Eric Kalamaras - 13 Mar 2023 Form 4 Insider Report for Target Hospitality Corp. (TH)

Role: EVP and CFO
Signature: /s/ Heidi D. Lewis, as Attorney-in-Fact on behalf of Eric T. Kalamaras
Issuer symbol: TH
Transactions as of: 13 Mar 2023
Transactions value $: $-1,089,736
Form type: 4
Filing time: 15 Mar 2023, 16:30:30 UTC
Previous filing: 13 Mar 2023
Next filing: 22 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TH	Common Stock, par value $0.0001 per share	Sale	$-5,142	-300	-0.28%	$17.14	106,260	13 Mar 2023	Direct	F1, F3
transaction	TH	Common Stock, par value $0.0001 per share	Sale	$-30,468	-1,750	-1.65%	$17.41	104,510	14 Mar 2023	Direct
transaction	TH	Common Stock, par value $0.0001 per share	Sale	$-207,480	-12,000	-11.5%	$17.29	92,510	14 Mar 2023	Direct	F4
transaction	TH	Common Stock, par value $0.0001 per share	Sale	$-197,146	-11,376	-12.3%	$17.33	81,134	14 Mar 2023	Direct	F1, F5
transaction	TH	Common Stock, par value $0.0001 per share	Options Exercise	$225,500	+50,000	+61.6%	$4.51	131,134	14 Mar 2023	Direct	F2
transaction	TH	Common Stock, par value $0.0001 per share	Sale	$-875,000	-50,000	-38.1%	$17.50	81,134	14 Mar 2023	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TH	Employee Stock Option (right to buy)	Options Exercise	$0	-50,000	-28%	$0.000000	128,572	14 Mar 2023	Common Stock	50,000	$4.51	Direct	F2, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Sale pursuant to 10b5-1 plan entered into January 5, 2023.
F2	Exercise and sale pursuant to 10b5-1 plan entered into January 5, 2023.
F3	The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.99 to $17.24, inclusive. The Reporting Person undertakes to provide to Target Hospitality Corp., any security holder of Target Hospitality Corp., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 3 to this Form 4.
F4	The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $17.27 to $17.42, inclusive. The Reporting Person undertakes to provide to Target Hospitality Corp., any security holder of Target Hospitality Corp., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 4 to this Form 4.
F5	The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $16.99 to $17.78, inclusive. The Reporting Person undertakes to provide to Target Hospitality Corp., any security holder of Target Hospitality Corp., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 5 to this Form 4.
F6	The options reported in this footnote 6 represent the right upon vesting to buy shares of Common Stock pursuant to the terms and conditions of the Target Hospitality Corp. 2019 Incentive Award Plan (as amended, the "Plan") and the Nonqualified Stock Option Award Agreement entered into between the Issuer and the Reporting Person as of March 4, 2020 (the "Option Award Agreement"). The options reported in this footnote 6 vest in equal installments on each of the first four anniversaries of the grant date beginning on March 4, 2021, subject to the terms and conditions of the Plan and Option Award Agreement.