Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 110

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 110
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 its subsidiaries;                                                                                                                    |

| • |     | change Intelsat’s fiscal year; |

| • |     | enter into any new material line of business that does not relate to, or is not adjacent to, the satellite                         
 services industry (including the sale, license or other distribution of satellite capacity) or the telecommunications industry; or |

| • |     | agree to take any of the foregoing actions. |

71

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Conduct of Business of SES Pending the Consummation of the Transactions

Additionally, SES has agreed to, between the date of the Share Purchase Agreement and the earlier to occur of the Closing or the termination of
the Share Purchase Agreement in accordance with its terms, (i) use its reasonable best efforts to maintain a cash balance of at least $2.05 billion, and (ii) except in connection with any Regulatory Concession or to the extent
required by an Applicable Order, not, and not permit any of its subsidiaries to, effect an Applicable Transfer (as defined below) of any of SES’s and its subsidiaries’ usage rights for C-band
downlink spectrum at 3.98–4.2 GHz. (the “SES Applicable Spectrum”) without Intelsat’s prior written consent, such consent not to be unreasonably withheld, conditioned or delayed; that SES will not be restricted
from granting any future monetization rights (including a contingent value right) to any third party with respect to Applicable Spectrum.

Chapter 11 Cases

Within five business days following the date of the Share Purchase Agreement, SES and Intelsat agreed to jointly request that
the U.S. Bankruptcy Court for the Eastern District of Virginia (the “Bankruptcy Court”), or whichever court then has jurisdiction over those certain cases filed pursuant to Chapter 11 of Title 11 of the United States Code by Intelsat and
certain of its affiliates, in the Bankruptcy Court, which cases were jointly administered as “In re Intelsat, S.A., et al.”, Case No. 20-32299 (KLP) (the “Chapter 11 Cases”) or any
related litigation (including any appeals) (the “Existing Litigation”), hold in abeyance the Existing Litigation until the earlier of (x) the Closing and (y) the valid termination of the Share Purchase Agreement pursuant to the
terms therein; provided that in