Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 99

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 99
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 to such MC PSU immediately prior to the Closing based on the attainment of the actual level of performance as measured immediately prior to the Closing by the Intelsat Board or a committee thereof after giving effect to the consummation of
the Transactions, multiplied by (B) the per share cash consideration determined to be distributable to Intelsat’s shareholders in connection with the Liquidation, (ii) any accrued dividend equivalents attributable thereto and
(iii) a number of CVRs (subject to reduction for any required withholding tax) equal to the number of Intelsat common shares subject to such MC PSU immediately prior to the Closing after giving effect to the consummation of the Transactions.

At the Closing, each PSU that is not an MC PSU that is outstanding immediately prior to the Closing will, at the Closing, be
automatically cancelled and converted into the right to receive from Intelsat, in connection with the Liquidation, (i) cash (without interest, and subject to deduction for any required withholding tax) equal to the product of (A) the
number of Intelsat common shares subject to such PSU immediately prior to the Closing based on the attainment of the greater of the (x) target or (y) actual level of performance (as set forth in the applicable award document), as measured
immediately prior to the Closing by the Intelsat Board or a committee thereof, multiplied by (B) the per share cash consideration determined to be distributable to Intelsat’s shareholders in connection with the Liquidation,
(ii) any accrued dividend equivalents attributable thereto and (iii) a number of CVRs (subject to reduction for any required withholding tax) equal to the number of Intelsat common shares subject to such PSU immediately prior to the
Closing based on the attainment of the greater of the (A) target or (B) actual level of performance (as set forth in the applicable award document) as measured immediately prior to the Closing by the Intelsat Board or a committee thereof.

Representations and Warranties

The
Share Purchase Agreement contains customary representations and warranties that Intelsat, on the one hand, and SES, on the other hand, have made to one another (in some cases, as of specific dates) relating to their respective businesses, assets and
other matters. The assertions embodied in those representations and warranties were made solely for purposes of the Share Purchase Agreement and may be subject to important qualifications and limitations (including through the use of exceptions for
certain matters disclosed by