CEO Annual Salary Commitment
Company: Applied Digital
What the later record shows
Outcome not yet confirmed · happened October 10, 2024
The $300,000 salary was raised to $600,000 in June 2023. On October 10, 2024, before the October 31, 2024 term end, a new agreement superseded the original one and set salary at $750,000.
“entered into an Employment Agreement (the “Cummins Employment Agreement”), which supersedes and replaces in its entirety Mr. Cummins’ prior employment agreement with the Company, dated November 1, 2021, as amended.”
2024-10-14 · Applied Digital 8-K filed 2024-10-15 View cached copy (2026-08-31)Live source ↗
“In June 2023, the Compensation Committee increased Mr. Cummins’ annual base salary to $600,000.”
2024-10-22 · Applied Digital DEF 14A filed 2024-10-23 View cached copy (2026-08-31)Live source ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Wes Cummins' employment agreement provides annual base salary of $300,000 through October 31, 2024
Source (primary)
Applied Digital 10-K/A filed 2022-09-27 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “Pursuant to the Cummins Employment Agreement, Mr. Cummins receives a base salary of $300,000 per annum... The term of the Cummins Employment Agreement ends on October 31, 2024, with automatic one (1) year extensions”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
The filing states that Cummins' agreement pays $300,000 per year and runs to October 31, 2024. The filing also says the salary is subject to annual review and the term renews automatically for one-year periods.
Confirmed in the source:
- Wes Cummins has an employment agreement with Applied Blockchain (effective November 1, 2021)
- The Cummins Employment Agreement provides a base salary of $300,000 per annum
- The term of the Cummins Employment Agreement ends on October 31, 2024
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487922000043/apld-20220531.htm) in full (83,898 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 10-K/A filed 2022-09-27
Quote: “Pursuant to the Cummins Employment Agreement, Mr. Cummins receives a base salary of $300,000 per annum... The term of the Cummins Employment Agreement ends on October 31, 2024, with automatic one (1) year extensions”