Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 78

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 78
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 debt obligations. Dividends Subject to the preferential rights of the holders of any class or series of Penguin Solutions Delaware capital stock ranking senior to shares of Penguin Solutions Delaware convertible preferred stock with respect to dividend rights, holders of shares of Penguin Solutions Delaware convertible preferred stock will be entitled to receive, when, as and if authorized by the Penguin Solutions Delaware Board and declared by Penguin Solutions Delaware, out of funds legally available for the payment of dividends, cumulative cash dividends at the rate of 6.000% per annum on the sum of (i) the original issue price thereof, plus (ii) any compound dividends thereon. No dividend may be declared by the Penguin Solutions Delaware Board in respect of the shares of Penguin Solutions Delaware convertible preferred stock unless paid immediately in cash. Dividends on shares of Penguin Solutions Delaware convertible preferred stock will accrue daily and, assuming the Transaction is completed on the Completion Date, will be cumulative from and after the Completion Date and will be payable in cash quarterly in arrears on or about the 15 thday of February, May, August and November of each year commencing on August 15, 2025 (each, a “ Dividend Payment Date”); provided, however, that if such day is not a business day, then the dividend may be paid on the next succeeding business day. The term “business day” means each day on which commercial banking institutions in New York, New York, San Jose, California, and Seoul, the Republic of Korea are open for business. The amount of any dividend payable on shares of Penguin Solutions Delaware convertible preferred stock for each dividend period will be computed on the basis of a 360-dayyear consisting of twelve 30-daymonths. A “dividend period” is, other than in the case of the initial dividend period, the respective period commencing on and including each Dividend Payment Date and ending on, and including, the calendar day preceding the next Dividend Payment Date. Assuming the Transaction is completed on the Completion Date, the initial dividend period will commence on the Completion Date and will conclude on August 14, 2025. An amount equal to the accrued but unpaid dividends owed to former holders of Penguin Solutions Cayman convertible preferred shares prior to the Completion Date will be added to the amount of the dividend paid on the initial dividend payment date. Dividends will be payable to holders of record of shares of Penguin Solutions Delaware convertible preferred stock as they appear in the Penguin Solutions Delaware stock records at the close of business on the applicable record date,