Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 86

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 86
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 or otherwise vacates his or her office as a director during the Director Period, SKT and its affiliates that hold Penguin Solutions Delaware convertible preferred stock, acting together, will have the right to select a replacement Investor Designee subject to the requirements set forth above. Subject to compliance with the foregoing sentence, the Penguin Solutions Delaware Board will be required to appoint such replacement to serve the remaining term of the departing Investor Designee within 20 days following receipt of such replacement’s name and relevant background information. In addition, so long as any shares of Penguin Solutions Delaware convertible preferred stock remain outstanding, Penguin Solutions Delaware will not, without the prior written consent or affirmative vote of the holders of at least two-thirds(2/3rds) of the then-outstanding Penguin Solutions Delaware convertible preferred stock:

| • |     | amend, alter or repeal any provision of the Penguin Solutions Delaware amended and restated certificate of                                                                                                                                       
 incorporation (or any certificate of designation relating to any series of preferred stock), as then in effect, in a manner adverse to the powers, rights, preferences, restrictions or privileges of the Penguin Solutions Delaware convertible 
 preferred stock;                                                                                                                                                                                                                                 |

| • |     | (i) issue Penguin Solutions Delaware convertible preferred stock (or securities convertible into or exercisable                                                                                                                               
 or exchangeable therefore); (ii) increase the authorized number of Penguin Solutions Delaware convertible preferred stock; (iii) reclassify any Penguin Solutions Delaware common stock or preferred stock to give such shares priority as to 
 dividends, assets, or property superior to any existing series of preferred stock; or (iv) create, authorize, increase the authorized amount of, or issue (A) any class or series of shares that have, or any security convertible into or    
 exercisable or exchangeable for any class or series of shares where the underlying shares have, rights, preferences or privileges that are                                                                                                    |

56

| senior to, superior to, or on parity, in any respect, with the Penguin Solutions Delaware convertible preferred stock (other than solely because the Penguin Solutions Delaware convertible                                                               
 preferred stock vote with or participate in dividends and distributions with Penguin Solutions Delaware common stock on an as-converted basis) or (B) any class or series of shares that provide for, or any                                              
 security convertible into or exercisable or exchangeable for any class or series of shares where the underlying shares provide for, mandatory redemption or repurchase of such shares by Penguin Solutions Delaware (other than conversion of such shares 
 into Penguin Solutions Delaware common stock deemed to be a repurchase