TeraWulf CTO extends forward on 350,000 shares

CTO-linked entity restructured a prepaid variable share forward on 350,000 WULF shares, extending settlement to 2027 while keeping voting and dividend rights.

Rhea-AI Filing Summary

TERAWULF INC. (WULF) disclosed that Chief Technology Officer and director Nazar M. Khan, through Lake Harriet Holdings, LLC, amended and restated a prepaid variable share forward contract / loan facility tied to 350,000 shares of common stock. The Amended Contract, dated September 10, 2026, extends the settlement date from September 21, 2026 to September 10, 2027 and continues a pledge of up to 350,000 shares, while Lake Harriet Holdings retains dividend and voting rights during the pledge. The Form 4 reports paired "other" derivative transactions reflecting both an acquisition and a disposition of forward sale contract positions, treated as an indirect restructuring rather than an open‑market trade, and no Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Other: 700,000 shares

Other 2 txns

Insider Khan Nazar M.

Role Chief Technology Officer

Type	Security	Shares	Price	Value
Other	Forward sale contract (obligation to sell) F1, F2, F3	350,000	--	--
Other	Forward sale contract (obligation to sell) F1, F2, F3	350,000	--	--

Holdings After Transaction: Forward sale contract (obligation to sell) — 350,000 contracts (Indirect, By Lake Harriet Holdings, LLC)

Footnotes (3)

1. F1. On September 19, 2025, Lake Harriet Holdings, LLC ("Lake Harriet Holdings") entered into a prepaid variable share forward contract / loan facility (the "Original Contract") with an unaffiliated dealer with a pledge of up to a maximum of 350,000 shares of common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc. On September 10, 2026, Lake Harriet Holdings amended and restated the Original Contract (the "Amended Contract"), which extended the settlement date of the Original Contract from September 21, 2026 to September 10, 2027 and amended certain other terms of the Original Contract.
2. F2. (Continued from footnote 1) The Amended Contract can be settled in cash or Common Stock and/or refinanced, at Lake Harriet Holdings' option. In exchange for assuming the obligation under the Original Contract, Lake Harriet Holdings received a cash payment in September 2025. Pursuant to the Amended Contract, Lake Harriet Holdings received an additional cash payment / loan from the dealer and pledged 350,000 shares of Common Stock (the "Pledged Shares"). Lake Harriet Holdings retains dividend and voting rights in the Pledged Shares during the term of the pledge.
3. F3. By Lake Harriet Holdings. The Nazar M. Khan Revocable Trust ("Khan Revocable Trust") is the sole member of Lake Harriet Holdings. Nazar M. Khan (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 Securities Exchange Act of 1934, as amended, 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.

Key Figures

Pledged shares: 350,000 shares Underlying shares per forward contract leg: 350,000 shares Forward restructuring volume: 700,000 derivative shares +3 more

6 metrics

Pledged shares 350,000 shares Shares of TERAWULF common stock pledged under the Amended Contract

Underlying shares per forward contract leg 350,000 shares Underlying common stock for each reported forward sale contract transaction on September 10, 2026

Forward restructuring volume 700,000 derivative shares Total derivative restructuring shares across two “J” transactions per transaction summary

Original Contract date September 19, 2025 Date Lake Harriet Holdings entered the Original prepaid variable share forward / loan facility

Original settlement date September 21, 2026 Initial settlement date of the Original Contract before the amendment

Amended settlement date September 10, 2027 Extended settlement date under the Amended Contract

Key Terms

prepaid variable share forward contract, loan facility, Amended Contract, Pledged Shares, +1 more

5 terms

prepaid variable share forward contract financial

"entered into a prepaid variable share forward contract / loan facility"

loan facility financial

"prepaid variable share forward contract / loan facility (the "Original Contract")"

A loan facility is a formal agreement with a bank or lender that lets a company borrow money up to a set limit under agreed terms — like a large credit card or mortgage tailored for a business. It matters to investors because it determines how easily a company can get cash for operations, growth or debt repayment, and influences interest costs, leverage and any lender-imposed rules that can affect future strategy and risk.

