Document:

Exhibit 10.1

 

November 16, 2021

 

Nabors Energy Transition Corp.

515 West Greens Road, Suite 1200

Houston, TX 77067

 

Re:     Initial
Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and among Nabors Energy Transition Corp., a Delaware corporation (the “Company”), Citigroup
Global Markets Inc. and Wells Fargo Securities, LLC as underwriters (the “Underwriters”), relating to an underwritten
initial public offering (the “Public Offering”), of up to 27,600,000 of the Company’s units (including
up to 3,600,000 units which may be purchased to cover over-allotments, if any) (the “Units”), each comprised
of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”),
and one-half of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof
to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the
Public Offering pursuant to the registration statement on Form S-1 (File No. 333-256876) and prospectus (the “Prospectus”)
filed by the Company with the Securities and Exchange Commission (the “Commission”), and the Company shall apply
to have the Units listed on the New York Stock Exchange. Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Nabors Energy Transition Sponsor LLC, a Delaware limited
liability company (the “Sponsor”), and each of the undersigned individuals, each of whom is a member of the
Company’s board of directors (the “Board”) and/or management team (each an “Insider”
and, collectively, the “Insiders”), hereby agrees with the Company as follows:

 

1.            The
Sponsor and each Insider agree that if the Company seeks stockholder approval of a proposed Business Combination, then in connection with
such proposed Business Combination, it, he or she shall vote all Founder Shares and any shares acquired by it, him or her in the Public
Offering or the secondary public market in favor of such proposed Business Combination.

 

2.            The
Sponsor and each Insider hereby agree that in the event that the Company fails to consummate a Business Combination within 15 months
from the closing of the Public Offering, or up to 21 months from the closing of the Public Offering if the Company has extended the period
of time to consummate a Business Combination, or such later period approved by the Company’s stockholders, in accordance with the
Company’s amended and restated certificate of incorporation, as may be amended from time to time (the “Certificate
of Incorporation”), the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days
thereafter, subject to lawfully available funds therefor, redeem 100% of the Class A Common Stock sold as part of the Units in the
Public Offering (the “Offering Shares”), at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to
the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses and net of taxes payable), divided by the number
of then outstanding Offering Shares, which redemption will completely extinguish the Public Stockholders’ rights as stockholders
(including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as
reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Board, dissolve
and liquidate, subject, in each case, to the Company’s obligations under Delaware law to provide for claims of creditors and other
requirements of applicable law. The Sponsor and each Insider agree to not propose any amendment to the Certificate of Incorporation (A) in
a manner that would affect the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company
does not complete an initial Business Combination within 15 months (or up to 21 months, as applicable) from the closing of the Public
Offering or (B) with respect to any other material provision relating to the rights of holders of Offering Shares or pre-initial
Business Combination activity, unless the Company provides its Public Stockholders with the opportunity to redeem their Offering Shares
upon approval of any such amendment at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust
Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes,
divided by the number of then outstanding Offering Shares.

 

     

     

    

 

The Sponsor and each Insider
acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any
other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares. The Sponsor and each Insider
hereby further waives, with respect to any shares of the Class A Common Stock held by it, him or her, any redemption rights it, he
or she may have in connection with the consummation of an initial Business Combination, including, without limitation, any such rights
available in the context of a stockholder vote to approve such initial Business Combination or in the context of a tender offer made by
the Company to purchase shares of the Class A Common Stock and in connection with a stockholder vote to amend the Company’s
Certificate of Incorporation in a manner that would affect the substance or timing of the Company’s obligation to redeem 100% of
the Offering Shares if the Company has not consummated an initial Business Combination within 15 months from the closing of the Public
Offering (or up to 21 months, as applicable) (although the Sponsor, the Insiders and their respective affiliates shall be entitled to
redemption and liquidation rights with respect to any shares of the Class A Common Stock (other than the Founder Shares) it or they
hold if the Company fails to consummate an initial Business Combination within 15 months from the date of the closing of the Public Offering
(or up to 21 months, as applicable) or such later date as may be specified in an amendment to the Company’s Certificate of Incorporation).

 

