424 of the Code) of WaterBridge. Except as otherwise provided in <u>Section 8</u>, no term of the Plan relating to ISOs (including any SAR in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify either the Plan or any ISO under Section 422 of the Code, unless notice has been provided to the Participant that such change will result in such disqualification. ISOs shall not be granted more than ten years after the earlier of the adoption of the Plan or the approval of the Plan by WaterBridge's shareholders. Notwithstanding the foregoing, to the extent that the aggregate Fair Market Value of Shares subject to an ISO and the aggregate Fair Market Value of Shares of any parent or subsidiary corporation (within the meaning of Sections 424(e) and (f) of the Code) subject to any other incentive stock options of WaterBridge or a parent or subsidiary corporation (within the meaning of Sections 424(e) and (f) of the Code) that are exercisable for the first time by a Participant during any calendar year exceeds $100,000, or such other amount as may be prescribed under Section 422 of the Code, such excess shall be treated as Nonstatutory Options in accordance with the Code. As used in the previous sentence, Fair Market Value shall be determined as of the date the ISO is granted. If a Participant shall make any disposition of Shares issued pursuant to an ISO under the circumstances described in Section 421(b) of the Code (relating to disqualifying dispositions), the Participant shall notify WaterBridge of such disposition within the time provided to do so in the applicable award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>SARs</u>. The Committee is authorized to grant SARs to Eligible Persons on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Right to Payment</u>. A SAR is a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one Share on the date of exercise over (B) the grant price of the SAR as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Grant Price</u>. Each Award Agreement evidencing a SAR shall state the grant price per Share established by the Committee; <u>provided</u> that except as provided in <u>Section 6(j)</u> or in <u>Section 8</u>, the grant price per Share subject to a SAR shall not be less than the greater of (A) the par value per Share or (B) 100% of the Fair Market Value per Share as of the date of grant of the SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Method of Exercise and Settlement; Other Terms</u>. The Committee shall determine the form of consideration payable upon settlement, the method by or forms in which Shares (if any) will be delivered or deemed to be delivered to Participants, and any other terms and conditions of any SAR. SARs may be either free-standing or granted in tandem with other Awards. No SAR may be exercisable for a period of more than ten years following the date of grant of the SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Rights Related to Options</u>. A SAR granted in connection with an Option shall entitle a Participant, upon exercise, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount determined by multiplying (A) the difference obtained by subtracting the Exercise Price with respect to a Share specified in the related Option from the Fair Market Value of a Share on the date of exercise of the SAR, by (B) the number of shares as to which that SAR has been exercised. The Option shall then cease to be exercisable to the extent surrendered. SARs granted in connection with an Option shall be subject to the terms and conditions of the Award Agreement governing the Option, which shall provide that the SAR is exercisable only at such time or times and only to the extent that the related Option is exercisable and shall not be transferable except to the extent that the related Option is transferrable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Restricted Shares</u>. The Committee is authorized to grant Restricted Shares to Eligible Persons on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Restrictions</u>. Restricted Shares shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose. Except as provided in <u>Section 7(a)(iii)</u> and

