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Applied Digital Corporation approved large, long-term equity awards for President and Co-Founder Jason Zhang and Chief Financial Officer Saidal Mohmand. Zhang received 1,500,000 performance stock units (PSUs) and 500,000 restricted stock units (RSUs), while Mohmand received 750,000 PSUs and 250,000 RSUs under the 2024 Omnibus Equity Incentive Plan.
The PSUs vest only if ambitious hyperscaler contract, capacity, and net operating income targets are met over multi-year periods, with additional rules for Change in Control and certain terminations. RSUs vest over five years, with partial or full acceleration on specific termination events. The Board notes the PSUs and RSUs each represent less than 1% of shares outstanding as of the grant date and are intended to replace future equity grants for the next five years, aligning the executives’ incentives with long-term growth in high-performance computing data center operations.
Applied Digital Corp. director Chuck Hastings reported selling 45,987 shares of common stock on January 29, 2026 at a price of $38.57 per share. After this sale, he beneficially owns 388,372 shares, which include 7,747 restricted stock units granted on November 9, 2025 to non-employee directors for board service.
The restricted stock units convert into common shares on a one-for-one basis, have no expiration date, and vest in full on November 5, 2026, as long as Hastings continues his board service through that date.
The Vanguard Group has disclosed an 8.65% stake in Applied Digital Corp common stock. Vanguard reports beneficial ownership of 24,168,082 shares, with shared voting power over 2,000,055 shares and shared dispositive power over all 24,168,082 shares, and no sole voting or dispositive power.
The filing notes that The Vanguard Group went through an internal realignment on January 12, 2026, after which certain subsidiaries or business divisions are expected to report beneficial ownership separately, while pursuing the same investment strategies as before.
A stockholder has filed a notice of intent to sell up to 100,000 shares of common stock of the issuer through Charles Schwab Corp on or about 01/29/2026 on the Nasdaq, with an indicated aggregate market value of $3,876,000. These shares were acquired on 10/06/2020 via a Convertible Preferred Note Purchase from the issuer, in a single acquisition of 100,000 shares.
Over the past three months, the same seller, Chuck Hastings, has already sold common shares in three transactions: 50,000 shares on 10/29/2025 for gross proceeds of $1,784,535.26, 25,000 shares on 10/30/2025 for $860,954.16, and 25,000 shares on 10/31/2025 for $856,775.03. The notice also includes the standard representation that the seller is not aware of any undisclosed material adverse information about the issuer’s operations.
Applied Digital Corp. director Douglas S. Miller reported a charitable-style transfer of shares. On January 22, 2026, he gave 6,000 shares of Applied Digital common stock to his children at a reported price of $0 per share, reflecting a gift rather than a sale.
After this transaction, Miller beneficially owned 194,859 shares of Applied Digital common stock in total. This amount includes 7,747 restricted stock units granted on November 9, 2025 for his board service, which convert into common shares on a one-for-one basis and are scheduled to vest in full on November 5, 2026, as long as he continues his service through that date.
Applied Digital Corp. CEO and Chairman Wes Cummins reported selling 165,000 shares of common stock on January 16, 2026 at a weighted average price of $36.42, with individual trades ranging from $35.07 to $37.46. After this sale, he directly beneficially owned 4,176,329 shares, which includes restricted stock units and 742,166 shares held in his IRA. The filing also shows indirect beneficial ownership of 17,590,238 shares held by Cummins Family Ltd. and 722,483 shares held by 272 Capital, LP. The RSUs include multi-year vesting schedules extending through 2027, generally conditioned on continued full-time employment or specified acceleration conditions.
A shareholder of the issuer plans to sell 165,000 shares of common stock under Rule 144 through Morgan Stanley Smith Barney LLC on the NASDAQ exchange. The planned sale has an aggregate market value of $6,009,052.50, based on the figures provided, and is scheduled for approximately January 16, 2026. The filing notes that there were 279,585,823 shares of this class outstanding.
The shares to be sold were acquired as restricted stock from the issuer in two grants: 43,700 shares on October 4, 2024 and 121,300 shares on October 10, 2025, with payment described as not applicable, consistent with equity awards rather than cash purchases. The person on whose behalf the sale is made represents that they are not aware of undisclosed material adverse information about the issuer’s current or future operations.
Applied Digital Corporation reported a management change as its board approved the transition of co-founder and Chief Strategy Officer Jason Zhang to the role of President and Co-Founder, effective January 14, 2026. He will continue to work closely with Chairman and CEO Wes Cummins.
The company amended Zhang’s existing employment agreement so he will serve as President with an annual base salary of $700,000, subject to annual review. The filing notes he has no related-party transactions requiring disclosure and no family relationships with directors or executive officers. Applied Digital also issued a press release on January 15, 2026 announcing his appointment.
Applied Digital Corp. director Richard N. Nottenburg reported open-market sales of company stock. On January 14, 2026, he sold 11,606 shares of common stock at a weighted average price of $35.28 per share. On January 15, 2026, he sold an additional 12,000 shares at a weighted average price of $35.45 per share. After these transactions, he directly beneficially owned 233,378 shares of common stock.
This holding includes 7,747 restricted stock units granted on November 9, 2025 to non-employee directors, which vest in full on November 5, 2026, and 200,000 restricted stock units granted on May 13, 2024 in connection with his role as Chairman of the Board of Directors of Applied Digital Cloud Corporation, vesting in two equal installments on May 13, 2026 and May 13, 2027, subject to continued service.
Richard N. Nottenburg filed a Rule 144 notice to sell 12,000 shares of common stock. The shares are to be sold through Morgan Stanley Smith Barney LLC Executive Financial Services, with an aggregate market value of $425,406.00, and an approximate sale date of 01/15/2026 on the NASDAQ exchange. The filing states that 279,585,823 shares of the issuer’s common stock are outstanding.
The 12,000 shares being sold were acquired on 11/20/2025 as restricted stock from the issuer, with the same date listed for payment and the nature of payment noted as not applicable. The notice also lists recent sales over the past three months by Nottenburg, including 34,375 common shares sold on 10/24/2025 for $1,142,281.25 and 11,606 shares on 01/14/2026 for $409,481.73. By signing, the seller represents that he is not aware of undisclosed material adverse information about the issuer.