Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 557

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 557
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 no such repurchase or redemption contemplated by the foregoing
and shall result, directly or indirectly, in Holdings holding less than $300,000,000 of Net Cash; , , that that the total amount of such repurchases or redemptions
contemplated by the foregoing (but excluding, for the avoidance of doubt, any amounts contemplated by the foregoing ) shall be included in Closing Aggregate Shareholder
Returns;

(v) declare, set aside, make or pay any dividend or other distribution on or with respect to any of its share
capital or other equity or ownership interest, other than (A) dividends or distributions between wholly-owned Subsidiaries of Holdings that are not reasonably expected to give rise to withholding Tax Liability, (B) dividends or
distributions of Applicable Indiana Spectrum Proceeds on or with respect to Indiana Equity Securities, (C) any Exempted Distributions and (D) cash dividends or cash distributions (other than dividends or distributions of Applicable Indiana
Spectrum Proceeds) on or with respect to Indiana Equity Securities; , , that, when taken together with the aggregate dollar amount of all Shareholder Returns made at any time after the Aggregate Shareholder Return Start
Date until the Closing (including pursuant to ), (1) the aggregate dollar amount of the cash dividends and distributions contemplated by the foregoing
shall not exceed $750,000,000 and (2) no such dividend or distribution contemplated by foregoing shall result, directly or indirectly, in Holdings holding less than $300,000,000 of Net Cash; ,
, that that the total amount of any cash dividends or distributions made pursuant to the foregoing shall be included in Closing Aggregate Shareholder Returns;

(vi) reclassify, combine, split, subdivide or redeem, or purchase or otherwise acquire (other than as expressly permitted
pursuant to and ), directly or indirectly, any of its share capital or other equity or ownership interest, or make any other change with respect to its capital
structure;

(vii) (A) acquire any interests in any Entity or division thereof or any material amount of assets, other
than (1) transactions among wholly-owned Subsidiaries or (2) in connection with the formation of a wholly-owned Subsidiary (collectively, “”), or (B) enter into any joint venture,

A-44

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

partnership, strategic alliance, collaboration, consortium or similar arrangement