Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 22

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 22
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 Purchase Agreement by
mutual written consent or upon the occurrence of certain events as more fully described in the section titled “The Share Purchase Agreement — Terminationof theShare Purchase Agreement” beginning on
page 81.

Termination Fees and Commercial Agreement(See page 82)

Upon termination of the Share Purchase Agreement, (i) the terminating party may be required to pay a termination fee in the form of a cash
amount equal to $300 million to the non-terminating party if certain covenants or agreements in the Share Purchase Agreement are not performed or are breached (the “Breach Termination Fee”) such
that such non-performance or breach causes a related condition to the Closing to fail, or if all conditions to the Closing are otherwise satisfied and the non-terminating party refuses to consummate the
Transactions, (ii) Intelsat may be required to pay a termination fee in the form of a cash amount equal to $300 million to SES if the Intelsat Shareholder Approval is not obtained (the “Vote Condition Termination Fee”), (iii) SES
may be required to pay a termination fee in the form of a cash amount equal to $250 million (the “Regulatory Condition Termination Fee” and together with the Breach Termination Fee and the Vote Condition Termination Fee, each, a
“Termination Fee”, and, collectively, the “Termination Fees”) to Intelsat if the Share Purchase Agreement is terminated by either Intelsat or SES because a required pre-Closing Regulatory
Approval was not satisfied or waived at or prior to the Closing and (iv) SES will be required to negotiate in good faith to prepare and execute a commercial agreement with Intelsat that would provide Intelsat with additional satellite capacity
(the “Commercial Agreement”) if the Share Purchase Agreement is terminated in circumstances in which the Breach Termination Fee or the Regulatory Condition Termination Fee is payable by SES to Intelsat.

12

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

For more detail on the Termination Fees and the Commercial Agreement, please see
“The Share Purchase Agreement– Termination Fees and Commercial Agreement” beginning on page 82.

SES’s Reasons for the Acquisition

The SES board of directors (the “SES Board”) has unanimously (i) deemed it advisable and
resolved that it is in the corporate interest of SES to enter into the Share Purchase Agreement, the Acquisition, the CVR Agreement and