secwatch.observer — SEC 8-K summary
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Issuer:     Penguin Solutions, Inc. (PENG)
CIK:        0001616533
Form:       8-K
Filed at:   2024-06-26T23:59:59+00:00
Accession:  0001628280-24-029986
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SGH appoints Nate Olmstead as CFO, effective June 26, replacing Ken Rizvi
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- Nate Olmstead appointed SVP and CFO, succeeding Ken Rizvi who resigned effective June 26.
- Olmstead previously CFO of Logitech (2019-2023) and held finance roles at HP/HPE.
- Base salary $500k; $180k sign-on bonus (clawback within 1 yr); 80% target annual bonus.
- Equity grants: $1.3M RSUs vesting over 4 years; $1.3M PSUs vesting after 3 years on performance.
- Severance: 12 months pay/COBRA on non-cause termination; 150% salary plus bonus on change in control.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1616533/000162828024029986/0001628280-24-029986-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1616533/000162828024029986/sgh-20240626.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-029986

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