Form 4: Target Hospitality Director Stephen Robertson Receives and Transfers Restricted Stock Units

Director Stephen Robertson received and immediately transferred restricted stock units to Arrow Holdings S.a.r.l.

Summary

• Stephen Robertson, a director of Target Hospitality Corp., received a grant of 12,998 Restricted Stock Units (RSUs) on May 23, 2024.
• These RSUs vest on May 23, 2025, or earlier at the next annual meeting, subject to the company's 2019 Incentive Award Plan.
• Immediately after receiving the grant, Mr. Robertson transferred the RSUs to Arrow Holdings S.a.r.l.
• As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.
• Vested shares will be delivered upon separation of service from the board of directors, subject to certain exceptions.
• The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons or Mr. Robertson are the beneficial owners of any of the securities reported herein.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing regarding stock ownership, with no inherent positive or negative sentiment.

Future Outlook

The RSUs vest on May 23, 2025, or earlier at the next annual meeting, and vested shares will be delivered upon separation of service from the board of directors, subject to certain exceptions.

Management Comments

• The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons or Mr. Robertson are the beneficial owners of any of the securities reported herein.

Industry Context

This is a standard disclosure related to executive compensation and stock ownership, common in publicly traded companies.

Related Party Transactions

• The transfer of RSUs to Arrow Holdings S.a.r.l., which is affiliated with TDR Capital II Investments LP, may be considered a related party transaction.

Stakeholder Impact

• The grant and transfer of RSUs could potentially impact shareholders by diluting equity, although the amount is relatively small.
• The transaction has no immediate impact on employees, customers, suppliers, or creditors.

Key Dates