Nabors Energy Transition Sponsor LLC - Dec 14, 2023 Form 4 Insider Report for Nabors Energy Transition Corp. (NETC)

Role: 10%+ Owner
Signature: By: /s/ Nabors Energy Transition Sponsor LLC, by Anthony G. Petrello, President, Chief Executive Officer and Secretary
Stock symbol: NETC
Transactions as of: Dec 14, 2023
Transactions value $: $0
Form type: 4
Date filed: 12/19/2023, 08:43 PM
Previous filing: Nov 16, 2021

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NETC	Class F Common Stock	Other		-4.33M	-64.31%		2.4M	Dec 14, 2023	Class A Common Stock	4.33M		Direct	F1, F2, F3
transaction	NETC	Class F Common Stock	Disposed to Issuer		-2.4M	-100%		0	Dec 18, 2023	Class A Common Stock	2.4M		Direct	F1, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Nabors Energy Transition Sponsor LLC is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	The shares of the Issuer's Class F common stock, par value $0.0001 per share ("NETC Class F Common Stock") are automatically convertible into shares of the Issuer's Class B common stock, par value $0.0001 per share ("NETC Class B Common Stock") at the time of the Issuer's initial business combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, and have no expiration date. Prior to and following the Issuer's initial business combination, the shares of NETC Class B Common Stock will be convertible, at the option of the holder, into shares of the Issuer's Class A common stock, par value $0.0001 per share.
F2	On December 14, 2023, Nabors Energy Transition Sponsor LLC effectuated a pro rata distribution of 4,325,000 of its shares of NETC Class F Common Stock to its members.
F3	Nabors Energy Transition Sponsor LLC (the "Sponsor") is the record holder of the shares reported herein. The Sponsor is owned by Nabors Lux 2 S.a.r.l. and Greens Road Energy LLC, a Delaware limited liability company ("Greens Road"). Nabors Lux 2 S.a.r.l. is a wholly owned subsidiary of Nabors Industries Ltd., an affiliate of the Sponsor ("Nabors"). Anthony G. Petrello is the Chairman, President and Chief Executive Officer of Nabors. Greens Road is controlled by Anthony G. Petrello. As such, Nabors Lux 2 S.a.r.l., Greens Road and Anthony G. Petrello may be deemed to have or share beneficial ownership of the common stock held directly by the Sponsor.
F4	The shares reported herein were disposed of in transactions in connection with the closing of the business combination (the "Business Combination") between the Issuer, Vast, Neptune Merger Sub, Inc. ("Merger Sub"), the Sponsor and Nabors on December 18, 2023.