Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 103

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 103
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 and other compensation, employment arrangements, and other agreements and transactions that are described elsewhere in this Proxy Statement.

#### Transactions with SKT
Closing of SKT Investment . On December 13, 2024, we closed the SKT Investment (as defined below). Pursuant to the terms of the Securities Purchase Agreement dated July 14, 2024 by and between Penguin Solutions and SKT (the “SKT Purchase Agreement”) we sold to Astra, an affiliate of SKT, 200,000 convertible preferred shares, par value $0.03 per share (the “Cayman CPS”), of Penguin Solutions Cayman at a price of $1,000 per share or an aggregate price of $200.0 million (the “SKT Investment”).

Investor Agreement and Certificate of Designation . Additionally, on the closing date of the SKT Investment, we and Astra entered into an Investor Agreement (the “Investor Agreement”), and the certificate of designation relating to the Cayman CPS (the “Cayman Certificate of Designation”) became effective. The Investor Agreement and the Cayman Certificate of Designation provided for certain rights and restrictions relating to the SKT Investment, including but not limited to board representation rights, participation rights, registration rights, information rights and consent rights set forth in the certificate of designation, and standstill provisions, disposition restrictions, and voting requirements.

On June 27, 2025, in connection with the U.S. Redomiciliation, the Company executed and adopted a Certificate of Designation of Convertible Preferred Stock (the “Certificate of Designation”) that sets forth the terms, rights, and obligations of the Issued CPS. The principal attributes of the Cayman CPS and the Issued CPS are substantially the same, with changes to give effect to requirements of Delaware law. On June 30, 2025, effective upon the consummation of the U.S. Redomiciliation, the Company assumed the Investor Agreement from Penguin Solutions Cayman, and the Company and SKT amended and restated the Investor Agreement (as amended and restated, the “Amended and Restated Investor Agreement”) such that the rights and restrictions relating to SKT’s beneficial ownership of the Cayman CPS in place prior to the U.S. Redomiciliation apply in respect of SKT’s holdings of Issued CPS following consummation of the U.S. Redomiciliation.

Investor Designee . Also on the closing date of the SKT Investment, the Board increased the authorized size