Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 601

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 601
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 an original for all purposes.

[Signature page follows.]

A-84

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

| SES S.A.      |     |                                |
| By:           |     | /s/ Adel Al-Saleh              |
|               |     | Name: Adel Al-Saleh            |
|               |     | Title: Chief Executive Officer |
| INTELSAT S.A. |     |                                |
| By:           |     | /s/ David Wajsgras             |
|               |     | Name: David Wajsgras           |
|               |     | Title: Chief Executive Officer |

Signature Page to Share Purchase Agreement

CONTINGENT VALUE RIGHTS AGREEMENT

THIS CONTINGENT VALUE RIGHTS AGREEMENT (this “”) is entered into as of [●] [●], 202[●] (the
“”), by and among [●], as Rights Agent (the “”), and SES S.A., a sociétéanonyme existing under the laws of the Grand Duchy
of Luxembourg registered under number B81267 with the Luxembourg Registre de commerce et des sociétés(the “”).

RECITALS

WHEREAS, the
CVR Issuer and Intelsat S.A., a société anonyme existing under the laws of the Grand Duchy of Luxembourg registered under number B162135 with the Luxembourg Registre de commerce et des sociétés
(“”), have entered into a Share Purchase Agreement, dated as of April 30, 2024 (as amended, amended and restated or otherwise modified from time to time, the “”);

WHEREAS, pursuant to the Purchase Agreement, the CVR Issuer has agreed to issue the CVRs contemplated in this Agreement, on and subject to the
terms contained in this Agreement; and

WHEREAS, a registration statement on Form F-4
(No. [●]) with respect to the CVRs has been prepared and filed by the CVR Issuer with the U.S. Securities and Exchange Commission and has become effective in accordance with the Securities Act of 1933, as amended.

NOW, THEREFORE, in consideration of the foregoing and the consummation of the transactions contemplated by the Purchase Agreement, the CVR
Issuer and Rights Agent agree, for the equal and proportionate benefit of the holders of CVRs (collectively,