Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 93

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 93
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 of the actual level of achievement of the applicable performance criteria as determined by the Intelsat Board or a committee thereof
through the end of the quarter in progress as of the Closing, and pro-rated based on the number of days in the applicable portion of the performance period that have elapsed through the end of the quarter in
progress as of the Closing (the “Pre-Closing Annual Bonus”), and (ii) the annual incentive bonus earned by such Intelsat employee for the period commencing on the first day of the next quarter
following the Closing through the remainder of the appliable fiscal year, based on actual performance as determined reasonably and in good faith by the SES Board or a committee thereof based on the attainment of the actual level of the applicable
performance criteria (as adjusted for the Transactions). In the event that the employment of an Intelsat employee is terminated by SES or Intelsat without “cause” (as defined in the Intelsat equity plan) after the Closing but prior to the
payment of the annual incentive bonus (if any), Intelsat will pay to such Intelsat employee the Pre-Closing Annual Bonus.

280G Mitigation Actions

In connection
with the Transactions, Intelsat may take certain tax-planning actions to mitigate any adverse tax consequences under the “golden parachute” provisions of Sections 280G and 4999 of the Code
that could arise in connection with the completion of the Transactions. The tax-planning and mitigation actions may include accelerating payments that would have vested and otherwise become payable in calendar
year 2025 or later in the ordinary course of business and obtaining third party valuation of restrictive covenants.

SES will cooperate in
good faith to implement post-Closing strategies to mitigate the impact of Sections 280G and 4999 of the Code, to include retention and/or consulting agreements for any “disqualified individual” who will or may receive or retain any amounts
that constitute “excess parachute payments” (each as defined in Section 280G of the code); provided, that the foregoing will not require Intelsat or SES to indemnify any such disqualified individual against any Taxes that may be
imposed under Section 4999 of the Code or otherwise, or result in any material additional costs.

63

Compensation Arrangements with SES

It is possible that continuing Intelsat employees, including the executive officers, will enter into new compensation arrangements with SES.
Such arrangements may include agreements regarding future terms of employment, compensation or benefits. As of