Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 64

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 64
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     | persons subject to the alternative minimum tax; |

| • |     | persons deemed to sell our common stock under the constructive sale provisions of the Code; |

| • |     | persons who hold their stock as part of a straddle, hedging, conversion, constructive sale or other risk 
 reduction transaction;                                                                                   |

| • |     | persons who purchase or sell their stock as part of a wash sale for tax purposes; |

| • |     | “S corporations,” partnerships or other entities or arrangements classified as partnerships for U.S. 
 federal income tax purposes, or other pass-through entities (and investors therein);                 |

| • |     | persons who received their stock through the exercise of employee stock options or otherwise as compensation or 
 through a tax-qualified retirement plan;                                                                        |

| • |     | “qualified foreign pension funds” as defined in Section 897(l)(2) of the Code and entities all of 
 the interests of which are held by qualified foreign pension funds;                               |

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| • |     | persons subject to special tax accounting rules as a result of any item of gross income with respect to shares of 
 Penguin Solutions Delaware common stock being taken into account in a financial statement;                        |

| • |     | persons who own Penguin Solutions Cayman convertible preferred shares; and |

| • |     | persons who own (directly, indirectly or constructively) five percent or more, by vote or value, of Penguin            
 Solutions Cayman shares or, after completion of the Scheme of Arrangement, shares of Penguin Solutions Delaware stock. |

This discussion also does not address any considerations under the U.S. federal tax laws other than those pertaining to the income tax, nor does it address any state, local or non-U.S.tax considerations. We do not intend to seek any rulings from the IRS with respect to the Scheme of Arrangement, and there can be no assurance that the IRS will not take a position contrary to the tax consequences described herein or that such a contrary position would not be sustained by a court. For purposes of this discussion, a “U.S. Holder” means a beneficial owner of Penguin Solutions Cayman ordinary shares or, after the completion of the Scheme of Arrangement, shares of Penguin Solutions Delaware common stock received in the Scheme of Arrangement, that for U.S. federal income tax purposes is:

| • |     | an individual who is a citizen or resident of the United States; |

| • |     | a corporation (or other entity taxable as a