Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 81

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 81
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 date. Our Credit Agreement will contain limitations on our capacity to obtain cash from our subsidiaries to repurchase any shares of Penguin Solutions Delaware capital stock, subject to certain conditions set forth in the Credit Agreement. Voluntary Conversion At any time and from time to time, each holder of Penguin Solutions Delaware convertible preferred stock will have the right to convert any number or all of the Penguin Solutions Delaware convertible preferred stock held by such holder into Penguin Solutions Delaware common stock. To effect such a voluntary conversion, a holder of Penguin Solutions Delaware convertible preferred stock must provide written notice to Penguin Solutions Delaware’s transfer agent indicating the number of Penguin 53

Solutions Delaware convertible preferred stock they wish to convert and, if applicable, any event on which such conversion is contingent. This notice must include the holder’s name or the names of any nominees in whose name the shares of Penguin Solutions Delaware common stock are to be issued. The conversion is effective at the close of business on the day the notice is received by the transfer agent, or once all contingent events (if any) have occurred, whichever is later, and at such time the shares of Penguin Solutions Delaware common stock issuable upon such conversion are deemed to be outstanding. Penguin Solutions Delaware will then register the holder or their nominees as the official holders of the full number of shares of Penguin Solutions Delaware common stock issued upon conversion and will pay cash for any fractional shares that would otherwise be issued, as described below. The number of shares of Penguin Solutions Delaware common stock into which each share Penguin Solutions Delaware convertible preferred stock will be convertible is equal to the quotient obtained by dividing (i) the product of (a) the number of shares of Penguin Solutions Delaware convertible preferred stock to be converted multiplied by(b) the sum of (1) the Accumulated Stated Value (as defined in the Certificate of Designation) and (2) accumulated Compounded Dividends (as defined in the Certificate of Designation), and (3) all accrued and unpaid dividends (whether or not declared) up to but excluding the date of conversion, by (ii) the Conversion Price in effect at the time of conversion. The “ Conversion Price” will initially equal $32.80784 per share and is subject to adjustment as described below. The Conversion Price will be subject to pro rata adjustments for any subdivisions of the outstanding shares of Penguin Solutions Delaware common stock, combination or consolidation of the outstanding shares of Penguin Solutions Delaware common stock, dividends or other distributions payable in shares of Penguin Solutions Delaware common stock to holders of Penguin Solutions Delaware common stock as follows