# EDGAR Filing Document

**Accession Number:** 0001163739
**File Stem:** 0001127602-23-000694
**Filing Date:** 2023-1
**Character Count:** 11967
**Document Hash:** 58373f186280a9f44831aa0bed90b556
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001127602-23-000694.hdr.sgml**: 20230104

**ACCESSION NUMBER**: 0001127602-23-000694

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230101

**FILED AS OF DATE**: 20230104

**DATE AS OF CHANGE**: 20230104

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Restrepo William J
- **CENTRAL INDEX KEY:** 0001334321

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32657
- **FILM NUMBER:** 23508836

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 60068
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77205-0068
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NABORS INDUSTRIES LTD
- **CENTRAL INDEX KEY:** 0001163739
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRILLING OIL & GAS WELLS [1381]
- **IRS NUMBER:** 980363970
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** CROWN HOUSE
- **STREET 2:** 4 PAR-LA-VILLE ROAD   SECOND FLOOR
- **CITY:** HAMILTON, HM08
- **STATE:** D0
- **ZIP:** 0000
- **BUSINESS PHONE:** 4412921510

**MAIL ADDRESS:**
- **STREET 1:** P O BOX HM3349
- **CITY:** HAMILTON, HMPX
- **STATE:** D0
- **ZIP:** 0000

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Restrepo William J<br><sub>(Last) (First) (Middle)</sub><br>C/O NABORS CORPORATE SERVICES, INC.<br>515 W. GREENS RD., SUITE 1200<br><sub>(Street)</sub><br>HOUSTON, TX 77067<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-01-01 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_Chief Financial Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>NABORS INDUSTRIES LTD [ NBR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2023-01-01 |  | M<sup>(1)</sup> |  | 2886<sup>(1)</sup> | A | $0 | 104584 | D |  |
| Common Stock | 2023-01-01 |  | F<sup>(2)</sup> |  | 1136<sup>(2)</sup> | D | $154.87 | 103448 | D |  |
| Common Stock | 2023-01-01 |  | A<sup>(3)</sup> |  | 10196<sup>(3)</sup> | A | $0 | 113644 | D |  |
| Common Stock | 2023-01-02 |  | F<sup>(4)</sup> |  | 753<sup>(4)</sup> | D | $154.87 | 112891 | D |  |
| Common Stock | 2023-01-02 |  | F<sup>(5)</sup> |  | 921<sup>(5)</sup> | D | $154.87 | 111970 | D |  |
| Common Stock | 2023-01-02 |  | D<sup>(6)</sup> |  | 4398<sup>(6)</sup> | D | $0 | 107572 | D |  |
| Common Stock | 2023-01-02 |  | F<sup>(7)</sup> |  | 1915<sup>(7)</sup> | D | $154.87 | 105657 | D |  |
| Common Stock | 2023-01-04 |  | M<sup>(8)</sup> |  | 3423<sup>(8)</sup> | A | $0 | 109080 | D |  |
| Common Stock | 2023-01-04 |  | F<sup>(9)</sup> |  | 1347<sup>(9)</sup> | D | $148.55 | 107733 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 2022 Performance Share Units | <sup>(10)</sup> | 2023-01-01 |  | A<sup>(11)</sup> |  | 8659<sup>(11)</sup> |  | <sup>(10)</sup> | <sup>(10)</sup> | Common Stock | 8659 | $0 | 8659 | D |  |
| 2022 Performance Share Units | <sup>(10)</sup> | 2023-01-01 |  | M<sup>(1)</sup> |  |  | 2886<sup>(1)</sup> | <sup>(10)</sup> | <sup>(10)</sup> | Common Stock | 2886 | $0 | 5773 | D |  |
| 2021 Warrants | $166.6666 | 2023-01-02 |  | A<sup>(12)</sup> |  | 1303<sup>(12)</sup> |  | 2021-06-11 | 2026-06-11 | Common Stock | 1303 | $0 | 42014 | D |  |
| 2021 Performance Share Units | <sup>(10)</sup> | 2023-01-04 |  | M<sup>(13)</sup> |  |  | 3423<sup>(13)</sup> | <sup>(10)</sup> | <sup>(10)</sup> | Common Stock | 3423 | $0 | 3422 | D |  |
| 2021 Warrants | $166.6666 | 2023-01-04 |  | A<sup>(14)</sup> |  | 1368<sup>(14)</sup> |  | 2021-06-11 | 2026-06-11 | Common Stock | 1368 | $0 | 43382 | D |  |

---

### Footnotes:

(1) Reflects the number of shares vesting on January 1, 2023 in respect of the 8,659 earned and vested Performance units originally granted on January 1, 2022.

(2) Reflects the number of shares surrendered on January 1, 2023 to satisfy the tax withholding on the vesting and issuance of 2,886 shares of the 8,659  Performance restricted stock units originally granted on January 1, 2022. The remaining 1,750 vested shares were retained by the executive.

(3) Represents an award of TSR shares that will only vest at the end of a three-year performance period (January 1, 2023 to December 31, 2025) based on the Issuer's relative total shareholder return as compared to a peer group of companies. The number of shares reported represents the maximum that may be earned, which is 200% of the target number. No number of shares is guaranteed to vest and the actual number of shares that will vest at the end of the performance period may be anywhere from zero to the amount stated.

(4) Reflects the number of shares surrendered on January 2, 2023 to satisfy the tax withholding on the vesting of 2,830 shares of the 8,494 Performance shares originally granted on January 2, 2020. The remaining 2,077 vested shares were retained by Mr. Restrepo.

(5) Reflects the number of shares surrendered on January 2, 2023 to satisfy the tax withholding on the vesting of 3,258 Performance restricted stock units of the 9,776 Performance restricted stock units earned on January 2, 2021. The remaining 2,337 vested Performance shares were retained by Mr. Restrepo.

(6) Represents the number of TSR shares forfeited on January 1, 2023, out of a total of 9,774 TSR shares originally granted to Mr. Restrepo on January 2, 2020, based on the Issuer's relative total shareholder return as compared to a peer group of companies during the three-year performance period beginning on January 1, 2020 and ending on December 31, 2022, as determined on December 31, 2022, by the Compensation Committee of the Issuer's Board of Directors (the "Compensation Committee").

(7) Reflects the number of shares surrendered on January 1, 2023 to satisfy the tax withholding on the vesting of 5,376 TSR shares earned out of a total of 9,774 TSR shares originally granted to Mr. Restrepo on January 2, 2020, based on the Issuer's relative total shareholder return as compared to a peer group of companies during the three-year performance period beginning on January 1, 2020 and ending on December 31, 2022, as determined on December 31, 2022 by the Compensation Committee. The remaining 3,461 earned and vested shares were retained by Mr. Restrepo.

(8) Reflects the number of shares vesting on January 4, 2023 of the 10,267 earned Performance units settled in shares originally granted on January 4, 2021.

(9) Reflects the number of shares surrendered on January 4, 2023 to satisfy the tax withholding on the vesting of 3,423 shares of the 10,267 Performance restricted stock units originally granted on January 4, 2021. The remaining 2,076 vested shares were retained by Mr. Restrepo.

(10) Performance Share Units convert into common shares on a 1-for-1 basis.

(11) These Performance restricted stock units were earned by Mr. Restrepo pursuant to his employment agreement based on the achievement of certain objectives for the year 2022, as determined on December 31, 2022, by the Compensation Committee. 187.0% of the target number of performance restricted stock units granted pursuant to the terms of Mr. Restrepo's employment agreement were determined to have been earned to date. The number reported above reflects the number of earned performance restricted stock units that are payable in share-settled restricted stock units. The remaining 7,533 performance restricted stock units were settled in cash pursuant to the terms of the applicable award agreement. The Performance restricted stock units that settle in shares are scheduled to vest in three (3) equal annual installments beginning on the first anniversary of the date of grant, January 1, 2023.

(12) These warrants were earned in connection with the vesting of Performance restricted stock units on January 2, 2023 by Mr. Restrepo and distributed pursuant to the terms of the applicable award agreements as determined by the Compensation Committee on December 31, 2022.

(13) Reflects the number of shares vesting on January 4, 2023 of the 10,267 earned Performance units settled in shares originally granted on January 4, 2021.

(14) These warrants were earned in connection with the vesting of Performance restricted stock units on January 4, 2023 by Mr. Restrepo and distributed pursuant to the terms of the applicable award agreements as determined by the Compensation Committee on December 31, 2022.

**Signature:** /s/ Mark D. Andrews by Power of Attorney for William Restrepo  
**Date:** 2023-01-04

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**