Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 122

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 122
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approved by at least 75% in nominal value of the ordinary shares and convertible preferred shares voted at the Scheme Meeting.

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NOTICE IS FURTHER GIVEN THATif approved at the Scheme Meeting, the Scheme of
Arrangement will be subject to a subsequent application seeking the sanction of the Cayman Court (the “Sanction Hearing”), which is listed to be heard at the Law Courts, George Town, Grand Cayman at 7:30 a.m. (Pacific Time in the
United States) (being 9:30 a.m. Cayman Islands Time) on June 25, 2025, or as soon as practicable thereafter as it may be heard.

Penguin Solutions Cayman shareholders have the right to attend and be heard at the Sanction Hearing, through legal counsel, to support or
oppose the sanction of the Scheme of Arrangement. If you are a Penguin Solutions Cayman shareholder who wishes to appear in person or by counsel at the Sanction Hearing and present evidence or arguments in support of or opposition to the Scheme of
Arrangement, please provide notice of your intention to do so to Penguin Solutions Cayman’s Cayman Islands legal advisers, Walkers (Cayman) LLP, at 190 Elgin Avenue, George Town, Grand Cayman
KY1-9001, Cayman Islands, at least three days before the Sanction Hearing.

Dated: May 2, 2025

PENGUIN SOLUTIONS, INC.

Registered Office:

Walkers Corporate Limited

190 Elgin Avenue

George Town

Grand Cayman
KY1-9008 Cayman Islands

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ANNEX B IN THE GRAND COURT OF THE CAYMAN ISLANDS FINANCIAL SERVICES DIVISION

| CAUSE NO: FSD 66 of 2025 (IKJ) |

IN THE MATTER OF SECTION 86 OF THE COMPANIES ACT (2025 REVISION) AND IN THE MATTER OF PENGUIN SOLUTIONS, INC. SCHEME OF ARRANGEMENT (under Section 86 of the Cayman Islands Companies Act (2025 Revision)) BETWEEN PENGUIN SOLUTIONS, INC. (an exempted company incorporated with limited liability and registered under the laws of the Cayman Islands with registration number 255221) AND THE SCHEME SHAREHOLDERS (as hereinafter defined) B-1

PART 1: PRELIMINARY

| 1. | DEFINITIONS |

| 1