Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 24

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 24
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 Closing, SES and Equiniti Trust Company, LLC, as the Rights Agent, will enter into the CVR Agreement substantially in
the form included in this prospectus as , which will set forth the terms of the CVRs to be issued to Intelsat at the Closing and subsequently distributed to Intelsat’s shareholders (including holders of Intelsat’s vested RSUs
and PSUs) in connection with the Liquidation. Pursuant to the terms and conditions of the Share Purchase Agreement, the number of CVRs issued by SES at the Closing will be equal to the CVR Consideration.

The rights of the Holders will be limited to those expressly provided for in the CVR Agreement. Holders will not, by virtue of their ownership
of the CVRs, have the rights common to shareholders of SES, such as

13

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

voting and dividend rights. Interest will not accrue on any distributions that may be payable to a Holder. No interest will accrue on any amounts that may be payable to a Holder. The CVR payment,
if any becomes due, is an unsecured general obligation of SES.

The CVRs, and any beneficial interest thereof will be freely transferable
without the prior consent of SES. SES has no current plans to apply to list the CVRs on any stock exchange or on an over-the-counter market and is under no obligation to
do so. If the CVRs begin trading in the over-the-counter market or if SES determines, in its sole discretion, to list the CVRs on a securities exchange, there is no
assurance that such trading or listing will continue. Additionally, the U.S. tax considerations arising from the ownership and disposition of the CVRs are uncertain. There is currently no public market for the CVRs.

The CVRs will not (i) be subject to any mandatory or optional redemption rights by the Holders or SES, (ii) mature or trigger any
right to payment by the Holders in any amount or on any specific date, or (iii) be convertible into or exchangeable for any security or other interest in SES.

For more details regarding the CVRs, please see the sections titled “Risk Factors—Risks Relating to the CVRs” beginning
on page 29 and “Related Agreements—Contingent Value Rights Agreement” beginning on page 85 of this prospectus. We encourage you to