Patrick Fleury - 16 May 2025 Form 4 Insider Report for TERAWULF INC. (WULF)

Role: Chief Financial Officer
Signature: /s/ Patrick Fleury
Issuer symbol: WULF
Transactions as of: 16 May 2025
Net transactions value: $0
Form type: 4
Filing time: 19 May 2025, 19:49:18 UTC
Previous filing: 10 Jan 2025
Next filing: 01 Aug 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Fleury Patrick	Chief Financial Officer	C/O TERAWULF INC., 9 FEDERAL STREET, EASTON	/s/ Patrick Fleury	19 May 2025	0001652256

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		+500,000	+14%		3,975,336	16 May 2025	Direct	F1
transaction	WULF	Common stock, $0.001 par value per share	Disposed to Issuer		-196,750	-4.9%		3,778,586	16 May 2025	Direct	F2
holding	WULF	Common stock, $0.001 par value per share						26,414	16 May 2025	By Teton Rough Riders Mining LLC	F3

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	Restricted Stock Units	Options Exercise		-500,000	-100%		0	16 May 2025	Common stock, $0.001 par value per share	500,000		Direct	F4, F5

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

Explanation of Responses:

Id	Content
F1	The Reporting Person received restricted stock units which vested in accordance with their terms upon the third anniversary of May 16, 2022, as reflected in this Form 4, subject to the Reporting Person's continued employment or service with the Issuer through such date.
F2	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 May 16, 2025, as reflected in this Form 4.
F3	By Teton Rough Riders Mining LLC. The Reporting Person is a managing manager of Teton Rough Riders Mining LLC and, as a result, may be deemed to beneficially own the shares of the Issuer's common stock, $0.001 par value per share (the "Common Stock") held by Teton Rough Riders Mining LLC. The Reporting Person disclaims beneficial ownership of such shares of Common Stock except to the extent of his pecuniary interest therein, and the inclusion of such shares of 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, or for any other purpose.
F4	Each restricted stock unit represents a contingent right to receive one share of Common Stock.
F5	The restricted stock units vested upon the third anniversary of May 16, 2022, subject to the Reporting Person's continued employment or service with the Issuer through each such date.