SEC Contract Filing

Filing Date: 2023-09-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a2023amendmenttowescummins.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="i5272a2af371844e88e033805c014be09_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Execution Version</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">AMENDMENT NO. 1 TO </font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">EXECUTIVE EMPLOYMENT CONTRACT</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">This Amendment to the Executive Employment Contract (&#8220;Agreement&#8221;) is made as of September 25, 2023 by and between </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Applied Digital Corporation </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(the &#8220;Employer&#8221;) and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Wes Cummins </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(the &#8220;Employee&#8221;).</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">WITNESSETH&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">WHEREAS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, the Employer and the Employee entered into an Executive Employment Contract on November 1, 2021 (the &#8220;Agreement&#8221;)&#59;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">WHEREAS</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, the Employer and Employee desire to revise certain terms of the Agreement as discussed more fully in this Amendment (&#8220;Amendment&#8221;)&#59; </font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">NOW, THEREFORE</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereby agree as follows&#58;</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">1.&#160;&#160;&#160;&#160;All terms and conditions of the Agreement between the Employee and the Employer shall remain in full force and effect except as expressly modified herein, and there shall be no modification of such terms and conditions except as expressly made herein.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2.&#160;&#160;&#160;&#160;Paragraph 8 of the Agreement is hereby amended effective April 4, 2023, to remove the reference to the amount of the base annual salary and to further</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">provide that the Employer and Employee may from time to time during the Term of the Agreement, review and adjust (but not downward) the base salary based upon Employee's performance, without the need for a formal Amendment to this Agreement.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">3.&#160;&#160;&#160;&#160;Paragraph 9 of the Agreement is hereby amended effective April 4, 2023 to delete the phrase &#8220;of up to 100% of the base salary&#8221; therefrom.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">4.&#160;&#160;&#160;&#160;The Agreement is amended effective September 25, 2023 to add a new Paragraph 44 to read in its entirety as follows and to renumber the subsequent Paragraphs accordingly&#58;</font></div><div style="margin-bottom:18pt;padding-left:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%;text-decoration:underline">Termination of Employment Following a Change in Control</font></div><div style="margin-bottom:18pt;padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weig