Heidi Lewis trims Target Hospitality (TH) stake via 10b5-1 sale

Rhea-AI Filing Summary

Target Hospitality Corp. executive Heidi D. Lewis, EVP, General Counsel & Secretary, sold 9,000 shares of common stock on January 20, 2026 at a weighted average price of $7.34 per share. The sale was made under a pre-arranged Rule 10b5-1 trading plan that she entered into on June 12, 2025. The transactions were executed in multiple trades at prices ranging from $7.28 to $7.52 per share. Following this sale, she directly beneficially owns 131,742 shares of Target Hospitality common stock.

Insider Trade Summary

Net Seller: 9,000 shares ($66,060)

Net Sell 1 txn

Insider Lewis Heidi Diane

Role EVP, General Counsel & Sec

Sold 9,000 shs ($66K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.0001 per share	9,000	$7.34	$66K

Holdings After Transaction: Common Stock, par value $0.0001 per share — 131,742 shares (Direct)

Footnotes (1)

1. Sale pursuant to 10b5-1 plan entered into on June 12, 2025. The price in column 4 is a weighted average price. The shares were sold on 01.20.2026 in multiple transactions at prices ranging $7.28 - $7.52, inclusive. The report person undertakes to provide Target Hospitality Corp. or staff at the Securities Exchange Commission, upon request, full information regarding set forth in this Footnote 2 to this Form 4.

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).

X

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)
01/20/2026

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	01/20/2026		S		9,000(1)	D	$7.34(2)	131,742	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

Explanation of Responses:

1. Sale pursuant to 10b5-1 plan entered into on June 12, 2025.

2. The price in column 4 is a weighted average price. The shares were sold on 01.20.2026 in multiple transactions at prices ranging $7.28 - $7.52, inclusive. The report person undertakes to provide Target Hospitality Corp. or staff at the Securities Exchange Commission, upon request, full information regarding set forth in this Footnote 2 to this Form 4.

	Heidi D. Lewis	01/22/2026
	** 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.

FAQ

What insider transaction did TH executive Heidi Lewis report?

Heidi D. Lewis, EVP, General Counsel & Secretary of Target Hospitality Corp. (TH), reported selling 9,000 shares of common stock on January 20, 2026.

At what price did Heidi Lewis sell Target Hospitality (TH) shares?

The sale was reported at a weighted average price of $7.34 per share, with individual trades executed between $7.28 and $7.52 per share.

Was the TH insider sale by Heidi Lewis under a 10b5-1 plan?

Yes. The filing states the sale was made pursuant to a Rule 10b5-1 trading plan that Heidi Lewis entered into on June 12, 2025.

How many Target Hospitality (TH) shares does Heidi Lewis own after the sale?

After the reported transaction, Heidi Lewis directly beneficially owns 131,742 shares of Target Hospitality common stock.

What role does Heidi Lewis hold at Target Hospitality (TH)?

Heidi D. Lewis is reported as an officer of Target Hospitality, serving as EVP, General Counsel & Secretary.

What type of security did the TH insider sell in this Form 4?

The transaction involved common stock, par value $0.0001 per share of Target Hospitality Corp.