Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 125

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 125
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 Approval, a Required                                                                                                                                               
 Telecommunication Approval that is a consent or a Required FDI Approval, or in any other jurisdiction that is material to the Combined Group, having issued an order or taken any other action having the effect of permanently restraining, enjoining or 
 otherwise prohibiting the Transactions, which such order or other action has become final and non-appealable; provided, further, however, that the Share Purchase Agreement may not be terminated if the failure                                          
 of the party requesting termination to fulfill any obligation under the Share Purchase Agreement is the primary cause of, or primarily results in, the issuance of such final and non-appealable order or taking                                          
 of such other action;                                                                                                                                                                                                                                     |

| • |     | all of the Closing conditions for the other party have been satisfied, and such first party has irrevocably                                                                                                              
 confirmed in writing at least three business days prior to such termination that it stands ready, willing and able to consummate the Closing and such other party has failed (for any reason) to consummate the Closing. |

82

Termination Fees and Commercial Agreement

If the Share Purchase Agreement is validly terminated by Intelsat or SES (such terminating party, the “Terminating Party” and, such non-terminating party, the “Non-Terminating Party”) pursuant to (i) a material breach of a covenant, (ii) the failure of the
Non-Terminating Party to close at a time when all applicable conditions have been satisfied or waived (other than any such condition the failure of which to be satisfied has been caused by or results from a
breach by the Non-Terminating Party of any of its obligations under the Share Purchase Agreement), (iii) the expiration of the Outside Date if the Terminating Party could have terminated under foregoing
clauses (i) or (ii) at such time, or (iv) the issuance of an order or any other action by any governmental authority in any jurisdiction for which there is a Required Antitrust Approval, a Required Telecommunication Approval that is a
consent or a Required FDI Approval, or in any other jurisdiction that is material to the Combined Group, that has the effect of permanently restraining, enjoining or otherwise prohibiting the Transactions, which such order or other action has become
final and non-appealable, if the Terminating Party could have terminated under foregoing clauses (i) or (ii) at such time (each a “Breach Termination”) pursuant to the terms