Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 103

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 103
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 Intelsat and its subsidiaries (excluding any Excluded Liabilities), taken as a 69

whole; provided, however, that in no event, change, circumstance, occurrence or effect to the extent directly or indirectly resulting from, arising out of, attributable to, or relating to any of the following will be deemed to be or constitute a material adverse effect with respect to Intelsat or will be taken into account when determining whether a material adverse effect with respect to Intelsat has occurred or would occur:

| • |     | any changes in general economic or business conditions or in the financial, debt, banking, capital, credit or       
 securities markets, or in interest or exchange rates, in each case, in the United States or elsewhere in the world; |

| • |     | any failure, in and of itself, by Intelsat to meet any opinion, projection, forecast, statement, budget,                                                                                                                                                 
 estimate, advice or other similar information (including information with respect to the future revenues, earnings, results or operations (or any component thereof), cash flows, financial condition (or any component thereof) or future business and  
 operations, as well as any other business plan and cost-related plan information), made, communicated or furnished (orally or in writing), or to be made, communicated or furnished (orally or in writing), to SES or any of its affiliates or its       
 representatives (it being understood that the events, changes, circumstances, occurrences or effects giving rise to or contributing to such failure may be deemed to constitute or to be taken into account in determining whether there has occurred or 
 would reasonably be expected to occur a material adverse effect with respect to Intelsat to the extent such events, changes, circumstances, occurrences or effects are not otherwise excluded under the other clauses of the definition);                |

| • |     | the execution and delivery of the Share Purchase Agreement or the public announcement of the Transactions,                                                                                                                                   
 including (A) the impact thereof on the relationships, contractual or otherwise, of Intelsat or any of its subsidiaries with any customers, suppliers, distributors, partners, or employees and (B) the initiation of any claim or action by 
 any person or arising out of or relating to the Share Purchase Agreement;                                                                                                                                                                    |

| • |     | any change, in and of itself, in the market price or trading volume of Intelsat’s securities (it being                                            
 understood that the events, changes, circumstances, occurrence or effects are not otherwise excluded under the other clauses of this