Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 10

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 10
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 Agreement, SKT and its affiliates are required (i) for so long as the standstill is in effect, to vote their shares of Issued CPS in accordance with the recommendation of our Board and (ii) for so long as the shares of Issued CPS purchased by SKT remain outstanding, to vote such shares of Issued CPS in accordance with the recommendation of our Board on all matters for which the shares of Issued CPS are entitled to vote as a separate class and for which their prior consent is not required pursuant to the Certificate of Designation (as defined under “ Certain Relationships and Related Person Transactions ” below). The standstill in the Amended and Restated Investor Agreement will remain in place until the later of (i) December 13, 2025 or (ii) 30 days after no Investor Designee serves on our Board.

#### Independence of the Board of Directors
The Board has determined that all of the nominees and continuing directors, except for Mr. Adams, our Chief Executive Officer (“CEO”), and Mr. Ha, the Investor Designee of SKT, are independent directors. The Board also previously determined that Randy Furr, a former director who served on the Board until the 2025 annual meeting of stockholders (the “2025 Annual Meeting”), was independent during his tenure. We define “independent directors” pursuant to the rules of the SEC and the listing standards of the Nasdaq Stock Market (“Nasdaq”). To be considered independent, a director cannot be an officer or employee of our Company or our subsidiaries and cannot have a relationship with our Company or our subsidiaries that, in the opinion of our Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. In making the “independence” determination, our Board considered all relevant facts and circumstances, including the director’s commercial, industrial, banking, consulting, legal, accounting, charitable, and familial relationships. Our Board consults with our legal counsel to ensure that its determinations are consistent with all relevant laws, rules, and regulations regarding the definition of “independent director,” including applicable securities laws, and the rules of the SEC and Nasdaq. There are no family relationships between any of our directors or executive officers.

#### Board Leadership Structure
The Board believes that it is important to retain the flexibility to structure its board leadership in any manner that it determines to be in our best interests at any point in time. This includes flexibility to determine whether to maintain a separate office of Chair of the Board. Our policies do