Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 59

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 59
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 without any further action on the part of any holder thereof, be converted into an option to purchase the same number of shares of Penguin Solutions
Delaware common stock, with the same exercise price, and an award of restricted shares, restricted share units, performance shares and performance share units denominated in the same number of shares of Penguin Solutions Delaware common stock, as
applicable. Subject to applicable laws, the converted options, restricted shares, restricted share units, performance shares and performance share unit awards shall continue to have, and shall be subject to, the same terms and conditions (including
any applicable vesting and change in control provisions) that applied to the Penguin Solutions Cayman options, restricted shares, restricted share units, performance shares and performance share units, as applicable, immediately prior to the
Completion Date. The Equity Incentive Plans will be amended as necessary to comply with Delaware law and give effect to the Transaction, including to provide (1) that Penguin Solutions Delaware common stock will be issued, held, available for
issuance or used to measure or satisfy benefits as appropriate under the Equity Incentive Plans, in substitution for Penguin Solutions Cayman ordinary shares; and (2) for the appropriate substitution of Penguin Solutions Delaware for Penguin
Solutions Cayman in the Equity Incentive Plans. The Transaction will not impact the terms and conditions of the awards or rights granted under the Equity Incentive Plans after the substitution of Penguin Solutions Delaware for Penguin Solutions
Cayman (including any applicable vesting and change in control provisions, provided that in no event shall the Transaction constitute a change in control for the purposes of such provisions).

Penguin Solutions Delaware intends to file post-effective amendments to certain effective registration statements of Penguin Solutions Cayman
concurrently with the completion of the Transaction in connection with its assumption of the existing obligations of Penguin Solutions Cayman in connection with awards and rights granted under the Equity Incentive Plans.

Credit Agreement and Convertible Notes

We do not believe that the Transaction will have any material effect on our Credit Agreement, dated as of February 7, 2022 (as amended,
amended and restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”) by and among Penguin Solutions Cayman, as parent borrower, SMT, as co-borrower, the
lenders from time to time party thereto and Citizens Bank, N.A., as administrative agent, collateral agent and an issuing bank or our 2.25% Convertible Senior Notes due