Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 498

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 498
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iii) the Required FDI Approvals and submission of the 60-Day ITAR Notice referenced in , (iv) the DCSA Approval,
(v) the Filings and Consents as may be required under the Securities Act and any other applicable Securities Laws, (vi) the Filings and Consents

A-24

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

as may be required under any material Indiana Permits, as set forth in of the Indiana Disclosure Schedules, (vii) the Filings and Consents as
may be required under the Luxembourg Companies’ Law, the RCS Law or the RBE Law and (viii) such other Filings and Consents which, if not made or obtained, would not, individually or in the aggregate, reasonably be expected to have an
Indiana Material Adverse Effect or prevent or materially impede, interfere with or delay the consummation of the Transactions ( that clause (iv) of the definition of “Indiana Material Adverse Effect” shall be
disregarded for purposes of this ).

Section 3.4 .

(a) Indiana is the sole record and beneficial owner of the Transferred Shares, free and clear of any Encumbrance
(other than (i) any restriction on transfer arising under applicable Securities Laws or (ii) any Encumbrance under the Indiana Notes Indenture or that will be released or discharged prior to the Closing). Upon Saturn’s delivery of the
Transaction Consideration at the Closing, Saturn will acquire title to the Transferred Shares (other than (i) any restrictions on transfer arising under applicable Securities Laws or (ii) any Encumbrances under the Indiana Notes Indenture
(unless (A) the obligations under the Indiana Notes and the Indiana Notes Indenture have been fully satisfied and discharged or (B) an Investment Grade Event (as defined in the Indiana Notes Indenture) with respect to the Indiana Notes
actually occurs on the Closing Date pursuant to ) or created by Saturn).

(b) The Transferred
Shares are all of the outstanding Equity Securities of Holdings.

(c) Neither Holdings nor any of its Subsidiaries has issued or agreed to
issue any of the following: (i) options, warrants or interests convertible into or exchangeable or exercisable for the purchase of any share capital or other equity or ownership interests; (ii) share appreciation rights, phantom shares,
interests in the ownership of Holdings or