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Target Hospitality Corp.·4

Feb 26, 4:34 PM ET

Schrenk Troy C. 4

Research Summary

AI-generated summary

Updated

Target Hospitality (TH) SEVP Troy Schrenk Exercises RSUs, Receives Grants

What Happened

  • Troy C. Schrenk, Senior EVP, Operations & Chief Commercial Officer of Target Hospitality (TH), had 24,917 restricted stock units (RSUs vest) on Feb 24, 2026. Of those, 6,067 shares were withheld to cover taxes (withholding value reported as $40,467 at $6.67/share), leaving about 18,850 net shares issued to him.
  • On Feb 25, 2026, he was granted 39,740 new RSUs (vesting in four equal annual installments beginning Feb 25, 2027) and a target award of up to 400,000 performance-based RSUs (PSUs). The PSUs vest based on stock price performance (VWAP targets between $20–$30 over measurement periods) with cumulative earned PSUs vesting on June 30, 2028 (or upon certain other events).

Key Details

  • Transaction dates: Feb 24, 2026 (vesting/exercise and tax withholding); Feb 25, 2026 (new RSU and PSU grants).
  • Prices/values reported: Tax withholding of 6,067 shares at $6.67 = $40,467. RSU/PSU grants reported at $0.00 (awards, not purchases).
  • Shares after transaction: Total unvested RSUs reported include 133,240 RSUs from prior and current grants (39,740 granted 2/25/26; 49,107 from 2/27/25; 29,008 from 2/29/24; 15,385 from 3/1/23). Net vested shares delivered from the 2/24/26 vesting were ~18,850 after withholding.
  • Footnotes: RSUs/PSUs are contingent rights to receive common stock upon vesting (or cash equivalent). PSUs vest based on VWAP performance criteria; actual number earned may range from 0 to 400,000.
  • Filing timeliness: Form 4 filed Feb 26, 2026 for transactions on Feb 24–25, 2026 — appears timely (not noted as late).

Context

  • This filing reflects routine equity compensation activity: vesting of RSUs (with standard tax-withholding using a portion of shares) and the grant of new time- and performance-based awards. The tax-withholding disposition is common and does not necessarily signal a discretionary sale of shares.
  • For PSUs: vesting is performance-dependent (price targets $20–$30 over specified measurement periods), so the 400,000 figure is a maximum target, not a guaranteed issuance.