Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 637

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 637
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, directly or indirectly, by such Person, (b) of which such Person is entitled to elect, directly or indirectly, at least 50% of the board of directors (or managers) or similar
governing body of such Entity or (c) if such Entity is a limited partnership or limited liability company, of which such Person or one of its Subsidiaries is a general partner or managing member or has the power to direct the policies,
management or affairs of such Entity.

“” means all taxes, duties, assessments, levies, imposts, and any other charges
of a similar nature (including interest, penalties, additions to tax, and other liabilities with respect thereto), however denominated, that are imposed by any Governmental Authority.

“” means any liability for cash Taxes of any kind imposed on or with respect to the CVR Issuer or any of its
Affiliates to the extent attributable to the receipt of any Gross Proceeds, determined on a “with and without” basis with respect to any amount of Gross Proceeds received by the CVR Issuer or any of its Affiliates, treating any Gross
Proceeds received as the last item realized in the applicable taxable period; that (a) for the avoidance of doubt, the “with and without” basis determination (and treating any Gross Proceeds received as the last item
realized in the applicable taxable period) is intended to have the effect that cash Taxes imposed shall be computed after reduction for any Tax attribute actually used (other than Tax deductions arising from the CVR payments to the CVR Issuer) by
the CVR Issuer or any of its Affiliates to reduce such cash Taxes payable, including net operating losses or Tax credits (and the use of any such Tax attribute shall not itself be considered a Tax Cost) and (b) Tax Costs shall be increased by
any out-of-pocket third-party costs and expenses reasonably attributable to determining the cash Taxes applicable to the receipt of Gross Proceeds by the CVR Issuer or
any of its Affiliates.

B-5

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

“” has the meaning set forth in
.

“” means any sale, pledge, assignment, encumbrance or other transfer or
disposition of any CVR to any other Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to judicial process