Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 82

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 82
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| • |     | if Penguin Solutions Delaware effects a subdivision of the outstanding shares of Penguin Solutions Delaware                                                                                                                                               
 common stock, the Conversion Price in effect immediately before the subdivision shall be proportionately decreased such that the number of shares of Penguin Solutions Delaware common stock issuable upon conversion of each shares of Penguin Solutions 
 Delaware convertible preferred stock increases in proportion to the increase in the total number of shares of Penguin Solutions Delaware common stock outstanding;                                                                                        |

| • |     | if Penguin Solutions Delaware combines or consolidates the outstanding shares of Penguin Solutions Delaware                                                                                                                                             
 common stock, the Conversion Price in effect immediately before the combination or consolidation shall be proportionately increased such that the number of shares of Penguin Solutions Delaware common stock issuable upon conversion of each share of 
 Penguin Solutions Delaware convertible preferred stock decreases in proportion to the decrease in the total number of shares of Penguin Solutions Delaware common stock outstanding; and                                                                |

| • |     | if Penguin Solutions Delaware makes or issues, or fixes a record date for, a dividend or other distribution                                                                                                                                           
 payable in shares of Penguin Solutions Delaware common stock to holders of shares of Penguin Solutions Delaware common stock, the Conversion Price shall be adjusted by multiplying the Conversion Price in effect immediately before such event by a 
 fraction, the numerator of which is the total number of shares of Penguin Solutions Delaware common stock outstanding immediately prior to such event, and the denominator of which is the sum of (a) the total number of shares of Penguin           
 Solutions Delaware common stock outstanding immediately prior to such event plus (b) the number of shares of Penguin Solutions Delaware common stock issuable in payment of such dividend or distribution.                                            |

Mandatory Conversion Effective as of the Mandatory Conversion Time (as defined below) and provided that the Mandatory Conversion Conditions (as defined below) have been satisfied, Penguin Solutions Delaware shall be entitled to require all (but not less than all) outstanding Penguin Solutions Delaware convertible preferred stock to be 54

converted into Penguin Solutions Delaware common stock at the Conversion Price in effect immediately prior to such conversion. The “ Mandatory Conversion Time” means a date following December 13, 2026 upon which the daily volume weighted average price of Penguin Solutions Delaware common stock on each day of any 15 consecutive trading day period following December 13, 2026 (ending on the trading day immediately prior to delivery of a Mandatory Conversion Notice) equals or exceeds 150% of the Conversion Price. The “ Mandatory Conversion Conditions” are as follows: (i) all authorizations or approvals necessary to enable holders of Penguin Solutions Delaware convertible