secwatch.observer — SEC 8-K summary
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Issuer:     Penguin Solutions, Inc. (PENG)
CIK:        0001616533
Form:       8-K
Filed at:   2026-02-02T23:59:59+00:00
Accession:  0001193125-26-033616
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Penguin Solutions CEO Mark Adams retires; Kash Shaikh appointed as new CEO effective Feb 2, 2026
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- Mark Adams resigned as President & CEO and Board member effective Feb 1, 2026; will serve as advisor for 9 months at $24,722/month.
- Kash Shaikh appointed President & CEO and Class III director effective Feb 2, 2026; previously CEO of Securonix.
- Shaikh's compensation: $890k base salary, 125% target bonus, $2M sign-on bonus, and RSU/PSU equity grants.
- Equity awards include 238,188 time-based RSUs, 137,898 supplemental RSUs, 137,898 TSR PSUs, and 238,188 stock price PSUs.
- Transition agreement includes continued vesting of Adams' time-based equity awards during consulting period.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1616533/000119312526033616/0001193125-26-033616-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1616533/000119312526033616/d93293d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-033616

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer