Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 74

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 74
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 initial draft of the
Share Purchase Agreement. The initial draft of the Share Purchase Agreement included, among others, the following terms: (i) the purchase price would be reduced,
dollar-for-dollar, for any Intelsat shareholder dividends, repurchases or redemptions made since January 29, 2024, and that all such Intelsat shareholder dividends,
share repurchases or share redemptions would not exceed $500 million (the “Shareholder Return Adjustment” and the “Shareholder Return Cap”, respectively); (ii) the purchase price would be reduced, dollar-for-dollar, for any expenses of Intelsat payable to third parties prior to

50

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

the Closing in connection with the Transactions (the “Third-Party Transaction Expenses”) in excess of $75 million; (iii) the purchase price would be reduced, dollar-for-dollar, for certain payments to employees in connection with the Transactions (the “Employee Transaction Payments”), including severance; (iv) a
$200 million Proposed Regulatory Reverse Termination Fee; (v) a $300 million termination fee payable by Intelsat to SES in the event the Share Purchase Agreement is terminated due to the failure of the parties to obtain the Intelsat
shareholder approval (the “Proposed Shareholder Vote Termination Fee”); (vi) SES would not be required to take certain actions, or agree to certain terms, in connection with obtaining the required antitrust and telecommunication approvals
(such actions, the “Proposed Burdensome Conditions”); (vii) a provision that any liability or loss of Intelsat in excess of $300 million or a loss of revenue of Intelsat in excess of $150 million in any fiscal year, would be a
material adverse effect on Intelsat (the “Proposed MAE Trigger Provision”); (viii) the holders of two-thirds of Intelsat common shares would enter into voting and support agreements substantially
concurrently with the execution of the Share Purchase Agreement; and (ix) the Share Purchase Agreement would be governed by Luxembourg law. In addition, the draft Share Purchase Agreement did not include a “fiduciary out” for
Intelsat.

On March 21, 2024, the Intelsat Board discussed the March 19 Proposal and draft Share Purchase Agreement with Messrs.
Wajsgras and O’Brien, Ms. Bryan