Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 18

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 18
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) equal to the product of (A) the number of Intelsat common shares subject to such MC PSU immediately prior to the Closing based on the attainment of the actual level
of performance as measured immediately prior to the Closing by Intelsat’s board of directors (the “Intelsat Board”) or a committee thereof after giving effect to the consummation of the Transactions, multiplied by (B) the
per share cash consideration determined to be distributable to Intelsat’s shareholders in connection with the Liquidation, (ii) any accrued dividend equivalents attributable thereto and (iii) a number of CVRs (subject to reduction for
any required withholding tax) equal to the number of Intelsat common shares subject to such MC PSU immediately prior to the Closing after giving effect to the consummation of the Transactions.

At the Closing, each PSU that is not an MC PSU that is outstanding immediately prior to the Closing will, at the Closing, be automatically
cancelled and converted into the right to receive from Intelsat, in connection with the Liquidation, (i) cash (without interest, and subject to deduction for any required withholding tax) equal to the product of (A) the number of Intelsat
common shares subject to such PSU immediately prior to the Closing based on the attainment of the greater of the (x) target or (y) actual level of performance (as set forth in the applicable award document), as measured immediately prior
to the Closing by the Intelsat Board or a committee thereof, multiplied by (B) the per share cash consideration determined to be distributable to Intelsat’s shareholders in connection with the Liquidation, (ii) any accrued
dividend equivalents attributable thereto and (iii) a number of CVRs (subject to reduction for any required withholding tax) equal to the number of Intelsat common shares subject to such PSU immediately prior to the Closing based on the
attainment of the greater of the (A) target or (B) actual level of performance (as set forth in the applicable award document) as measured immediately prior to the Closing by the Intelsat Board or a committee thereof.

For further details on the treatment of RSUs and PSUs, please see the section titled “The Share Purchase Agreement —
Treatment of Intelsat RSUs and PSUs” beginning on page 66.

Required Shareholder Approval for the Consummation of the Transactions(See page 91)

Intelsat is required to use commercially reasonable efforts to take