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<u>Section 7(a)(iv)</u>, during the restricted period applicable to the Restricted Shares, the Restricted Shares may not be sold, transferred, pledged, hedged, hypothecated, margined or otherwise encumbered by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Dividends and Splits</u>. As a condition to the grant of an Award of Restricted Shares, the Committee may allow a Participant to elect, or may require, that any cash dividends paid on a Restricted Share be automatically reinvested in additional Restricted Shares, applied to the purchase of additional Awards or deferred without interest to the date of vesting of the associated Award of Restricted Shares. Unless otherwise determined by the Committee and specified in the applicable Award Agreement, Shares distributed in connection with a Share split or Share dividend, and other property (other than cash) distributed as a dividend, shall be subject to the same restrictions and risk of forfeiture as the Restricted Shares with respect to which such Shares or other property were distributed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Restricted Share Units</u>. The Committee is authorized to grant Restricted Share Units to Eligible Persons on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Award and Restrictions</u>. Restricted Share Units shall be subject to such restrictions (which may include a risk of forfeiture) as the Committee may impose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Settlement</u>. Settlement of vested Restricted Share Units shall occur upon vesting or upon expiration of the deferral period specified for such Restricted Share Units by the Committee (or, if permitted by the Committee, as elected by the Participant). Restricted Share Units are expected to be settled by delivery of a number of Shares equal to the number of Restricted Share Units for which settlement is due; provided that, unless otherwise set forth in an Award Agreement, the Administrator may determine to provide for settlement of Restricted Share Units in cash in an amount equal to the Fair Market Value of the specified number of Shares equal to the number of Restricted Share Units for which settlement is due, or in a combination of cash and Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Share Awards</u>. The Committee is authorized to grant Share Awards to Eligible Persons as a bonus, as additional compensation, or in lieu of cash compensation any such Eligible Person is otherwise entitled to receive, in such amounts and subject to such other terms as the Committee in its discretion determines to be appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Dividend Equivalents</u>. The Committee is authorized to grant Dividend Equivalents to Eligible Persons, entitling any such Eligible Person to receive cash, Shares, other Awards, or other property equal in value to dividends or other distributions paid with respect to a specified number of Shares. Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award (other than an Award of Restricted Shares or a Share Award). The Committee may provide that Dividend Equivalents that are granted as free-standing awards shall be paid or distributed when accrued or at a later specified date and, if distributed at a later date, may be deemed to have been reinvested in additional Shares, Awards, or other investment vehicles or accrued in a bookkeeping account without interest, and subject to such restrictions on transferability and risks of forfeiture, as the Committee may specify. With respect to Dividend Equivalents granted in connection with another Award, absent a contrary provision in the Award Agreement, such Dividend Equivalents shall be subject to the same restrictions and risk of forfeiture as the Award with respect to which the dividends accrue and shall not be paid unless and until such Award has vested and been earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Other Share-Based Awards</u>. The Committee is authorized, subject to limitations under Applicable Law, to grant to Eligible Persons such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be consistent with the purposes of the Plan, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, Awards with value and payment contingent upon performance of WaterBridge or any other factors designated by the Committee, and Awards valued by reference to the book value of Shares or the value of securities of, or the performance of, specified Affiliates. The Committee shall determine the terms and conditions of such Other Share-Based Awards. Shares delivered pursuant to an Other-Share Based Award in the nature of a purchase right granted under this <u>Section 6(h)</u> shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including cash, Shares, other Awards, or other property, as the Committee shall determine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Cash Awards</u>. The Committee is authorized to grant Cash Awards, on a free-standing basis or as an element of, a supplement to, or in lieu of any other Award under the Plan to Eligible Persons in such amounts and subject to such other terms as the Committee in its discretion determines to be appropriate, including for purposes of any annual or short-term incentive or other bonus program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Substitute Awards; No Repricing</u>. Awards may be granted in substitution or exchange for any other Award granted under the Plan or under another plan of WaterBridge or an Affiliate or any other right of an Eligible Person to receive payment from WaterBridge or an Affiliate. Awards may also be granted under the Plan in assumption of, or substitution for, awards held by individuals who become Eligible Persons as a result of a merger, consolidation or acquisition of another entity or the assets of another entity by or with WaterBridge or an Affiliate. Such Substitute Awards referred to in the immediately preceding sentence that are Options or SARs may have an exercise price that is less than the Fair Market Value of a Share on the date of the substitution if such substitution complies with the Nonqualified Deferred Compensation Rules and other Applicable Laws and exchange rules. Except as provided in this <u>Section 6(j)</u> or in <u>Section 8</u>, without the approval of the shareholders of WaterBridge, the terms of outstanding Awards may not be amended to (i) reduce the Exercise Price or grant price of an outstanding Option or SAR, (ii) grant a new Option, SAR or other Award in substitution for, or upon the cancellation of, any previously granted Option or SAR that has the effect of reducing the Exercise Price or grant price thereof, (iii) exchange any Option or SAR for Shares, cash or other consideration when the Exercise Price or grant price per Share under such Option or SAR exceeds the Fair Market Value of a Share or (iv) take any other action that would be considered a "repricing" of an Option or SAR under the applicable listing standards of the national securities exchange on which the Shares are listed (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Certain Provisions Applicable to Awards**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Limit on Transfer of Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as provided in <u>Sections 7(a)(iii)</u> and <u>(iv)</u>, each Option and SAR shall be exercisable only by the Participant during the Participant's lifetime, or by the person to whom the Participant's rights shall pass by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this <u>Section 7(a)</u>, an ISO shall not be transferable other than by will or the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as provided in <u>Sections 7(a)(i)</u>, <u>(iii)</u> and <u>(iv)</u>, no Award, other than a Share Award, and no right under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against WaterBridge or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent specifically provided by the Committee and permitted pursuant to Form S-8 and the instructions thereto, an Award may be transferred by a Participant on such terms and conditions as the Committee may from time to time establish; <u>provided</u> that no Award (other than a Share Award) may be transferred to a third-party financial institution for value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) An Award may be transferred pursuant to a domestic relations order entered or approved by a court of competent jurisdiction upon delivery to WaterBridge of a written request for such transfer and a certified copy of such order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Form and Timing of Payment under Awards; Deferrals</u>. Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by WaterBridge or any Affiliates upon the exercise or settlement of an Award may be made in such forms as the Committee shall determine in its discretion, including cash, Shares, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis (which may be required by the Committee or permitted at the election of the Participant on terms and conditions established by the Committee); <u>provided</u> that any such deferred or installment payments will be set forth in the Award Agreement. Payments may include provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Evidencing Shares</u>. The Shares or other securities of WaterBridge delivered pursuant to an Award may be evidenced in any manner deemed appropriate by the Committee in its sole discretion, including in the form of

