Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 79

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 79
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 of execution of the Share Purchase Agreement), (iii) the
Liabilities Assumption would include substantially all of Intelsat’s liabilities other than certain specified liabilities, and (iv) a Proposed Transaction Expense Adjustment Threshold of $82 million, which would (a) include
Regulatory Expenses other than those incurred in connection with litigation related to the required regulatory approvals for the Transactions and (b) exclude severance payable to senior executives of Intelsat (other than Mr. Wajsgras) as a
result of termination of employment at or after the Closing.

The Intelsat Board met in Luxembourg on April 28, 2024, with members of
Intelsat’s senior management and representatives of PJT Partners, Skadden and Elvinger in attendance, to review the Transactions. At the meeting, Elvinger presented to the Intelsat Board on its duties under Luxembourg law with respect to the
Transactions. Following discussion, the Intelsat Board approved the Transactions and directed Intelsat senior management to finalize and execute the Share Purchase Agreement.

The SES Board met on April 29, 2024, with members of SES’s senior management and representatives of Guggenheim Securities, Morgan
Stanley and Gibson Dunn in attendance, to review the Transactions, during which the SES Board was apprised of its duties under Luxembourg law with respect to the Transactions. Following discussion, the SES Board approved the Transactions and
directed SES senior management to finalize and execute the Share Purchase Agreement.

Over the course of April 28 and April 29,
2024, the parties finalized the Share Purchase Agreement and other transaction documents. However, it remained unclear whether Intelsat would be able to deliver Support Agreements from holders of two-thirds of
Intelsat’s common shares, which SES would require before executing the Share Purchase Agreement.

Early in the morning on
April 30, 2024, Intelsat and SES executed and delivered the Share Purchase Agreement, and Intelsat, SES and certain Intelsat shareholders holding more than two-thirds of Intelsat’s common shares
executed and delivered the Support Agreements. SES and Intelsat announced the Transactions prior to the opening of European markets on April 30, 2024.

SES’s Reasons for the Transactions

The SES Board unanimously approved the Transactions and Share Purchase Agreement. The SES Board viewed favorably the business operations and
prospects of the Combined Group following the Closing, as described below, and took into account SES’s existing knowledge