Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 89

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 89
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 years prior to the determination of interested stockholder status did own, 15% or more of the voting power of a corporation’s voting stock and a “business combination” includes a merger, asset or stock sale, or other
transaction resulting in a financial benefit to the interested stockholder. The existence of this provision may have an anti-takeover effect with respect to transactions not approved in advance by the Penguin
Solutions Delaware Board, such as discouraging takeover attempts that might result in a premium over the market price of the Penguin Solutions Delaware common stock.

Undesignated Preferred Stock

The
ability to issue undesignated preferred stock will make it possible for the Penguin Solutions Delaware Board to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control of
Penguin Solutions Delaware. These and other provisions may have the effect of deterring hostile takeovers or delaying changes in control or management of Penguin Solutions Delaware.

Stockholder Action and Special Stockholder Meetings

Penguin Solutions Delaware’s amended and restated certificate of incorporation will provide that except as otherwise provided in the
amended and restated certificate of incorporation or in the applicable certificate of designation related to any series of preferred stock (including the Penguin Solutions Delaware convertible preferred stock) any action required or permitted to be
taken by its stockholders must be effected at a duly called

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annual or special meeting of its stockholders and may not be effected by any consent in writing by its stockholders. Penguin Solutions Delaware’s amended and restated certificate of
incorporation will further provide, subject to the special rights of the holders of one or more outstanding series of preferred stock (including the holders of Penguin Solutions Delaware convertible preferred stock), that special meetings of its
stockholders may be called only by or at the direction of the Penguin Solutions Delaware Board, the Chairperson of the Penguin Solutions Delaware Board or Penguin Solutions Delaware’s Chief Executive Officer or President, thus prohibiting a
stockholder (in his, her or its capacity as a stockholder) from calling a special meeting. These provisions might delay the ability of Penguin Solutions Delaware stockholders to force consideration of a proposal or for stockholders to take any
action, including the removal of directors.

Advance Notice Requirements for Stockholder Proposals and Director Nominations

Penguin Solutions Delaware’s amended and restated bylaws will provide advance notice procedures for stockholders seeking to bring business
before Penguin Solutions Delaware’s annual meeting of stockholders or to nominate candidates for election as directors at Penguin Solutions