[Form 4] Applied Digital Corp. Insider Trading Activity

Rhea-AI Filing Summary

Applied Digital (APLD) CEO, Chairman and Director/10% owner filed a Form 4 for transactions on 10/10/2025. 200,000 restricted stock units vested and were settled into common stock (code M). The insider withheld 78,700 shares for taxes at $33.99 (code F), which the filing notes is not an open market sale.

Following these events, the insider beneficially owns 2,841,329 shares directly, including 742,166 held in an IRA, and holds 17,590,238 shares indirectly via Cummins Family Ltd. and 1,626,453 shares indirectly via 272 Capital, LLC. The RSUs were granted on 10/10/2024 and vest as follows: 200,000 on 10/10/2025 and 100,000 on each of April 10, 2026, October 10, 2026, April 10, 2027, and October 10, 2027.

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).

1. Name and Address of Reporting Person^*

Cummins Wes

(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	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO; Chairman

3. Date of Earliest Transaction (Month/Day/Year)
10/10/2025

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	10/10/2025		M		200,000	A	(1)	2,920,029(2)	D
Common Stock	10/10/2025		F		78,700(3)	D	$33.99	2,841,329	D
Common Stock								17,590,238	I	See Footnote.(4)
Common Stock								1,626,453	I	See Footnote(5)

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
Restricted Stock Unit	(1)	10/10/2025		M			200,000	(1)	(1)	Common Stock	200,000	$0	400,000	D

Explanation of Responses:

1. Restricted stock units ("RSUs") granted on October 10, 2024 represent a contingent right to receive shares of common stock of Applied Digital Corporation (the "Issuer") on a one-for-one basis. The RSUs have no expiration date and vest as follows: 200,000 on October 10, 2025 and 100,000 on each of April 10, 2026, October 10, 2026, April 10, 2027 and October 10, 2027.

2. Includes 742,166 shares held in the Reporting Person's IRA.

3. Represents the withholding of shares of common stock of the Issuer for tax purposes in connection with the vesting of RSUs previously granted, which does not constitute an actual sale or other open market transaction.

4. Shares are held by Cummins Family Ltd., of which the Reporting Person is the CEO.

5. Shares are held by 272 Capital, LLC, of which the Reporting Person is the President.

Remarks:

	/s/ Mark Chavez as Attorney-in-Fact	10/14/2025
	** 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 did APLD disclose in this Form 4?

An insider reported RSU vesting of 200,000 shares (code M) on 10/10/2025 and tax withholding of 78,700 shares at $33.99 (code F).

Who is the reporting person in APLD's Form 4?

APLD’s CEO, Chairman, Director, and 10% Owner is the reporting person.

How many APLD shares does the insider own after the transactions?

Direct ownership is 2,841,329 shares, including 742,166 in an IRA; indirect holdings are 17,590,238 via Cummins Family Ltd. and 1,626,453 via 272 Capital, LLC.

Was there a market sale of APLD shares?

No. The 78,700 shares were withheld for taxes upon RSU vesting; the filing states this is not an open market transaction.

What is the vesting schedule of the reported RSUs?

Granted on 10/10/2024, vesting: 200,000 on 10/10/2025 and 100,000 on each of April 10, 2026, October 10, 2026, April 10, 2027, and October 10, 2027.

What do the Form 4 transaction codes mean?

M indicates settlement of derivatives (RSUs) into stock; F indicates share withholding for taxes tied to the vesting event.