Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 99

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 99
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 meeting of the 
 Penguin Solutions Cayman Board; and                                                                                                                                                                                                                 
 •  such a director may vote on any resolution of the Penguin Solutions Cayman Board in respect of                                                                                                                                                   
 such a contract, and such a contract will not be voidable solely as a result.                                                                                                                                                                       |
| Mergers, Consolidations and Other Business Combinations |     | Under Delaware law, a sale, lease or exchange of all or substantially all of a corporation’s assets, a merger or consolidation of a corporation with another corporation or a dissolution of a corporation generally requires                             
 the                                                                                                                                                                                                                                                       |     | There are a number of mechanisms for acquiring a Cayman Islands exempted company, including:                                                                                                                                                        
 •  a court-approved scheme of                                                                                                                                                                                                                       
 arrangement under the Cayman                                                                                                                                                                                                                        |

83

| Provisions |     | Penguin Solutions Delaware                                                                                                                                                                                                                           |     | Penguin Solutions Cayman                                                                                                                                                                                                                                  |
|            |     | approval of the corporation’s board of directors and, with limited exceptions, the affirmative vote of a majority of the outstanding                                                                                                                 
 stock entitled to vote on the transaction.   Additionally, Section 253 of the                                                                                                                                                                        
 DGCL permits a corporation to merge with a subsidiary corporation without a vote of stockholders of the subsidiary if the parent owns 90% or more of the outstanding shares of each class of the subsidiary’s stock that would otherwise be entitled 
 to vote on the merger.   Subject to a number of requirements (including a requirement                                                                                                                                                                
 that the corporation have a class or series of stock that is listed on a national securities exchange or held of record by more than 2,000 holders immediately prior to the execution of the merger agreement by the corporation), Section 251(h) of 
 the DGCL permits merger agreements to contain a provision eliminating the need for a stockholder vote for a second-step merger following consummation of a tender or exchange offer for all of the outstanding stock of a corporation on the terms   
 provided in such merger agreement and the stock accepted for purchase or exchange prior to expiration of such offer (together with certain other shares as provided under Section 251(h) of the DGCL) equals at least such percentage of shares, and 
 of each class or series of stock of the corporation, that, absent Section 251(h), would be required to adopt the merger agreement.                                                                                                                   |     | Companies Act. A scheme of arrangement with one or more classes of shareholders requires a court order from the Cayman                                                                                                                                    
 Court and the approval of shareholders representing