Carter Walter E. 4

What Happened
Carter Walter, a director of Terawulf Inc. (WULF), reported derivative and award activity dated 2026-06-23. He converted/exercised 56,023 derivative units (transaction code M) and an equal number (56,023) were reported as disposed at $0.00. He also was credited with 6,950 shares as an award/grant (code A) at $0.00. The filing shows $0.00 cash consideration for these items, indicating issuance/transfer on vesting or conversion rather than an open‑market purchase or cash sale.

Key Details

• Transaction date: 2026-06-23; Form 4 filed 2026-06-25 (within the standard two-business-day reporting window).
• Converted/exercised derivative units: 56,023 (code M); same number reported disposed at $0.00 (derivative).
• Award/grant received: 6,950 shares (code A) at $0.00.
• Shares owned after transaction: not specified in the filing.
• Footnotes:
  • F1/F3: RSUs reported vested upon the first anniversary of June 23, 2025, subject to continued service.
  • F2: Each restricted stock unit (RSU) represents the contingent right to one share.
  • F4: Mentions RSUs that will vest on the first anniversary of June 23, 2026 (indicates differing vesting schedules in the filing).
• Disposition at $0.00: the filing does not state the reason; such zero‑dollar dispositions commonly reflect transfers tied to vesting, net settlement, or withholding, not a cash sale.

Context
Transaction code M indicates an exercise or conversion of a derivative (e.g., vested RSUs or options converting into shares). Code A reflects receipt of awarded/vested shares. This activity appears to be issuance/settlement related to previously granted/contingent awards rather than an open‑market trade; it does not, by itself, signal a cash investment or sale.