Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 74

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 74
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 York or English law; (x) Intelsat would endeavor to obtain voting and support agreements from holders of approximately 55% of Intelsat’s common shares; and
(xi) a 55.4% CVR Net Proceeds Split and a ten-year CVR Term. In addition, the Intelsat Board’s consensus was that Intelsat should counter with a proposed purchase price of $3.35 billion in cash,
with SES’s option to substitute up to $250 million of such purchase price with Class A shares of SES.

On March 22,
2024, Mr. Wajsgras sent Intelsat’s counterproposal on the issues described above (other than purchase price) to Mr. Al-Saleh, along with a non-binding
term sheet for the CVRs, and on March 24, 2024, at the direction of representatives of Intelsat, PJT Partners sent Intelsat’s counterproposal on purchase price to Guggenheim Securities. At this stage in the negotiations, there remained a
number of major open issues, and the Proposed Acquisition remained highly uncertain.

From late March 2024 through mid-April 2024, representatives of Intelsat (including, from time to time, Messrs. Wajsgras and O’Brien and Mss. Bryan and Yoon), SES (including, from time to time, Messrs.
Al-Saleh, Orton and Thai Rubin (Chief Legal Officer of SES)) and their respective advisors, including PJT Partners, Guggenheim Securities, Morgan Stanley & Co. LLC (a financial advisor to SES
(“Morgan Stanley”)), Skadden and Gibson Dunn (SES’s legal counsel in connection with the Proposed Acquisition), discussed the open issues with respect to the Proposed Acquisition on multiple occasions, and the parties exchanged
multiple counterproposals, including CVR term sheets. During this period Messrs. Wajsgras and O’Brien and Mss. Bryan and Yoon, PJT Partners and Skadden regularly updated, and received direction from, the Intelsat Board on the discussions with
SES, including at an Intelsat Board meeting on March 27, 2024, and a separate discussion on April 9, 2024. In turn, members of SES management, and representatives of Guggenheim Securities, Morgan Stanley and Gibson Dunn regularly updated,
and received direction from, the SES Board on the discussions with Intelsat.

51

During the course of these discussions