# EDGAR Filing Document

**Accession Number:** 0001854458
**File Stem:** 0001104659-23-023327
**Filing Date:** 2023-2
**Character Count:** 52381
**Document Hash:** 644ec29af544a850cb7956bae7fed5cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-023327.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001104659-23-023327

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230216

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nabors Energy Transition Corp.
- **CENTRAL INDEX KEY:** 0001854458
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 862916523
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41073
- **FILM NUMBER:** 23643621

**BUSINESS ADDRESS:**
- **STREET 1:** 515 W. GREENS ROAD
- **STREET 2:** SUITE 1200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77067
- **BUSINESS PHONE:** (281) 874-0034

**MAIL ADDRESS:**
- **STREET 1:** 515 W. GREENS ROAD
- **STREET 2:** SUITE 1200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77067

?xml version="1.0" encoding="utf-8"?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): February 16, 2023**

**Nabors Energy Transition Corp.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Delaware** | &nbsp;&nbsp;**001-41073** | &nbsp;&nbsp;**86-2916523** |
| &nbsp;&nbsp;(State or other jurisdiction of<br> incorporation or organization) | &nbsp;&nbsp;(Commission File Number) | &nbsp;&nbsp;(I.R.S. Employer <br> Identification Number) |

---

---

| |
|:---|
| &nbsp;&nbsp;**515 West Greens Road, Suite 1200** <br> **Houston, Texas 77067** |
| &nbsp;&nbsp;(Address of principal executive offices, including zip code) |

---

---

| |
|:---|
| &nbsp;&nbsp;Registrant's telephone number, including area code: **(281) 874-0035** |
| &nbsp;&nbsp;**Not Applicable** |
| &nbsp;&nbsp;(Former name or former address, if changed since last report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

⌧ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange<br> on which registered** |
| Units, each consisting of one share of Class A common stock and one-half of one warrant | NETC.U | The New York Stock Exchange |
| Class A common stock, par value $0.0001 per share | NETC | The New York Stock Exchange |
| Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share | NETC.WS | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Item 1.01 Entry into a Material Definitive Agreement.

Nabors Energy Transition Corp., a Delaware corporation ("NETC"), previously announced a proposed business combination (the "Business Combination") with Vast Solar Pty Ltd, an Australian proprietary company limited by shares ("Vast").

On February 16, 2023, NETC issued an unsecured promissory note to each of (i) Nabors Lux 2 S.a.r.l., a private limited liability company (société à responsabilité limitée) incorporated in the Grand Duchy of Luxembourg ("Nabors Lux"), in the principal amount of $1,518,000 and (ii) Greens Road Energy LLC, a Delaware limited liability company ("Greens Road"), in the principal amount of $1,242,000 (together, the "Notes"), for an aggregate principal amount of $2,760,000 in connection with the Extension (as defined below). Each of Nabors Lux and Greens Road is an affiliate of Nabors Energy Transition Sponsor LLC (the "Sponsor"). The Notes bear no interest and are due and payable upon the earlier to occur of (i) the date on which NETC's initial business combination is consummated and (ii) the liquidation of NETC on or before May 19, 2023 (unless such date is extended pursuant to NETC's amended and restated certificate of incorporation (the "Charter")) or such later liquidation date as may be approved by NETC's stockholders.

If NETC consummates an initial business combination, it will repay the loans out of the proceeds of the trust account for its public stockholders (the "Trust Account") or, at the option of the Sponsor, convert all or a portion of the loans into warrants for $1.00 per warrant (such warrants, the "Conversion Warrants"), which warrants will be identical to the warrants issued by NETC in a private placement in connection with NETC's initial public offering. If NETC does not consummate an initial business combination, NETC will repay the loans only from funds held outside of the Trust Account.

The issuance of the Notes was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act").

The foregoing description is qualified in its entirety by reference to the full text of the Notes, copies of which are filed as Exhibit 10.1 and Exhibit 10.2 to this Current Report on Form 8-K, and incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.

