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

Role: 10%+ Owner
Signature: By: /s/ Greens Road Energy LLC, by Anthony G. Petrello, as Manager of Remington SPAC I, LLC
Stock symbol: NETC
Transactions as of: Dec 14, 2023
Transactions value $: $0
Form type: 4
Date filed: 12/19/2023, 08:42 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		-1.95M	-44.78%		2.4M	Dec 14, 2023	Class A Common Stock	1.95M		See footnote	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		See footnote	F1, F2, F4

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

Greens Road Energy 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	Nabors Energy Transition Sponsor LLC (the "Sponsor") is the record holder of 2,400,000 of the shares of NETC Class F Common Stock reported herein. The Sponsor is owned by Greens Road Energy LLC, a Delaware limited liability company ("Greens Road"), and Nabors Lux 2 S.a.r.l. ("Nabors Lux"). As such, Greens Road may be deemed to have or share beneficial ownership of the common stock held directly by the Sponsor. Greens Road disclaims any beneficial ownership of securities held by the Sponsor other than to the extent of any pecuniary interest it may have therein, directly or indirectly.
F3	On December 14, 2023, Sponsor effectuated a pro rata distribution of 4,325,000 of its shares of NETC Class F Common Stock, of which 1,946,250 were distributed to Greens Road and 2,378,750 were distributed to Nabors Lux (the "Sponsor Distribution"). Subsequent to the Sponsor Distribution, Greens Road effected a pro rata distribution of all of such shares of NETC Class F Common Stock received in the Sponsor Distribution to its members.
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.