Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 24

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 24
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 Supporting Shareholder irrevocably and unconditionally agreed to affirmatively vote its Intelsat common shares in favor of the Intelsat Shareholder Approval Resolutions. Each Supporting Shareholder
also agreed to grant SES an irrevocably proxy, subject to the terms and conditions of the corresponding Support Agreement. In addition, pursuant to the Support Agreements, each Supporting Shareholder agreed not to transfer any Intelsat common
shares, subject to certain limited exceptions. Each Supporting Agreement will terminate upon the earlier of the Closing and the termination of the Share Purchase Agreement in accordance with its terms. Based on information provided by the Supporting
Shareholders to Intelsat as of the date of each applicable Support Agreement, such Supporting Shareholders beneficially own an aggregate of 49,839,902 Intelsat common shares that are subject to the terms of the Support Agreements, representing
approximately 73% of Intelsat common shares. Please see the section titled “Related Agreements — Intelsat Shareholder Support Agreements” beginning on page 91 for further details.

CVR Agreement(See page B-1)

In connection with the Closing, SES and Equiniti Trust Company, LLC, as the Rights Agent, will enter into the CVR Agreement substantially in
the form included in this prospectus as , which will set forth the terms of the CVRs to be issued to Intelsat at the Closing and subsequently distributed to Intelsat’s shareholders (including holders of Intelsat’s vested RSUs
and PSUs) in connection with the Liquidation. Pursuant to the terms and conditions of the Share Purchase Agreement, the number of CVRs issued by SES at the Closing will be equal to the CVR Consideration.

The rights of the Holders will be limited to those expressly provided for in the CVR Agreement. Holders will not, by virtue of their ownership
of the CVRs, have the rights common to shareholders of SES, such as

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voting and dividend rights. Interest will not accrue on any distributions that may be payable to a Holder. No interest will accrue on any amounts that may be payable to a Holder. The CVR payment,
if any becomes due, is an unsecured general obligation of SES.

The CVRs, and any beneficial interest thereof will be freely transferable
without the prior consent of SES. SES has no current plans to apply to list the CVRs on any stock exchange or on an over-the-counter market and is under no obligation to