# EDGAR Filing Document

**Accession Number:** 0001083301
**File Stem:** 0001628280-25-031357
**Filing Date:** 2025-6
**Character Count:** 26226
**Document Hash:** d7db11c0f5530b1bf3488286649d3d6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-031357.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001628280-25-031357

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20250613

**EFFECTIVENESS DATE**: 20250613

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TERAWULF INC.
- **CENTRAL INDEX KEY:** 0001083301
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 871909475
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288042
- **FILM NUMBER:** 251047261

**BUSINESS ADDRESS:**
- **STREET 1:** 9 FEDERAL STREET
- **CITY:** EASTON
- **STATE:** MD
- **ZIP:** 21601
- **BUSINESS PHONE:** (410) 770-9500

**MAIL ADDRESS:**
- **STREET 1:** 9 FEDERAL STREET
- **CITY:** EASTON
- **STATE:** MD
- **ZIP:** 21601

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IKONICS CORP
- **DATE OF NAME CHANGE:** 20021216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHROMALINE CORP
- **DATE OF NAME CHANGE:** 19990405

**As filed with the Securities and Exchange Commission on June 13, 2025**

**Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**TeraWulf Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **87-1909475** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |
| **TeraWulf Inc.**<br>**9 Federal Street**<br>**Easton, Maryland 21601**<br>**(410) 770-9500** <br>(Address of principal executive offices) | **21601** <br>(Zip code) |

---

**TeraWulf 2021 Omnibus Incentive Plan**

(Full title of the plan)

**Stefanie Fleischmann**

**Chief Legal Officer**

**TeraWulf Inc.**

**9 Federal Street**

**Easton, Maryland 21601**

(Name and address of agent for service)

**(410) 770-9500**

(Telephone number, including area code, of agent for service)

*Copies to:*

**David S. Huntington, Esq.**

**Paul, Weiss, Rifkind, Wharton & Garrison LLP**

**1285 Avenue of the Americas**

**New York, New York 10019-6064**

**(212) 373-3000**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**EXPLANATORY NOTE**

Pursuant to General Instruction E of Form S-8, TeraWulf Inc., a Delaware corporation (the "***Company***") has prepared this Registration Statement in accordance with the requirements of Form S-8 under the Securities Act of 1933, as amended (the "***Securities Act***"), as required by the Securities and Exchange Commission (the "***Commission***") to register 45,000,000 additional shares of the Company's common stock, $0.001 par value per share (the "***Common Stock***") under the TeraWulf 2021 Omnibus Incentive Plan (as amended, the "***2021 Incentive Plan***") in respect of awards that may be granted under the Plan. The contents of the Registration Statement on Form S-8 (Registration No. 333-284584), filed with the Commission on January 29, 2025, is hereby incorporated by reference and made a part hereof.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents, which have been filed by the Company with the Commission, are incorporated by reference into, and shall be deemed to be a part of, this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (filed on <u>[March 3, 2025](https://www.sec.gov/Archives/edgar/data/1083301/000108330125000018/wulf-20241231.htm)</u>), including portions of our Proxy Statement for the 2025 annual meeting of stockholders (filed on <u>[March 26, 2025](https://www.sec.gov/Archives/edgar/data/1083301/000108330125000023/wulf-20250326.htm)</u>) to the extent specifically incorporated by reference therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (filed on <u>[May 9, 2025)](https://www.sec.gov/Archives/edgar/data/1083301/000108330125000038/wulf-20250331.htm)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Current Reports on Form 8-K filed on <u>[February 28, 2025](https://www.sec.gov/Archives/edgar/data/1083301/000108330125000013/wulf-20250228.htm)</u>, <u>[May 7, 2025](https://www.sec.gov/Archives/edgar/data/1083301/000108330125000031/wulf-20250505.htm)</u>, <u>[M](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001083301/000108330125000041/wulf-20250521.htm)[ay 27, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001083301/000108330125000041/wulf-20250521.htm)</u> and <u>[May 30, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001083301/000108330125000044/wulf-20250523.htm)</u> (in each case, other than information furnished pursuant to Item 2.02 or 7.01 of any such Current Report on Form 8-K); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the description of the Common Stock set forth in the Company's registration statement on Form S-3ASR (file no. 333-284318) filed with the Commission on <u>[January 16, 2025](https://www.sec.gov/Archives/edgar/data/1083301/000162828025001726/terawulfs-3asr.htm)</u>(including any amendments or reports filed for the purpose of updating such description).

