Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 75

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 75
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2.1 | on or in respect of the shares, debentures or other obligations of the Company; or |

| 2.2 | by way of the withholding in whole or part, of any relevant payment as defined in Section 6(3) of the Tax 
 Concessions Act (2011 Revision).                                                                          |

These concessions shall be for a period of 20 years from 13 thMay 2014.” 48

DESCRIPTION OF PENGUIN SOLUTIONS DELAWARE CAPITAL STOCK

The following summary description of the Penguin Solutions Delaware capital stock is based on the intended provisions of each of Penguin
Solutions Delaware’s amended and restated certificate of incorporation and amended and restated bylaws as they will be in effect after the transactions contemplated by the Scheme of Arrangement are consummated and the applicable provisions of
the General Corporation Law of the State of Delaware (the “DGCL”). This information may not be complete in all respects and is qualified entirely by reference to the provisions of the DGCL and the Penguin Solutions Delaware amended
and restated certificate of incorporation and bylaws and the certificate of designation governing the Penguin Solutions Delaware convertible preferred stock, which will be substantially in the forms attached hereto as Annex D, Annex F and Annex E,
respectively. The Penguin Solutions Delaware common stock and Penguin Solutions Delaware convertible preferred stock are intended to have substantially the same rights and obligations as the Penguin Solutions Cayman ordinary shares and the Penguin
Solutions Cayman convertible preferred shares, respectively; however, as described in the section titled “Comparison of Rights of Cayman Islands Shareholders and Delaware Stockholders,” there are differences in Delaware law and
Cayman Islands law that may cause these rights to differ.

General

Penguin Solutions Delaware was incorporated under the DGCL on March 20, 2025. Its registered office is located at 1209 Orange Street, in
the City of Wilmington, County of New Castle, 19801. Penguin Solutions Delaware was incorporated for the purpose of implementing the Transaction and will not carry on any active business prior to the Transaction, other than in connection with the
Transaction and related matters. Following completion of the Transaction, Penguin Solutions Delaware and its subsidiaries will carry on the business currently carried on by Penguin Solutions Cayman and its subsidiaries (and Penguin Solutions Cayman
will be a subsidiary of Penguin Solutions Delaware).

Penguin Solutions Delaware’s amended and restated certificate of incorporation
will authorize 200,000,000 shares of common stock, $0.03 par value