Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 65

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 65
---
 |            99.4 | % |     |           98.5 | % |     |                             60.0 | % | $ |               410,106 |

(1) The Compensation Committee determined each NEO’s Individual Performance Factor percentage as set forth above after considering each NEO’s performance, achievement against each NEO’s fiscal 2025 leadership goals, and the Company’s overall performance in fiscal 2025. In making this determination, the Compensation Committee considered the recommendation of the CEO with respect to Messrs. Olmstead, Clark, and Manca, and Ms. Kuykendall.

(2) Mr. Manca’s employment with the Company terminated in August 2025. He was eligible to receive a prorated cash incentive payout amount under the Company’s annual bonus program with respect to the portion of fiscal 2025 for which he provided services as an employee ( i.e. , from the beginning of fiscal 2025 and ending on his separation date), with the actual amount to be based on the determination by the Compensation Committee of performance through his separation date. Please see “ Employment and Severance Agreements; Potential Payments upon Termination or Change in Control ” below for a description of the severance amounts paid to Mr. Manca in accordance with his separation agreement.

<div align='center'>53</div>

Short-Term Cash Incentive Program for NEO Who Joined in Fiscal 2025

Mr. Frey joined the Company in August 2025 and, pursuant to the terms of his amended and restated offer letter, was not eligible to receive a performance bonus with respect to fiscal 2025 as he was not employed by the Company and working for at least 50% of the working days in fiscal 2025. However, upon joining the Company, Mr. Frey received a sign-on bonus of $50,000, which is subject to repayment if his employment is terminated by us for “cause” or if he resigns without “good reason” (each as defined in Mr. Frey’s amended and restated offer letter) prior to the one-year anniversary of his start date of August 25, 2025.

#### Equity Compensation
We believe that equity awards are long-term incentives that support retention of executives by rewarding them for improving Penguin Solutions’ performance and creating stockholder value. In determining individual equity awards, the Compensation Committee consults with the Compensation Consultant and, with their guidance, considers five key factors:

• Organizational criticality of the individual’s