Amended Contract financial

"amended and restated the Original Contract (the "Amended Contract")"

Pledged Shares financial

"pledged 350,000 shares of Common Stock (the "Pledged Shares")"

beneficial owner financial

"may be deemed to be a beneficial owner of the shares of Common Stock"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

FAQ

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

What forward sale contract did TERAWULF (WULF) insider Nazar M. Khan report?

The filing reports a prepaid variable share forward contract / loan facility involving up to 350,000 shares of TERAWULF common stock, pledged by Lake Harriet Holdings, LLC and recorded as derivative “forward sale contract (obligation to sell)” positions.

Did the TERAWULF (WULF) Form 4 show insider open-market buying or selling?

No. The Form 4 shows two derivative “J” transactions—an acquisition and a disposition of forward sale contract positions—reflecting a restructuring of an existing prepaid variable share forward, not open‑market purchases or sales of TERAWULF common stock.

How many TERAWULF (WULF) shares are pledged under the amended forward contract?

Lake Harriet Holdings pledged 350,000 shares of TERAWULF common stock as “Pledged Shares” under the Amended Contract, and retains dividend and voting rights in those shares during the term of the pledge.

What settlement change was disclosed for the TERAWULF (WULF) forward contract?

The Amended Contract, dated September 10, 2026, extends the settlement date of the original forward from September 21, 2026 to September 10, 2027, while also amending certain other terms of the Original Contract.

Who actually holds the TERAWULF (WULF) shares tied to the forward contract?

The shares are held by Lake Harriet Holdings, LLC. The Khan Revocable Trust is its sole member, and Nazar M. Khan is sole trustee; he may be deemed a beneficial owner of shares held for the trust’s account under Section 13(d) regulations.

Was a Rule 10b5-1 trading plan used for this TERAWULF (WULF) transaction?

No. The filing’s Rule 10b5-1 checkbox is not marked as affirming a plan, and the footnotes describe a prepaid variable share forward / loan facility and its amendment, without stating that it was executed under a Rule 10b5-1 plan.

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

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Available on EDGAR 09/11/2026 - 08:52 PM Accepted by SEC EDGAR 09/11/2026 - 08:52 PM Learn about SEC filing dates

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^*

Khan Nazar M.

(Last) (First) (Middle)

C/O TERAWULF INC.

9 FEDERAL STREET

(Street)

EASTON MARYLAND 26101

(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
X	Officer (give title below)		Other (specify below)
	Chief Technology Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2026

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

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
Forward sale contract (obligation to sell)	(1)(2)	09/10/2026		J/K(1)(2)			350,000	(1)(2)	(1)(2)	Common stock, $0.001 par value per share	350,000	(1)(2)	0	I	By Lake Harriet Holdings, LLC(3)
Forward sale contract (obligation to sell)	(1)(2)	09/10/2026		J/K(1)(2)		350,000		(1)(2)	(1)(2)	Common stock, $0.001 par value per share	350,000	(1)(2)	350,000	I	By Lake Harriet Holdings, LLC(3)

Explanation of Responses:

1. On September 19, 2025, Lake Harriet Holdings, LLC ("Lake Harriet Holdings") entered into a prepaid variable share forward contract / loan facility (the "Original Contract") with an unaffiliated dealer with a pledge of up to a maximum of 350,000 shares of common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc. On September 10, 2026, Lake Harriet Holdings amended and restated the Original Contract (the "Amended Contract"), which extended the settlement date of the Original Contract from September 21, 2026 to September 10, 2027 and amended certain other terms of the Original Contract.

2. (Continued from footnote 1) The Amended Contract can be settled in cash or Common Stock and/or refinanced, at Lake Harriet Holdings' option. In exchange for assuming the obligation under the Original Contract, Lake Harriet Holdings received a cash payment in September 2025. Pursuant to the Amended Contract, Lake Harriet Holdings received an additional cash payment / loan from the dealer and pledged 350,000 shares of Common Stock (the "Pledged Shares"). Lake Harriet Holdings retains dividend and voting rights in the Pledged Shares during the term of the pledge.

3. By Lake Harriet Holdings. The Nazar M. Khan Revocable Trust ("Khan Revocable Trust") is the sole member of Lake Harriet Holdings. Nazar M. Khan (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 Securities Exchange Act of 1934, as amended, 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.

Remarks:

	/s/ Nazar M. Khan	09/11/2026
	** 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)