Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 80

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 80
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 stock ranking, as to rights upon any voluntary or involuntary liquidation, dissolution or winding up of
our affairs, junior to Penguin Solutions Delaware convertible preferred stock, the holders of shares of Penguin Solutions Delaware convertible preferred stock will be entitled to be paid out of Penguin Solutions Delaware’s assets legally
available for distribution to stockholders, after payment of or provision for Penguin Solutions Delaware’s debts and other liabilities (including any class or series of capital stock ranking, as to rights upon any voluntary or involuntary
liquidation, dissolution or winding up of our affairs, senior to shares of Penguin Solutions Delaware convertible preferred stock), a liquidation preference of the greater of (a) the amount such holder would receive had such holder converted
their shares of Penguin Solutions Delaware convertible preferred stock to shares of Penguin Solutions Delaware common stock at the Conversion Price immediately prior to such voluntary or involuntary liquidation, dissolution or winding up and
(b) such holder’s Liquidation Preference (as defined in the Certificate of Designation). If, upon Penguin Solutions Delaware’s voluntary or involuntary liquidation, dissolution or winding up, its available assets are insufficient to
pay the full amount of the liquidating distributions on all outstanding shares of Penguin Solutions Delaware convertible preferred stock and the corresponding amounts payable on all shares of each other class or series of Penguin Solutions Delaware
capital stock ranking, as to rights upon voluntary or involuntary liquidation, dissolution or winding up, on parity with shares of Penguin Solutions Delaware convertible preferred stock in the distribution of assets, then holders of shares of
Penguin Solutions Delaware convertible preferred stock and each such other class or series of capital stock ranking, as to rights upon any voluntary or involuntary liquidation, dissolution or winding up, on parity with shares of Penguin Solutions
Delaware convertible preferred stock will share ratably in any distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled.

Holders of shares of Penguin Solutions Delaware convertible preferred stock will be entitled to written notice of any distribution in
connection with any voluntary or involuntary liquidation, dissolution or winding up of Penguin Solutions Delaware’s affairs not less than 10 days prior to the voluntary or involuntary liquidation, dissolution or winding up. After payment of the
full amount of the liquidating distributions to which they are entitled, holders of shares of Penguin Solutions Delaware convertible preferred stock will have no right or claim

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to any of Penguin Solutions Delaware’s remaining assets. Each of (a) any transaction (or series of related transactions) following which the pre-transactionstockholders of Penguin Solutions