Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 537

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 537
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 set aside, make or pay any dividend or other distribution on or with respect to any of its share
capital or other equity or ownership interest, other than (A) dividends or distributions between wholly-owned Subsidiaries of Holdings that are not reasonably expected to give rise to withholding Tax Liability, (B) dividends or
distributions of Applicable Indiana Spectrum Proceeds on or with respect to Indiana Equity Securities, (C) any Exempted Distributions and (D) cash dividends or cash distributions (other than dividends or distributions of Applicable Indiana
Spectrum Proceeds) on or with respect to Indiana Equity Securities; , , that, when taken together with the aggregate dollar amount of all Shareholder Returns made at any time after the Aggregate Shareholder Return Start
Date until the Closing (including pursuant to ), (1) the aggregate dollar amount of the cash dividends and distributions contemplated by the foregoing
shall not exceed $750,000,000 and (2) no such dividend or distribution contemplated by foregoing shall result, directly or indirectly, in Holdings holding less than $300,000,000 of Net Cash; ,
, that that the total amount of any cash dividends or distributions made pursuant to the foregoing shall be included in Closing Aggregate Shareholder Returns;

(vi) reclassify, combine, split, subdivide or redeem, or purchase or otherwise acquire (other than as expressly permitted
pursuant to and ), directly or indirectly, any of its share capital or other equity or ownership interest, or make any other change with respect to its capital
structure;

(vii) (A) acquire any interests in any Entity or division thereof or any material amount of assets, other
than (1) transactions among wholly-owned Subsidiaries or (2) in connection with the formation of a wholly-owned Subsidiary (collectively, “”), or (B) enter into any joint venture,

A-44

partnership, strategic alliance, collaboration, consortium or similar arrangement, other than joint ventures, partnerships, strategic alliances, collaborations, consortiums or similar
arrangements that do not require Indiana to authorize or make any commitment of capital that, if taken after the date hereof, would constitute a breach of the covenant set forth in ;

(viii) except as contemplated in the Indiana Shareholder Approval Resolutions with respect to the Liquidation, adopt or enter
into a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization (other than (A) transactions