Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 78

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 78
---
 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 representatives of Guggenheim Securities, Morgan
Stanley and Gibson Dunn in attendance, to review the Transactions, during which the SES Board was apprised of its duties under Luxembourg law with respect to the Transactions. Following discussion, the SES Board approved the Transactions and
directed SES senior management to finalize and execute the Share Purchase Agreement.

Over the course of April 28 and April 29,
2024, the parties finalized the Share Purchase Agreement and other transaction documents. However, it remained unclear whether Intelsat would be able to deliver Support Agreements from holders of two-thirds of
Intelsat’s common shares, which SES would require before executing the Share Purchase Agreement.

Early in the morning on
April 30, 2024, Intelsat and SES executed and delivered the Share Purchase Agreement, and Intelsat, SES and certain Intelsat shareholders holding