Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 77

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 77
---
 of any shares of preferred stock that it shall choose to issue, without vote or action by the stockholders. Pursuant to this authority, the Penguin Solutions Delaware Board will create a series of shares of preferred stock of Penguin Solutions Delaware having a par value of $0.03 per share, designated as convertible preferred stock, which will have the rights, preferences, powers, privileges, designations and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences provided for under Delaware law and the Certificate of Designation. Penguin Solutions Delaware Convertible Preferred Stock This section describes the rights of the Penguin Solutions Delaware convertible preferred stock as set forth in the Certificate of Designation which is attached to this proxy statement as Annex E. Subject to certain protective provisions set forth in the Certificate of Designation, the Penguin Solutions Delaware Board may authorize the issuance and sale of additional shares of preferred stock of Penguin Solutions Delaware from time to time, including shares of Penguin Solutions Delaware convertible preferred stock. Holders of Penguin Solutions Delaware convertible preferred stock will not have preemptive rights, which means they will have no right under the Penguin Solutions Delaware amended and restated certificate of incorporation, Penguin Solutions Delaware amended and restated bylaws, or Delaware law to acquire any additional Penguin Solutions Delaware convertible preferred stock that may be issued by Penguin Solutions Delaware at a subsequent date. Such holders may, however, withhold their consent to the issuance of such additional shares in accordance with the terms of the Certificate of Designation. Ranking Penguin Solutions Delaware convertible preferred stock will rank, with respect to dividend rights and rights upon voluntary or involuntary liquidation, dissolution or winding up of Penguin Solutions Delaware’s affairs;

| • |     | senior to all classes or series of Penguin Solutions Delaware common stock and all classes or series of Penguin                                                                                 
 Solutions Delaware capital stock now or hereafter authorized, issued or outstanding expressly designated as ranking junior to shares of Penguin Solutions Delaware convertible preferred stock; |

50

| • |     | on parity with any other class or series of Penguin Solutions Delaware capital stock expressly designated as 
 ranking on parity with shares of Penguin Solutions Delaware convertible preferred stock; and                 |

| • |     | junior to any other class or series of Penguin Solutions Delaware capital stock expressly designated as ranking 
 senior to Penguin Solutions Delaware convertible preferred stock, none of which exists on the date hereof.      |

The term “capital stock” does not include convertible or exchangeable debt securities. Shares of Penguin Solutions Delaware convertible preferred stock will also rank junior in right of payment to our other existing and future