To the fullest extent permitted
by applicable law, the Company hereby agrees to defend, indemnify, hold harmless and exonerate (including the advancement of expenses
to the fullest extent permitted by applicable law) the Sponsor, its affiliates and their respective present and former officers and directors
(each, a “Sponsor Indemnitee”) from any and all costs, fees, expenses, judgments, liabilities, fines, penalties,
reasonable attorneys’ fees and amounts paid in settlement (including all interest, assessments and other charges paid or payable
in connection with or in respect of such costs, fees, expenses, judgments, liabilities, fines, penalties and amounts paid in settlement)
actually, and reasonably, incurred by a Sponsor Indemnitee or on a Sponsor Indemnitee’s behalf in connection with any threatened,
pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, hearing or
any other actual, threatened or completed proceeding instituted by the Company or any third party, whether civil, criminal, administrative
or investigative in nature, in respect of any investment opportunities sourced by a Sponsor Indemnitee for the Company or any liability
arising with respect to a Sponsor Indemnitee’s activities in connection with the affairs of the Company (in each case to the extent
that such indemnification, hold harmless and exoneration obligations with respect to such matters are not expressly covered by a separate
written agreement between the Company and the applicable Sponsor Indemnitee); provided, that in no event shall a Sponsor Indemnitee be
entitled to be indemnified or held harmless hereunder in respect of any costs, fees, expenses, judgments, liabilities, fines, penalties
and amounts paid in settlement (if any) that Sponsor Indemnitee may incur by reason of such person’s own actual fraud or intentional
misconduct; provided further, for the avoidance of doubt, that under no circumstance shall a Sponsor Indemnitee have a claim to any monies
or assets held in the Trust Account, and the Company shall not be permitted to procure monies or assets held in the Trust Account for
the satisfaction of its obligations to any Sponsor Indemnitee in respect of the indemnification provided hereunder. The Sponsor Indemnitees
shall be third party beneficiaries of this paragraph.

 

3.            During
the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the undersigned shall
not, without the prior written consent of the Underwriters, except (a) issuances of shares of Class B common stock of the Company,
par value $0.0001 per share (the “Class B Common Stock”), upon the conversion or exchange of shares of
Class F common stock of the Company, par value $0.0001 per share (the “Class F Common Stock” and,
together with the Class A Common Stock and the Class B Common Stock, the “Common Stock”), (b) issuances
of shares of Class A Common Stock upon the conversion or exchange of shares of Class B Common Stock and (c) issuances
of Founder Shares upon the forfeiture by the Sponsor to the Company of an identical number of Founder Shares, (i) sell, offer to
sell, contract or agree to sell, hypothecate, pledge, or otherwise dispose of or agree to dispose of, directly or indirectly, or establish
or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the
Commission promulgated thereunder, any Units, shares of Class A Common Stock, shares of Class B Common Stock, shares of Class F
Common Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by him,
her or it; or (ii) publicly announce any intention to effect any transaction specified in clause (i). If the undersigned is
an officer or director of the Company, the undersigned further agrees that the foregoing restrictions shall be equally applicable to
any issuer-directed Units that the undersigned may purchase in the Public Offering.

 

     

     

    

 

4.            In
the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any officer, member
or manager of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense
whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending
against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of
any claim by (i) any third party (other than the Company’s independent public accountants) for services rendered or products
sold to the Company or (ii) a prospective target business with which the Company has entered into a written letter of intent, confidentiality
or other similar agreement or business combination agreement (a “Target”); provided, however, that such
indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third party for
services rendered (other than the Company’s independent public accountants) or products sold to the Company or a Target do not reduce
the amount of funds in the Trust Account to below the lesser of (A) $10.20 per Offering Share and (B) the actual amount per
Offering Share held in the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation of the Trust
Account, in each case including interest earned on the funds held in the Trust Account and not previously released to the Company to pay
its taxes, less taxes payable, except as to any claims by a third party or Target that executed an agreement waiving claims against and
all rights to seek access to the Trust Account whether or not such agreement is enforceable. In the event that any such executed waiver
is deemed to be unenforceable against such third party, the Sponsor shall not be responsible for any liability as a result of any such
third-party claims. Notwithstanding any of the foregoing, such indemnification of the Company by the Sponsor shall not apply as to any
claims under the Company’s obligation to indemnify the Underwriters against certain liabilities, including liabilities under the
Securities Act of 1933, as amended (the “Securities Act”). The Sponsor shall have the right to defend against
any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice
of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.

 

5.            To
the extent that the Underwriters do not exercise their over-allotment option to purchase an additional 3,600,000 Units (as described in
the Prospectus), the Sponsor agrees, upon the expiration or waiver of such option, to forfeit, for cancellation at no cost, a number of
Founder Shares equal to 900,000 multiplied by a fraction, (a) the numerator of which is 3,600,000 minus the number of Units purchased
by the Underwriter upon the exercise of their over-allotment option, and (b) the denominator of which is 3,600,000. The forfeiture
will be adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters so that the Founder Shares
will represent 20.0% of the Company’s issued and outstanding Common Stock after the Public Offering. The Sponsor further agrees
that to the extent that (i) the size of the Public Offering is increased or decreased and (ii) the Sponsor has either purchased
or sold shares of Common Stock or an adjustment to the number of Founder Shares has been effected by way of a stock split, stock dividend,
reverse stock split, contribution back to capital or otherwise, in each case in connection with such increase or decrease in the size
of the Public Offering, then (A) the references to 3,600,000 in the numerator and denominator of the formula in the first sentence
of this paragraph shall be changed to a number equal to 15.0% of the number of Units issued in the Public Offering and (B) the reference
to 900,000 in the formula set forth in the first sentence of this paragraph shall be adjusted to such number of Founder Shares that the
Sponsor would have to collectively return to the Company in order for all holders of Founder Shares to hold an aggregate of 20.0% of the
Company’s issued and outstanding shares of Common Stock after the Public Offering.

