Target Hospitality director exercises and receives RSUs

Target Hospitality Corp. director Linda R. Medler reported equity compensation-related transactions.

Rhea-AI Filing Summary

Target Hospitality Corp. director Linda R. Medler reported equity compensation-related transactions. On May 21, 2026, she exercised 16,061 Restricted Stock Units (RSUs) into an equal number of shares of common stock, increasing her direct ownership to 62,885 common shares.

On the same date, she was granted 7,597 new RSUs, each representing a contingent right to receive one share of common stock or its cash equivalent. These RSUs vest in full on May 21, 2027, or earlier if the next annual stockholder meeting occurs before then, with delivery of vested shares generally deferred until separation of service from the board.

Insider Trade Summary

16,061 shares exercised/converted

Exercise 3 txns

Insider Medler Linda R

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	16,061	$0.00	$0.00
Grant/Award	Restricted Stock Units	7,597	$0.00	$0.00
Exercise	Common Stock, par value $0.0001 per share	16,061	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 7,597 contracts (Direct); Common Stock, par value $0.0001 per share — 62,885 shares (Direct)

Footnotes (3)

1. F1. Each Restricted Stock Unit 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.
2. F2. On May 22, 2025, the Reporting Person, was granted 16,061 Restricted Stock Units which vest in full on May 22, 2026 or, if earlier, the date of the next annual meeting of the stockholders of the Issuer, subject to the Target Hospitality Corp. 2019 Incentive Award Plan, as amended (the "Plan") and award agreement. Subject to certain exception, vested shares will be delivered upon separation of service from the board of directors.
3. F3. On May 21, 2026, the Reporting Person, was granted 7,597 Restricted Stock Units which vest in full on May 21, 2027 or, if earlier, the date of the next annual meeting of the stockholders of the Issuer, subject to the Plan and award agreement. Subject to certain exception, vested shares will be delivered upon separation of service from the board of directors.

Key Figures

RSUs exercised: 16,061 units New RSU grant: 7,597 units Shares owned after exercise: 62,885 shares +2 more

5 metrics

RSUs exercised 16,061 units Exercised into common stock on May 21, 2026

New RSU grant 7,597 units Granted May 21, 2026 under 2019 Incentive Award Plan

Shares owned after exercise 62,885 shares Direct common stock holdings following transactions

Underlying shares for new RSUs 7,597 shares Each RSU represents one Target Hospitality common share or cash equivalent

Vesting date for new RSUs May 21, 2027 Vest in full or earlier at next annual stockholder meeting

Key Terms

Restricted Stock Units, Target Hospitality Corp. 2019 Incentive Award Plan, separation of service

3 terms

Restricted Stock Units financial

"Each Restricted Stock Unit represents a contingent right to receive upon vesting one share of common stock"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Target Hospitality Corp. 2019 Incentive Award Plan financial

"subject to the Target Hospitality Corp. 2019 Incentive Award Plan, as amended (the "Plan")"

separation of service financial

"Subject to certain exception, vested shares will be delivered upon separation of service from the board of directors."

FAQ

What insider transactions did Target Hospitality (TH) disclose for Linda R. Medler?

Target Hospitality director Linda R. Medler exercised 16,061 Restricted Stock Units into common stock and received a new grant of 7,597 RSUs. Following these transactions, she directly holds 62,885 shares of common stock and a new unvested RSU award.

How many Target Hospitality (TH) shares does Linda R. Medler own after this Form 4?

After exercising 16,061 RSUs into common stock, Linda R. Medler directly owns 62,885 Target Hospitality common shares. She also holds 7,597 unvested RSUs that can settle into common stock or cash once they vest and are delivered.

What RSU grant did Linda R. Medler receive from Target Hospitality (TH)?

On May 21, 2026, Linda R. Medler received 7,597 Restricted Stock Units. Each RSU represents a right to one share of Target Hospitality common stock or its cash equivalent, vesting in full on May 21, 2027 or earlier at the next annual stockholder meeting.

When do Linda R. Medler’s new Target Hospitality (TH) RSUs vest and settle?

The 7,597 Restricted Stock Units granted to Linda R. Medler vest in full on May 21, 2027, or earlier if the next annual stockholder meeting occurs first. Vested shares are generally delivered upon her separation of service from the board of directors.

What happened to Linda R. Medler’s prior Target Hospitality (TH) RSU award?

A prior grant of 16,061 RSUs awarded on May 22, 2025 vested on May 22, 2026 or at the earlier annual meeting trigger. On May 21, 2026, those RSUs were exercised into 16,061 shares of Target Hospitality common stock, eliminating the related derivative position.

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Accepted by SEC EDGAR 05/26/2026 - 04:32 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Medler Linda R

(Last) (First) (Middle)

9320 LAKESIDE BLVD., STE 300

(Street)

THE WOODLANDS TEXAS 77381

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Target Hospitality Corp. [ TH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.0001 per share	05/21/2026		M		16,061	A	(1)	62,885	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	05/21/2026		M			16,061	(2)	(2)	Common Stock	16,061	$0	0	D
Restricted Stock Units	(1)	05/21/2026		A		7,597		(3)	(3)	Common Stock	7,597	$0	7,597	D

Explanation of Responses:

1. Each Restricted Stock Unit 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.

2. On May 22, 2025, the Reporting Person, was granted 16,061 Restricted Stock Units which vest in full on May 22, 2026 or, if earlier, the date of the next annual meeting of the stockholders of the Issuer, subject to the Target Hospitality Corp. 2019 Incentive Award Plan, as amended (the "Plan") and award agreement. Subject to certain exception, vested shares will be delivered upon separation of service from the board of directors.

3. On May 21, 2026, the Reporting Person, was granted 7,597 Restricted Stock Units which vest in full on May 21, 2027 or, if earlier, the date of the next annual meeting of the stockholders of the Issuer, subject to the Plan and award agreement. Subject to certain exception, vested shares will be delivered upon separation of service from the board of directors.

	/s/ Heidi D. Lewis, as Attorney in Fact on behalf of Linda Medler	05/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)