STOCK TITAN

[Form 4] Target Hospitality Corp. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Negative)
Form Type
4
Rhea-AI Filing Summary

On 06/30/2025, Target Hospitality Corp. (TH) EVP, General Counsel & Secretary Heidi D. Lewis reported a compensation-related equity conversion. She exercised 37,500 performance-based restricted stock units (PSUs) into common shares (code M). To cover payroll taxes, she withheld 9,131 shares at $7.12 each (code F), leaving a net addition of 28,369 shares. Lewis now directly owns 184,454 TH shares.

The PSUs originated from a 07/12/2022 award that allowed up to 75,000 units. The filing shows 37,500 units vested after stock-price hurdles were met, while the remaining 37,500 units were forfeited (code D). No open-market buying or selling occurred; all activity was internal equity compensation.

Although the absolute share count is modest relative to TH’s float, insider accumulation—especially by a senior legal executive—may be interpreted as a constructive signal of management confidence and alignment with shareholder interests.

Il 30/06/2025, Heidi D. Lewis, EVP, General Counsel e Segretario di Target Hospitality Corp. (TH), ha comunicato una conversione azionaria legata alla retribuzione. Ha esercitato 37.500 unità di azioni vincolate basate sulle performance (PSU) trasformandole in azioni ordinarie (codice M). Per coprire le tasse sul reddito da lavoro, ha trattenuto 9.131 azioni a 7,12$ ciascuna (codice F), con un incremento netto di 28.369 azioni. Lewis detiene ora direttamente 184.454 azioni TH.

Le PSU derivano da un premio del 12/07/2022 che prevedeva fino a 75.000 unità. La comunicazione indica che 37.500 unità sono maturate al raggiungimento degli obiettivi di prezzo azionario, mentre le restanti 37.500 unità sono state annullate (codice D). Non si sono verificati acquisti o vendite sul mercato aperto; tutta l’attività riguarda una compensazione azionaria interna.

Pur essendo il numero assoluto di azioni relativamente contenuto rispetto al flottante di TH, l’accumulo da parte di un dirigente legale senior può essere interpretato come un segnale positivo di fiducia della direzione e di allineamento con gli interessi degli azionisti.

El 30/06/2025, Heidi D. Lewis, EVP, Asesora General y Secretaria de Target Hospitality Corp. (TH), informó sobre una conversión de acciones relacionada con compensación. Ella ejerció 37.500 unidades de acciones restringidas basadas en desempeño (PSU) convirtiéndolas en acciones comunes (código M). Para cubrir impuestos sobre nómina, retuvo 9.131 acciones a 7,12$ cada una (código F), resultando en una adición neta de 28.369 acciones. Lewis posee ahora directamente 184.454 acciones de TH.

Las PSU provienen de un otorgamiento del 12/07/2022 que permitía hasta 75.000 unidades. El reporte muestra que 37.500 unidades se consolidaron tras alcanzar los objetivos de precio de la acción, mientras que las restantes 37.500 unidades fueron canceladas (código D). No hubo compras ni ventas en mercado abierto; toda la actividad fue compensación interna en acciones.

Aunque el número absoluto de acciones es modesto en relación con el flotante de TH, la acumulación por parte de un alto ejecutivo legal puede interpretarse como una señal positiva de confianza gerencial y alineación con los intereses de los accionistas.

2025년 6월 30일, Target Hospitality Corp.(TH)의 EVP, 법률 고문 및 비서인 Heidi D. Lewis가 보상 관련 주식 전환을 보고했습니다. 그녀는 성과 기반 제한 주식 단위(PSU) 37,500주를 보통주(코드 M)로 행사했습니다. 급여세를 충당하기 위해 7.12달러에 9,131주를 원천징수했으며(코드 F), 순증가 주식 수는 28,369주입니다. 현재 Lewis는 직접 184,454주를 보유하고 있습니다.

이 PSU는 2022년 7월 12일에 부여된 것으로 최대 75,000단위까지 허용되었습니다. 보고서에 따르면 주가 조건 충족 후 37,500단위가 확정되었고, 나머지 37,500단위는 몰수되었습니다(코드 D). 공개 시장에서의 매매는 없었으며, 모든 활동은 내부 보상 관련 주식 거래였습니다.

