WULF · Terawulf Inc. · Insider Trading

Shares of common stock issued pursuant to the Issuer's Non-Employee Director Compensation Policy in lieu of cash retainers accrued since the beginning of the third fiscal quarter of 2026, at a price of $14.80 per share, the closing price on September 30, 2026.

Shares of common stock issued pursuant to the Issuer's Non-Employee Director Compensation Policy in lieu of cash retainers accrued since the beginning of the third fiscal quarter of 2026, at a price of $14.80 per share, the closing price on September 30, 2026.

Shares of common stock issued pursuant to the Issuer's Non-Employee Director Compensation Policy in lieu of cash retainers accrued since the beginning of the third fiscal quarter of 2026, at a price of $14.80 per share, the closing price on September 30, 2026.

Each restricted stock unit represents a contingent right to receive one share of the Issuer's Common Stock.

The restricted stock units were scheduled to vest upon the first anniversary of August 1, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date. On July 31, 2026, the Reporting Person and the Issuer mutually agreed to defer vesting of the initial tranche of restricted stock units until September 29, 2026, subject to the Reporting Person's continued employment or service with the Issuer through such date. The remaining restricted stock units will vest ratably upon the second and third anniversaries of August 1, 2025, respectively, subject to the Reporting Person's continued employment or service with the Issuer through each such date.

The Reporting Person received restricted stock units which vested in accordance with their terms, as amended in the manner described below in Footnote 8 of this Form 4, on September 29, 2026, subject to the Reporting Person's continued employment or service with TeraWulf Inc. (the "Issuer") through such date.

On September 22, 2026, Riesling Power LLC ("Riesling Power") entered into a prepaid variable share forward contract / loan facility (the "Contract") of approximately 14 months duration with an unaffiliated dealer with a pledge of up to a maximum of 3,000,000 shares of common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc. The Contract can be settled in cash or Common Stock and/or refinanced, at Riesling Power's option. Pursuant to the Contract, Riesling Power received a cash payment / loan from the dealer and pledged 3,000,000 shares of Common Stock (the "Pledged Shares"). Riesling Power retains dividend and voting rights in the Pledged Shares during the term of the pledge.

The Paul B. Prager Revocable Trust ("Prager Revocable Trust") is the sole member of Riesling Power. Paul B. Prager (the "Reporting Person") is the sole trustee of the Prager Revocable Trust and may be deemed to have the power to direct the voting and disposition of the Common Stock beneficially owned by the Prager Revocable Trust. Accordingly, pursuant to the regulations promulgated under Section 13(d) of the Securities Exchange Act of 1934, as amended, the Reporting Person may be deemed to be a beneficial owner of the shares of Common Stock held for the account of the Prager Revocable Trust.

On September 19, 2025, Lake Harriet Holdings, LLC ("Lake Harriet Holdings") entered into a prepaid variable share forward contract / loan facility (the "Original Contract") with an unaffiliated dealer with a pledge of up to a maximum of 350,000 shares of common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc. On September 10, 2026, Lake Harriet Holdings amended and restated the Original Contract (the "Amended Contract"), which extended the settlement date of the Original Contract from September 21, 2026 to September 10, 2027 and amended certain other terms of the Original Contract.

(Continued from footnote 1) The Amended Contract can be settled in cash or Common Stock and/or refinanced, at Lake Harriet Holdings' option. In exchange for assuming the obligation under the Original Contract, Lake Harriet Holdings received a cash payment in September 2025. Pursuant to the Amended Contract, Lake Harriet Holdings received an additional cash payment / loan from the dealer and pledged 350,000 shares of Common Stock (the "Pledged Shares"). Lake Harriet Holdings retains dividend and voting rights in the Pledged Shares during the term of the pledge.

