Short answer
Applied Digital Corp. (APLD) filed an 8-K current report with the SEC on March 13, 2026 reporting Item 5.02 (Departure/Election of Directors or Officers). PSU award agreement for President Jason Zhang amended to fix drafting error: no change to PSU count, hurdles, or other material terms.
Applied Digital Corp. 8-K event analysis
AI summary of each reported item and its exhibits
Item 5.02 · Departure/Election of Directors or Officers
- PSU award agreement for President Jason Zhang amended to fix drafting error: no change to PSU count, hurdles, or other material terms
- Key fix: existing Polaris Forge 1 data centers now eligible toward hurdle achievement; original agreement inadvertently excluded pre-award-date contracts
- Second and Fourth Hurdles (larger cumulative targets) broadened to count contracts with any hyperscaler, not just investment-grade counterparties
- Change-in-Control provisions updated to mirror the corrected hurdle calculation methodology
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
Other Applied Digital Corp. 8-K filings
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