 

6.            The
Sponsor and each Insider hereby agree and acknowledge that: (i) each of the Underwriters and the Company would be irreparably injured
in the event of a breach by the Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b) and
9 of this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching
party shall be entitled to seek injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the
event of such breach.

 

7.            (a) Subject
to the exceptions set forth herein, the Sponsor and each Insider agree not to transfer, assign or sell any Founder Shares or the Class A
Common Stock issuable upon conversion of the Founder Shares held by it, him or her until the earlier of (i) one year after the date
of the consummation of a Business Combination and (ii) the earlier to occur of, subsequent to a Business Combination, (A) the
first date on which the last reported sale price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for
stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 trading-day period
commencing at least 150 days after the consummation of a Business Combination and (B) the date on which the Company consummates
a subsequent liquidation, merger, capital stock exchange, reorganization or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their shares of Class A Common Stock for cash, securities or other property (the “Founder
Shares Lock-up Period”).

 

     

     

    

 

(b)            Subject
to the exceptions set forth herein, the Sponsor and each Insider agree not to transfer, assign or sell any Private Placement Warrants
or Class A Common Stock underlying such warrants held by it, him or her, until 30 days after the completion of a Business Combination
(the “Private Placement Warrants Lock-Up Period” and, together with the Founder Shares Lock-up Period, the “Lock-up
Periods”).

 

(c)            Notwithstanding
the provisions set forth in paragraphs 7(a) and (b), transfers of the Founder Shares (including the conversions or exchanges
of the Founder Shares to shares of Class B Common Stock or Class F Common Stock, as applicable, and the issuance of Founder
Shares upon the forfeiture by the Sponsor to the Company of an identical number of Founder Shares), Private Placement Warrants and shares
of Class A Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares
and that are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph 7(c))
are permitted (i) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers
or directors, the Sponsor, any members of the Sponsor or their affiliates, or any affiliates of the Sponsor; (ii) in the case of
an individual, by gift to members of the individual’s immediate family or to a trust, the beneficiary of which is a member of one
of the individual’s immediate family, an affiliate of such person or to a charitable organization; (iii) in the case of an
individual, by virtue of laws of descent and distribution upon death of the individual; (iv) in the case of an individual, pursuant
to a qualified domestic relations order; (v) by virtue of the laws of the state of Delaware or the Sponsor’s operating agreement
upon dissolution of the Sponsor; (vi) by private sales or transfers made in connection with the consummation of a Business Combination
at prices no greater than the price at which the securities were originally purchased; (vii) in the event of the Company’s
liquidation prior to the completion of a Business Combination; or (viii) in the event of completion of a liquidation, merger, stock
exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares
of Class A Common Stock for cash, securities or other property subsequent to the completion of a Business Combination; provided,
however, that in the case of clauses (i) through (vi), these permitted transferees must enter into a written agreement agreeing
to be bound by these transfer restrictions.

 

8.            Each
Insider’s biographical information furnished to the Company and the Underwriters that are included in the Prospectus is true and
accurate in all respects and does not omit any material information with respect to such Insider’s background and contains all of
the information required to be disclosed pursuant to Item 401 of Regulation S-K promulgated under the Securities Act. Each Insider’s
questionnaire furnished to the Company and the Underwriters including any such information that is included in the Prospectus, is true
and accurate in all respects. Each Insider represents and warrants that: such Insider is not subject to or a respondent in any legal action
for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering
of securities in any jurisdiction; such Insider has never been convicted of, or pleaded guilty to, any crime (i) involving fraud,
(ii) relating to any financial transaction or handling of funds of another person or (iii) pertaining to any dealings in any
securities and such Insider is not currently a defendant in any such criminal proceeding; and none of the Sponsor or any such Insider
has ever been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities
license or registration denied, suspended or revoked.