---

| | |
|:---|:---|
| **Item 3.02** | **Unregistered Sales of Equity Securities.** |

---

The disclosure set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 3.02.

Item 8.01 Other Events.

On February 17, 2023, NETC issued a press release announcing that its board of directors has elected to extend the date by which NETC has to consummate a business combination from February 18, 2023 to May 18, 2023 (the "Extension"), as permitted under the Charter. The Extension is the first of two three-month extensions permitted under the Charter. In connection with the Extension, Nabors Lux and Greens Road have deposited a total of $2,760,000, representing $0.10 per unit for the units sold in NETC's initial public offering, into the Trust Account.

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

**Important Information for Stockholders**

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.

In connection with the proposed Business Combination, Vast will file with the Securities and Exchange Commission (the "SEC") a registration statement on Form F-4 (the "Registration Statement"), which will include (i) a preliminary prospectus of Vast relating to the offer of securities to be issued in connection with the proposed Business Combination and (ii) a preliminary proxy statement of NETC to be distributed to the holders of NETC's capital stock in connection with NETC's solicitation of proxies for a vote by NETC's stockholders with respect to the proposed Business Combination and other matters described in the Registration Statement. NETC and Vast also plan to file other documents with the SEC regarding the proposed Business Combination. After the Registration Statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to the stockholders of NETC. INVESTORS AND SECURITY HOLDERS OF NETC AND VAST ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE PROPOSED BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.

Investors and security holders can obtain free copies of the proxy statement/prospectus and other documents containing important information about NETC and Vast once such documents are filed with the SEC, through the website maintained by the SEC at <u>http://www.sec.gov</u>. In addition, the documents filed by NETC may be obtained free of charge from NETC's website at <u>www.nabors-etcorp.com</u> or by written request to NETC at 515 West Greens Road, Suite 1200, Houston, TX 77067.

**Participants in the Solicitation**

NETC, Nabors Industries Ltd. ("Nabors"), Vast and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of NETC in connection with the proposed Business Combination. Information about the directors and executive officers of NETC is set forth in NETC's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 28, 2022. To the extent that holdings of NETC's securities have changed since the amounts printed in NETC's Annual Report on Form 10-K for the year ended December 31, 2021, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents as described in the preceding paragraph.

**Forward Looking Statements**

The information included herein and in any oral statements made in connection herewith include "forward-looking statements" within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding the proposed Business Combination, NETC's and Vast's ability to consummate the transaction, the benefits of the transaction and NETC's and Vast's future financial performance following the transaction, as well as NETC's and Vast's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on NETC and Vast management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, NETC and Vast disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. NETC and Vast caution you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of NETC and Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability of the parties to successfully or timely consummate the proposed transactions or to satisfy the conditions to the closing of the proposed transactions, including satisfaction of the minimum proceeds condition and the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company; the risk that the approval of the stockholders of NETC for the proposed transactions is not obtained; the failure to realize the anticipated benefits of the proposed transactions, including as a result of a delay in consummating the proposed transaction or difficulty in, or costs associated with, integrating the businesses of NETC and Vast; the amount of redemption requests made by NETC's stockholders; the outcome of any legal proceedings that may be instituted against NETC or Vast following announcement of the transaction; the occurrence of events that may give rise to a right of one or both of NETC and Vast to terminate the definitive agreements related to the proposed Business Combination; difficulties or delays in the development of Vast's concentrated solar power facilities; the risks related to the rollout of Vast's business and the timing of expected business milestones; potential benefits and commercial attractiveness to its customers of Vast's products; the potential success of Vast's marketing and expansion strategies; and the effects of competition on Vast's future business. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact NETC's expectations and projections can be found in NETC's periodic filings with the SEC, including NETC's Annual Report on Form 10-K filed with the SEC on March 28, 2022, and any subsequently filed Quarterly Reports on Form 10-Q. NETC's SEC filings are available publicly on the SEC's website at *www.sec.gov*.

