Eric Kalamaras - Feb 24, 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
Stock symbol: TH
Transactions as of: Feb 24, 2023
Transactions value $: -$606,327
Form type: 4
Date filed: 2/28/2023, 03:04 PM
Previous filing: Sep 6, 2022
Next filing: Mar 3, 2023

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		+37.4K	+23.84%		194K	Feb 24, 2023	Direct	F1
transaction	TH	Common Stock, par value $0.0001 per share	Tax liability	-$181K	-12K	-6.18%	$15.12	182K	Feb 24, 2023	Direct	F2
transaction	TH	Common Stock, par value $0.0001 per share	Options Exercise		+71.4K	+39.21%		254K	Feb 25, 2023	Direct	F1
transaction	TH	Common Stock, par value $0.0001 per share	Tax liability	-$425K	-28.1K	-11.08%	$15.12	226K	Feb 25, 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	Restricted Stock Units	Options Exercise	$0	-37.4K	-11.1%	$0.00	299K	Feb 24, 2023	Common Stock	37.4K		Direct	F1, F3
transaction	TH	Restricted Stock Units	Options Exercise	$0	-71.4K	-23.86%	$0.00	228K	Feb 25, 2023	Common Stock	71.4K		Direct	F1, F3

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

Explanation of Responses:

Id	Content
F1	Each restricted stock unit 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	Restricted stock units withheld for payment of tax liability upon vesting of 37,376 RSUs on 02/24/2023 and 71,429 RSUs on 02/25/2023. Stock price reflects closing stock price as of February 24, 2023, the last business day prior to vest.
F3	Total includes unvested RSUs from the following grants: 149,502 RSUs granted on February 24, 2022 which vest in four equal annual installments on each of the first four anniversaries of the grant date beginning on February 24, 2023; 142,857 RSUs granted on February 25, 2021 which vest 50% on the second anniversary of the grant date and the remaining 50% on the third anniversary of the grant date; 64,240 RSUs granted on March 4, 2020 which vest in four equal annual installments on each of the first four anniversaries of the grant date beginning on March 4, 2021; and 48,860 restricted stock units granted on September 3, 2019 which vest in four equal annual installments on each of the first four anniversaries of the grant date beginning on September 3, 2020. Awards are subject to the terms of the respective RSU award agreements and subject to the Target Hospitality Corp. 2019 Incentive Plan, as amended.