Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 72

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 72
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 (each as defined in Mr. Frey’s amended and restated offer letter) prior to the one-year anniversary of his start date of August 25, 2025;

• Commencing in fiscal 2026, an annual bonus opportunity with a target amount equal to 100% of his annualized base salary, or $425,000 on an annualized basis; provided that he is employed and working for no less than 50% of the working days in any performance period to be eligible for a bonus with respect to such performance period; further provided that for fiscal 2026 only, his annual bonus is determined on a quarterly basis (with 20% of the target annual bonus amount applying to each of the first and second fiscal quarters and 30% of the target annual bonus amount applying to each of the third and fourth fiscal quarters), with a maximum quarterly payout of 100% of the target bonus amount applicable to the first three fiscal quarters, and with any additional portion being held back for review after the end of fiscal 2026;

• An initial grant of RSUs with respect to 51,858 shares of common stock of the Company, which vest as to 25% on October 20, 2026 and continue to vest in 12 equal quarterly installments thereafter, subject to his continued service through each applicable vesting date;

• An initial grant of PSUs with respect to 51,858 shares of common stock of the Company at the target level of performance, which vest, if at all, based on the Company’s TSR relative to the performance of the median company in the Russell 2000 Index as of August 25, 2025, following the end of a three-year performance period beginning on August 25, 2025, and otherwise consistent with the terms of the PSUs granted to other NEOs (other than the CEO) in September 2024 and described under “ Equity Compensation – PSU Vesting Condition – TSR ” above; and

• Certain severance benefits, as described under “ Employment and Severance Agreements; Potential Payments upon Termination or Change in Control ” below.

Manca Separation Agreement . We entered into a separation agreement with Mr. Manca effective as of August 10, 2025, pursuant to which Mr. Manca (i) ceased to serve as Senior Vice President of the Company and President of Advanced Computing effective July 28, 2025 and his employment with the Company terminated effective August 1, 2025, and (