Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 35

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 35
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 Termination Fee of $300 million, plus certain documented out-of-pocket expenses, if the Share Purchase Agreement is terminated under certain circumstances, and SES 
 may be required to pay Intelsat a Regulatory Condition Termination Fee of $250 million, plus certain documented out-of-pocket expenses, if the Share Purchase       
 Agreement is terminated under certain other circumstances (see “The Share Purchase Agreement—Termination Fees” beginning on page 81of this prospectus);             |

| • |     | matters relating to the Acquisition (including arranging permanent financing and integration planning) will                                                                                                    
 require substantial commitments of time and resources by SES’s and Intelsat’s management and the expenditure of significant funds in the form of fees and expenses, which would otherwise have been devoted to 
 day-to-day operations and other opportunities that may have been beneficial to either SES or Intelsat as an independent company;                                                                               |

| • |     | the diversion of management’s attention, the reduction in capital spending and acquisitions, the suspension                         
 of planned hiring and other affirmative and negative covenants in the Share Purchase Agreement restricting each company’s business; |

| • |     | failure to pursue other beneficial opportunities as a result of the focus of management of each of the companies 
 on the Acquisition, without realizing any of the anticipated benefits of the Acquisition;                        |

| • |     | the increasing difficulty in the highly competitive telecommunications market of competing with satellite (GEO, 
 MEO, and LEO), terrestrial (fixed and wireless) networks, and associated value add service providers;           |

23

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

| • |     | SES and Intelsat may experience negative reactions to the termination of the Acquisition from customers, clients, 
 licensors, suppliers, or other strategic partners; and                                                            |

| • |     | SES’s and Intelsat’s costs incurred related to the Acquisition, such as legal and accounting fees, must 
 be paid even if the Acquisition is not completed.                                                       |

In addition, each of SES and Intelsat could be subject to litigation related to any failure to complete the Acquisition or related to any proceeding to specifically enforce SES’s or Intelsat’s obligation to perform their respective obligations under the Share Purchase Agreement. If any of these risks materialize, they may materially and adversely affect SES and/or Intelsat’s businesses, financial condition, financial results, ratings, stock prices and/or bond prices. If the Acquisition is completed, SES may