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a certificate issued in the name of the Participant or by book entry, electronic or otherwise, and shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Shares or other securities are then listed, and any applicable federal, state or other laws, and the Committee may cause a legend or legends to be inscribed on any such certificates to make appropriate reference to such restrictions. Further, if certificates representing Restricted Shares are registered in the name of the Participant, WaterBridge may retain physical possession of the certificates and may require that the Participant deliver a share power to WaterBridge, endorsed in blank, related to the Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Consideration for Grants</u>. Awards may be granted for such consideration, including services, as the Committee shall determine, but shall not be granted for less than the minimum lawful consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Additional Agreements</u>. Each Eligible Person to whom an Award is granted under the Plan may be required to agree in writing, as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Eligible Person's termination of employment or service to a general release of claims and/or a noncompetition or other restricted covenant agreement in favor of WaterBridge and the Affiliates, with the terms and conditions of such agreement(s) to be determined in good faith by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existence of Plans and Awards</u>. The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of WaterBridge, the Board or the shareholders of WaterBridge to make or authorize any adjustment, recapitalization, reorganization or other change in WaterBridge's capital structure or its business, any merger or consolidation of WaterBridge, any issue of debt or equity securities ahead of or affecting Shares or the rights thereof, the dissolution or liquidation of WaterBridge or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Additional Issuances</u>. Except as expressly provided herein, the issuance by WaterBridge of Shares of any class, including upon conversion of shares or obligations of WaterBridge convertible into such Shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to Awards theretofore granted or the purchase price per Share, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Subdivision or Consolidation of Shares</u>. The terms of an Award and the Share limitations under the Plan shall be subject to adjustment by the Committee from time to time, in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to <u>Section 9(k)</u>, if at any time, or from time to time, WaterBridge shall subdivide as a whole (by reclassification, by a Share split, by the issuance of a distribution on Shares payable in Shares, or otherwise) the number of Shares then outstanding into a greater number of Shares or in the event WaterBridge distributes an extraordinary cash dividend, then, as appropriate (A) the maximum number of Shares available for delivery with respect to Awards and applicable limitations with respect to Awards provided in <u>Section 4</u> and <u>Section 5</u> (other than cash limits) shall be increased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of Shares (or other kind of shares or securities) that may be acquired under any then-outstanding Award shall be increased proportionately, and (C) the price (including the Exercise Price or grant price) for each Share (or other kind of shares or securities) subject to then-outstanding Awards shall be reduced proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions; <u>provided</u> that in the case of an extraordinary cash dividend that is not an Adjustment Event, the adjustment to the number of Shares and the Exercise Price or grant price, as applicable, may be made in such other manner as the Committee may determine that is permitted pursuant to Applicable Law. Notwithstanding the foregoing, Awards that already have a right to receive extraordinary cash dividends as a result of Dividend Equivalents or other dividend rights will not be adjusted as a result of an extraordinary cash dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If at any time, or from time to time, WaterBridge shall consolidate as a whole (by reclassification, by reverse Share split, or otherwise) the number of Shares then outstanding into a lesser number of Shares, then, as appropriate (A) the maximum number of Shares available for delivery with respect to Awards and applicable limitations with respect to Awards provided in <u>Section 4</u> and <u>Section 5</u> (other than cash limits) shall be

