Target Hospitality director exercises 20,950 RSUs

Target Hospitality Corp. director Stephen Robertson reported equity compensation activity involving restricted stock units and common shares.

Rhea-AI Filing Summary

Target Hospitality Corp. director Stephen Robertson reported equity compensation activity involving restricted stock units and common shares. On May 21, 2026, he exercised 20,950 restricted stock units into the same number of shares of common stock, leaving him with 752,397 common shares held directly.

On the same date, he received a new grant of 9,567 restricted stock units, each representing a contingent right to receive one share of common stock or its cash equivalent upon vesting and later delivery, generally tied to his service on the board.

Insider Trade Summary

20,950 shares exercised/converted

Exercise 3 txns

Insider Robertson Stephen

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	20,950	$0.00	$0.00
Grant/Award	Restricted Stock Units	9,567	$0.00	$0.00
Exercise	Common Stock, par value $0.0001 per share	20,950	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 9,567 contracts (Direct); Common Stock, par value $0.0001 per share — 752,397 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, Mr. Robertson was granted 20,950 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the Target Hospitality Corp 2019 Incentive Award Plan, as amended (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.
3. F3. On May 21, 2026, Mr. Robertson was granted 9,567 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the Plan and the award agreements entered into between the Issuer and Mr. Robertson. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

Key Figures

RSUs exercised: 20,950 units Common shares after exercise: 752,397 shares New RSU grant: 9,567 units +2 more

5 metrics

RSUs exercised 20,950 units Restricted stock units converted into common stock on May 21, 2026

Common shares after exercise 752,397 shares Direct holdings following RSU exercise

New RSU grant 9,567 units Restricted stock units granted on May 21, 2026

Underlying shares for new RSUs 9,567 shares Common stock underlying newly granted RSUs

Prior RSU grant referenced 20,950 RSUs RSUs granted May 22, 2025 that vested and were exercised

Key Terms

Restricted Stock Units, contingent right, 2019 Incentive Award Plan, Board of Directors

4 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.

contingent right financial

"represents a contingent right to receive upon vesting one share of common stock"

2019 Incentive Award Plan financial

"subject to the terms and conditions of the Target Hospitality Corp 2019 Incentive Award Plan, as amended"

Board of Directors financial

"Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD."

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

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

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Accepted by SEC EDGAR 05/26/2026 - 04:30 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^*

Robertson Stephen

(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		20,950	A	(1)	752,397	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			20,950	(2)	(2)	Common Stock	20,950	$0	0	D
Restricted Stock Units	(1)	05/21/2026		A		9,567		(3)	(3)	Common Stock	9,567	$0	9,567	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, Mr. Robertson was granted 20,950 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the Target Hospitality Corp 2019 Incentive Award Plan, as amended (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

3. On May 21, 2026, Mr. Robertson was granted 9,567 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the Plan and the award agreements entered into between the Issuer and Mr. Robertson. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

	/s/ Heidi D. Lewis, as Attorney in Fact on behalf of Stephen Robertson	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)