Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 131

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 131
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 or any of its affiliates of any Gross Proceeds.

Following the receipt by SES or any of its affiliates of any Gross Proceeds, SES will deliver to the Rights Agent a certificate setting forth,
in reasonable detail with reasonable supporting information, SES’s calculation of the Applicable Consideration with respect to such Gross Proceeds, including SES’s calculation of Gross Proceeds, Net Proceeds and Applicable Expenses (and
the components thereof).

Within 5 business days following receipt of any Applicable Consideration from SES for payment to the Holders
(each, a “CVR Payment Amount”), the Rights Agent will pay the applicable pro rata share of such CVR Payment Amount to (a) each Holder holding its CVRs directly on the CVR Register (i) by check mailed to the address of such Holder
as reflected on the CVR Register as of the close of business on the last business day prior to such date or (ii) if such Holder has provided the Rights Agent with wire transfer instructions in writing, by wire transfer of immediately available
funds to the account specified in such instructions.

SES, the Rights Agent and their respective affiliates are entitled to deduct and
withhold, or cause to be deducted or withheld, from any amount payable pursuant to the CVR Agreement, such amounts as are required to be deducted and withheld with respect to such payment under any provision of U.S. or
non-U.S. federal, national, supranational, state, local, provincial or similar tax law, and will take all actions that may be necessary to ensure that any amounts so deducted or withheld are timely remitted to
the appropriate Governmental Entity as required by applicable Law.

The rights of the Holders will be limited to those expressly provided
for in the CVR Agreement.

86

The following terms are defined in the form of CVR Agreement attached as to
this prospectus:

“Applicable Consideration” means, with respect to any Qualified Monetization, an amount equal to 42.5% of the
cumulative Net Proceeds (as defined below) received by SES and its affiliates between the date of the CVR Agreement and the termination date with respect to such Qualified Monetization.

“Applicable Expenses” means, as of any date of determination with respect to any Qualified Monetization, all reasonable and
documented fees and expenses incurred (or estimated in good faith to be incurred) by SES and its Affiliates in connection with such Qualified Monetization to the extent not actually reimb