In addition, all reports and documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, subsequent to the date hereof and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and made a part hereof from the date of the filing of such documents, except as to specific sections of such reports and documents as set forth therein.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes such earlier statement. Any such statement so modified or superseded shall not constitute a part of this Registration Statement, except as so modified or superseded.

------

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.1 | <u>[Amended and Restated Certificate of Incorporation of TeraWulf Inc., dated as of December 13, 2021 (incorporated by reference to Exhibit 3.1 of the Form 8-K12B filed with the SEC on December 13, 2021)](https://www.sec.gov/Archives/edgar/data/1083301/000095014221003986/eh210209806_ex0301.htm)</u>. |
| 3.2 | <u>[Certificate of Amendment of Amended and Restated Certificate of Incorporation of TeraWulf Inc., dated as of February 23, 2023 (incorporated by reference to Exhibit 3.3 of TeraWulf Inc.'s Amendment No. 3 to the Registration Statement on Form S-3 (file no. 333-268563) filed with the SEC on March 10, 2023).](https://www.sec.gov/Archives/edgar/data/1083301/000155837023003501/tmb-20230310xex3d3.htm)</u> |
| 3.3 | <u>[Certificate of Amendment of Amended and Restated Certificate of Incorporation of TeraWulf Inc., dated as of February 23, 2023 (incorporated by reference to Exhibit 3.4 of TeraWulf Inc.'s Amendment No. 3 to the Registration Statement on Form S-3 (file no. 333-268563) filed with the SEC on March 10, 2023).](https://www.sec.gov/Archives/edgar/data/1083301/000155837023003501/tmb-20230310xex3d4.htm)</u> |
| 3.4 | <u>[Amended and Restated Bylaws of TeraWulf Inc., effective as of December 13, 2021 (incorporated by reference to Exhibit 3.2 of the Form 8-K12B filed with the SEC on December 13, 2021).](https://www.sec.gov/Archives/edgar/data/1083301/000095014221003986/eh210209806_ex0302.htm)</u> |
| 5.1\* | <u>[Opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP.](exhibit51-sx8june2025.htm)</u> |
| 10.1 | <u>[TeraWulf 2021 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.9 of TeraWulf Inc.'s Amendment No. 6 to the Registration Statement on Form S-4 (file no. 333-258335) filed with the SEC on November 10, 2021).](https://www.sec.gov/Archives/edgar/data/1083301/000110465921098354/tm2123603d2_ex10-9.htm)</u> |
| 10.2\* | <u>[First Amendment to TeraWulf 2021 Omnibus Incentive Plan, dated May 5, 2025](exhibit102-sx8june2025.htm)[.](exhibit102-sx8june2025.htm)</u> |
| 23.1\* | <u>[Consent of Deloitte & Touche LLP, registered public accounting firm of TeraWulf Inc.](exhibit231-sx8june2025.htm)</u> |
| 23.2\* | <u>[Consent of Paul, Weiss, Rifkind, Wharton & Garrison LLP (included in Exhibit 5.1).](exhibit51-sx8june2025.htm)</u> |
| 24.1\* | <u>[Power of Attorney (included on signature pages to this Registration Statement).](#i4b662085f95a4674b4781422bc37c8d0_306)</u> |
| 107.1\* | <u>[Filing Fee Table.](terawulfexfilingfees061325a.htm)</u> |

---

__________________

\*Filed herewith

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act, TeraWulf Inc., certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on June 13, 2025.

---

| | |
|:---|:---|
| **TERAWULF INC.** | **TERAWULF INC.** |
| By: | /s/ Paul B. Prager |
|  | Name: Paul B. Prager |
|  | Title: Chief Executive Officer and Chairman |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each individual whose signature appears below hereby constitutes and appoints each of Paul B. Prager and Stefanie Fleischmann, acting alone or together with another attorney-in-fact, as his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for such person and in his or her name, place and stead, in any and all capacities, to (i) act on, sign and file with the Commission any and all amendments (including post-effective amendments) to this Registration Statement, together with all schedules and exhibits thereto, and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act, together with all schedules and exhibits thereto, (ii) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (iii) act on, sign and file any supplement to any prospectus included in this Registration Statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act, and (iv) take any and all actions which may be necessary or appropriate in connection therewith, granting unto such agents, proxies and attorneys-in-fact, and each of them, full power and authority to do and perform each and every act and thing necessary or appropriate to be done, as fully for all intents and purposes as he or she might or could do in person, hereby approving, ratifying and confirming all that such agents, proxies and attorneys-in-fact, or any of their respective substitutes, may lawfully do or cause to be done by virtue thereof.

