[Form 4] Applied Digital Corporation Insider Trading Activity

Rhea-AI Filing Summary

Applied Digital Corporation (APLD) Form 4 shows that Jason Gechen Zhang, identified as the company’s Chief Strategy Officer, was granted 750,000 restricted stock units (RSUs) on 08/08/2025. The filing records the transaction as an acquisition of Common Stock at $0 and reports 1,299,046 shares beneficially owned following the reported transaction, held directly.

The RSUs represent a contingent right to receive common shares on a one-for-one basis, have no expiration date, and vest subject to continued employment: one-third on March 12, 2026 and one-sixth on September 12, 2026, March 12, 2027, September 12, 2027, and March 12, 2028. The Form 4 was signed by Mark Chavez as attorney-in-fact on 08/12/2025.

Positive

• Grant of 750,000 RSUs to Jason Gechen Zhang recorded on 08/08/2025
• RSUs convert one‑for‑one into common stock and have no expiration date
• Clear vesting schedule: one‑third on March 12, 2026 and one‑sixth on each specified date through March 12, 2028
• Beneficial ownership after transaction reported as 1,299,046 shares (direct)
• Form 4 filed by one reporting person and signed by attorney‑in‑fact on 08/12/2025

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider RSU grant of 750,000 increases direct beneficial ownership to 1,299,046 shares; vesting runs through March 2028.

The filing documents a time‑based equity award to Jason Gechen Zhang dated 08/08/2025 for 750,000 RSUs recorded at a $0 acquisition price and reported as direct beneficial ownership of 1,299,046 shares after the transaction. Vesting is staggered, with one-third vesting on March 12, 2026 and remaining awards vesting in one-sixth installments through March 12, 2028, and awards have no expiration. This is a compensation/retention grant reflected on a Section 16 Form 4 filed by one reporting person and signed by an attorney‑in‑fact on 08/12/2025.

Corporate Governance Expert

TL;DR: Time‑based RSU award with defined vesting schedule and no expiration; filing complies with Section 16 reporting.

The disclosure specifies that the RSUs convert one‑for‑one into common shares and are contingent on continued employment through each vesting date. The Form 4 indicates the reporting relationship (Chief Strategy Officer) and confirms the transaction date (08/08/2025) and signature date (08/12/2025) by attorney‑in‑fact. All material vesting dates and the one‑for‑one conversion feature are explicitly stated in the filing.

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^*

Zhang Jason Gechen

(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 Strategy Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

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	08/08/2025		A		750,000(1)	A	$0	1,299,046	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. Restricted stock units ("RSUs") granted on August 8, 2025 represent a contingent right to receive shares of common stock of Applied Digital Corporation (the "Company") on a one-for-one basis, have no expiration date, and vest as follows: one-third of the RSUs on March 12, 2026 and one-sixth of the RSUs on September 12, 2026, March 12, 2027, September 12, 2027 and March 12, 2028, subject to the Reporting Person's continued employment with the Company through the applicable vesting date.

Remarks:

	/s/ Mark Chavez as Attorney-in-Fact	08/12/2025
	** 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 the APLD Form 4 filed for Jason Gechen Zhang disclose?

The Form 4 discloses a grant of 750,000 RSUs on 08/08/2025, conversion one‑for‑one into common stock, and 1,299,046 shares beneficially owned after the transaction.

What is the vesting schedule for the 750,000 RSUs in the APLD filing?

Vesting is one‑third on March 12, 2026 and one‑sixth on September 12, 2026, March 12, 2027, September 12, 2027, and March 12, 2028, subject to continued employment.

How many shares does Jason Gechen Zhang beneficially own after the reported APLD transaction?

The Form 4 reports 1,299,046 shares beneficially owned following the reported transaction, held directly.

Was a purchase price reported for the RSU award in the APLD Form 4?

The transaction is reported with a price of $0 in the Form 4 record for the 750,000 units.

Who signed the APLD Form 4 and when was it signed?

The Form 4 shows the signature of Mark Chavez as attorney‑in‑fact and is dated 08/12/2025.