Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 612

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 612
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 rights of Holders to receive contingent payments pursuant to this Agreement. It is acknowledged and agreed that the
CVR Issuer, without any further action, has hereby issued to Indiana as the sole Holder an aggregate number of CVRs equal to the Fully Diluted Share Number as of the Effective Date in accordance with the Purchase Agreement.

(b) The parties acknowledge that Indiana intends to distribute the CVRs in the Liquidation to the holders of Indiana Equity Securities (as
defined in the Purchase Agreement) in accordance with the Purchase Agreement,

B-6

which distribution shall be permitted under this Agreement subject to . Indiana shall notify the CVR Issuer and the Rights Agent of the effectiveness of the
Liquidation and appropriate instructions to enable the Rights Agent to update the CVR Register to reflect the distribution of the CVRs.

(c) The CVR Issuer hereby appoints [●] as the Rights Agent to act as rights agent for the CVRs in accordance with the instructions
hereinafter set forth in this Agreement, and the Rights Agent hereby accepts such appointment.

Section 2.2
.

(a) The CVRs or any Beneficial Interest shall be freely transferable without the prior consent of the CVR
Issuer except as provided in this . Notwithstanding any other provision of this Agreement to the contrary, no Holder shall Transfer any of its CVRs or Beneficial Interests except:

(i) as permitted under the Securities Act and other applicable federal Law or state securities or blue sky Laws;

(ii) if such Transfer would not cause the CVR Issuer or any Subsidiary or Affiliate of the CVR Issuer to be required to
register as an investment company under the Investment Company Act of 1940; and

(iii) if such Transfer would not cause the
CVR Issuer or any Subsidiary or Affiliate of the CVR Issuer to be subject to regulation under the Investment Advisers Act of 1940.

(b)
Any attempted or purported Transfer of all or a portion of the CVRs or Beneficial Interests held by a Holder in violation of this shall be null and void and of 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 CV