Cummins Wes 4

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.