Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 160

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 160
---
 transfer agent as the Company may specify by
notice to the holders of the Convertible Preferred Stock.

10. Cash Payments. All cash payments made hereunder shall
be made in U.S. dollars.

11. Ranking. With respect to the payment of dividends and distribution of assets upon any
Liquidation Trigger Event, all Convertible Preferred Stock shall rank senior to Common Stock and all other Junior Shares and pari passu with any Parity Shares.

12. Definitions. As used in this Certificate of Designation:

“” means as of any date with respect to any share of Convertible Preferred Stock, the Original Issue
Price thereof, plus accumulated Compounded Dividends thereon.

“” means a day on which commercial banking
institutions in New York, New York, San Jose, California and Seoul, the Republic of Korea are open for business.

“” means, at any time, with respect to any holder of Convertible Preferred Stock, the maximum number of shares of Common Stock that may be issued to such holder if such holder converted such shares of Convertible Preferred
Stock pursuant to without the receipt of applicable Requisite Approvals (if such Requisite Approvals have not been obtained).

“” means, on any day, the average of the Daily VWAP for five (5) consecutive Trading Days ending on
the Trading Day immediately prior to the day in question.

“” on any Trading Day means the per share
volume-weighted average price of the Common Stock displayed under the heading Bloomberg VWAP on Bloomberg (or, if Bloomberg ceases to publish such price, any successor service reasonably chosen by the Company) page for PENG US Equity (or its
equivalent successor if such page is not available) in respect of the period from the open of trading on the relevant Trading Day until the close of trading on such Trading Day (or if such volume-weighted average price is unavailable, the market
price of one share of Common Stock on such Trading Day determined, using a volume-weighted average method, by a U.S. nationally recognized investment banking firm (unaffiliated with the Company) retained for this purpose by the Company).

“” means the Investor and its Affiliates (as defined in the Investor Agreement).

“” means, as of any time, the number of shares of Common Stock outstanding, together with all shares of
Common Stock that the Company would be required to issue pursuant to any then-outstanding shares of Convertible Preferred Stock and any vested in-the-money options,
warrants or other securities