Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 20

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 20
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reement plus (iii) the aggregate number of Intelsat’s common shares issuable upon the exercise in full of all RSUs outstanding as of immediately prior to the Closing (such aggregate amount of clauses (i) through (iii), the
“Fully Diluted Share Number”).

For further details on the consideration for the Acquisition, please see the section titled
“The Share Purchase Agreement – Consideration for the Acquisition” beginning on page 66.

Treatment of Intelsat RSUs and PSUs(See page 66)

At the Closing, subject to the terms and conditions of the Share Purchase Agreement, each RSU
that is outstanding immediately prior to the Closing will be automatically cancelled and converted into the right to

11

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

receive from Intelsat, in connection with the Liquidation, (i) cash (without interest, and subject to deduction for any required withholding tax) equal to the product of (A) the number
of Intelsat common shares subject to such RSU immediately prior to the Closing, multiplied by (B) the per share cash consideration determined to be distributable to Intelsat’s shareholders in connection with the Liquidation,
(ii) any accrued dividend equivalents attributable thereto and (iii) a number of CVRs (subject to reduction for any required withholding tax) equal to the number of Intelsat common shares subject to such RSU immediately prior to the
Closing.

At the Closing, each PSU that is a PSU granted to certain members of Intelsat’s management committee (each, an “MC
PSU”, and, collectively, the “MC PSUs”) will vest in accordance with its terms and, at the Closing, be automatically cancelled and converted into the right to receive from Intelsat, in connection with the Liquidation, (i) cash
(without interest, and subject to deduction for any required withholding tax) equal to the product of (A) the number of Intelsat common shares subject to such MC PSU immediately prior to the Closing based on the attainment of the actual level
of performance as measured immediately prior to the Closing by Intelsat’s board of directors (the “Intelsat Board”) or a committee thereof after giving effect to the consummation of the Transactions, multiplied by (B) the
per share cash consideration determined to be distributable to Intelsat’s shareholders in connection with the Liquidation, (ii) any