Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 84

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 84
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 acknowledging his revised start date and title in May 2024, and an amended and restated offer letter with Mr. Frey acknowledging a revised reporting structure in July 2025 (together, the “Executive Offer Letters”). The Executive Offer Letters provide for the severance payments and benefits described further below.

#### Manca Separation Agreement
Mr. Manca’s employment with the Company was terminated on August 1, 2025 (the “Separation Date”). In connection therewith, Mr. Manca entered into a separation agreement effective as of August 10, 2025 (the “Separation Agreement”), pursuant to which he ceased to serve as Senior Vice President of the Company and President of Advanced Computing effective July 28, 2025 and his employment with the Company terminated on the Separation Date.

The terms of Mr. Manca’s Executive Offer Letter provided for certain severance benefits (as described below and set forth in the Separation Agreement) in the event of his termination of employment without Cause (as defined in the Executive Offer Letter) or his resignation for Good Reason (as defined in the Executive Offer Letter) (each, a “Qualifying Termination”). The Compensation Committee determined that Mr. Manca’s termination of employment constituted a termination without Cause and therefore constituted a Qualifying Termination. Following the Separation Date, in accordance with his Executive Offer Letter and in exchange for providing a release of claims, under the Separation Agreement Mr. Manca is entitled to receive the following severance benefits, subject to his continued compliance with the terms of the Separation Agreement:

• An aggregate amount equal to $375,000, representing 75% of his fiscal 2025 annual base salary of $500,000, to be paid in accordance with the Company’s regular payroll practices in substantially equal installments over the 12-month period following the Separation Date;

• An amount equal to $410,106, representing the prorated bonus amount with respect to the portion of fiscal 2025 for which he provided services as an employee, as determined by the Compensation Committee based on actual performance and paid in November 2025 (at the same time annual bonuses for fiscal 2025 were paid to the Company’s other executive officers); and

• Payment or reimbursement of the cost of health benefit continuation coverage until the earlier of nine months following the end of the month in which the Separation Date falls or the date Mr. Manca becomes eligible for health benefits with another employer (with an anticipated cost of up