Zhang Jason Gechen 4

What Happened
Jason Gechen Zhang, President of Applied Digital Corp. (APLD), was granted 500,000 restricted stock units (RSUs) on February 6, 2026. The grant was reported on a Form 4 filed February 9, 2026. The RSUs were issued at $0.00 (no immediate purchase price), so the reported acquisition value is $0; actual economic value will depend on Applied Digital’s future share price as the RSUs vest.

Key Details

• Transaction date: February 6, 2026; Form 4 filed February 9, 2026.
• Transaction type/code: Award/Grant (A).
• Shares granted: 500,000 RSUs; reported acquisition price: $0.00; reported value: $0.
• Vesting (per footnote): 100,000 RSUs vest on Feb 6, 2027 (cliff), then 50,000 RSUs every six months thereafter; fully vested on the five-year anniversary of the grant (subject to continued full-time employment in a Board-approved role or accelerated vesting on certain conditions).
• Prior RSUs: filing notes it "includes 750,000 RSUs" granted Aug 8, 2025 with a separate vesting schedule (one-third on Mar 12, 2026, then installments through Mar 12, 2028).
• Shares owned following the transaction: not specified in the provided summary of the filing.
• No sale or purchase of underlying shares occurred—this is a compensation award, not an open-market trade.

Context
RSUs are a form of compensation that entitle the holder to receive company shares in the future if vesting conditions are met. Because these RSUs vest over time and require continued employment (or specified acceleration events), they do not represent an immediate sale or purchase and do not directly signal a near-term bullish or bearish trade by the insider. The economic benefit will materialize only as units vest and are converted to shares (and then potentially taxed or sold).