Cummins Wes 4
4 · Applied Digital Corp. · Filed Apr 7, 2026
Research Summary
AI-generated summary of this filing
APLD CEO Wes Cummins Receives 100,000 Shares; 34,579 Withheld
What Happened
Wes Cummins, CEO, Chairman and Director of Applied Digital Corporation (APLD), had 100,000 restricted stock units convert into common shares on April 4, 2026 (reported as derivative conversion, code M). To satisfy tax withholding obligations, 34,579 of those shares were withheld at $24.56 per share, a withholding value of approximately $849,260 (reported as code F). The Form 4 shows the conversion and the share-withholding; the withheld shares were not sold in the open market (footnote F4). The report was filed on April 7, 2026.
Key Details
- Transaction date: April 4, 2026 (Form 4 filed April 7, 2026).
- Conversion: 100,000 RSUs converted to 100,000 common shares (transaction code M).
- Tax withholding: 34,579 shares withheld at $24.56/share = $849,260 (transaction code F); withholding is not an open-market sale (F4).
- Footnote holdings & grants: includes 742,166 shares held in the Reporting Person's IRA (F2); shares held via Cummins Family Ltd. and 272 Capital (F5, F6); significant unvested RSU grants remain (1.5M RSUs granted Jan 6, 2026 and 600k RSUs from Oct 10, 2024 per F3).
- Filing timeliness: report filed April 7, 2026 (appears timely relative to the April 4 vesting).
Context
- This was a vesting/settlement of RSUs (conversion of derivatives), not a market purchase or an open‑market sale. The tax-withholding is a routine cashless settlement that reduces the net shares received.
- For retail investors: vesting/withholding events reflect compensation being settled, not necessarily a directional insider view; purchases are generally more informative as bullish signals, while withholding for taxes is routine.
Insider Transaction Report
Form 4
Cummins Wes
DirectorCEO; Chairman
Transactions
- Exercise/Conversion
Common Stock
[F1][F2][F3]2026-04-04+100,000→ 4,276,329 total - Tax Payment
Common Stock
[F4][F2][F3]2026-04-04$24.56/sh−34,579$849,260→ 4,241,750 total - Exercise/Conversion
Restricted Stock Unit
[F1]2026-04-04−100,000→ 0 total→ Common Stock (100,000 underlying)
Holdings
- 17,590,238(indirect: See Footnote.)
Common Stock
[F5] - 722,483(indirect: See Footnote)
Common Stock
[F6]
Footnotes (6)
- [F1]Restricted stock units ("RSUs") granted on April 4, 2023, represented a contingent right to receive shares of common stock of Applied Digital Corporation (the "Company") on a one-for-one basis. The RSUs have no expiration date and vested as follows: 200,000 on April 4, 2024 and 100,000 on each of October 4, 2024, April 4, 2025, October 4, 2025, and April 4, 2026.
- [F2]Includes 742,166 shares held in the Report Person's IRA.
- [F3]Includes (i) 1,500,000 restricted stock units ("RSUs") granted on January 6, 2026 (the "Grant Date") which represent a contingent right to receive shares of common stock of the Company on a one-for-one basis, and vest as follows: 300,000 RSUs on January 6, 2027 (the "Cliff Date"), with the remainder vesting in equal installments of 150,000 RSUs every six months after the Cliff Date, such that the RSUs will be fully vested on the five-year anniversary of the Grant Date, (ii) 600,000 RSUs granted on October 10, 2024, of which 200,000 RSUs have vested and 100,000 RSUs will vest on each of April 10, 2026, October 10, 2026, April 10, 2027 and October 10, 2027; in each case, subject to continued full-time employment in a role approved by the Board of Directors through such date or accelerated vesting upon certain conditions.
- [F4]Represents the withholding of shares of common stock of the Company for tax purposes in connection with the immediate vesting of RSUs, which does not constitute an actual sale or other open market transaction.
- [F5]Shares are held by Cummins Family Ltd., of which the Reporting Person is the CEO.
- [F6]Shares are held by 272 Capital, of which the Reporting Person was the President and CEO.
Signature
/s/ Mark Chavez as Attorney-in-Fact|2026-04-07