Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 10

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 10
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 incorporated in one of the states in the United States.

Q: Is interest payable with respect to the CVRs?

A: No. Interest will not accrue on any distributions that may be required to be paid to a Holder.

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Q: Is the CVR payment secured?

A: No. The obligation to make a CVR payment, if any becomes due, is an unsecured general obligation of SES.

Q: Can I sell the CVRs?

A: Yes. The CVRs are transferable (subject to the Securities Act and other applicable federal law or state securities or blue-sky laws). SES is not obligated to list the CVRs on any securities exchange. There is currently no public market for the CVRs. 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.

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 “ Ter