Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 629

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 629
---
 any Non-Party Affiliate, whether granted by statute or based on theories of equity, agency, control, instrumentality, alter ego, domination, sham, single business enterprise, piercing the veil, unfairness,
undercapitalization, or otherwise and (b) each Contracting Party disclaims any reliance upon any Non-Party Affiliates with respect to the performance of this Agreement and the transactions contemplated
hereby or any representation or warranty made herein by a Contracting Party. By accepting a CVR, each Holder waives and releases all such liability against all Non-Party Affiliates. The waiver and release are
part of the consideration for the issue of the CVRs.

[Remainder of page intentionally left blank]

B-17

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf by its duly authorized officers as of the day and year first above written.

| CVR Issuer:   |
| SES S.A.      |
| By:           |
| Name:         |
| Title:        |
| Rights Agent: |
| [●]           |
| By:           |
| Name:         |
| Title:        |

B-18

EXHIBIT A-1

DIRECT OWNER LEGEND

THE CVRS ARE SUBJECT TO
VARIOUS TERMS, PROVISIONS AND CONDITIONS, INCLUDING CERTAIN RESTRICTIONS ON SALE, DISPOSITION OR TRANSFER, AS SET FORTH IN THE CVR AGREEMENT OF SES S.A. (THE “CVR ISSUER”), DATED AS OF [●] [●], 202[●] (AS AMENDED,
SUPPLEMENTED, AMENDED AND RESTATED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE “CVR AGREEMENT”). NO REGISTRATION OR TRANSFER OF THE CVRS MAY BE MADE UNLESS AND UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN COMPLIED WITH, INCLUDING COMPLIANCE
WITH THE CVR AGREEMENT.

THE CVR ISSUER OR THE RIGHTS AGENT WILL FURNISH, WITHOUT CHARGE, TO EACH HOLDER OF RECORD OF THE CVRS REPRESENTED HEREBY A COPY
OF THE CVR AGREEMENT, CONTAINING THE ABOVE-REFERENCED TERMS, PROVISIONS AND CONDITIONS, INCLUDING RESTRICTIONS ON SALE, DISPOSITION OR TRANSFER OF THE CVRS UPON WRITTEN REQUEST TO THE CVR ISSUER AT ITS PRINCIPAL PLACE OF BUSINESS. THESE LEGENDS MAY
NOT BE