Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 60

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 60
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 | Semtech Corporation        |
| Digi International Inc.               |     | Mercury Systems, Inc.  |     | Ultra Clean Holdings, Inc. |

#### Elements of Executive Compensation
The fiscal 2025 compensation of our executive officers, including the NEOs, comprised the following elements:

• Total direct compensation, consisting of:

◦ Base salary;

◦ Short-term cash incentive compensation; and

◦ Equity compensation (including time-based and performance-based awards).

• Other compensation benefits, consisting of:

◦ Employee benefit plans; and

◦ Severance benefits.

#### Base Salary
The Compensation Committee reviews the base salaries of our executives, including the NEOs, as part of its annual review of our executive compensation program. As noted above, the base salaries of individual NEOs are determined based on (a) company and individual performance, (b) scope of the relevant role, (c) experience, (d) qualifications, and (e) competitive compensation data from our peer group and other comparably sized companies. In September 2024, our Compensation Committee approved an increase to Mr. Adams’ fiscal 2025 base salary at the recommendation of our Compensation Consultant following a review of the competitiveness of his compensation relative to our peer group and other executives at the Company, and noting that there was significant competition for talent in the AI industry, that his on-hire awards had fully vested, and that his base salary had remained unchanged since he joined the company in 2020. The Compensation Committee maintained the base salaries of the other then-serving NEOs for fiscal 2025 at their respective fiscal 2024 levels. The base salary for Mr. Frey, who commenced employment with us in fiscal 2025, was initially set based on the factors noted above and at levels deemed necessary to induce him to join the Company.

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The table below sets forth the fiscal 2024 and fiscal 2025 annual base salary levels for each of our NEOs:

| Named Executive Officer |     | 2025 Annual Base Salary |         |     | 2024 Annual Base Salary |         |
|:------------------------|:----|:------------------------|--------:|:----|:------------------------|--------:|
| Mark Adams              |     | $                       | 890,000 |     | $                       | 750,000 |
| Nate Olmstead           |     | $                       | 500,000 |     | $                       | 500,000 |
|