Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 31

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 31
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 director will receive a prorated restricted stock unit (“RSU”) grant, with the grant date fair value determined as follows: (x) $10,000, multiplied by (y) the number of months from the first day of the calendar month of appointment, through and including January 31st of the second January after appointment. These initial equity grants vest in part on the first anniversary of the grant date, with the remainder vesting the second January after the appointment (the “Initial Director RSUs”).

(3) Annual RSU Grant : Effective as of fiscal 2025, each independent director who has served on the Board for at least twelve months will receive RSUs on the first Friday following the date of the annual stockholder meeting (or if such meeting occurs on a Friday, then on the date of such meeting), with a grant date value of approximately $175,000 and vesting in full on the first anniversary (or, if earlier, on the date of the next annual meeting of stockholders at which the director’s term would expire) (the “Annual Director RSUs”).

For purposes of RSU awards granted to our directors, grant date fair values are determined based on the closing price of our common stock at the close of trading on the last trading day immediately prior to the date of grant and are rounded down to the nearest whole share.

The Initial Director RSUs and the Annual Director RSUs fully vest upon a change in control.

We do not provide separate compensation for service on our Board to directors who are not independent. We provide all of our directors with reimbursement for expenses incurred in connection with their service on our Board.

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#### Stock Ownership Requirements
The Compensation Committee believes that, in order to more closely align the interests of our independent directors with those of our other stockholders, all independent directors who participate in our independent director compensation program (“Covered Directors”) should maintain a minimum level of equity interests in our common stock. The Compensation Committee initially adopted stock ownership guidelines in fiscal year 2020 and adopted more robust guidelines in March 2024 and in January 2025, requiring ownership of five times (reflecting an increase from three times) the annual cash Board member retainer for Covered Directors. Covered Directors are required to be in compliance with the policy by the later of: (i) January 31, 2028 and (ii) the date that is five years after appointment to the Board. As of August 29, 2025, all