Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 87

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 87
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 date, the performance goals applicable to the PSUs are deemed satisfied at the target performance level and the PSUs vest as of the date of such change in control and are earned in an amount consistent with the target performance level, or (ii) occurs more than twelve months following the grant date, the PSUs vest as of the date of the change in control based on actual performance through the date of such change in control and are earned in an amount consistent with the executives’ actual performance.

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The following table quantifies the payments and benefits that would be provided to Mr. Adams 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 |            |
|:-----------|:----|:-----------------------------|:----|:------------------------|--------:|:----|:------|----------:|:----|:-----------|----------:|:----|:------------------|----------:|:----|:-------------------------------------------------------------------|-----------:|
| Mark Adams |     | Severance(1)                 |     | $                       | 890,000 |     | $     |         — |     | $          |         — |     | $                 |         — |     | $                                                                  |  2,984,665 |
|            |     | Prorated Bonus(2)            |     |                         |       — |     |       |         — |     |            |         — |     |                   |         — |     |                                                                    |          — |
|            |     | Equity Awards(3)             |     |                         |       — |     |       |         — |     |            |         — |     |                   | 7,633,984 |     |                                                                    | 12,010,635 |
|            |     | Continued Health Coverage(4) |     |                         |  38,772 |     |       |         — |     |            |         — |     |                   |         — |     |                                                                    |     57,591 |
|            |     | Life Insurance Benefit(5)    |     |