Steven T. Pincus - 09 Dec 2025 Form 4 Insider Report for TERAWULF INC. (WULF)

Role: Director
Signature: /s/ Stefanie C. Fleischmann, as attorney-in-fact for Steven T. Pincus
Issuer symbol: WULF
Transactions as of: 09 Dec 2025
Net transactions value: -$50,000
Form type: 4
Filing time: 11 Dec 2025, 18:37:17 UTC
Previous filing: 24 Jun 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Pincus Steven T.	Director	C/O TERAWULF INC., 9 FEDERAL STREET, EASTON	/s/ Stefanie C. Fleischmann, as attorney-in-fact for Steven T. Pincus	11 Dec 2025	0001877629

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	WULF	Common stock, $0.001 par value per share	Options Exercise		+7,097	+2.2%		336,365	09 Dec 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	WULF	Series A Convertible Preferred Stock	Options Exercise	$50,000	-50	-100%	$1000.00	0	09 Dec 2025	Common stock, $0.001 par value per share	7,097		Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	As of the date of the event requiring the filing of this report, the 50 shares of Series A Convertible Preferred Stock (the "Preferred Stock") were converted into 7,097 shares of common stock, par value $0.001 per share, via a mandatory conversion by the Issuer of all of the shares of its Preferred Stock pursuant to Sec. 10(c) of the Certificate of Designations of the Preferred Stock, at a conversion price of $10.00 per share of Preferred Stock, as previously disclosed on the Issuer's current report on Form 8-K filed on November 25, 2025.

Content

As of the date of the event requiring the filing of this report, the 50 shares of Series A Convertible Preferred Stock (the "Preferred Stock") were converted into 7,097 shares of common stock, par value $0.001 per share, via a mandatory conversion by the Issuer of all of the shares of its Preferred Stock pursuant to Sec. 10(c) of the Certificate of Designations of the Preferred Stock, at a conversion price of $10.00 per share of Preferred Stock, as previously disclosed on the Issuer's current report on Form 8-K filed on November 25, 2025.