Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 46

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 46
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 regulations of the United States and any other jurisdiction in which the Acquisition may be subject to review. In connection with giving their approval or consent to the Acquisition, applicable regulatory authorities could impose conditions on SES and Intelsat. Conditions imposed by regulatory authorities could impair the operation of the Combined Group or impact the value of the CVRs and, as a result, adversely affect the ability of the Combined Group to make payments under the CVRs. The amount of Applicable Expenses incurred by SES in connection with an event of Qualified Monetization may significantly reduce any payment on the CVRs. The aggregate amount payable to Holders in connection with any event of Qualified Monetization (as defined below) will be reduced by the amount of Applicable Expenses (as defined below) incurred by SES in connection with such event of Qualified Monetization (including any Tax Costs (as defined below)), and, therefore, the payments actually received by a Holder may be significantly less than such Holder’s pro rata portion of the Gross Proceeds received by SES. The U.S. federal income tax treatment of the CVRs is uncertain. The U.S. federal income tax treatment of the CVRs is uncertain. There is no authority directly addressing the U.S. federal income tax treatment of receiving payments on the CVRs and, therefore, the amount, timing and 30

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

character of any gain, income or loss with respect to the CVRs is uncertain. For example, payments with respect to the CVRs could be treated as payments with respect to a sale or exchange of a
capital asset or as giving rise to ordinary income. In addition, it is unclear how a U.S. Holder of the CVRs would recover its adjusted tax basis with respect to payments thereon. It is also possible that, were a payment to be treated as being with
respect to the sale of a capital asset, a portion of such payment would constitute imputed interest.

Accordingly, there will be some
uncertainty as to the amount, timing and character of any gain or loss recognized by a Holder. For a more detailed summary of the U.S. federal income tax treatment of the CVRs, see “U.S. Federal Income Tax Considerations of the Transactions —U.S. Federal Income Tax Considerations of the Ownership and Disposition of CVRs” beginning on page 93 of this prospectus.

RISKS RELATING TO SES’S BUSINESS

SES