Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 58

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 58
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 in each case to the fullest extent permitted by Delaware law. The Penguin Solutions
Delaware amended and restated bylaws will also obligate us to advance expenses incurred by a director or officer in advance of the final disposition of any action or proceeding, and permit us to secure insurance on behalf of any officer, director,
employee or other agent for any liability arising out of his or her actions in that capacity regardless of whether we would otherwise be permitted to indemnify him or her under Delaware law. We have entered into agreements with the Penguin Solutions
Cayman directors and executive officers to indemnify such persons. In connection with the Transaction, we expect that we will continue to be a party to an indemnification agreement with each of Penguin Solutions Delaware’s directors and
executive officers. The current indemnification agreements between Penguin Solutions Cayman and its officers and directors provide for the indemnification of, and advancement of expenses to, these persons, with specified exemptions. We expect that
the indemnification and expense advancement to be provided to directors and executive officers of Penguin Solutions Delaware under the indemnification agreements will be the same or substantially similar to that afforded in the current
indemnification agreements between Penguin Solutions Cayman and its executive officers and directors.

Penguin Solutions believes that
these provisions and indemnification agreements are necessary to attract and retain qualified persons as directors and officers. Penguin Solutions Cayman will also maintain directors’ and officers’ liability insurance.

Please see “Comparison of Rights of Cayman Islands Shareholders and Delaware Stockholders—Indemnification of Directors and
Officers.”

Interests of Certain Persons in the Transaction

Except for the indemnification arrangements described above, no person who has been a director or executive officer of Penguin Solutions Cayman
at any time since the beginning of our last fiscal year, or any

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associate of any such person, has any material or substantial interest in the Transaction, except for any interest arising from his or her ownership of securities of Penguin Solutions Cayman. Each of our directors (other than Mr. Ha) hold Penguin Solutions Cayman ordinary shares and certain of our executive officers hold equity incentive compensation awards in respect of Penguin Solutions Cayman ordinary shares, but the Transaction will not affect our directors’ or executive officers’ vesting schedule. See “Equity Incentive Plans” below. No such person is otherwise receiving any extra or special benefit not shared on a pro ratabasis by all other holders of Penguin Solutions Cayman ordinary shares. Regulatory Matters Other than the Cayman Court sanctioning the Scheme