$APLD 𝗳𝗶𝗹𝗲𝗱 𝘁𝘄𝗼 𝘁𝗵𝗶𝗻𝗴𝘀 𝘁𝗼𝗱𝗮𝘆: 𝗮 𝗽𝗿𝗼𝘅𝘆 𝗹𝗶𝘀𝘁𝗶𝗻𝗴 𝗪𝗲𝘀 𝗖𝘂𝗺𝗺𝗶𝗻𝘀 𝗮𝘁 $189.2M, 𝗮𝗻𝗱 24,558,823 𝗺𝗼𝗿𝗲 𝗦𝗲𝗿𝗶𝗲𝘀 𝗚 𝘀𝗵𝗮𝗿𝗲𝘀 𝗿𝗲𝗴𝗶𝘀𝘁𝗲𝗿𝗲𝗱 𝗳𝗼𝗿 𝗿𝗲𝘀𝗮𝗹𝗲. Cummins' fiscal 2026 pay is up from $27.7M. Almost all of it is stock, valued at grant: 1. $122.1M in PSUs 2. $45.4M in RSUs vesting through Jan 2031 3. $18.4M in management units tied to $CHRN shares, fully vested The 4.5M PSUs pay out in thirds only if the 90-day average close reaches $50, $75 and $100 before January 2031. Under $50, all of it is forfeited. The grant was set on Jan 6 at a $30.26 close. $APLD closed at $27.06 on Sept 24. Its best 90-day average since the grant is about $39.50, in July. Last year's say-on-pay passed with 52.6%. The fiscal 2027 bonus now runs on a formula tied to adjusted cash EBITDA, and the CEO has to hold six times salary in stock. The CEO pay ratio is 828:1. "Going forward, we aim to achieve $2 billion in annual Net Operating Income (NOI) within the coming years," Wes Cummins wrote in the stockholder letter. The resale shares follow the June 26 upsize of the Series G commitment from $1.59B to $2B. So far: 1. $1.165B raised 2. Up to $835M left 3. About 60.6M common shares issued from conversions, roughly $19.75 each on average (my math) The 24.6M count assumes a $34 conversion floor. Daily VWAP has been under $34 since July 7, and the board can lower the floor at its discretion. At 95% of the Sept 24 close, $835M is about 32M shares, my estimate. Shares outstanding went from 291.5M on July 28 to 302.3M on Sept 23. Say-on-pay is back on the ballot at the Nov 4 virtual meeting.