Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 125

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 125
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 of Penguin Solutions Delaware Stock to the Scheme Shareholders pursuant to the Scheme will not be                                                                                                                                          
 registered under the US Securities Act in reliance upon Section 3(a)(10) of the US Securities Act. Section 3(a)(10) of the US Securities Act exempts securities issued in exchange for one or more outstanding securities from the general              
 requirement of registration where the terms and conditions of the issuance and exchange of such securities have been approved by any court of competent jurisdiction, after a hearing upon the fairness of the terms and conditions of the issuance and 
 exchange at which all persons to whom such securities will be issued have a right to appear and to whom adequate notice of the hearing has been given. The parties intend to rely on the Section 3(a)(10) exemption under the US Securities Act in      
 entering into this Scheme and the parties shall so advise the Cayman Court.                                                                                                                                                                             |

B-5

PART 2: THE SCHEME

| 6. | APPLICATION AND EFFECTIVENESS OF THIS SCHEME |

| 6.1 | The compromise and arrangement effected by this Scheme shall apply to all Scheme Shares and shall be binding on 
 all Scheme Shareholders.                                                                                        |

| 6.2 | Subject to the Conditions having been first satisfied or, to the extent permitted by law, waived by Penguin                                                                                                                              
 Solutions Cayman, this Scheme shall become effective as soon as the Sanction Order (sanctioning the Scheme under Section 86 of the Cayman Companies Act) shall have been duly delivered to the Cayman Islands Registrar of Companies for 
 registration pursuant to Section 86(3) of the Cayman Companies Act, at which time this Scheme shall become effective in accordance with its terms.                                                                                       |

| 6.3 | Penguin Solutions Cayman shall give notification of this Scheme having become effective in accordance with its                                                                                                                          
 terms by providing notice to all holders of the Scheme Shares that exist immediately prior to the Effective Time, within 5 business days of the Effective Time having occurred. Such notice shall enclose a copy of the Sanction Order. |

| 6.4 | The terms of the Scheme will be implemented on the Completion Date, at which time the Scheme Shareholders will                                                                                                                                    
 transfer their Scheme Shares to Penguin Solutions Delaware and the Scheme Consideration will be issued to the Scheme Shareholders pursuant to Clause 7 (The Scheme and Scheme Consideration). Penguin Solutions Cayman shall give notification of 
 the implementation of the terms of the Scheme by providing notice to all Scheme Shareholders, within