SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-24
Accession Number: 0001193125-26-177695
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526177695/filename1.htm

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Granite, we are seeking to move away from fixed, hour-based maintenance schedules to variable maintenance intervals based on actual usage patterns. Deepen Integration with Renewables. We are seeking to further incorporate renewable power capabilities with our power systems. Integrating our power systems with renewable energy generation and storage systems could enhance the speed at which our power systems could be deployed because existing interconnection can be used to bypass interconnection queues, further strengthening our speed-to-power solution. Combining our power systems with renewable energy generation and storage systems can also enable customers to potentially maximize their use of renewable power by prioritizing the output of renewables when available and then leveraging the dispatch capabilities during periods when renewable sources are unavailable or producing less, which supports grid reliability while reducing emissions. Battery energy storage systems can complement this strategy by providing additional dispatch capability, supporting stable and efficient delivery of power.

Expand Granite Software Ecosystem and O&M and Asset Management Services. We are investing in the continued
development of our Granite software platform, which provides real-time monitoring, high-resolution data collection and analytics that support predictive diagnostics and dynamic asset optimization. These capabilities directly enable and enhance the
delivery of our O&M and asset management services. Granite collects and analyzes far more data points than typical monitoring systems, allowing it to more quickly detect short-term performance variability. With Granite, ERock can observe
long-term operational trends and unit-to-unit outliers across a site or fleet, which supports a predictive maintenance program, thereby reducing unplanned outages and lowering lifecycle costs. By utilizing Granite to more effectively deliver our
O&M and asset-management services to third-party asset owners, we aim to create long-term recurring revenue streams that grow alongside our installed base as well as enhance customer value through greater operational efficiency and improved
asset performance.

Organizational Structure

We currently conduct our business through ER Holdings and its subsidiaries.

UP-C Structure

Prior to the completion of this offering, we intend to undertake certain transactions as part of a reorganization (the
“Reorganization”) described under “Organizational Structure” below. Immediately following the Reorganization and this offering, we will be a holding company, and our sole material asset will be Class A Units in ER Holdings,
which we will hold either directly or indirectly through one or more wholly owned subsidiaries. We (or one of our wholly owned subsidiaries) will be the sole managing member of ER Holdings

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and, in that capacity, will operate and control all of ER Holdings’ business and affairs, and, through ER Holdings and its subsidiaries, will conduct our business. As a result, the
consolidated financial statements of ERock will recognize the assets and liabilities received in the Reorganization at their historical carrying amounts, as reflected in the historical financial statements of ER Holdings. We will consolidate ER
Holdings on our consolidated financial statements and record a non-controlling interest related to the Class B Units in ER Holdings on our consolidated balance sheet and statement of income.

Our organizational structure is commonly referred to as an “UP-C”
structure, which is often used by partnerships and limited liability companies that are undertaking an initial public offering. The UP-C structure provides the Continuing Equity Unitholders and the Continuing
Profits Interest Unitholders with the potential income tax advantages associated with owning interests in an entity classified as a partnership for U.S. federal income tax purposes. One of the tax benefits to the Continuing Equity Unitholders and
the Continuing Profits Interest Unitholders associated with our UP-C structure is that future taxable income of ER Holdings that is allocated to the Continuing Equity Unitholders and the Continuing Profits
Interest Unitholders will be taxed on a flow-through basis and therefore will not be subject to entity-level U.S. federal income taxes at ER Holdings. Additionally, because the Continuing Equity Unitholders and the Continuing Profits Interest
Unitholders may cause their membership interests in ER Holdings to be redeemed by ER Holdings (or, at our option, directly exchanged by ERock) for, at our election, either cash or newly issued shares of our Class A common stock on a one-for-one basis (subject to customary adjustments, including for stock splits, stock dividends, and reclassifications), the UP-C
structure also provides the Continuing Equity Unitholders and the Continuing Profits Interest Unitholders with potential liquidity that holders of non-publicly traded limited liability companies are not
typically afforded. We do not believe that our UP-C organizational structure will give rise to any significant business or strategic benefit or detriment to us. See the section entitled “Risk
Factors—Risks Related to Our Corporate Structure, Our Class A Common Stock and this Offering” for additional information on our organizational structure, including the Tax Receivable Agreement.

Tax Receivable Agreement

In connection with this offering, we will enter into a Tax Receivable Agreement (the “Tax Receivable Agreement”)
for the benefit of certain Continuing Equity Unitholders, Continuing Profits Interest Unitholders and Blocked Unitholders (the “TRA Beneficiaries”), including Energy Impact Fund (FT-B) LP and
Energy Impact Fund (FT-D) LP. Pursuant to the Tax Receivable Agreement, we will pay 85% of the amount of the net cash tax savings, if any, that we are deemed to realize as a result of (i) certain
increases in, or adjustments to, the tax basis of assets of ER Holdings and its subsidiaries resulting from exchanges of ER Holdings membership interests in the future, (ii) certain tax attributes available to us as a result of the
Reorganization, and (iii) certain other tax benefits related to our entering into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement. Generally, payments under the Tax
Receivable Agreement will be made to the TRA Beneficiaries based on the tax assets, including basis step-ups and certain other tax assets, delivered by those TRA Beneficiaries in connection with the IPO and in
the future. Such payments will reduce the cash provided by the tax savings generated from the previously described transactions with the TRA Beneficiaries that would otherwise have been available to ERock for other uses, including reinvestment or
dividends to holders of our Class A common stock.

The amount payable under the Tax Receivable Agreement generally
will be based on an annual calculation of the reduction in our U.S. federal, state, local and non-U.S. taxes resulting from the use of certain pre-IPO tax attributes in
the Blocker Companies and tax benefits resulting from sales and exchanges by the Continuing Equity Unitholders and the Continuing Profits Interest Unitholders. We expect that the payments that we may be required to make under the Tax Receivable
Agreement may be substantial. Assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, we expect that the reduction in tax payments
for us associated with the federal, state, local and non-U.S. tax benefits described above would be approximately     $ million through 20 . Under

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such scenario we would be required to pay the TRA Beneficiaries  % of such amount, or     $ million through 20 . See “Organizational Structure”
and “Certain Relationships and Related Person Transactions—Proposed Transactions with ERock, Inc.—Tax Receivable Agreement.”

The following diagram reflects our simplified organizational structure immediately prior to the consummation of the
Reorganization.

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The diagram below depicts our organizational structure following the
completion of the Reorganization and this offering (assuming no exercise of the underwriters’ option to purchase additional shares).

(1)	At the closing of this offering, ERock will own      Class A Units of ER
Holdings.

(2)	Each share of Class A common stock of ERock will be entitled to one vote and will vote together with
the Class B common stock as a single class, except as provided in our amended and restated certificate of incorporation or required by law. See “ Description of Capital Stock—Common Stock—Class A Common
Stock. ”

(3)	Each share of Class B common stock is entitled to one vote and will vote together with the Class A
common stock as a single class, except as provided in our amended and restated certificate of incorporation or required by law. The Class B common stock will have no economic rights in ERock. See “ Description of Capital
Stock—Common Stock—Class B Common Stock. ”

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Our Sponsor

Energy Impact Partners LP (our “Sponsor”) is an energy-focused investment firm that invests across venture, growth,
and credit strategies. Our Sponsor’s investor base includes utilities, energy companies and industrial partners. Our sponsor seeks to support portfolio companies in the development and commercialization of energy technologies.