Item 9.01 Financial Statements and Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [10.1](tm237228d1_ex10-1.htm) | [Promissory Note, dated February 16, 2023, issued to Nabors Lux by NETC.](tm237228d1_ex10-1.htm) |
| [10.2](tm237228d1_ex10-2.htm) | [Promissory Note, dated February 16, 2023, issued to Greens Road by NETC.](tm237228d1_ex10-2.htm) |
| [99.1](tm237228d1_ex99-1.htm) | [Press Release, dated February 17, 2023.](tm237228d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **NABORS ENERGY TRANSITION CORP.** | **NABORS ENERGY TRANSITION CORP.** |
| By: | /s/ Anthony G. Petrello |
| Name: | Anthony G. Petrello |
| Title: | President, Chief Executive Officer and Secretary |

---

Dated: February 17, 2023

## Exhibit 10.1

**Exhibit 10.1**

THIS PROMISSORY NOTE ("NOTE") HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.

**PROMISSORY NOTE**

---

| | |
|:---|:---|
| Principal Amount: $1,518,000 | February 16, 2023 |

---

FOR VALUE RECEIVED, Nabors Energy Transition Corp., a Delaware corporation (the "**Maker**"), whose address is 515 West Greens Road, Suite 1200, Houston, Texas 77067, hereby unconditionally promises to pay to the order of Nabors Lux 2 S.a.r.l., a private limited liability company (société à responsabilité limitée) incorporated in the Grand Duchy of Luxembourg (the "**Payee**"), at the Payee's office at 515 West Greens Road, Suite 1200, Houston, Texas 77067 (or such other address specified by the Payee to the Maker), the sum of ONE MILLION FIVE HUNDRED EIGHTEEN THOUSAND DOLLARS ($1,518,000) in legal and lawful money of the United States of America, on the terms and conditions described below. This Note is being made in connection with the Payee and Greens Road Energy LLC, a Delaware limited liability company, depositing funds, in the aggregate, equal to $2,760,000 into the Maker's trust account in order for the Maker to extend its deadline to complete a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities (an "**Initial Business Combination**") by an additional three (3) months from February 18, 2023 to May 18, 2023 (the "**Extension**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Principal**. The entire unpaid principal balance of this Note shall be due and payable by the Maker upon the earlier of: (a) the liquidation of the Maker on or before May 19, 2023 (unless such date is extended pursuant to the Maker's amended and restated certificate of incorporation) or such later liquidation date as may be approved by the Maker's stockholders (a "**Liquidation**"), that occurs while the Note is outstanding or any time thereafter prior to the repayment of the Note and (b) the closing date on which the Maker consummates an Initial Business Combination. Under no circumstances shall any individual, including but not limited to any officer, director or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Form of Repayment**. In the event of a Liquidation, all amounts due under this Note shall be repaid in cash only from funds held outside of the Maker's trust account if any such funds are available. In the event the Maker consummates an Initial Business Combination, this Note may be repaid, at Nabors Energy Transition Sponsor LLC's (the "**Sponsor**") discretion, (a) in cash, (b) in Conversion Warrants (as defined below), pursuant to <u>Section 14</u> herein, or (c) with a combination thereof. Absent reasonable prior written notice by the Sponsor to convert any amounts due under this Note into Conversion Warrants pursuant to <u>Section 14</u> herein, this Note shall become due and payable in cash at the consummation of an Initial Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Interest**. No interest shall accrue or be charged by the Payee on the unpaid principal balance of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Remedy for Nonpayment**. If payment of this Note or any installment of this Note is not made when due, the entire indebtedness hereunder, at the option of the Payee, shall immediately become due and payable, and the Payee shall be entitled to pursue any or all remedies to which the Payee is entitled hereunder, or at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Prepayment; Amendment**. This Note may be prepaid, in whole or in part, without penalty. This Note may not be changed, amended or modified except in a writing expressly intended for such purpose and executed by the party against whom enforcement of the change, amendment or modification is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Construction; Governing Law; Venue**. THIS NOTE IS BEING EXECUTED AND DELIVERED, AND IS INTENDED TO BE PERFORMED, IN THE STATE OF NEW YORK. EXCEPT TO THE EXTENT THAT THE LAWS OF THE UNITED STATES MAY APPLY TO THE TERMS HEREOF, THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT AND INTERPRETATION OF THIS NOTE. IN THE EVENT OF A DISPUTE INVOLVING THIS NOTE OR ANY OTHER INSTRUMENTS EXECUTED IN CONNECTION HEREWITH, THE UNDERSIGNED PARTIES IRREVOCABLY AGREE THAT VENUE FOR SUCH DISPUTE SHALL LIE IN ANY COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Notices**. Service of any notice by the Maker to the Payee, or by the Payee to the Maker, shall be mailed, postage prepaid by certified United States mail, return receipt requested, at the address for such party set forth in this Note, or at such subsequent address provided to the other party hereto in the manner set forth in this paragraph for all