Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 9

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 9
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 is in the best interests of our Company and stockholders for such director to continue his or her service on our Board in light of his or her particular contributions or expertise. Our Board also recognizes the importance of experience and continuity and has not adopted term limits. While term limits offer some advantages, our Board believes that the benefit is outweighed by the disadvantage of losing experienced directors who have developed valuable insight into the Company and its operations during the course of their service on our Board.

#### Investor Agreement

#### Director Designation Rights
Pursuant to the SKT Investment (as defined under “ Certain Relationships and Related Person Transactions ” below) and the Amended and Restated Investor Agreement (as defined under “ Certain Relationships and Related Person Transactions ” below), for so long as SK Telecom Co., Ltd. (“SKT”) or its subsidiaries or affiliates together beneficially own Issued CPS (and our common stock issued with respect thereto) representing at least 5% of our common stock then outstanding, calculated on a fully-diluted basis (such period, the “Director Period”), SKT and its affiliates that hold Issued CPS, acting together, may nominate to be elected or appointed to our Board: (i) one director, if the total number of directors is 11 or fewer, and (ii) two directors, if the total number of directors is 12 or

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greater (any such director, an “Investor Designee”), provided that each such director meets customary qualification requirements and is reasonably acceptable to our Board at the time of his or her designation.

During the Director Period (i) our Board will nominate the Investor Designee(s) or their designated successors for appointment or re-appointment at the applicable stockholder meetings and use commercially reasonable efforts to cause such Investor Designee(s) to be appointed or re-appointed, (ii) we will use reasonable best efforts to cause the appointment of each Investor Designee, including voting all unrestricted proxies in their favor and recommending approval of their appointment, and (iii) neither we nor our Board will decrease the size of our Board if such decrease would require an Investor Designee to resign. In December 2024, upon the closing of the SKT Investment, Min Yong Ha joined our Board as the Investor Designee. Mr. Ha currently serves as a Class III director and his term expires at the 2028 annual meeting of stockholders.

#### Voting Requirements
Pursuant to the voting requirements contained in the Amended and Restated Investor