Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 160

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 160
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 or (iv) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.
Such notices to the transfer agent of the Company (if not the Company) must be sent to Computershare Trust Company, N.A. at PO Box 43006 Providence, Rhode Island 02940-3006 or such other address for the transfer agent as the Company may specify by
notice to the holders of the Convertible Preferred Stock.

10. Cash Payments. All cash payments made hereunder shall
be made in U.S. dollars.

11. Ranking. With respect to the payment of dividends and distribution of assets upon any
Liquidation Trigger Event, all Convertible Preferred Stock shall rank senior to Common Stock and all other Junior Shares and pari passu with any Parity Shares.

12. Definitions. As used in this Certificate of Designation:

“” means as of any date with respect to any share of Convertible Preferred Stock, the Original Issue
Price thereof, plus accumulated Compounded Dividends thereon.

“” means a day on which commercial banking
institutions in New York, New York, San Jose, California and Seoul, the Republic of Korea are open for business.

“” means, at any time, with respect to any holder of Convertible Preferred Stock, the maximum number of shares of Common Stock that may be issued to such holder if such holder converted such shares of Convertible Preferred
Stock pursuant to without the receipt of applicable Requisite Approvals (if such Requisite Approvals have not been obtained).

“” means, on any day, the average of the Daily VWAP for five (5) consecutive Trading Days ending on
the Trading Day immediately prior to the day in question.

“” on any Trading Day means the per share
volume-weighted average price of the Common Stock displayed under the heading Bloomberg VWAP on Bloomberg (or, if Bloomberg ceases to publish such price, any successor service reasonably chosen by the Company) page for PENG US Equity (or its
equivalent successor if such page is not available) in respect of the period from the open of trading on the relevant Trading Day until the close of trading on such Trading Day (or if such volume-weighted average price is unavailable, the market
price of one share of Common Stock on such Trading Day determined, using a volume-weighted average method, by a U.S. nationally recognized investment banking firm (unaffiliated with the Company) retained for this purpose by the Company).

“