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decreased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of Shares (or other kind of shares or securities) that may be acquired under any then-outstanding Award shall be decreased proportionately, and (C) the price (including the Exercise Price or grant price) for each Share (or other kind of shares or securities) subject to then-outstanding Awards shall be increased proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Recapitalization</u>. In the event of any change in the capital structure or business of WaterBridge or other corporate transaction or event that would be considered an "equity restructuring" within the meaning of ASC Topic 718 and, in each case, that would result in an additional compensation expense to WaterBridge pursuant to the provisions of ASC Topic 718, if adjustments to Awards with respect to such event were discretionary or otherwise not required (each such an event, an "***Adjustment Event***"), then the Committee shall equitably adjust (i) the aggregate number or kind of Shares that thereafter may be delivered under the Plan, (ii) the number or kind of Shares or other property (including cash) subject to an Award, (iii) the terms and conditions of Awards, including the purchase price or Exercise Price of Awards and performance goals, as applicable, and (iv) the applicable limitations with respect to Awards provided in <u>Section 4</u> and <u>Section 5</u> (other than cash limits) to equitably reflect such Adjustment Event ("***Equitable Adjustments***"). In the event of any change in the capital structure or business of WaterBridge or other corporate transaction or event that would not be considered an Adjustment Event, and is not otherwise addressed in this <u>Section 8</u>, the Committee shall have complete discretion to make Equitable Adjustments (if any) in such manner as it deems appropriate with respect to such other event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Change in Control and Other Events</u>. In the event of a Change in Control or other changes in WaterBridge or the Outstanding Class A Shares by reason of a recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant change occurring after the date of the grant of any Award, the Committee, acting in its sole discretion without the consent or approval of any holder, may exercise any power enumerated in <u>Section 3</u> (including the power to accelerate vesting, waive any forfeiture conditions or otherwise modify or adjust any other condition or limitation regarding an Award) and may also effect one or more of the following alternatives, which may vary among individual holders and which may vary among Awards held by any individual holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accelerate the time of exercisability of an Award so that such Award may be exercised in full or in part for a limited period of time on or before a date specified by the Committee, after which specified date all unexercised Awards and all rights of holders thereunder shall terminate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) redeem in whole or in part outstanding Awards by requiring the mandatory surrender to WaterBridge by selected holders of some or all of the outstanding Awards held by such holders (irrespective of whether such Awards are then vested or exercisable) as of a date, specified by the Committee, in which event the Committee shall thereupon cancel such Awards and pay to each holder an amount of cash or other consideration per Award (other than a Dividend Equivalent or Cash Award, which the Committee may separately require to be surrendered in exchange for cash or other consideration determined by the Committee in its discretion) equal to the Change in Control Price, less the Exercise Price with respect to an Option and less the grant price with respect to an SAR, as applicable to such Awards; <u>provided</u> that to the extent the Exercise Price of an Option or the grant price of an SAR exceeds the Change in Control Price, such Award may be cancelled for no consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent provided for in an Award Agreement, cancel Awards that remain subject to a restricted period as of the date of a Change in Control or other such event without payment of any consideration to the Participant for such Awards; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change in Control or other such event (including the substitution, assumption, or continuation of Awards by the successor company or a parent or subsidiary thereof); <u>provided</u> that so long as the event is not an Adjustment Event, the Committee may determine in its sole discretion that no adjustment is necessary to Awards then outstanding. If an Adjustment Event occurs, this <u>Section 8(e)</u> shall only apply to the extent it is not in conflict with <u>Section 8(d)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **General Provisions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Tax Withholding</u>. WaterBridge and any Affiliate are authorized to withhold from any Award granted, or any payment relating to an Award, including from a distribution of Shares, taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable WaterBridge, the Affiliates and Participants to satisfy the payment of withholding taxes and other tax obligations relating to any Award in such amounts as may be determined by the Committee. The Committee shall determine, in its sole discretion, the form of payment acceptable for such tax withholding obligations, including the delivery of cash or cash equivalents, Shares (including through delivery of previously owned shares, net settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to the Award), other property, or any other legal consideration the Committee deems appropriate. Any determination made by the Committee to allow a Participant who is subject to Rule 16b-3 to pay taxes with Shares through net settlement or previously owned shares shall be approved by either a committee made up of solely two or more Qualified Members or the full Board. If such tax withholding amounts are satisfied through net settlement or previously owned shares, the maximum number of Shares that may be so withheld or surrendered shall be the number of Shares that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for WaterBridge with respect to such Award, as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Limitation on Rights Conferred under Plan</u>. Neither the Plan nor any action taken hereunder shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of WaterBridge or any Affiliate, (ii) interfering in any way with the right of WaterBridge or any Affiliate to terminate any Eligible Person's or Participant's employment or service