Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 74

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 74
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 enter into voting and support agreements substantially
concurrently with the execution of the Share Purchase Agreement; and (ix) the Share Purchase Agreement would be governed by Luxembourg law. In addition, the draft Share Purchase Agreement did not include a “fiduciary out” for
Intelsat.

On March 21, 2024, the Intelsat Board discussed the March 19 Proposal and draft Share Purchase Agreement with Messrs.
Wajsgras and O’Brien, Ms. Bryan, PJT Partners and Skadden (Intelsat’s legal counsel in connection with the Proposed Acquisition). Following that discussion, the Intelsat Board’s consensus was that Mr. Wajsgras should send a
counter proposal to Mr. Al-Saleh setting forth, among other things, the following positions: (i) a $1 billion Shareholder Return Cap; (ii) certain expenses incurred in connection with
obtaining the required antitrust approvals (the “Regulatory Expenses”) would not be considered third-party transaction expenses for purposes of the related purchase price adjustment; (iii) severance payable to any Intelsat executive
under the terms of his or her employment agreement would not be considered Employee Transaction Payments for purposes of the related purchase price adjustment; (iv) a $300 million Proposed Regulatory Reverse Termination Fee; (v) no
Proposed Shareholder Vote Termination Fee; (vi) a narrower scope of Proposed Burdensome Conditions; (vii) no Proposed MAE Trigger Provision; (viii) the Share Purchase Agreement would include a “fiduciary out” for Intelsat;
(ix) the Share Purchase Agreement would be governed by Delaware, New York or English law; (x) Intelsat would endeavor to obtain voting and support agreements from holders of approximately 55% of Intelsat’s common shares; and
(xi) a 55.4% CVR Net Proceeds Split and a ten-year CVR Term. In addition, the Intelsat Board’s consensus was that Intelsat should counter with a proposed purchase price of $3.35 billion in cash,
with SES’s option to substitute up to $250 million of such purchase price with Class A shares of SES.

On March 22,
2024, Mr. Wajsgras sent Intelsat’s counterproposal on the issues described above (other than purchase price) to Mr. Al-Saleh, along with a non-binding
term sheet for the CVRs, and on March 24,