Paul B. Prager - Sep 2, 2022 Form 4 Insider Report for TERAWULF INC. (WULF)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: /s/ Paul B. Prager
Stock symbol: WULF
Transactions as of: Sep 2, 2022
Transactions value $: $0
Form type: 4
Date filed: 9/2/2022, 05:18 PM
Previous filing: Mar 17, 2022
Next filing: Oct 3, 2022

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		+8.51M			8.51M	Sep 2, 2022	By Somerset Operating Company, LLC	F1, F2
holding	WULF	Common stock, $0.001 par value per share						655K	Sep 2, 2022	By Lucky Liefern LLC	F2
holding	WULF	Common stock, $0.001 par value per share						375K	Sep 2, 2022	By Heorot Power Holdings LLC	F3
holding	WULF	Common stock, $0.001 par value per share						30.9M	Sep 2, 2022	By Stammtisch Investments LLC	F4

* 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 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.