TeraWulf director receives stock grant compensation

Bucella Michael C. reported acquisition or exercise transactions in this Form 4 filing.

Accepted by SEC EDGAR 04/09/2026 - 05:55 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Bucella Michael C. reported acquisition or exercise transactions in this Form 4 filing.

TERAWULF INC. director Michael C. Bucella received an equity grant of 1,733 shares of common stock as compensation. The shares were issued in lieu of cash retainers accrued since the start of the first fiscal quarter of 2026, using a reference price of $14.43 per share, the closing price on March 31, 2026. Following this award, he directly holds 281,785 common shares.

Insider Trade Summary

Grant/Award: 1,733 shares

Grant/Award 1 txn

Insider Bucella Michael C.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common stock, $0.001 par value per share	1,733	$0.00	$0.00

Holdings After Transaction: Common stock, $0.001 par value per share — 281,785 shares (Direct)

Holdings Before and After: Common stock, $0.001 par value per share, 280,052 to 281,785 shares (Direct)

Footnotes (1)

1. F1. Shares of common stock issued in lieu of cash retainers accrued since the beginning of the first fiscal quarter of 2026, at a price of $14.43 per share, the closing price as of March 31, 2026.

Key Figures

Shares granted: 1,733 shares Reference price: $14.43 per share Shares held after: 281,785 shares

3 metrics

Shares granted 1,733 shares Equity award in lieu of cash retainers

Reference price $14.43 per share Closing price on March 31, 2026 used for grant value

Shares held after 281,785 shares Total TERAWULF common shares held directly after grant

Key Terms

in lieu of cash retainers, closing price, Grant, award, or other acquisition

3 terms

in lieu of cash retainers financial

"Shares of common stock issued in lieu of cash retainers accrued"

closing price financial

"at a price of $14.43 per share, the closing price as of March 31, 2026"

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did TERAWULF (WULF) director Michael Bucella report?

Michael C. Bucella reported receiving 1,733 TERAWULF common shares as an equity grant. The shares were issued as compensation in lieu of cash retainers for board service, reflecting routine non-cash director compensation rather than an open-market stock purchase or sale.

At what price were Michael Bucella’s TERAWULF (WULF) stock retainers valued?

The 1,733 TERAWULF shares issued to Michael Bucella were valued at $14.43 per share. This price represents the closing market price on March 31, 2026, and was used to convert his accrued cash retainers into an equivalent stock-based payment.

How many TERAWULF (WULF) shares does Michael Bucella hold after this Form 4?

After receiving the 1,733-share grant, Michael Bucella directly holds 281,785 TERAWULF common shares. This total reflects his position immediately following the reported compensation transaction and does not include any derivative securities, which are not listed in this filing.

Was Michael Bucella’s TERAWULF (WULF) transaction an open-market buy or sell?

The filing shows an acquisition coded as a grant, not an open-market trade. Bucella received 1,733 shares as compensation in lieu of cash retainers, so no shares were bought or sold on the open market in this reported transaction.

What does “shares issued in lieu of cash retainers” mean for TERAWULF (WULF)?

“Issued in lieu of cash retainers” means TERAWULF paid the director’s accrued board fees with stock instead of cash. Bucella’s earned cash compensation for service since early 2026 was converted into 1,733 shares using the $14.43 March 31, 2026 closing price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bucella Michael C.

(Last) (First) (Middle)

C/O TERAWULF INC.

9 FEDERAL STREET

(Street)

EASTON MARYLAND 21601

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TERAWULF INC. [ WULF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock, $0.001 par value per share	03/31/2026		A		1,733	A	(1)	281,785	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares of common stock issued in lieu of cash retainers accrued since the beginning of the first fiscal quarter of 2026, at a price of $14.43 per share, the closing price as of March 31, 2026.

Remarks:

	/s/ Stefanie C. Fleischmann, as attorney-in-fact for Michael C. Bucella	04/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)