[Form 4] SMART Global Holdings, Inc. Ordinary Shares Insider Trading Activity

Insider Trade Summary

Exercise and Sale: 63,447 shares ($897K approx. pre-tax spread)

Exercise and Sale 7 txns

Insider Pacheco Jack A

Role EVP, COO, Pres, Integrated Mem

Sold 63,447 shs ($1.58M)

Approx. gross sale proceeds $1.58M

Approx. exercise cost $678K

Approx. pre-tax spread $897K

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	3,447	$0.00	$0.00
Exercise	Employee Stock Option (right to buy)	60,000	$0.00	$0.00
Exercise	Common Stock	3,447	$9.195	$32K
Sale	Common Stock	3,447	$24.8356	$86K
Exercise	Common Stock	60,000	$10.775	$647K
Sale	Common Stock	60,000	$24.8332	$1.49M
Exercise Price or Tax Liability	Common Stock	2,158	$24.43	$53K

Holdings After Transaction: Employee Stock Option (right to buy) — 0 contracts (Direct); Common Stock — 227,231 shares (Direct)

Footnotes (5)

1. F1. Reflects shares surrendered to the Issuer to satisfy tax withholding obligations in connection with vesting of restricted stock units. No shares were sold.
2. F2. This transaction was effected pursuant to a previously established Rule 10b5-1 Plan adopted by the reporting person on April 21, 2025.
3. F3. This transaction was executed in multiple trades at prices ranging from $24.33 to $25.14. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.
4. F4. This transaction was executed in multiple trades at prices ranging from $24.25 to $25.13. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.
5. F5. This option is fully vested and exercisable.

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Accepted by SEC EDGAR 07/22/2025 - 04:27 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Pacheco Jack A

(Last) (First) (Middle)

C/O PENGUIN SOLUTIONS, INC.

1390 MCCARTHY BOULEVARD

(Street)

MILPITAS CA 95035

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Penguin Solutions, Inc. [ PENG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, COO, Pres, Integrated Mem

3. Date of Earliest Transaction (Month/Day/Year)
07/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/20/2025		F(1)		2,158	D	$24.43	227,231	D
Common Stock	07/21/2025		M		3,447	A	$9.195	230,678	D
Common Stock	07/21/2025		S(2)		3,447	D	$24.8356(3)	227,231	D
Common Stock	07/21/2025		M		60,000	A	$10.775	287,231	D
Common Stock	07/21/2025		S(2)		60,000	D	$24.8332(4)	227,231	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$9.195	07/21/2025		M			3,447	(5)	03/12/2030	Common Stock	3,447	$0	0	D
Employee Stock Option (right to buy)	$10.775	07/21/2025		M			60,000	(5)	01/22/2029	Common Stock	60,000	$0	0	D

Explanation of Responses:

1. Reflects shares surrendered to the Issuer to satisfy tax withholding obligations in connection with vesting of restricted stock units. No shares were sold.

2. This transaction was effected pursuant to a previously established Rule 10b5-1 Plan adopted by the reporting person on April 21, 2025.

3. This transaction was executed in multiple trades at prices ranging from $24.33 to $25.14. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.

4. This transaction was executed in multiple trades at prices ranging from $24.25 to $25.13. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.

5. This option is fully vested and exercisable.

Remarks:

	/s/ Anne Kuykendall as attorney-in-fact for Jack A. Pacheco	07/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.