# EDGAR Filing Document

**Accession Number:** 0001616533
**File Stem:** 0001193125-26-033616
**Filing Date:** 2026-2
**Character Count:** 22251
**Document Hash:** b3f7539312a035c3ad366dfc89328dda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-033616.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001193125-26-033616

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260130

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Penguin Solutions, Inc.
- **CENTRAL INDEX KEY:** 0001616533
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 365142687
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0829

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38102
- **FILM NUMBER:** 26587851

**BUSINESS ADDRESS:**
- **STREET 1:** 45800 NORTHPORT LOOP WEST
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94538
- **BUSINESS PHONE:** (510) 623-1231

**MAIL ADDRESS:**
- **STREET 1:** 45800 NORTHPORT LOOP WEST
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94538

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMART Global Holdings, Inc.
- **DATE OF NAME CHANGE:** 20140813

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): January 30, 2026
![LOGO](g93293g0130193248048.jpg)

## PENGUIN SOLUTIONS, INC.

#### (Exact name of registrant as specified in its charter)

#### Commission File Number 001-38102

---

| | |
|:---|:---|
| **Delaware** | **36-5142687** |
| **(State or Other Jurisdiction of<br>Incorporation or Organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **45800 Northport Loop West** |  |
| **Fremont, CA** | **94538** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

#### Registrant's Telephone Number, Including Area Code: (510) 623-1231

#### N/A

#### (Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common stock, $0.03 par value per share | PENG | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**  |

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#### CEO Transition
On January 30, 2026, Mark Adams notified the board of directors (the "Board") of Penguin Solutions, Inc. (together with its subsidiaries, the "Company") of his retirement and resigned from his position as President and Chief Executive Officer of the Company and resigned as a member of the Board, effective February 1, 2026. In addition, Mr. Adams will no longer stand for election as a member of the Board at the Company's upcoming Annual Meeting of Stockholders scheduled to be held on February 6, 2026. Mr. Adams' resignation was not the result of any disagreement between the Company and him on any matter relating to the Company's operations, policies or practices. In connection with Mr. Adams' decision to retire, the Company entered into a transition agreement with him.

On January 30, 2026, the Board appointed Kash Shaikh to succeed Mr. Adams as the Company's President and Chief Executive Officer, effective February 2, 2026. Upon the recommendation of its Nominating and Corporate Governance Committee, the Board also appointed Mr. Shaikh to serve as a Class III director of the Board, effective February 2, 2026. Mr. Shaikh will also serve as the Company's principal executive officer. In connection with his appointment, Mr. Shaikh is expected to enter into the Company's standard form of indemnification and advancement agreement with the Company.

There is no arrangement or understanding pursuant to which Mr. Shaikh was appointed to the Board. There are no family relationships between Mr. Shaikh and any director or executive officer of the Company as defined in Item 401(d) of Regulation S-K, and Mr. Shaikh has no direct or indirect material interest in any transaction or proposed transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

#### Mark Adams Transition Agreement
In connection with Mr. Adams' decision to retire, the Company entered into a transition agreement with him, dated as of January 30, 2026 (the "Transition Agreement"). The Transition Agreement provides that, following the end of Mr. Adams' employment, he will provide transition consulting services to the Company for nine months, unless the consulting period terminates earlier in accordance with the Transition Agreement. During the consulting period, Mr. Adams will receive consulting fees in the amount of $24,722 per month, and Mr. Adams' outstanding time-based equity awards will continue to vest in accordance with their terms and his outstanding stock options will remain outstanding and exercisable in accordance with their terms. The consulting fees and continued equity vesting benefits during the consulting period are subject to Mr. Adams' delivery of a general release of claims against the Company.

The foregoing description of the Transition Agreement is qualified in its entirety by the full text of the Transition Agreement, a copy of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the second quarter of fiscal 2026.

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#### Kash Shaikh Offer Letter and Equity Awards
In connection with Mr. Shaikh's appointment as the Company's President and Chief Executive Officer, the Company has entered into an employment offer letter with Mr. Shaikh, dated as of January 30, 2026 (the "Offer Letter") that sets forth his employment terms. The Offer Letter provides that Mr. Shaikh will receive an annual base salary of $890,000 and be eligible for an annual performance bonus targeted at 125% of his base salary. The payment of any earned annual bonus will be subject to Mr. Shaikh's continued employment through the bonus payment date and will be pro-rated for the Company's 2026 fiscal year. Mr. Shaikh will also receive a $2,000,000 sign-on bonus, which is subject to prorated repayment if, prior to the first anniversary of his start date, the Company terminates Mr. Shaikh's employment for "cause" or he resigns without "good reason" (each as defined in the Offer Letter).

The Offer Letter provides for the grant of equity awards to Mr. Shaikh under the Company's 2021 Inducement Plan, consisting of (i) 238,188 initial time-based restricted stock units ("RSUs"), (ii) 137,898 supplemental time-based RSUs, (iii) 137,898 performance-based RSUs ("PSUs") subject to relative total stockholder return ("TSR") performance goals, and (iv) 238,188 PSUs subject to stock price appreciation performance goals.