 

     

     

    

 

9.            Except
as disclosed in the Prospectus, none of the Sponsor, the Insiders or their respective affiliates shall receive any finder’s fee,
reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any
services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type
of transaction that it is). However, such persons may receive the following payments, none of which will be made from the proceeds held
in the Trust Account prior to the completion of the initial Business Combination: repayment of a loan of up to $300,000 made to the Company
by an affiliate of the Sponsor, pursuant to an Amended and Restated Promissory Note dated effective as of March 26, 2021; payment
of an aggregate of $15,000 per month to the Sponsor or an affiliate thereof for office space, utilities and secretarial and administrative
support, pursuant to an Administrative Support Agreement, dated November 16, 2021; reimbursement for any out-of-pocket expenses
related to identifying, investigating, negotiating and consummating an initial Business Combination; and repayment of loans, if any,
and on such terms as to be determined by the Company from time to time, made by the Sponsor or an affiliate of the Sponsor or certain
of the Company’s officers and directors to finance transaction costs in connection with an intended initial Business Combination, provided,
that, if the Company does not consummate an initial Business Combination, a portion of the working capital held outside the Trust
Account may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment.
Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants
shall be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise period. Additionally,
in the event the Company does not consummate its initial Business Combination within 15 months, the Company may, by resolution of the
Board and if requested by the Sponsor, extend the period of time to consummate a business combination up to two times, each by an additional
three months (for a total of up to 21 months to complete an initial business combination), subject to the Sponsor (or its affiliates
or designees) depositing into the Trust Account, on or prior to the applicable deadline, additional funds of $2,400,000, or $2,760,000
if the underwriters’ over-allotment option is exercised in full ($0.10 per unit in either case), for each of the available three-month
extensions, for a total payment of up to $4,800,000, or up to $5,520,000 if the underwriters’ over-allotment option is exercised
in full ($0.20 per unit in either case). Any such payments would be made in the form of non-interest bearing loans. If the Company completes
its initial Business Combination, it will, at the option of the Sponsor, repay such loaned amounts out of the proceeds of the Trust Account
released to the Company or convert a portion or all of the total loan amount into warrants at a price of $1.00 per warrant, which warrants
will be identical to the Private Placement Warrants. If the Company does not complete a business combination, it will repay such loans
only from funds held outside of the Trust Account.

 

10.            The
Sponsor and each Insider has full right and power, without violating any agreement to which it, he or she is bound (including, without
limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement
and, as applicable, to serve as an officer and/or director of the Company and each Insider hereby consents to being named in the Prospectus
as an officer and/or director of the Company, as applicable.

 

11.            As
used herein, (a) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination, involving the Company and one or more businesses or entities; (b) “Founder
Shares” shall mean (i) the shares of Class F Common Stock held by the Sponsor, the Company’s independent
directors and any other holder prior to the consummation of the Public Offering, (ii) the shares of Class B Common Stock issued
upon the conversion of such Class F Common Stock and (iii) the shares of Class A Common Stock issued upon the conversion
of such Class B Common Stock; (c) “Private Placement Warrants” shall mean the warrants to purchase
12,290,000 shares of Class A Common Stock (or 13,730,000 shares of Class A Common Stock if the Underwriters’ over-allotment
option in connection with the Public Offering is exercised in full), that the purchasers named in Exhibit A to the Private Placement
Warrants Purchase Agreement, dated November 16, 2021, among the Company and such purchasers, have agreed to purchase for an aggregate
purchase price of approximately $12,290,000 (or approximately $13,730,000 if the Underwriters’ over-allotment option in connection
with the Public Offering is exercised in full), or $1.00 per warrant, in a private placement that shall occur simultaneously with the
consummation of the Public Offering; (iv) “Public Stockholders” shall mean the holders of shares of Class A
Common Stock issued in the Public Offering; and (v) “Trust Account” shall mean the trust fund into which
a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited.

 

12.            This
Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and
supersedes all prior understandings, agreements or representations by or among the parties hereto, written or oral, to the extent they
relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended,
modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed
by all parties hereto.

 

     

     

    

 

13.            No
party hereto may assign either this Letter Agreement or any of its rights, interests or obligations hereunder without the prior written
consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate
to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor, each Insider
and each of their respective successors, heirs and assigns and permitted transferees.

 

14.            This
Letter Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Letter Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

15.            This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties
hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement
shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and
venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that
such courts represent an inconvenient forum.

 

16.            Any
notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or
facsimile or other electronic transmission.

 

17.            This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the
Company; provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not
consummated and closed by February 14, 2022, provided further that paragraph 4 of this Letter Agreement shall survive
such liquidation.

 

18.            This
Letter Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Delivery of a signed
counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof.

 

[Signature Page Follows]

 

     

     

    

 

	 	Sincerely,	 
	 	 	 
	 	NABORS ENERGY TRANSITION SPONSOR LLC
	 	 	 
	 	By:	/s/ Anthony G. Petrello
	 	Name:	Anthony G. Petrello
	 	Title:	President, Chief Executive Officer and Secretary
	 	 	 
	 	INSIDERS:	 
	 	 	 
	 	NABORS LUX 2 S.A.R.L.
	 	 	 
