Paul B. Prager - 18 May 2026 Form 4 Insider Report for TERAWULF INC. (WULF)

Reporting relationship: Chief Executive Officer, Director
Issuer ticker: WULF
Reported as of: 18 May 2026
Net transaction value: $0
SEC form: 4
Accepted by SEC: 20 May 2026, 20:26:38 UTC
Prior SEC filing: 08 May 2026
Next SEC filing: 28 May 2026
Source filing: View source filing
Reporting owner signature: /s/ Paul B. Prager

Key filing fact

Paul B. Prager filed Form 4 for TERAWULF INC. (WULF) on 20 May 2026.

Key facts

This page summarizes Paul B. Prager's Form 4 filing for TERAWULF INC. (WULF).
3 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 20 May 2026, 20:26.

Change

Previous filing in this sequence was filed on 08 May 2026.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001877255 Primary reporting owner

Prager Paul B.

Relationship: Chief Executive Officer, Director
Address: C/O TERAWULF INC., 9 FEDERAL STREET, EASTON
Signature: /s/ Paul B. Prager
Signature date: 20 May 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

WULF transaction

Common stock, $0.001 par value per share

Options Exercise

Transaction value
Shares: +981,161
Change %: +74%
Price
Shares after: 2,304,061
Date: 18 May 2026
Ownership: Direct
Footnotes: F1

WULF transaction

Common stock, $0.001 par value per share

Disposed to Issuer

Transaction value
Shares: -542,582
Change %: -24%
Price
Shares after: 1,761,479
Date: 18 May 2026
Ownership: Direct
Footnotes: F2

WULF holding

Common stock, $0.001 par value per share

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 33,554,688
Date: 18 May 2026
Ownership: By Riesling Power LLC
Footnotes: F3

WULF holding

Common stock, $0.001 par value per share

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 4,415,852
Date: 18 May 2026
Ownership: By Beowulf E&D Holdings Inc.
Footnotes: F4

WULF holding

Common stock, $0.001 par value per share

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 5,000
Date: 18 May 2026
Ownership: By Heorot Power Holdings LLC
Footnotes: F5

WULF holding

Common stock, $0.001 par value per share

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 1,100,000
Date: 18 May 2026
Ownership: By Stammtisch Investments LLC
Footnotes: F6

WULF holding

Common stock, $0.001 par value per share

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 141,726
Date: 18 May 2026
Ownership: By Allin Wulf LLC
Footnotes: F7

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

WULF transaction Derivative

Performance-Based Restricted Stock Units

Options Exercise

Transaction value
Shares: -981,161
Change %: -100%
Price: $0.000000^*
Shares after: 0
Date: 18 May 2026
Ownership: Direct
Underlying class: Common stock, $0.001 par value per share
Underlying amount: 981,161
Exercise price
Footnotes: F1, F8

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 8 footnotes

Footnote F1

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.

Footnote F2

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.

Footnote F3

By Riesling Power LLC ("Riesling Power"). The Paul B. Prager Revocable Trust ("Prager Revocable Trust") is the sole member of Riesling Power. 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 shares of common stock, par value $0.001 per share ("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 "Exchange Act"), Mr. Paul B. Prager may be deemed to be a beneficial owner of the shares of Common Stock held for the account of the Prager Revocable Trust.

Footnote F4

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

Footnote F5

By Heorot Power Holdings LLC ("Heorot"). The Reporting Person is the sole manager of Heorot and, as a result, may be deemed to beneficially own the shares of the Common Stock held by Heorot. 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

Footnote F6

By Stammtisch Investments LLC ("Stammtisch"). The Reporting Person is the sole manager of Stammtisch and, as a result, may be deemed to beneficially own the shares of Common Stock held by Stammtisch. 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 Common Stock for purposes of Section 16 of the Exchange Act, or for any other purpose.

Footnote F7

By Allin WULF LLC ("Allin"). The Reporting Person is the sole manager of Allin and, as a result, may be deemed to beneficially own the shares of the Common Stock held by Allin. 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.

Footnote F8

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

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