Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 94

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 94
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 majority of the directors of the Penguin Solutions Delaware Board (exclusive of the vote of the director designee of SKT). We expect the initial lock-up term will last until December 13, 2025; certain restrictions on the volume of certain dispositions of shares of Penguin Solutions Delaware convertible preferred stock to certain parties last until
December 13, 2026.

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Voting Requirements

Pursuant to the voting requirements contained in the Investor Agreement, we expect SKT and its affiliates will be required, following the
assumption of the Investor Agreement by Penguin Solutions Delaware, (i) for so long as the standstill is in effect, to vote their shares of Penguin Solutions Delaware convertible preferred stock in accordance with the recommendation of the
Penguin Solutions Delaware Board and (ii) for so long as the shares of Penguin Solutions Delaware convertible preferred stock purchased by SKT remain outstanding, to vote such shares of Penguin Solutions Delaware convertible preferred stock in
accordance with the recommendation of the Penguin Solutions Delaware Board on all matters for which the shares of Penguin Solutions Delaware convertible preferred stock are entitled to vote as a separate class and for which their prior consent is
not required pursuant to the Certificate of Designation.

Investor Designees

The Investor Agreement contains additional terms governing the Investor Designees consistent with those discussed above in “—Voting
Rights”.

Participation Rights

We expect the Investor Agreement will provide, following its assumption by Penguin Solutions Delaware, SKT and its affiliates owning Penguin
Solutions Delaware convertible preferred stock the right to purchase a portion of certain new securities issued by Penguin Solutions Delaware as required to maintain their ownership of Penguin Solutions Delaware on a fully diluted basis. Such new
securities are expected to be made available for purchase by SKT and its affiliates on the same terms and conditions applicable to, and for the same price paid by, the purchaser(s) in such issuance of new securities.

Registration Rights

We expect that the
Investor Agreement will provide, following its assumption by Penguin Solutions Delaware, that Penguin Solutions Delaware shall, no later than September 13, 2025, file a shelf registration statement covering, among other things, the resale of
Penguin Solutions Delaware common stock issued upon the conversion of SKT’s Penguin Solutions Delaware convertible preferred stock, or certain other securities issued in respect of SKT’s Penguin Solutions Delaware convertible preferred
stock. Subject to certain limitations, we anticipate SKT may then deliver take-down notices to Penguin Solutions Delaware indicating that it will sell, pursuant to either an underwritten or