Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 401

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 401
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—Emergence from Chapter 11 Proceedings and Other Related Matters of the 2022 Annual Report)to certain F-119

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

holders of allowed unsecured claims against Intelsat Jackson, and 10,103,703 Series B CVRs (as defined in Item 2, Note 2—Emergence from Chapter 11 Proceedings and Other Related Matters of
the 2022 Annual Report, and together with the Series A CVRs, the “CVRs”) to certain holders of allowed unsecured claims against Intelsat Jackson and Intelsat Connect. The CVRs may entitle holders to (i) an aggregate maximum of
$65 million (for Series A CVRs) and (ii) an aggregate maximum of $355 million (for Series B CVRs) in connection with certain consideration being actually received by Intelsat S.A. or its affiliates from a private, third-party entity
in connection with certain C-band clearing contracts and upon meeting the Minimum Payment Condition (as defined in the agreements governing the CVRs). As of Emergence, 15,323 of Series A CVRs and 15,323 of
Series B CVRs were held in escrow pending the resolution of certain disputed claims in connection with the bankruptcy proceedings. On July 3, 2023, all of the CVRs held in escrow were distributed to certain holders.

The CVRs were determined to have nominal value as of the Fresh Start Reporting Date. As of December 31, 2022, we determined the fair
value of the CVRs to be approximately $152.5 million, which was included within “Other long-term liabilities” in our consolidated balance sheets. During the year ended December 31, 2023, payments of $157.9 million were made
related to the CVRs. As of December 31, 2024, liabilities of $0.6 million and $1.8 million were included within “Accounts payable and accrued liabilities” and Other long-term liabilities,” respectively, in our
consolidated balance sheets related to dividend equivalents to be paid to holders of restricted stock awards. The change in fair value of the CVRs of $9.6 million for the year ended December 31, 2023 was included within “Other income
(expense), net” in our consolidated statements of operations.

Final Plan Releases and Exculpations

The Final