[Form 4] Applied Digital Corp. Insider Trading Activity

Rhea-AI Filing Summary

Applied Digital Corp. (APLD) reported an insider stock sale by a director. On 11/24/2025, the reporting person sold 8,581 shares of common stock in an open-market transaction under a pre-arranged Rule 10b5-1 trading plan adopted on January 30, 2025, at a weighted average price of $23.22 per share, with individual sale prices ranging from $21.14 to $23.79.

After this sale, the director beneficially owns 68,422 shares, including 7,747 restricted stock units granted on November 9, 2025 that vest in full on November 5, 2026, and 60,976 shares of restricted stock granted on May 6, 2024, with remaining tranches scheduled to vest on April 30, 2026 and April 30, 2027, subject to continued board service.

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).

X

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^*

Benson Ella G.

(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)
11/24/2025

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	11/24/2025		S		8,581(1)	D	$23.22(2)	68,422(3)(4)	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 sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on January 30, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $21.14 to $23.79, inclusive.

3. 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 "Issuer") 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.

4. Includes 60,976 shares of restricted stock granted on May 6, 2024 as an initial grant upon initiation of board service. Of these shares, 20,326 vested on April 30, 2025 and 20,325 will vest on each of April 30, 2026 and April 30, 2027, subject to the Reporting Person's continued service through such date.

Remarks:

	/s/ Mark Chavez as Attorney-in-Fact	11/25/2025
	** 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 Applied Digital (APLD) report in this Form 4?

A director of Applied Digital Corp. (APLD) reported selling 8,581 shares of common stock on 11/24/2025 in an open-market transaction.

At what price were the Applied Digital (APLD) shares sold by the director?

The director sold the shares at a weighted average price of $23.22 per share, with individual trades occurring between $21.14 and $23.79.

Was the Applied Digital (APLD) insider sale under a Rule 10b5-1 plan?

Yes. The sales were made under a Rule 10b5-1 trading plan adopted by the reporting person on January 30, 2025.

How many Applied Digital (APLD) shares does the director own after the sale?

Following the reported transaction, the director beneficially owns 68,422 shares of Applied Digital common stock.

What restricted stock units (RSUs) does the Applied Digital (APLD) director hold?

The director holds 7,747 RSUs granted on November 9, 2025, which convert one-for-one into common stock and vest in full on November 5, 2026, subject to continued service.

What are the vesting terms of the Applied Digital (APLD) restricted stock grant?

The director received 60,976 shares of restricted stock on May 6, 2024; 20,326 vested on April 30, 2025, and 20,325 will vest on each of April 30, 2026 and April 30, 2027, subject to continued board service.