TeraWulf CTO Nazar M. Khan Pledges 350,000 Shares in Derivative Deal

What Happened
Nazar M. Khan, Chief Technology Officer and director of TeraWulf Inc., reported derivative transactions tied to 350,000 shares on September 10, 2026. The filing shows both an "other acquisition or disposition" (code J) recorded as a disposition and an acquisition of 350,000 shares — reflecting an amendment to a prepaid variable forward / loan facility rather than an open-market buy or sell. No per-share price or market value is listed in the Form 4.

Key Details

• Transaction date: September 10, 2026. Price: N/A (derivative/pledge transaction; no open-market price reported).
• Shares involved: 350,000 shares (pledged as collateral under the amended contract).
• Shares owned after transaction: Not reported in this filing.
• Notable footnotes:
  • The original prepaid variable share forward/loan was entered Sept 19, 2025. It was amended Sept 10, 2026 to extend settlement from Sept 21, 2026 to Sept 10, 2027 and to add terms.
  • Lake Harriet Holdings (Khan’s holding entity) received additional cash/loan proceeds in connection with the amendment and pledged the 350,000 shares (the Pledged Shares). Lake Harriet retains dividend and voting rights during the pledge term.
  • The filing notes that Khan may be deemed the beneficial owner of these shares through the Khan Revocable Trust (the trust is the sole member of Lake Harriet Holdings and Khan is the trustee).
• Filing timeliness: Reported Sept 11, 2026 for a Sept 10, 2026 transaction — appears timely.

Context

• This was a financing/derivative amendment (prepaid variable forward / loan with pledged shares), not a routine open-market sale or purchase. Such transactions typically provide cash to the holder today while leaving settlement options (cash or stock) for a future date.
• Because dividends and voting rights are retained and settlement can be in cash or shares, the filing represents a collateral/financing arrangement rather than a clear bullish or bearish trade signal.