Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 154

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 154
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 formula set forth in .Notwithstanding anything to the contrary in this
, the Company’s exercise of its right to require conversion of the Convertible Preferred Stock will not apply and no Mandatory Conversion Notice may be delivered with respect to any shares of Convertible
Preferred Stock as to which a Repurchase Notice has been duly delivered. In the event the Company elects to require all outstanding shares of Convertible Preferred Stock to be converted into Common Stock, the Company shall provide all holders of
record of Convertible Preferred

E-8

Stock written notice of such election (the “”) no later than ten (10) Business Days after the Mandatory Conversion Time. The Mandatory Conversion
Notice must state (i) that the Company has exercised its right to cause the mandatory conversion of the Convertible Preferred Stock pursuant to this ; (ii) the date of the Mandatory Conversion Time and the
date scheduled for settlement of such mandatory conversion; (iii) the Conversion Price in effect at the Mandatory Conversion Time; and (iv) a certification that all Requisite Approvals with respect to all holders of Convertible Preferred
Stock with respect to such conversion have been obtained. If the Company duly exercises, in accordance with this , its right to require conversion of the Convertible Preferred Stock, then (x) the conversion
of such shares will occur automatically and without the need for any action on the part of the holders thereof; and (y) as soon as practicable after the Mandatory Conversion Notice, the Company will register the shares of Common Stock due upon
such conversion to each holder, or to such holder’s nominee(s) as of the close of business on the date of the Mandatory Conversion Time and deliver to such holders cash as provided in in lieu of any
fraction of a share of Common Stock otherwise issuable upon such conversion.

4.11 . In the event:

4.11.1 that the Company shall take a record of the holders of shares of Common Stock (or other shares or securities at the time issuable upon
conversion of the Convertible Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, to vote at a meeting (or by written consent), to receive any right to subscribe for or purchase any shares or
securities, or to receive any other share or security; or

4.11.2 of any capital reorganization of the Company, any reclassification of
shares of Common Stock, any consolidation or merger of the Company, or sale of all or substantially all of the