Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 530

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 530
---
idiaries to, use its commercially
reasonable efforts (A) to operate its business in the ordinary course of business in all material respects, (B) to keep available the services of its current officers, material employees and material consultants and (C) to preserve
its current relationships with material customers, material suppliers and other Persons with which it has material business relations; , , that no action by Indiana or any of its Subsidiaries with respect to matters
specifically addressed by any provision of shall be a breach of this unless such action would constitute a breach of such provision of
.

(b) In addition to and without limiting the generality of the foregoing, during the period
prior to the earlier of the Closing or the termination hereof in accordance with its terms, except (x) as otherwise expressly required or permitted hereby, (y) as set forth in of the Indiana
Disclosure Schedules or (z) as may be required by applicable Law, Indiana shall not, and shall not permit any of its Subsidiaries to, without Saturn’s prior written consent (which consent shall not be unreasonably withheld, conditioned or
delayed), as applicable:

(i) amend or otherwise change its Organizational Documents;

(ii) issue, sell, transfer, grant, dispose of or subject to any Encumbrance (other than the formation of a wholly-owned direct
or indirect Subsidiary of Holdings), directly or indirectly, (A) any Equity Securities of Holdings or any of its Subsidiaries or (B) until receipt of the Indiana Shareholder Approval, any voting Equity Securities or Equity Securities
convertible or exercisable into voting Equity Securities of Indiana (other than the issuance of Indiana Common Shares upon the exercise of Indiana Warrants or the

A-43

settlement of Indiana RSUs or Indiana PSUs, in each case issued and outstanding as of the date hereof or issued in accordance with ), in each case,
other than the disposition of any Equity Securities in a Permitted Disposition;

(iii) sell, transfer, license, dispose of
or subject to any Encumbrance (other than any Permitted Encumbrance) any properties or assets (including any Indiana Satellite), other than (A) sales or transfers of services or inventory in the ordinary course of business consistent with
past practice (including, for the avoidance of doubt, any such sale or transfer made in accordance with the governance principles set forth in of the Indiana Disclosure Schedules), (B) the
clear