Nabors Energy Transition Corp. II (NASDAQ: NETD), a blank check company focused on identifying a business combination target, has announced the appointment of Colin Richardson to its board of directors, effective June 25, 2024. The company confirmed that Richardson's extensive experience in strategic advisory, finance, and his leadership roles in various companies, including Vast Renewables Limited (NASDAQ: VSTE) and MA Financial Australia, would bring valuable insights to the board's audit committee.
Richardson's career spans over three decades in investment banking, where he has advised on mergers, acquisitions, and strategic transactions across diverse sectors. His previous positions include Managing Director at Rothschild, Citigroup, and Deutsche Bank (ETR:DBKGn), and he has also served on the boards of Hockey NSW, Hockey Australia, and Hockey 1. Additionally, Richardson holds board roles in Twynam Group Companies.
In compliance with the Nasdaq Stock Market Rules and U.S. Securities and Exchange Commission regulations, Richardson has been determined to be an "independent director." His appointment aligns with the company's governance practices and strengthens the board's independence.
As part of his board induction, Richardson entered into a Letter Agreement with Nabors Energy Transition Corp. II and its sponsor, Nabors Energy Transition Sponsor II LLC. Furthermore, he signed an Indemnification Agreement, which ensures his indemnification to the fullest extent permitted by law and provides for the advancement of expenses in legal proceedings.
The sponsor also transferred 50,000 Class F ordinary shares to Richardson, aligning his interests with those of the company. Richardson's appointment and the share transfer led to his joining the Registration Rights Agreement, which governs the registration of securities for the company's officers, directors, and certain security holders.
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