Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 58

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 58
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 aware of any other governmental approvals or actions that are required to complete the Transaction. We do not believe that any significant regulatory approvals will be required to effect the Transaction. No Appraisal Rights Under Cayman Islands law, none of the holders of the Penguin Solutions Cayman shares have any right to an appraisal of the value of their shares or payment for them in connection with the Transaction. Exchange of Penguin Solutions Cayman Shares for Penguin Solutions Delaware Stock Assuming the Scheme of Arrangement becomes effective and is implemented, your Penguin Solutions Cayman shares will be exchanged for shares of the corresponding class of Penguin Solutions Delaware, which will be issued to you in uncertificated book-entry form, without any action required on your part. Penguin Solutions Cayman shares held in book entry form (“ book-entry shares”) outstanding immediately prior to the Completion Date of the Transaction will be transferred to Penguin Solutions Delaware in the Scheme of Arrangement, and following the Transaction, the holders thereof with cease to have any rights with respect to such book-entry shares except the right to receive a corresponding number of uncertificated book-entry shares of the applicable class of Penguin Solutions Delaware. Penguin Solutions Cayman book-entry shares, including Penguin Solutions Cayman ordinary shares held in “street name” through a bank, broker, custodian or other nominee, will be automatically exchanged for uncertificated book-entry shares of the applicable class of Penguin Solutions Delaware without any action required on the part of the beneficial holder of such shares. Equity Incentive Plans If the Transaction is consummated, Penguin Solutions Delaware will assume Penguin Solutions Cayman’s equity incentive plans, including the shares available for issuance under the equity incentive plans, and the existing obligations of Penguin Solutions Cayman in connection with equity awards (including options, restricted share, restricted share unit, performance shares and performance share units) and rights granted under Penguin Solutions Cayman’s equity incentive plans, which include the following plans:

| • |     | Amended and Restated 2017 Share Incentive Plan; |

| • |     | 2021 Inducement Plan; and |

| • |     | 2018 Employee Share Purchase Plan |

(together with any applicable predecessor plans, the “ Equity Incentive Plans”). Each option to purchase Penguin Solutions Cayman ordinary shares and each award of restricted shares, restricted share units, performance shares and performance share units denominated in Penguin Solutions Cayman ordinary shares, in each case, granted pursuant to one of the Equity Incentive Plans outstanding 37

immediately prior to the Completion Date will,