Bucella Michael C. 4

What Happened
Michael C. Bucella, a director of Terawulf, reported the conversion/exercise of 56,023 derivative awards (RSUs) on 2026-06-23 that resulted in 56,023 shares being acquired/converted and immediately recorded as disposed at $0.00. On the same date he was also granted 6,950 restricted stock units (RSUs) with $0 consideration. The filing shows no cash proceeds — the disposed shares are reported at $0.00.

Key Details

• Transaction date: 2026-06-23; Form 4 filed 2026-06-25 (timely, two business days after the transaction).
• Lines reported:
  • M (exercise/conversion): 56,023 shares acquired (conversion of RSUs) and 56,023 shares disposed at $0.00 (derivative).
  • A (grant/award): 6,950 RSUs granted @ $0.00 (derivative).
• Reported prices/values: all $0.00 — no cash reported exchanged on these lines.
• Shares owned after transaction: not specified in the supplied data. Net immediate change in common shares = 0 (vested shares converted but disposed/withheld); net increase in outstanding RSU awards = 6,950.
• Footnotes:
  • The converted units were RSUs that vested upon the first anniversary of June 23, 2025 (i.e., vested 06/23/2026) subject to continued service.
  • Each RSU represents a contingent right to one share.
  • The newly reported RSUs will vest on the first anniversary of June 23, 2026 (subject to continued service).

Context

• Transaction codes: M = exercise/conversion of derivative (here, vested RSUs converted to shares); A = award/grant of RSUs.
• The disposed shares reported at $0.00 often reflect shares withheld or net-settled to satisfy tax withholding or similar obligations; the Form 4 here does not show cash proceeds from an open-market sale.
• These transactions are common for vesting RSU events and awards; they document conversion and new grants rather than an open-market buy or sell by the insider.