The initial and supplemental time-based RSU awards will each vest as to 25% of the RSUs on April 20, 2027, with the remainder vesting in 12 equal quarterly installments thereafter, subject to Mr. Shaikh's continued service through the applicable vesting date.

The TSR PSU award will vest subject to the achievement of Company TSR goals relative to the Russell 2000 Index over a three-year performance period beginning on the grant date, as established by the Board or its Compensation Committee, and Mr. Shaikh's continued service through the achievement certification date.

The stock price appreciation PSU award has a four-year performance period beginning on the grant date and will vest upon certification by the Board's Compensation Committee that the 30-trading-day average closing price of the Company's common stock (or, in a change in control of the Company, the per-share transaction value) has equaled or exceeded share appreciation targets of 25%, 50%, 75%, and 100% above the 30-trading-day trailing average closing price of the Company's common stock preceding the grant date, with cumulative vesting at each level of 50%, 100%, 150%, and 200% of the number of PSUs, respectively. No stock price appreciation PSUs will vest before the first regularly scheduled Compensation Committee meeting on or after the second anniversary of the grant date, and vesting is subject to Mr. Shaikh's continued service through the applicable achievement certification date.

Pursuant to the Offer Letter, if the Company terminates Mr. Shaikh's employment without "cause" or Mr. Shaikh resigns for "good reason" (each as defined in the Offer Letter), then, subject to Mr. Shaikh's execution of a release of claims against the Company, he would receive (i) an amount equal to 100% of his annual base salary in substantially equal installments during the following 12 months, (ii) a pro-rated portion of his annual bonus for the year of termination based on actual performance through the termination date, and (iii) payment or reimbursement for up to 12 months of healthcare continuation coverage. If his termination without cause or resignation for good reason occurs within two months before or 12 months after a change in control, then, subject to Mr. Shaikh's execution of a release of claims against the Company, Mr. Shaikh would, in lieu of the previously-described payments and benefits, receive (i) an amount equal to 200% of his annual base salary plus 100% of his annual bonus for the most recently completed fiscal year, paid in substantially equal installments during the following 12 months, (ii) a pro-rated portion of his annual bonus for the year of termination based on actual performance through the termination date, (iii) payment or reimbursement for up to 24 months of healthcare continuation coverage, and (iv) unless otherwise provided in an applicable award agreement, 100% vesting of all outstanding equity awards.

The foregoing description of the terms of the Offer Letter is qualified in its entirety by reference to the full text of the Offer Letter, a copy of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the second quarter of fiscal 2026.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.**  |

---

A copy of the Company's press release announcing the CEO transition is attached hereto as Exhibit 99.1 and is incorporated by reference.

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The information furnished pursuant to Item 7.01 of this Form 8-K, including the information contained in Exhibit 99.1 of this Form 8-K, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(d) Exhibits

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| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Description** |
| 10.1#\* | [Form of Indemnification and Advancement Agreement for Directors and Officers](http://www.sec.gov/Archives/edgar/data/1616533/000119312525152807/d936172dex101.htm) |
| 99.1\*\* | [Press release titled "Penguin Solutions Announces CEO Transition" dated February 2, 2026](d93293dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Incorporated by reference to Exhibit 10.1 to the Form 8-K12B filed June 30, 2025.

\*\* Furnished herewith.

# Indicates management contract or compensatory plan.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date: February 2, 2026 | **Penguin Solutions, Inc.** | **Penguin Solutions, Inc.** |
|  | By: | /s/ Anne Kuykendall |
|  |  | Anne Kuykendall |
|  |  | Senior Vice President and Chief Legal Officer |

---

## Exhibit 99.1

**Exhibit 99.1** 

Press Release

**Penguin Solutions Announces CEO Transition** 

*Mark Adams to Retire as President and CEO* 

*Kash Shaikh Appointed as President and CEO* 

**FREMONT, Calif.** — February 2, 2026 — Penguin Solutions, Inc. ("Penguin Solutions" or the "Company") (NASDAQ: PENG), a leading provider of high-performance computing and AI infrastructure solutions, today announced the retirement of Mark Adams as President and Chief Executive Officer and as a Director of the Company. After a thorough search process, the Board has appointed technology veteran Kash Shaikh as President and Chief Executive Officer and as a Director of the Company, effective February 2, 2026. To ensure a smooth transition, Adams will remain with the Company as an advisor for nine months.

Shaikh brings more than three decades of technology leadership and operational experience to Penguin Solutions, with a proven track record of driving growth, innovation and customer-centric execution across enterprise software, SaaS and AI infrastructure markets. He most recently served as President and Chief Executive Officer of Securonix, where he scaled the business, introduced agentic AI solutions, strengthened customer relationships and led strategic organic and inorganic growth across global markets.

