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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equivalent value at the time of the conversion immediately after the IPO, and the resulting Class B Units were redeemed or exchanged in accordance with clause (i), (iii) no material changes in relevant tax law, (iv) a constant combined effective income tax rate of % and (v) that we have sufficient taxable income in each year to realize on a current basis the increased depreciation, amortization and other tax benefits that are the subject of the Tax Receivable Agreement. The actual future payments to the TRA Beneficiaries will vary based on the factors discussed above, and estimating the amount of payments that may be made under each Tax Receivable Agreement is by its nature imprecise, insofar as the calculation of amounts payable depends on a variety of factors and future events. See “Risk Factors—Risks Related to Our Corporate Structure, Our Class A Common Stock and this Offering.” Table of Contents

Decisions made in the course of running our business, such as with respect
to mergers and other forms of business combinations that constitute changes in control, may influence the timing and amount of payments we make under the Tax Receivable Agreement in a manner that does not correspond to our use of the corresponding
tax benefits. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative effect on our liquidity and could have the effect of delaying, deferring, or preventing certain mergers, asset sales, other forms
of business combinations or other changes in control.

Payments generally are due under the Tax Receivable Agreement
within a specified period of time following the filing of our tax return for the taxable year with respect to which the payment obligation arises, although interest on such payments will begin to accrue at a rate of     %
from the due date (without extensions) of such tax return. Late payments generally accrue interest at a rate of     % commencing from the date on which such payment was due and payable. Because of our structure, our ability
to make payments under the Tax Receivable Agreement is dependent on the ability of ER Holdings to make distributions to us. The ability of ER Holdings to make such distributions will be subject to, among other things, restrictions of law or in the
agreements governing our debt. If we are unable to make payments under the Tax Receivable Agreement for any reason, such payments will be deferred and will accrue interest until paid.

Additionally, we shall be required to indemnify and reimburse the “TRA Representative” who will represent certain
TRA Beneficiaries under the Tax Receivable Agreement, for all costs and expenses, including legal and accounting fees and any other costs arising from claims in connection with the TRA Representative’s duties under the Tax Receivable
Agreement, provided, the TRA Representative has acted reasonably and in good faith in incurring such expenses and costs. It is expected that     , in his capacity as     , will serve as the TRA
Representative.

Payments under the Tax Receivable Agreement will be based on the tax reporting positions that we
determine. Although we are not aware of any material issue that would cause the IRS to challenge a tax basis increase, we will not, in the event of a successful challenge, be reimbursed for any payments previously made under the Tax Receivable
Agreement (although we would reduce future amounts otherwise payable to a TRA Beneficiary under the Tax Receivable Agreement to the extent such TRA Beneficiary has received excess payments). No assurance can be given that the IRS will agree with our
tax reporting positions, including the allocation of value among our assets. As a result, in certain circumstances, payments could be made under the Tax Receivable Agreement significantly in excess of the benefit that we actually realize. We will
not be able to recoup those payments, other than through a reduction of future payments under the Tax Receivable Agreement (if any), which could adversely affect our financial condition and liquidity.

Generally, holders of rights under the Tax Receivable Agreement (including the right to receive payments) may not transfer
their rights to another person without our written consent, except that all such rights may be transferred to another person to the extent that the corresponding membership interests of ER Holdings are transferred in accordance with the A&R
LLCA.

Limited Liability Company Agreement

In connection with the IPO and the Reorganization, the members of ER Holdings will amend and restate the Limited Liability
Company Agreement of ER Holdings. In our capacity as the managing member (or as the owner of the managing member), we will control all of ER Holdings’ business and affairs. Following the IPO and the Reorganization, we will hold all of the
Class A Units of ER Holdings. Holders of Class A Units generally will be entitled to one vote per unit with respect to all matters as to which members are entitled to vote under the A&R LLCA. No person will have any voting rights in ER
Holdings on account of the Class B Units or Class M Units, except for the right to approve amendments to the A&R LLCA that adversely affect the rights of holders of Class B Units or Class M Units, respectively. Each Class A Unit
and Class B Unit will have the same economic rights per interest. Class M Units represent interests in the profits of ER Holdings in excess of a certain “Threshold Amount” specified for each applicable Class M Unit that acts
similarly to a strike price for a stock option in that the holder will only realize value in excess of such amount.

Table of Contents

Following the IPO, any time we issue a share of Class A common
stock for cash, the net proceeds received by us will be promptly used to acquire a Class A Unit unless used to settle an exchange of a Class B Unit for cash. Any time we issue a share of Class A common stock upon an exchange of a
Class B Unit or settle such an exchange for cash, as described below, we will contribute the exchanged interest to ER Holdings and ER Holdings will issue to us a Class A Unit. If we issue other classes or series of equity securities, ER
Holdings will issue to us an equal amount of equity securities of ER Holdings with designations, preferences and other rights and terms that are substantially the same as our newly issued equity securities. Any such exchanges generally will be
completed on a one-for-one basis (or for a corresponding amount of cash) in the manner described above (subject to any adjustment to the exchange ratio discussed above). Such exchanges therefore are not expected to result in a material economic
benefit to the exchanging holder that materially reduces the value of ERock to other investors.