Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 97

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 97
---
 required by                                                                                                               
 law, stock exchange rules or the Certificate of Designation, to approve the issuance of shares of its capital stock up to the amount authorized but unissued in Penguin Solutions Delaware’s amended and restated certificate of incorporation.           
 Under Delaware law, the directors may authorize capital stock to be issued for consideration consisting of cash, any tangible or intangible property or any benefit to the corporation or any combination thereof.                                        
 The Certificate of Designation will provide for substantially the same stockholder                                                                                                                                                                        
 approval requirements for the issuance of shares of convertible preferred stock and preferred stock by Penguin Solutions Delaware as those set out in the Penguin Solutions Cayman Certificate of Designation with respect to the issuance of convertible 
 preferred shares and preferred shares by Penguin Solutions Cayman.                                                                                                                                                                                        |     | As a matter of Cayman Islands law, the board of directors of a company may issue authorized but unissued new shares without shareholder                                                                                                                 
 approval once authorized to do so by the articles of association of the company. There is no time limit to this authority.                                                                                                                              
 Subject to certain limitations under Cayman Islands law, the Penguin Solutions Cayman Articles authorize the Penguin Solutions Cayman Board, without obtaining                                                                                          
 any vote or consent of the holders of any class or series of shares unless expressly provided by the terms of that class or series of shares, to provide from time to time for the issuance of ordinary shares or other classes or series of shares and 
 to establish the characteristics of each such other class or series, including the number of shares and their designations, powers, preferences, privileges and other rights, whether in regard to dividends, conversion, liquidation preference or     
 otherwise, any or all of which may be greater than the powers and rights associated with the Penguin Solutions Cayman ordinary shares.                                                                                                                  |

66

| Provisions    |     | Penguin Solutions Delaware                                                                                                                                                                                 |     | Penguin Solutions Cayman                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|               |     |                                                                                                                                                                                                            |     | The Penguin Solutions Cayman Certificate of Designation provides that                                                                                                                                                                                                                                                                                                                                                                                                      
 any issuance of convertible preferred shares of Penguin Solutions Cayman (or securities convertible into and exercisable or exchangeable therefor) after the original issuance date will require the prior written consent of the holders of at least two-thirds (2/3rds) of the then outstanding convertible preferred shares. Additionally, pursuant to the Penguin Solutions Cayman Certificate of Designation, any issuance of any other series of preferred shares of 
 Penguin Solutions Cayman will require the prior written consent of at least two-thirds