Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 458

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 458
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,659 |     | $              | 231,126 |     | $     | 1,386,282 |

F-164

| (1) | Includes commitments to make capital contributions to and purchase satellite capacity from Horizons 3 and 
 Horizons 4. See Note 6—Investments.                                                                       |

(a) Satellite Construction and Launch Obligations As of December 31, 2024, we had approximately $331.4 million of expenditures remaining under our existing satellite construction and launch contracts, including expected orbital performance incentive payments for satellites currently in the construction phase. These contracts typically require that we make progress payments during the period of the satellites’ construction and contain provisions that allow us to cancel the contracts for or without cause. If cancelled without cause, we could be subject to substantial termination penalties, including the forfeiture of progress payments made to-dateand additional penalty payments. If cancelled for cause, we are entitled to recover progress payments made to-dateand liquidated damages as specified in the contracts. (b) Satellite Capacity and Teleport Commitments We have agreements with vendors to provide us with transponder and teleport satellite services. These agreements vary in length and amount. As of December 31, 2024, we had approximately $695.1 million of expenditures remaining under our existing commitments. (c) Satellite Performance Incentive Obligations Satellite construction contracts also typically require that we make orbital incentive payments (plus interest as defined in each agreement with the satellite manufacturer) over the orbital life of the satellite. The incentive obligations may be subject to reduction or refund if the satellite fails to meet specific technical operating standards. As of December 31, 2024, we had $128.7 million of satellite performance incentive obligations, including future interest payments, for satellites currently in orbit. Note 15—Contingencies SES Claim On July 14, 2020, SES Americom, Inc. (“SES”) filed a proof of claim in the Bankruptcy Court in the amount of $1.8 billion against each of the Debtors. The SES claim asserted that the Debtors owe money (or would owe money) to SES pursuant to certain contractual and fiduciary obligations made in the context of the consortium agreement entered into in September of 2018 among Intelsat US LLC, SES, and other satellite operators (the “Consortium Agreement”). SES claimed that it was entitled to 50% of the combined payments that may eventually be payable to the Debtors and SES pursuant to the FCC Final Order