Company: PENG
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001616533-25-000073
Chunk: 61

Company: Penguin Solutions, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 61
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 Tony Frey(1)            |     | $                       | 425,000 |     | $                       |       — |
| Anne Kuykendall         |     | $                       | 450,000 |     | $                       | 450,000 |
| Joseph Clark            |     | $                       | 450,000 |     | $                       | 450,000 |
| Pete Manca              |     | $                       | 500,000 |     | $                       | 500,000 |

(1) Mr. Frey commenced employment with us in August 2025.

#### Short-Term Cash Incentive Compensation
The Compensation Committee approved fiscal 2025 financial performance targets early in the year, including ambitious goals that were designed to be challenging but attainable, with achievement over 100% as a stretch goal.

Fiscal 2025 Short-Term Cash Incentive Program for Then-Serving NEOs

Performance Period . For fiscal 2025, performance under our short-term cash incentive program was measured over an annual period to promote executive focus on long-term results and to encourage executive retention. Bonus payouts are prorated based on the number of days employed during a particular bonus period.

Performance Factors . For fiscal 2025, each NEO’s actual bonus was determined by multiplying their target bonus amount by a Financial Performance Factor (weighted 75%) and an Individual Performance Factor (weighted 25%).

Financial Performance Factor . Financial performance targets for each performance period are set forth for Penguin Solutions as a whole (the aggregate of each of the three individual business segments) in our Board-approved annual operating plan (“AOP”). The AOP is approved by the Board before the beginning of each fiscal year or as soon as is practicable thereafter. For fiscal 2025, the financial performance of Penguin Solutions (the “Financial Performance Factor”) was calculated based on achievement of non-GAAP operating income targets (weighted 75%) and net sales targets (weighted 25%), as set forth under “ Calculation of Fiscal 2025 Financial Performance Factor ” below.

Financial Performance Factor Accelerator/Decelerator . In order to (a) incentivize over-achievement and long-term positive performance and (b) significantly reduce the Financial Performance Factor in cases of under-achievement, the Compensation Committee adopted an accelerator/decelerator mechanism that was applied to the Financial Performance Factor calculation. At 100% attainment, the Financial Performance Factor would remain unchanged. For every percentage point over 100% attainment, however, the Financial Performance