Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 17

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 17
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 $500 million out of Intelsat’s share premium to Intelsat shareholders. As a result of such distribution, the Closing
Cash Consideration payable by SES in connection with the Acquisition as of the date of this prospectus has been reduced to $2.6 billion.

The CVR Consideration will be equal to the (i) the aggregate number of Intelsat’s common shares outstanding as of immediately prior
to the Closing plus (ii) the aggregate number of Intelsat’s common shares issuable upon the exercise in full of all PSUs outstanding as of immediately prior to the Closing in accordance with the terms and conditions of the Share Purchase
Agreement plus (iii) the aggregate number of Intelsat’s common shares issuable upon the exercise in full of all RSUs outstanding as of immediately prior to the Closing (such aggregate amount of clauses (i) through (iii), the
“Fully Diluted Share Number”).

For further details on the consideration for the Acquisition, please see the section titled
“The Share Purchase Agreement – Consideration for the Acquisition” beginning on page 66.

Treatment of Intelsat RSUs and PSUs(See page 66)

At the Closing, subject to the terms and conditions of the Share Purchase Agreement, each RSU that
is outstanding immediately prior to the Closing will be automatically cancelled and converted into the right to

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receive from Intelsat, in connection with the Liquidation, (i) cash (without interest, and subject to deduction for any required withholding tax) equal to the product of (A) the number
of Intelsat common shares subject to such RSU immediately prior to the Closing, multiplied by (B) the per share cash consideration determined to be distributable to Intelsat’s shareholders in connection with the Liquidation,
(ii) any accrued dividend equivalents attributable thereto and (iii) a number of CVRs (subject to reduction for any required withholding tax) equal to the number of Intelsat common shares subject to such RSU immediately prior to the
Closing.

At the Closing, each PSU that is a PSU granted to certain members of Intelsat’s management committee (each, an “MC
PSU”, and, collectively, the “MC PSUs”) will vest in accordance with its terms and, at the Closing, be automatically cancelled and converted into the right to receive from Intelsat, in connection with the Liquidation, (i) cash
(without interest, and subject to deduction for any required withholding tax