Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 131

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 131
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 of the Holders will be limited to those expressly provided
for in the CVR Agreement.

86

The following terms are defined in the form of CVR Agreement attached as to
this prospectus:

“Applicable Consideration” means, with respect to any Qualified Monetization, an amount equal to 42.5% of the
cumulative Net Proceeds (as defined below) received by SES and its affiliates between the date of the CVR Agreement and the termination date with respect to such Qualified Monetization.

“Applicable Expenses” means, as of any date of determination with respect to any Qualified Monetization, all reasonable and
documented fees and expenses incurred (or estimated in good faith to be incurred) by SES and its Affiliates in connection with such Qualified Monetization to the extent not actually reimbursed as of such time, including, without duplication, (a) out-of-pocket legal, accounting, consulting and other advisor fees and expenses, (b) Tax Costs (as defined below), (c) any sums directly attributed to requisite
satellite costs (including launch and insurance), network costs and customer relocation costs (including cost of capital and interest costs) and (d) any transition costs incurred by the SES or any of its affiliates in connection with the
repurposing of Applicable Spectrum. Applicable Expenses will be reduced by any reduction in actual cash Taxes payable in the taxable period of the payment or accrual of any unreimbursed fees or expenses described in the prior sentence by SES or any
of its Affiliates and resulting directly from deductions arising from the payment of accrual of such unreimbursed fees or expenses, determined on a “with and without” basis with respect to any such fees or expenses paid or accrued,
treating any such fees or expenses paid or accrued as the last item paid or accrued in the applicable taxable period.

“Applicable
Spectrum” means SES and its affiliates’ usage rights for up to 100 MHz of the C-band downlink spectrum at 3.98–4.2 GHz; provided that, if after the date of the CVR Agreement, SES or any of its
affiliates acquires, is acquired by or combines with (including in a change of control) any entity (including Eutelsat S.A., Telesat Canada, Star One S.A. or any of such Entities’ affiliates or subsidiaries) (collectively, “Other
Entities”), Applicable Spectrum will not include any C-band down