------

Pursuant to the requirements of the Securities Act, this Registration Statement and Power of Attorney has been signed on June 13, 2025 by the following persons in the capacities indicated.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Paul B. Prager | Chief Executive Officer and Chairman of the Board of Directors<br>(*Principal Executive Officer and Director*) |
| Paul B. Prager | Chief Executive Officer and Chairman of the Board of Directors<br>(*Principal Executive Officer and Director*) |
| /s/ Patrick A. Fleury | Chief Financial Officer<br>(*Principal Financial Officer*) |
| Patrick A. Fleury | Chief Financial Officer<br>(*Principal Financial Officer*) |
| /s/ Kenneth J. Deane | Chief Accounting Officer |
| Kenneth J. Deane | Chief Accounting Officer |
| /s/ Nazar M. Khan | Chief Technology Officer and <br>Executive Director |
| Nazar M. Khan | Chief Technology Officer and <br>Executive Director |
| /s/ Kerri M. Langlais | Chief Strategy Officer and Executive Director |
| Kerri M. Langlais | Chief Strategy Officer and Executive Director |
| /s/ Michael C. Bucella | Director |
| Michael C. Bucella | Director |
| /s/ Walter E. Carter | Director |
| Walter E. Carter | Director |
| /s/ Amanda Fabiano | Director |
| Amanda Fabiano | Director |
| /s/ Catherine J. Motz | Director |
| Catherine J. Motz | Director |
| /s/ Steven T. Pincus | Director |
| Steven T. Pincus | Director |
| /s/ Lisa A. Prager | Director |
| Lisa A. Prager | Director |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TERAWULF INC.**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common stock, $0.001 par value per share | Other | 45000000 | $195975000.00 | 0.0001531 | $30003.77 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $195975000.00  |  | $30003.77  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  | $30003.77  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> a - Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall be deemed to cover any additional securities to be offered or issued from stock splits, stock dividends or similar transactions. b - This Registration Statement on Form S-8 registers 45,000,000 shares of TeraWulf Inc.'s common stock issuable under the TeraWulf 2021 Omnibus Incentive Plan. c - Pursuant to Rule 457(c) and 457(h) under the Securities Act, the proposed maximum offering price per share was determined based on the average of the high and low prices of TeraWulf Inc.'s shares of common stock reported by the Nasdaq on June 12, 2025.

## Exhibit 5.1

**Exhibit 5.1**

![exhibit511aa.jpg](exhibit511aa.jpg)

June 13, 2025

TeraWulf Inc.

9 Federal Street

Easton, Maryland 21601

Ladies and Gentlemen:

We have acted as special counsel to TeraWulf Inc., a Delaware corporation (the "Company"), in connection with the Registration Statement on Form S-8 (the "Registration Statement") of the Company, filed with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Act of 1933, as amended (the "Securities Act"), and the rules and regulations thereunder (the "Rules"). You have asked us to furnish our opinion as to the legality of the securities being registered under the Registration Statement. The Registration Statement relates to the registration under the Securities Act of 45,000,000 shares (the "Shares") of the Company's common stock, par value $0.001 per share (the "Common Stock"), that are reserved for issuance under the TeraWulf Inc. 2021 Omnibus Incentive Plan, as amended (the "Plan").

In connection with the furnishing of this opinion, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (collectively, the "Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Plan and the forms of award agreements (collectively, the "Plan Agreements") relating to awards granted under the Plan.

------

![pwrwgllplogoa.jpg](pwrwgllplogoa.jpg)

TeraWulf Inc. 2

In addition, we have examined (i) such corporate records of the Company that we have considered appropriate, including a copy of the certificate of incorporation, as amended, and by-laws, as amended, of the Company certified by the Company as in effect on the date of this letter, and copies of resolutions of the board of directors of the Company relating to the issuance of the Shares, and (ii) such other certificates, agreements and documents that we deemed relevant and necessary as a basis for the opinions expressed below. We have also relied upon the factual matters contained in the representations and warranties of the Company made in the Documents and upon certificates of public officials and the officers of the Company.

