Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 103

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 103
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 Directive 2011/16/EU as regards to the  
 mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements and any regulation or law relating to, implementing or having similar effect to it in any relevant jurisdiction;  |

| • |     | take any action which would change its residence for tax purposes, including changing its country of organization 
 or incorporation;                                                                                                 |

| • |     | abandon, assign to a third party, waive or permit the lapse of any right relating to intellectual property                          
 material to Intelsat’s business or any other material intangible asset used in the business of Intelsat or any of its subsidiaries; |

| • |     | compromise or settle any pending or threatened claim, action or charge, other than compromises, settlements or                                                                                                                               
 agreements that involve only the payment of money damages less than $5 million individually or $20 million in the aggregate in excess of available insurance proceeds for such compromise, settlement or agreement and that do not result in 
 any restriction on future activity or conduct of, or the admission of wrongdoing by, Intelsat or any of its subsidiaries;                                                                                                                    |

| • |     | change Intelsat’s fiscal year; |

| • |     | enter into any new material line of business that does not relate to, or is not adjacent to, the satellite                         
 services industry (including the sale, license or other distribution of satellite capacity) or the telecommunications industry; or |

| • |     | agree to take any of the foregoing actions. |

72

Conduct of Business of SES Pending the Consummation of the Transactions

Additionally, SES has agreed to, between the date of the Share Purchase Agreement and the earlier to occur of the Closing or the termination of
the Share Purchase Agreement in accordance with its terms, (i) use its reasonable best efforts to maintain a cash balance of at least $2.05 billion, and (ii) except in connection with any Regulatory Concession or to the extent
required by an Applicable Order, not, and not permit any of its subsidiaries to, effect an Applicable Transfer (as defined below) of any of SES’s and its subsidiaries’ usage rights for C-band
downlink spectrum at 3.98–4.2 GHz. (the “SES Applicable Spectrum”) without Intelsat’s prior written consent, such consent not to be unreasonably withheld, conditioned or delayed; that SES will not be restricted
from granting any future monetization rights (including