Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 425

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 425
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 of expenditures remaining under our existing commitments. (c) Satellite Performance Incentive Obligations Satellite construction contracts also typically require that we make orbital incentive payments (plus interest as defined in each agreement with the satellite manufacturer) over the orbital life of the satellite. The incentive F-159

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

obligations may be subject to reduction or refund if the satellite fails to meet specific technical operating standards. As of December 31, 2023, we had $149.9 million of satellite
performance incentive obligations, including future interest payments, for satellites currently in orbit.

Note 15—Contingencies

SES Claim

On July 14, 2020,
SES Americom, Inc. (“SES”) filed a proof of claim in the Bankruptcy Court in the amount of $1.8 billion against each of the Debtors. The SES claim asserted that the Debtors owe money (or would owe money) to SES pursuant to certain
contractual and fiduciary obligations made in the context of the consortium agreement entered into in September of 2018 among Intelsat US LLC, SES, and other satellite operators (the “Consortium Agreement”). SES claimed that it was
entitled to 50% of the combined payments that may eventually be payable to the Debtors and SES pursuant to the FCC Final Order, which provides for ARPs subject to the satisfaction of certain deadlines and other conditions set forth therein. The
proof of claim also alleged breach of fiduciary duties and unjust enrichment and sought monetary and punitive damages. Intelsat filed an objection to the proof of claim and has vigorously litigated our position. SES also filed an objection to the
Debtors’ Plan in connection with the confirmation hearing. Intelsat settled SES’s Plan objection and as part of the settlement SES agreed to: (1) eliminate any punitive damage claims; (2) limit their breach of contract and unjust
enrichment claims to three Debtor entities; and (3) limit damages under their “constructive trust” theory to a maximum of $200.0 million, even if SES won.

A trial before the Bankruptcy Court was held in February of 2022, and on September 30, 2022, the Bankruptcy Court ruled in the
Debtors’ favor on all relevant issues, awarding SES nothing. The Debtors had accrued an estimate of this liability in accordance