relationship at any time, (iii) giving an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly with other Participants and/or employees and/or other service providers, or (iv) conferring on a Participant any of the rights of a shareholder of WaterBridge unless and until the Participant is duly issued or transferred Shares in accordance with the terms of an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Governing Law; Submission to Jurisdiction</u>. All questions arising with respect to the provisions of the Plan and Awards shall be determined by application of the laws of the State of Texas, without giving effect to any conflict of law provisions thereof, except to the extent Texas law is preempted by federal law. The obligation of WaterBridge to sell and deliver Shares hereunder is subject to applicable federal and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Shares. With respect to any claim or dispute related to or arising under the Plan, WaterBridge and each Participant who accepts an Award hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in Harris County, Texas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Severability and Reformation</u>. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the Applicable Law or, if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. If any of the terms or provisions of the Plan or any Award Agreement conflict with the requirements of Rule 16b-3 (as those terms or provisions are applied to Eligible Persons who are subject to Section 16 of the Exchange Act) or Section 422 of the Code (with respect to ISOs), then those conflicting terms or provisions shall be deemed inoperative to the extent they so conflict with the requirements of Rule 16b-3 (unless the Board or the Committee, as appropriate, has expressly determined that the Plan or such Award should not comply with Rule 16b-3) or Section 422 of the Code, in each case, only to the extent Rule 16b-3 and such sections of the Code are applicable. With respect to ISOs, if the Plan does not contain any provision required to be included herein under Section 422 of the Code, that provision shall be deemed to be incorporated herein with the same force and effect as if that provision had been set out at length herein; <u>provided</u> that, to the extent any Option that is intended to qualify as an ISO cannot so qualify, that Option (to that extent) shall be deemed a Nonstatutory Option for all purposes of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Unfunded Status of Awards; No Trust or Fund Created</u>. The Plan is intended to constitute an "unfunded" plan for certain incentive awards. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between WaterBridge or any Affiliate and a Participant or any other person. To the extent that any person acquires a right to receive payments from WaterBridge or any Affiliate pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of WaterBridge or such Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Nonexclusivity of the Plan</u>. Neither the adoption of the Plan by the Board nor its submission to the shareholders of WaterBridge for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable. Nothing contained in the Plan shall be construed to prevent WaterBridge or any Affiliate from taking any corporate action which is deemed by WaterBridge or such Affiliate to be appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or any Award made under the Plan. No employee, beneficiary or other person shall have any claim against WaterBridge or any Affiliate as a result of any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Fractional Shares</u>. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Shares or whether such fractional Shares or any rights thereto shall be cancelled, terminated, or otherwise eliminated with or without consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Interpretation</u>. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. Words in the masculine gender shall include the feminine gender, and, where appropriate, the plural shall include the singular and the singular shall include the plural. In the event of any conflict between the terms and conditions of an Award Agreement and the Plan, the provisions of the Plan shall control. The use herein of the word "including" following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as "without limitation", "but not limited to", or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. References herein to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and not prohibited by the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Facility of Payment</u>. Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied for the benefit of such individual in any manner that the Committee may select, and WaterBridge shall be relieved of any further liability for payment of such amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Conditions to Delivery of Shares</u>. Nothing herein or in any Award Agreement shall require WaterBridge to issue any shares with respect to any Award if that issuance would, in the opinion of counsel for WaterBridge, constitute a violation of the Securities Act, any other applicable statute or regulation, or the rules of any applicable securities exchange or securities association, as then in effect. In addition, each Participant who receives an Award under the Plan shall not sell or otherwise dispose of Shares that is acquired upon grant, exercise or vesting of an Award in any manner that would constitute a violation of any applicable federal or state securities laws, the Plan or the rules, regulations or other requirements of the SEC or any stock exchange upon which the Shares are then listed. At the time of any exercise of an Option or SAR, or at the time of any grant of any other Award, WaterBridge may, as a condition precedent to the exercise of such Option or SAR or settlement of any other Award, require from the Participant (or in the event of his or her death, his or her legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder's intentions with regard to the retention or disposition of the Shares being acquired pursuant to the Award and such written covenants and agreements, if any, as to the manner of disposal of such shares as, in the opinion of counsel to WaterBridge, may be necessary to ensure that any disposition by that holder (or in the event of the holder's death, his or her legal representatives, heirs, legatees, or distributees) will not involve a violation of the Securities Act, any other applicable state or federal statute or regulation, or any rule of any applicable securities exchange or securities association, as then in effect. Shares or other securities shall not be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the

