Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 60

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 60
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 one of the Equity Incentive Plans outstanding 37

immediately prior to the Completion Date will, without any further action on the part of any holder thereof, be assumed by Penguin Solutions Delaware and converted into an option to purchase the
same number of shares of Penguin Solutions Delaware common stock, with the same exercise price, and an award of restricted shares, restricted share units, performance shares and performance share units denominated in the same number of shares of
Penguin Solutions Delaware common stock, as applicable. Subject to applicable laws, the converted options, restricted shares, restricted share units, performance shares and performance share unit awards shall continue to have, and shall be subject
to, the same terms and conditions (including any applicable vesting and change in control provisions) that applied to the Penguin Solutions Cayman options, restricted shares, restricted share units, performance shares and performance share units, as
applicable, immediately prior to the Completion Date. The Equity Incentive Plans will be amended as necessary to comply with Delaware law and give effect to the Transaction, including to provide (1) that Penguin Solutions Delaware common stock
will be issued, held, available for issuance or used to measure or satisfy benefits as appropriate under the Equity Incentive Plans, in substitution for Penguin Solutions Cayman ordinary shares; and (2) for the appropriate substitution of
Penguin Solutions Delaware for Penguin Solutions Cayman in the Equity Incentive Plans. The Transaction will not impact the terms and conditions of the awards or rights granted under the Equity Incentive Plans after the substitution of Penguin
Solutions Delaware for Penguin Solutions Cayman (including any applicable vesting and change in control provisions, provided that in no event shall the Transaction constitute a change in control for the purposes of such provisions).

Penguin Solutions Delaware intends to file post-effective amendments to certain effective registration statements of Penguin Solutions Cayman
concurrently with the completion of the Transaction in connection with its assumption of the existing obligations of Penguin Solutions Cayman in connection with awards and rights granted under the Equity Incentive Plans.

Credit Agreement and Convertible Notes

We do not believe that the Transaction will have any material effect on our Credit Agreement, dated as of February 7, 2022 (as amended,
amended and restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”) by and among Penguin Solutions Cayman, as parent borrower, SMART Modular Technologies, Inc., as co-borrower (“SMT”), the lenders from time to time party thereto and