Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 426

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 426
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 with ASC 450, Contingencies as of December 31, 2021 for which we recognized a benefit during the three
months ended September 30, 2022. SES filed a Notice of Appeal on October 14, 2022. The appeal was briefed and argued before the U.S. District Court for the Eastern District of Virginia (“District Court”).

On September 8, 2020, SES also filed a series of proofs of claim in the amount of approximately $11.6 million for costs it contended
were associated with the Agreement (the “Cost Claims”). In January 2023, the parties settled the Cost Claims and Intelsat’s motion to receive expense reimbursements related to the trial of the ARP claim. Intelsat and SES stipulated
that (1) the Cost Claims are withdrawn with prejudice and will receive no recovery; and (2) Intelsat will be paid $100,000 following the final judgement (and exhaustion of all appeals) if the Bankruptcy Court’s decision rejecting
SES’s ARP claim is affirmed.

On June 22, 2023, the District Court issued its decision on appeal. The District Court agreed with
the Bankruptcy Court that no unjust enrichment claim was available to SES as a matter of law. The District Court further rejected SES’ claim on appeal that the Bankruptcy Court judge did not exercise independent judgement. However, the District
Court remanded the case for further consideration by the Bankruptcy Court. The District Court believed the Agreement was ambiguous and found that the Bankruptcy Court had not sufficiently explained its analysis of certain extrinsic evidence
introduced by SES that SES believed supported its interpretation of the Agreement. In September of 2023, the Bankruptcy Court entered an order reopening the bankruptcy cases for Intelsat Jackson, Intelsat US LLC and Intelsat License as a result of
the District Court’s remand. The parties briefed the dispute on remand, and an oral argument on remand is scheduled for April 24, 2024.

Note 16—Related Party Transactions

Indemnification Agreements

We have entered into agreements with our executive officers and directors to provide contractual indemnification in addition to the
indemnification provided for in our articles of association.

F-160

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Expense Reimbursement Agreement

We entered into an agreement with certain shareholders to provide reimbursement of up