Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 10

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 10
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Rs, have rights
common to shareholders of SES, such as voting and dividend rights. Interest will not accrue on any distributions that may be payable to a Holder. The CVRs will not be subject to any mandatory or optional redemption rights, mature or trigger any
right to payment by the Holders in any amount or on any specific date or be convertible into or exchangeable for any security or other interest in SES.

The amount and timing of any distribution under the CVRs are contingent upon the occurrence of certain events within seven and one-half years after the Closing, which may or may not occur, and which may be outside the control of SES and Intelsat. We cannot assure you that any distribution will become due under the CVRs and, if a
distribution does become due, we cannot assure you as to the amount or timing of any such distribution. The CVR payment, if any becomes due, is an unsecured general obligation of SES. See “Related Agreements — Contingent Value Rights Agreement” beginning on page 85 for more details. The form of CVR Agreement is attached as to this prospectus and is incorporated by reference into this prospectus. We encourage you to read the entire form of CVR Agreement
carefully because it is the principal document governing the CVRs.

Q: What are the implications to the Holders of SES being a “foreign private issuer?”

A: Following completion of the Acquisition, SES will be subject to the reporting
requirements under the Exchange Act. As a foreign private issuer, SES will have more limited reporting obligations than it would if it were a U.S. reporting company. As a result, there may be less publicly available information concerning SES than
there is for issuers that are not foreign private issuers.

SES will be required to file an annual report on Form 20-F with the SEC within 4 months after the end of each fiscal year. SES’s fiscal year begins on January 1 and ends on December 31. In addition, SES will be required to furnish reports on Form 6-K to the SEC regarding certain information required to be publicly disclosed by SES, including material information required to be filed with and made public by the Euronext Paris Stock Exchange and the Luxembourg
Stock Exchange (the exchanges on which SES’s fiduciary depositary receipts are currently listed), as well as information distributed or required to be distributed by SES to its shareholders.

SES will not be subject to certain provisions of the Exchange Act, including the proxy rules, which impose certain