Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 56

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 56
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man ordinary shares. Completion Date of the Transaction We currently expect the Completion Date to occur after the closing of trading of the Penguin Solutions Cayman ordinary shares on Nasdaq on June 30, 2025. The exact date and timing of the Completion Date will depend on factors such as any postponement or adjournment of the hearing before the Cayman Court regarding sanction of the Scheme of Arrangement. 35

Management of Penguin Solutions Delaware

If the Transaction is consummated, the executives and directors of Penguin Solutions Cayman immediately prior to the Completion Date will be
the executives and directors of Penguin Solutions Delaware as of immediately following the Completion Date. Penguin Solutions Delaware’s amended and restated certificate of incorporation, as it will be in effect after the Transaction, provides
for a classified board of directors, just as Penguin Solutions Cayman currently has. Penguin Solutions Delaware’s directors will be assigned into one of three classes and the directors in each such class will serve initial terms expiring at the
first, second and third annual meeting of stockholders of Penguin Solutions Delaware following the completion of the Transaction. We expect that the directors of Penguin Solutions Delaware as of immediately following the Completion Date will, as a
result of such assignment into classes, possess the same remaining terms in office as was possessed by each such director in their capacity as a director of Penguin Solutions Cayman as of immediately prior to the Completion Date.

Indemnification

The Articles of
Association of Penguin Solutions Cayman (the “Penguin Solutions Cayman Articles”) require Penguin Solutions Cayman to indemnify every director and officer of Penguin Solutions Cayman or any predecessor to Penguin Solutions Cayman
(which for the avoidance of doubt, shall not include auditors of the Company), together with every former director and former officer of Penguin Solutions Cayman or any predecessor to Penguin Solutions Cayman against any liability, action,
proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them incur as a result of any act or failure to act in carrying out their functions; provided that they will not be indemnified for any
liability incurred by reason of their own actual fraud or willful default, as determined by a court of competent jurisdiction.

Penguin
Solutions Delaware’s amended and restated bylaws will provide that we are required to indemnify the directors and officers of Penguin Solutions Delaware, in each case to the fullest extent permitted by Delaware law. The Penguin Solutions
Delaware amended and restated bylaws will also