Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 3

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 3
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 of Intelsat common shares outstanding as of immediately prior to the closing of the Acquisition (the “Closing”) plus (b) the aggregate number of Intelsat common shares issuable upon the exercise in full of all outstanding
Intelsat Performance Stock Units (“PSUs”) outstanding as of immediately prior to the Closing in accordance with the terms and conditions of the Share Purchase Agreement plus (c) the aggregate number of Intelsat common shares issuable
upon the exercise in full of all Intelsat Restricted Stock Units (“RSUs”) outstanding as of immediately prior to the Closing. The CVRs will be distributed to Intelsat’s shareholders in connection with the dissolution and liquidation
of Intelsat (the “Liquidation”), pursuant to the terms of the Share Purchase Agreement, which distribution is expected to occur following the Closing. At the Closing, SES will enter into a CVR agreement (the “CVR Agreement”) with
a rights agent (the “Rights Agent”), substantially in the form attached as to this prospectus, that will govern the rights of holders of the CVRs (each, a “Holder,” and collectively, the “Holders”) and
the terms of the consideration payable under the CVR Agreement.

Each CVR will represent the rights of the Holder to receive from SES,
a contingent cash distribution of a pro rata share of Applicable Consideration (as defined below). The amount and timing of any distribution under the CVRs are contingent upon the occurrence of certain events within seven and one-half years after the Closing, which may or may not occur, and which may be outside the control of SES and Intelsat. We cannot assure you that any distribution will become due under the CVRs and, if a
distribution does become due, we cannot assure you as to the amount or timing of any such distribution. The CVR payment, if any becomes due, is an unsecured general obligation of SES.

Holders will not, by virtue of their ownership of the CVRs, have rights common to shareholders of SES, such as voting and dividend rights.
Interest will not accrue on any distributions that may be payable to a Holder. The CVRs will not be subject to any mandatory or optional redemption rights, mature or trigger any right to payment by the Holders in any amount or on any specific date
or be convertible into or exchangeable for any security or other interest in SES.

The CVRs are transferable, subject to applicable
restrictions under securities law. There is currently no public