Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 501

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 501
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 provision of shall be a breach of this unless such action would constitute a breach of such provision of
.

(b) In addition to and without limiting the generality of the foregoing, during the period
prior to the earlier of the Closing or the termination hereof in accordance with its terms, except (x) as otherwise expressly required or permitted hereby, (y) as set forth in of the Indiana
Disclosure Schedules or (z) as may be required by applicable Law, Indiana shall not, and shall not permit any of its Subsidiaries to, without Saturn’s prior written consent (which consent shall not be unreasonably withheld, conditioned or
delayed), as applicable:

(i) amend or otherwise change its Organizational Documents;

(ii) issue, sell, transfer, grant, dispose of or subject to any Encumbrance (other than the formation of a wholly-owned direct
or indirect Subsidiary of Holdings), directly or indirectly, (A) any Equity Securities of Holdings or any of its Subsidiaries or (B) until receipt of the Indiana Shareholder Approval, any voting Equity Securities or Equity Securities
convertible or exercisable into voting Equity Securities of Indiana (other than the issuance of Indiana Common Shares upon the exercise of Indiana Warrants or the

A-43

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

settlement of Indiana RSUs or Indiana PSUs, in each case issued and outstanding as of the date hereof or issued in accordance with ), in each case,
other than the disposition of any Equity Securities in a Permitted Disposition;

(iii) sell, transfer, license, dispose of
or subject to any Encumbrance (other than any Permitted Encumbrance) any properties or assets (including any Indiana Satellite), other than (A) sales or transfers of services or inventory in the ordinary course of business consistent with
past practice (including, for the avoidance of doubt, any such sale or transfer made in accordance with the governance principles set forth in of the Indiana Disclosure Schedules), (B) the
clearance or Applicable Transfer (as such term is defined in the New CVR Agreement) of Indiana Applicable Spectrum to the extent required pursuant to an Applicable Order, (C) sales or other dispositions of properties or assets (other than any
Indiana Applicable Spectrum and Equity Securities of Holdings), whether by merger, consolidation, equity sale, asset sale or otherwise