Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 75

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 75
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 Intelsat.

52

Also on April 20, 2024, Skadden sent initial drafts of the Intelsat disclosure
schedules and the CVR Agreement to Gibson Dunn.

Between April 21, 2024 and April 28, 2024, Messrs. Wajsgras and O’Brien
and Mss. Bryan and Yoon and other Intelsat representatives, together from time to time with their advisors PJT Partners and Skadden, had multiple discussions with Messrs. Al-Saleh, Orton and Rubin and other
SES representatives, together from time to time with their advisors Guggenheim Securities and Gibson Dunn, to discuss and negotiate the open issues in the transaction documents, and the parties exchanged multiple drafts of the Share Purchase
Agreement and ancillary agreements, including the Intelsat disclosure schedules, the Support Agreements and the CVR Agreement. During this period, the parties agreed on certain terms, including the following, subject to resolution on all other open
issues and completion of definitive documentation: (i) a $300 million Proposed Shareholder Vote Termination Fee, (ii) the inclusion of a dollar-for-dollar
purchase price adjustment for Intelsat’s delivery of a net cash balance under $300 million at the Closing (taking into account indebtedness of Intelsat to the extent incurred after the date of execution of the Share Purchase Agreement),
(iii) the Liabilities Assumption would include substantially all of Intelsat’s liabilities other than certain specified liabilities, and (iv) a Proposed Transaction Expense Adjustment Threshold of $82 million, which would
(a) include Regulatory Expenses other than those incurred in connection with litigation related to the required regulatory approvals for the Transactions and (b) exclude severance payable to senior executives of Intelsat (other than
Mr. Wajsgras) as a result of termination of employment at or after the Closing.

The Intelsat Board met in Luxembourg on
April 28, 2024, with members of Intelsat’s senior management and representatives of PJT Partners, Skadden and Elvinger in attendance, to review the Transactions. At the meeting, Elvinger presented to the Intelsat Board on its duties under
Luxembourg law with respect to the Transactions. Following discussion, the Intelsat Board approved the Transactions and directed Intelsat senior management to finalize and execute the Share Purchase Agreement.

The SES Board met on April 29, 2024, with members of SES’s senior management and