Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 42

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 42
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 In connection with giving their approval or consent to the Acquisition, applicable regulatory authorities could impose conditions on SES and Intelsat. Conditions imposed by regulatory authorities could impair the operation of the Combined Group or impact the value of the CVRs and, as a result, adversely affect the ability of the Combined Group to make payments under the CVRs. The FCC’s current C-band proceeding could impact the value of the CVRs. On February 27, 2025, the FCC adopted a Notice of Inquiry (“NOI”) seeking comment on whether to make some or all of the 3.98-4.2 GHz portion of the C-band available for more intensive use, which may be terrestrial, satellite-based, or a combination thereof. SES and Intelsat are each still in the process of analyzing the impact of the NOI and may file comments on it with the FCC. We can provide no assurances as to the outcome of this proceeding, including whether it will ultimately result in an order that changes the rights of SES and Intelsat or the Combined Group to use or monetize the C-band spectrum, or whether it will provide for any auction of C-bandspectrum or the receipt of proceeds by SES, Intelsat, or the Combined Group in connection with any such auction. The action taken by the FCC in this proceeding could affect the value of the CVRs. The timing and outcome of the FCC proceeding is outside the control of SES and Intelsat. 31

The amount of Applicable Expenses incurred by SES in connection with an event of Qualified Monetization may significantly reduce any payment on the CVRs.

The aggregate amount payable to Holders in connection with any
event of Qualified Monetization (as defined below) will be reduced by the amount of Applicable Expenses (as defined below) incurred by SES in connection with such event of Qualified Monetization (including any Tax Costs (as defined below)), and,
therefore, the payments actually received by a Holder may be significantly less than such Holder’s pro rata portion of the Gross Proceeds received by SES.

The U.S. federal income tax treatment of the CVRs is uncertain.

The U.S. federal income tax treatment of the CVRs is uncertain. There is no authority directly addressing the U.S. federal income tax treatment
of receiving payments on the CVRs and, therefore, the amount, timing and character of any gain, income or loss with respect to the CVRs is uncertain. For example, payments with respect to the CVRs could be treated