Specialty Finance

Terawulf Executive Compensation (FY25)

Name: Terawulf (WULF) executive compensation
Creator: Velarion
License: https://intel.velarion.ai/terms

WULF · Executive and director compensation, fiscal 2022 to 2025

Chief executive, fiscal 2025

◇

Paul Prager

Median of the other named officers

$20,133,749

5 officers, excluding the chief executive

Latest say-on-pay support

June 9, 2026

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Data as of November 5, 2026Latest filing (8-K): June 10, 2026

12 filings cited on this page

Method: intel.velarion.ai/methodology

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216 figures on this page: 207 cited to the filing that reported them, 9 calculated from figures it prints. See the citations

What changed from fiscal 2024 to fiscal 2025

The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.

Chief executive total compensation — Paul Prager: $6,912,640 → $39,411,005

Frequently asked questions

Answers drawn from the data on this page.

Who is Terawulf's chief executive and what were they paid?

Total compensation for Paul Prager, Chief Executive Officer and Chairman of the Board of Directors, came to $39,411,005 in fiscal 2025. Compared with the $6,912,640 reported for fiscal 2024, Prager's total was up.

What was Terawulf's say-on-pay result?

The say-on-pay proposal drew 65.8% of votes cast including abstentions in favor at the meeting held June 9, 2026 for fiscal 2025.

Which companies are in Terawulf's peer group?

The disclosed peer group names Applied Digital Corporation, Cipher Mining Inc., Digital Realty Trust, Inc., Equinix, Inc. and Hut 8 Corp., among others.

Executive compensation

Every element reported for each named executive officer, by fiscal year.

Fiscal 2022

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Patrick Fleury Chief Financial Officer	◇	—	◇	—	—	—	◇	◇
Paul Prager Chief Executive Officer and Chairman of the Board of Directors	◇	—	—	—	—	—	◇	◇

Fiscal 2023

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Paul Prager Chief Executive Officer and Chairman of the Board of Directors	◇	◇	—	—	—	—	◇	◇
Kerri Langlais Chief Strategy Officer and Director	◇	◇	◇	—	—	—	◇	◇
Patrick Fleury Chief Financial Officer	◇	◇	◇	—	—	—	◇	◇
Kenneth Deane Former Chief Accounting Officer and Treasurer	◇	◇	◇	—	—	—	◇	◇

Fiscal 2024

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Patrick Fleury Chief Financial Officer	◇	◇	◇	—	—	—	◇	◇
Kerri Langlais Chief Strategy Officer and Director	◇	◇	◇	—	—	—	◇	◇
Paul Prager Chief Executive Officer and Chairman of the Board of Directors	◇	◇	◇	—	—	—	◇	◇
Nazar Khan Chief Technology Officer and Director	◇	◇	◇	—	—	—	◇	◇
Kenneth Deane Former Chief Accounting Officer and Treasurer	◇	◇	◇	—	—	—	◇	◇

Fiscal 2025

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Paul Prager Chief Executive Officer and Chairman of the Board of Directors	◇	◇	◇	—	—	—	◇	◇
Nazar Khan Chief Technology Officer and Director	◇	◇	◇	—	—	—	◇	◇
Kerri Langlais Chief Strategy Officer and Director	◇	◇	◇	—	—	—	◇	◇
Patrick Fleury Chief Financial Officer	◇	◇	◇	—	—	—	◇	◇
William Tanimoto Chief Accounting Officer	◇	◇	◇	—	—	—	◇	◇
Kenneth Deane Former Chief Accounting Officer and Treasurer Departed during or after this year	◇	—	◇	—	—	—	◇	◇

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.

Fiscal 2025

Officer	Award	Grant date	Threshold units	Target units	Units granted	Maximum units	Exercise price	Grant date fair value
Kenneth Deane	RSU	◇	—	—	◇	—	—	◇
Kerri Langlais	RSU	◇	—	—	◇	—	—	◇
Kerri Langlais	RSU	◇	—	—	◇	—	—	◇
Nazar Khan	RSU	◇	—	—	◇	—	—	◇
Nazar Khan	RSU	◇	—	—	◇	—	—	◇
Nazar Khan	PSU	◇	—	◇	—	◇	—	◇
Patrick Fleury	RSU	◇	—	—	◇	—	—	◇
Patrick Fleury	RSU	◇	—	—	◇	—	—	◇
Paul Prager	PSU	◇	—	◇	—	◇	—	◇
Paul Prager	RSU	◇	—	—	◇	—	—	◇
Paul Prager	RSU	◇	—	—	◇	—	—	◇
William Tanimoto	RSU	◇	—	—	◇	—	—	◇
William Tanimoto	RSU	◇	—	—	◇	—	—	◇
William Tanimoto	RSU	◇	—	—	◇	—	—	◇

Fiscal 2024 are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.

As disclosed at fiscal 2025 year end

Officer	Award	Unvested units	Market value of unvested units	Exercise price	Expires
Paul Prager	RSU	◇	◇	—	—
Nazar Khan	RSU	◇	◇	—	—
Kerri Langlais	RSU	◇	◇	—	—
Patrick Fleury	RSU	◇	◇	—	—
William Tanimoto	RSU	◇	◇	—	—
Kenneth Deane	RSU	◇	◇	—	—

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.

