Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 208

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 208
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, to increase its commitment for an additional $250.0 million
for a total of $500.0 million over a term of seven years.

149

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Share-Based Compensation Modification

On March 6, 2024, Intelsat modified the performance obligation for certain performance-based restricted stock units (“PSUs”) issued
under the Intelsat S.A. 2022 Equity Incentive Plan for six grantees. The PSUs will vest upon the satisfaction of prescribed service and performance obligations. The modifications were accounted for in accordance with ASC 718, Compensation—Stock
Compensation, whereby Intelsat will recognize compensation cost for the PSUs equal to the unrecognized grant date fair value as of the modification date of the original awards plus any incremental fair value arising from the modification over the
remaining requisite service period. The fair value of the awards was determined using a Monte Carlo simulation. As a result of the modification, Intelsat will recognize $46.5 million of compensation costs over the three year period subsequent to the
modification date. Refer to Note 12—Share-Based and Other Compensation Plans of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus.

Revenue

Revenue Overview

Intelsat earns revenue primarily by providing services over satellite transponder capacity to Intelsat’s customers. Intelsat’s
customers generally obtain satellite capacity from it by placing an order pursuant to one of several master customer service agreements. The master customer agreements and related service orders under which Intelsat sells services specify, among
other things, the amount of satellite capacity to be provided, whether service will be non-preemptible or preemptible and the service term. Most services are full time in nature, with service terms of up to 15
years. Occasional use services used for video applications can be for much shorter periods, including increments of one hour. Intelsat’s master customer service agreements offer different service types, including transponder services, managed
services, and channel, which are all services that are provided on, or used to provide access to, Intelsat’s global network. Intelsat refers to these services as on-network services. Intelsat’s
customer agreements also cover services that Intelsat procures from third parties and resells, which Intelsat refers to as off-network services. These