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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to one vote for each share held of record on all matters to be voted on by our stockholders generally, with the number of shares of Class B common stock held by each Continuing Equity Unitholder being equivalent to the number of Class B Units held by each such Continuing Equity Unitholder. If at any time the ratio at which Class B Units are exchangeable for shares of our Class A common stock changes from one-for-one as described under “Certain Relationships and Related Person Transactions—Proposed Transactions with Enchanted Rock, Inc.—Limited Liability Company Agreement,” the number of votes to which Class B common stockholders are entitled will be adjusted accordingly. Holders of shares of our Class B common stock will vote together with holders of our Class A common stock as a single class on all matters on which stockholders are entitled to vote generally, except as otherwise required by law.

Our post-offering organizational structure, as described above, is commonly referred
to as an umbrella partnership-C-corporation (or UP-C) structure. This organizational structure will allow the Continuing Equity
Unitholders to retain their equity ownership in ER Holdings, an entity that is classified as a partnership for U.S. federal income tax purposes, in the form of units. Investors in this offering and the Blocked Unitholders will, by contrast, hold
their equity ownership in Enchanted Rock, an entity classified as a corporation for U.S. federal income tax purposes, in the form of shares of Class A common stock. We believe that the Continuing Equity Unitholders generally find it
advantageous to continue to hold their equity interests in an entity that is not classified as a corporation for U.S. federal income tax purposes. We do not believe that our UP-C organizational structure will
give rise to any significant business or strategic benefit or detriment to us.

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The diagram below depicts our organizational structure immediately following
the Transactions.

Upon consummation of the Reorganization and immediately prior to the IPO, our pre-IPO owners will hold shares and interests (that may be exchanged) for an aggregate of      shares of Class A common stock and      shares of Class B
common stock, which we refer to as the “diluted pre-IPO shares outstanding,” consisting of (i) issued and outstanding shares of Class B common stock held by the Continuing Equity
Unitholders and (ii) shares of Class A common stock issuable on a one-for-one basis in exchange for Class B Units held by our Continuing Equity
Unitholders.

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Although the relative ownership among these categories of pre-IPO owners and the number of shares of Class A common stock into which their respective interests may be exchanged will depend on the actual offering price, the total diluted
pre-IPO shares outstanding will not change.

Incorporation of Enchanted Rock

We were incorporated as a Delaware corporation on January 20, 2026. We have not engaged in any business or other
activities except in connection with our formation and the IPO. The amended and restated certificate of incorporation of us authorizes two classes of common stock, Class A common stock and Class B common stock, each having the terms
described in “Description of Capital Stock.”

Reclassification and Amendment and Restatement of the Limited
Liability Company Agreement of ER Holdings

Prior to the completion of this offering, the limited liability company
agreement of ER Holdings will be amended and restated to, among other things, modify its capital structure by reclassifying (1) its outstanding Common and Preferred Units held by the Blocker Companies into a new class of membership interests
that we refer to as “Class A Units” and (2) its outstanding Common and Preferred Units held by the Continuing Equity Unitholders into a new class of membership interests that we refer to as “Class B Units” (the
“Reclassification”). We refer to the Reclassification, the amendment and restatement of the limited liability company agreement, the transactions described below under “Blocker Mergers,” and the entry into the Tax
Receivable Agreement described below as the “Reorganization.” As a result of the Reorganization, our pre-IPO owners will hold their ownership interests directly in ER Holdings (in the case of the
Continuing Equity Unitholders) or indirectly in ER Holdings (in the case of the Blocked Unitholders).

The A&R LLCA
will entitle any holder of Class B Units to exchange their Class B Units for Class A common stock on a one-for-one basis, or, at our election in our sole discretion, for cash. The exchange ratio is subject to appropriate adjustment by us in the
event Class A Units are issued to us without issuance of a corresponding number of shares of Class A common stock or in the event of certain reclassifications, reorganizations, recapitalizations or similar transactions. The A&R LLCA will provide
that any holder of Class B Units will not have the right to exchange Class B Units if we determine that such exchange would be prohibited by law or regulation or would violate other agreements with us, ER Holdings, or any of their subsidiaries to
which the holder of Class B Units is subject. We intend to impose additional restrictions on exchanges that we determine to be necessary or advisable so that ER Holdings is not treated as a “publicly traded partnership” for U.S. federal
income tax purposes.

The A&R LLCA also provides for mandatory exchanges under certain circumstances, including at the
option of us if the number of Class A Units and Class B Units outstanding and held by its members (other than those held by us) is less than 15% of the outstanding Class A Units and Class B Units of ER Holdings or in the discretion of us with the
consent of holders of at least 50% of the outstanding Class B Units. Shares of Class B common stock retired upon an exchange will be restored to the status of authorized but unissued shares of Class B common stock.

Pursuant to the A&R LLCA, we will become the sole managing member of ER Holdings. Accordingly, we will have the right to
determine when distributions will be made to the holders of Class A and Class B Units and the amount of any such distributions. If we, as the managing member, authorize a distribution, such distribution will be made to the holders of
Class A and Class B Units pro rata in accordance with the percentages of their respective Class A and Class B Units, as applicable, held.

We and the Continuing Equity Unitholders will incur U.S. federal, state, and local income taxes on our respective allocable
shares of any taxable income of ER Holdings. Net profits and net losses of ER Holdings generally will be allocated to its owners (including us) pro rata in accordance with the percentages of their

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respective units held, except as otherwise required by law. The A&R LLCA will provide for cash distributions to us and the Continuing Equity Unitholders if we determine that the taxable
income of ER Holdings will give rise to taxable income for us and the Continuing Equity Unitholders. In accordance with the A&R LLCA, we intend to cause ER Holdings to make cash distributions to us and the Continuing Equity Unitholders for
purposes of funding our respective tax obligations in respect of the income of ER Holdings that is allocated to us. The assumed tax rate for purposes of determining tax distributions from ER Holdings to its owners will be the highest combined
federal, state, and local tax rate that may potentially apply to an individual resident in the U.S. (as reasonably determined by ER Holdings). See “Certain Relationships and Related Person Transactions—Limited Liability Company
Agreement.”

Blocker Mergers

Before the IPO, the Blocked Unitholders hold their interests in ER Holdings through certain entities that are classified as
corporations for U.S. federal income tax purposes (the “Blocker Companies”). Immediately after and in connection with the IPO, we will enter into certain restructuring transactions (such transactions, the “Blocker Mergers”)
that will result in the Blocked Unitholders acquiring      shares of newly issued Class A common stock in exchange for our acquisition of the Blocker Companies and, indirectly, the equivalent number of Class A Units
held by the Blocker Companies. Each of the Blocker Companies initially will become a wholly owned subsidiary of us and then be merged into us.

Tax
Receivable Agreement