The Compensation Committee of Target Hospitality Corp.'s Board of Directors adopted new form Executive Restricted Stock Unit Agreement (RSU Agreement) and Executive Performance Stock Unit Agreement (PSU Agreement) on February 25, 2026, under the 2019 Incentive Plan. The RSU Agreement features a four-year vesting schedule, with 25% of units vesting annually on February 25, 2027, 2028, 2029, and 2030. The general PSU Agreement links vesting to continuous service for three years and performance criteria, split equally between Total Shareholder Return (TSR) relative to the Russell 2000 Index and the company's Adjusted EBITDA. TSR-based awards can range from 0% to 200% of the target level, with a cap at 100% if absolute TSR is negative, measured over the performance period of January 1, 2026, to December 31, 2028. Adjusted EBITDA-based awards also range from 0% to 200% of the target level, based on cumulative Adjusted EBITDA during the performance period of January 1, 2026, to December 31, 2028 (specific dollar targets are placeholders in the form agreement). Specific PSU grants were approved for Troy Schrenk (400,000 PSUs), Brendan Dowhaniuk (300,000 PSUs), and Heidi Lewis (175,000 PSUs) on February 25, 2026. These specific PSU grants have a restricted period until June 30, 2028, and performance goals tied to achieving specific stock price milestones ($20.00, $25.00, $27.50, $30.00) based on a 60-day volume-weighted average price (number of potential PSUs earned for each milestone are placeholders in the form agreement). The form of payment for these specific PSU awards was contingent on shareholder approval of an increase in shares available under the Plan at the May 22, 2025 annual meeting; if not approved, payments would be in cash.