Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 121

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 121
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 Plan”) providing for a minimum of $40 million of payments to retain employees of Intelsat and its subsidiaries, and SES will have the authority and discretion to determine all terms of the Intelsat Retention Plan and the recipients thereunder; provided that SES will consider in good faith the recommendation of Intelsat’s Chief Executive Officer with respect to the Intelsat Retention Plan prior to such determination. Financing Covenants Repurchase of Notes; Termination and Refinancing of Indebtedness Intelsat and SES agreed that SES may, in its sole discretion, deliver notice (the “Notes Repurchase Notice”) to Intelsat not less than 20 business days prior to the Closing of SES’s desire to redeem, repurchase, acquire or otherwise satisfy and discharge (any such transaction, a “Pre-ClosingNotes Repurchase”) all or part of Intelsat Jackson’s 6.500% First Lien Secured Notes due 2030 (the “Intelsat Jackson Notes”). If SES delivers a Notes Repurchase Notice, Intelsat has agreed to use its reasonable best efforts to, and to use its reasonable best efforts to cause its subsidiaries and representatives to, cause such Pre-ClosingNotes Repurchase to be effected on such terms and conditions and timing as set forth in the Notes Repurchase Notice, subject to SES providing all funds necessary to effect the Pre-ClosingNotes Repurchase and certain other terms and conditions of the Share Purchase Agreement. Intelsat has agreed to, and agreed to cause Intelsat Jackson to, deliver to SES prior to the Closing an executed customary payoff letter from the creditors in respect of the Credit Agreement, dated February 1, 2022, by and among Intelsat Jackson and certain other parties thereto and Barclays Bank PLC, as administrative agent and collateral agent, subject to the terms and conditions of the Share Purchase Agreement. If the Pre-ClosingNotes Repurchase is exercised in respect of all outstanding Intelsat Jackson Notes, Intelsat has agreed to, and agreed to cause Intelsat Jackson to, deliver customary evidence of the redemption of the Intelsat Jackson Notes on or prior to the Closing. If (i) a Pre-ClosingNotes Repurchase is exercised in respect of some but not all of the outstanding Intelsat Jackson Notes or no Pre-ClosingNotes Repurchase occurs and (ii) an investment grade event (as defined in the indenture to the Intelsat Jackson Notes, an “Investment Grade Event”) occurs with respect to