secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K/A
Filed at:   2025-01-08T23:59:59+00:00
Accession:  0001493152-25-001423
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

APLD grants 2.7M PSUs to CEO, CFO, and VP tied to hyperscaler data center leases and revenue milestones
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- CEO Wes Cummins awarded 1.6M PSUs (800k each tranche) tied to leasing Buildings A and B, financing, and sustainable revenue by Dec 31, 2027.
- CFO Saidal Mohmand (490k PSUs) and David Rench (612.5k PSUs) granted with same performance conditions; vest after 1 year plus milestones.
- Upon change of control before 2027, all PSUs vest in full, subject to continued employment.
- PSUs forfeited if milestones not met by Dec 31, 2027; partial retention on qualifying termination based on achieved conditions A-C.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000149315225001423/0001493152-25-001423-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000149315225001423/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-001423

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