Company: TH
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001104659-25-032818
Chunk: 61

Company: Target Hospitality Corp.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 61
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, 2023, 2022, and 2021.

| ​ | 60 | ​ | ​ | ​ | investors.targethospitality.com | ​ |

TABLE OF CONTENTS EXECUTIVE COMPENSATION Compensation Actually Paid and Adjusted EBITDA The following graph provides an illustration of the relationship between “Compensation Actually Paid” for the PEO and average Non-PEO NEOs and the Company’s Adjusted EBITDA for the fiscal years ended December 31, 2024, 2023, 2022, and 2021.

| ​ | 2025proxy statement | ​ | ​ | ​ | 61 | ​ |

TABLE OF CONTENTS PROPOSAL 4: SECOND AMENDMENT TO THE INCENTIVE PLAN

PROPOSAL 4: SECOND AMENDMENT TO THE INCENTIVE PLAN

| ​ | PROPOSAL 4SNAPSHOT |   |   |   |     | ​ | ​ | ​ | The Board seeks approval from stockholders to amend the Incentive Plan solely to increase the number of shares of common stock authorized for issuance under the Incentive Plan by 5,000,000 shares to a total of 13,000,000 shares.                                                                                                                                            | ​ | ​ | ​ |     | ​ |
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| ​ |                    | ​ | ​ | ​ |     | ​ | ​ | ​ | The Board recommends that you voteFORthis proposal. The Board believes that the amendment to the Incentive Plan is a critical compensation component with the ability to attract, retain and motivate employees by aligning their interests with the interests of stockholders and will provide us with the continued ability to link participants’ pay to stockholder returns. | ​ | ​ | ​ |     |   |
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Overview On February 27, 2025, our Board approved and adopted, subject to stockholder approval, an amendment to the Incentive Plan, under which we would be authorized to grant cash and equity incentive awards to eligible participants. Under the Incentive Plan, as initially adopted by the Board on March 15, 2019 in connection with our business combination, the Compensation Committee was authorized to grant