Terawulf

=== SEC Form 4 — Statement of Changes in Beneficial Ownership === Document Type: 4 Period of Report: 2026-09-29 10b5-1 Pre-arranged Plan: No --- Issuer --- Name: TERAWULF INC. (WULF) CIK: 0001083301 --- Reporting Owner --- Name: Khan Nazar M. CIK: 0001877476 Role: Director, Officer (Chief Technology Officer) --- Non-Derivative Transactions --- [Transaction #1] Security: Common stock, $0.001 par value per share Date: 2026-09-29 | Code: M (Exercise of derivative) Shares: +666,667 Shares Owned After: 667,167 | Ownership: D (Direct) Footnotes: [F1] The Reporting Person received restricted stock units which vested in accordance with their terms, as amended in the manner described below in Footnote 8 of this Form 4, on September 29, 2026, subject to the Reporting Person's continued employment or service with TeraWulf Inc. (the "Issuer") through such date. --- Derivative Transactions --- [Transaction #1] Security: Restricted Stock Units Date: 2026-09-29 | Code: M (Exercise of derivative) Shares: -666,667 Shares Owned After: 1,333,333 | Ownership: D (Direct) Footnotes: [F7] Each restricted stock unit represents a contingent right to receive one share of the Issuer's Common Stock. [F8] The restricted stock units were scheduled to vest upon the first anniversary of August 1, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date. On July 31, 2026, the Reporting Person and the Issuer mutually agreed to defer vesting of the initial tranche of restricted stock units until September 29, 2026, subject to the Reporting Person's continued employment or service with the Issuer through such date. The remaining restricted stock units will vest ratably upon the second and third anniversaries of August 1, 2025, respectively, subject to the Reporting Person's continued employment or service with the Issuer through each such date. [F8] The restricted stock units were scheduled to vest upon the first anniversary of August 1, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date. On July 31, 2026, the Reporting Person and the Issuer mutually agreed to defer vesting of the initial tranche of restricted stock units until September 29, 2026, subject to the Reporting Person's continued employment or service with the Issuer through such date. The remaining restricted stock units will vest ratably upon the second and third anniversaries of August 1, 2025, respectively, subject to the Reporting Person's continued employment or service with the Issuer through each such date. [F8] The restricted stock units were scheduled to vest upon the first anniversary of August 1, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date. On July 31, 2026, the Reporting Person and the Issuer mutually agreed to defer vesting of the initial tranche of restricted stock units until September 29, 2026, subject to the Reporting Person's continued employment or service with the Issuer through such date. The remaining restricted stock units will vest ratably upon the second and third anniversaries of August 1, 2025, respectively, subject to the Reporting Person's continued employment or service with the Issuer through each such date. --- Holdings --- [Holding #1] Security: Common stock, $0.001 par value per share Ownership: I (Indirect) Footnotes: [F2] By various trusts. The Reporting Person may be deemed to beneficially own the shares of the Issuer's common stock, $0.001 par value per share ("Common Stock") held by such trusts. The Reporting Person disclaims beneficial ownership of the shares of Common Stock except to the extent of his pecuniary interest therein, and the inclusion of the 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 Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose. [Holding #2] Security: Common stock, $0.001 par value per share Ownership: I (Indirect) Footnotes: [F3] By Yaqeen I Trust. The Reporting Person may be deemed to beneficially own the shares of Common Stock held by Yaqeen I Trust. The Reporting Person disclaims beneficial ownership of the shares of Common Stock except to the extent of his pecuniary interest therein, and the inclusion of the 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. [Holding #3] Security: Common stock, $0.001 par value per share Ownership: I (Indirect) Footnotes: [F4] Reflects prior transfers of (i) 1,469,092 shares of the Issuer's Common Stock from the Reporting Person's direct holdings to the Khan Revocable Trust (as defined below) on August 11, 2026 and (ii) 666,667 shares of the Issuer's Common Stock from the Khan Revocable Trust to Lake Harriet Holdings (as defined below) on September 16, 2026, in each case that were exempt pursuant to Rule 16a-13 under the Exchange Act. [F5] By