Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 22

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 22
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 have been received, including the applicable approval by CFIUS, which was received on August 26, 2024. Please
see the section titled “The Share Purchase Agreement — Efforts to Complete the Acquisition” beginning on page 73 for further details.

Termination

Termination of the Share Purchase Agreement(See page 81)

SES or Intelsat may terminate the Share Purchase Agreement by
mutual written consent or upon the occurrence of certain events as more fully described in the section titled “The Share Purchase Agreement — Terminationof theShare Purchase Agreement” beginning on
page 81.

Termination Fees and Commercial Agreement(See page 82)

Upon termination of the Share Purchase Agreement, (i) the terminating party may be required to pay a termination fee in the form of a cash
amount equal to $300 million to the non-terminating party if certain covenants or agreements in the Share Purchase Agreement are not performed or are breached (the “Breach Termination Fee”) such
that such non-performance or breach causes a related condition to the Closing to fail, or if all conditions to the Closing are otherwise satisfied and the non-terminating party refuses to consummate the
Transactions, (ii) Intelsat may be required to pay a termination fee in the form of a cash amount equal to $300 million to SES if the Intelsat Shareholder Approval is not obtained (the “Vote Condition Termination Fee”), (iii) SES
may be required to pay a termination fee in the form of a cash amount equal to $250 million (the “Regulatory Condition Termination Fee” and together with the Breach Termination Fee and the Vote Condition Termination Fee, each, a
“Termination Fee”, and, collectively, the “Termination Fees”) to Intelsat if the Share Purchase Agreement is terminated by either Intelsat or SES because a required pre-Closing Regulatory
Approval was not satisfied or waived at or prior to the Closing and (iv) SES will be required to negotiate in good faith to prepare and execute a commercial agreement with Intelsat that would provide Intelsat with additional satellite capacity
(the “Commercial Agreement”) if the Share Purchase Agreement is terminated in circumstances in which the Breach Termination Fee or the Regulatory Condition Termination Fee is payable by SES to Intelsat.

12

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

For more detail on the Termination Fees and the