Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 92

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 92
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. O’Brien may (but are not obligated to) individually agree in writing with SES to waive their respective right to resign for
“Good Reason” under clause (i) of the definition of Good Reason in their respective employment agreements, and in the event of any such agreement between any such individual and SES, the Good Reason Acknowledgement will not apply to
such individual.

Annual Bonus Treatment

To the extent the Closing occurs prior to the end of Intelsat’s applicable fiscal year or prior to the payment of such annual incentive
bonuses, the parties intend that such annual incentive bonus be paid out in an amount that is no less than the sum of (i) the pro-rata portion of such annual incentive bonus that such Intelsat employee
would have been entitled to receive under the applicable annual incentive plan determined based on the attainment of the actual level of achievement of the applicable performance criteria as determined by the Intelsat Board or a committee thereof
through the end of the quarter in progress as of the Closing, and pro-rated based on the number of days in the applicable portion of the performance period that have elapsed through the end of the quarter in
progress as of the Closing (the “Pre-Closing Annual Bonus”), and (ii) the annual incentive bonus earned by such Intelsat employee for the period commencing on the first day of the next quarter
following the Closing through the remainder of the appliable fiscal year, based on actual performance as determined reasonably and in good faith by the SES Board or a committee thereof based on the attainment of the actual level of the applicable
performance criteria (as adjusted for the Transactions). In the event that the employment of an Intelsat employee is terminated by SES or Intelsat without “cause” (as defined in the Intelsat equity plan) after the Closing but prior to the
payment of the annual incentive bonus (if any), Intelsat will pay to such Intelsat employee the Pre-Closing Annual Bonus.

280G Mitigation Actions

In connection
with the Transactions, Intelsat may take certain tax-planning actions to mitigate any adverse tax consequences under the “golden parachute” provisions of Sections 280G and 4999 of the Code
that could arise in connection with the completion of the Transactions. The tax-planning and mitigation actions may include accelerating payments that would have vested and otherwise become payable in calendar
year 2025 or later in the ordinary course of business and obtaining third party valuation of restrictive covenants.

SES will cooperate in