Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 104

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 104
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 70

any decree, order, directive or guideline issued by a governmental authority or (iv) with the prior written consent of SES (which consent will not be unreasonably withheld, conditioned or delayed), (A) Intelsat has agreed to use commercially reasonable efforts to (1) conduct the business in the ordinary course of business in all material respects, (2) keep available the services of its current officers, material employees and material consultants, (3) preserve its current relationships with material customers, material suppliers and other persons with which it has material business relations, and (B) Intelsat has agreed not to:

| • |     | amend its organizational or governing documents; |

| • |     | sell, issue, grant or authorize the sale, issuance or grant of: (i) any equity securities of the Intelsat                                                                                 
 Group, and (ii) until receipt of the Intelsat Shareholder Approval, any voting equity securities or equity securities convertible, exercisable into voting equity securities of Intelsat; |

| • |     | sell, transfer, license, dispose of or subject to any encumbrance any properties or assets, other than in certain 
 limited circumstances as described in the Share Purchase Agreement;                                               |

| • |     | repurchase, redeem, or acquire, directly or indirectly, any of its equity securities, other than, among other                                                                                                                           
 limited exceptions, the (i) repurchase of Intelsat RSUs or PSUs in respect of a net settlement in the ordinary course of business and (ii) repurchases or redemptions (together with any dividends or distributions declared or made on 
 Intelsat’s equity securities) that do not exceed $750 million in the aggregate;                                                                                                                                                         |

| • |     | declare, set aside, make or pay any dividend or other distribution on or with respect to any of Intelsat’s                                                                                                                                     
 share capital or other equity or ownership interests, other than (i) in dividends or distributions between wholly-owned subsidiaries of Holdings that are not reasonably expected to give rise to withholding tax liability, (ii) dividends or 
 distributions of Applicable Intelsat Spectrum Proceeds on or with respect to Intelsat’s equity securities, (iii) any Exempted Distributions and (iv) cash dividends or cash distributions (other than dividends or distributions of            
 Applicable Intelsat Spectrum Proceeds) on or with respect to Intelsat’s equity securities, provided that such dividends or distributions (together with