Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 164

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 164
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 (as outlined below), which are deemed to be contingent consideration, and for which the preliminary pro forma fair value has been calculated below. Contingent Value Rights The CVRs will be issued to Intelsat’s current shareholders (including holders of Intelsat’s vested RSUs and PSUs) at the Closing as part of the consideration for the Acquisition. The CVRs attributable to those existing shareholders is 42.5% of the net proceeds of a follow-on C-bandrepurposing were such a program to be initiated by the FCC within 7.5 years of the Closing. Under the CVR Agreement, the holder is entitled to receive an amount equal to 42.5% of the cumulative net proceeds received by SES and its affiliates between the date of issuance and the termination date, with respect to the following “qualified monetization”:

| a) | adoption, enactment or promulgation of any law by any governmental authority requiring the clearing of usage                               
 rights for up to 100 MHz of the C-band downlink spectrum at 3.98 GHz - 4.2 GHz (defined in the agreement as the “Applicable Spectrum”), or |

| b) | the sale or transfer of Applicable Spectrum by SES that directly results in the receipt by SES or any of its                                                                                                                                
 affiliates, on or after the issuance date hereof and prior to the termination date, of cash consideration for the final clearance or transfer of Applicable Spectrum (including with respect to governmental relocation payments or private 
 negotiations).                                                                                                                                                                                                                              |

Net proceeds represent any cash consideration actually received by SES or its affiliates directly resulting from the final clearance, sale or transfer of Applicable Spectrum, minus any applicable expenses – being fees and expenses incurred (or estimated to be incurred) by SES and its affiliates, and not reimbursed, in connection with the qualified monetization. The CVR termination date is the earlier of:

| a) | the date on which all of the Applicable Spectrum has been monetized pursuant to one or more events of qualified 
 monetization, and                                                                                               |

| b) | 7.5 years after the issuance date (the outside date). |

In case an applicable order has been issued prior to the outside date or SES (or any of its affiliates) enters into a definitive agreement in respect of an applicable transfer prior to the outside date, and the related proceeds have not yet been received, the outside date will be extended to the date on which all of the applicable consideration payable in respect of such event(s) has