Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 73

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 73
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 to third parties prior to

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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, PJT Partners and Skadden (Intelsat’s legal counsel in connection with the Proposed Acquisition). Following that discussion, the Intelsat Board’s consensus was that Mr. Wajsgras should send a
counter proposal to Mr. Al-Saleh setting forth, among other things, the following positions: (i) a $1 billion Shareholder Return Cap; (ii) certain expenses incurred in connection with
obtaining the required antitrust approvals (the “Regulatory Expenses”) would not be considered third-party transaction expenses for purposes of the related purchase price adjustment; (iii) severance payable to any Intelsat executive
under the terms of his or her employment agreement would not be considered Employee Transaction Payments for purposes of the related purchase