Jason Vlacich - Jun 30, 2025 Form 4 Insider Report for Target Hospitality Corp. (TH)

Role: CFO & CAO
Signature: /s/ Heidi D. Lewis, as Attorney in Fact on behalf of Jason Vlacich
Stock symbol: TH
Transactions as of: Jun 30, 2025
Transactions value $: -$65,013
Form type: 4
Date filed: 7/2/2025, 03:06 PM
Previous filing: Mar 3, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Vlacich Jason Paul	CFO & CAO	9320 LAKESIDE BLVD., STE 300, THE WOODLANDS	/s/ Heidi D. Lewis, as Attorney in Fact on behalf of Jason Vlacich	2025-07-02	0001763039

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	Options Exercise		+37.5K	+40.58%		130K	Jun 30, 2025	Direct	F1
transaction	TH	Common Stock, par value $0.0001 per share	Tax liability	-$65K	-9.13K	-7.03%	$7.12	121K	Jun 30, 2025	Direct

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	Performance Based Restricted Stock Units	Options Exercise	$0	-37.5K	-50%	$0.00	37.5K	Jun 30, 2025	Common Stock	37.5K		Direct	F1, F2, F3
transaction	TH	Performance Based Restricted Stock Units	Disposed to Issuer	$0	-37.5K	-100%	$0.00	0	Jun 30, 2025	Common Stock	37.5K		Direct	F1, F2, F3

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

Explanation of Responses:

Id	Content
F1	Each 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.
F2	On July 12, 2022, the Reporting Person was granted a maximum number of 75,000 PSUs pursuant to a Performance-Based Restricted Stock Unit Agreement, by and between the Reporting Person and the Issuer, dated as of July 12, 2022 (the "PSU Agreement"). The actual number of PSUs that vested and became unrestricted was based on criteria described in footnote 3 to this Form 4, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan, as amended (the "Plan"), and the PSU Agreement.
F3	The cumulative number of PSUs reported herein vested and became unrestricted on June 30, 2025 based on the Issuer's Common Stock achieving certain volume weighted average prices during any 60 consecutive calendar day period (the "Measurement Periods"). The number of PSUs earned are cumulative and based on the achievement of agreed Common Stock price targets ranging from $12.50 to $20.00 during each annual Measurement Period pursuant to the PSU Agreement and subject to the terms and conditions of the Plan.