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applicable Award Agreement (including any Exercise Price, grant price, or tax withholding) is received by WaterBridge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Section 409A of the Code</u>. It is the general intention, but not the obligation, of the Committee to design Awards to comply with or to be exempt from the Nonqualified Deferred Compensation Rules, and Awards will be operated and construed accordingly. Neither this <u>Section 9(k)</u> nor any other provision of the Plan is or contains a representation to any Participant regarding the tax consequences of the grant, vesting, exercise, settlement, or sale of any Award (or the Shares underlying such Award) granted hereunder, and should not be interpreted as such. In no event shall WaterBridge be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with the Nonqualified Deferred Compensation Rules. Notwithstanding any provision in the Plan or an Award Agreement to the contrary, in the event that a "specified employee" (as defined under the Nonqualified Deferred Compensation Rules) becomes entitled to a payment under an Award that would be subject to additional taxes and interest under the Nonqualified Deferred Compensation Rules if the Participant's receipt of such payment or benefits is not delayed until the earlier of (i) the date of the Participant's death, or (ii) the date that is six months after the Participant's "separation from service," as defined under the Nonqualified Deferred Compensation Rules (such date, the "***Section 409A Payment Date***"), then such payment or benefit shall not be provided to the Participant until the Section 409A Payment Date. Any amounts subject to the preceding sentence that would otherwise be payable prior to the Section 409A Payment Date will be aggregated and paid in a lump sum without interest on the Section 409A Payment Date. The applicable provisions of the Nonqualified Deferred Compensation Rules are hereby incorporated by reference and shall control over any Plan or Award Agreement provision in conflict therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Clawback</u>. The Plan and all Awards granted hereunder are subject to any written clawback policies that WaterBridge, with the approval of the Board or an authorized committee thereof, may adopt either prior to or following the Effective Date, including any policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and rules promulgated thereunder by the SEC and that WaterBridge determines should apply to Awards. Any such policy shall, to the extent required by law, or may otherwise subject a Participant's Awards and amounts paid or realized with respect to Awards to reduction, cancelation, forfeiture or recoupment if certain specified events or wrongful conduct occur, including an accounting restatement due to WaterBridge's material noncompliance with financial reporting regulations or other events or wrongful conduct specified in any such clawback policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Status under ERISA</u>. The Plan shall not constitute an "employee benefit plan" for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Plan Effective Date and Term</u>. The Plan was adopted by the Board to be effective on the Effective Date. No Awards may be granted under the Plan on and after the tenth anniversary of the Effective Date. However, any Award granted prior to such termination (or any earlier termination pursuant to <u>Section 10</u>), and the authority of the Board or Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award in accordance with the terms of the Plan, shall extend beyond such termination until the final disposition of such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Amendments to the Plan and Awards.** The Committee may amend, alter, suspend, discontinue or terminate any Award or Award Agreement, the Plan or the Committee's authority to grant Awards without the consent of shareholders or Participants, except that any amendment or alteration to the Plan, including any increase in any share limitation, shall be subject to the approval of WaterBridge's shareholders not later than the annual meeting next following such Committee action if such shareholder approval is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the Shares may then be listed or quoted, and the Committee may otherwise, in its discretion, determine to submit other changes to the Plan to shareholders for approval; <u>provided</u> that, without the consent of an affected Participant, no such Committee action may materially and adversely affect the rights of such Participant under any previously granted and outstanding Award. For purposes of clarity, any adjustments made to Awards pursuant to <u>Section 8</u> will be deemed not to materially and adversely affect the rights of any Participant under any previously granted and outstanding Award and therefore may be made without the consent of affected Participants.

