Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 22

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 22
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56 of this prospectus.

Related Agreements

Intelsat Shareholder Support Agreements(See page 91)

In connection with the Share Purchase Agreement, the Supporting Shareholders entered into Support
Agreements substantially in the form attached hereto as , pursuant to which each Supporting Shareholder irrevocably and unconditionally agreed to affirmatively vote its Intelsat common shares in favor of the Intelsat Shareholder
Approval Resolutions. Each Supporting Shareholder also agreed to grant SES an irrevocably proxy, subject to the terms and conditions of the corresponding Support Agreement. In addition, pursuant to the Support Agreements, each Supporting Shareholder
agreed not to transfer any Intelsat common shares, subject to certain limited exceptions. Each Supporting Agreement will terminate upon the earlier of the Closing and the termination of the Share Purchase Agreement in accordance with its terms.
Based on information provided by the Supporting Shareholders to Intelsat as of the date of each applicable Support Agreement, such Supporting Shareholders beneficially own an aggregate of 49,839,902 Intelsat common shares that are subject to the
terms of the Support Agreements, representing approximately 73% of Intelsat common shares. Please see the section titled “Related Agreements — Intelsat Shareholder Support Agreements” beginning on page 91 for
further details.

CVR Agreement(See page B-1)

In connection with the Closing, SES and Equiniti Trust Company, LLC, as the Rights Agent, will enter into the CVR Agreement substantially in
the form included in this prospectus as , which will set forth the terms of the CVRs to be issued to Intelsat at the Closing and subsequently distributed to Intelsat’s shareholders (including holders of Intelsat’s vested RSUs
and PSUs) in connection with the Liquidation. Pursuant to the terms and conditions of the Share Purchase Agreement, the number of CVRs issued by SES at the Closing will be equal to the CVR Consideration.

14

The rights of the Holders will be limited to those expressly provided for in the CVR
Agreement. Holders will not, by virtue of their ownership of the CVRs, have the rights common to shareholders of SES, such as voting and dividend rights. Interest will not accrue on any distributions that may be payable to a Holder. No interest will
accrue on any amounts that may be payable to a Holder. The CVR payment, if any becomes due, is an