Company: TH
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001104659-25-032818
Chunk: 2

Company: Target Hospitality Corp.
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 2
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 |  77 | ​ | ​ |
| ​ | Annex A — Second Amendment to the Target Hospitality Corp. 2019 Incentive Plan | ​ | ​ | ​ | ​ | A-1 | ​ | ​ |

TABLE OF CONTENTS PROXY SUMMARY

PROXY SUMMARY This summary highlights information contained elsewhere in this proxy statement. This summary does not contain all information you should consider. Please read the entire proxy statement carefully before voting. Who We Are Founded in 1978, Target Hospitality Corp. (the “ Company, ” “ Target Hospitality ” or “ Target ”) builds, owns, and operates customized facilities for a range of end-users. In fact, we are one of the largest specialty rental and hospitality services companies in North America. We also offer a full suite of cost-effective hospitality solutions, including culinary and catering, concierge, laundry, recreational facilities, transportation, and security. We own an extensive network of geographically relocatable specialty rental accommodation units.

| ​ |     | ​ | ​ | with approximately 
 ~16,865 beds​      | ​ | ​ |     | ​ | ​ | across         
 26 communities | ​ |

2024 Performance Highlights Our exceptional 2024 results illustrate the strength in Target Hospitality’s operating position and commitment to our defined strategic initiatives. Under the leadership of our NEOs, as of December 31, 2024, we reported:

| ​ | ​ | $386 million                                 
 TOTAL REVENUE                                | ​ | ​ | $197 million                       
 ADJ. EBITDA(a)                     | ​ | ​ | $16.6 million            
 INTEREST EXPENSE, NET    | ​ | ​ |
| ​ | ​ | $33 million                                  
 CAPITAL EXPENDITURES(excluding acquisitions) | ​ | ​ | $131 million                       
 DISCRETIONARY CASH FLOW (“DCF”)(a) | ​ | ​ | 0x                       
 TOTAL NET LEVERAGE RATIO | ​ | ​ |

Company Mission and Values At Target Hospitality we relentlessly care about delivering on the details, never backing down from a challenge, using resources responsibly and acting with integrity. We relentlessly care because we know we are capable of making a real difference to our business.

(a) Adjusted EBITDA and Discretionary Cash Flow are non-GAAP financial measures. For a discussion of our use of non-GAAP financial measures, including a reconciliation of (i) Adjusted EBITDA to net income (loss) and (ii) Discretionary