Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 77

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 77
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 expenses (the “Liabilities Assumption”).

Also on April 13, 2024, Gibson Dunn sent Skadden an initial draft of a form Support Agreement.

On April 17, 2024, Mr. O’Brien, Ms. Bryan, Mr. Orton, Mr. Potarazu and representatives of PJT Partners,
Guggenheim Securities, Skadden and Gibson Dunn met at Skadden’s Washington, D.C. offices to discuss the open Share Purchase Agreement issues, including the Proposed Transaction Expense Adjustment, the Proposed Shareholder Vote Termination Fee
and the Liabilities Assumption.

On April 20, 2024, Gibson Dunn sent a revised draft of the Share Purchase Agreement to Skadden
reflecting the following positions: (i) the inclusion of Regulatory Expenses in the Transaction Expense Adjustment; (ii) the exclusion of double-trigger severance payable to any Intelsat executive under the terms of his or her employment
agreement from the Transaction Expense Adjustment was subject to additional due diligence; (iii) a dollar-for-dollar purchase price adjustment for (1) any new
indebtedness incurred by Intelsat prior to the Closing, and (2) Intelsat’s delivery of a cash balance under $300 million at the Closing; (iv) a $300 million Proposed Shareholder Vote Termination Fee regardless of whether
holders of two-thirds of Intelsat’s common shares executed a voting and support agreement; and (v) the Liabilities Assumption would only include certain specified liabilities of Intelsat.

51

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Also on April 20, 2024, Skadden sent initial drafts of the Intelsat disclosure schedules
and the CVR Agreement to Gibson Dunn.

Between April 21, 2024 and April 28, 2024, Messrs. Wajsgras and O’Brien and Mss.
Bryan and Yoon and other Intelsat representatives, together from time to time with their advisors PJT Partners and Skadden, had multiple discussions with Messrs. Al-Saleh, Orton and Rubin and other SES
representatives, together from time to time with their advisors Guggenheim Securities and Gibson Dunn, to discuss and negotiate the open issues in the transaction documents, and the parties exchanged multiple drafts of the Share Purchase Agreement
and ancillary agreements, including the Intelsat disclosure schedules, the Support Agreements and the