TH의 유통 주식 수에 비해 절대 주식 수는 적지만, 특히 고위 법무 임원의 내부자 매수는 경영진의 신뢰와 주주 이익과의 일치 신호로 해석될 수 있습니다.

Le 30/06/2025, Heidi D. Lewis, EVP, conseillère juridique générale et secrétaire de Target Hospitality Corp. (TH), a déclaré une conversion d’actions liée à la rémunération. Elle a exercé 37 500 unités d’actions restreintes basées sur la performance (PSU) en actions ordinaires (code M). Pour couvrir les impôts sur la paie, elle a retenu 9 131 actions à 7,12 $ chacune (code F), ce qui laisse une augmentation nette de 28 369 actions. Lewis détient désormais directement 184 454 actions TH.

Les PSU proviennent d’une attribution du 12/07/2022 autorisant jusqu’à 75 000 unités. Le dépôt indique que 37 500 unités ont été acquises après avoir atteint les objectifs de cours de l’action, tandis que les 37 500 restantes ont été annulées (code D). Aucune transaction sur le marché ouvert n’a eu lieu ; toute l’activité concerne une rémunération en actions interne.

Bien que le nombre absolu d’actions soit modeste par rapport au flottant de TH, l’accumulation par une cadre juridique senior peut être interprétée comme un signal positif de confiance de la direction et d’alignement avec les intérêts des actionnaires.

Am 30.06.2025 meldete Heidi D. Lewis, EVP, General Counsel & Sekretärin von Target Hospitality Corp. (TH), eine aktienbezogene Vergütungsumwandlung. Sie übte 37.500 leistungsabhängige Restricted Stock Units (PSUs) in Stammaktien (Code M) aus. Zur Deckung der Lohnsteuer behielt sie 9.131 Aktien zu je 7,12 $ ein (Code F), was zu einer Nettozunahme von 28.369 Aktien führte. Lewis besitzt nun direkt 184.454 TH-Aktien.

Die PSUs stammen aus einer Zuteilung vom 12.07.2022, die bis zu 75.000 Einheiten ermöglichte. Die Meldung zeigt, dass 37.500 Einheiten nach Erreichen der Aktienkursziele vesteten, während die restlichen 37.500 Einheiten verfallen sind (Code D). Es gab keinen Handel am offenen Markt; alle Aktivitäten erfolgten im Rahmen der internen Aktienvergütung.

Obwohl die absolute Aktienzahl im Verhältnis zum Streubesitz von TH moderat ist, kann die Akkumulation durch eine leitende Rechtsbeamtin als positives Signal für das Vertrauen des Managements und die Ausrichtung auf die Interessen der Aktionäre gewertet werden.

Positive
  • Senior executive increased direct ownership by 28,369 shares, which can signal confidence in the company’s outlook.
  • PSU vesting was contingent on multi-year share-price targets, evidencing a pay-for-performance alignment between management and shareholders.
Negative
  • 50% of the original 75,000 PSU grant was forfeited, implying that the highest performance thresholds were not achieved.

Insights

TL;DR: Small, compensation-driven insider buy; mildly positive sentiment, negligible valuation impact.

The transaction increases Lewis’s direct stake by roughly 28 k shares, taking her total to 184 k. Even if valued at the 07/02/2025 close (~$7), the incremental $0.2 m exposure is immaterial to TH’s market cap, so price impact should be minimal. However, vesting required stock to average $12.50–$20 for 60-day windows, suggesting historical price targets were partially met. Equity retention rather than cashing out can be read as management’s ongoing confidence in long-term prospects, though investors should recognize it stems from a pre-arranged incentive plan, not discretionary open-market buying.

TL;DR: PSU vesting shows pay-for-performance structure working; forfeiture highlights stretch targets still unmet.

Half of the 2022 PSU grant vested, confirming some price hurdles were achieved, thus aligning rewards with shareholder returns. The simultaneous forfeiture of the remaining 37,500 units indicates higher thresholds were missed, limiting dilution. Tax withholding via share surrender is standard practice and keeps insider trading windows clean. Overall, the filing exemplifies balanced incentive design—rewarding partial success while preserving accountability for full performance.

