Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 10

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 10
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, subject to the terms and conditions of the Share Purchase Agreement. Once the Closing conditions under the Share Purchase Agreement have been satisfied or waived and the Closing has occurred, and subject to the other terms and conditions of
the Share Purchase Agreement, Intelsat will commence its Liquidation pursuant to the terms of the Share Purchase Agreement and SES will issue the CVRs to Intelsat, which will subsequently be distributed by Intelsat to Intelsat’s shareholders
(including holders of Intelsat’s vested RSUs and PSUs) pursuant to the Liquidation.

Q: Is Intelsat shareholder approval required to consummate the Acquisition?

A: Yes. Consummation of the Acquisition is conditioned on the affirmative two-thirds majority vote of all the votes validly cast at a meeting of Intelsat’s shareholders that is convened in accordance with applicable law and Intelsat’s organizational documents (the “Intelsat
Shareholder Meeting”) to approve (i) the Acquisition and (ii) the opening of the Liquidation (such resolutions for approval of clauses (i) and (ii), the “Intelsat Shareholder Approval Resolutions”) (such approval, the
“Intelsat Shareholder Approval”).

Although Intelsat’s shareholders are required to approve the Acquisition, Intelsat is
not subject to the federal proxy rules nor is it a public reporting company, and as such, a shareholder’s recourse against Intelsat may be limited under the federal securities laws.

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Q: What are the CVRs?

A: The CVRs are transferable contingent value rights that will be issued by SES to Intelsat as part of the Acquisition Consideration.
Each CVR represents the right to receive one or more contingent cash payments in an amount equal to a pro rata share of cash consideration, if any, received by SES as a direct result of the final clearance or transfer of certain spectrum, in each
case subject to the terms and conditions of the CVR Agreement.

Holders will not, by virtue of their ownership of the CVRs, have rights
common to shareholders of SES, such as voting and dividend rights. Interest will not accrue on any distributions that may be payable to a Holder. The CVRs will not be subject to any mandatory or optional redemption rights, mature or trigger any
right to payment by the Holders in any amount or on any specific date or be convertible into or exchangeable for any security or other interest in SES.

The amount and timing of any distribution under the CV