Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 24

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 24
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 Share Purchase Agreement is terminated in circumstances in which the Breach Termination Fee or the Regulatory Condition Termination Fee is payable by SES to Intelsat.

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Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

For more detail on the Termination Fees and the Commercial Agreement, please see
“The Share Purchase Agreement– Termination Fees and Commercial Agreement” beginning on page 83.

SES’s Reasons for the Acquisition

The SES board of directors (the “SES Board”) has unanimously (i) deemed it advisable
and resolved that it is in the corporate interest of SES to enter into the Share Purchase Agreement, the Acquisition, the CVR Agreement and the transactions contemplated thereby and (ii) approved, and to the extent necessary, ratified the terms
of the transactions contemplated by the Share Purchase Agreement, the Acquisition, the CVR Agreement and the transaction documents. For additional information on the factors considered by the SES Board in reaching this decision, please see the
section titled “About the Acquisition — SES’s Reasons for the Transactions” beginning on page 53 of this prospectus.

Intelsat’s Reasons for the Acquisition

The Intelsat Board unanimously (i) determined that the terms of the Share Purchase Agreement and the ancillary agreements related thereto
are in the best interests of Intelsat, (ii) approved the Transactions, the Share Purchase Agreement and the ancillary agreements related thereto and (iii) recommended that Intelsat’s shareholders approve the Share Purchase Agreement
and the Transactions at a duly held meeting of Intelsat’s shareholders. For additional information on the factors considered by the Intelsat Board in reaching this decision, please see the section titled “About the Acquisition — Intelsat’s Reasons for the Transactions” beginning on page 56 of this prospectus.

Related Agreements

Intelsat Shareholder Support Agreements(See page 91)

In connection with the Share Purchase Agreement, the Supporting Shareholders entered into Support Agreements substantially in the form attached
hereto as , pursuant to which each Supporting Shareholder irrevocably and unconditionally agreed to affirmatively vote its Intelsat common shares in favor of the Intelsat Shareholder Approval Resolutions. Each Supporting Shareholder
also agreed to grant SES an irrevocably proxy, subject to the terms and conditions of the corresponding Support Agreement. In addition, pursuant to the Support Agreements, each Supporting Shareholder agreed not to transfer any Intelsat common
shares