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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related to our Sponsor; • risks related to our corporate structure; and • other risks and uncertainties inherent in our business. These and other important factors that could affect our operating results and performance are described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this prospectus and elsewhere within this prospectus. Should one or more of the risks or uncertainties described in the documents above or in this prospectus occur, or should underlying assumptions prove incorrect, our actual results, performance, achievements or plans could differ materially from those expressed or implied in any forward-looking statements. All such forward-looking statements in this prospectus are expressly qualified in their entirety by the cautionary statements in this section. Table of Contents ORGANIZATIONAL STRUCTURE Organizational Structure Prior to the IPO The diagram below depicts the current organizational structure of ER Holdings. Organizational Structure Following the Reorganization

Immediately after the transactions associated with the IPO, we will be a holding company, and our sole material assets will be
equity interests held directly or indirectly through wholly owned subsidiaries in ER Holdings. As the managing member of ER Holdings, we will operate and control all of the business and affairs of ER Holdings and, through ER Holdings and its
subsidiaries, conduct our business. The Reorganization lacks economic substance and therefore will be accounted for in a manner consistent with a reorganization of entities under common control. As a result, our consolidated financial statements
will recognize the assets and liabilities received in the Reorganization at their historical carrying amounts, as reflected in the historical consolidated financial statements of ER Holdings, our predecessor. We will consolidate ER Holdings in our
consolidated financial statements and record a non-controlling interest related to the Units held by the Continuing Equity Unitholders on our consolidated balance sheet and statement of income.

As further described herein, in connection with the completion of this offering we will complete a series of reorganization
transactions, including:

(1) The limited liability company agreement of ER Holdings will be amended and restated to, among other things,
modify its capital structure by reclassifying its interests as follows (as further described under “ Organizational Structure—Reclassification and Amendment and Restatement of the Limited Liability Company Agreement of ER
Holdings ” and “ Executive Compensation ”):

• Common and Preferred Units held by the Blocker Companies will be converted into Class A Units;

• Common and Preferred Units held by the Continuing Equity Unitholders will be converted into Class B
Units; and

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• Compensatory Units held by the Continuing Profits Interest Unitholders will be converted into Class M Units.

(2) Our certificate of incorporation will be amended and restated to, among other things, authorize two classes of
common stock.

(3) The Continuing Equity Unitholders will receive the number of shares of our Class B common stock
equivalent to the number of Class B Units held by each such Continuing Equity Unitholders.

(4) We will sell to the underwriters in this offering      shares of our Class A common
stock, or      shares of our Class A common stock if the underwriters exercise their option to purchase additional shares of Class A common stock in full.

(5) We will use approximately $    of the net proceeds of this offering to purchase
Class B Units from certain Continuing Equity Unitholders and Class M Units from certain Continuing Profits Interest Unitholders at a per unit price equal to the per share price paid by the
underwriters for our Class A common stock in this offering (or $    if the underwriters exercise their option to purchase additional shares in full). Such units will be immediately exchanged by ER Holdings for an
equivalent number of Class A Units.

(5) The Blocked Unitholders will receive shares of our Class A common stock pursuant to the Blocker Mergers
as defined and described in “ Organizational Structure—Blocker Mergers .”

The Continuing Equity Unitholders will hold all of the initially outstanding shares of our Class B common stock. The
shares of Class B common stock will have no economic rights but will entitle each holder 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 ERock,
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 and the
Continuing Profits Interest 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 Class B Units and Class M Units, respectively. Investors in
this offering and the Blocked Unitholders will, by contrast, hold their equity ownership in ERock, an entity classified as a corporation for U.S. federal income tax purposes, in the form of shares of Class A common stock. 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.

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

(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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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, (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, and (iii) shares of Class A common stock issuable on a one-for-one basis in exchange for Class B Units that may be obtained by our Continuing Profits Interest Unitholders upon an exchange of their Class M Units for Class B
Units.

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 ERock