Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 100

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 100
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 an amount equal to 42.5% of such Net Proceeds (such amount, the “Applicable Intelsat Spectrum Proceeds”); provided, further, Aggregate Shareholder Returns will not include any dividends or
dividend equivalents accrued by holders of RSUs or PSUs prior to January 29, 2024 and distributed to such holders following such date upon the vesting thereof (“Exempted Distributions”)), (ii) the Closing Transaction Expenses Overage
and (iii) Closing Net Cash Underage. On September 27, 2024, Intelsat issued a distribution of $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”).

Treatment of Intelsat RSUs and PSUs

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 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

66

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

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