Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 89

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 89
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 specify certain requirements regarding the form and content of a stockholder’s notice. These provisions might preclude Penguin Solutions Delaware stockholders from bringing matters before the annual meeting of stockholders or
from making nominations for directors at the annual meeting of stockholders if the proper procedures are not followed. We expect that these provisions might also discourage or deter a potential acquirer from conducting a solicitation of proxies to
elect the acquirer’s own slate of directors or otherwise attempting to obtain control of Penguin Solutions Delaware.

Supermajority Requirements for Certain Amendments of Penguin Solutions Delaware’s Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws

Certain amendments to Penguin Solutions Delaware’s amended and restated certificate of incorporation will require the approval of 66-2/3% of the voting power of all then-outstanding shares of Penguin Solutions Delaware entitled to vote thereon, voting together as a single class.

Composition of the Board of Directors; Election and Removal of Directors; Filling Vacancies

The Penguin Solutions Delaware Board will determine from time to time by resolution the total number of directors that will constitute the
whole board of directors. Subject to the special rights of the holders of one or more outstanding series of preferred stock to elect directors (including the Penguin Solutions Delaware convertible preferred stock), in any election of directors at a
duly called or convened meeting of stockholders at which a quorum is present, a director nominee for the Penguin Solutions Delaware Board will be elected by the affirmative vote of a plurality of the votes cast with respect to such director. An
incumbent director who is nominated for an election and fails to receive a plurality of the votes present and voting for such director’s re-election would be expected to tender their resignation to
Penguin Solutions Delaware.

Subject to the special rights of the holders of one or more outstanding series of preferred stock to elect
directors (including the holders of Penguin Solutions Delaware convertible preferred stock), the directors of Penguin Solutions Delaware shall be divided into three staggered classes, with each director assigned into one of the three classes and the
directors in each such class serving initial terms expiring at the first, second, and third annual meetings of stockholders following the Completion Date, respectively, and subsequent terms expiring at the annual meeting of stockholders in the third
year following the year of such directors’ respective elections. Additionally, subject to maintaining certain ownership thresholds, the holders of Penguin Solutions Delaware convertible preferred stock will have the right to nominate one
director to the Penguin Solutions Delaware Board if the