Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 158

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 158
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 not precede the date upon which the resolution fixing such date is adopted and is not more than 60 days prior to such Dividend Payment Date, as applicable, immediately
preceding the applicable Dividend Payment Date. If any share of Convertible Preferred Stock is converted after the close of business on the record date for a Dividend declared and payable in cash but prior to the corresponding Dividend Payment Date,
the holder of such share as of the applicable record date shall be entitled to receive such Dividend, notwithstanding the conversion prior to such Dividend Payment Date.

6. Repurchase.

6.1 . Shares of Convertible Preferred Stock shall not be
redeemable upon or repurchased upon the election of the holders of Convertible Preferred Stock.

6.2 . Each share of Convertible Preferred Stock (and not fewer than all shares of Convertible Preferred Stock) shall be repurchased by the Company out of funds lawfully available therefor at the Repurchase Price (as defined below) in one
installment commencing on a date (the “”) not less than thirty (30) days after and not more than sixty (60) days after the Company sends to the holders of all then outstanding shares of Convertible Preferred
Stock written notice of the repurchase of all shares of Convertible Preferred Stock (the “”); that the Company shall not send the Repurchase Notice until five (5) years have passed from
December 13, 2024 and all Requisite Approvals with respect to all holders of Convertible Preferred Stock have been obtained. Notwithstanding receipt of a Repurchase Notice, each holder of Convertible Preferred Stock shall have the ability to
convert such holder’s Convertible Preferred Stock into shares of Common Stock based on the then-applicable Conversion Price prior to the Repurchase Date. The Repurchase Notice shall be irrevocable and shall state (i) that the Company will
repurchase all shares of Convertible Preferred Stock outstanding on the Repurchase Date; and (ii) the Repurchase Date, the Repurchase Price and the Conversion Price. For purposes of this ,
“” shall mean, with respect to any share of Convertible Preferred Stock, the sum of (i) the Accumulated Stated Value, plus (ii) accrued but unpaid Dividends (whether or not declared) to the Repurchase Date
to the extent such accrued but unpaid Dividends are not Compounded Dividends as of such time.

6.3 .

6.4 . If the Repurchase Notice