By Lake Harriet Holdings. The Nazar M. Khan Revocable Trust ("Khan Revocable Trust") is the sole member of Lake Harriet Holdings. Nazar M. Khan (the "Reporting Person") is the sole trustee of the Khan Revocable Trust and may be deemed to have the power to direct the voting and disposition of the Common Stock beneficially owned by the Khan Revocable Trust. Accordingly, pursuant to the regulations promulgated under Section 13(d) of the Securities Exchange Act of 1934, as amended, the Reporting Person may be deemed to be a beneficial owner of the shares of Common Stock held for the account of the Khan Revocable Trust.

On September 19, 2025, Lake Harriet Holdings, LLC ("Lake Harriet Holdings") entered into a prepaid variable share forward contract / loan facility (the "Original Contract") with an unaffiliated dealer with a pledge of up to a maximum of 350,000 shares of common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc. On September 10, 2026, Lake Harriet Holdings amended and restated the Original Contract (the "Amended Contract"), which extended the settlement date of the Original Contract from September 21, 2026 to September 10, 2027 and amended certain other terms of the Original Contract.

(Continued from footnote 1) The Amended Contract can be settled in cash or Common Stock and/or refinanced, at Lake Harriet Holdings' option. In exchange for assuming the obligation under the Original Contract, Lake Harriet Holdings received a cash payment in September 2025. Pursuant to the Amended Contract, Lake Harriet Holdings received an additional cash payment / loan from the dealer and pledged 350,000 shares of Common Stock (the "Pledged Shares"). Lake Harriet Holdings retains dividend and voting rights in the Pledged Shares during the term of the pledge.

By Lake Harriet Holdings. The Nazar M. Khan Revocable Trust ("Khan Revocable Trust") is the sole member of Lake Harriet Holdings. Nazar M. Khan (the "Reporting Person") is the sole trustee of the Khan Revocable Trust and may be deemed to have the power to direct the voting and disposition of the Common Stock beneficially owned by the Khan Revocable Trust. Accordingly, pursuant to the regulations promulgated under Section 13(d) of the Securities Exchange Act of 1934, as amended, the Reporting Person may be deemed to be a beneficial owner of the shares of Common Stock held for the account of the Khan Revocable Trust.

The Price reported in Column 4 is a weighted average price. The shares of common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc. were sold in multiple transactions at a price ranging from $17.71 to $17.99, inclusive. The Reporting Person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of TeraWulf Inc. or to TeraWulf Inc., upon request, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth above.

The reported transaction represents a sale effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on December 23, 2025.

The Price reported in Column 4 is a weighted average price. The shares of common stock, par value $0.001 per share ("Common Stock") were sold in multiple transactions at a price ranging from $17.0100 to $17.1150, inclusive. The Reporting Person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of TeraWulf Inc. or to TeraWulf Inc., upon request, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth above.

By Beowulf E&D Holdings Inc. ("E&D Holdings"). The Reporting Person is the sole manager of E&D Holdings and, as a result, may be deemed to beneficially own the shares of the Common Stock held by E&D Holdings. The Reporting Person disclaims beneficial ownership of such shares of the Common Stock except to the extent of his pecuniary interest therein, and the inclusion of such shares of the Common Stock in this report shall not be deemed an admission of beneficial ownership of all of the reported shares of the Common Stock for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose.

Each Restricted Stock Unit represents a contingent right to receive one share of the Issuer's common stock, $0.001 par value per share.

The restricted stock units vested in accordance with their terms upon the third anniversary of August 16, 2023, subject to the Reporting Person's continued employment or service with the Issuer through each such date.

The Reporting Person received Restricted Stock Units which vested in accordance with their terms upon the third anniversary of August 16, 2023, as reported in this Form 4, subject to the Reporting Person's continued employment or service with the Issuer through such date.

The disposition is due to withholding to cover taxes, as a result of the Reporting Person's election of net settlement with regard to the vesting of restricted stock units, which vested on August 1, 2026, as reflected in this Form 4.

Each Restricted Stock Unit represents a contingent right to receive one share of the Issuer's Common Stock.

