Paul B. Prager - 31 Dec 2025 Form 4 Insider Report for TERAWULF INC. (WULF)

Reporting relationship: Chief Executive Officer, Director
Issuer ticker: WULF
Reported as of: 31 Dec 2025
Net transaction value: $0
SEC form: 4
Accepted by SEC: 16 Apr 2026, 21:28:34 UTC
Prior SEC filing: 23 Dec 2025
Next SEC filing: 02 Jan 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 16 Apr 2026.

Key facts

This page summarizes Paul B. Prager's Form 4 filing for TERAWULF INC. (WULF).
5 reported transactions and 2 derivative rows are listed below.
Accepted by SEC: 16 Apr 2026, 21:28.

Change

Previous filing in this sequence was filed on 23 Dec 2025.
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: 16 Apr 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: +141,726
Change %
Price
Shares after: 141,726
Date: 31 Dec 2025
Ownership: By Allin Wulf LLC
Footnotes: F1, F2

WULF transaction

Common stock, $0.001 par value per share

Options Exercise

Transaction value
Shares: +981,162
Change %: +453%
Price
Shares after: 1,197,862
Date: 14 Apr 2026
Ownership: Direct
Footnotes: F3

WULF transaction

Common stock, $0.001 par value per share

Disposed to Issuer

Transaction value
Shares: -535,422
Change %: -45%
Price
Shares after: 662,440
Date: 14 Apr 2026
Ownership: Direct
Footnotes: F4

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: 31 Dec 2025
Ownership: By Beowulf E&D Holdings Inc.
Footnotes: F5

WULF holding

Common stock, $0.001 par value per share

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 5,000
Date: 31 Dec 2025
Ownership: By Heorot Power Holdings LLC
Footnotes: F6

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: 31 Dec 2025
Ownership: By Riesling Power LLC
Footnotes: F7

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: 31 Dec 2025
Ownership: By Stammtisch Investments LLC
Footnotes: F8

Reported derivative securities

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

WULF transaction Derivative

Warrants

Options Exercise

Transaction value
Shares: -141,726
Change %: -100%
Price
Shares after: 0
Date: 31 Dec 2025
Ownership: By Allin WULF LLC
Underlying class: Common stock, $0.001 par value per share
Underlying amount: 141,726
Exercise price
Footnotes: F1

WULF transaction Derivative

Performance-Based Restricted Stock Units

Options Exercise

Transaction value
Shares: -981,162
Change %: -25%
Price
Shares after: 2,943,485
Date: 14 Apr 2026
Ownership: Direct
Underlying class: Common stock, $0.001 par value per share
Underlying amount: 981,162
Exercise price
Footnotes: F3, F9, F10

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

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 10 footnotes

Footnote F1

Represents shares of common stock, $0.001 par value per share, of the Issuer ("Common Stock") received upon exercise of 141,726 warrants to purchase 141,726 shares of Common Stock ("Warrants"), at a price of $0.01 per share for an aggregate purchase price of $1,417.26. The Warrants were acquired on October 20, 2023 via a distribution from NovaWulf Digital Private Fund, LLC.

Footnote F2

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 F3

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 such date.

Footnote F4

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 vest 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 F5

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 F6

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 F7

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 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 F8

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 F9

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

Footnote F10

The remaining performance stock units will vest 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.