	 	By:	/s/ Henricus Reindert Petrus Pollmann
	 	Name:	Henricus Reindert Petrus Pollmann
	 	Title:	Type A Manager
	 	 	 
	 	/s/ Anthony G. Petrello
	 	Anthony G. Petrello
	 	 	 
	 	/s/ William J. Restrepo
	 	William J. Restrepo
	 	 	 
	 	/s/ John Yearwood
	 	John Yearwood
	 	 	 
	 	/s/ Guillermo Sierra
	 	Guillermo Sierra
	 	 	 
	 	/s/ Siggi Meissner
	 	Siggi Meissner
	 	 	 
	 	/s/ Maria Jelescu Dreyfus
	 	Maria Jelescu Dreyfus
	 	 	 
	 	/s/ Colleen Calhoun
	 	Colleen Calhoun
	 	 	 
	 	/s/ Jennifer Gill Roberts
	 	Jennifer Gill Roberts

 

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

 

 

 [Signature Page to Letter Agreement]Exhibit
10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made effective as of November 16, 2021 by
and between Nabors Energy Transition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer &
Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, File No. 333-256876 (the “Registration Statement”),
and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common
Stock”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share
of Common Stock (such initial public offering hereinafter referred to as the “Offering”), has been declared
effective as of the date hereof by the U.S. Securities and Exchange Commission;

 

WHEREAS,
the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Citigroup Global
Markets Inc. and Wells Fargo Securities, LLC as underwriters (the “Underwriters”);

 

WHEREAS,
if a Business Combination (as defined below) is not consummated within the initial 15 month period following the closing of the Offering,
upon the request of Nabors Energy Transition Sponsor LLC (the “Sponsor”), the Company may extend such period by an additional
three months up to two times, each by an additional three months (for a total of up to 21 months to complete a business combination),
subject to the Sponsor’s or its affiliates or permitted designees depositing $2,400,000 (or up to $2,760,000 if the Underwriters’
over-allotment option is exercised in full) for each of the available three-month extensions, for a total payment of up to $4,800,000,
or $5,520,000 if the Underwriters’ over-allotment option is exercised in full, into the Trust Account (defined below) no later
than the 15-month or 18-month anniversary of the Offering, as applicable (each, a “Deadline”) for such extensions
(each, an “Extension”), in exchange for which the Sponsor will receive a non-interest bearing, unsecured promissory
note for such Extension payable upon consummation of a Business Combination;

 

WHEREAS,
as described in the Registration Statement, $244,800,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants
(as defined in the Underwriting Agreement) (or $281,520,000 if the Underwriters' over-allotment option is exercised in full) and the
proceeds from any loans in connection with an Extension will be delivered to the Trustee to be deposited and held in a segregated trust
account located at all times in the United States (the “Trust Account”) for the benefit of the Company and
the holders of the Common Stock included in the Units issued in the Offering as hereinafter provided (the amount to be delivered to the
Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the stockholders
for whose benefit the Trustee shall hold the Property will be referred to as the “Public Stockholders,” and
the Public Stockholders and the Company will be referred to together as the “Beneficiaries”);

 

WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $8,400,000, or $9,660,000 if the Underwriters' over-allotment
option is exercised in full, is attributable to deferred underwriting discounts and commissions that may be payable by the Company to
the Underwriters upon and concurrently with the consummation of the Business Combination (the “Deferred Discount”);
and

 

    

     

    

 

WHEREAS,
the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall
hold the Property.

 

NOW
THEREFORE, IT IS AGREED:

 

1.            Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)            Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee
in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion
or more) and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

(b)            Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)            In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”),
having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and
(d)(4) of Rule 2a-7 promulgated under the Investment Company Act, which invest only in direct U.S. government treasury obligations,
as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account
will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; while account funds are
invested or uninvested the Trustee may earn bank credits and other consideration;

 

(d)            Collect
and receive, when due, all
interest or other income arising from the Property, which shall become part of the “Property,” as such term is used herein;

 

(e)            Promptly
notify the Company and the Underwriters of all communications received by the Trustee with respect to any Property requiring action by
the Company;

 

(f)            Supply
any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account;

 

(g)            Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the
Company to do so;

 

(h)            Render
to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements
of the Trust Account;

 

    2

     

    

 

(i)            Commence
liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter
from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A
or Exhibit B, as applicable, signed on behalf of the Company by a Chief Executive Officer, President, Chief Financial
Officer, Secretary or Chairman of the board of directors of the Company (the “Board”) or other authorized officer
of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest
not previously released to the Company to pay its taxes (net of taxes payable by the Company and less up to $100,000 of interest that
may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred
to therein, or (y) upon the date which is the later of (1) 15 months after the closing of the Offering, or such later date
upon an Extension effectuated pursuant to the terms hereof, and (2) such later date as may be approved by the Company’s stockholders
in accordance with the Company’s amended and restated certificate of incorporation, as may be amended from time to time (the “Certificate
of Incorporation”), if a Termination Letter has not been received by the Trustee prior to such date, in which case the
Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B
and the Property in the Trust Account, including interest not previously released to the Company to pay its taxes (net of taxes payable
by the Company and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed
to the Public Stockholders of record as of such date;

