Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 27

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 27
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 these interests, among other matters, in approving the Share Purchase Agreement and the Transactions. These interests include (i) the accelerated vesting and
payment in respect of outstanding Intelsat equity awards pursuant to the Share Purchase Agreement, (ii) the potential receipt of certain payments and benefits under the executive officers’ employment agreements upon certain types of
terminations of employment following the consummation of the Transactions, and (iii) the entitlement to indemnification benefits in favor of directors and executive officers of Intelsat. For more details regarding the interests of
Intelsat’s directors and executive officers in the Transactions, please see the section titled “The Share Purchase Agreement — Interests of Intelsat’s Directors and Executive Officers in the Transactions” beginning on
page 60 of this prospectus.

The Liquidation

The Liquidation will open effective as of the Closing as more fully described in the section titled “The Liquidation” beginning on
page 64.

Dissenters’ / Appraisal Rights

There are no appraisal or dissenters’ rights available to Intelsat shareholders in connection with the Transactions.

U.S. Federal Income Tax Considerations of the Transactions

A U.S. Holder does not participate in any exchange pursuant to the Acquisition, so such U.S. Holder will not realize any gain or loss for U.S.
federal income tax purposes as a result of the Acquisition, including the acquisition by SES of Intelsat’s assets, subject to certain exceptions, and 100% of the outstanding shares of Holdings, as well as the assumption by SES of certain
liabilities of Intelsat, in each case, subject to the terms and conditions of the Share Purchase Agreement. Following the Acquisition, in the Liquidation, Intelsat will liquidate and distribute its remaining assets to Intelsat’s shareholders.
As a result of the Liquidation, for U.S. federal income tax purposes, each U.S. Holder will be treated as receiving, in a taxable transaction, a distribution of cash and CVRs in complete liquidation of Intelsat as full payment in exchange for such
U.S. Holder’s Intelsat common shares. A U.S. Holder generally will recognize gain or loss on an exchange of Intelsat common shares for the cash and CVRs distributed pursuant to the Liquidation, in an amount equal to the difference, if any,
between (i) the amount of cash received plus the fair market value (determined as of the time at which the Liquidation is effective) of any