Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 101

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 101
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, combine, split, subdivide or redeem, or purchase or otherwise acquire, directly or indirectly, any of                      
 Intelsat’s share capital or other equity or ownership interest, or make any other change with respect to Intelsat’s capital structure; |

| • |     | (i) acquire any interests in any entity or division thereof or any material amount of assets, other than                                                                                                                           
 (A) transactions among wholly-owned subsidiaries or (B) in connection with the formation of a wholly-owned subsidiary, or (ii) enter into any joint venture, partnership, strategic alliance, collaboration, consortium or similar 
 arrangement, other than joint ventures, partnerships, strategic alliances, collaborations, consortiums or similar arrangements;                                                                                                    |

| • |     | except for as contemplated in the Intelsat Shareholder Approval, adopt a plan of complete or partial liquidation,                                           
 dissolution, merger, consolidation, restructuring, recapitalization or other reorganization of Intelsat, or otherwise alter Intelsat’s corporate structure; |

| • |     | make any loans, advances or capital contributions to, or investments in, any other person, or amend, waive, 
 modify or consent to the termination of any material indebtedness contract;                                 |

| • |     | amend, waive, modify or consent to the termination of any Intelsat material contract, or amend, waive or modify 
 or consent to the termination of any of Intelsat’s or such subsidiaries material rights thereunder;             |

| • |     | decommission, re-orbit or dispose of any Intelsat satellite with an                                                                      
 aggregate value exceeding $50 million, other than in the case of (i) a commercial transaction or (ii) certain operational circumstances; |

| • |     | authorize, or make any commitment with respect to any capital expenditures of the type set forth in     
 Intelsat’s disclosure schedules to the Share Purchase Agreement in a manner not reflected in Intelsat’s |

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| disclosure schedules to the Share Purchase Agreement, including reallocating the amount of any proposed capital expenditure included therein, other than expenditures are not in excess of (i)     
 $50,000,000 in the aggregate if the Closing occurs on or before October 30, 2025, or (ii) $75,000,000 in the aggregate if the Closing occurs after October 30, 2025, and other limited exceptions; |

| • |     | except as contemplated by the Intelsat Retention Plan (as