Penguin Solutions (PENG) SVP Joseph Gates Surrenders 2,042 Shares

What Happened
Joseph Gates, SVP and President, Optimized LED at Penguin Solutions (PENG), surrendered 2,042 shares on 2026-07-20 to satisfy tax withholding related to vested restricted stock units (RSUs). The shares were valued at $60.41 each, for a total value of $123,357. This was a tax-withholding surrender (transaction code F), not an open-market sale.

Key Details

• Transaction date: 2026-07-20
• Price per share: $60.41; Shares surrendered: 2,042; Total value: $123,357
• Transaction code: F (payment of exercise price or tax liability); footnote F1: shares were surrendered to the issuer to satisfy tax withholding on RSU vesting — no shares were sold.
• Filing date: 2026-07-22 (appears timely relative to the 2026-07-20 transaction)
• Shares owned after transaction: not disclosed in the provided filing

Context
Surrendering shares to cover taxes on vested RSUs is a common administrative action (sometimes called "share withholding" or a cashless/net settlement) and is different from an open-market sale. It generally reflects routine tax withholding rather than a deliberate decision to liquidate stock for cash; it should not be interpreted on its own as a bullish or bearish signal.