Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 40

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 40
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good reason” on or following completion of the Acquisition. Under these plans, certain key employees of Intelsat potentially could resign from his or her employment following specified circumstances set forth in the applicable plan,
including an adverse change in his or her title, authority or responsibilities, compensation and benefits or primary office location that would result in the payments under the arrangements. These payments, individually or in the aggregate, could
make retention of Intelsat officers and employees more difficult.

If key employees of SES or Intelsat depart or are at risk of departing,
including because of issues relating to the uncertainty and difficulty of integration, financial security or a desire not to become employees of the Combined Group, SES may have to incur significant costs in retaining such individuals or in
identifying, hiring and retaining replacements for departing employees and may lose significant expertise and talent, and the Combined Group’s ability to realize the anticipated benefits of the Acquisition may be materially and adversely
affected. No assurance can be given that the Combined Group will be able to attract or retain key employees to the same extent that Intelsat has been able to attract or retain employees in the past.

Furthermore, SES and Intelsat compete for employees with other satellite companies, as well as large and well-known companies. In the context
of low unemployment rates and a shortage of qualified candidates, SES and Intelsat may have difficulties in hiring competent employees due to the Acquisition. If SES or Intelsat are unable to source and retain key talent, this could have a negative
impact on their respective ability to deliver their respective objectives and, in turn, on SES’s business, financial situation and results.

Intelsat’s executive officers and directors have interests in the Acquisition that may be different from the interests of shareholders of Intelsat.

Intelsat shareholders should be aware that Intelsat’s directors and executive officers have interests in the Acquisition that
may be different from, or in addition to, the interests of Intelsat shareholders generally, including potential severance benefits, upon certain types of termination of employment following the consummation of the Transactions, accelerated vesting
and payment of outstanding RSUs and PSUs pursuant to the Share Purchase Agreement and rights to ongoing indemnification and insurance coverage. See “Interests of Intelsat’s Directors and Executive Officers in the Acquisition” beginning on page 60 of this prospectus for a more detailed description of these interests. The Intelsat Board were aware of these interests and considered them, in addition to other matters, in evaluating and negotiating