  

(j)            Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C
(a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company
the amount of interest earned on the Property requested by the Company to cover any tax obligation owed by the Company as a result of
assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by
electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority;
provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall
liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution (it being
acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from the Trust
Account). The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said
funds, and the Trustee shall have no responsibility to look beyond said request;

 

(k)            Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D
(a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company
the amount requested by the Company to be used to redeem shares of Common Stock from Public Stockholders properly submitted in connection
with a stockholder vote to approve an amendment to the Certificate of Incorporation (A) in a manner that would affect the substance
or timing of the Company’s obligation to redeem one hundred percent (100%) of its public shares of Common Stock if the Company
has not consummated an initial Business Combination within such time as is described in the Certificate of Incorporation or (B) with
respect to any other material provision relating to the rights of holders of the shares of Common Stock or pre-initial Business Combination
activity. The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute
said funds, and the Trustee shall have no responsibility to look beyond said request; and

 

    3

     

    

 

(l)            Not
make any withdrawals or distributions from the Trust Account other than pursuant to Sections 1(i), 1(j) or
1(k) above.

 

(m)          Upon
receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit E hereto at
least five business days prior to the applicable Deadline, signed on behalf of the Company by an executive officer, and receipt of the
dollar amount specified in the Extension Letter on or prior to such Deadline, follow the instructions set forth in the Extension Letter.

 

2.            Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)            Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairperson of the Board, President, Chief Executive
Officer, Chief Financial Officer or Secretary. In addition, except with respect to its duties under Sections 1(i), 1(j) and
1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice
or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give
written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

(b)            Subject
to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including
reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and
in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim
or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any
interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding,
pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing
of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct
and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company
with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified
Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate
in such action with its own counsel;

 

(c)            Pay
the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee and transaction
processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property
shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Sections 1(i) through
1(k) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the
consummation of the Offering. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in
this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof;

 

    4

     

    

  

(d)            In
connection with any vote of the Company’s stockholders regarding a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination involving the Company and one or more businesses or entities (the “Business
Combination”), provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting
verifying the vote of such stockholders regarding such Business Combination;

 

(e)            Provide
the Underwriters with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect
to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)            Unless
otherwise agreed between the Company and the Underwriters, ensure that any Instruction Letter (as defined in Exhibit A) delivered
in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly
to the account or accounts directed by the Underwriters prior to any transfer of the funds held in the Trust Account to the Company or
any other person;

 

(g)               If
applicable, issue a press release at least three days prior to a Deadline announcing that, at least five days prior to the Deadline,
the Company received notice from the Sponsor that the Sponsor intends to deposit funds into the Trust Account for extending a Deadline
and the Board has approved such Extension.

 

(h)            Promptly
following a Deadline, disclose whether or not the deadline for the Company to consummate a Business Combination has been extended.

 

(i)            Instruct
the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make
any distributions that are not permitted under this Agreement; and

 

(j)            Within
four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment
option expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall in no event be
less than $8,400,000.

  

3.            Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

(a)            Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement
and that which is expressly set forth herein;

 

(b)            Take
any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability
to any party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

    5

     

    

 

(c)            Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind
with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to
do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

  

(d)            Refund
any depreciation in principal of any Property;

 

(e)            Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise
in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f)            The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in
good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The
Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument, report or other paper
or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed
or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination
or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed
by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent
thereto;

 

(g)            Verify
the accuracy of the information contained in the Registration Statement;

 

(h)            Provide
any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated by
the Registration Statement;

 

(i)            File
information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written statements
to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j)            Prepare,
execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities relating
to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to,
tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)            Verify
calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j) or
1(k) hereof.

 

    6

     

    

 

4.            Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it
may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation,
under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company
and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

5.            Successor
Trustee. If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall
use its reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement.
At such time that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the
terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited
to the transfer of copies of the reports and statements relating to the Trust Account, whereupon the Trustee’s rights and obligations
under this Agreement shall cease; provided, however, that in the event that the Company does not locate a successor trustee within ninety
(90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited
with any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever.

 

6.            Termination.
This Agreement shall terminate as follows:

 

(a)            At
such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions of
Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement
shall terminate except with respect to Section 2(b); or

 

(b)            If
the Offering is not consummated within ten (10) business days of the date of this Agreement, in which case any funds received by
the Trustee from the Company or the Sponsor for purposes of funding the Trust Account shall be promptly returned to the Company or the
Sponsor, as applicable.

