Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 102

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 102
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 person (including via live webcast) or by proxy are counted as represented. If a quorum is not present, then the
chairperson of the Scheme Meeting has the ability to adjourn the Scheme Meeting.

Votes of Shareholders Required for Approval

Scheme of Arrangement Proposal

To be
approved, the Scheme of Arrangement Proposal must receive the affirmative vote of at least 75% or more of the nominal value of the Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares voted at the Scheme
Meeting by the shareholders as of the Voting Record Time who are entitled to vote and who are present (either in person (including via live webcast) or represented by proxy) and who vote at the Scheme Meeting. Holders of Penguin Solutions Cayman
ordinary shares and Penguin Solutions Cayman convertible preferred shares will vote together on the Scheme of Arrangement Proposal. Broker “non-votes,” if any, will be disregarded and will have no
effect on the outcome of the vote. A broker “non-vote” occurs when a nominee (such as a broker) holding shares for a beneficial owner abstains from voting on a particular proposal because the nominee
does not have discretionary voting power for that proposal and has not received instructions from the beneficial owner on how to vote those shares. Accordingly, it is important for beneficial owners to follow their broker’s instructions for
providing voting instructions.

In accordance with the Cayman Companies Act, the “75% in value” requirement, as described above,
will be met if the total value of the Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares that are voted in favor of the Scheme of Arrangement Proposal is at least 75% or more of the nominal value of
the Penguin Solutions Cayman ordinary shares and Penguin Solutions Cayman convertible preferred shares voted at the Scheme Meeting. For voting purposes, the Penguin Solutions Cayman convertible preferred shares will not vote on an “as-converted” basis.

Voting at the Scheme Meeting will be by way of proxy card poll and not
on a show of hands.

Effect of Shares Not Voted

Except as prohibited by applicable law, holders of the Penguin Solutions Cayman convertible preferred shares will vote at the Scheme Meeting
together with the holders of the Penguin Solutions Cayman ordinary shares, on all matters submitted for a vote of or consent by holders of Penguin Solutions Cayman ordinary shares.

If you hold your Penguin Solutions Cayman shares through a broker or nominee and you do not instruct your broker or