Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 128

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 128
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 Applicable Consideration.

“Applicable Transfer” means a
sale or transfer of Applicable Spectrum by SES; provided that a “sale” or “transfer” will not include the provision of third party use rights with respect to Applicable Spectrum (e.g., a spectrum leasing arrangement); provided
that such provision does not restrict SES and its affiliates’ ability to monetize such Applicable Spectrum pursuant to an event of Qualified Monetization; provided, further, that if such provision of use rights partially restricts such
monetization by SES (e.g., granting partial rights to monetization to such third party), the Applicable Spectrum will be deemed sold or transferred only to the extent of such restriction.

“Gross Proceeds” means, with respect to any Qualified Monetization, any cash consideration, without duplication, that is actually
received by SES or any of its affiliates solely to the extent such consideration directly results from the final clearance or Applicable Transfer of Applicable Spectrum pursuant to such Qualified Monetization.

“Net Proceeds” means, with respect to any Qualified Monetization, an amount equal to (a) Gross Proceeds with respect to such
Qualified Monetization, minus (b) the Applicable Expenses with respect to such Qualified Monetization.

“Qualified
Monetization” means (a) the adoption, enactment or promulgation of any Law by any Governmental Authority requiring the clearing of Applicable Spectrum (an “Applicable Order”) or (b) the consummation of an Applicable
Transfer, in each case, whether occurring prior to or after the date of the CVR Agreement and that directly results in the receipt by SES or any of its affiliates on or after the date of the CVR Agreement and prior to the CVR Outside Date (as
defined below) of cash consideration for the final clearance or transfer of Applicable Spectrum (including with respect to governmental relocation payments or private negotiations); provided, however, that in no event will (i) any (x)
Regulatory Concession or (y) a Change of Control of SES be deemed a Qualified Monetization or (ii) the C-Band Order constitute an Applicable Order.

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“Tax Costs” means any liability for cash taxes of any kind imposed on or with respect to SES or any of its affiliates to the extent attributable to the receipt of any Gross Proceeds, determined on a “with and without” basis with respect to any amount of Gross Proceeds received by SES or any of