Harrison Bolling
About Harrison Bolling
Executive Vice President and General Counsel of LandBridge Company LLC since September 2023; age 42. Education: B.S. in History and Economics (Vanderbilt University, 2005) and J.D. (University of Texas School of Law, 2008) . Concurrent role: Executive Vice President and General Counsel at WaterBridge since March 2018 . Company context during his tenure: LandBridge completed its IPO in June 2024 and delivered strong operating performance, with Q3 2025 revenue of $50.8M, net income of $20.3M, and adjusted EBITDA of $44.9M; adjusted EBITDA margin ~88–89% and non‑cash share‑based charges related to RSUs and incentive units noted .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bracewell LLP | Associate | 2008–2014 | Energy transactions and corporate legal practice foundation |
| PennTex Midstream Partners, L.P. | Assistant General Counsel | 2015–2017 | Supported midstream build-out and governance for public LP (Nasdaq: PTXP) |
| Core Midstream | Vice President & General Counsel | May 2017–Feb 2018 | Led legal function during growth and asset transactions |
| WaterBridge | EVP & General Counsel | Mar 2018–present | Oversaw legal for large produced water midstream platform; sponsor affiliate to LandBridge |
| DBR Land (predecessor to LandBridge) | SVP, General Counsel | Sept 2021–Sept 2023 | Built land/contract framework ahead of IPO reorganization |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| WaterBridge (NDB Operating LLC and WaterBridge Operating LLC) | Executive Vice President & General Counsel | 2018–present | Concurrent executive role under shared services model |
Fixed Compensation
LandBridge uses a shared services agreement with WaterBridge affiliates; executives are employed and compensated by the Manager, and LB reimburses allocated costs. LB paid ~$10.1M for shared services in FY2024, inclusive of ~$5.0M one‑time IPO employee bonuses; individual base salaries and target bonus % are not disclosed at the LB level .
Multi-year disclosed compensation for Harrison Bolling:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Bonus ($) | — | 800,000 (one-time IPO bonus) |
| Share Awards – RSUs (Grant-date FV, $) | — | 2,317,992 |
| Option Awards – Incentive Units (Grant-date FV, $) | 519,604 | 7,833,460 |
| Total ($) | 519,604 | 10,951,452 |
Notes:
- RSUs granted under the Long Term Incentive Plan (LTIP) are time-based; fair value per FASB ASC 718 .
- “Option Awards” reflect profits-interest Incentive Units at LandBridge Holdings, presented as option-like due to hurdle features (no exercise price) .
Performance Compensation
LandBridge currently grants time-based RSUs and option-like Incentive Units; no disclosed PSUs or explicit annual performance metrics (e.g., revenue/EBITDA/TSR weightings) tied to payouts in FY2024 due to shared services structure .
| Instrument | Metric | Weighting | Target | Actual | Payout Basis | Vesting |
|---|---|---|---|---|---|---|
| RSUs (LTIP) | Service tenure | N/A | N/A | N/A | Shares vest, no cash target | One-third on each of first three anniversaries of July 1, 2024, subject to continued employment |
| Incentive Units (profits interests) | Equity value above hurdle | N/A | Hurdle thresholds per award | N/A | Participation in value above thresholds; no exercise price | Three equal annual installments from July 1, 2023 (replicated awards) and June 27, 2024 tranches; change-in-control can accelerate |
Acceleration/Severance mechanics:
- RSUs: full vest on termination without cause or for good reason; death/disability: greater of next 12 months’ vesting or amount needed to reach 50% vested; Change in Control: full vest .
- Incentive Units: if terminated without cause/for good reason, next 12 months’ unvested units vest; death/disability: greater of next 12 months or 50% of original grant; for cause: all unvested forfeited and one-third of previously vested forfeited .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (Class A) | 74,390 shares (less than 1% voting power) |
| RSUs outstanding (unvested at 12/31/24) | 74,390 units; market value $4,805,594 (based on $64.60 closing price) |
| Incentive Units (option-like) – tranches | Exercisable: 67,133 (granted 7/1/24, vesting schedule beginning 7/1/2023) ; Unexercisable: 375 (7/1/24, vesting beginning 7/1/2023) ; Unexercisable: 2,000 (7/1/24; vesting on anniversaries of June 27, 2024) |
| Exercise price/expiration | No exercise price or expiration for Incentive Units; profits-interest structure with hurdles |
| Pledging/Hedging | Directors and executive officers are prohibited from pledging Company securities; hedging and short sales prohibited for all insiders |
| Ownership guidelines | Not disclosed in DEF 14A; 8-K/charter references compliance with share ownership and trading policies but no multiple-of-salary guideline specified |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start at LB | EVP & General Counsel since September 2023 |
| Current role tenure | ~2 years as of 2025 |
| Employer of record | WaterBridge affiliates under Shared Services Agreement; LB reimburses allocated compensation/benefits |
| Contract term/auto-renewal | Not disclosed at LB level (shared services structure) |
| Non-compete / Non-solicit | Not disclosed |
| Garden leave | Not disclosed |
| Post-termination consulting | Not disclosed |
| Severance/Change-of-control economics | Award-level accelerations as detailed (RSUs and Incentive Units) |
| Clawback provisions | Not disclosed in DEF 14A |
Additional Context: Governance and Pay Setting
- Controlled company: LandBridge is controlled by LandBridge Holdings (>50% voting power); not required to have a compensation committee; currently no standalone compensation committee .
- Executive compensation governance: Executives are provided via the Shared Services Agreement; LB does not set individual base/bonus or disclose target metrics; reported LB-level exceptions include 2024 RSU grants and LandBridge Holdings Incentive Units, plus one-time IPO bonuses .
Track Record and Value Creation Signals
- IPO completion and corporate reorganization in 2024; one-time IPO bonuses paid, including $800,000 to Bolling .
- Operating performance post-IPO: sequential revenue and adjusted EBITDA growth through Q3 2025; adjusted EBITDA margins ~88–89%; free cash flow defined as CFO less capex and presented as a key measure .
Risk Indicators & Red Flags
- Pledging/Hedging: Prohibited for directors and executive officers (reduces misalignment risk) .
- Compensation transparency: Shared services structure limits disclosure of base salary, target bonus %, and performance metric targets; pay decisions made by Manager rather than LB’s board/committee .
- Accelerated vesting: Both RSUs and Incentive Units accelerate under certain termination scenarios and change-in-control, which can reduce retention friction but may increase payout certainty independent of long-term performance .
Investment Implications
- Alignment: Significant equity-based awards (RSUs and profits-interest Incentive Units with hurdles) suggest meaningful upside participation; anti-hedging/anti-pledging policies support alignment .
- Transparency: Absence of disclosed base salary, target bonus %, and performance metric weightings under the shared services model reduces pay-for-performance visibility; monitoring LB disclosures for any transition to an independent compensation committee is prudent .
- Retention/overhang: Annual RSU vesting tranches (three-year schedule) and Incentive Unit vesting could create periodic selling pressure around vest dates; however, insider trading policy and blackout windows govern transactions . Change-in-control and termination accelerations are generous, potentially increasing payout certainty; quantify exposure via outstanding RSUs and Incentive Units noted above .
- Execution: Bolling’s dual-role experience across WaterBridge and midstream legal leadership aligns with LandBridge’s asset-light, surface rights monetization strategy; continued M&A, acreage acquisitions, and alternative energy developments (e.g., data center lease development framework) will require tight legal structuring and conflict controls given sponsor affiliations .