Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 13

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 13
---
 assurance that such trading or listing will
continue.

No prediction can be made regarding the liquidity of the CVRs or the prices at which the CVRs may be sold at any point in
time, if at all. We expect that any CVR sale would be a taxable transaction for U.S. federal income tax purposes. Please see the section titled, “U.S. Federal Income Tax Considerations of the Transactions — U.S. Federal Income Tax Considerations of the Ownership and Disposition of CVRs” beginning on page 96 of this prospectus for additional information.

Q: What happens if the Acquisition is not approved at the Intelsat shareholder general meeting?

A:Before the Acquisition can be completed, Intelsat is required to use commercially reasonable efforts to take all necessary action to
obtain the Intelsat Shareholder Approval at the Intelsat Shareholder Meeting, including soliciting from Intelsat’s shareholders sufficient votes, as promptly as reasonably practicable and in no event later than 35 days after the effectiveness
of the registration statement of which this prospectus forms a part. If the Intelsat Shareholder Approval is not obtained, under certain specified circumstances, Intelsat may be required to pay to SES a termination fee of $300 million, subject
to the terms and conditions of the Share Purchase Agreement. For a more detailed description of the Termination Fees and the circumstances under which they may be payable, please see the section titled “ Termination Fees and Commercial Agreement.” In connection with the Share Purchase Agreement, certain Intelsat shareholders (each, a “Supporting Shareholder”, and collectively, the “Supporting Shareholders”) entered into voting and support agreements
(each, a “Support Agreement” and collectively, “Support Agreements”), 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. Based on information provided by the Supporting Shareholders to Intelsat as of the date of each applicable Support Agreement, such shareholders beneficially own an aggregate of 49,839,902 Intelsat common shares that
are subject to the terms of the Support Agreements, representing approximately 73% of Intelsat common shares. Please see the section titled “Related Agreements – Intelsat Shareholder Support Agreements” beginning on
page 91 for further details.

Q: Are there any important risks related to the Acquisition, the CVRs or SES’s or