Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 97

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 97
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 clauses (i) and (ii), collectively, the “Acquisition Consideration”).

The Closing Cash Consideration is subject to negative adjustments for (i) the Aggregate Shareholder Returns (provided that if an
Applicable Order is adopted, enacted or promulgated after the date of the Share Purchase Agreement and prior to Closing and results in Intelsat or any of its subsidiaries receiving Net Proceeds prior to Closing, Aggregate Shareholder Returns will
not include the dividend or distribution of an amount equal to 42.5% of such Net Proceeds (such amount, the “Applicable Intelsat Spectrum Proceeds”); provided, further, Aggregate Shareholder Returns will not include any dividends or
dividend equivalents accrued by holders of RSUs or PSUs prior to January 29, 2024 and distributed to such holders following such date upon the vesting thereof (“Exempted Distributions”)), (ii) the Closing Transaction Expenses Overage
and (iii) Closing Net Cash Underage. On September 27, 2024, Intelsat issued a distribution of $500 million out of Intelsat’s share premium to Intelsat shareholders. As a result of such distribution, the Closing Cash Consideration
payable by SES in connection with the Acquisition as of the date of this prospectus has been reduced to $2.6 billion.

The CVR
Consideration will be equal to the (i) the aggregate number of Intelsat’s common shares outstanding as of immediately prior to the Closing plus (ii) the aggregate number of Intelsat’s common shares issuable upon the exercise in
full of all PSUs outstanding as of immediately prior to the Closing in accordance with the terms and conditions of the Share Purchase Agreement plus (iii) the aggregate number of Intelsat’s common shares issuable upon the exercise in full
of all RSUs outstanding as of immediately prior to the Closing (such aggregate amount of clauses (i) through (iii), the “Fully Diluted Share Number”).

Treatment of Intelsat RSUs and PSUs

At
the Closing, subject to the terms and conditions of the Share Purchase Agreement, each RSU that is outstanding immediately prior to the Closing will 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