notices. Any such notice shall be deemed given three (3) days after deposit thereof in an official depository under the care and custody of the United States Postal Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Bankruptcy**. Should the indebtedness represented by this Note or any part thereof be collected at law or in equity or through any bankruptcy, receivership, probate or other court proceedings or if this Note is placed in the hands of attorneys for collection after default, the Maker and all endorsers, guarantors and sureties of this Note jointly and severally agree to pay to the holder of this Note, in addition to the principal and interest due and payable hereon, reasonable attorneys' and collection fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Waivers**. The Maker and all endorsers, guarantors and sureties of this Note and all other persons liable or to become liable on this Note severally waive presentment for payment, demand, notice of demand and of dishonor and nonpayment of this Note, notice of intention to accelerate the maturity of this Note, notice of acceleration, protest and notice of protest, diligence in collecting, and the bringing of suit against any other party, and agree to all renewals, extensions, modifications, partial payments, releases or substitutions of security, in whole or in part, with or without notice, before or after maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Unconditional Waiver of Liability**. The Maker hereby expressly and unconditionally waives, in connection with any suit, action or proceeding brought by the Payee, any and every right it may have to (a) injunctive relief, (b) a trial by jury, (c) interpose any counterclaim therein and (d) have the same consolidated with any other or separate suit, action or proceeding. Nothing herein contained shall prevent or prohibit the Maker from instituting or maintaining a separate action against the Payee with respect to any asserted claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Severability**. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibitions or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Final Agreement**. This Note represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Trust Waiver**. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind ("**Claim**") in or to any distribution of or from the trust account that holds the proceeds from the Maker's initial public offering (the "**IPO**") and the proceeds from the sale of the warrants issued in a private placement in connection with the consummation of the IPO, as described in greater detail in the Registration Statement on Form S-1 (File No. 333-256876) filed with the Securities and Exchange Commission in connection with the IPO and declared effective on November 16, 2021, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Conversion**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything contained in this Note to the contrary, upon receiving due notification by the Maker of the anticipated consummation of an Initial Business Combination, the Payee may elect to convert a portion or all of the unpaid principal balance under this Note into warrants (the "**Conversion Warrants**"). The total Conversion Warrants so issued shall be equal to: (x) the portion of the principal amount of this Note being converted pursuant to this <u>Section 14</u>, divided by (y) the conversion price of One Dollar ($1.00), rounded up to the nearest whole number of warrants. The Conversion Warrants shall be identical to the warrants issued by the Maker in a private placement in connection with the Maker's initial public offering. The Conversion Warrants and their underlying securities, and any other equity security of the Maker issued or issuable with respect to the foregoing by way of a share dividend or share split or in connection with a combination of shares, recapitalization, amalgamation, consolidation or reorganization, shall be entitled to customary registration rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any partial conversion of the principal amount of this Note, (i) such principal amount shall be so converted and such converted portion of this Note shall become fully paid and satisfied, (ii) the Payee shall surrender and deliver this Note, duly endorsed, to the Maker or such other address which the Maker shall designate against delivery of the Conversion Warrants, (iii) the Maker shall promptly deliver a new duly executed Note to the Payee in the principal amount that remains outstanding, if any, after any such conversion and (iv) in exchange for any portion of the surrendered Note, and simultaneous with the surrender of this Note, the Maker shall, at the direction of the Payee, deliver to the Payee (or its members or their respective affiliates) (the Payee, or such other persons, are known herein as the "**Holder**" or "**Holders**") the Conversion Warrants, which shall bear such legends as are required in the opinion of legal counsel to the Maker (or by any other agreement between the Maker and the Payee) and applicable state and federal securities laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Holders shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Warrants upon conversion of this Note pursuant hereto; <u>provided</u>, <u>however</u>, that the Holders shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holders in connection with any such conversion.

