# EDGAR Filing Document

**Accession Number:** 0001765471
**File Stem:** 0001712189-26-000015
**Filing Date:** 2026-2
**Character Count:** 9039
**Document Hash:** fc5948b1202d010f5f9c9b9cbb150330
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001712189-26-000015.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001712189-26-000015

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260224

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Lewis Heidi Diane
- **CENTRAL INDEX KEY:** 0001765471

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38343
- **FILM NUMBER:** 26689516

**MAIL ADDRESS:**
- **STREET 1:** C/O TARGET HOSPITALITY
- **STREET 2:** 9320 LAKESIDE BLVD. SUITE 300
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77381
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Target Hospitality Corp.
- **CENTRAL INDEX KEY:** 0001712189
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS, ROOMING HOUSE, CAMPS & OTHER LODGING PLACES [7000]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 9320 LAKESIDE BLVD.
- **STREET 2:** SUITE 300
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77381
- **BUSINESS PHONE:** 832 709-2563

**MAIL ADDRESS:**
- **STREET 1:** 9320 LAKESIDE BLVD.
- **STREET 2:** SUITE 300
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77381

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Platinum Eagle Acquisition Corp.
- **DATE OF NAME CHANGE:** 20170718

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Lewis Heidi Diane<br><sub>(Last) (First) (Middle)</sub><br>9320 LAKESIDE BLVD., STE 300<br><sub>(Street)</sub><br>THE WOODLANDS, TX 77381<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-02-24 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_EVP, General Counsel & Sec_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Target Hospitality Corp. [ TH ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock, par value $0.001 per share | 2026-02-24 |  | M |  | 12458 | A | <sup>(1)</sup> | 144200 | D |  |
| Common Stock, par value $0.001 per share | 2026-02-24 |  | F |  | 3033 | D | 6.67<sup>(2)</sup> | 141167 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | <sup>(1)</sup> | 2026-02-25 |  | A |  | 28902 |  | <sup>(3)</sup> | <sup>(3)</sup> | Common Stock | 28902 | $0 | 94765<sup>(4)</sup> | D |  |
| Restricted Stock Units | <sup>(1)</sup> | 2026-02-24 |  | M |  |  | 12458 | <sup>(4)</sup> | <sup>(4)</sup> | Common Stock | 12458 | $0 | 82307<sup>(4)</sup> | D |  |
| Performance Stock Units | <sup>(1)</sup> | 2026-02-25 |  | A |  | 175000<sup>(5)</sup> |  | <sup>(6)</sup> | <sup>(6)</sup> | Common Stock | 175000 | $0 | 175000 | D |  |

---

### Footnotes:

(1) Each Restricted Stock Unit ("RSU") or Performance-Based Restricted Stock Unit ("PSU") 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.

(2) Restricted stock units withheld for payment of tax liability upon vesting of 12,458 RSUs on February 24, 2026. Stock price reflects closing stock price as of February 24, 2026.

(3) On February 25, 2026, the Reporting Person was granted 28,902 RSUs which vest in four equal annual installments on each of the first four anniversaries of the grant date beginning February 25, 2027, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan, as amended (the "Plan") and the RSU agreement entered into between the Issuer and the Reporting Person.

(4) Total includes, in addition to 28,902 RSUs granted on February 25, 2026,  unvested RSUs from the following grants: 35,714 RSUs granted on February 27, 2025 which vest in four annual installments on each of the first four anniversaries of the grant date beginning on February 27, 2026; 18,460 RSUs granted on February 29, 2024 which vest in four annual installments on each of the first four anniversaries of the grant date beginning on March 1, 2025; and 7,692 RSUs granted on March 1, 2023, which vest in four equal installments on each of the first four anniversaries of the grant date beginning on March 1, 2024. Awards are subject to the terms of the respective RSU award agreements and subject to the Plan.

(5) On February 25, 2026, the Reporting Person was granted a maximum number of 175,000 PSUs pursuant to a PSU Agreement, by and between the Reporting Person and the Issuer, dated as of February 25, 2026 (the "PSU Agreement"). The actual number of PSUs that shall vest and become unrestricted may range from 0 to 175,000 PSUs based on criteria described in footnote 6 to this Form 4, subject to the terms and conditions of the Plan and the PSU Agreement.

(6) The target number of PSUs reported herein vest upon the Issuer's Common Stock achieving certain volume weighted average prices during any 60 consecutive calendar day period (the "Measurement Periods"). The actual number of PSUs earned are cumulative and may vary according to achievement of agreed Common Stock price targets ranging from $20.00 to $30.00 during each annual Measurement Period, pursuant to the PSU Agreement and subject to the terms and conditions of the Plan. The cumulative number of PSUs earned vest and become unrestricted on June 30, 2028 or upon the occurrence of certain other events as provided in the PSU Agreement.

**Signature:** /s/ Heidi D. Lewis  
**Date:** 2026-02-26

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**