CEO equity compensation - April 2023 grant
Company: Applied Digital
What the later record shows
Outcome not yet confirmed
Proxy materials repeat a 100,000-unit RSU schedule ending April 4, 2026, but they do not name the holder. No passage confirms that the April 4, 2026 tranche actually vested.
“Consists of restricted stock units that vest as follows: 100,000 on each of October 4, 2024, April 4, 2025, October 4, 2025 and April 4, 2026.”
2024-10-21 · ARS View cached copy (2026-09-01)Live source ↗Archive.org ↗
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
Applied Digital granted Wesley Cummins 600,000 restricted stock units on April 4, 2023, vesting over approximately two years with tranches on April 4, 2024, October 4, 2024, April 4, 2025, October 4, 2025, and April 4, 2026
Source (primary)
Applied Digital SC 13D/A filed 2024-11-29 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “On April 4, 2023, the Reporting Person received a grant of 600,000 RSUs, of which one-third (1/3) of the RSUs vested on April 4, 2024 and one-sixth (1/6) of the RSUs vested on October 4, 2024, and will further vest on April 4, 2025, October 4, 2025 and April 4, 2026.”
How we checked this
Checked on October 10, 2026. The cited source supports part of this claim, but not all of it.
The filing confirms the 600,000-RSU grant on April 4, 2023 and every vesting date listed. It does not support calling this a roughly two-year schedule, since the last tranche vests three years after the grant date.
Confirmed in the source:
- Wesley Cummins received a grant of 600,000 restricted stock units on April 4, 2023
- The grant is equity compensation in Applied Digital Corporation, where Cummins is Chairman and CEO
- One-third of the April 2023 RSUs vested on April 4, 2024 and one-sixth vested on October 4, 2024
- The April 2023 RSUs are scheduled to further vest on April 4, 2025, October 4, 2025 and April 4, 2026
We could not confirm this from the cited source:
- The April 2023 RSU grant vests over approximately two years (the filing's schedule runs from the April 4, 2023 grant to a final tranche on April 4, 2026, which is about three years)
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000149315224048172/formsc13da.htm) in full (17,122 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital SC 13D/A filed 2024-11-29
Quote: “On April 4, 2023, the Reporting Person received a grant of 600,000 RSUs, of which one-third (1/3) of the RSUs vested on April 4, 2024 and one-sixth (1/6) of the RSUs vested on October 4, 2024, and will further vest on April 4, 2025, October 4, 2025 and April 4, 2026.”