Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 169

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 169
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 received by SES and its affiliates between the date of issuance and the termination date, with respect to the following “qualified monetization”:

| a) | adoption, enactment or promulgation of any law by any governmental authority requiring the clearing of usage                               
 rights for up to 100 MHz of the C-band downlink spectrum at 3.98 GHz - 4.2 GHz (defined in the agreement as the “Applicable Spectrum”), or |

| b) | the sale or transfer of Applicable Spectrum by SES that directly results in the receipt by SES or any of its                                                                                                                                
 affiliates, on or after the issuance date hereof and prior to the termination date, of cash consideration for the final clearance or transfer of Applicable Spectrum (including with respect to governmental relocation payments or private 
 negotiations).                                                                                                                                                                                                                              |

Net proceeds represent any cash consideration actually received by SES or its affiliates directly resulting from the final clearance, sale or transfer of Applicable Spectrum, minus any applicable expenses – being fees and expenses incurred (or estimated to be incurred) by SES and its affiliates, and not reimbursed, in connection with the qualified monetization. The CVR termination date is the earlier of:

| a) | the date on which all of the Applicable Spectrum has been monetized pursuant to one or more events of qualified 
 monetization, and                                                                                               |

| b) | 7.5 years after the issuance date (the outside date). |

In case an applicable order has been issued prior to the outside date or SES (or any of its affiliates) enters into a definitive agreement in respect of an applicable transfer prior to the outside date, and the related proceeds have not yet been received, the outside date will be extended to the date on which all of the applicable consideration payable in respect of such event(s) has been completed. Accounting for the CVRs SES has concluded that the CVRs meet the definition of contingent consideration under IFRS 3 paragraph 40 and IFRS 3 Appendix A, and the contingent consideration will be recognized at its acquisition-date fair value, whether or not it is probable that a payment will be made, and will be included in the purchase price consideration. In accordance with paragraph 11 of IAS 32, SES will classify the CVRs as a financial liability at the acquisition date, as they represent contingent consideration to be settled in cash. The CVRs will be remeasured to fair value at each reporting date with subsequent changes in fair value being accounted for as follows:

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