Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 86

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 86
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 agreement, including the following:                                                                   |

| • |     | the limited number of closing conditions included in the Share Purchase Agreement, including the absence of a                                                                               
 financing condition or similar contingency that is based on SES’ ability to obtain financing as well as the likelihood of satisfaction of all conditions to completion of the Transactions; |

| • |     | the requirement of the parties to use reasonable best efforts to obtain approvals or clearances by applicable                                                                                                                                        
 governmental authorities, including by divesting assets, holding assets separate or otherwise taking any other action necessary to obtain such approvals or clearances, except to the extent that the taking of any such actions would reasonably be 
 expected to result in certain burdensome conditions;                                                                                                                                                                                                 |

| • |     | the requirement that, in the event of the termination of the Share Purchase Agreement in certain circumstances                    
 due to the parties’ failure to obtain all required regulatory approvals, SES will pay Intelsat a termination fee of $250 million; |

| • |     | the requirement that, in the event of the termination of the Share Purchase Agreement under certain                                     
 circumstances, SES will enter into the Commercial Agreement on terms that are, in the Intelsat Board’s view, favorable to Intelsat; and |

| • |     | the Outside Date (as defined below) under the Share Purchase Agreement, after which Intelsat or SES subject to               
 specified exceptions, may terminate the Share Purchase Agreement, allows for sufficient time to consummate the Transactions. |

The Intelsat Board also identified and considered certain potentially negative factors in its deliberations to be balanced against the positive factors, including:

| • |     | the fact that Intelsat’s shareholders will lose the opportunity to realize additional potential long-term                                                                   
 value through Intelsat’s successful execution as a standalone company, and will not benefit from increases, if any, in the value of Intelsat’s common shares in the future; |

| • |     | the risk that the CVRs may yield little or no value for Intelsat shareholders or that transactions which would                                                                                                                                           
 trigger payments pursuant to the CVRs do not occur before the applicable CVR Outside Date (as defined below) under the CVR Agreement, thereby causing Intelsat shareholders not to receive value that could otherwise be obtained from the CVRs (and the 
 fact that the holders of the CVRs will generally have no control over the spectrum monetization efforts undertaken by SES);                                                                                                                              |

56

Confidential Treatment Requested by SES Pursuant to