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    Mark Adams

    President and CEO at Penguin Solutions Inc
    Board
    Since August 31, 2020
    Age
    60 years
    Education
    Holds a Bachelor of Arts in Economics from Boston College and a Master of Business Administration from Harvard University focused on finance and international marketing.
    Tenure
    Joined PENG as President and CEO on August 31, 2020 and has served as a director since September 2020.

    Also at Penguin Solutions Inc

    AK
    Anne Kuykendall
    SVP and Chief Legal Officer
    JP
    Jack Pacheco
    EVP, COO, and President of Integrated Memory
    NO
    Nate Olmstead
    Senior Vice President and CFO

    About

    Mark Adams is a seasoned executive with a robust background in technology and finance. At 60 years old , he has demonstrated a deep commitment to leadership and innovation throughout his extensive career.

    He holds a solid educational foundation, having earned a Bachelor of Arts in Economics from Boston College and an MBA from Harvard University with a focus on finance and international marketing. His early career featured significant roles in major account sales at NCR Corporation, followed by progressive leadership positions at Creative Labs, Inc., where he served as Vice President of Sales and Marketing and General Manager in Latin America.

    Before joining PENG, he built an impressive portfolio with roles such as COO at Lexar Media, Inc., President of Micron Technology, and CEO of Lumileds, Inc. His strategic insights led him to board positions at Cadence Design Systems, Inc. and Seagate Technology Holdings plc.

    Since assuming the role of President and CEO of Penguin Solutions on 08-31-2020, he has been directly responsible for strategy development and execution, leveraging decades of industry expertise to guide the company’s growth and innovation.

    $PENG Performance Under Mark Adams

    Past Roles

    OrganizationRoleDate RangeDetails
    Seagate Technology Holdings plc Board Member January 2017 to October 2022 Former board role
    Lumileds, Inc. Chief Executive Officer February 2017 to March 2019 Former CEO role
    Micron Technology, Inc. President February 2012 to February 2016 Former role
    Micron Technology, Inc. Vice President of Worldwide Sales and Digital Media 2006 to February 2012 Held dual roles
    Lexar Media, Inc. Chief Operating Officer 2006 COO role
    Creative Labs, Inc. Vice President of Sales and Marketing 2002 to 2006 N/A
    Creative Labs, Inc. General Manager of Latin America Five years prior to 2002 N/A
    NCR Corporation Major Account Sales (Enterprise Server Business) N/A N/A

    External Roles

    OrganizationRoleDate RangeDetails
    Seagate Technology Holdings plc Board Member Since October 2024 N/A
    Cadence Design Systems, Inc. Board Member Since February 2015 N/A

    Fixed Compensation

    Data from  FY 2024
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$750,000 Annual (2024) Unchanged from 2023 base salary level.
    Severance$750,000 Upon involuntary termination 100% of base salary provided as severance.
    Continued Health Coverage$33,968 Upon involuntary termination Covers up to 12 months of health coverage post-termination.

    Performance Compensation

    Data from  FY 2024

    August 2020 PSAs

    MetricDetails
    Grant DateAugust 31, 2020
    Vesting ScheduleFour equal tranches of 25% each vesting on October 20, 2021 and on each of the first three anniversaries thereafter, with the final tranche certified on September 30, 2024.
    Performance Conditions- 150% Condition: Fair Market Value ≥150% of grant date FMV for at least 60 consecutive trading days during the one-year period preceding the vesting date.
    • 200% Condition: Fair Market Value ≥200% of grant date FMV for the same period; achieved for the first two tranches only, with the third and fourth tranches forfeited. | | Employment Requirement | Vesting contingent upon Mark Adams's continued service as CEO through each applicable vesting date. |

    October 2021 PSUs

    MetricDetails
    Grant DateOctober 1, 2021
    Grant Date Fair Value$3,495,547
    Performance PeriodOctober 1, 2021 to October 1, 2024
    Performance MetricTotal Shareholder Return (TSR) relative to the performance of the median company in the Russell 2000 Index.
    Payout Thresholds- +25% of median: 200% vesting
    • +12.5% of median: 150% vesting
    • At median: 100% vesting
    • -12.5% of median: 75% vesting
    • -25% of median: 50% vesting
    • Less than -25%: 0% vesting Linear interpolation applies between these levels. | | Actual Performance Result (2024) | Achieved performance at 2.60% above the median TSR, resulting in 110.39% of target PSUs vesting. | | Vesting Condition | Vesting occurs upon certification by the Compensation Committee following the end of the performance period (October 1, 2024). | | Additional Consideration | In change of control scenarios within 12 months of grant, performance goals would be deemed met at target; if later, vesting reflects actual performance. |