Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 640

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 640
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(a) The CVRs or any Beneficial Interest shall be freely transferable without the prior consent of the CVR
Issuer except as provided in this . Notwithstanding any other provision of this Agreement to the contrary, no Holder shall Transfer any of its CVRs or Beneficial Interests except:

(i) as permitted under the Securities Act and other applicable federal Law or state securities or blue sky Laws;

(ii) if such Transfer would not cause the CVR Issuer or any Subsidiary or Affiliate of the CVR Issuer to be required to
register as an investment company under the Investment Company Act of 1940; and

(iii) if such Transfer would not cause the
CVR Issuer or any Subsidiary or Affiliate of the CVR Issuer to be subject to regulation under the Investment Advisers Act of 1940.

(b)
Any attempted or purported Transfer of all or a portion of the CVRs or Beneficial Interests held by a Holder in violation of this shall be null and void and of no force or effect whatsoever, such purported
Transferee shall not be treated as a Holder of the CVRs or Beneficial Interests for purposes of this Agreement or otherwise, and the Rights Agent shall not register such Transfer.

Section 2.3 .

(a) The Rights Agent shall keep a register (the “”) for the purpose of registering CVRs and permitted
Transfers thereof. The CVRs shall be issued in the form of (a) one position for Cede & Co. representing all of the CVRs held by DTC on behalf of the Beneficial Owners holding through their respective DTC Participants and
(b) Direct Registration CVRs. The Rights Agent shall have no responsibility whatsoever directly to the Beneficial Owners holding through their respective DTC Participants with respect to transfers of CVRs. Any Beneficial Owners holding through
their respective DTC Participants may move their holdings of CVRs directly to the CVR Register as Direct Registration CVRs only through the procedures established by DTC.

(b) The direct Transferee (i.e., a Transferee that holds the CVRs directly and not simply a Beneficial Interest in CVRs registered in the name
of Cede & Co.) of the CVRs Transferred shall be a Direct Owner for purposes of this Agreement. Any indirect Transferee (i.e., a Transferee that holds a Beneficial Interest in the CVRs registered in the name of Cede & Co.) of CVRs
Transferred shall