Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 68

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 68
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 by the Company’s TSR performance above) will be determined on a straight-line basis ( i.e. , linearly interpolated) between the two nearest payout vesting percentages indicated above .

In September 2024, our then-serving NEOs were granted the following equity awards as part of the annual executive compensation program for fiscal 2025 :

| Named Executive Officer |     | RSUs(1) |     |         | PSUs(2) |     |         |
| Mark Adams              |     |         |     | 138,876 |         |     | 138,876 |
| Nate Olmstead(3)        |     |         |     |  25,250 |         |     |  25,250 |
| Anne Kuykendall         |     |         |     |  30,300 |         |     |  30,300 |
| Joseph Clark            |     |         |     |  18,937 |         |     |  18,937 |
| Pete Manca(3)(4)        |     |         |     |  25,250 |         |     |  25,250 |

(1) These RSUs vested as to 6.25% on January 20, 2025 and continue to vest in 15 equal quarterly installments thereafter, subject to the NEO’s continued service through each applicable vesting date.

(2) These PSUs vest contingent on continuation of employment and achievement of the TSR performance goals (and for Mr. Adams, the Share Price CAGR performance goals) described above.

(3) Messrs. Olmstead and Manca received larger new-hire equity grants in the second half of fiscal 2024, which grants were taken into account by the Compensation Committee when determining the amounts of their annual equity grants for fiscal 2025.

(4) Mr. Manca’s employment with the Company terminated effective August 1, 2025. Pursuant to the terms of his amended and restated offer letter and his equity compensation award agreements, Mr. Manca forfeited all outstanding and unvested RSUs and PSUs upon his separation.

Mr. Frey commenced employment in August 2025 and did not participate in the Company’s standard annual executive compensation program for fiscal 2025. Please see “ Other Elements of Our Fiscal 2025 Executive Compensation Program – Employment and Severance Arrangements – Frey Offer Letter ” below for a description of the new hire equity