Target Hospitality (TH) director Patenaude exercises 16,061 RSUs and receives 7,597-unit grant

Rhea-AI Filing Summary

Target Hospitality Corp. director Pamela H. Patenaude reported routine equity compensation activity. On May 21, 2026, she exercised 16,061 Restricted Stock Units into the same number of shares of common stock, reflecting the vesting of a prior equity award.

The filing also shows a new grant of 7,597 Restricted Stock Units, each representing a contingent right to receive one share of common stock or its cash equivalent. These new units vest in full on May 21, 2027, or earlier if the next annual stockholder meeting occurs before that date, and settled shares are generally delivered upon separation from the board.

After the transactions, Patenaude holds 69,375 shares of common stock directly, along with 7,597 unvested Restricted Stock Units. The activity involves no open-market buying or selling and reflects standard director compensation and vesting mechanics under Target Hospitality Corp.’s 2019 Incentive Award Plan.

Insights

Equity Compensation Analyst

Director completed RSU vesting and received a new RSU grant; no open‑market trades.

The filing shows Pamela H. Patenaude converting 16,061 Restricted Stock Units into common shares and receiving a fresh grant of 7,597 RSUs. Both actions are tied to Target Hospitality Corp.’s 2019 Incentive Award Plan and represent board compensation rather than discretionary stock purchases or sales.

There are no open‑market transactions; all codes are A and M, indicating awards and exercises of derivative securities at a price of $0.0000 per unit. Patenaude now directly holds 69,375 common shares and 7,597 RSUs, so the transactions primarily adjust the mix between unvested units and owned shares.

Because this activity is routine vesting and granting of director equity, with no change in net buy/sell position and no remaining derivative awards disclosed beyond the 7,597 RSUs, the informational value is limited. It mainly confirms ongoing use of equity to compensate board members.

Insider Trade Summary

16,061 shares exercised/converted

Mixed 3 txns

Insider PATENAUDE PAMELA H.

Role null

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

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct, null); Common Stock, par value $0.0001 per share — 69,375 shares (Direct, null)

Footnotes (1)

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. 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. 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 Common Shares Held: 69,375 shares New RSU Grant: 7,597 units +3 more

6 metrics

RSUs Exercised 16,061 units Restricted Stock Units converted to common stock on May 21, 2026

Common Shares Held 69,375 shares Direct holdings after transactions on May 21, 2026

New RSU Grant 7,597 units Restricted Stock Units granted on May 21, 2026

Grant Date Prior RSUs 16,061 units RSUs granted May 22, 2025, vesting May 22, 2026 or earlier meeting

Vesting Date New RSUs May 21, 2027 New 7,597-unit RSU award vests in full on this date or earlier meeting

Transaction Price per Unit $0.0000 Price per unit for RSU exercises and grant transactions

Key Terms

Restricted Stock Unit, derivative security, 2019 Incentive Award Plan, separation of service

4 terms

Restricted Stock Unit financial

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

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

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"

separation of service financial

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

Form 4 Insider Transactions: What Each Field Means →

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^*

PATENAUDE PAMELA H.

(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)	69,375	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 Pamela Patenaude	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)

FAQ

What insider transactions did Target Hospitality (TH) report for Pamela H. Patenaude?

Pamela H. Patenaude exercised 16,061 Restricted Stock Units into common shares and received a new grant of 7,597 Restricted Stock Units. These actions reflect equity compensation and vesting under Target Hospitality Corp.’s 2019 Incentive Award Plan, not open‑market stock purchases or sales.

Did Pamela H. Patenaude buy or sell Target Hospitality (TH) shares on the open market?

No, the filing shows no open‑market buying or selling. All transactions involve exercising previously granted Restricted Stock Units and receiving a new RSU award, each at a transaction price of $0.0000 per unit, as part of standard director equity compensation.

How many Target Hospitality (TH) shares does Pamela H. Patenaude hold after this Form 4?

After these transactions, Pamela H. Patenaude directly holds 69,375 shares of Target Hospitality common stock. She also holds 7,597 Restricted Stock Units, which represent rights to receive additional shares or cash upon vesting and later settlement under the company’s incentive plan.

What are the details of the new Restricted Stock Unit grant reported for Target Hospitality (TH)?

On May 21, 2026, Patenaude was granted 7,597 Restricted Stock Units. These RSUs vest in full on May 21, 2027, or earlier on the date of the next annual stockholder meeting, subject to the Target Hospitality Corp. 2019 Incentive Award Plan and the applicable award agreement.

When did the 16,061 Target Hospitality (TH) Restricted Stock Units originally vest?

The 16,061 Restricted Stock Units exercised into common shares were granted on May 22, 2025 and vest in full on May 22, 2026, or earlier on the date of the next annual stockholder meeting, according to the plan terms and award agreement described in the footnotes.

What conditions apply to delivery of shares from Target Hospitality (TH) RSUs for Pamela H. Patenaude?

For both the 16,061 and 7,597 Restricted Stock Unit grants, vested shares are generally delivered upon separation of service from the board of directors, subject to certain exceptions outlined in the Target Hospitality Corp. 2019 Incentive Award Plan and related award agreements.