secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K/A
Filed at:   2026-03-13T23:59:59+00:00
Accession:  0001493152-26-010113
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Applied Digital fixes PSU award error; existing Polaris Forge data centers now count toward hurdles
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- Amended agreement with President Jason Zhang corrects scrivener's error that omitted existing Polaris Forge 1 data centers from PSU hurdle calculation.
- Investment-grade hyperscaler requirement now applies only to First and Third Hurdles; any hyperscaler counts for Second and Fourth Hurdles.
- Total PSUs unchanged at 1.5 million; vesting hurdles remain 600 MW for First/Third and 1.6 GW for Second/Fourth.
- All contracts entered before award date now count toward hurdles; prior version only considered post-award contracts.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000149315226010113/0001493152-26-010113-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000149315226010113/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-010113

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