The restricted stock units vested upon the first anniversary of August 1, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date. The remaining restricted stock units will vest ratably upon the second and third anniversaries of August 1, 2025, respectively, subject to the Reporting Person's continued employment or service with the Issuer through each such date.

The Reporting Person received restricted stock units which vested in accordance with their terms upon the first anniversary of August 1, 2025, as reflected in this Form 4, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each Restricted Stock Unit represents a contingent right to receive one share of the Issuer's common stock, $0.001 par value per share.

The restricted stock units vested upon the first anniversary of August 1, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date. The remaining restricted stock units will vest ratably upon the second and third anniversaries of August 1, 2025, respectively, subject to the Reporting Person's continued employment or service with the Issuer through each such date.

The Reporting Person received restricted stock units which vested in accordance with their terms upon the first anniversary of August 1, 2025, as reflected in this Form 4, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Shares of common stock issued in lieu of cash retainers accrued since the beginning of the second fiscal quarter of 2026, at a price of $24.70 per share, the closing price as of June 30, 2026

Shares of common stock issued in lieu of cash retainers accrued since the beginning of the second fiscal quarter of 2026, at a price of $24.70 per share, the closing price as of June 30, 2026.

Shares of common stock issued in lieu of cash retainers accrued since the beginning of the second fiscal quarter of 2026, at a price of $24.70 per share, the closing price as of June 30, 2026

The Price reported in Column 4 is a weighted average price. The shares of common stock, par value $0.001 per share ("Common Stock") were sold in multiple transactions at a price ranging from $26.5800 to $27.5799, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of TeraWulf Inc. or to TeraWulf Inc., upon request, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth above.

By Beowulf E&D Holdings Inc. ("E&D Holdings"). The Reporting Person is the sole manager of E&D Holdings and, as a result, may be deemed to beneficially own the shares of the Common Stock held by E&D Holdings. The Reporting Person disclaims beneficial ownership of such shares of the Common Stock except to the extent of his pecuniary interest therein, and the inclusion of such shares of the Common Stock in this report shall not be deemed an admission of beneficial ownership of all of the reported shares of the Common Stock for purposes of Section 16 of the Exchange Act, or for any other purpose

The Reporting Person received Restricted Stock Units which vested in accordance with their terms upon the first anniversary of June 24, 2025, as reported in this Form 4, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each Restricted Stock Unit represents a contingent right to receive one share of the Issuer's common stock, $0.001 par value per share.

The remaining Restricted Stock Units will vest in accordance with their terms on each of the second and third anniversaries of June 24, 2025, subject to the Reporting Person's continued employment or service with the Issuer through each such date.

The Restricted Stock Units vested in accordance with their terms upon the first anniversary of June 24, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock, $0.001 par value per share.

The restricted stock units vested upon the first anniversary of June 23, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date.

The Reporting Person received restricted stock units which vested upon the first anniversary of June 23, 2025, as reported in this Form 4, subject to the Reporting Person's continued employment or service with the Issuer through such date.

The Reporting Person received restricted stock units which vested upon the first anniversary of June 23, 2025, as reported in this Form 4, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock, $0.001 par value per share.

The restricted stock units will vest upon the first anniversary of June 23, 2026, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock, $0.001 par value per share.

The restricted stock units will vest upon the first anniversary of June 23, 2026, subject to the Reporting Person's continued employment or service with the Issuer through such date.

The Reporting Person received restricted stock units which vested upon the first anniversary of June 23, 2025, as reported in this Form 4, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock, $0.001 par value per share.

The restricted stock units will vest upon the first anniversary of June 23, 2026, subject to the Reporting Person's continued employment or service with the Issuer through such date.

The Reporting Person received restricted stock units which vested upon the first anniversary of June 23, 2025, as reported in this Form 4, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock, $0.001 par value per share.

The restricted stock units vested upon the first anniversary of June 23, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock, $0.001 par value per share.

