Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 137

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 137
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 Act of 1940; and                                                           |

| • |     | if such transfer would not cause SES or any subsidiary or affiliate to be subject to regulation under the 
 Investment Advisers Act of 1940.                                                                          |

Any attempted or purported transfer of all or a portion of the CVRs or beneficial interests thereof held by a Holder in violation of the foregoing will be null and void and of no force or effect whatsoever, such purported transferee will not be treated as a Holder of the CVRs or beneficial interests, and the Rights Agent will not register such Transfer. The Share Purchase Agreement does not obligate SES to list the CVRs on any securities exchange, and SES has no current plans to apply to list the CVRs on any stock exchange or on an over-the-countermarket. If the CVRs begin trading in the over-the-countermarket or if SES determines, in its sole discretion, to list the CVRs on a securities exchange, there is no assurance that such trading or listing will continue. The CVRs will not (i) be subject to any mandatory or optional redemption rights by the Holders or SES, (ii) mature or trigger any right to payment by the Holders in any amount or on any specific date, or (iii) be convertible into or exchangeable for any security or other interest in SES. Redemption The CVRs will not (i) be subject to any mandatory or optional redemption rights by the Holders or SES, (ii) mature or trigger any right to payment by the Holders in any amount or on any specific date, or (iii) be convertible into or exchangeable for any security or other interest in SES. 87

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

SES’s Acquisition of CVRs

The CVR Agreement does not prohibit SES or any of its affiliates from offering to acquire or acquiring any CVRs for consideration from the
Holders, in private transactions or otherwise, in its sole discretion.

Successors and Assigns; Merger

SES may assign any or all of its rights, interests and obligations, in its sole discretion and without the consent of any other party of the
CVR Agreement, to any of its affiliates; provided that (i) SES delivers to the Rights Agent an officer’s certificate certifying that such affiliate will be able to make any applicable payments pursuant to such agreement; and (ii) the
assignee agrees to assume and be bound by all of the terms of the