Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 415

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 415
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 over a 3-yearperiod. PSUs were granted with two equally weighted 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 or less than the number of units granted. The fair value of RSUs granted during 2022 were determined to be $50.00 per unit which will also vest over a 3-yearperiod. The $50.00 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 market performance and service requirements is determined using a Monte Carlo simulation in risk-neutral framework, 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:

|                              |     | As of February 23, 2022 |                 |
|:-----------------------------|:----|:------------------------|:----------------|
| 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 |

F-153

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| (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