Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 15

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 15
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Termination Fee (as defined below) to the non-terminating party, Intelsat may be required to pay SES a $300 million Vote Condition Termination Fee (as defined below), and SES may be required to pay
Intelsat a $250 million Regulatory Condition Termination Fee (as defined below). For a more detailed description of the Termination Fees and the circumstances under which they may be payable, please see the section titled “The Share Purchase Agreement —Termination Fees and Commercial Agreement” beginning on page 83.

Q: What are the material U.S. federal income tax considerations of the Acquisition and the Liquidation to U.S. Holders of Intelsat common shares that receive cash and CVRs?

A:A U.S. Holder (as defined in the section titled “U.S. Federal Income Tax Considerations of the Transactions”) does
not participate in any exchange pursuant to the Acquisition; therefore such U.S. Holder will not realize any gain or loss for U.S. federal income tax purposes as a result of the Acquisition. As a result of the Liquidation, for U.S. federal income
tax purposes, each U.S. Holder will be treated as receiving, in a taxable transaction, a distribution of cash and CVRs in complete liquidation of Intelsat as full payment in exchange for such U.S. Holder’s Intelsat common shares. A U.S. Holder
generally will recognize gain or loss on an exchange of Intelsat common shares for the cash and CVRs distributed pursuant to the Liquidation, in an amount equal to the difference, if any, between (i) the amount of cash received plus the fair
market value (determined as of the time at which the Liquidation is effective) of any CVRs received and (ii) such U.S. Holder’s adjusted tax basis in the Intelsat common shares deemed exchanged in the complete liquidation. Because
individual circumstances may differ, each holder is strongly recommended to consult its tax advisor to fully understand the tax considerations of the Acquisition and the Liquidation to such U.S. Holder in light of its particular circumstances. See
“U.S. Federal Income Tax Considerations of the Transactions” beginning on page 94 for a more detailed explanation.

Q: When will Intelsat’s shareholders receive the Acquisition Consideration in connection with the Liquidation?

A:It is expected that a significant portion of the Acquisition Consideration (including all of the CVRs) will be
distributed to Intelsat’s shareholders promptly