Company: PENG
Filing Date: 2025-06-30
Form Type: 8-K12B
Source: 0001193125-25-152807
Chunk: 23

Company: Penguin Solutions, Inc.
Filing Date: 2025-06-30
Form: 8-K12B
Chunk 23
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 provides that, subject to the special rights of the holders of one or more outstanding series of preferred stock (including the Issued Convertible Preferred Stock) to elect directors, the directors of Penguin Solutions Delaware may be removed only for cause and only by the affirmative vote of the holders of at least 66-2/3% of the voting power of all then-outstanding voting stock entitled to vote at an election of directors. Furthermore, subject to (i) the special rights of the holders of one or more outstanding series of preferred stock to elect directors and (ii) the rights of Penguin Solutions Delaware stockholders to fill a vacancy created by the removal of a director at a meeting of stockholders held for that purpose, a majority of the Penguin Solutions Delaware Board has the exclusive right to appoint a director to fill a vacancy created by the expansion of the Penguin Solutions Delaware Board or the resignation, death or removal of a director. This system of electing and removing directors and filling vacancies may tend to discourage a third party from making a tender offer or otherwise attempting to obtain control of Penguin Solutions Delaware, because it generally makes it more difficult for stockholders to replace a majority of the directors.

Choice of Forum

The Penguin Solutions Delaware Amended and Restated Certificate of Incorporation provides that, except for claims for which the U.S. federal courts have jurisdiction, unless Penguin Solutions Delaware consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the exclusive forum for the following: any derivative action, suit or proceeding brought on Penguin Solutions Delaware’s behalf; any action, suit or proceeding asserting a claim of a breach of fiduciary duty; any action, suit or proceeding arising pursuant to the DGCL, its Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws; or any action asserting a claim against Penguin Solutions Delaware that is governed by the internal affairs doctrine.

Limitations of Liability and Indemnification Matters Penguin Solutions Delaware’s Amended and Restated Certificate of Incorporation provides that Penguin Solutions Delaware has the power to provide rights to indemnification and advancement of expenses to, among others, its current and former directors and officers. The DGCL provides that the certificate of incorporation may not eliminate or limit the liability of:**

| • |     | a director or officer for any breach of the director or officer’s duty of loyalty to Penguin Solutions Delaware or its stockholders; |

| • |     | a director or officer for acts or omissions not in good