SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: S-1
Document Type: S-1
Date Filed: 2026-05-15
Accession Number: 0001193125-26-227199
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526227199/d12401ds1.htm

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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-voting 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 (and Class B Units converted from Class M Units) from certain of the pre-IPO owners of ER Holdings 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.

(6) We will use approximately $     of the net proceeds from this offering as cash
consideration in connection with the Blocker Mergers, in connection with which we will acquire to purchase     Class A Units from the Blocked Unitholders, which (together with shares of our Class A common stock)
will permit us to acquire (by merger) all of the Class A Units currently held by the Blockers. at a per unit price equal to the price per share 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). The cash portion of the consideration for each Blocker Merger will be determined by multiplying (1) the difference between (a) the total number of Class A
Units held by the applicable Blocker and (b) the number of shares of Class A common stock that will be received by the Blocked Unitholders with respect to that Blocker in connection with that Blocker Merger by (2) the price per share paid
by the underwriters for our Class A common stock in this offering. The Blocked Unitholders will then 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

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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.

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 .”

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(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 .”

(4)	The economic interest represents profits interest on a fully diluted basis, assuming all Class M Units
have vested and achieved their respective threshold amounts. See “ Organizational Structure — Reclassification and Amendment and Restatement of the Limited Liability Company Agreement of ER Holdings. ”

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