The restricted stock units vested upon the first anniversary of June 23, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock, $0.001 par value per share.

The restricted stock units will vest upon the first anniversary of June 23, 2026, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock, $0.001 par value per share.

The restricted stock units vested upon the first anniversary of June 23, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date.

The Reporting Person received restricted stock units which vested upon the first anniversary of June 23, 2025, as reported in this Form 4, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock, $0.001 par value per share.

The restricted stock units will vest upon the first anniversary of June 23, 2026, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock, $0.001 par value per share.

The restricted stock units will vest upon the first anniversary of June 23, 2026, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock, $0.001 par value per share.

The restricted stock units vested upon the first anniversary of June 23, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date.

The Reporting Person received restricted stock units which vested upon the first anniversary of June 23, 2025, as reported in this Form 4, subject to the Reporting Person's continued employment or service with the Issuer through such date.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock, $0.001 par value per share.

The restricted stock units vested upon the first anniversary of June 23, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date.

The Price reported in Column 4 is a weighted average price. The shares of Common Stock were sold in multiple transactions at a price ranging from $25.9500 to $26.9499, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of TeraWulf Inc. or to TeraWulf Inc., upon request, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth above.

By Beowulf E&D Holdings Inc. ("E&D Holdings"). The Reporting Person is the sole manager of E&D Holdings and, as a result, may be deemed to beneficially own the shares of the Common Stock held by E&D Holdings. The Reporting Person disclaims beneficial ownership of such shares of the Common Stock except to the extent of his pecuniary interest therein, and the inclusion of such shares of the Common Stock in this report shall not be deemed an admission of beneficial ownership of all of the reported shares of the Common Stock for purposes of Section 16 of the Exchange Act, or for any other purpose

The Price reported in Column 4 is a weighted average price. The shares of Common Stock were sold in multiple transactions at a price ranging from $24.9500 to $25.9499, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of TeraWulf Inc. or to TeraWulf Inc., upon request, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth above.

By Beowulf E&D Holdings Inc. ("E&D Holdings"). The Reporting Person is the sole manager of E&D Holdings and, as a result, may be deemed to beneficially own the shares of the Common Stock held by E&D Holdings. The Reporting Person disclaims beneficial ownership of such shares of the Common Stock except to the extent of his pecuniary interest therein, and the inclusion of such shares of the Common Stock in this report shall not be deemed an admission of beneficial ownership of all of the reported shares of the Common Stock for purposes of Section 16 of the Exchange Act, or for any other purpose

The Price reported in Column 4 is a weighted average price. The shares of common stock, par value $0.001 per share ("Common Stock") were sold in multiple transactions at a price ranging from $24.2700 to $25.2699, inclusive. The reporting person undertakes to provide to the staff of the Securities and Exchange Commission, to any security holder of TeraWulf Inc. or to TeraWulf Inc., upon request, full information regarding the number of shares of Common Stock sold at each separate price within the range set forth above.

By Beowulf E&D Holdings Inc. ("E&D Holdings"). The Reporting Person is the sole manager of E&D Holdings and, as a result, may be deemed to beneficially own the shares of the Common Stock held by E&D Holdings. The Reporting Person disclaims beneficial ownership of such shares of the Common Stock except to the extent of his pecuniary interest therein, and the inclusion of such shares of the Common Stock in this report shall not be deemed an admission of beneficial ownership of all of the reported shares of the Common Stock for purposes of Section 16 of the Exchange Act, or for any other purpose

The performance stock units vested in accordance with their terms upon the achievement of specified performance goals between the grant date and the third anniversary of January 2, 2026, subject to the Reporting Person's continued employment or service with the Issuer through each such date.

The disposition is due to withholding to cover taxes, as a result of the Reporting Person's election of net settlement of performance stock units, which vested in accordance with their terms upon the achievement of specified performance goals between the grant date and the third anniversary of January 2, 2026, subject to the Reporting Person's continued employment or service with the Issuer through each such date.