Paul B. Prager - May 21, 2025 Form 4 Insider Report for TERAWULF INC. (WULF)

Role: Chief Executive Officer, Director
Signature: /s/ Paul B. Prager
Stock symbol: WULF
Transactions as of: May 21, 2025
Transactions value $: $0
Form type: 4
Date filed: 5/23/2025, 07:47 PM
Previous filing: Apr 17, 2025
Next filing: May 30, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Prager Paul B.	Chief Executive Officer, Director	C/O TERAWULF INC., 9 FEDERAL STREET, EASTON	/s/ Paul B. Prager	2025-05-23	0001877255

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	Award		+5M	+626.32%		5.8M	May 21, 2025	By Beowulf E&D Holdings Inc.	F1
holding	WULF	Common stock, $0.001 par value per share						21.1M	May 21, 2025	By Riesling Power LLC	F2
holding	WULF	Common stock, $0.001 par value per share						586K	May 21, 2025	Direct
holding	WULF	Common stock, $0.001 par value per share						5K	May 21, 2025	By Heorot Power Holdings LLC	F3

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

Explanation of Responses:

Id	Content
F1	The shares were issued to Beowulf E&D Holdings Inc. ("E&D Holdings") as closing consideration pursuant to that certain Membership Interest Purchase Agreement, dated as of May 21, 2025, among E&D Holdings, TeraCub Inc. and the issuer. The Paul B. Prager Revocable Trust ("Prager Revocable Trust") is the sole shareholder of E&D Holdings. 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.
F2	By Riesling Power LLC ("Riesling Power"). The 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 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 .
F3	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