Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 18

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 18
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 cash
distributions on or with respect to, and repurchases, redemptions or other acquisitions of, Intelsat’s equity securities (including Intelsat’s common shares, RSUs, PSUs and warrants), other than the net settlement of any such RSUs or PSUs
in the ordinary course of business prior to the Closing, made by Intelsat or any of its subsidiaries (any such dividend, distribution, repurchase, redemption or acquisition, a “Shareholder Return”) at any time after January 29, 2024
(such aggregate dollar amount, the “Aggregate Shareholder Returns”), (ii) the amount, if any, by which certain of Intelsat’s transaction expenses excluding certain antitrust-related litigation expenses exceeds $82 million (such
amount, the “Closing Transaction Expenses Overage”) and (iii) the amount, if any, by which a cash target of $300 million, subject to upward adjustment for certain withholding taxes, exceeds Intelsat’s net cash at Closing
(such amount, the “Closing Net Cash Underage”). On September 27, 2024, Intelsat issued a distribution of $500 million out of Intelsat’s share premium to Intelsat shareholders. As a result of such distribution, the Closing
Cash Consideration payable by SES in connection with the Acquisition as of the date of this prospectus has been reduced to $2.6 billion.

The CVR Consideration will be equal to the (i) the aggregate number of Intelsat’s common shares outstanding as of immediately prior
to the Closing plus (ii) the aggregate number of Intelsat’s common shares issuable upon the exercise in full of all PSUs outstanding as of immediately prior to the Closing in accordance with the terms and conditions of the Share Purchase
Agreement 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 65.

Treatment of Intelsat RSUs and PSUs(See page 65)

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