[*Signature page follows*]

EXECUTED AND AGREED as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| | | **NABORS ENERGY TRANSITION CORP.,** | **NABORS ENERGY TRANSITION CORP.,** |
| | | a Delaware corporation | a Delaware corporation |
| | | By: | /s/ William Restrepo |
| | | Name: | William Restrepo |
| | | Title: | Chief Financial Officer |
| Agreed and Acknowledged: | Agreed and Acknowledged: |  |  |
| **NABORS LUX 2 S.A.R.L.** | **NABORS LUX 2 S.A.R.L.** |  |  |
| By: | /s/ Henricus Reindert Petrus Pollmann |  |  |
| Name: | Henricus Reindert Petrus Pollmann |  |  |
| Title: | Class A Manager |  |  |

---

*Signature Page to Promissory Note (Extension)*

## Exhibit 10.2

**Exhibit 10.2**

THIS PROMISSORY NOTE ("NOTE") HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED.

**PROMISSORY NOTE**

---

| | |
|:---|:---|
| Principal Amount: $1,242,000 | February 16, 2023 |

---

FOR VALUE RECEIVED, Nabors Energy Transition Corp., a Delaware corporation (the "**Maker**"), whose address is 515 West Greens Road, Suite 1200, Houston, Texas 77067, hereby unconditionally promises to pay to the order of Greens Road Energy LLC, a Delaware limited liability company (the "**Payee**"), at the Payee's office at 515 West Greens Road, Suite 1200, Houston, Texas 77067 (or such other address specified by the Payee to the Maker), the sum of ONE MILLION TWO HUNDRED FORTY TWO THOUSAND DOLLARS ($1,242,000) in legal and lawful money of the United States of America, on the terms and conditions described below. This Note is being made in connection with the Payee and Nabors Lux 2 S.a.r.l., a private limited liability company (société à responsabilité limitée) incorporated in the Grand Duchy of Luxembourg, depositing funds, in the aggregate, equal to $2,760,000 into the Maker's trust account in order for the Maker to extend its deadline to complete a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities (an "**Initial Business Combination**") by an additional three (3) months from February 18, 2023 to May 18, 2023 (the "**Extension**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Principal**. The entire unpaid principal balance of this Note shall be due and payable by the Maker upon the earlier of: (a) the liquidation of the Maker on or before May 19, 2023 (unless such date is extended pursuant to the Maker's amended and restated certificate of incorporation) or such later liquidation date as may be approved by the Maker's stockholders (a "**Liquidation**"), that occurs while the Note is outstanding or any time thereafter prior to the repayment of the Note and (b) the closing date on which the Maker consummates an Initial Business Combination. Under no circumstances shall any individual, including but not limited to any officer, director or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Form of Repayment**. In the event of a Liquidation, all amounts due under this Note shall be repaid in cash only from funds held outside of the Maker's trust account if any such funds are available. In the event the Maker consummates an Initial Business Combination, this Note may be repaid, at Nabors Energy Transition Sponsor LLC's (the "**Sponsor**") discretion, (a) in cash, (b) in Conversion Warrants (as defined below), pursuant to <u>Section 14</u> herein, or (c) with a combination thereof. Absent reasonable prior written notice by the Sponsor to convert any amounts due under this Note into Conversion Warrants pursuant to <u>Section 14</u> herein, this Note shall become due and payable in cash at the consummation of an Initial Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Interest**. No interest shall accrue or be charged by the Payee on the unpaid principal balance of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Remedy for Nonpayment**. If payment of this Note or any installment of this Note is not made when due, the entire indebtedness hereunder, at the option of the Payee, shall immediately become due and payable, and the Payee shall be entitled to pursue any or all remedies to which the Payee is entitled hereunder, or at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Prepayment; Amendment**. This Note may be prepaid, in whole or in part, without penalty. This Note may not be changed, amended or modified except in a writing expressly intended for such purpose and executed by the party against whom enforcement of the change, amendment or modification is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Construction; Governing Law; Venue**. THIS NOTE IS BEING EXECUTED AND DELIVERED, AND IS INTENDED TO BE PERFORMED, IN THE STATE OF NEW YORK. EXCEPT TO THE EXTENT THAT THE LAWS OF THE UNITED STATES MAY APPLY TO THE TERMS HEREOF, THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT AND INTERPRETATION OF THIS NOTE. IN THE EVENT OF A DISPUTE INVOLVING THIS NOTE OR ANY OTHER INSTRUMENTS EXECUTED IN CONNECTION HEREWITH, THE UNDERSIGNED PARTIES IRREVOCABLY AGREE THAT VENUE FOR SUCH DISPUTE SHALL LIE IN ANY COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Notices**. Service of any notice by the Maker to the Payee, or by the Payee to the Maker, shall be mailed, postage prepaid by certified United States mail, return receipt requested, at the address for such party set forth in this Note, or at such subsequent address provided to the other party hereto in the manner set forth in this paragraph for all notices. Any such notice shall be deemed given three (3) days after deposit thereof in