Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 134

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 134
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 Tax Cost) and (b) Tax Costs will be increased by any out-of-pocketthird-party costs and expenses reasonably attributable to determining the cash taxes applicable to the receipt of Gross Proceeds by SES or any of its affiliates. Issuance of CVRs The CVRs will be issued to Intelsat on the Closing Date. In connection with the Liquidation, Intelsat will distribute the CVRs to Intelsat’s shareholders (including holders of Intelsat’s vested RSUs and PSUs). The CVR Agreement provides that Intelsat will also notify SES and the Rights Agent of the effectiveness of the Liquidation and provide appropriate instructions to enable the Rights Agent to update the CVR Register to reflect the distribution of the CVRs. Transferability of CVRs; No Listing Obligation The CVRs or any beneficial interest thereof, will be freely transferable without the prior consent of SES. Notwithstanding the foregoing, no Holder may transfer any of its CVRs or beneficial interests thereof, except:

| • |     | as permitted under the Securities Act and other applicable federal Law or state securities or blue sky laws; |

| • |     | if such transfer would not cause SES or any subsidiary or affiliate to be required to register as an investment 
 company under the Investment Company Act of 1940; and                                                           |

| • |     | if such transfer would not cause SES or any subsidiary or affiliate to be subject to regulation under the 
 Investment Advisers Act of 1940.                                                                          |

Any attempted or purported transfer of all or a portion of the CVRs or beneficial interests thereof held by a Holder in violation of the foregoing will be null and void and of no force or effect whatsoever, such purported transferee will not be treated as a Holder of the CVRs or beneficial interests, and the Rights Agent will not register such Transfer. The Share Purchase Agreement does not obligate SES to list the CVRs on any securities exchange, and SES has no current plans to apply to list the CVRs on any stock exchange or on an over-the-countermarket. If the CVRs begin trading in the over-the-countermarket or if SES determines, in its sole discretion, to list the CVRs on a securities exchange, there is no assurance that such trading or listing will continue. The CVRs will not (i) be subject to any mandatory or optional redemption rights by the Holders or SES, (ii) mature or trigger any right to payment by the Holders in any amount or on any specific date, or (iii) be