Algeco Investments 2 S.a.r.l.

SEC source: 0001104659-21-070077 · tm2117146-1_4seq1.xml · derivative · entry 3

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l.

Disclosed balance after: 134,616

Underlying: Common Stock · 196,629 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit 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.

F3 · kind: On May 20, 2020, Stephen Robertson was granted 140,449 restricted stock units ("RSUs"), and Gary Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD").

F4 · kind: On May 18, 2021, Mr. Robertson was granted 96,154 RSUs and Mr. Lindsay was granted 38,462 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · kind: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · price: On May 20, 2020, Stephen Robertson was granted 140,449 restricted stock units ("RSUs"), and Gary Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD").

F4 · price: On May 18, 2021, Mr. Robertson was granted 96,154 RSUs and Mr. Lindsay was granted 38,462 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · price: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · derivative.exercise_date: On May 20, 2020, Stephen Robertson was granted 140,449 restricted stock units ("RSUs"), and Gary Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD").

F4 · derivative.exercise_date: On May 18, 2021, Mr. Robertson was granted 96,154 RSUs and Mr. Lindsay was granted 38,462 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · derivative.exercise_date: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · derivative.expiration_date: On May 20, 2020, Stephen Robertson was granted 140,449 restricted stock units ("RSUs"), and Gary Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD").

F4 · derivative.expiration_date: On May 18, 2021, Mr. Robertson was granted 96,154 RSUs and Mr. Lindsay was granted 38,462 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · derivative.expiration_date: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F6 · ownership.nature: As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.

F7 · ownership.nature: Algeco Holding S.a r.l. ("Algeco Holdings") is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F8 · ownership.nature: Algeco Investments 3 holds 40% of the share capital of Algeco, and Algeco Investments 2 holds the remaining 60%.

F9 · ownership.nature: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F10 · ownership.nature: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed to be the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-21-070077 · tm2117146-1_4seq1.xml · derivative · entry 2

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l.

Disclosed balance after: 331,245

Underlying: Common Stock · 134,616 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit 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.

F3 · kind: On May 20, 2020, Stephen Robertson was granted 140,449 restricted stock units ("RSUs"), and Gary Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD").

F4 · kind: On May 18, 2021, Mr. Robertson was granted 96,154 RSUs and Mr. Lindsay was granted 38,462 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · kind: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · price: On May 20, 2020, Stephen Robertson was granted 140,449 restricted stock units ("RSUs"), and Gary Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD").

F4 · price: On May 18, 2021, Mr. Robertson was granted 96,154 RSUs and Mr. Lindsay was granted 38,462 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · price: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · derivative.exercise_date: On May 20, 2020, Stephen Robertson was granted 140,449 restricted stock units ("RSUs"), and Gary Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD").

F4 · derivative.exercise_date: On May 18, 2021, Mr. Robertson was granted 96,154 RSUs and Mr. Lindsay was granted 38,462 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · derivative.exercise_date: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · derivative.expiration_date: On May 20, 2020, Stephen Robertson was granted 140,449 restricted stock units ("RSUs"), and Gary Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD").

F4 · derivative.expiration_date: On May 18, 2021, Mr. Robertson was granted 96,154 RSUs and Mr. Lindsay was granted 38,462 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · derivative.expiration_date: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F6 · ownership.nature: As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.

F7 · ownership.nature: Algeco Holding S.a r.l. ("Algeco Holdings") is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F8 · ownership.nature: Algeco Investments 3 holds 40% of the share capital of Algeco, and Algeco Investments 2 holds the remaining 60%.

F9 · ownership.nature: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F10 · ownership.nature: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed to be the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-21-070077 · tm2117146-1_4seq1.xml · nonDerivative · entry 1

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l. and Algeco Investments B.V.

Disclosed balance after: 64,984,849

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted stock unit 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 · balance_after: Includes (i) 15,628,865 shares of Common Stock held by Algeco Investments B.V. ("Algeco") and (ii) 49,355,984 shares of Common Stock held by Arrow Holdings S.a r.l. ("Arrow").

F7 · ownership.nature: Algeco Holding S.a r.l. ("Algeco Holdings") is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F8 · ownership.nature: Algeco Investments 3 holds 40% of the share capital of Algeco, and Algeco Investments 2 holds the remaining 60%.

F9 · ownership.nature: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F10 · ownership.nature: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed to be the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-20-111810 · a4.xml · derivative · entry 3

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l.

Disclosed balance after: 196,629

Underlying: Common Stock · 10,552 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit ("RSU") 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.

F6 · kind: On October 1, 2020, the Issuer and Arrow entered into Restricted Stock Agreement for Non-Employee Directors Termination Agreements (the "Agreements") following the Compensation Committee and Board of Directors approval to terminate the Director Retainer Reduction Program. Pursuant to the Agreements, Arrow will forfeit the remaining 10,552 RSUs scheduled to vest on December 31, 2020

F4 · derivative.exercise_date: As contemplated by the Director Retainer Reduction Equity Award Program, 24,351 RSUs granted to Mr. Robertson and 7,305 RSUs granted to Mr. Lindsay on April 1, 2020 which vest ratably on June 30, September 30 and December 31, 2020 subject to the Plan and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F4 · derivative.expiration_date: As contemplated by the Director Retainer Reduction Equity Award Program, 24,351 RSUs granted to Mr. Robertson and 7,305 RSUs granted to Mr. Lindsay on April 1, 2020 which vest ratably on June 30, September 30 and December 31, 2020 subject to the Plan and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F3 · balance_after: On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors.

