Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 576

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 576
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], as Rights Agent (the “”), and SES S.A., a sociétéanonyme existing under the laws of the Grand Duchy
of Luxembourg registered under number B81267 with the Luxembourg Registre de commerce et des sociétés(the “”).

RECITALS

WHEREAS, the
CVR Issuer and Intelsat S.A., a société anonyme existing under the laws of the Grand Duchy of Luxembourg registered under number B162135 with the Luxembourg Registre de commerce et des sociétés
(“”), have entered into a Share Purchase Agreement, dated as of April 30, 2024 (as amended, amended and restated or otherwise modified from time to time, the “”);

WHEREAS, pursuant to the Purchase Agreement, the CVR Issuer has agreed to issue the CVRs contemplated in this Agreement, on and subject to the
terms contained in this Agreement; and

WHEREAS, a registration statement on Form F-4
(No. [●]) with respect to the CVRs has been prepared and filed by the CVR Issuer with the U.S. Securities and Exchange Commission and has become effective in accordance with the Securities Act of 1933, as amended.

NOW, THEREFORE, in consideration of the foregoing and the consummation of the transactions contemplated by the Purchase Agreement, the CVR
Issuer and Rights Agent agree, for the equal and proportionate benefit of the holders of CVRs (collectively, the “”), as follows:

ARTICLE I

DEFINITIONS; CERTAIN RULES OF CONSTRUCTION

Section 1.1 . All capitalized terms used in this Agreement without definitions
shall have the respective meanings ascribed to them in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

“” means any claim, action, suit, inquiry, proceeding, audit or investigation by or before any Governmental Authority,
or any other arbitration, mediation or similar proceeding.

“” means, of any specified Entity, any other Entity
directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Entity. For purposes of this definition, “control,” as used with respect to any Entity, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of such Entity, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition and Agreement, the terms
“controlling,” “