Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 89

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 89
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. Upon an involuntary termination during the Change in Control Protection Period on August 29, 2025, Mr. Adams would have received continued health coverage for up to eighteen months following his termination.

(5) Represents a life insurance benefit payable to Mr. Adams’ beneficiaries with a face value of seven times his base salary as in effect on August 29, 2025, with a maximum benefit of $2,000,000.

(6) Represents the present value of a weekly short-term disability benefit for 52 weeks following termination on August 29, 2025, followed by a monthly long-term disability benefit for a period of 48 months.

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The following table quantifies the payments and benefits that would have been provided to Mr. Olmstead under different scenarios in connection with termination of his employment or a Change in Control, effective August 29, 2025 , the last day of our most recently completed fiscal year.

| Name          |     | Payment/Benefit Type         |     | Trigger Event           
 Involuntary Termination |         |     | Death |           |     | Disability |           |     | Change in Control |           |     | Involuntary Termination During Change in Control Protection Period |           |
|:--------------|:----|:-----------------------------|:----|:------------------------|--------:|:----|:------|----------:|:----|:-----------|----------:|:----|:------------------|----------:|:----|:-------------------------------------------------------------------|----------:|
| Nate Olmstead |     | Severance(1)                 |     | $                       | 500,000 |     | $     |         — |     | $          |         — |     | $                 |         — |     | $                                                                  | 1,343,138 |
|               |     | Prorated Bonus(2)            |     |                         |       — |     |       |         — |     |            |         — |     |                   |         — |     |                                                                    |         — |
|               |     | Equity Awards(3)             |     |                         |       — |     |       |         — |     |            |         — |     |                   | 2,607,753 |     |                                                                    | 4,212,760 |
|               |     | Continued Health Coverage(4) |     |                         |  17,388 |     |       |         — |