Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 16

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 16
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elsat’s shareholders in the Liquidation) and any liabilities arising under the Intelsat
Shareholders’ Agreement, the Intelsat Registration Rights Agreement, the Intelsat Warrant Agreements, the Legacy CVR Agreements (as defined below) and certain other excluded liabilities (such assumed liabilities, the “Assumed
Liabilities”).

Consideration for the Acquisition(See page 66)

At the Closing, in exchange for the sale, transfer and delivery of the Transferred Shares and the Transferred Assets, SES will (i) deliver
aggregate consideration equal to (a) aggregate cash consideration of $3.1 billion (the “Closing Cash Consideration”), (b) a maximum of approximately 70,932,665 CVRs equal to the CVR Consideration (as defined below), and (c) the
Applicable Spectrum Additional Consideration (as defined below), if any, and (ii) assume and agree to pay, perform and fulfill all of the Assumed Liabilities, in each case, as applicable and as may be adjusted pursuant and subject to the terms
and conditions of the Share Purchase Agreement (such consideration described in clauses (i) and (ii), collectively, the “Acquisition Consideration”).

The Closing Cash Consideration is subject to negative adjustments for (i) the aggregate dollar amount of all cash dividends or other cash
distributions on or with respect to, and repurchases, redemptions or other acquisitions of, Intelsat’s equity securities (including Intelsat’s common shares, RSUs, PSUs and warrants), other than the net settlement of any such RSUs or PSUs
in the ordinary course of business prior to the Closing, made by Intelsat or any of its subsidiaries (any such dividend, distribution, repurchase, redemption or acquisition, a “Shareholder Return”) at any time after January 29, 2024
(such aggregate dollar amount, the “Aggregate Shareholder Returns”), (ii) the amount, if any, by which certain of Intelsat’s transaction expenses excluding certain antitrust-related litigation expenses exceeds $82 million (such
amount, the “Closing Transaction Expenses Overage”) and (iii) the amount, if any, by which a cash target of $300 million, subject to upward adjustment for certain withholding taxes, exceeds Intelsat’s net cash at Closing
(such amount, the “Closing Net Cash Underage”). On September 27, 2024, Intelsat issued a distribution of