Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 79

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 79
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at’s delivery of a cash balance under $300 million at the Closing; (iv) a $300 million Proposed Shareholder Vote Termination Fee regardless of whether
holders of two-thirds of Intelsat’s common shares executed a voting and support agreement; and (v) the Liabilities Assumption would only include certain specified liabilities of Intelsat.

51

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Also on April 20, 2024, Skadden sent initial drafts of the Intelsat disclosure schedules
and the CVR Agreement to Gibson Dunn.

Between April 21, 2024 and April 28, 2024, Messrs. Wajsgras and O’Brien and Mss.
Bryan and Yoon and other Intelsat representatives, together from time to time with their advisors PJT Partners and Skadden, had multiple discussions with Messrs. Al-Saleh, Orton and Rubin and other SES
representatives, together from time to time with their advisors Guggenheim Securities and Gibson Dunn, to discuss and negotiate the open issues in the transaction documents, and the parties exchanged multiple drafts of the Share Purchase Agreement
and ancillary agreements, including the Intelsat disclosure schedules, the Support Agreements and the CVR Agreement. During this period, the parties agreed on certain terms, including the following, subject to resolution on all other open issues and
completion of definitive documentation: (i) a $300 million Proposed Shareholder Vote Termination Fee, (ii) the inclusion of a dollar-for-dollar purchase
price adjustment for Intelsat’s delivery of a net cash balance under $300 million at the Closing (taking into account indebtedness of Intelsat to the extent incurred after the date 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 PJ