Applied Digital grants CEO 4.5M PSUs and 1.5M RSUs; PSUs tied to $50/$75/$100 stock price hurdles

Applied Digital Corp.

Granted CEO Wes Cummins 4,500,000 PSUs and 1,500,000 RSUs on Jan 6, 2026; awards replace future equity for five years.
PSUs vest upon 90-day avg closing price ≥$50, $75, $100; each tranche 1.5M shares; no value below $50.
RSUs vest over five years: 300k on 1-yr anniversary, then 150k every six months; full vest on year five.
PSU award ~1.6% of shares outstanding; RSU award ~0.6%; dilution deemed reasonable by Board.
Board rationale: 214% stock return in 2025, hyperscaler leases for 400MW+200MW; long-term alignment.

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