Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 133

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 133
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 only to the extent of such restriction.

“Gross Proceeds” means, with respect to any Qualified Monetization, any cash consideration, without duplication, that is actually
received by SES or any of its affiliates solely to the extent such consideration directly results from the final clearance or Applicable Transfer of Applicable Spectrum pursuant to such Qualified Monetization.

“Net Proceeds” means, with respect to any Qualified Monetization, an amount equal to (a) Gross Proceeds with respect to such
Qualified Monetization, minus (b) the Applicable Expenses with respect to such Qualified Monetization.

“Qualified
Monetization” means (a) the adoption, enactment or promulgation of any Law by any Governmental Authority requiring the clearing of Applicable Spectrum (an “Applicable Order”) or (b) the consummation of an Applicable
Transfer, in each case, whether occurring prior to or after the date of the CVR Agreement and that directly results in the receipt by SES or any of its affiliates on or after the date of the CVR Agreement and prior to the CVR Outside Date (as
defined below) of cash consideration for the final clearance or transfer of Applicable Spectrum (including with respect to governmental relocation payments or private negotiations); provided, however, that in no event will (i) any (x)
Regulatory Concession or (y) a Change of Control of SES be deemed a Qualified Monetization or (ii) the C-Band Order constitute an Applicable Order.

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“Tax Costs” means any liability for cash taxes of any kind imposed on or with respect to SES or any of its affiliates to the extent attributable to the receipt of any Gross Proceeds, determined on a “with and without” basis with respect to any amount of Gross Proceeds received by SES or any of its affiliates, treating any Gross Proceeds received as the last item realized in the applicable taxable period; provided that (a) for the avoidance of doubt, the “with and without” basis determination (and treating any Gross Proceeds received as the last item realized in the applicable taxable period) is intended to have the effect that cash taxes imposed will be computed after reduction for any tax attribute actually used (other than tax deductions arising from the CVR payments to SES) by SES or any of its affiliates to reduce such cash Taxes payable, including net operating losses or Tax credits (and the use of any such tax attribute will not itself be considered a Tax Cost) and (b