Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 537

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 537
---
 in the Indiana Budget); that such 10% variance shall be included for purposes of determining whether the
thresholds in the foregoing have been exceeded; , , that Indiana shall notify Saturn of any expected negative variance in the capital expenditure amount allocated to any specified
line item in the Indiana Budget (as compared to the anticipated capital expenditure amount allocated to such specified line item in the Indiana Budget) of more than 10% or (B) fail to make capital expenditures designated as committed in the
Indiana Budget consistent in all material respects with the Indiana Budget and otherwise in the ordinary course of business consistent with past practice; that, notwithstanding the foregoing, Indiana shall be permitted to make
capital expenditures not reflected in the Indiana Budget solely to the extent (1) such matter has been duly approved by the Indiana Board in accordance with Indiana’s Organizational Documents; (2) the Indiana Board has reasonably
determined, in good faith, that such matter has an anticipated internal rate of return of at least 12%; (3) Indiana has received investment support in the form of a “take or pay” or another material commitment that is equal to at
least 30% of the total value of such matter; and (4) (x) Indiana has provided Saturn with at least 14 days’ prior written notice of the material terms of such matter and any other information as Saturn shall reasonably request and
(y) Saturn has provided its consent in writing (not to be unreasonably withheld, conditioned or delayed);

(xiii)
except as contemplated by the Retention Plan, any Indiana Plan, or as described on of the Indiana Disclosure Schedules, (A) increase the compensation payable or to become payable or the benefits
provided to its directors, managers, officers, employees, consultants or advisors, except for (x) merit, promotion, new hire and cost of living increases in salaries or wages and (y) de minimis compensation or benefits, in each case
(1) in the ordinary course of business consistent with past practice over the previous two years and (2) excluding any practices related to the Indiana Aggregate Phase II C-Band Proceeds,
(B) grant any severance or termination payment to, or pay, loan or advance any amount to, any director, manager, officer, employee, consultant or advisor, except in the ordinary course of business consistent with past practice over the previous
two years, (C) establish, adopt, enter into or amend any Indiana Plan, or make any declaration, payment or commitment or obligation of any