Company: PENG
Filing Date: 2025-05-02
Form Type: DEF 14A
Source: 0001193125-25-110748
Chunk: 143

Company: Penguin Solutions, Inc.
Filing Date: 2025-05-02
Form: DEF 14A
Chunk 143
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 actively traded over-the-counter, the
value shall be deemed to be the average of the volume weighted average bid or sale prices (whichever is applicable) over the twenty (20) trading day period ending three (3) trading days prior to the effectiveness of the Deemed Liquidation
Event; and

(iii) If there is no active public market, the value shall be the fair market value thereof, as reasonably
determined by the Board.

(b) The method of valuation of securities subject to restrictions on free marketability (other
than restrictions arising solely by virtue of a stockholder’s status as an affiliate or former affiliate) shall be

E-2

to make an appropriate discount from the market value determined as above in , or to reflect the approximate fair
market value thereof, as determined by the Board.

2.3.3 . After payment or setting aside for payment of the full
amounts specified in this to the holders of the Convertible Preferred Stock, any remaining assets of the Company legally available for distribution or, in the case of a Deemed Liquidation Event, consideration not
payable to holders of Convertible Preferred Stock, shall be distributed to the holders of Junior Shares according to their respective rights and preferences.

2.3.4 . The Company shall not have the power to effect a Deemed Liquidation Event unless the
agreement or plan with respect to such transaction, or the terms of such transaction, provide that the consideration payable to stockholders of the Company in such Deemed Liquidation Event be allocated to the stockholders in accordance with this
. Any share of Convertible Preferred Stock in respect of which the holder thereof has received payment in full of the amounts specified in this upon the occurrence of a
Liquidation Trigger Event shall no longer be deemed to be outstanding upon receipt of such payment, and all rights with respect to such share of Convertible Preferred Stock, including the rights, if any, to receive notices and to vote as Convertible
Preferred Stock, shall immediately cease and terminate at the time of such payment in full.

3. Voting.

3.1 . Except as prohibited by applicable law and without limiting any voting rights of holders of the Convertible Preferred
Stock pursuant to applicable law, each holder of Convertible Preferred Stock shall be entitled to (i) vote as a single class with the holders of Common Stock on all matters submitted for a vote of holders of Common Stock, (ii) in
connection with such vote, vote a number of votes equal to the largest number