Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 144

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 144
---
 each person to which any of such applicable Intelsat common shares or any interest in any of such Intelsat common shares is transferred will have executed and delivered to 
 SES a joinder agreement binding such person to the terms and provisions of the corresponding Support Agreement.                                                                                                                                    |

The PIMCO Funds Support Agreement contains additional exceptions to the lock-upprovision. Termination The Support Agreements will terminate on the earliest to occur of (i) the termination of the Share Purchase Agreement in accordance with its terms; (ii) the Closing; (iii) the effectiveness of any amendment, modification or waiver to the Share Purchase Agreement, without the prior written consent of a majority of the Supporting 91

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Shareholders holding the applicable Intelsat common shares that (A) reduces the consideration to be paid to Intelsat in connection with the Transactions, (B) changes the form of
consideration payable in the connection with the Transactions, (C) extends the Outside Date or extensions thereof, or (D) otherwise amends the Share Purchase Agreement or any document or agreement referenced in the Share Purchase
Agreement, in a manner that would be adverse to the Supporting Shareholders in any material respect; (iv) waiver of certain conditions to the consummation of the Transactions as set forth in the Support Agreements; (v) a material breach by
SES of any of its representations, warranties, covenants or agreements contained in the Support Agreements or the Share Purchase Agreement, subject to certain limitations in the Support Agreements; (vi) the enaction or issuance of a law after
the date of the Support Agreements which has the effect of enjoining, restraining, making illegal or otherwise prohibiting the consummation of the Transactions; and (vii) the mutual written consent of the parties.

92

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 U.S. FEDERAL INCOME TAX CONSIDERATIONS OF THE TRANSACTIONS The following discussion is a general summary of U.S. federal income tax considerations relating to the Transactions that are relevant to a U.S. Holder of Intelsat common shares whose equity securities are exchanged for cash and CVRs pursuant to the Liquidation. This discussion is for general informational purposes only and is not to be construed as tax advice. Each U.S. Holder is urged to consult its tax advisor as