Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 98

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 98
---
 fiscal 2025, we identified our median employee by considering the Form W-2 (or for non-U.S. employees, Form W-2 equivalent) income for fiscal 2025 of individuals who were our employees on August 29, 2025. In order to align with our fiscal year-end, we used a median employee determination date of August 29, 2025 for fiscal 2025. Each resulting compensation figure in a currency other than U.S. dollars was converted to a U.S. dollar figure using the relevant average currency conversion rates for fiscal 2025. We determined the median employee from a population of 2,702 employees worldwide as of August 29, 2025 (excluding our President and CEO), including 871 U.S. employees and 1,831 non-U.S. employees.

The annual total compensation of our median employee was determined in a manner consistent with the calculation of compensation required to be disclosed for each of our NEOs in the Summary Compensation Table. The resulting figure was converted to a U.S. dollar figure using the relevant currency conversion rate on August 29, 2025.

<div align='center'>71</div>

#### Pay Versus Performance Table
The following table sets forth information concerning the compensation of our principal executive officers identified in footnote 1 to the table below (our “PEOs”) and our other NEOs (our “non-PEO NEOs”) for each of fiscal 2021 , 2022 , 2023 , 2024, and 2025, and our financial performance for each such fiscal year:

| Year        
 Total       
 Shareholder 
 Return(3)   |     | Summary      
 Compensation 
 Table Total  
 for Adams    
 Peer Group   
 Total        
 Shareholder  
 Return(4)    |            |     | Summary      
 Compensation 
 Table Total  
 for Shah     |        |     | Compensation   
 Actually Paid  
 to Adams(1)(2) |            |     | Compensation  
 Actually Paid 
 to Shah(1)(2) |           |     | Average      
 Summary      
 Compensation 
 Table Total  
 for Non-PEO  
 NEOs         |           |     | Average       
 Compensation  
 Actually Paid 
 to Non-PEO    
 NEOs(1)(2)    |           |     | Value of Initial Fixed $100 Investment Based on: |     |     |   |     |     | Net Income     
 (Loss)         
 (in thousands) |          |     | Company        
 Selected       
 Measure:       
 Non