Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 142

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 142
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 be adverse to the Supporting Shareholders in any material respect; (iv) waiver of certain conditions to the consummation of the Transactions as set forth in the Support Agreements; (v) a material breach by
SES of any of its representations, warranties, covenants or agreements contained in the Support Agreements or the Share Purchase Agreement, subject to certain limitations in the Support Agreements; (vi) the enaction or issuance of a law after
the date of the Support Agreements which has the effect of enjoining, restraining, making illegal or otherwise prohibiting the consummation of the Transactions; and (vii) the mutual written consent of the parties.

92

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 U.S. FEDERAL INCOME TAX CONSIDERATIONS OF THE TRANSACTIONS The following discussion is a general summary of U.S. federal income tax considerations relating to the Transactions that are relevant to a U.S. Holder of Intelsat common shares whose equity securities are exchanged for cash and CVRs pursuant to the Liquidation. This discussion is for general informational purposes only and is not to be construed as tax advice. Each U.S. Holder is urged to consult its tax advisor as to the particular tax considerations to such U.S. Holder of the Transactions. This discussion is based upon the Internal Revenue Code of 1986, as amended (the “Code”), Treasury Regulations promulgated under the Code, court decisions, published positions of the Internal Revenue Service (the “IRS”), and other applicable authorities, all as in effect on the date of this prospectus and all of which are subject to change or differing interpretations at any time, possibly with retroactive effect. This discussion is limited to U.S. Holders who hold their Intelsat common shares as “capital assets” for U.S. federal income tax purposes (generally, property held for investment). This discussion does not describe any of the tax considerations arising under the laws of any state, local or non-U.S.tax jurisdiction and does not consider any aspects of any alternative minimum tax, the Medicare net investment income surtax, or estate, gift or other tax laws that may be relevant or applicable to a particular holder in connection with the Transactions and the receipt of, and payments with respect to, CVRs. This discussion does not purport to be a complete analysis of all of the U.S. federal income tax considerations that may be relevant to particular holders in light of their particular facts