secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2023-09-28T23:59:59+00:00
Accession:  0001144879-23-000201
Event type: other_material
Sentiment:  neutral
Materiality: 0.45
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000114487923000201/0001144879-23-000201-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000114487923000201/apld-20230925.htm
  HTML page:      https://secwatch.observer/filing/0001144879-23-000201

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer