Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 126

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 126
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 5 business days of the Completion Date.                                                                                                      |

| 6.5 | On and from the Effective Time, the Scheme Shares and the rights of any holders of the Scheme Shares (and any                                                                      
 person who acquires any interests in or arising out of the Scheme Shares after the Scheme Record Time) shall be subject to the compromises and arrangements set out in the Scheme. |

| 6.6 | Unless the Completion Date occurs on or before the Longstop Date, the terms of, and obligations on Penguin                                                   
 Solutions Cayman under or pursuant to, the Scheme shall lapse and all compromises and arrangements provided for by the Scheme shall have no force or effect. |

| 7. | THE SCHEME AND SCHEME CONSIDERATION |

| 7.1 | On the Completion Date, all of the Scheme Shares will be transferred from the Scheme Shareholders to Penguin 
 Solutions Delaware:                                                                                          |

| (a) | fully paid; |

| (b) | free and clear of any liens, pledges, security interests or other encumbrances; and |

| (c) | together with all rights, benefits and entitlements as at the Completion Date and thereafter attaching thereto,                                                                                                                                     
 including the right to receive and retain all dividends and other distributions (if any) which may be declared, paid or made thereon by Penguin Solutions Cayman on or after the Completion Date, but excluding the right to receive and retain all 
 dividends and distributions (if any), the record date of which falls before the Completion Date, together with all interest accrued thereon.                                                                                                        |

| 7.2 | In consideration for the transfer of the Scheme Shares pursuant to Clause 7.1 on the Completion Date and                                                                                                                                                                                                                                                                                                                     
 subject to the provisions of Clause 8 (Allotment and issue of Penguin Solutions Delaware Stock) and Clause 9 (Mandated Payments and other Instructions), Penguin Solutions Delaware shall issue to each Scheme Shareholder fully paid and non-assessable shares of Penguin Solutions Delaware Common Stock and/or Penguin Solutions Delaware Convertible Preferred Stock (as applicable), on the following one-to-one basis: |

| (a) | for every one (1) Penguin Solutions Cayman Ordinary Share transferred, one (1) share of Penguin 
 Solutions Delaware Common Stock shall be issued; and                                            |

B-6

| (b) | for every one (1) Penguin Solutions Cayman Convertible Preferred Share transferred, one (1) share of                        
 Penguin Solutions Delaware Convertible Preferred Stock