an official depository under the care and custody of the United States Postal Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Bankruptcy**. Should the indebtedness represented by this Note or any part thereof be collected at law or in equity or through any bankruptcy, receivership, probate or other court proceedings or if this Note is placed in the hands of attorneys for collection after default, the Maker and all endorsers, guarantors and sureties of this Note jointly and severally agree to pay to the holder of this Note, in addition to the principal and interest due and payable hereon, reasonable attorneys' and collection fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Waivers**. The Maker and all endorsers, guarantors and sureties of this Note and all other persons liable or to become liable on this Note severally waive presentment for payment, demand, notice of demand and of dishonor and nonpayment of this Note, notice of intention to accelerate the maturity of this Note, notice of acceleration, protest and notice of protest, diligence in collecting, and the bringing of suit against any other party, and agree to all renewals, extensions, modifications, partial payments, releases or substitutions of security, in whole or in part, with or without notice, before or after maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Unconditional Waiver of Liability**. The Maker hereby expressly and unconditionally waives, in connection with any suit, action or proceeding brought by the Payee, any and every right it may have to (a) injunctive relief, (b) a trial by jury, (c) interpose any counterclaim therein and (d) have the same consolidated with any other or separate suit, action or proceeding. Nothing herein contained shall prevent or prohibit the Maker from instituting or maintaining a separate action against the Payee with respect to any asserted claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Severability**. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibitions or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Final Agreement**. This Note represents the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Trust Waiver**. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind ("**Claim**") in or to any distribution of or from the trust account that holds the proceeds from the Maker's initial public offering (the "**IPO**") and the proceeds from the sale of the warrants issued in a private placement in connection with the consummation of the IPO, as described in greater detail in the Registration Statement on Form S-1 (File No. 333-256876) filed with the Securities and Exchange Commission in connection with the IPO and declared effective on November 16, 2021, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Conversion**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything contained in this Note to the contrary, upon receiving due notification by the Maker of the anticipated consummation of an Initial Business Combination, the Payee may elect to convert a portion or all of the unpaid principal balance under this Note into warrants (the "**Conversion Warrants**"). The total Conversion Warrants so issued shall be equal to: (x) the portion of the principal amount of this Note being converted pursuant to this <u>Section 14</u>, divided by (y) the conversion price of One Dollar ($1.00), rounded up to the nearest whole number of warrants. The Conversion Warrants shall be identical to the warrants issued by the Maker in a private placement in connection with the Maker's initial public offering. The Conversion Warrants and their underlying securities, and any other equity security of the Maker issued or issuable with respect to the foregoing by way of a share dividend or share split or in connection with a combination of shares, recapitalization, amalgamation, consolidation or reorganization, shall be entitled to customary registration rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon any partial conversion of the principal amount of this Note, (i) such principal amount shall be so converted and such converted portion of this Note shall become fully paid and satisfied, (ii) the Payee shall surrender and deliver this Note, duly endorsed, to the Maker or such other address which the Maker shall designate against delivery of the Conversion Warrants, (iii) the Maker shall promptly deliver a new duly executed Note to the Payee in the principal amount that remains outstanding, if any, after any such conversion and (iv) in exchange for any portion of the surrendered Note, and simultaneous with the surrender of this Note, the Maker shall, at the direction of the Payee, deliver to the Payee (or its members or their respective affiliates) (the Payee, or such other persons, are known herein as the "**Holder**" or "**Holders**") the Conversion Warrants, which shall bear such legends as are required in the opinion of legal counsel to the Maker (or by any other agreement between the Maker and the Payee) and applicable state and federal securities laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Holders shall pay any and all issue and other taxes that may be payable with respect to any issue or delivery of the Conversion Warrants upon conversion of this Note pursuant hereto; <u>provided</u>, <u>however</u>, that the Holders shall not be obligated to pay any transfer taxes resulting from any transfer requested by the Holders in connection with any such conversion.

