Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 85

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 85
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 its obligations under the Share Purchase Agreement, including its obligation to close the Transactions after the satisfaction or 
 waiver of all applicable closing conditions.                                                                                                                                                                                                         |

| • |     | Financing. The fact that SES has obtained committed debt financing for the Transactions from reputable                                                                                                                
 financial institutions, and that SES has represented that it will have sufficient cash funds for the entire amount of the cash consideration and other fees and expenses payable in connection with the Transactions. |

| • |     | Support Agreements. The entry into the Support Agreements by certain Intelsat shareholders. |

| • |     | Other Terms of the Share Purchase Agreement. Certain other terms and conditions of the Share Purchase 
 agreement, including the following:                                                                   |

| • |     | the limited number of closing conditions included in the Share Purchase Agreement, including the absence of a                                                                               
 financing condition or similar contingency that is based on SES’ ability to obtain financing as well as the likelihood of satisfaction of all conditions to completion of the Transactions; |

| • |     | the requirement of the parties to use reasonable best efforts to obtain approvals or clearances by applicable                                                                                                                                        
 governmental authorities, including by divesting assets, holding assets separate or otherwise taking any other action necessary to obtain such approvals or clearances, except to the extent that the taking of any such actions would reasonably be 
 expected to result in certain burdensome conditions;                                                                                                                                                                                                 |

| • |     | the requirement that, in the event of the termination of the Share Purchase Agreement in certain circumstances                    
 due to the parties’ failure to obtain all required regulatory approvals, SES will pay Intelsat a termination fee of $250 million; |

| • |     | the requirement that, in the event of the termination of the Share Purchase Agreement under certain                                     
 circumstances, SES will enter into the Commercial Agreement on terms that are, in the Intelsat Board’s view, favorable to Intelsat; and |

| • |     | the Outside Date (as defined below) under the Share Purchase Agreement, after which Intelsat or SES subject to               
 specified exceptions, may terminate the Share Purchase Agreement, allows for sufficient time to consummate the Transactions. |

The Intelsat Board also identified and considered certain potentially negative factors in its deliberations to be balanced against the positive factors, including:

| • |     | the fact that Intelsat’s shareholders will lose the opportunity to realize additional potential long-term                                                                   
 value through Intelsat’s successful execution as a standalone company, and will not benefit from increases, if any,