Il 30/06/2025, Heidi D. Lewis, EVP, General Counsel e Segretario di Target Hospitality Corp. (TH), ha comunicato una conversione azionaria legata alla retribuzione. Ha esercitato 37.500 unità di azioni vincolate basate sulle performance (PSU) trasformandole in azioni ordinarie (codice M). Per coprire le tasse sul reddito da lavoro, ha trattenuto 9.131 azioni a 7,12$ ciascuna (codice F), con un incremento netto di 28.369 azioni. Lewis detiene ora direttamente 184.454 azioni TH.

Le PSU derivano da un premio del 12/07/2022 che prevedeva fino a 75.000 unità. La comunicazione indica che 37.500 unità sono maturate al raggiungimento degli obiettivi di prezzo azionario, mentre le restanti 37.500 unità sono state annullate (codice D). Non si sono verificati acquisti o vendite sul mercato aperto; tutta l’attività riguarda una compensazione azionaria interna.

Pur essendo il numero assoluto di azioni relativamente contenuto rispetto al flottante di TH, l’accumulo da parte di un dirigente legale senior può essere interpretato come un segnale positivo di fiducia della direzione e di allineamento con gli interessi degli azionisti.

El 30/06/2025, Heidi D. Lewis, EVP, Asesora General y Secretaria de Target Hospitality Corp. (TH), informó sobre una conversión de acciones relacionada con compensación. Ella ejerció 37.500 unidades de acciones restringidas basadas en desempeño (PSU) convirtiéndolas en acciones comunes (código M). Para cubrir impuestos sobre nómina, retuvo 9.131 acciones a 7,12$ cada una (código F), resultando en una adición neta de 28.369 acciones. Lewis posee ahora directamente 184.454 acciones de TH.

Las PSU provienen de un otorgamiento del 12/07/2022 que permitía hasta 75.000 unidades. El reporte muestra que 37.500 unidades se consolidaron tras alcanzar los objetivos de precio de la acción, mientras que las restantes 37.500 unidades fueron canceladas (código D). No hubo compras ni ventas en mercado abierto; toda la actividad fue compensación interna en acciones.

Aunque el número absoluto de acciones es modesto en relación con el flotante de TH, la acumulación por parte de un alto ejecutivo legal puede interpretarse como una señal positiva de confianza gerencial y alineación con los intereses de los accionistas.

2025년 6월 30일, Target Hospitality Corp.(TH)의 EVP, 법률 고문 및 비서인 Heidi D. Lewis가 보상 관련 주식 전환을 보고했습니다. 그녀는 성과 기반 제한 주식 단위(PSU) 37,500주를 보통주(코드 M)로 행사했습니다. 급여세를 충당하기 위해 7.12달러에 9,131주를 원천징수했으며(코드 F), 순증가 주식 수는 28,369주입니다. 현재 Lewis는 직접 184,454주를 보유하고 있습니다.

이 PSU는 2022년 7월 12일에 부여된 것으로 최대 75,000단위까지 허용되었습니다. 보고서에 따르면 주가 조건 충족 후 37,500단위가 확정되었고, 나머지 37,500단위는 몰수되었습니다(코드 D). 공개 시장에서의 매매는 없었으며, 모든 활동은 내부 보상 관련 주식 거래였습니다.

TH의 유통 주식 수에 비해 절대 주식 수는 적지만, 특히 고위 법무 임원의 내부자 매수는 경영진의 신뢰와 주주 이익과의 일치 신호로 해석될 수 있습니다.

Le 30/06/2025, Heidi D. Lewis, EVP, conseillère juridique générale et secrétaire de Target Hospitality Corp. (TH), a déclaré une conversion d’actions liée à la rémunération. Elle a exercé 37 500 unités d’actions restreintes basées sur la performance (PSU) en actions ordinaires (code M). Pour couvrir les impôts sur la paie, elle a retenu 9 131 actions à 7,12 $ chacune (code F), ce qui laisse une augmentation nette de 28 369 actions. Lewis détient désormais directement 184 454 actions TH.

Les PSU proviennent d’une attribution du 12/07/2022 autorisant jusqu’à 75 000 unités. Le dépôt indique que 37 500 unités ont été acquises après avoir atteint les objectifs de cours de l’action, tandis que les 37 500 restantes ont été annulées (code D). Aucune transaction sur le marché ouvert n’a eu lieu ; toute l’activité concerne une rémunération en actions interne.

