TERAWULF INC. — Director's Dealing 2022

May 19, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TERAWULF INC. (WULF)
CIK: 0001083301
Period of Report: 2022-05-16

Reporting Person: Fleury Patrick (Chief Financial Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-05-16	Restricted Stock Units	$	A	1000000	Acquired		Common Stock (1000000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common stock, $0.001 par value per share	26414	Indirect

Footnotes

F1: By Teton Rough Riders Mining LLC. The Reporting Person is a managing member of Teton Rough Riders Mining LLC and, as a result, may be deemed to beneficially own the shares of the Issuer's common stock, $0.001 par value per share (the "Common Stock") held by Teton Rough Riders Mining LLC. 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 Securities Exchange Act of 1934, as amended, or for any other purpose.

F2: Each Restricted Stock Unit represents a contingent right to receive one share of Common Stock.

F3: The Reporting Person received Restricted Stock Units subject to a three-year vesting schedule, 25% vesting upon each of the first two anniversaries of May 16, 2022 and the remaining 50% vesting upon the third anniversary of May 16, 2022, in each case, subject to the Reporting Person's continued employment or service with the Issuer through each such date.