Kenneth Deane

Former Chief Accounting Officer and Treasurer · Terms as described in the company’s compensation discussion

Severance multiple	◇
Severance cash amount	◇
Change-in-control multiple	◇
Change-in-control trigger	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇

Kerri Langlais

Chief Strategy Officer and Director · Terms as described in the company’s compensation discussion

Severance multiple	◇
Severance base	◇
Change-in-control trigger	◇
Equity acceleration on change in control	◇
Benefits continuation	◇

Nazar Khan

Chief Technology Officer and Director · Terms as described in the company’s compensation discussion

Severance multiple	◇
Severance cash amount	◇
Change-in-control multiple	◇
Benefits continuation	◇

Director compensation

What each non-employee director was paid.

Fiscal 2025

Director	Fees earned in cash	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Steven Pincus Lead independent director	◇	◇	—	—	—	—	◇
Walter Carter	◇	◇	—	—	—	—	◇
Catherine Motz	◇	◇	—	—	—	—	◇
Lisa Prager	◇	◇	—	—	—	—	◇
Amanda Fabiano	◇	◇	—	—	—	—	◇
Michael Bucella	◇	◇	—	—	—	—	◇
Christopher Jarvis	◇	—	—	—	—	—	◇

Nazar Khan, Kerri Langlais and Paul Prager served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.

Earlier years are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.

Board cash retainer	◇
Board equity retainer	◇
Total board retainer	◇
Lead independent director premium	◇
Audit committee chair	◇
Compensation committee chair	◇
Compensation committee member	◇
Nominating and governance chair	◇

Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Fiscal 2025

Applied Digital Corporation APLD
Cipher Mining Inc. CIFR
Digital Realty Trust, Inc. DLR
Equinix, Inc. EQIX
Hut 8 Corp. HUT
Riot Platforms, Inc. RIOT

Say-on-pay history

Shareholder support for the compensation program, by year.

Year	Meeting	Support	Votes for	Votes against	Abstentions
2025	June 9, 2026	=	◇	◇	◇
2023	April 16, 2024	=	◇	◇	◇
2022	June 21, 2023	=	◇	◇	◇
2021	June 22, 2022	=	◇	◇	◇
2019	April 30, 2020	=	◇	◇	◇
2018	April 25, 2019	=	◇	◇	◇
2017	April 26, 2018	=	◇	◇	◇
2016	April 27, 2017	=	◇	◇	◇
2015	April 28, 2016	=	◇	◇	◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”

- Paul Prager (Chief Executive Officer and Chairman of the Board of Directors), FY2025 total compensation $39,411,005 (base salary $1,000,372) [exec_comp, SEC accession 0001083301-26-000077, filed 2026-04-28]

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What this page does not include

Everything above is a fact Terawulf disclosed, and it is free. Everything below is our analysis of those facts, and it is not.

Peer benchmarking

Where Terawulf sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.

Executive Compensation Report — $500

Written compensation analysis

A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.

Executive Compensation Report — $500

Board and governance analysis

Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.

Board Governance Report — $500

Realizable pay

What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.

Velarion Intelligence

Say-on-pay responsiveness

Terawulf recorded a low support level. The responsiveness analysis covers what the company said it would do, what it did, and how that compares with the companies that recovered their vote.

Responsiveness analysis

Adviser switching and vote outcomes

Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.

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Multiple companies at once

Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.

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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.

216 figures on this page: 207 cited to the filing that reported them, 9 calculated from figures it prints.

207 cited to the filing

9 calculated from the filing

Documents cited

8-K, filed June 10, 2026
0001083301-26-000115
Proposal 2 - Non-binding, Advisory Vote on Executive Compensation: Our stockholders approved, on a non-biding advisory basis, the 2025 compensation of TeraWulf’s named executives.
DEF 14A, filed April 28, 2026
0001083301-26-000077
Filing, filed April 28, 2026
8-K, filed April 17, 2024
0001083301-24-000090
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed June 23, 2023
0001558370-23-011390
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed May 4, 2023
0000950142-23-001338
8-K, filed June 23, 2022
0001083301-22-000013
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed May 5, 2020
0001437749-20-009461
8-K, filed April 26, 2019
0001437749-19-008040
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed April 30, 2018
0001104659-18-028569
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed April 28, 2017
0001104659-17-027965
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed May 2, 2016
0001104659-16-116685
Item 5.07 Submission of Matters to a Vote of Security Holders

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Velarion, “Terawulf executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/WULF (accessed 2026).

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12 filings cited on this page

Method: intel.velarion.ai/methodology

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Published by Velarion Company Intelligence

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Specialty Finance rankings

Chief executive pay — Specialty Finance CEO pay ratio — Specialty Finance Say-on-pay support — Specialty Finance

Peers Terawulf discloses

The companies named in WULF's own disclosed peer group.

Applied Digital Corporation Cipher Mining Inc.Digital Realty Trust, Inc.Equinix, Inc.Hut 8 Corp.Riot Platforms, Inc.

Terms on this page

Say-on-Pay Vote CEO Pay Ratio Median Employee Compensation All companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data

APA

Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854

BibTeX

@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}