Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 88

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 88
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                         |       — |     |       | 2,000,000 |     |            |         — |     |                   |         — |     |                                                                    |          — |
|            |     | Disability Benefit(6)        |     |                         |       — |     |       |         — |     |            | 1,023,445 |     |                   |         — |     |                                                                    |          — |

(1) Upon an involuntary termination on August 29, 2025, Mr. Adams would have received severance benefits including 100% of his base salary. Upon an involuntary termination during the Change in Control Protection Period on August 29, 2025, Mr. Adams 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.

(2) Upon (i) an involuntary termination or (ii) an involuntary termination during the Change in Control Protection Period on August 29, 2025, Mr. Adams would have received his bonus for the fiscal year, prorated for his service during that year. These estimates are based on a deemed termination at the end of the fiscal year, so a prorated bonus has not been included.

(3) Upon a Change in Control on August 29, 2025, the PSUs granted on each of September 26, 2022, September 25, 2023, and September 30, 2024 would vest in accordance with their terms at 200% of the target level, 84.30% of the target level, and 100% of the target level, respectively. The value of these awards 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. Adams would have vested in 100% of his outstanding unvested equity awards. Pursuant to SEC guidance, the value of any accelerated vesting of Mr. Adams’ equity awards has been estimated using a price of $24.13 per share, the closing price of our common stock on August 29, 2025.

(4) Upon an involuntary termination on August 29, 2025, Mr. Adams would have received continued health coverage for up to twelve months following his termination