Applied Digital insider sale and RSU disclosure — 08/04/2025

Rhea-AI Filing Summary

Report: Form 4 filed for Douglas S. Miller (Director) of Applied Digital Corporation (APLD) discloses a sale of 10,000 shares on 08/04/2025 at $13.63 per share (transaction code S).

Holdings: Beneficial ownership following the transaction is reported as 221,112 shares (direct). The filing includes a footnote that the total includes 28,606 restricted stock units (RSUs) granted 12/27/2024 to non-employee directors; the RSUs represent a contingent right to receive one share per RSU, have no expiration, and vest in full on 11/20/2025 subject to continued service.

Filing details: Form filed by one reporting person; relationship checked: Director. Form signed by attorney-in-fact Mark Chavez on 08/06/2025.

Positive

• Timely disclosure of insider transaction (Form 4 filed and signed 08/06/2025).
• RSU grant disclosed: 28,606 RSUs granted 12/27/2024 vesting in full on 11/20/2025, with one-for-one share conversion and no expiration.

Negative

• Insider sale: 10,000 shares disposed of on 08/04/2025 at $13.63 (transaction code S).

Insights

Financial Analyst

TL;DR: Director sold 10,000 APLD shares at $13.63; holdings remain 221,112; 28,606 RSUs vest 11/20/2025.

The filing documents a single open-market sale by Director Douglas S. Miller on 08/04/2025 for 10,000 shares at $13.63. The report shows 221,112 shares beneficially owned after the sale and discloses 28,606 RSUs granted 12/27/2024 that vest on 11/20/2025 subject to continued service. For investors, this is a routine Section 16 disclosure: it provides transparency on insider activity and director compensation but, standing alone, offers limited evidence of a change to company fundamentals.

Corporate Governance Expert

TL;DR: Disclosure shows a director sale and a director RSU grant; signature by attorney-in-fact filed 08/06/2025.

The Form 4 clearly identifies the reporting person, relationship as Director, the transaction type (code S), and post-transaction ownership. The inclusion of RSU grant terms—one-for-one conversion, no expiration, and vesting date—provides useful governance and compensation detail. No other governance events, departures, or material qualifiers are disclosed in this filing.

Insider Trade Summary

Net Seller: 10,000 shares ($136,300)

Net Sell 1 txn

Insider MILLER DOUGLAS S

Role Director

Sold 10,000 shs ($136K)

Type	Security	Shares	Price	Value
Sale	Common Stock	10,000	$13.63	$136K

Holdings After Transaction: Common Stock — 221,112 shares (Direct)

Footnotes (1)

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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^*

MILLER DOUGLAS S

(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)
08/04/2025

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	08/04/2025		S		10,000	D	$13.63	221,112(1)	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 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.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Mark Chavez as Attorney-in-Fact	08/06/2025
	** 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 Douglas S. Miller report for APLD?

Douglas S. Miller reported a sale of 10,000 APLD common shares on 08/04/2025 (transaction code S) at a price of $13.63 per share.

How many APLD shares does Douglas S. Miller own after the reported transaction?

Beneficial ownership after the transaction is 221,112 shares (reported as direct ownership).

What RSUs or awards are disclosed in the Form 4?

28,606 restricted stock units (RSUs) were granted on 12/27/2024 to non-employee directors; they convert one-for-one to common stock, have no expiration, and vest in full on 11/20/2025, subject to continued service.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Mark Chavez as attorney-in-fact on 08/06/2025. The reported transaction date is 08/04/2025.

What is the reporting person’s relationship to the issuer (APLD)?

Douglas S. Miller is reported as a Director of Applied Digital Corporation on the Form 4.