Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 77

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 77
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 Provision; (vii) the Share Purchase Agreement
would not include a “fiduciary out” for Intelsat; (viii) the Share Purchase Agreement would be governed by Luxembourg law, except that any action by a party to specifically enforce the terms of the Share Purchase Agreement would be
governed by New York law; and (ix) Intelsat and SES would seek voting and support agreements from holders of two-thirds of Intelsat’s common shares, which SES maintained it would require prior to the
execution of the Share Purchase Agreement.

However, a number of key open issues remained, and the likelihood of reaching agreement on the
Proposed Acquisition remained highly uncertain, particularly in light of the lack of exclusivity, the fact that discussions for the Initial Proposed Transaction had terminated after advanced negotiations, and the uncertainty as to whether holders of
two-thirds of Intelsat’s common shares would enter into Support Agreements.

On
April 13, 2024, Skadden sent Gibson Dunn a revised draft of the Share Purchase Agreement reflecting the parties’ agreement to the terms described above, as well as, among others, the following positions: (i) the purchase price would
be reduced dollar-for-dollar, for any Third-Party Transaction Expenses (other than Regulatory Expenses) and any Employee Transaction Payments (other than double-trigger
severance payable to any Intelsat executive under the terms of his or her employment agreement) solely to the extent that the aggregate amount of such Third-Party Transaction Expense and Employee Transaction Payments were in excess of
$75 million (the “Transaction Expense Adjustment” and the “Proposed Transaction Expense Adjustment Threshold”, respectively); (ii) the Proposed Shareholder Vote Termination Fee would be removed if holders of two-thirds of Intelsat’s common shares executed a voting and support agreement; and (iii) SES would assume substantially all of Intelsat’s liabilities, other than liabilities arising from the Intelsat
shareholders agreement, the agreements governing Intelsat’s warrants or the liquidation expenses (the “Liabilities Assumption”).

Also on April 13, 2024, Gibson Dunn sent Skadden an initial draft of a form Support Agreement.

On April 17, 2024, Mr. O’Brien, Ms. Bryan, Mr. Orton, Mr. Potarazu and representatives of PJT Partners,
Guggenheim Securities, Skadden and Gibson Dunn met at Skadden’s Washington, D.C. offices to discuss the open Share Purchase Agreement issues