Applied Digital amends CEO/CFO contracts, hires CTO, enhances change-in-control severance

Applied Digital Corp.

CEO Wes Cummins and CFO David Rench amendments remove base salary figure and bonus cap; severance upon CIC termination now 2x base plus target bonus.
Michael Maniscalco appointed CTO with $275k base salary, discretionary bonus; term through Oct 2024 with auto-renewal.
RSU and PSU awards amended to accelerate vesting if executive is terminated within 24 months after a change in control.
Amendments effective Sept 25, 2023; base salary removal retroactive to April 4, 2023.
Compensation changes include arbitration clause and excise tax reduction provisions without gross-ups.

item 5.02 item 9.01

Executive movements

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Appointed

Michael Maniscalco

Chief Technology Officer

APLD · Applied Digital Corp.

Effective: 2023-09-25
Filed: September 28, 2023, 7:59 PM ET

On September 25, 2023, the Company and Michael Maniscalco entered into an Executive Employment Agreement (the “Maniscalco Employment Agreement”), pursuant to which Mr. Maniscalco will serve as the Chief Technology Officer of the Company.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Maniscalco was appointed as Chief Technology Officer at Applied Digital Corp..

Action: appointed
Role: Chief Technology Officer

Exact text from the filing

On September 25, 2023, the Company and Michael Maniscalco entered into an Executive Employment Agreement (the “Maniscalco Employment Agreement”), pursuant to which Mr. Maniscalco will serve as the Chief Technology Officer of the Company.

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Applied Digital Corp. filing history →

Source: SEC EDGAR

accession 0001144879-23-000201

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