Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 76

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 76
---
 that no such shareholder return would result in Intelsat holding a cash
balance of less than $300 million; (iv) a $250 million Proposed Regulatory Reverse Termination Fee, together with a commercial agreement to be entered into between the parties in the event the Share Purchase Agreement is terminated
under circumstances, among others, in which SES would owe the Proposed Regulatory Reverse Termination Fee; (v) the scope of Proposed Burdensome Conditions; (vi) no Proposed MAE Trigger Provision; (vii) the Share Purchase Agreement
would not include a “fiduciary out” for Intelsat; (viii) the Share Purchase Agreement would be governed by Luxembourg law, except that any action by a party to specifically enforce the terms of the Share Purchase Agreement would be
governed by New York law; and (ix) Intelsat and SES would seek voting and support agreements from holders of two-thirds of Intelsat’s common shares, which SES maintained it would require prior to the
execution of the Share Purchase Agreement.

However, a number of key open issues remained, and the likelihood of reaching agreement on the
Proposed Acquisition remained highly uncertain, particularly in light of the lack of exclusivity, the fact that discussions for the Initial Proposed Transaction had terminated after advanced negotiations, and the uncertainty as to whether holders of
two-thirds of Intelsat’s common shares would enter into Support Agreements.

On
April 13, 2024, Skadden sent Gibson Dunn a revised draft of the Share Purchase Agreement reflecting the parties’ agreement to the terms described above, as well as, among others, the following positions: (i) the purchase price would
be reduced dollar-for-dollar, for any Third-Party Transaction Expenses (other than Regulatory Expenses) and any Employee Transaction Payments (other than double-trigger
severance payable to any Intelsat executive under the terms of his or her employment agreement) solely to the extent that the aggregate amount of such Third-Party Transaction Expense and Employee Transaction Payments were in excess of
$75 million (the “Transaction Expense Adjustment” and the “Proposed Transaction Expense Adjustment Threshold”, respectively); (ii) the Proposed Shareholder Vote Termination Fee would be removed if holders of two-thirds of Intelsat’s common shares executed a voting and support agreement; and (iii) SES would assume substantially all of Intelsat’s liabilities, other than liabilities arising from the Intelsat
shareholders agreement, the agreements governing Intelsat’s warrants or the liquidation