Target Hospitality director exercises 16,061 RSUs

Target Hospitality Corp. director Alejandro Hernandez reported equity compensation changes.

Rhea-AI Filing Summary

Target Hospitality Corp. director Alejandro Hernandez reported equity compensation changes. On May 21, 2026, he exercised 16,061 Restricted Stock Units (RSUs), receiving the same number of common shares and ending that RSU award. Following the exercise, he directly holds 32,901 shares of common stock.

On the same date, he also received a new grant of 7,597 RSUs under the Target Hospitality Corp. 2019 Incentive Award Plan. These RSUs vest in full on May 21, 2027, or earlier if the next annual stockholders’ meeting occurs before that date.

Insider Trade Summary

16,061 shares exercised/converted

Exercise 3 txns

Insider HERNANDEZ ALEJANDRO

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 — 32,901 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.
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.

Key Figures

RSUs exercised: 16,061 units Shares held after exercise: 32,901 shares New RSU grant: 7,597 units +2 more

5 metrics

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

Shares held after exercise 32,901 shares Common stock directly owned after transactions

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

New RSU vesting date May 21, 2027 Or earlier, at the next annual stockholders’ meeting

RSU-to-share ratio 1:1 Each RSU represents a right to one common share or cash equivalent

Key Terms

Restricted Stock Units, derivative security, 2019 Incentive Award Plan

3 terms

Restricted Stock Units financial

"On May 21, 2026, the Reporting Person, was granted 7,597 Restricted Stock Units"

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.

derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

2019 Incentive Award Plan financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Alejandro Hernandez report at Target Hospitality (TH)?

Alejandro Hernandez reported exercising 16,061 Restricted Stock Units into common shares and receiving a new grant of 7,597 RSUs. These transactions reflect routine equity compensation activity rather than open-market buying or selling of Target Hospitality (TH) stock.

How many Target Hospitality shares does Alejandro Hernandez hold after these Form 4 transactions?

After exercising 16,061 Restricted Stock Units, Alejandro Hernandez directly holds 32,901 shares of Target Hospitality common stock. In addition, he has 7,597 unvested RSUs outstanding, providing a contingent right to receive the same number of common shares upon vesting.

What are the terms of Alejandro Hernandez’s new 7,597 RSU grant at Target Hospitality (TH)?

The new grant of 7,597 Restricted Stock Units vests in full on May 21, 2027, or earlier if the next annual stockholders’ meeting occurs before that date. The award is made under Target Hospitality Corp.’s 2019 Incentive Award Plan and related award agreement.

Did Alejandro Hernandez buy or sell Target Hospitality (TH) stock on the open market?

The Form 4 shows no open-market purchases or sales. Instead, it reports an exercise of 16,061 Restricted Stock Units into common shares and a separate grant of 7,597 new RSUs, both characterized as equity compensation and derivative exercises rather than market trades.

What does exercising 16,061 Restricted Stock Units mean for Target Hospitality (TH) shareholders?

Exercising 16,061 Restricted Stock Units converted a prior stock-based award into the same number of common shares. This is a routine compensation-related event for the director, increasing his directly held share count while reducing outstanding RSUs, without indicating discretionary buying or selling.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/26/2026 - 04:35 PM EDT 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^*

HERNANDEZ ALEJANDRO

(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)	32,901	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.

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.

	/s/ Heidi D Lewis, as Attorney in Fact on behalf of Alejandro Hernandez	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)