Clark Joseph Gates 4

What Happened Clark Joseph Gates, Senior Vice President and President of Optimized LED at Penguin Solutions, reported surrendering 2,564 shares on Jan 20, 2026. The shares were valued at $19.96 each for a notional amount of $51,177. This was a tax-withholding transaction connected to the vesting of restricted stock units (RSUs) — not an open-market sale.

Key Details

• Transaction date and price: 2026-01-20 at $19.96 per share (total ~$51,177).
• Transaction type: Code F — shares surrendered to satisfy tax withholding on RSU vesting.
• Footnote: F1 confirms shares were surrendered to the issuer to satisfy tax withholding; no shares were sold.
• Shares owned after transaction: Not specified in the provided filing details.
• Filing date/timeliness: Form filed 2026-01-21 reporting the 2026-01-20 transaction — no late filing indicated in the materials provided.

Context This was a routine cashless withholding of shares to cover taxes on vested RSUs rather than a market sale or a discretionary sale by the insider. Such transactions are common after equity vesting and do not necessarily signal the insider’s view on the company’s future performance.