A summary of the Company’s aggregate share-based compensation expense (income) is shown below. Share-based compensation expense related to NDB Incentive Units (as defined below) issued by WaterBridge NDB LLC (“NDB LLC”) and allocated to the Company is recognized as a deemed non-cash contribution to shareholders’ or member’s equity on the consolidated balance sheets. Substantially all share-based compensation expense is included in general and administrative expense on the condensed consolidated statements of operations.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Incentive units	$	835	$	1,058	$	1,660	$	1,382
Restricted share units		1,748		-		3,507		-
Total share-based compensation expense	$	2,583	$	1,058	$	5,167	$	1,382

Management and certain employees participate in an equity-based incentive unit plan consisting of time-based awards of profits interests (the “NDB Incentive Units”) in NDB LLC. A summary of the NDB Incentive Unit activity during the six months ended June 30, 2026, is shown in the following table:


	Incentive Units			Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (years)
Outstanding at December 31, 2025		18,380		$	872
Granted		-
Forfeited		(145	)	$	763
Outstanding at June 30, 2026		18,235		$	873		0.8

As of June 30, 2026, remaining unrecognized compensation expense for the NDB Incentive Units was $3.1 million which the Company expects to recognize over a weighted average remaining period of approximately 1.6 years.

Under the WaterBridge Infrastructure LLC Long Term Incentive Plan participants were granted restricted share units (“RSUs”) which are subject to graded vesting generally ranging from one to three years. The fair value of the awards is based on the Company’s Class A share price on the date of grant with compensation expense recognized on a straight-line basis over the applicable vesting period.

A summary of RSU activity during the six months ended June 30, 2026, is shown in the following table:


	RSUs			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2025		884,000		$	22.63
Granted		7,327		$	22.21
Forfeited		(10,709	)	$	22.60
Vested		(1,666	)	$	22.60
Nonvested at June 30, 2026		878,952		$	22.63

As of June 30, 2026, remaining unrecognized compensation expense for the RSUs was $14.5 million which the Company expects to recognize over a weighted average remaining period of approximately 2.2 years.