 

7.            Miscellaneous.

 

(a)            The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred
from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures
to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained
access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall
rely upon all information supplied to it by the Company, including account names, account numbers and all other identifying information
relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s
gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any
error in the information or transmission of the funds.

 

    7

     

    

 

(b)            This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This Agreement may
be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute
but one instrument.

 

(c)            This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for
Sections 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without
the affirmative vote of at least 65% of the then outstanding shares of Common Stock, shares of Class B common stock, par value $0.0001
per share, and shares of Class F common stock, par value $0.0001 per share, of the Company, voting together as a single class; provided
that no such amendment will affect any Public Stockholder who has properly elected to redeem his, her or its shares of Common Stock
in connection with a stockholder vote to approve an amendment to this Agreement (A) in a manner that would affect the substance
or timing of the Company’s obligation to redeem one hundred percent (100%) of its public shares of Common Stock if the Company
does not complete its initial Business Combination within the time frame specified in the Certificate of Incorporation or (B) with
respect to any other material provision relating to the rights of holders of the Common Stock or pre-initial Business Combination activity),
this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing
signed by each of the parties hereto.

 

(d)            The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York,
for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT,
EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(e)            Any
notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall
be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile
or email transmission:

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

    8

     

    

 

if
to the Company, to:

  

Nabors
Energy Transition Corp.

515 West Greens Road, Suite 1200

Houston, TX 77067

Attn: Anthony G. Petrello

Email: general.counsel@nabors.com

 

in
each case, with copies (which shall not constitute notice) to:

 

Vinson &
Elkins L.L.P.

1001 Fannin Street, Suite 2500

Houston, TX 77002

Attn: T. Mark Kelly; Douglas E. McWilliams; Scott D. Rubinsky

Email: mkelly@velaw.com; dmcwilliams@velaw.com; srubinsky@velaw.com

 

and

 

Citigroup
Global Markets, Inc. and Wells Fargo Securities, LLC

 

Citigroup
Global Markets, Inc.

388 Greenwich Street

New York, New York 10013

Attn: General Counsel

 

Wells
Fargo Securities, LLC

500 West 33rd Street

New York, New York 10001

Attn: Equity Syndicate Department

 

and

 

Cravath,
Swaine & Moore LLP

825 Eighth Avenue

New York, NY 10019

Attn: Andrew J. Pitts; C. Daniel Haaren

Email: apitts@cravath.com; dhaaren@cravath.com

 

(f)            Each
of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into this
Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not
make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust
Account under any circumstance.

 

(g)            This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together
constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall
constitute valid and sufficient delivery thereof.

 

    9

     

    

 

(h)            Each
of the Company and the Trustee hereby acknowledges and agrees that the Underwriters are third-party beneficiaries of this Agreement.

 

(i)            Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.

 

[Signature
Page Follows]

 

    10

     

    

  

IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	Continental
    Stock Transfer & Trust Company, as Trustee
	 	 
	 	By:	/s/
    Francis Wolf
	 	Name:	Francis
    Wolf
	 	Title:	Vice
    President
	 	 
	 	Nabors
    Energy Transition Corp.
	 	 
	 	By:	/s/
    Anthony G. Petrello
	 	Name:	Anthony
    G. Petrello
	 	Title:	President, Chief Executive Officer and Secretary

 

    11

     

    

  

Schedule A

 

	Fee
    Item	 	Time
    and method of payment	 	Amount	 
	Initial
    set-up fee	 	Initial
    closing of Offering by wire transfer.	 	$	3,500.00	 
	Trustee
    administration fee	 	Payable
    annually. First year fee payable at initial closing of Offering by wire transfer; thereafter, payable by wire transfer or check.	 	$	10,000.00	 
	Transaction
    processing fee for disbursements to Company under Sections 1(i), 1(j) and 1(k)	 	Billed
    to Company following disbursement made to Company under Section 1.	 	$	250.00	 
	Paying
    Agent services as required pursuant to Section 1(i) and 1(k)	 	Billed
    to Company upon delivery of service pursuant to Section 1(i) and 1(k).	 	 	Prevailing
                                            rates	 

 

 

    1

     

    

  

Exhibit A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company 

1
State Street, 30th Floor 

New
York, New York 10004 

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:       Trust
Account - Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Nabors Energy Transition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 16, 2021
(the “Trust Agreement”), this is to advise you that the Company has entered into an agreement with                 (the
 “Target Business”) to consummate a business combination with Target Business (the “Business Combination”)
on or about                     .
The Company shall notify you at least seventy-two (72) hours in advance of the actual date of the consummation of the Business Combination
(the “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth
in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account
and to transfer the proceeds into a segregated account held by you on behalf of the Beneficiaries (the “trust operating account”)
to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to
the account or accounts that the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are
on deposit in the trust operating account awaiting distribution, the Company will not earn any interest or dividends.