Bien que le nombre absolu d’actions soit modeste par rapport au flottant de TH, l’accumulation par une cadre juridique senior peut être interprétée comme un signal positif de confiance de la direction et d’alignement avec les intérêts des actionnaires.

Am 30.06.2025 meldete Heidi D. Lewis, EVP, General Counsel & Sekretärin von Target Hospitality Corp. (TH), eine aktienbezogene Vergütungsumwandlung. Sie übte 37.500 leistungsabhängige Restricted Stock Units (PSUs) in Stammaktien (Code M) aus. Zur Deckung der Lohnsteuer behielt sie 9.131 Aktien zu je 7,12 $ ein (Code F), was zu einer Nettozunahme von 28.369 Aktien führte. Lewis besitzt nun direkt 184.454 TH-Aktien.

Die PSUs stammen aus einer Zuteilung vom 12.07.2022, die bis zu 75.000 Einheiten ermöglichte. Die Meldung zeigt, dass 37.500 Einheiten nach Erreichen der Aktienkursziele vesteten, während die restlichen 37.500 Einheiten verfallen sind (Code D). Es gab keinen Handel am offenen Markt; alle Aktivitäten erfolgten im Rahmen der internen Aktienvergütung.

Obwohl die absolute Aktienzahl im Verhältnis zum Streubesitz von TH moderat ist, kann die Akkumulation durch eine leitende Rechtsbeamtin als positives Signal für das Vertrauen des Managements und die Ausrichtung auf die Interessen der Aktionäre gewertet werden.

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*
Lewis Heidi Diane

(Last) (First) (Middle)
9320 LAKESIDE BLVD., STE 300

(Street)
THE WOODLANDS TX 77381

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Target Hospitality Corp. [ TH ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
EVP, General Counsel & Sec
3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
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 06/30/2025 M 37,500 A (1) 193,585 D
Common Stock, par value $0.0001 per share 06/30/2025 F 9,131 D $7.12 184,454 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
Performance Based Restricted Stock Units (1) 06/30/2025 M 37,500(2) (3) (3) Common Stock 37,500 $0 37,500 D
Performance Based Restricted Stock Units (1) 06/30/2025 D 37,500(2) (3) (3) Common Stock 37,500 $0 0 D
Explanation of Responses:
1. Each Performance-Based Restricted Stock Unit ("PSU") 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 July 12, 2022, the Reporting Person was granted a maximum number of 75,000 PSUs pursuant to a Performance-Based Restricted Stock Unit Agreement, by and between the Reporting Person and the Issuer, dated as of July 12, 2022 (the "PSU Agreement"). The actual number of PSUs that vested and became unrestricted was based on criteria described in footnote 3 to this Form 4, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan, as amended (the "Plan"), and the PSU Agreement.
3. The cumulative number of PSUs reported herein vested and became unrestricted on June 30, 2025 based on the Issuer's Common Stock achieving certain volume weighted average prices during any 60 consecutive calendar day period (the "Measurement Periods"). The number of PSUs earned are cumulative and based on the achievement of agreed Common Stock price targets ranging from $12.50 to $20.00 during each annual Measurement Period pursuant to the PSU Agreement and subject to the terms and conditions of the Plan.
/s/ Heidi D. Lewis 07/02/2025
** 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.

FAQ

How many Target Hospitality (TH) shares did EVP Heidi D. Lewis acquire on 06/30/2025?

She converted 37,500 PSUs into common shares.

What was the net change in Lewis's TH share ownership?

After withholding 9,131 shares for taxes, her holdings rose by 28,369 shares.

Why were 9,131 TH shares sold at $7.12?

These shares were withheld to satisfy tax obligations related to the PSU vesting (transaction code F).

How many PSUs from the 2022 grant actually vested?

37,500 of the maximum 75,000 units vested upon achieving specified share-price targets.

What is Heidi D. Lewis’s total direct ownership after the Form 4 filing?

She now directly owns 184,454 Target Hospitality shares.
Target Hospitality Corp

NASDAQ:TH

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716.42M
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1.93%
Specialty Business Services
Hotels, Rooming Houses, Camps & Other Lodging Places
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United States
THE WOODLANDS