The Nazar M. Khan Revocable Trust ("Khan Revocable Trust"). The Reporting Person is the sole trustee of the Khan Revocable Trust and may be deemed to have the power to direct the voting and disposition of the Common Stock beneficially owned by the Khan Revocable Trust. Accordingly, pursuant to the regulations promulgated under Section 13(d) of the Exchange Act, the Reporting Person may be deemed to be a beneficial owner of the shares of Common Stock held for the account of the Khan Revocable Trust. [Holding #4] Security: Common stock, $0.001 par value per share Ownership: I (Indirect) Footnotes: [F6] By Lake Harriet Holdings, LLC ("Lake Harriet Holdings"). The Khan Revocable Trust is the sole member of Lake Harriet Holdings. The Reporting Person is the sole trustee of the Khan Revocable Trust and may be deemed to have the power to direct the voting and disposition of the Common Stock beneficially owned by the Khan Revocable Trust. Accordingly, pursuant to the regulations promulgated under Section 13(d) of the Exchange Act, the Reporting Person may be deemed to be a beneficial owner of the shares of Common Stock held for the account of Lake Harriet Holdings. --- Footnotes (Complete Index) --- F1: The Reporting Person received restricted stock units which vested in accordance with their terms, as amended in the manner described below in Footnote 8 of this Form 4, on September 29, 2026, subject to the Reporting Person's continued employment or service with TeraWulf Inc. (the "Issuer") through such date. F2: By various trusts. The Reporting Person may be deemed to beneficially own the shares of the Issuer's common stock, $0.001 par value per share ("Common Stock") held by such trusts. The Reporting Person disclaims beneficial ownership of the shares of Common Stock except to the extent of his pecuniary interest therein, and the inclusion of the 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 Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose. F3: By Yaqeen I Trust. The Reporting Person may be deemed to beneficially own the shares of Common Stock held by Yaqeen I Trust. The Reporting Person disclaims beneficial ownership of the shares of Common Stock except to the extent of his pecuniary interest therein, and the inclusion of the 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. F4: Reflects prior transfers of (i) 1,469,092 shares of the Issuer's Common Stock from the Reporting Person's direct holdings to the Khan Revocable Trust (as defined below) on August 11, 2026 and (ii) 666,667 shares of the Issuer's Common Stock from the Khan Revocable Trust to Lake Harriet Holdings (as defined below) on September 16, 2026, in each case that were exempt pursuant to Rule 16a-13 under the Exchange Act. F5: By The Nazar M. Khan Revocable Trust ("Khan Revocable Trust"). The Reporting Person is the sole trustee of the Khan Revocable Trust and may be deemed to have the power to direct the voting and disposition of the Common Stock beneficially owned by the Khan Revocable Trust. Accordingly, pursuant to the regulations promulgated under Section 13(d) of the Exchange Act, the Reporting Person may be deemed to be a beneficial owner of the shares of Common Stock held for the account of the Khan Revocable Trust. F6: By Lake Harriet Holdings, LLC ("Lake Harriet Holdings"). The Khan Revocable Trust is the sole member of Lake Harriet Holdings. The Reporting Person is the sole trustee of the Khan Revocable Trust and may be deemed to have the power to direct the voting and disposition of the Common Stock beneficially owned by the Khan Revocable Trust. Accordingly, pursuant to the regulations promulgated under Section 13(d) of the Exchange Act, the Reporting Person may be deemed to be a beneficial owner of the shares of Common Stock held for the account of Lake Harriet Holdings. F7: Each restricted stock unit represents a contingent right to receive one share of the Issuer's Common Stock. F8: The restricted stock units were scheduled to vest upon the first anniversary of August 1, 2025, subject to the Reporting Person's continued employment or service with the Issuer through such date. On July 31, 2026, the Reporting Person and the Issuer mutually agreed to defer vesting of the initial tranche of restricted stock units until September 29, 2026, subject to the Reporting Person's continued employment or service with the Issuer through such date. The remaining restricted stock units will vest ratably upon the second and third anniversaries of August 1, 2025, respectively, subject to the Reporting Person's continued employment or service with the Issuer through each such date. --- Signature --- /s/ /s/ Nazar M. Khan (2026-09-29)