Applied Digital (APLD) director sells common shares and holds RSUs

Rhea-AI Filing Summary

Applied Digital Corp. director Richard N. Nottenburg reported open-market sales of company stock. On January 14, 2026, he sold 11,606 shares of common stock at a weighted average price of $35.28 per share. On January 15, 2026, he sold an additional 12,000 shares at a weighted average price of $35.45 per share. After these transactions, he directly beneficially owned 233,378 shares of common stock.

This holding includes 7,747 restricted stock units granted on November 9, 2025 to non-employee directors, which vest in full on November 5, 2026, and 200,000 restricted stock units granted on May 13, 2024 in connection with his role as Chairman of the Board of Directors of Applied Digital Cloud Corporation, vesting in two equal installments on May 13, 2026 and May 13, 2027, subject to continued service.

Insider Trade Summary

Net Seller: 23,606 shares ($834,860)

Net Sell 2 txns

Insider Nottenburg Richard N

Role Director

Sold 23,606 shs ($835K)

Type	Security	Shares	Price	Value
Sale	Common Stock	12,000	$35.45	$425K
Sale	Common Stock	11,606	$35.28	$409K

Holdings After Transaction: Common Stock — 233,378 shares (Direct)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.27 to $35.32, inclusive. Includes 7,747 restricted stock units ("RSUs") granted on November 9, 2025 to non-employee directors for board service. The RSUs convert into shares of common stock of Applied Digital Corporation (the "Company") on a one-for-one basis, have no expiration date, and vest in full on November 5, 2026, subject to the Reporting Person's continued service through such date. Includes 200,000 RSUs granted on May 13, 2024 in connection with the Reporting Person's service as the Chairman of the Board of Directors of Applied Digital Cloud Corporation, a subsidiary of the Company. The RSUs vest as follows: 100,000 shares on May 13, 2026 (the second anniversary of the grant date) and 100,000 shares on May 13, 2027 (the third anniversary of the grant date), provided that the Reporting Person is a director of both the Company and Applied Digital Cloud Corporation on each such date. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.45 to $35.46, inclusive.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nottenburg Richard N

(Last) (First) (Middle)

3811 TURTLE CREEK BOULEVARD

SUITE 2100

(Street)

DALLAS TX 75219

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Applied Digital Corp. [ APLD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/14/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/14/2026		S		11,606	D	$35.28(1)	245,378(2)(3)	D
Common Stock	01/15/2026		S		12,000	D	$35.45(4)	233,378(2)(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.27 to $35.32, inclusive.

2. Includes 7,747 restricted stock units ("RSUs") granted on November 9, 2025 to non-employee directors for board service. The RSUs convert into shares of common stock of Applied Digital Corporation (the "Company") on a one-for-one basis, have no expiration date, and vest in full on November 5, 2026, subject to the Reporting Person's continued service through such date.

3. Includes 200,000 RSUs granted on May 13, 2024 in connection with the Reporting Person's service as the Chairman of the Board of Directors of Applied Digital Cloud Corporation, a subsidiary of the Company. The RSUs vest as follows: 100,000 shares on May 13, 2026 (the second anniversary of the grant date) and 100,000 shares on May 13, 2027 (the third anniversary of the grant date), provided that the Reporting Person is a director of both the Company and Applied Digital Cloud Corporation on each such date.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $35.45 to $35.46, inclusive.

Remarks:

	/s/ Mark Chavez as Attorney-in-Fact	01/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider stock transactions did Applied Digital (APLD) report in this Form 4?

The filing shows that director Richard N. Nottenburg sold 11,606 shares of Applied Digital common stock on January 14, 2026 at a weighted average price of $35.28 per share and 12,000 shares on January 15, 2026 at a weighted average price of $35.45 per share, both reported as open-market sales.

How many Applied Digital (APLD) shares does the reporting person hold after these transactions?

After the reported sales, Richard N. Nottenburg beneficially owned 233,378 shares of Applied Digital common stock directly.

What are the details of the restricted stock units (RSUs) held by the Applied Digital (APLD) director?

The director holds 7,747 RSUs granted on November 9, 2025 to non-employee directors, which vest in full on November 5, 2026, and 200,000 RSUs granted on May 13, 2024 in connection with his service as Chairman of the Board of Applied Digital Cloud Corporation. Those RSUs vest in two tranches of 100,000 shares on May 13, 2026 and May 13, 2027, subject to his continued service.

What do the weighted average prices reported for the APLD share sales mean?

The filing explains that the prices of $35.28 and $35.45 per share are weighted average prices. The January 14, 2026 sales occurred in multiple trades between $35.27 and $35.32 per share, and the January 15, 2026 sales occurred between $35.45 and $35.46 per share.

What is Richard N. Nottenburg’s role at Applied Digital (APLD)?

Richard N. Nottenburg is reported as a director of Applied Digital Corp. and serves as Chairman of the Board of Directors of Applied Digital Cloud Corporation, a subsidiary of the company.

Are the Applied Digital (APLD) RSUs equivalent to common stock?

The RSUs disclosed convert into shares of Applied Digital common stock on a one-for-one basis. The RSUs granted on November 9, 2025 have no expiration date and vest in full on November 5, 2026, while the RSUs granted on May 13, 2024 vest in two equal installments, all subject to continued service.