Form 4: Applied Digital Corp. CEO Wes Cummins Exercises Stock Options and Disposes of Shares for Tax Obligations
SEC Form 4 Filing
CEO Wes Cummins exercised restricted stock units (RSUs) and disposed of shares to cover tax obligations, according to a recent SEC filing.
Summary
- On October 4, 2024, Wes Cummins, CEO and Chairman of Applied Digital Corp., exercised restricted stock units (RSUs) converting into 100,000 shares of common stock.
- Cummins also disposed of 39,350 shares of common stock to cover tax obligations related to the vesting of these RSUs at a price of $7.45 per share.
- Following these transactions, Cummins directly owns 4,075,955 shares, including 742,166 shares held in his IRA.
- He also indirectly owns 17,590,238 shares through Cummins Family Ltd. and 1,626,453 shares through B. Riley Asset Management, LLC.
- The RSUs were granted on April 4, 2023, and vest in installments.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing stock transactions, and does not inherently convey positive or negative sentiment.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.
Key Dates
| Date | Description |
|---|---|
| April 4, 2023 | RSUs granted to Wes Cummins. |
| April 4, 2024 | 200,000 RSUs vested. |
| October 4, 2024 | Wes Cummins exercised 100,000 RSUs and disposed of shares for tax purposes; 100,000 RSUs vested. |
| April 4, 2025 | 100,000 RSUs will vest. |
| October 4, 2025 | 100,000 RSUs will vest. |
| April 4, 2026 | 100,000 RSUs will vest. |
| October 8, 2024 | Date of signature on the SEC Form 4. |
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