Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 51

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 51
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 Joseph Clark    |     | Senior Vice President, Penguin Solutions and President, Optimized LED             |
| Pete Manca **   |     | Former Senior Vice President, Penguin Solutions and President, Advanced Computing |

* Mr. Frey commenced employment with the Company as Senior Vice President and Chief Revenue Officer, Penguin Solutions effective August 25, 2025. Because Mr. Frey did not participate in the Company’s standard annual executive compensation program for fiscal 2025, the compensation he received with respect to fiscal 2025 is described in “ Other Elements of Our Fiscal 2025 Executive Compensation Program – Employment and Severance Arrangements – Frey Offer Letter ” below, and references to our fiscal 2025 annual executive compensation program in this Compensation Discussion and Analysis exclude Mr. Frey.

** Mr. Manca ceased serving as Senior Vice President, Penguin Solutions and President, Advanced Computing effective July 28, 2025, and his employment with the Company terminated effective August 1, 2025. Please see “ Employment and Severance Agreements; Potential Payments upon Termination or Change in Control ” below for a description of Mr. Manca’s separation agreement.

### Overview
Our Compensation Discussion and Analysis (“CD&A”) is divided into three sections:

| Executive Summary                                                          |     | •Fiscal 2025 Business Highlights   |
| •Fiscal 2025 Executive Compensation Structure and Mix                      |     |                                    |
| •Our Executive Compensation Practices                                      |     |                                    |
| •2025 Say-on-Pay Vote                                                      |     |                                    |
| •Investor Engagement                                                       |     |                                    |
| How We Make Executive Compensation Decisions                               |     | •Executive Compensation Objectives |
| •Role of the Board, the Compensation Committee, and Our Executive Officers |     |                                    |
| •Guidance from Independent Compensation Consultant                         |     |                                    |
| •Comparison to Relevant Peer Group                                         |     |                                    |
| Elements of Executive Compensation                                         |     | •Base Salary                       |
| •Short-Term Cash Incentive Compensation                                    |     |                                    |
| •Equity Compensation                                                       |     |                                    |
| •Other Elements of Our Fiscal 2025 Executive Compensation Program          |     |                                    |

#### Executive Summary

### Fiscal 2025 Business Highlights
Fiscal 2025 was a defining year for our Company, as we took meaningful steps to evolve from a holding company structure into a leading provider of AI infrastructure solutions. In October 2024, we changed our corporate name from