Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 73

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 73
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ii) was paid severance benefits following his employment separation that qualified as a termination without “cause” pursuant to the terms of his existing amended and restated offer letter. The separation agreement with Mr. Manca is described under “ Employment and Severance Agreements; Potential Payments upon Termination or Change in Control ” below.

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Benefits and Perquisites

Executive officers are eligible to participate in all of our employee benefit plans, including medical, dental, vision, group life, disability, and accidental death and dismemberment insurance, and our 401(k) plan on substantially the same basis as other employees. Our 401(k) plan permits us to make matching contributions to eligible participants. In fiscal 2025 , we continued our practice of matching 100% of participant contributions up to 3% of eligible compensation, and 50% of participant contributions of the next 2% of eligible compensation, in each case subject to applicable Internal Revenue Service limits. Our NEOs are also eligible to participate in our Amended and Restated 2018 Employee Stock Purchase Plan (the “ESPP”). In addition, we provide limited additional benefits for our NEOs that include enhanced life insurance coverage, enhanced disability insurance coverage, annual physical exams, reimbursement for certain medical expenses, and reimbursement for financial counseling services.

Stock Ownership Requirements

The Compensation Committee believes that, in order to more closely align the interests of executives with the interests of our other stockholders, all executives should maintain a minimum level of equity interests in our common stock. The Compensation Committee has adopted robust stock ownership guidelines requiring ownership of six times annual base salary for our President and CEO, five times annual cash Board member retainer for our directors (reflecting an increase from three times adopted in fiscal 2024), and two times annual base salary for our other executive officers (reflecting an increase from one times adopted in fiscal 2025) . Covered individuals are required to be in compliance with the policy by the later of: (i) January 31, 2028 or (ii) the date that is five years after such individual first became subject to the ownership guidelines. Until this requirement is met, an executive officer must retain 20% of after-tax shares acquired upon the exercise of stock options and vesting of other equity awards. As of August 29, 2025 , all of our then-serving NEOs and our directors were in compliance with our stock ownership guidelines or were in the five-year transition period.

Eligible equity under