[Form 4] Applied Digital Corp. Insider Trading Activity

Rhea-AI Filing Summary

Applied Digital (APLD) director reported open‑market sales of common stock. The insider sold 5,000 shares at $34.8 on October 30, 2025 and 9,375 shares at $35.91 on October 31, 2025. Direct holdings were 258,612 shares after the first trade and 249,237 shares after the second.

Holdings include awards that may settle in stock: 28,606 RSUs granted on December 27, 2024 that vest in full on November 20, 2025, and 200,000 shares of restricted stock granted on May 13, 2024, vesting 100,000 shares on May 13, 2026 and 100,000 shares on May 13, 2027, subject to continued service.

Insights

Equity compensation and governance analyst

Routine Form 4 showing modest insider sales with future vesting dates.

The filing lists two open‑market sales by a director of Applied Digital: 5,000 shares at $34.8 on Oct 30, 2025 and 9,375 shares at $35.91 on Oct 31, 2025. Direct ownership stood at 258,612 after the first trade and 249,237 after the second.

The footnotes clarify equity awards: 28,606 RSUs granted on Dec 27, 2024 vest in full on Nov 20, 2025. An additional 200,000 restricted shares granted on May 13, 2024 vest in two tranches of 100,000 on May 13, 2026 and May 13, 2027, conditioned on continued board service.

This appears administrative. Any trading impact depends on holder decisions and future vesting events; no cash‑flow details beyond stated sale prices are indicated.

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
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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)
10/30/2025

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	10/30/2025		S		5,000	D	$34.8	258,612(1)(2)	D
Common Stock	10/31/2025		S		9,375	D	$35.91	249,237(1)(2)	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. Includes 28,606 restricted stock units ("RSUs") granted on December 27, 2024 to non-employee directors for board service. The RSUs represent a contingent right to receive shares of common stock of Applied Digital Corporation (the "Issuer") on a one-for-one basis, have no expiration date, and vest in full on November 20, 2025, subject to the Reporting Person's continued service through such date.

2. Includes 200,000 shares of restricted stock granted to the Reporting Person 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 Issuer. The shares of restricted stock 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 Issuer and Applied Digital Cloud Corporation on each such date.

Remarks:

	/s/ Mark Chavez as Attorney-in-Fact	10/31/2025
	** 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 transaction did APLD disclose on Form 4?

A director reported selling 5,000 shares at $34.8 on October 30, 2025 and 9,375 shares at $35.91 on October 31, 2025.

How many APLD shares does the insider directly own after the sales?

Direct ownership was 258,612 shares after the first trade and 249,237 shares after the second.

What RSU awards are included in the reported APLD holdings?

Holdings include 28,606 RSUs granted on December 27, 2024 that vest in full on November 20, 2025.

What restricted stock awards are outstanding for the APLD director?

200,000 restricted shares granted May 13, 2024, vesting 100,000 on May 13, 2026 and 100,000 on May 13, 2027, subject to continued service.

What is the reporting person’s role at APLD?

The reporting person is a Director.

Were the transactions direct or indirect ownership?

The reported ownership is Direct (D).