Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 611

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 611
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 no force or effect whatsoever, such purported
Transferee shall not be treated as a Holder of the CVRs or Beneficial Interests for purposes of this Agreement or otherwise, and the Rights Agent shall not register such Transfer.

Section 2.3 .

(a) The Rights Agent shall keep a register (the “”) for the purpose of registering CVRs and permitted
Transfers thereof. The CVRs shall be issued in the form of (a) one position for Cede & Co. representing all of the CVRs held by DTC on behalf of the Beneficial Owners holding through their respective DTC Participants and
(b) Direct Registration CVRs. The Rights Agent shall have no responsibility whatsoever directly to the Beneficial Owners holding through their respective DTC Participants with respect to transfers of CVRs. Any Beneficial Owners holding through
their respective DTC Participants may move their holdings of CVRs directly to the CVR Register as Direct Registration CVRs only through the procedures established by DTC.

(b) The direct Transferee (i.e., a Transferee that holds the CVRs directly and not simply a Beneficial Interest in CVRs registered in the name
of Cede & Co.) of the CVRs Transferred shall be a Direct Owner for purposes of this Agreement. Any indirect Transferee (i.e., a Transferee that holds a Beneficial Interest in the CVRs registered in the name of Cede & Co.) of CVRs
Transferred shall be bound by this Agreement as a Beneficial Owner. Following a Transfer in which a Beneficial Owner elects to hold as a Direct Owner (or vice versa), the Rights Agent shall amend the CVR Register to reflect the change in Direct
Owners, and the Rights Agent shall take any other appropriate action in connection therewith.

(c) The CVR Issuer will enter into the
Depository Agreement pursuant to which DTC will act as a securities depository for the CVRs. The CVRs deposited with DTC will be represented by a Global Security (which may be a book-entry security or consist of one or more certificates as required
by DTC), which will be registered in the name of Cede & Co., as nominee for DTC or as DTC shall otherwise direct, and deposited with, or on behalf of, DTC. No other certificates evidencing such CVRs will be issued. The Global Security shall
be in the form attached hereto as or described therein and shall represent such CVRs as shall be specified