Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 128

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 128
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 be 
 under no obligation to recognize any transfer of Scheme Shares after the Scheme Record Time.               |

| 7.8 | The transfer of the Scheme Shares shall be recorded by removing the name of each Scheme Shareholder from the                                                                                                                                            
 Register of Members of Penguin Solutions Cayman as at the Scheme Record Time, and recording Penguin Solutions Delaware on the Register of Members of Penguin Solutions Cayman as the sole member of Penguin Solutions Cayman as of the Completion Date, 
 who shall thereafter be the legal and beneficial owner of all Scheme Shares.                                                                                                                                                                            |

| 7.9 | From and after the Completion Date, the Scheme Shareholders shall cease to have any rights with respect to the 
 Scheme Shares, except their rights under the Scheme.                                                           |

| 8. | ALLOTMENT AND ISSUE OF PENGUIN SOLUTIONS DELAWARE STOCK |

| 8.1 | The Penguin Solutions Delaware Common Stock to be issued pursuant to Clause 7 (The Scheme and Scheme                                                                                                                                      
 Consideration) shall rank equally, but junior to the Penguin Solutions Delaware Convertible Preferred Stock for all dividends or distributions made, paid or declared in respect of Penguin Solutions Delaware after the Completion Date. |

| 8.2 | The Penguin Solutions Delaware Convertible Preferred Stock to be issued pursuant to Clause 7 (The Scheme and                                                                                                                      
 Scheme Consideration) shall rank equally, but senior to the Penguin Solutions Delaware Common Stock for all dividends or distributions made, paid or declared in respect of Penguin Solutions Delaware after the Completion Date. |

| 8.3 | The provisions of Clause 7 shall be subject to any prohibition or condition imposed by law. Without prejudice                                                                                                                                          
 to the generality of the foregoing, if, in respect of any Scheme Shareholder who is a citizen, resident or national of any jurisdiction outside the Cayman Islands or the United States, Penguin Solutions Delaware is advised that the allotment and  
 issue of Penguin Solutions Delaware Stock pursuant to Clause 7 would infringe the laws of any jurisdiction outside the Cayman Islands or the United States or would require Penguin Solutions Delaware to observe any governmental or other consent or 
 effect any registration, filing or other formality with which, in the opinion of Penguin Solutions Delaware, it would be unable to comply or which it regards as unduly onerous, then Penguin Solutions Delaware may in its sole discretion either:    |

B-7

| (a) | determine that such Penguin Solutions Delaware Stock shall be sold, in which case the Penguin Solutions                                                                                                                                                  
 Delaware Stock shall be issued to