Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 617

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 617
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, it is determined by the CVR Issuer in good faith that Applicable Expenses
were greater or less than the amount used to determine the Applicable Consideration, any future payments of Applicable Consideration shall be adjusted to take into account such differences (which adjustment shall, subject to the following sentence,
be the sole recourse of the parties with respect to any such deviation). In addition, if the CVR Issuer receives any reimbursement for Applicable Expenses pursuant to an Applicable Order and such reimbursement has not already been taken into account
in the payment of Applicable Consideration, the Holders shall be entitled to their Applicable Percentage of such reimbursed expenses.

Section 2.5 . Within five (5) Business Days following receipt of any Applicable Consideration
from the CVR Issuer for payment to the Holders (each, a “”), including pursuant to and , the Rights Agent shall 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, and
(b) Beneficial Owners of the CVRs holding through their respective DTC Participants by sending a lump payment to DTC in respect of all such CVRs. The Rights Agent shall have no responsibilities whatsoever with regard to the distribution of
payments by DTC to such Beneficial Owners. The pro rata share of

B-9

each CVR Payment Amount due to each Holder shall be determined by multiplying the CVR Payment Amount by a fraction (A) the numerator of which is the total number of CVRs owned by such Holder
on the CVR Payment Date (or any record date established by the CVR Issuer in accordance with this Agreement) and (B) the denominator of which is the total number of CVRs Outstanding on the CVR Payment Date (or such record date, as applicable).

Section 2.6 . The CVR Issuer may set a record date for purposes of determining the identity of Holders entitled to
(a) receive the CVR Payment Amount or (b) consent to any other matter which is specifically delegated to the Holders under this CVR Agreement. The record date