Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 81

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 81
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 Delaware no longer hold equity securities representing at least a majority of the voting power to elect the Penguin Solutions Delaware Board and (b) the sale, lease, exclusive license, or other disposition of all or substantially all the assets of Penguin Solutions Delaware and its subsidiaries, whether by purchase, and sale, merger, consolidation, or otherwise, will be deemed to constitute a liquidation, dissolution or winding up of Penguin Solutions Delaware’s affairs unless the holders of at least two-thirds(2/3rds) of the then outstanding shares of Penguin Solutions Delaware convertible preferred stock elect otherwise by written notice sent to Penguin Solutions Delaware at least 5 days prior to the effective date of any such event. Redemption Right Beginning on December 13, 2029 and provided that all authorizations or approvals necessary to enable holders of Penguin Solutions Delaware convertible preferred stock to convert such shares into Penguin Solutions Delaware common stock, and for such holders to own such shares of Penguin Solutions Delaware common stock, have been obtained, Penguin Solutions Delaware may, at its option, if Penguin Solutions Delaware has funds legally available for the purpose of redemption, upon not fewer than 30 and not more than 60 days’ prior written notice, redeem all (and not less than all) outstanding shares of Penguin Solutions Delaware convertible preferred stock, at any time or from time to time, for cash at a redemption price of the Accumulated Stated Value (as defined in the Certificate of Designation), together with all accrued and unpaid dividends (whether or not declared) to the date of redemption, without interest, to the extent such accrued and unpaid dividends are not Compounded Dividends as of such time. Penguin Solutions Delaware will deliver notices of redemption not less than 30 nor more than 60 days prior to the redemption date. In addition to any information required by law or by the applicable rules of any exchange upon which Penguin Solutions Delaware convertible preferred stock may be listed or admitted to trading, each notice will state:

| • |     | the redemption date; |

| • |     | the redemption price; |

| • |     | the Conversion Price (as defined below); and |

| • |     | that Penguin Solutions Delaware will redeem all shares of Penguin Solutions Delaware convertible preferred stock 
 on the redemption date.                                                                                          |

All shares of Penguin Solutions Delaware convertible preferred stock that are so redeemed will be automatically and immediately cancelled and retired and may not be reissued, sold or transferred. Notwithstanding receipt of a redemption notice, each holder of Penguin Solutions Delaware convertible preferred stock shall have the ability to convert