[*Signature page follows*]

EXECUTED AND AGREED as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| | | **NABORS ENERGY TRANSITION CORP.,** | **NABORS ENERGY TRANSITION CORP.,** |
| | | a Delaware corporation | a Delaware corporation |
| | | By: | /s/ William Restrepo |
| | | Name: | William Restrepo |
| | | Title: | Chief Financial Officer |
| Agreed and Acknowledged: | Agreed and Acknowledged: |  |  |
| **GREENS ROAD ENERGY LLC,** | **GREENS ROAD ENERGY LLC,** |  |  |
| a Delaware limited liability company | a Delaware limited liability company |  |  |
| By: | Remington SPAC I, LLC, |  |  |
|  | its Manager |  |  |
| By: | /s/ Anthony G. Petrello |  |  |
| Name: | Anthony G. Petrello |  |  |
| Title: | Manager |  |  |

---

*Signature Page to Promissory Note (Extension)*

## Exhibit 99.1

**Exhibit 99.1**

**Nabors Energy Transition Corp. Announces Extension of Deadline to Complete Business Combination**

HOUSTON, TX, February 17, 2023/PRNewswire/ -- Nabors Energy Transition Corp. (NYSE: NETC) ("NETC" or the "Company") announced that its board of directors has elected to extend the date by which NETC has to consummate a business combination by an additional three-month period from February 18, 2023 to May 18, 2023 (the "Extension"), as permitted under NETC's amended and restated certificate of incorporation (the "Charter"). The Extension provides NETC with additional time to complete its previously announced initial business combination (the "Business Combination") with Vast Solar Pty Ltd ("Vast").

In connection with the Extension, Nabors Lux 2 S.a.r.l. ("Nabors Lux") and Greens Road Energy LLC ("Greens Road"), each an affiliate of Nabors Energy Transition Sponsor LLC (the "Sponsor"), have deposited a total of $2,760,000 (the "Extension Payment"), representing $0.10 per unit for the units sold in NETC's initial public offering, into NETC's trust account for its public stockholders (the "Trust Account"), which enable NETC to effectuate the Extension. Nabors Lux and Greens Road each loaned their respective portion of the Extension Payment to NETC through a non-interest-bearing loan. If NETC consummates an initial business combination, it will repay the loans out of the proceeds of the Trust Account or, at the option of the Sponsor, convert all or a portion of the loans into warrants for $1.00 per warrant, which warrants will be identical to the warrants issued by NETC in a private placement in connection with NETC's initial public offering. If NETC does not consummate an initial business combination, it will repay the loans only from funds held outside of the Trust Account.

