secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K/A
Filed at:   2025-04-17T23:59:59+00:00
Accession:  0001641172-25-005250
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Applied Digital grants 2.445M PSUs to three executives with milestones tied to data center performance
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- 1.6M PSUs to CEO Wes Cummins, 245k to CFO Saidal Mohmand, 600k to Laura Laltrello under 2024 Omnibus Plan.
- Vesting requires: Building 02 achieving >$20M net operating income for 2 quarters OR hyperscaler lease for 200+ MW.
- Additional vesting condition: Building 03 reaching ready-for-service date; Laltrello also must keep opex <$34.50/kWm over 12 months.
- PSUs expire Dec 31, 2027 if conditions unmet; full acceleration on change of control.
- Amendment updates prior 8-K; executives executed awards in April 2025.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000164117225005250/0001641172-25-005250-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000164117225005250/form8-ka.htm
  HTML page:      https://secwatch.observer/filing/0001641172-25-005250

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