Target Hospitality (TH) SEVP nets common shares after RSU vesting and tax

Rhea-AI Filing Summary

Target Hospitality Corp. Senior Executive Vice President of Operations & CCO Troy C. Schrenk reported multiple equity transactions involving Restricted Stock Units (RSUs) and common stock. On February 27 and March 1, 2026, he exercised RSUs, each representing a right to receive one share of common stock or its cash equivalent, resulting in new common shares at a stated price of $0.0000 per share.

In connection with these vestings, shares of common stock were automatically withheld at $7.79 per share to cover tax liabilities, rather than being sold in an open-market transaction. After these transactions, Schrenk directly held 211,088 shares of common stock and 106,018 RSUs, which include unvested awards from prior grants that vest in four annual installments beginning between March 1, 2024 and February 25, 2027.

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

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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^*

Schrenk Troy C.

(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)
	SEVP, Operations & CCO

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

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	02/27/2026		M		12,277	A	(1)	205,680	D
Common Stock, par value $0.0001 per share	02/27/2026		F		2,989	D	$7.79(2)	202,691	D
Common Stock, par value $0.0001 per share	03/01/2026		M		7,252	A	(1)	209,943	D
Common Stock, par value $0.0001 per share	03/01/2026		F		1,765	D	$7.79(2)	208,178	D
Common Stock, par value $0.0001 per share	03/01/2026		M		3,846	A	(1)	212,789	D
Common Stock, par value $0.0001 per share	03/01/2026		F		936	D	$7.79(2)	211,088	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)	02/27/2026		M			12,277	(3)	(3)	Common Stock	12,277	$0	106,018(3)	D
Restricted Stock Units	(1)	03/01/2026		M			7,252	(3)	(3)	Common Stock	7,252	$0	98,766(3)	D
Restricted Stock Units	(1)	03/01/2026		M			3,846	(3)	(3)	Common Stock	3,846	$0	94,920(3)	D

Explanation of Responses:

1. Each Restricted Stock Unit ("RSU") or 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. Restricted stock units withheld for payment of tax liability upon vesting of 12,277 RSUs February 27, 2026 and 11,098 RSUs March 1, 2026. Stock price reflects closing stock price as of February 27, 2026, the last trading day prior to vesting.

3. Total includes unvested RSUs from the following grants: 39,740 RSUs granted on February 25, 2026 which vest in four equal annual installments on each of the first four anniversaries of the grant date beginning February 25, 2027; 49,107 RSUs granted on February 27, 2025 which vest in four annual installments on each of the first four anniversaries of the grant date beginning on February 27, 2026; 29,008 RSUs granted on February 29, 2024 which vest in four annual installments on each of the first four anniversaries of the grant date beginning on March 1, 2025; and 15,385 RSUs granted on March 1, 2023, which vest in four equal installments on each of the first four anniversaries of the grant date beginning on March 1, 2024. Awards are subject to the terms of the respective RSU award agreements and subject to the Target Hospitality Corp. 2019 Incentive Award Plan, as amended.

	/s/ Heidi D. Lewis, as Attorney in Fact on behalf of Troy C. Schrenk	03/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions were reported for Target Hospitality (TH)?

Troy C. Schrenk reported exercising Restricted Stock Units into common shares and having some shares withheld to pay taxes. These were derivative exercises and tax-withholding dispositions, not open-market purchases or sales, and updated his direct holdings in Target Hospitality equity.

Who is the insider involved in the latest Target Hospitality Form 4?

The insider is Troy C. Schrenk, Senior Executive Vice President of Operations and Chief Commercial Officer of Target Hospitality Corp. He reported RSU vesting, related common stock issuances, and share withholdings to satisfy tax obligations tied to those equity awards.

How many Target Hospitality shares does the insider hold after these transactions?

After the reported transactions, Troy C. Schrenk directly holds 211,088 shares of Target Hospitality common stock and 106,018 Restricted Stock Units. The RSU total includes unvested grants scheduled to vest in four annual installments under the company’s 2019 Incentive Award Plan.

Were Target Hospitality (TH) shares sold on the market in this Form 4?

The filing shows dispositions coded as tax-withholding transactions, where shares were delivered to cover tax liabilities at $7.79 per share. These are distinct from open-market sales and occur automatically when RSUs vest under the award agreements.

What RSU grants are outstanding for the Target Hospitality executive?

Outstanding RSUs include 39,740 granted February 25, 2026; 49,107 granted February 27, 2025; 29,008 granted February 29, 2024; and 15,385 granted March 1, 2023. Each grant vests in four annual installments starting between March 1, 2024 and February 25, 2027.