Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 152

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 152
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 or other property thereafter issuable or deliverable upon the conversion of the Convertible Preferred Stock. The Company (or any successor) shall, no less than fifteen (15) Business Days
prior to the occurrence of any Reorganization Event, provide written notice to the holders of Convertible Preferred Stock of the expected occurrence of such event and of the kind and amount of the cash, shares, securities or other property that each
share of Convertible Preferred Stock is expected to be convertible into under this . Failure to deliver such notice shall not affect the operation of this . The Company shall
not enter into any agreement for a transaction constituting a Reorganization Event unless, to the extent that the Company is not the

E-7

surviving corporation or company in such Reorganization Event, or will be dissolved in connection with such Reorganization Event, proper provision shall be made in the agreements governing such
Reorganization Event for the conversion of the Convertible Preferred Stock into the applicable securities of the person surviving such Reorganization Event, of the parent of such surviving person or of such other continuing entity in such
Reorganization Event and/or into the other applicable property receivable by holders of Common Stock upon the Reorganization Event. If the kind or amount of shares, securities, cash and other property receivable by holders of Common Stock upon the
Reorganization Event is not the same for each share of Common Stock held immediately prior to the Reorganization Event, then for purposes of this , the kind and amount of shares, securities, cash and other
property receivable upon conversion following the Reorganization Event will be deemed to be the weighted average of the types and amounts of consideration received by the holders of Common Stock.

4.8 . To the extent that any shareholder rights plan adopted by the Company is in effect upon conversion of the
Convertible Preferred Stock, the holders of Convertible Preferred Stock will receive, in addition to any shares of Common Stock due upon conversion, the appropriate number of rights, if any, under the applicable rights agreement (as the same may be
amended from time to time). However, if, prior to any conversion, the rights have separated from the shares of Common Stock in accordance with the provisions of the applicable shareholder rights plan, the Conversion Price will be adjusted at the
time of separation as if the Company distributed to all holders of Common Stock, shares or securities as described in , subject to readjustment in the event of the expiration, termination, repurchase or
redemption of such rights.

4.9 .