Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 453

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 453
---
 |

The following table summarizes the activity under our Incentive Plan related to PSUs for the year ended December 31, 2024:

|                                  |     | Number of PSUs 
 (in thousands) |       |   |     | Weighted-Average 
 Grant Date Fair  
 Value            |       |
|:---------------------------------|:----|:---------------|------:|:--|:----|:-----------------|------:|
| Unvested as of December 31, 2023 |     |                |   559 |   |     | $                | 31.23 |
| Granted                          |     |                | 1,391 |   |     |                  | 36.46 |
| Vested                           |     |                |     — |   |     |                  |     — |
| Cancelled and forfeited          |     |                |   (21 | ) |     |                  | 47.58 |
| Unvested as of December 31, 2024 |     |                | 1,929 |   |     |                  | 28.59 |

RSUs will vest based on the satisfaction of service obligations. The vesting is contingent upon each participant’s continued employment through the applicable vesting date. PSUs awarded in 2022 will vest upon the satisfaction of prescribed service and market performance obligations. PSUs awarded in 2023 and 2024 will vest upon the satisfaction of prescribed service and performance obligations. F-157

The fair value of RSUs granted during 2022 were determined to be $50.00 per unit, which will vest over a 3-yearperiod. The $50.00 fair value per unit was based on the equity value at Emergence and the target number of units issued. The fair value of PSUs awarded in 2022 with vesting conditions dependent upon service requirements and market performance was determined using a Monte Carlo simulation in a risk-neutral framework, in which the simulated payouts measured at the end of the periods are discounted with the risk-free interest rate to estimate the award fair values as of the estimate date. Share-based compensation expense is recognized on a straight-line basis over the service period or over our best estimate of the period over which the performance condition will be met, as applicable. The following table presents the assumptions used to estimate the fair values of the 2022 PSUs granted during 2022. The range of assumptions used in the Monte Carlo simulation valuation approach is as follows:

| Expected stock