Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 448

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 448
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 were determined to be $50.00 per unit, which will vest over a 3-yearperiod. The $50.00 fair value per unit was based on the equity value at Emergence and the target number of units issued. The fair value of PSUs awarded in 2022 with vesting conditions dependent upon service requirements and market performance was determined using a Monte Carlo simulation in a risk-neutral framework, in which the simulated payouts measured at the end of the periods are discounted with the risk-free interest rate to estimate the award fair values as of the estimate date. Share-based compensation expense is recognized on a straight-line basis over the service period or over our best estimate of the period over which the performance condition will be met, as applicable. The following table presents the assumptions used to estimate the fair values of the 2022 PSUs granted during 2022. The range of assumptions used in the Monte Carlo simulation valuation approach is as follows:

| Expected stock volatility(1) |     |              45 | % |
| Expected dividend yield(2)   |     |               — | % |
| Risk-free interest rate(3)   |     |    1.71% - 3.38 | % |
| Expected life(4)             |     | 4.8 - 5.0 years |   |

| (1) | Management estimates volatility based on the historical trading volatility of a public company peer group and 
 the implied volatility of our assets and current leverage.                                                    |

| (2) | As of the valuation date, we had not issued dividends to date and did not anticipate issuing dividends. |

| (3) | Based on the implied yield currently available on U.S. Treasury 
 zero-coupon issues with an equivalent expected term.            |

| (4) | Represents the period that our share-based awards are expected to be outstanding. Management uses the 
 simplified method for our estimation of the expected life as we do not have adequate historical data. |

The grant date fair value of RSUs and PSUs awarded during 2023 and 2024 is equal to the fair value of the stock price at the date of grant and will vest over a 3-yearperiod. PSUs were granted with two equally weighted performance goals that directly align with or help drive long-term total shareholder return: an adjusted cash flow growth metric and revenue growth. Depending on the outcome of these performance goals, a recipient may ultimately earn a number of units greater than or less than the number of units granted. For