Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 94

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 94
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 insurance coverage for a period of six years following the Closing.

62

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

The Liquidation

The Liquidation will open effective as of the Closing. It is expected that a significant portion of the Acquisition Consideration (including
all of the CVRs) will be distributed to Intelsat’s shareholders (including holders of Intelsat’s vested RSUs and PSUs) promptly following the Closing as part of the Liquidation. The Closing Cash Consideration distributable to
Intelsat’s shareholders (including holders of Intelsat’s vested RSUs and PSUs) will be reduced by the $500 million distribution out of Intelsat’s share premium to Intelsat shareholders on September 27, 2024, and amounts payable in
respect of Intelsat’s outstanding warrants, which will expire, terminate and become void at the Closing and represent only the right to receive the “Black-Scholes” value of the outstanding Intelsat warrants, which value will be
determined by a third-party valuation firm in accordance with the applicable warrant agreements and paid to the holders of Intelsat warrants in cash. In addition, a portion of the Closing Cash Consideration will be held back for the duration of the
Liquidation to satisfy any remaining liabilities of Intelsat and to cover the costs of winding up the affairs of Intelsat. Once the Liquidation has been completed, any remaining Closing Cash Consideration held by Intelsat will be distributed to
Intelsat’s shareholders (including holders of Intelsat’s vested RSUs and PSUs).

63

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

THE SHARE PURCHASE AGREEMENT

The following summary sets forth the material provisions of the Share Purchase Agreement, a copy of which is attached as Annex Ato this prospectus and is incorporated by reference herein. The rights and obligations of the parties are governed by the express terms and conditions of the Share Purchase Agreement and not by this summary. This summary is not complete and is qualified in its entirety by reference to the complete text of the Share Purchase Agreement. You are encouraged to read the Share Purchase Agreement carefully in its entirety, as well as this prospectus and any documents incorporated by reference herein. This section is not intended to provide you with any factual information about either Intelsat or SES.

The Share Purchase Agreement and the Acquisition