Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 20

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 20
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 to such PSU immediately prior to the Closing based on the attainment of the greater of the (x) target or (y) actual level of performance (as set forth in the applicable award document), as measured immediately prior
to the Closing by the Intelsat Board or a committee thereof, 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 PSU immediately prior to the Closing based on the
attainment of the greater of the (A) target or (B) actual level of performance (as set forth in the applicable award document) as measured immediately prior to the Closing by the Intelsat Board or a committee thereof.

For further details on the treatment of RSUs and PSUs, please see the section titled “The Share Purchase Agreement —
Treatment of Intelsat RSUs and PSUs” beginning on page 65.

Required Shareholder Approval for the Consummation of the Transactions(See page 90)

Intelsat is required to use commercially reasonable efforts to take all necessary action to obtain the
Intelsat Shareholder Approval, including soliciting from the Intelsat Shareholders sufficient votes, as promptly as reasonably practicable and in no event later than 35 days after the effectiveness of the registration statement of which this
prospectus forms a part.

Conditions to the Consummation of the Acquisition(See page 79)

Each of SES’s and Intelsat’s respective obligations to consummate the Closing is subject to the satisfaction or waiver of various
conditions, including, but not limited to, the effectiveness of the registration statement of which this prospectus forms a part and the receipt of the Regulatory Approvals, as more fully described in the section titled “The Share Purchase Agreement – Conditionsto theClosingof the Acquisition” beginning on page 79.

11

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Regulatory Approvals(See page 58)

Under the Share Purchase Agreement, the Acquisition cannot be consummated until (i) the applicable waiting periods (and any extension
thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) have expired or terminated and