Company: TH
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001104659-25-032818
Chunk: 60

Company: Target Hospitality Corp.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 60
---
ed EBITDA is calculated as Adjusted EBITDA gross of bonus adjustments. For a discussion of our use of non-GAAP financial measures, including a reconciliation of (i) Adjusted EBITDA to net income (loss), please refer to the “Non-GAAP Financial Measures” section beginning on page 64 in Item 7 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Financial Performance Measures As described in greater detail under “Executive Compensation — Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a variable pay-for-performance philosophy. The metrics that the Company uses for both our long-term and short-term incentive awards are selected based on the Company’s objective of incentivizing our NEOs to increase the value of our enterprise for our shareholders. The most important financial performance measures used by the Company to link

| ​ | 58 | ​ | ​ | ​ | investors.targethospitality.com | ​ |

TABLE OF CONTENTS EXECUTIVE COMPENSATION executive “compensation actually paid” to the Company’s NEOs, for the most recently completed fiscal year, to the Company’s performance are as follows: ■ Adjusted EBITDA ■ Relative TSR ■ Cash Flow Description of Certain Relationships Between Information Presented in the Pay versus Performance Table As described in more detail in the section titled “Executive Compensation — Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a variable pay-for-performance philosophy. While the Company utilizes several performance measures to align executive compensation with Company performance, not all of those Company measures are presented in the Pay versus Performance table. In accordance with SEC rules, the Company is providing the following descriptions of the relationships between information presented in the Pay versus Performance Table. Compensation Actually Paid vs. Company TSR and Peer Group TSR The following graph provides an illustration of the relationship between “Compensation Actually Paid” for the PEO and average Non-PEO NEOs and the Total Shareholder Return of Target Hospitality and the Compensation Peer Group for the fiscal years ended December 31, 2024, 2023, 2022, and 2021.

| ​ | 2025proxy statement | ​ | ​ | ​ | 59 | ​ |

TABLE OF CONTENTS EXECUTIVE COMPENSATION Compensation Actually Paid and Net Income 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 Net Income for the fiscal years ended December 31, 2024