Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 636

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 636
---
 as of the date on which, or at any time during the period for which, the determination of affiliation is being made (including any investment fund the primary investment advisor to which is such Person or an Affiliate
thereof); that (i) no Shareholder shall be deemed an Affiliate of Indiana, Saturn or any of their respective Subsidiaries, (ii) no Shareholder shall be considered an Affiliate of any other Shareholder or such other
Shareholder’s Affiliates solely by virtue of being Shareholder of

C-1

Indiana or Saturn and (iii) no Shareholder shall be considered an Affiliate of (A) any portfolio company in which investment funds affiliated with such Shareholder Beneficially Own debt or equity securities (and vice versa), (B) any limited partners, non-managingmembers of, or other similar direct or indirect non-managinginvestor in such Shareholder or its investment fund affiliates (and vice versa) or (C) any portfolio company in which any Person that is solely a limited partner, non-managingmember of, or other similar direct or indirect non-managinginvestor in such Shareholder or any of its investment fund affiliates have made a debt or equity investment (and vice versa), and none of the Persons described in the foregoing clauses (A) through (C) shall be considered an Affiliate of each other as a result of such relationships[; provided, further, that with respect to AB CarVal Investors, L.P. or any entity managed by AB CarVal Investors, L.P., the term “Affiliate” shall not include Alliance Bernstein L.P. or any of its subsidiaries or affiliates other than AB CarVal Investors, L.P.] 1 “ Beneficially Own” means “beneficially own” as such term is defined in Rule 13d-3of the rules and regulations under the Exchange Act, and a Person’s beneficial ownership of securities shall be calculated in accordance with the provisions of such Rule (in each case, irrespective of whether such rule is actually applicable in such circumstances). For the avoidance of doubt, “ Beneficial Owner”, “ Beneficial Ownership” and “ Beneficially Owned” shall have the correlative meanings. “ Control” means (including the correlative meanings of the terms “controlled by” and “under common control with”), as used with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of such Person, whether through the ownership of voting securities, by contract