Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 380

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 380
---
P RS’). Under the plan, restricted shares are allocated to F-77

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 executives at the beginning of May each year and these vest on the June 1 following the third anniversary of the grant. Performance shares are allocated at the beginning of May each year. Vesting for performance shares are subject to the achievement of the Total Shareholder Return (“TSR”), measured on a relative basis to the median TSR performance of a panel of comparable companies and reviewed by the Remuneration Committee prior to the Share Vesting Date. In addition, starting from share grant 2023, with first vesting being on June 1, 2026, the performance shares for members of the Senior Leadership Team, are subject to Environmental, Social and Governance (“ESG”) metrics which will be applied as a modifier to the TSR and will be reviewed by the Remuneration Committee prior to the Share Vesting Date.

|                                                                      |     | 2024 |           |     | 2023 |           |
| Restricted and performance shares outstanding at the end of the year |     |      | 4,438,497 |     |      | 4,215,486 |
| Weighted average fair value in euro                                  |     |      |      5.51 |     |      |      5.44 |

During 2024, 456,894 restricted shares (2023: 451,705) and 1,635,264 (2023: 1,287,594) performance shares were granted; 196,299 restricted shares (2023: 67,853 ) and 355,197 performance shares (2023: 86,772) were forfeited; and 944,846 performance shares (2023: 604,047 ) and 372,805 restricted shares (2023: 238,645 ) were exercised. The fair value of STARs and EBCP Option granted is estimated as at the date of the grant using a binomial model. The fair value of EBCP RS is estimated at the date of the grant by restating discounted dividends from share price and taking into account the terms and conditions upon which the shares were granted. The fair value of EBCP PS is estimated at the