In our examination of the documents referred to above, we have assumed, without independent investigation, the genuineness of all signatures, the legal capacity of all individuals who have executed any of the documents reviewed by us, the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as certified, photostatic, reproduced or conformed copies of valid existing agreements or other documents, the authenticity of all the latter documents and that the statements regarding matters of fact in the certificates, records, agreements, instruments and documents that we have examined are accurate and complete.

Based upon the above, and subject to the stated assumptions, exceptions and qualifications, we are of the opinion that the Shares have been duly authorized by all necessary corporate action on the part of the Company and, when issued and delivered in accordance with the terms of the Plan and any applicable Plan Agreement, as applicable, the Shares will be validly issued, fully paid and non-assessable.

------

![pwrwgllplogoa.jpg](pwrwgllplogoa.jpg)

TeraWulf Inc. 3

The opinion expressed above is limited to the Delaware General Corporation Law. Our opinion is rendered only with respect to the laws, and the rules, regulations and orders under those laws, that are currently in effect.

We hereby consent to use of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we come within the category of persons whose consent is required by the Securities Act or the Rules.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Very truly yours, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Paul, Weiss, Rifkind, Wharton & Garrison LLP |
| PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP |

---

## Exhibit 10.2

**Exhibit 10.2**

**FIRST AMENDMENT TO THE**

**TERAWULF 2021 OMNIBUS INCENTIVE PLAN**

The TeraWulf 2021 Omnibus Incentive Plan (the "<u>Plan</u>") of TeraWulf Inc., a Delaware corporation (together with its Subsidiaries, whether existing or thereafter acquired or formed, and any and all successor entities, the "<u>Company</u>"), is hereby amended, effective as of May 5, 2025, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment to Sections 5(b) and 5(c) of the Plan</u>. Section 5(b) of the Plan is hereby amended and restated in its entirety to read as follows:

"<u>Available Shares</u>. Subject to Section 11 of the Plan and subsection (e) below, the maximum number of Shares available for issuance under the Plan shall not exceed 54,096,290 (the "<u>Share Pool</u>") on a fully diluted basis assuming that all shares available for issuance under the Plan are issued and outstanding."

Section 5(c) of the Plan is hereby amended and restated in its entirety to read as follows:

"<u>Incentive Stock Options Limit</u>. The maximum number of Shares that may be delivered pursuant to the exercise of Incentive Stock Options granted under the Plan shall not exceed 13,524,073."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effectiveness</u>. In accordance with Section 14(a) of the Plan, the effectiveness of this Amendment to the Plan is subject to the approval of the Company's stockholders at the Company's 2025 annual general meeting of stockholders. For the avoidance of doubt, if stockholder approval is not obtained, this Amendment shall be void *ab initio* and of no force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Amendment shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect on the Plan</u>. This Amendment shall not constitute a waiver, amendment or modification of any provision of the Plan not expressly referred to herein. Except as expressly amended or modified herein, the provisions of the Plan are and shall remain in full force and effect and are hereby ratified and confirmed. On and after the Effective Date, each reference in the Plan to "this Plan", "herein", "hereof", "hereunder" or words of similar import shall mean and be a reference to the Plan as amended hereby. To the extent that a provision of this Amendment conflicts with or differs from a provision of the Plan, such provision of this Amendment shall prevail and govern for all purposes and in all respects.

------

IN WITNESS WHEREOF, the undersigned, being authorized by the Board of Directors of the Company (the "<u>Board</u>") to execute this Amendment, as evidenced by the approval and adoption of this Amendment by the Board, has executed this Amendment as of the date first written above.

---

| | |
|:---|:---|
| TeraWulf Inc. | TeraWulf Inc. |
| By: | /s/ Paul B. Prager |
|  | Name: Paul B. Prager |
|  | Title: Chairman & Chief Executive Officer |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports dated February 28, 2025, relating to the financial statements of TeraWulf Inc. and the effectiveness of TeraWulf Inc.'s internal control over financial reporting, appearing in the Annual Report on Form 10-K of TeraWulf Inc. for the year ended December 31, 2024.

/s/ DELOITTE & TOUCHE LLP

Houston, Texas

June 13, 2025

<br>