Penny Herscher, Chair of the Penguin Solutions Board of Directors, said, "On behalf of the Board, I want to thank Mark for his leadership over the past five years and for the lasting impact he has had on the organization. Mark led the transformation of Penguin Solutions, bringing together a set of independent businesses under a unified, innovative brand at a pivotal moment in the AI revolution. Under his guidance, Penguin Solutions expanded its portfolio, entered new markets and established itself as a trusted partner for critical AI infrastructure solutions across a wide range of industries. We are pleased that we will continue benefiting from his expertise as an advisor during this transition."

Herscher continued, "We are excited to welcome Kash to Penguin Solutions. The Board conducted a thoughtful succession planning process and is confident that Kash is the right leader to guide Penguin Solutions through its next phase of development. He brings deep operational experience, a strong track record of scaling technology businesses and a customer-centric leadership style that aligns closely with the Company's strategy and culture. As enterprise demand for production-scale AI infrastructure accelerates, Kash's expertise in AI and his background in leading complex, global organizations position him well to build on the momentum Mark and the team have created."

In announcing his retirement, Adams said, "Leading Penguin Solutions has been a privilege and a defining chapter in my career. This is the right time for me personally to retire, and I'm deeply grateful for the support of the Board, our employees, our customers and our shareholders over my tenure as CEO. I am incredibly proud of what our teams have accomplished together – we have redefined Penguin Solutions and put it in a position to capture significant opportunities in the AI and advanced memory markets."

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Reflecting on his appointment, Shaikh said, "Penguin Solutions has built a differentiated platform at the intersection of advanced computing, memory and services, with a long history of helping customers design, build, deploy and manage complex infrastructure at scale. As enterprises move from proofs of concept to production AI environments, Penguin's focus on performance, reliability and time-to-value is increasingly critical. I'm excited to work alongside the leadership team and our employees to deepen customer partnerships, continue expanding our enterprise footprint and execute our strategy with discipline as we build the next chapter of the Company."

**About Kash Shaikh** 

Kash Shaikh is a veteran technology executive with over 30 years of operational experience and a distinguished track record of driving growth, innovation and customer-centric execution across enterprise software, SaaS and AI infrastructure markets. Prior to joining Penguin Solutions, Shaikh served as President and Chief Executive Officer of Securonix, a leading cybersecurity SaaS company offering AI-reinforced threat detection, investigation and response solutions. As CEO, he scaled the business, introduced agentic AI solutions, strengthened customer relationships and led strategic organic and inorganic growth across global markets.

He is a growth-oriented leader known for his customer obsession, servant leadership, and ability to deliver innovative technology solutions that enable strategic market expansion.

Earlier in his career, Shaikh held executive leadership roles at Virtana, where he served as President and CEO and led the company to sustained profitability and expanded its market presence, and at Dell Technologies, where he served as General Manager of the Enterprise Solutions Business and drove significant operational expansion and growth. He has also held senior roles at Hewlett Packard Enterprise, Cisco, Ruckus Wireless and Nortel Networks, helping global enterprises adopt innovative technology solutions.

Kash has been recognized for his leadership excellence with industry honors, including the Stevie Gold Award for Executive of the Year and multiple Comparably Best CEO awards. He holds a Bachelor of Engineering from NED University of Engineering and Technology, a Master of Science in Electrical Engineering from Wichita State University and a Master of Business Administration from Boise State University.

**Use of Forward-Looking Statements** 

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 that are not historical in nature, that are predictive or that depend upon or refer to future events or conditions. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. These statements may include, but are not limited to, statements concerning the company's opportunity to drive growth, capture its market opportunity, continue its business momentum and deliver value to its stakeholders. Forward-looking statements often use words such as "anticipate," "target," "expect," "estimate," "intend," "plan," "believe," "could," "will," "may" and other words of similar meaning. These forward-looking statements are based on current expectations, circumstances, aspirations and assumptions that are subject to factors and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These forward-looking statements are subject to a number of significant risks, uncertainties and other factors, many of which are outside Penguin Solutions' control, including,

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among others, failure to realize opportunities relating to the company's growth and stakeholder value, and other factors and risks detailed in Penguin Solutions' filings with the U.S. Securities and Exchange Commission (which include Penguin Solutions' most recent Annual Report on Form 10-K). Such factors and risks as outlined above and in such filings do not constitute all factors and risks that could cause actual results of Penguin Solutions to be materially different from Penguin Solutions' forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this press release, and Penguin Solutions does not intend, and has no obligation, to update or revise any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release, except as required by law.

**About Penguin Solutions** 

The most exciting technological advancements are also the most challenging for companies to adopt. At Penguin Solutions, we support our customers in achieving their ambitions across our Advanced Computing, Integrated Memory and Optimized LED lines of business. With our expert skills, experience and partnerships, we turn our customers' most complex challenges into compelling opportunities.

For more information, visit www.penguinsolutions.com.

**Investor Contact:** 

Suzanne Schmidt

Investor Relations

+1-510-360-8596

ir@penguinsolutions.com

**PR Contact:** 

Maureen O'Leary

Corporate Communications

+1-602-330-6846

pr@penguinsolutions.com