[Form 4] Applied Digital Corp. Insider Trading Activity

Rhea-AI Filing Summary

Applied Digital (APLD) reported insider activity by its Chief Financial Officer on a Form 4. The officer sold 100,000 shares of common stock on 10/24/2025 at a weighted average price of $34.08 (range $33.42–$34.44) and 37,503 shares on 10/28/2025 at a weighted average price of $36.47 (range $36.00–$36.78).

Following the first sale, directly held shares were 158,912; after the second, 121,409, both reported as direct ownership. The filing notes additional contingent awards not included in these totals: 735,000 performance stock units and 339,167 restricted stock units, each representing a right to receive one share upon meeting performance or service conditions.

Insights

Equity Compensation & Governance Analyst

CFO executed sizable open-market sales; large unvested equity remains. Net signal skews cautious.

The **Chief Financial Officer** reported two open‑market sales of **Common Stock**: 100,000 shares on 10/24/2025 at a weighted average of $34.08 (range $33.42–$34.44), and 37,503 shares on 10/28/2025 at a weighted average of $36.47 (range $36.00–$36.78). Following these transactions, direct beneficial ownership stands at 121,409 shares.

The filing notes additional unvested awards excluded from the beneficial ownership total: **735,000 performance stock units (PSUs)** contingent on performance conditions, and **339,167 restricted stock units (RSUs)** contingent on continued employment. These instruments represent potential future share issuance on a one‑for‑one basis if vesting conditions are satisfied. No derivative transactions were reported in Table II.

What it means: the officer reduced current direct holdings while maintaining substantial contingent exposure through PSUs/RSUs. The near‑term float impact comes from the completed sales; potential future dilution would depend on whether the PSU performance hurdles are met and RSU service conditions are satisfied. Items to watch include subsequent Forms 4 for additional sales or vesting events and any future disclosures that specify performance attainment for the PSUs.

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^*

Mohmand Mohammad Saidal LaVanway

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/24/2025

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	10/24/2025		S		100,000	D	$34.08(1)	158,912(2)	D
Common Stock	10/28/2025		S		37,503	D	$36.47(3)	121,409(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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $33.42 to $34.44, inclusive.

2. Does not include 735,000 performance stock units ("PSUs") which represent a contingent right to receive shares of common stock of Applied Digital Corporation (the "Issuer") on a one-for-one basis for which vesting is subject to performance conditions or 339,167 restricted stock units ("RSUs") which represent a contingent right to receive shares of common stock of the Issuer on a one-for-one basis for which vesting is subject to the Reporting Person's continued employment with the Issuer through the applicable vesting date.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $36.00 to $36.78, inclusive.

Remarks:

	/s/ Mark Chavez as Attorney-in-Fact	10/28/2025
	** 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

How many APLD shares did the CFO sell and on what dates?

The CFO sold 100,000 shares on 10/24/2025 and 37,503 shares on 10/28/2025.

What prices were reported for the APLD insider sales?

Weighted average prices were $34.08 (range $33.42–$34.44) and $36.47 (range $36.00–$36.78).

How many APLD shares does the CFO hold after the reported transactions?

Direct beneficial ownership was 158,912 after the first sale and 121,409 after the second.

Are the reported holdings inclusive of equity awards?

No. The totals exclude 735,000 PSUs and 339,167 RSUs, which are contingent on performance or continued employment.

What is the insider’s role and relationship to APLD?

The reporting person is an Officer, serving as Chief Financial Officer of Applied Digital Corp.

Were the transactions reported as direct or indirect ownership?

The holdings are reported as Direct (D) ownership.