SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS
Document Type: DRS
Date Filed: 2026-02-17
Accession Number: 0001193125-26-054926
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526054926/filename1.htm

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for the registration of shares of our Class A common stock issued or reserved for issuance under our long term incentive plan. Subject to the satisfaction of vesting conditions, the expiration of lock-up agreements and the requirements of Rule 144, shares registered under the registration statement on Form S-8 may be made available for resale immediately in the public market without restriction. We cannot predict the size of future issuances of our Class A common stock or securities convertible into Class A common stock or the effect, if any, that future issuances and sales of shares of our Class A common stock will have on the market price of our common stock. Sales of substantial amounts of our Class A common stock (including shares issued in connection with an acquisition), or the perception that such sales could occur, may adversely affect prevailing market prices of our Class A common stock.

The underwriters of this offering may waive or release parties to the lock-up agreements entered
into in connection with this offering, which could materially and adversely affect the price of our Class A common stock.

We, our directors and executive officers and the holders of substantially all of our Class A common stock will enter into lock-up agreements pursuant to which we and they will be subject to certain restrictions with respect to the sale or other disposition of our common stock or securities convertible into or exercisable or
exchangeable for common stock for a period of  days following the date of this prospectus. Please see “Underwriting” for more information on these agreements. If the restrictions under the
lock-up agreements are waived, then the shares of common stock, subject to compliance with the Securities Act or exceptions therefrom, will be available for sale into the public markets, which could cause the
market price of our Class A common stock to decline and impair our ability to raise capital.

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We may issue preferred stock whose terms could materially and adversely affect the
voting power or value of our common stock.

Our certificate of incorporation will authorize us to issue, without
the approval of our stockholders, one or more classes or series of preferred stock having the designations, preferences, limitations and relative rights, including preferences over our common stock respecting dividends and distributions, that our
board of directors may determine. The terms of one or more classes or series of preferred stock could adversely impact the voting power or value of our common stock. For example, we might grant holders of preferred stock the right to elect some
number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred stock could
affect the residual value of our common stock.

If securities or industry analysts do not publish research reports or publish
unfavorable research about our business, the price and trading volume of our Class A common stock could decline.

The trading market for our Class A common stock will depend in part on the research reports that securities or industry
analysts publish about us or our business. We do not currently have and may never obtain research coverage by securities and industry analysts. If no securities or industry analysts commence coverage of us the trading price for our Class A
common stock and other securities would be negatively affected. In the event we obtain securities or industry analyst coverage, if one or more of the analysts who covers us downgrades our securities, the price of our securities would likely decline.
If one or more of these analysts ceases to cover us or fails to publish regular reports on us, interest in the purchase of our securities could decrease, which could cause the price of our Class A common stock and other securities and their
trading volume to decline.

We will depend on distributions from ER Holdings to pay any taxes and other expenses, including payments
under the Tax Receivable Agreement.

We are a holding company and our only business is to act as the managing
member of ER Holdings, and our only material assets are      representing approximately  % of the membership interests of ER Holdings as of     , 2026. We do not have any independent means of
generating revenue. We anticipate that ER Holdings will continue to be treated as a partnership for U.S. federal income tax purposes and, as such, generally will not be subject to any entity-level U.S. federal income tax. Instead, taxable income
will be allocated to the members of ER Holdings. Accordingly, we will be required to pay income taxes on our allocable share of any net taxable income of ER Holdings. We intend to cause ER Holdings to make pro rata distributions to each of its
members, including us, in an amount intended to enable each member to pay all applicable taxes on taxable income allocable to such member and to allow us to make payments under the Tax Receivable Agreement. In addition, ER Holdings will reimburse us
for corporate and other overhead expenses. If the amount of tax distributions to be made exceeds the amount of funds available for distribution, we will receive a tax distribution payment before the other members of ER Holdings receive any
distribution and the balance, if any, of funds available for distribution shall be distributed to the other members of ER Holdings pro rata in accordance with their assumed tax liabilities. To the extent that we need funds, and ER Holdings is
restricted from making such distributions under applicable laws or regulations, or is otherwise unable to provide such funds, it could materially and adversely affect our ability to pay taxes and other expenses, including payments under the Tax
Receivable Agreement, and affect our liquidity and financial condition. Although we do not currently expect to pay dividends, such restrictions could also affect our ability to pay any dividends (if declared) in the future.

We are required to pay to the TRA Beneficiaries 85% of the tax benefits we receive from tax basis
step-ups (and certain other tax assets) attributable to our acquisition of Class B Units in connection with the IPO and in the future, and the amount of those payments is expected to be substantial.

We have entered into the Tax Receivable Agreement with the TRA Beneficiaries. The Tax Receivable Agreement
provides for payment by us to the TRA Beneficiaries of 85% of the amount of the net cash tax

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savings, if any, that we realize (or, under certain circumstances, are deemed to realize) as a result of (i) increases in tax basis (and use of certain other tax benefits) resulting from our
acquisition of Class B Units in ER Holdings in connection with the IPO and in Class B Unit future exchanges, (ii) certain favorable tax attributes (such as net operating losses attributable to
pre-merger tax periods) we acquired in the Blocker Mergers and (iii) any payments we make to the TRA Beneficiaries under the Tax Receivable Agreement (including tax benefits related to imputed interest).
We will retain the benefit of the remaining 15% of these net cash tax savings.

The term of the Tax Receivable Agreement
commenced upon the completion of the IPO and will continue until all tax benefits that are subject to the Tax Receivable Agreement have been used or have expired, or the Tax Receivable Agreement is terminated in accordance with its terms. The
payments under the Tax Receivable Agreement are not conditioned upon continued ownership of us by the TRA Beneficiaries. In addition, payments we make under the Tax Receivable Agreement will be increased by any interest accrued from the due date
(without extensions) of the corresponding tax return.