Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 22

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 22
---
 Defense (“DCSA”); and (vii) the applicable waiting periods pursuant to Section 122.4(b) of the International Traffic in Arms Regulations (“ITAR”) administered by the U.S. Department of
State’s Directorate of Defense Trade Controls have elapsed (such approvals and waiting periods set forth in clauses (i) through (vii), collectively, the “Regulatory Approvals”). On May 24, 2024, both Intelsat and SES filed
their respective notification and report forms under the HSR Act (each, an “HSR Filing”). On June 24, 2024, Intelsat and SES each received a request for additional information, often referred to as a “second request,” from
the Department of Justice (“DOJ”) under the HSR Act. As of the date of this prospectus, certain Required Regulatory Approvals have been received, including the applicable approval by CFIUS, which was received on August 26, 2024.
Please see the section titled “The Share Purchase Agreement — Efforts to Complete the Acquisition” beginning on page 74 for further details.

Termination

Termination of the Share Purchase Agreement(See page 82)

SES or Intelsat may terminate the Share Purchase Agreement by
mutual written consent or upon the occurrence of certain events as more fully described in the section titled “The Share Purchase Agreement — Terminationof theShare Purchase Agreement” beginning on
page 82.

Termination Fees and Commercial Agreement(See page 83)

Upon termination of the Share Purchase Agreement, (i) the terminating party may be required to pay a termination fee in the form of a cash
amount equal to $300 million to the non-terminating party if certain covenants or agreements in the Share Purchase Agreement are not performed or are breached (the “Breach Termination Fee”) such
that such non-performance or breach causes a related condition to the Closing to fail, or if all conditions to the Closing are otherwise satisfied and the non-terminating party refuses to consummate the
Transactions, (ii) Intelsat may be required to pay a termination fee in the form of a cash amount equal to $300 million to SES if the Intelsat Shareholder Approval is not obtained (the “Vote Condition Termination Fee”), (iii) SES
may be required to pay a termination fee in the form of a cash amount equal to $250 million (the “Regulatory Condition Termination Fee” and together with the Bre