Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 81

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 81
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 termination fee of $250 million; |

| • |     | the requirement that, in the event of the termination of the Share Purchase Agreement under certain                                     
 circumstances, SES will enter into the Commercial Agreement on terms that are, in the Intelsat Board’s view, favorable to Intelsat; and |

| • |     | the Outside Date (as defined below) under the Share Purchase Agreement, after which Intelsat or SES subject to               
 specified exceptions, may terminate the Share Purchase Agreement, allows for sufficient time to consummate the Transactions. |

The Intelsat Board also identified and considered certain potentially negative factors in its deliberations to be balanced against the positive factors, including:

| • |     | the fact that Intelsat’s shareholders will lose the opportunity to realize additional potential long-term                                                                   
 value through Intelsat’s successful execution as a standalone company, and will not benefit from increases, if any, in the value of Intelsat’s common shares in the future; |

| • |     | the risk that the CVRs may yield little or no value for Intelsat shareholders or that transactions which would                                                                                                                                           
 trigger payments pursuant to the CVRs do not occur before the applicable CVR Outside Date (as defined below) under the CVR Agreement, thereby causing Intelsat shareholders not to receive value that could otherwise be obtained from the CVRs (and the 
 fact that the holders of the CVRs will generally have no control over the spectrum monetization efforts undertaken by SES);                                                                                                                              |

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| • |     | the risk that a liquid market may never develop for the CVRs, or that holders of the CVRs will not be able to 
 transfer such CVRs on acceptable terms if desired;                                                            |

| • |     | the risk that the Transactions will be delayed or will not be completed, including the potential loss of value to                                                                            
 Intelsat shareholders and the potential negative impact on the financial position, operations and prospects of Intelsat if the Transactions are delayed or are not completed for any reason; |

| • |     | the fact that the Acquisition Consideration distributable to Intelsat’s shareholders (including holders of                                                                                                                               
 Intelsat’s vested RSUs and PSUs) in connection with the Liquidation will be reduced by the “Black-Scholes” value of the outstanding Intelsat warrants, which value will be determined by a third party valuation firm in connection with 
 the consummation of the Transactions;                                                                                                                                                                                                    |

| • |