**About Nabors Energy Transition Corp.**

NETC is a blank check company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company focused its search for a target business on companies that identify solutions, opportunities or technologies that focus on advancing the energy transition; specifically, companies that facilitate, improve or complement the reduction of carbon or greenhouse gas emissions while satisfying growing energy consumption across markets globally.

**Important Information for Stockholders**

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.

In connection with the proposed Business Combination, Vast will file with the Securities and Exchange Commission (the "SEC") a registration statement on Form F-4 (the "Registration Statement"), which will include (i) a preliminary prospectus of Vast relating to the offer of securities to be issued in connection with the proposed business combination and (ii) a preliminary proxy statement of NETC to be distributed to the holders of NETC's capital stock in connection with NETC's solicitation of proxies for a vote by NETC's stockholders with respect to the proposed business combination and other matters described in the Registration Statement. NETC and Vast also plan to file other documents with the SEC regarding the proposed Business Combination. After the Registration Statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to the stockholders of NETC. INVESTORS AND SECURITY HOLDERS OF NETC AND VAST ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS RELATING TO THE PROPOSED BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.

Investors and security holders can obtain free copies of the proxy statement/prospectus and other documents containing important information about NETC and Vast once such documents are filed with the SEC, through the website maintained by the SEC at <u>http://www.sec.gov</u>. In addition, the documents filed by NETC may be obtained free of charge from NETC's website at <u>www.nabors-etcorp.com</u> or by written request to NETC at 515 West Greens Road, Suite 1200, Houston, TX 77067.

**Participants in the Solicitation**

NETC, Nabors Industries Ltd. ("Nabors"), Vast and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of NETC in connection with the proposed Business Combination. Information about the directors and executive officers of NETC is set forth in NETC's Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 28, 2022. To the extent that holdings of NETC's securities have changed since the amounts printed in NETC's Annual Report on Form 10-K for the year ended December 31, 2021, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents as described in the preceding paragraph.

**Forward Looking Statements**

The information included herein and in any oral statements made in connection herewith include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding the proposed Business Combination, NETC's and Vast's ability to consummate the transaction, the benefits of the transaction and NETC's and Vast's future financial performance following the transaction, as well as NETC's and Vast's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on NETC and Vast management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, NETC and Vast disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. NETC and Vast caution you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of NETC and Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability of the parties to successfully or timely consummate the proposed transactions or to satisfy the conditions to the closing of the proposed transactions, including satisfaction of the minimum proceeds condition and the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company; the risk that the approval of the stockholders of NETC for the proposed transactions is not obtained; the failure to realize the anticipated benefits of the proposed transactions, including as a result of a delay in consummating the proposed transaction or difficulty in, or costs associated with, integrating the businesses of NETC and Vast; the amount of redemption requests made by NETC's stockholders; the outcome of any legal proceedings that may be instituted against NETC or Vast following announcement of the transaction; the occurrence of events that may give rise to a right of one or both of NETC and Vast to terminate the definitive agreements related to the proposed Business Combination; difficulties or delays in the development of Vast's concentrated solar power facilities; the risks related to the rollout of Vast's business and the timing of expected business milestones; potential benefits and commercial attractiveness to its customers of Vast's products; the potential success of Vast's marketing and expansion strategies; and the effects of competition on Vast's future business. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact NETC's expectations and projections can be found in NETC's periodic filings with the SEC, including NETC's Annual Report on Form 10-K filed with the SEC on March 28, 2022, and any subsequently filed Quarterly Reports on Form 10-Q. NETC's SEC filings are available publicly on the SEC's website at *www.sec.gov*.

**Investor Relations Contact**

William C. Conroy

+1 281-775-2423

<u>William.conroy@nabors-etcorp.com</u>