Fleury Patrick 4

What Happened

• Patrick Fleury, Chief Financial Officer of TeraWulf, had 327,054 performance stock units (PSUs) vest and convert into 327,054 shares on May 18, 2026. Of those, 128,695 shares were withheld by the issuer to cover tax withholding, resulting in a net issuance to Fleury of 198,359 shares (327,054 − 128,695).
• No cash purchase or open-market sale occurred. The filing shows a $0.00 price for the related derivative disposition line, reflecting that these were vested equity awards (PSUs) rather than a paid stock purchase.

Key Details

• Transaction date: 2026-05-18; Form 4 filed: 2026-05-20 (appears timely).
• Reported items: Exercise/conversion of 327,054 PSUs and disposition of 128,695 shares to issuer for tax withholding.
• Price/Value: price reported as N/A or $0.00 for the derivative disposition — PSUs converted to shares, not a cash transaction.
• Shares owned after transaction: Not stated in this Form 4.
• Footnotes: F1—PSUs vested upon achievement of performance goals through the third anniversary of Jan 2, 2026 and subject to continued service; F2—the disposition reflects withholding to cover taxes under a net settlement election; F3—each PSU equals one share of common stock.

Context

• This was a vesting/conversion of performance awards with net settlement for taxes (common and typically routine), not an open-market sale or a purchase indicating added insider bullishness.
• For retail investors: vested PSUs turning into shares increases insider-held equity but withholding for taxes reduces the net shares delivered; the filing does not imply a market-directional trade.