Troy C. Schrenk - 27 Feb 2025 Form 4 Insider Report for Target Hospitality Corp. (TH)

Role: SEVP, Operations & CCO
Signature: /s/ Heidi D. Lewis, as Attorney-in-Fact on behalf of Troy C. Schrenk
Issuer symbol: TH
Transactions as of: 27 Feb 2025
Net transactions value: -$15,153
Form type: 4
Filing time: 03 Mar 2025, 17:01:30 UTC
Previous filing: 26 Feb 2025
Next filing: 02 Jul 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TH	Common Stock, par value $0.0001 per share	Options Exercise		+11,098	+7.4%		160,806	01 Mar 2025	Direct	F1
transaction	TH	Common Stock, par value $0.0001 per share	Tax liability	$15,153	-2,701	-1.7%	$5.61	158,105	01 Mar 2025	Direct	F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TH	Restricted Stock Units	Award	$0	+49,107	+75%	$0.000000	114,570	27 Feb 2025	Common Stock	49,107		Direct	F1, F2, F3
transaction	TH	Restricted Stock Units	Options Exercise	$0	-11,098	-9.7%	$0.000000	103,472	01 Mar 2025	Common Stock	11,098		Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each Restricted Stock Unit ("RSU") represents a contingent right to receive upon vesting one share of common stock of the Issuer, par value $0.0001 per share ("Common Stock") or its cash equivalent.
F2	On February 27, 2025, the Reporting Person was granted 49,107 RSUs which vest in four equal annual installments on each of the first four anniversaries of the grant date beginning February 27, 2026, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan, as amended (the "Plan") and the RSU agreement entered into between the Issuer and the Reporting Person.
F3	Total includes, in addition to 49,107 RSUs on February 27 2025, unvested RSUs from the following grants: 29,008 RSUs granted on February 29, 2024 which vest in four annual installments on each of the first four anniversaries of the grant date beginning on March 1, 2025; 15,385 RSUs granted on March 1, 2023, which vest in four equal installments on each of the first four anniversaries of the grant date beginning on March 1, 2024; and 99,668 RSUs granted on February 24, 2022 which vest in four equal installments on each of the first four anniversaries of the grant date beginning on February 24, 2023. Awards are subject to the terms of the respective RSU award agreements and subject to the Plan.
F4	Restricted stock units withheld for payment of tax liability upon vesting of 11,098 RSUs on March 1, 2025. Stock price reflects closing stock price as of February 28, 2025, the last trading day prior to vesting.