Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 98

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 98
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 same), (iii) create a class or series of shares (or securities convertible into the same) with rights that are senior to or on parity with the convertible preferred shares, (iv) declare or pay dividends on any other shares 
 of Penguin Solutions Cayman, except for dividends on ordinary shares paid solely in ordinary shares (provided that the convertible preferred shares participate in such dividend) and (v) purchase, redeem and otherwise acquire shares of Penguin  
 Solutions Cayman by Penguin Solutions Cayman, subject to certain exceptions set forth in the Penguin Solutions Cayman Certificate of Designation.                                                                                                   |
| Variation of         
 Class Rights         |     | Under Delaware law, the holders of outstanding shares of a class of capital stock will be entitled to vote separately as a class in connection with a proposed amendment to a corporation’s certificate of incorporation, whether                         
 or not such class is entitled to vote thereon by the certificate of incorporation, if the amendment would increase or decrease the aggregate number of authorized shares of such class, increase or decrease the par value of the shares of such class or 
 alter or change the powers, preferences or special rights of the shares of such class so as to affect them adversely.                                                                                                                                     |     | Under Cayman Islands law and the Penguin Solutions Cayman Articles, the special rights attached to any class of shares may only be varied, modified or abrogated with the sanction of a resolution passed at a separate meeting of the              
 holders of the shares of such class by a majority of two-thirds (2/3rds) of the votes cast at such meeting. In the case of a meeting to vary the rights of any class or series of shares, the Penguin Solutions                                     
 Cayman Articles provide that the necessary quorum is the presence, in person or by proxy, of at least one person holding or representing by proxy at least one-third (1/3rd) of the par value of the issued                                         
 shares of the class or series (as applicable).                                                                                                                                                                                                      |
| Reduction of Capital |     | Under Delaware law, Penguin Solutions Delaware, by resolution of the Penguin Solutions Delaware Board, may reduce its capital in any manner stipulated under the DGCL, including by reducing or eliminating the capital represented by                    
 retired shares, applying capital to share purchases or transferring capital to surplus; provided that, no reduction of capital may be effected unless the assets of Penguin Solutions Delaware                                                            |     | Penguin Solutions Cayman may, by special resolution and subject to confirmation by the Cayman Court, reduce its issued share capital in any way