[Form 4] Applied Digital Corporation Insider Trading Activity

Rhea-AI Filing Summary

Applied Digital director Douglas S. Miller sold 10,000 shares at $15 per share on 08/07/2025, leaving beneficial ownership of 211,112 shares. The filing also discloses the Reporting Person holds 28,606 restricted stock units (RSUs) granted December 27, 2024 that convert one-for-one to common stock and vest in full on November 20, 2025, subject to continued service. The RSUs have no expiration date and represent a contingent right to receive shares upon vesting, which would increase future share holdings.

This disclosure is a routine Section 16 report showing an insider sale and the existence of director RSUs; it documents current direct ownership and the pending equity award that will vest if service continues.

Positive

• Director retains substantial direct ownership with 211,112 shares after the reported transaction, maintaining alignment with shareholders.
• Non‑employee director compensation via RSUs (28,606 RSUs) aligns board incentives with long‑term equity performance and vests on Nov 20, 2025.

Negative

• Insider sale of 10,000 shares at $15 was executed, which is a reduction in direct holdings and may be viewed negatively by some investors.

Insights

Securities Analyst

TL;DR: Director sale of 10,000 shares at $15 reduced direct holdings to 211,112; 28,606 RSUs vest in Nov 2025.

The transaction is explicitly reported as a sale of 10,000 common shares at $15 with remaining direct beneficial ownership of 211,112 shares. This is a straightforward Section 16 disclosure and does not, by itself, show unusual trading volume or derivative activity. The disclosed RSUs increase potential future share issuance when they vest, but they are time‑based awards tied to continued service rather than performance conditions.

Corporate Governance Expert

TL;DR: Routine director compensation and sale disclosure; RSUs align non‑employee director interests with shareholders.

The filing confirms non‑employee director compensation in the form of 28,606 RSUs granted December 27, 2024 that vest November 20, 2025, aligning director incentives with equity ownership. The reported sale of 10,000 shares is disclosed as a direct disposition; the filing does not indicate any derivative transactions or reliance on an affirmative defense plan. From a governance perspective, both the sale and the RSUs are customary disclosures.

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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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)
08/07/2025

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	08/07/2025		S		10,000	D	$15	211,112(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:

	/s/ Mark Chavez as Attorney-in-Fact	08/08/2025
	** 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 transaction did the Applied Digital (APLD) Form 4 disclose?

The Form 4 reports a sale of 10,000 common shares by director Douglas S. Miller on 08/07/2025 at $15 per share.

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

The filing shows 211,112 shares beneficially owned by the Reporting Person following the reported transaction.

Does the filing disclose any RSUs or equity awards for the director?

Yes. It discloses 28,606 restricted stock units (RSUs) granted on December 27, 2024 that vest in full on November 20, 2025 and convert one‑for‑one into common stock.

Was the sale made under a 10b5‑1 trading plan according to the filing?

The Form 4 does not indicate that the reported transaction was made pursuant to a 10b5‑1 plan; no affirmative defense box is checked in the submitted content.

Are there any derivative securities reported in this Form 4?

No derivative securities (options, warrants, convertible securities) are reported in Table II in the submitted content.