TERAWULF INC. — Director's Dealing 2022

Sep 2, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TERAWULF INC. (WULF)
CIK: 0001083301
Period of Report: 2022-09-02

Reporting Person: Prager Paul B. (Director, Chief Executive Officer, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-09-02	Common stock, $0.001 par value per share	A	8510638	—	Acquired	8510638	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common stock, $0.001 par value per share	654706	Indirect
Common stock, $0.001 par value per share	375000	Indirect
Common stock, $0.001 par value per share	30879973	Indirect

Footnotes

F1: The shares were issued to Somerset Operating Company, LLC ("Somerset") in lieu of cash in connection with that certain Second Amendment to Lease Agreement, dated as of July 1, 2022, between Somerset and Lake Mariner Data LLC, a subsidiary of TeraWulf Inc. The Reporting Person is the sole manager of Somerset and, as a result, may be deemed to beneficially own the shares of Common Stock held by Somerset. 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. Any proceeds from future sales of the shares of Common Stock are expected to be used to pay operating expenses of Somerset and its commonly-controlled affiliates.

F2: By Lucky Liefern LLC. The Reporting Person is the sole manager of Lucky Liefern LLC and, as a result, may be deemed to beneficially own the shares of the Common Stock held by Lucky Liefern LLC. 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.

F3: By Heorot Power Holdings LLC. The Reporting Person is the beneficial owner and CEO Manager of Heorot Power Holdings LLC and, as a result, may be deemed to beneficially own the shares of the Common Stock held by Heorot Power Holdings LLC. 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.

F4: By Stammtisch Investments LLC. The Reporting Person is the sole manager of Stammtisch Investments LLC and, as a result, may be deemed to beneficially own the shares of the Common Stock held by Stammtisch Investments LLC. 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.