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## Exhibit 99.1

![img246067111_0.jpg](img246067111_0.jpg)

**WaterBridge Announces Pricing of Upsized Initial Public Offering**

September 16, 2025

HOUSTON--(BUSINESS WIRE)--WaterBridge Infrastructure LLC ("WaterBridge") today priced its upsized initial public offering of 31,700,000 Class A shares representing limited liability company interests in WaterBridge ("Class A shares") at a price to the public of $20.00 per Class A share. In addition, WaterBridge granted the underwriters a 30-day option to purchase up to an additional 4,755,000 Class A shares at the public offering price, less underwriting discounts and commissions. The Class A shares are expected to begin trading on each of the New York Stock Exchange ("NYSE") and NYSE Texas, Inc. ("NYSE Texas") under the ticker symbol "WBI" on September 17, 2025. The offering is expected to close on September 18, 2025, subject to the satisfaction of customary closing conditions.

WaterBridge expects to receive net proceeds from the offering of approximately $588 million, or $677 million if the underwriters exercise their option to purchase additional Class A shares in full, after deducting underwriting discounts and commissions and estimated expenses payable by WaterBridge.

J.P. Morgan and Barclays are acting as lead book-running managers for the offering. Additional book-running managers for the offering are Goldman Sachs & Co. LLC, Morgan Stanley, Wells Fargo Securities, Piper Sandler, Raymond James and Stifel. Texas Capital Securities, Pickering Energy Partners, Janney Montgomery Scott, Johnson Rice & Company and Roberts & Ryan are acting as co-managers for the offering.

A registration statement relating to the Class A shares offered in the initial public offering has been filed and was declared effective by the U.S. Securities and Exchange Commission on September 16, 2025 (the "Registration Statement"). The offering of these securities is being made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933, as amended. Copies of the prospectus related to these securities can be obtained from any of the following sources:

J.P. Morgan Securities LLC

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, New York 11717

Email: prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com

Barclays Capital Inc.<br>Attention: Broadridge Financial Solutions<br>1155 Long Island Avenue<br>Edgewood, NY 11717<br>Telephone: (888) 603-5847<br>Email: barclaysprospectus@broadridge.com

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**About WaterBridge**

WaterBridge is a leading integrated, pure-play water infrastructure company with operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America, with additional assets in the Eagle Ford and Arkoma Basins. WaterBridge operates the largest produced water infrastructure network in the United States, through which it provides water management solutions to oil and natural gas exploration and production companies under long-term contracts, which include gathering, transporting, recycling and handling produced water. As of August 31, 2025, WaterBridge's infrastructure network included approximately 2,500 miles of pipelines and 197 produced water handling facilities, which handled over 2.6 million bpd of produced water for our customers and had more than 4.5 million bpd of total produced water handling capacity. Headquartered in Houston, Texas, WaterBridge is a first mover in the water midstream sector and benefits from an experienced and entrepreneurial management team.

**Important Information**

The Registration Statement may be obtained free of charge at the SEC's website at www.sec.gov under "WaterBridge Infrastructure LLC". This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

**Cautionary Statement Concerning Forward-Looking Statements**

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," the negative version of these words, or similar terms and phrases are intended to identify forward-looking statements. These forward-looking statements include any statements regarding the commencement of trading of the Class A shares on each of the NYSE and the NYSE Texas and the expected closing date and net proceeds of WaterBridge's initial public offering. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the Registration Statement.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, WaterBridge does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for WaterBridge to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Registration Statement filed with the SEC in connection with WaterBridge's initial public offering. The risk factors and other factors noted in the Registration Statement could cause its actual results to differ materially from those contained in any forward-looking statement.

