Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 76

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 76
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 (other than double-trigger
severance payable to any Intelsat executive under the terms of his or her employment agreement) solely to the extent that the aggregate amount of such Third-Party Transaction Expense and Employee Transaction Payments were in excess of
$75 million (the “Transaction Expense Adjustment” and the “Proposed Transaction Expense Adjustment Threshold”, respectively); (ii) the Proposed Shareholder Vote Termination Fee would be removed if holders of two-thirds of Intelsat’s common shares executed a voting and support agreement; and (iii) SES would assume substantially all of Intelsat’s liabilities, other than liabilities arising from the Intelsat
shareholders agreement, the agreements governing Intelsat’s warrants or the liquidation expenses (the “Liabilities Assumption”).

Also on April 13, 2024, Gibson Dunn sent Skadden an initial draft of a form Support Agreement.

On April 17, 2024, Mr. O’Brien, Ms. Bryan, Mr. Orton, Mr. Potarazu and representatives of PJT Partners,
Guggenheim Securities, Skadden and Gibson Dunn met at Skadden’s Washington, D.C. offices to discuss the open Share Purchase Agreement issues, including the Proposed Transaction Expense Adjustment, the Proposed Shareholder Vote Termination Fee
and the Liabilities Assumption.

On April 20, 2024, Gibson Dunn sent a revised draft of the Share Purchase Agreement to Skadden
reflecting the following positions: (i) the inclusion of Regulatory Expenses in the Transaction Expense Adjustment; (ii) the exclusion of double-trigger severance payable to any Intelsat executive under the terms of his or her employment
agreement from the Transaction Expense Adjustment was subject to additional due diligence; (iii) a dollar-for-dollar purchase price adjustment for (1) any new
indebtedness incurred by Intelsat prior to the Closing, and (2) Intelsat’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.

52

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