Form 4: Applied Digital Corp. CFO David Rench Reports Stock Transactions
SEC Form 4 Filing
David Rench, CFO of Applied Digital Corp., reports the vesting and subsequent disposal of restricted stock units to cover tax obligations.
Summary
- On April 4, 2024, David Rench, the Chief Financial Officer of Applied Digital Corp., reported transactions involving the company's common stock.
- Rench vested 70,000 restricted stock units (RSUs) which converted into common stock on a one-for-one basis.
- Following the vesting, 17,045 shares were surrendered to cover tax withholding obligations at a price of $3.27 per share.
- After these transactions, Rench directly owns 280,445 shares of Applied Digital Corp. common stock and 125,000 RSUs.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing stock transactions by a company executive, indicating a neutral sentiment.
Industry Context
This filing is a routine disclosure of insider transactions, which are common for executives who receive stock-based compensation.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they involve the vesting of previously granted equity compensation.
Key Dates
| Date | Description |
|---|---|
| 04/04/2024 | Date of the reported stock transactions (vesting of RSUs and disposal of shares for tax obligations). |
| 04/04/2024 | Date of RSU conversion to common stock. |
| 10/04/2024 | Date of first vesting installment of remaining RSUs. |
| 02/05/2025 | Date of next vesting installment of remaining RSUs. |
| 04/04/2025 | Date of next vesting installment of remaining RSUs. |
| 08/05/2025 | Date of next vesting installment of remaining RSUs. |
| 10/04/2025 | Date of next vesting installment of remaining RSUs. |
| 04/04/2026 | Date of final vesting installment of remaining RSUs. |
| 04/08/2024 | Date of signature on the Form 4 filing. |
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