Schrenk Troy C. 4
4 · Target Hospitality Corp. · Filed Mar 3, 2026
Research Summary
AI-generated summary of this filing
Target (TH) SEVP Troy Schrenk Receives RSUs; Shares Withheld
What Happened
Troy C. Schrenk, Senior EVP, Operations & Chief Commercial Officer of Target Hospitality (TH), had a total of 23,375 restricted stock units (RSUs/PSUs) vest across Feb. 27 and Mar. 1, 2026. Upon vesting the RSUs converted into shares (recorded as derivative exercises), and 5,690 shares were withheld to satisfy tax withholding obligations at the closing stock price of $7.79 (reported withholding value ≈ $44.3K). Net shares delivered to Schrenk after withholding: 17,685 shares. The transactions were routine vesting and tax-withholding activity rather than an open‑market sale or purchase.
Key Details
- Transaction dates: Feb 27, 2026 and Mar 1, 2026. Stock price used for tax withholding: $7.79 (closing price Feb 27, 2026).
- Vesting/conversion (transaction code M): 12,277 RSUs (2/27) + 11,098 RSUs (3/1) = 23,375 RSUs converted to common stock.
- Tax withholding (transaction code F): 2,989 shares withheld (2/27) = $23,284; 1,765 shares withheld (3/1) = $13,749; 936 shares withheld (3/1) = $7,291. Total withheld = 5,690 shares (≈ $44.3K).
- Net shares received: 23,375 vested − 5,690 withheld = 17,685 shares delivered to Schrenk.
- Footnotes: RSUs/PSUs each convert to one share upon vesting or cash equivalent (F1). Footnote F3 lists unvested RSUs remaining from prior grants (totaling 133,240 RSUs across multiple grant dates) that continue to vest per their schedules.
- Filing/timeliness: Report filed Mar 3, 2026 for transactions through Mar 1, 2026 — appears to be a routine, timely Form 4 filing.
- Transaction codes explained: M = exercise/conversion of derivative (here, RSU conversion); F = shares withheld to pay tax liability.
Context
This was a vesting event (award conversion) with net settlement to cover taxes — often called net share withholding — not an open-market sale or a purchase. Such withholding is common for employees receiving equity compensation and does not by itself signal an intent to buy or sell stock in the market. The filing also shows sizable remaining unvested RSU awards that will vest over future anniversaries per the award agreements.
Insider Transaction Report
- Exercise/Conversion
Common Stock, par value $0.0001 per share
[F1]2026-02-27+12,277→ 205,680 total - Tax Payment
Common Stock, par value $0.0001 per share
[F2]2026-02-27$7.79/sh−2,989$23,284→ 202,691 total - Exercise/Conversion
Common Stock, par value $0.0001 per share
[F1]2026-03-01+7,252→ 209,943 total - Tax Payment
Common Stock, par value $0.0001 per share
[F2]2026-03-01$7.79/sh−1,765$13,749→ 208,178 total - Exercise/Conversion
Common Stock, par value $0.0001 per share
[F1]2026-03-01+3,846→ 212,789 total - Tax Payment
Common Stock, par value $0.0001 per share
[F2]2026-03-01$7.79/sh−936$7,291→ 211,088 total - Exercise/Conversion
Restricted Stock Units
[F1][F3]2026-02-27−12,277→ 106,018 total→ Common Stock (12,277 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F3]2026-03-01−7,252→ 98,766 total→ Common Stock (7,252 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F3]2026-03-01−3,846→ 94,920 total→ Common Stock (3,846 underlying)
Footnotes (3)
- [F1]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.
- [F2]Restricted stock units withheld for payment of tax liability upon vesting of 12,277 RSUs February 27, 2026 and 11,098 RSUs March 1, 2026. Stock price reflects closing stock price as of February 27, 2026, the last trading day prior to vesting.
- [F3]Total includes unvested RSUs from the following grants: 39,740 RSUs granted on February 25, 2026 which vest in four equal annual installments on each of the first four anniversaries of the grant date beginning February 25, 2027; 49,107 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; 29,008 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 15,385 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 Target Hospitality Corp. 2019 Incentive Award Plan, as amended.