Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 39

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 39
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 greater consideration than what SES has agreed to pay. Until the Closing or, if earlier, the termination of the Share Purchase Agreement, Intelsat has agreed that it will not, and will not authorize or knowingly permit any of its subsidiaries or any of its or their representatives to, directly or indirectly:

| • |     | solicit, initiate, knowingly encourage or facilitate, or accept any proposal or offer that constitutes an 
 Acquisition Proposal (as defined below); or                                                               |

| • |     | participate in any third-party discussions, conversations, negotiations or other communications regarding, or                                                   
 furnish to any other person any information with respect to any proposal that constitutes, or would reasonably be expected to lead to, an Acquisition Proposal. |

Under the terms of the Share Purchase Agreement, Intelsat has agreed to immediately cease and cause to be terminated any discussions with any party that relate to any Acquisition Proposal. While the parties believe these provisions are reasonable, these restrictions might discourage a third party that has an interest in acquiring all or a significant part of Intelsat from considering or proposing an Acquisition Proposal, even if that party were prepared to pay consideration than the currently proposed Acquisition Consideration. SES and Intelsat may have difficulty attracting, motivating and retaining executives and other key employees who are critical to its business in light of the Acquisition. SES’s success after the Transactions will depend in part on the ability of SES to retain key executives and other employees of Intelsat. Uncertainty about the effect of the Acquisition on SES and Intelsat employees may have an adverse effect on each of SES and Intelsat separately and consequently the Combined Group. This uncertainty may impair SES and/or Intelsat’s ability to attract, retain and motivate key personnel. Employee retention may be particularly challenging during the pendency of the Acquisition, as employees of SES and Intelsat may experience uncertainty about their future roles in the Combined Group. Additionally, Intelsat’s officers and employees may hold Intelsat common shares, and, if the Acquisition is completed, these officers and employees may be entitled to the CVR Consideration in respect of such Intelsat common shares. Officers and employees may hold RSUs and PSUs that will be automatically cancelled and converted into the right to receive from SES, in connection with the Liquidation, the CVR Consideration. 28

Pursuant to severance plans maintained by Intelsat, certain key employees of Intelsat are also entitled to receive severance payments upon a termination without cause and/or a resignation for
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