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been
consummated, or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”),
(ii) the Company shall deliver to you (a) a certificate by the Chief Executive Officer of the Company, which verifies that
the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) written instruction
signed by the Company with respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount
from the Trust Account (the “Instruction Letter”) and (iii) Citigroup Global Markets, Inc. and Wells
Fargo Securities, LLC shall deliver to you written instructions for delivery of the Deferred Discount. You are hereby directed and authorized
to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance
with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation
Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should
remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds, net
of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust
Agreement shall be terminated.

 

     

     

    

 

In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified
you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions
from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement
on the business day immediately following the Consummation Date as set forth in such written instructions as soon thereafter as possible.

 

	 	Very
    truly yours,
	 	 
	 	Nabors
    Energy Transition Corp.
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

cc:          Citigroup
Global Markets, Inc. 

       Wells
Fargo Securities, LLC

 

     

     

    

 

Exhibit B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company 

1
State Street, 30th Floor 

New
York, New York 10004 

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:       Trust
Account - Termination Letter

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Nabors Energy Transition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 16, 2021
(the “Trust Agreement”), this is to advise you that the Company has been unable to effect a business combination
with a Target Business within the time frame specified in the Company’s amended and restated certificate of incorporation (the
 “Certificate of Incorporation”), as described in the Company’s Prospectus relating to the Offering. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to
transfer the total proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public
Stockholders. The Company has selected [               ] as
the effective date for the purpose of determining when the Public Stockholders will be entitled to receive their share of the liquidation
proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly
to the Public Stockholders in accordance with the terms of the Trust Agreement and the Certificate of Incorporation. Upon the distribution
of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations
under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust
Agreement.

 

	 	Very
    truly yours,
	 	 
	 	Nabors
    Energy Transition Corp.
	 	 
	 	By:	 
	 	Name:
	 	Title:

  

cc:          Citigroup
Global Markets, Inc. 

       Wells
Fargo Securities, LLC

 

     

     

    

 

Exhibit C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company 

1
State Street, 30th Floor 

New
York, New York 10004 

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:          Trust
Account - Tax Payment Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Nabors Energy Transition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 16, 2021
(the “Trust Agreement”), the Company hereby requests that you deliver to the Company $              
of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings
set forth in the Trust Agreement.

 

The
Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with
the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your
receipt of this letter to the Company’s operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	Very
    truly yours,
	 	 
	 	Nabors
    Energy Transition Corp.
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

cc:          Citigroup
Global Markets, Inc. 

       Wells
Fargo Securities, LLC

 

     

     

    

 

Exhibit D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company 

1
State Street, 30th Floor 

New
York, New York 10004 

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:          Trust
Account - Stockholder Redemption Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(k) of the Investment Management Trust Agreement between Nabors Energy Transition Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 16, 2021
(the “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Stockholders
of the Company $                  of the principal
and interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings
set forth in the Trust Agreement.

 

The
Company needs such funds to pay its Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the
Company in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation
(the “Certificate of Incorporation”) (A) in a manner that affects the substance or timing of the Company’s
obligation to redeem one hundred percent (100%) of its public shares of Common Stock if the Company has not consummated an initial Business
Combination within such time as is described in the Certificate of Incorporation or (B) with respect to any other material provision
relating to the rights of holders of the Common Stock or pre-initial Business Combination activity. As such, you are hereby directed
and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the redeeming Public Stockholders
in accordance with your customary procedures.

 

	 	Very
    truly yours,
	 	 
	 	Nabors
    Energy Transition Corp.
	 	 
	 	By:	 
	 	Name:
	 	Title:

  

cc:          Citigroup
Global Markets, Inc. 

Wells
Fargo Securities, LLC

 

     

     

    

 

Exhibit E

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company 

1
State Street, 30th Floor 

New
York, New York 10004 

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:          Trust
Account - Stockholder Redemption Withdrawal Instruction

 

Dear
Mr. Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(m) of the Investment Management Trust Agreement between Nabors Energy Transition Corp. (“Company”)
and Continental Stock Transfer & Trust Company, dated as of November 16, 2021 (“Trust Agreement”), this is
to advise you that the Company is extending the time available to consummate a Business Combination for an additional three (3) months,
from _______ to _________ (the “Extension”).

 

This
Extension Letter shall serve as the notice required with respect to the Extension prior to the Deadline. Capitalized words used herein
and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to deposit $_________, which will be wired to you, into the
Trust Account investments upon receipt.

 

This
is the [first/second] of up to two Extension Letters.

 

	 	Very
    truly yours,
	 	 
	 	Nabors
    Energy Transition Corp.
	 	 
	 	By:	 
	 	Name:
	 	Title:

  

		cc:	Citigroup
Global Markets, Inc.

Wells
Fargo Securities, LLC

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