Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 52

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 52
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 services to countries that are subject to sanctions, to purchase satellites and equipment
from certain vendors (including U.S. manufacturers and suppliers), restrict SES’s ability to conduct business with U.S. government entities, expose SES and its employees to significant fines and other penalties and/or cause reputational damage.
Additionally, the failure of SES’s vendors or suppliers to obtain the necessary export and other authorizations could affect SES’s ability to acquire, launch or operate satellites.

Risks and violations of international and national laws and regulations may negatively affect future operations or subject SES to criminal or
civil enforcement actions, including potential financial penalties. Although SES has policies and procedures to monitor and address legal and regulatory compliance, there can be no guarantee that such policies and procedures will prevent all
violations of applicable regulations. Moreover, there can be no guarantee that SES’s employees or agents will not violate these requirements or will not engage in activities that result in SES’s direct or indirect violation of such
applicable regulations. See “— See Risk Factor Relating to — SES is subject to export control laws including those of the United States which may preclude exporting satellites for launch, satellite-related hardware, technology, data and services or preclude sourcing these items in the United States.”below for further information.

SES’s business
with the U.S. government is subject to U.S. national security laws and regulations. As a result of the indirect ownership by a non-U.S. parent company and the classified nature of its business, SES
Space & Defense (SES S&D) (“SES S&D”) is currently subject to a proxy agreement (the “Proxy Agreement”) with the U.S. government. The imposed proxy structure is common practice for businesses serving certain
segments of the U.S. government. The Proxy Agreement places strict limitations on the information that may be shared between SES S&D and SES and its subsidiaries. The Proxy Agreement also imposes various restrictions on the control of SES
S&D by SES. SES S&D operates under the leadership of an independent proxy board approved by the U.S. Department of Defense. SES’s internal controls and SES’s internal audit may not be fully effective or implemented due to the
restrictions imposed by the Proxy Agreement. Further, a breach of the Proxy Agreement could place all or part of the SES S&D business with the U.S. government at risk.

The occurrence of any of these risks could have a material adverse effect on SES’s business, financial condition and results of
operations.

SES’s operations and systems are subject to external threats, including