Revolve Capital LLC - 16 Mar 2022 Form 4 Insider Report for TERAWULF INC. (WULF)

Role: 10%+ Owner
Signature: /s/ Lauren O'Rourke, President
Issuer symbol: WULF
Transactions as of: 16 Mar 2022
Net transactions value: +$2,500,000
Form type: 4
Filing time: 18 Mar 2022, 17:12:54 UTC
Previous filing: 22 Dec 2021
Next filing: 13 Apr 2022
SEC: View on sec.gov

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	Purchase	$2,500,000	+2,500		$1000.00^*	2,500	16 Mar 2022	Common Stock	250,000		Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	Each holder of shares of the Issuer's Series A Convertible Preferred Stock (the "Preferred Stock") has the right, at its option and at any time, to convert all or a portion of the shares of Preferred Stock that it holds into a number of shares of Common Stock equal to the quotient obtained by dividing (i) the sum of (x) the Liquidation Preference (as defined in the Certificate of Designations governing the Preferred Stock (the "Certificate"), initially $1,000) and (y) an amount equal to accumulated and unpaid Regular Dividends (as defined in the Certificate) on such share of Preferred Stock, by (ii) the Conversion Price (as defined in the Certificate) in effect at such time, subject to customary antidilution adjustments, including in the event of any stock split, stock dividend, recapitalization or similar events. As of the date of the event requiring the filing of this report, 2,500 shares of Preferred Stock reported on this report are convertible into 250,000 shares of Common Stock.
F2	The Preferred Stock does not expire.

Content

Each holder of shares of the Issuer's Series A Convertible Preferred Stock (the "Preferred Stock") has the right, at its option and at any time, to convert all or a portion of the shares of Preferred Stock that it holds into a number of shares of Common Stock equal to the quotient obtained by dividing (i) the sum of (x) the Liquidation Preference (as defined in the Certificate of Designations governing the Preferred Stock (the "Certificate"), initially $1,000) and (y) an amount equal to accumulated and unpaid Regular Dividends (as defined in the Certificate) on such share of Preferred Stock, by (ii) the Conversion Price (as defined in the Certificate) in effect at such time, subject to customary antidilution adjustments, including in the event of any stock split, stock dividend, recapitalization or similar events. As of the date of the event requiring the filing of this report, 2,500 shares of Preferred Stock reported on this report are convertible into 250,000 shares of Common Stock.

The Preferred Stock does not expire.