**Contacts**

Scott McNeely<br>Chief Financial Officer<br>WaterBridge<br>Contact@h2obridge.com

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<br>Mae Herrington<br>Director, Investor Relations<br>WaterBridge<br>Contact@h2obridge.com<br>Media<br>Daniel Yunger / Nathaniel Shahan<br>Kekst CNC<br>daniel.yunger@kekstcnc.com / nathaniel.shahan@kekstcnc.com

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## Exhibit 99.2

Exhibit 99.2

![img246990632_0.jpg](img246990632_0.jpg)

**WaterBridge Announces Closing of Upsized Initial Public Offering and Full Exercise of the Underwriters' Option to Purchase Additional Shares**

Houston, TX, September 18, 2025 – WaterBridge Infrastructure LLC ("WaterBridge") closed its upsized initial public offering of 31,700,000 Class A shares representing limited liability company interests in WaterBridge ("Class A shares") at a price to the public of $20.00 per Class A share. In addition, the underwriters exercised in full their option to purchase an additional 4,755,000 Class A shares ("Option Shares") at the public offering price, less underwriting discounts and commissions.

WaterBridge received net proceeds of approximately $588 million from the offering, after deducting underwriting discounts and commissions and offering expenses. WaterBridge expects to receive additional net proceeds of approximately $89 million, after deducting underwriting discounts and commissions and offering expenses, on September 22, 2025 in connection with the closing for the Option Shares, subject to the satisfaction of customary closing conditions.

J.P. Morgan and Barclays acted as lead book-running managers for the offering. Additional book-running managers for the offering were Goldman Sachs & Co. LLC, Morgan Stanley, Wells Fargo Securities, Piper Sandler, Raymond James and Stifel. Texas Capital Securities, Pickering Energy Partners, Janney Montgomery Scott, Johnson Rice & Company and Roberts & Ryan acted as co-managers for the offering.

Registration statements relating to the Class A shares offered in the initial public offering have been filed and became effective on September 16, 2025 (the "Registration Statements"). The offering of these securities was made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933, as amended. Copies of the prospectus related to these securities can be obtained from any of the following sources:

J.P. Morgan Securities LLC

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, New York 11717

Email: prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com

Barclays Capital Inc.<br>Attention: Broadridge Financial Solutions<br>1155 Long Island Avenue<br>Edgewood, New York 11717<br>Telephone: (888) 603-5847<br>Email: barclaysprospectus@broadridge.com

**About WaterBridge**

WaterBridge is a leading integrated, pure-play water infrastructure company with operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America,

------

with additional assets in the Eagle Ford and Arkoma Basins. WaterBridge operates the largest produced water infrastructure network in the United States, through which it provides water management solutions to oil and natural gas exploration and production companies under long-term contracts, which include gathering, transporting, recycling and handling produced water. As of August 31, 2025, WaterBridge's infrastructure network included approximately 2,500 miles of pipelines and 197 produced water handling facilities, which handled over 2.6 million bpd of produced water for our customers and had more than 4.5 million bpd of total produced water handling capacity. Headquartered in Houston, Texas, WaterBridge is a first mover in the water midstream sector and benefits from an experienced and entrepreneurial management team.

**Important Information**

The Registration Statements may be obtained free of charge at the SEC's website at www.sec.gov under "WaterBridge Infrastructure LLC". This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

**Cautionary Statement Concerning Forward-Looking Statements**

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," the negative version of these words, or similar terms and phrases are intended to identify forward-looking statements. These forward-looking statements include any statements regarding the expected closing date and net proceeds related to the Option Shares. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the Registration Statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, WaterBridge does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for WaterBridge to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Registration Statements filed with the SEC in connection with WaterBridge's initial public offering. The risk factors and other factors noted in the Registration Statements could cause its actual results to differ materially from those contained in any forward-looking statement.

**Contacts**

Scott McNeely<br>Chief Financial Officer<br>WaterBridge<br>Contact@h2obridge.com<br>Mae Herrington<br>Director, Investor Relations<br>WaterBridge<br>ir@h2obridge.com<br>

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Media<br>Daniel Yunger / Nathaniel Shahan<br>Kekst CNC<br>daniel.yunger@kekstcnc.com / nathaniel.shahan@kekstcnc.com

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