Applied Digital announced key management changes effective October 15, 2024. David Rench, CFO since March 2021, will transition to Chief Administrative Officer. Saidal Mohmand, current EVP of Finance, will succeed as CFO with an annual base salary of $475,000 and target bonus of 75%. Mohmand will receive equity awards and severance benefits under certain conditions.CEO Wes Cummins entered a new employment agreement on October 10, 2024, with an annual base salary of $750,000 retroactive to June 1, 2024, and a target bonus of 100%. The agreement includes provisions for equity awards, severance benefits, and post-employment restrictions.Both executives are bound by confidentiality, non-competition, and non-solicitation covenants. These management updates aim to strengthen Applied Digital's leadership team and align executive compensation with company performance and shareholder interests.

Applied Digital announced key management changes effective October 15, 2024. David Rench, CFO since March 2021, will transition to Chief Administrative Officer. Saidal Mohmand, current EVP of Finance, will succeed as CFO with an annual base salary of $475,000 and target bonus of 75%. Mohmand will receive equity awards and severance benefits under certain conditions.CEO Wes Cummins entered a new employment agreement on October 10, 2024, with an annual base salary of $750,000 retroactive to June 1, 2024, and a target bonus of 100%. The agreement includes provisions for equity awards, severance benefits, and post-employment restrictions.Both executives are bound by confidentiality, non-competition, and non-solicitation covenants. These management updates aim to strengthen Applied Digital's leadership team and align executive compensation with company performance and shareholder interests.