Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 92

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 92
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 |                                                                    | 2,502,667 |
|           |     | Continued Health Coverage(4) |     |                         |   1,659 |     |       |         — |     |            |         — |     |                   |         — |     |                                                                    |     3,270 |
|           |     | Life Insurance Benefit(5)    |     |                         |       — |     |       | 2,000,000 |     |            |         — |     |                   |         — |     |                                                                    |         — |
|           |     | Disability Benefit(6)        |     |                         |       — |     |       |         — |     |            | 1,611,638 |     |                   |         — |     |                                                                    |         — |

(1) Upon an involuntary termination on August 29, 2025, Mr. Frey would have received severance benefits including 75% of his base salary. Upon an involuntary termination during the Change in Control Protection Period on August 29, 2025, Mr. Frey would have received severance benefits including 150% of his base salary and 150% of the annual bonus paid or payable for the most recently completed fiscal year. Mr. Frey joined the Company in August 2025 and was not eligible for the fiscal 2025 bonus.

(2) Upon (i) an involuntary termination or (ii) an involuntary termination during the Change in Control Protection Period on August 29, 2025, Mr. Frey would have received his bonus for the fiscal year, prorated for his service during that year. Mr. Frey joined the Company in August 2025 and was not eligible for the fiscal 2025 bonus.

(3) Upon a Change in Control on August 29, 2025, the PSUs granted on August 25, 2025 would vest at the target level in accordance with their terms. The value of these awards at the target level as of August 29, 2025 has been measured using a price of $24.13 per share, the closing price of our common stock on August 29, 2025. Upon an involuntary termination during the Change in Control Protection Period on August 29, 2025, Mr. Frey would have vested in 100% of his outstanding unvested equity awards. Pursuant to SEC guidance, the value of any accelerated vesting of Mr. Frey’s equity