Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 70

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 70
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 of a share of the Company equaled or exceeded 200% of the Fair Market Value of a share of the Company on the grant date for at least 60 consecutive trading days at any time during the one-year period immediately preceding the applicable vesting date or any subsequent annual vesting date (the “200% PSA Vesting Condition”), subject to Mr. Adams’ continued service as CEO through each applicable vesting date. The Compensation Committee certified the satisfaction of the 200% PSA Vesting Condition for the first tranche and second tranche on October 12, 2022. The third tranche and fourth tranche of PSAs subject to the 200% PSA Vesting Condition were forfeited due to non-attainment of the 200% PSA Vesting Condition.

Fiscal 2022 PSUs . On October 1, 2021, PSUs were granted to each of Messrs. Adams and Pacheco and Ms. Kuykendall (the “Fiscal 2022 PSUs”) with a performance goal based on the Company’s TSR relative to the performance of the median company in the Russell 2000 Index as identified on the date of grant (the “Fiscal 2022 Index Group”) over the three-year performance period from October 1, 2021 through October 1, 2024 (the “Fiscal 2022 Performance Period”). In October 2024 (which was in fiscal 2025), the Compensation Committee certified the achievement of the performance goal applicable to the Fiscal 2022 PSUs at 2.60% above the TSR of the median company in the Fiscal 2022 Index Group over the Fiscal 2022 Performance Period, corresponding to a vesting percentage of 110.39% of target Fiscal 2022 PSUs eligible to vest.

Fiscal 2023 PSUs . On September 26, 2022, PSUs were granted to each of Messrs. Adams and Clark and Ms. Kuykendall (the “Fiscal 2023 PSUs”) with a performance goal based on the Company’s TSR relative to the performance of the median company in the Russell 2000 Index as identified on the date of grant (the “Fiscal 2023 Index Group”) over the three-year performance period from September 26, 2022 through September 26, 2025 (the “Fiscal 2023 Performance Period”). In October 2025 (which was in fiscal 2026), the