Company: PENG
Filing Date: 2025-04-02
Form Type: 8-K
Source: 0001628280-25-016180
Chunk: 1

Company: Penguin Solutions, Inc.
Filing Date: 2025-04-02
Form: 8-K
Item: Item 5.02
Chunk 1
---
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On April 1, 2025, Jack Pacheco, the Company’s Executive Vice President, Chief Operating Officer (“ COO”) and President of Integrated Memory, informed the Company of his decision to retire on December 31, 2025 (the “ Planned Retirement Date”). Mr. Pacheco’s decision to retire was not the result of any disagreement between Mr. Pacheco and the Company. Mr. Pacheco has agreed to provide transition services to ensure an orderly transition of his responsibilities, as described below, while the Company engages in a succession planning process.

In connection with Mr. Pacheco’s decision to retire, the Company entered into a transition agreement with him (the “ Transition Agreement”). The Transition Agreement provides that, in exchange for a general release of claims against the Company, Mr. Pacheco will remain employed by the Company on his existing compensation terms through the Planned Retirement Date, unless his employment terminates earlier in accordance with the Transition Agreement. Additionally, if the Company hires a new COO or President of Integrated Memory (or reassigns the responsibilities of such roles to another Company employee) during Mr. Pacheco’s continued employment period, Mr. Pacheco will cease serving as the Company’s COO and/or President of Integrated Memory (as applicable), and if Mr. Pacheco ceases serving in both such roles, he will remain employed for the remainder of the employment period as a special advisor to the Company’s Chief Executive Officer.

The Transition Agreement also provides that, following the end of Mr. Pacheco’s employment (provided his employment is not terminated by the Company for cause), he will remain available to provide transition consulting services to the Company for one year, unless the consulting period terminates earlier in accordance with the Transition Agreement. During the consulting period, Mr. Pacheco’s outstanding time-based equity awards will continue to vest in accordance with their terms and his outstanding share options will remain outstanding and exercisable in accordance with their terms, but he will not receive any other compensation for the consulting services. The continued equity vesting benefits during the consulting period are subject to Mr. Pacheco’s delivery of an additional general release of claims against the Company following his employment retirement date.

The foregoing description of the Transition Agreement is qualified in its entirety by the full text of such agreement, a copy of which will be filed as an