F4 · balance_after: As contemplated by the Director Retainer Reduction Equity Award Program, 24,351 RSUs granted to Mr. Robertson and 7,305 RSUs granted to Mr. Lindsay on April 1, 2020 which vest ratably on June 30, September 30 and December 31, 2020 subject to the Plan and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F5 · balance_after: Immediately following each grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow, which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP. Upon transfer to Arrow, the restricted stock units vest in accordance with the same terms and conditions of the initial grant.

F6 · balance_after: On October 1, 2020, the Issuer and Arrow entered into Restricted Stock Agreement for Non-Employee Directors Termination Agreements (the "Agreements") following the Compensation Committee and Board of Directors approval to terminate the Director Retainer Reduction Program. Pursuant to the Agreements, Arrow will forfeit the remaining 10,552 RSUs scheduled to vest on December 31, 2020

F7 · ownership.nature: As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.

F8 · ownership.nature: Algeco Holding S.a r.l. ("Algeco Holdings") is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F9 · ownership.nature: Algeco Investments 3 holds 40% of the share capital of Algeco, and Algeco Investments 2 holds the remaining 60%.

F10 · ownership.nature: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F11 · ownership.nature: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-20-111810 · a4.xml · derivative · entry 2

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l.

Disclosed balance after: 207,181

Underlying: Common Stock · 10,552 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit ("RSU") 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.

F4 · derivative.exercise_date: As contemplated by the Director Retainer Reduction Equity Award Program, 24,351 RSUs granted to Mr. Robertson and 7,305 RSUs granted to Mr. Lindsay on April 1, 2020 which vest ratably on June 30, September 30 and December 31, 2020 subject to the Plan and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F4 · derivative.expiration_date: As contemplated by the Director Retainer Reduction Equity Award Program, 24,351 RSUs granted to Mr. Robertson and 7,305 RSUs granted to Mr. Lindsay on April 1, 2020 which vest ratably on June 30, September 30 and December 31, 2020 subject to the Plan and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F3 · balance_after: On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors.

F4 · balance_after: As contemplated by the Director Retainer Reduction Equity Award Program, 24,351 RSUs granted to Mr. Robertson and 7,305 RSUs granted to Mr. Lindsay on April 1, 2020 which vest ratably on June 30, September 30 and December 31, 2020 subject to the Plan and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F5 · balance_after: Immediately following each grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow, which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP. Upon transfer to Arrow, the restricted stock units vest in accordance with the same terms and conditions of the initial grant.

F7 · ownership.nature: As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.

F8 · ownership.nature: Algeco Holding S.a r.l. ("Algeco Holdings") is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F9 · ownership.nature: Algeco Investments 3 holds 40% of the share capital of Algeco, and Algeco Investments 2 holds the remaining 60%.

F10 · ownership.nature: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F11 · ownership.nature: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-20-111810 · a4.xml · nonDerivative · entry 1

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l. and Algeco Investments B.V.

Disclosed balance after: 64,788,220

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted stock unit ("RSU") 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 · balance_after: Includes (i) 15,628,865 shares of Common Stock held by Algeco Investments B.V. ("Algeco") and (ii) 49,159,355 shares of Common Stock held by Arrow Holdings S.a r.l. ("Arrow")

F7 · ownership.nature: As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.

F8 · ownership.nature: Algeco Holding S.a r.l. ("Algeco Holdings") is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F9 · ownership.nature: Algeco Investments 3 holds 40% of the share capital of Algeco, and Algeco Investments 2 holds the remaining 60%.

F10 · ownership.nature: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F11 · ownership.nature: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-20-080709 · a4.xml · derivative · entry 2

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l.

Disclosed balance after: 217,733

Underlying: Common Stock · 10,552 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit 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.

F3 · price: On May 21, 2019, Stephen Robertson was granted 27,322 restricted stock units ("RSUs"), and Gary Lindsay was granted 10,929 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD").

F4 · price: On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · price: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · derivative.exercise_date: On May 21, 2019, Stephen Robertson was granted 27,322 restricted stock units ("RSUs"), and Gary Lindsay was granted 10,929 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD").

F4 · derivative.exercise_date: On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · derivative.exercise_date: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · derivative.expiration_date: On May 21, 2019, Stephen Robertson was granted 27,322 restricted stock units ("RSUs"), and Gary Lindsay was granted 10,929 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD").

F4 · derivative.expiration_date: On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · derivative.expiration_date: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F6 · balance_after: Total also includes, as contemplated by the Director Retainer Reduction Equity Award Program, 24,351 RSUs granted to Mr. Robertson and 7,305 RSUs granted to Mr. Lindsay on April 1, 2020 which vest ratably on June 30, September 30 and December 31, 2020 subject to the Plan and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F7 · ownership.nature: As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.

F8 · ownership.nature: Algeco Holding S.a r.l. ("Algeco Holdings") is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F9 · ownership.nature: Algeco Investments 3 holds 40% of the share capital of Algeco, and Algeco Investments 2 holds the remaining 60%.

F10 · ownership.nature: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F11 · ownership.nature: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed to be the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-20-080709 · a4.xml · nonDerivative · entry 1

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l. and Algeco Investments B.V.

Disclosed balance after: 64,777,668

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted stock unit 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 · balance_after: Includes (i) 15,628,865 shares of Common Stock held by Algeco Investments B.V. ("Algeco") and (ii) 49,148,803 shares of Common Stock held by Arrow Holdings S.a r.l. ("Arrow").

F7 · ownership.nature: As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.

F8 · ownership.nature: Algeco Holding S.a r.l. ("Algeco Holdings") is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F9 · ownership.nature: Algeco Investments 3 holds 40% of the share capital of Algeco, and Algeco Investments 2 holds the remaining 60%.

F10 · ownership.nature: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F11 · ownership.nature: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed to be the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-20-065455 · a4.xml · derivative · entry 3

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l.

Disclosed balance after: 228,285

Underlying: Common Stock · 38,251 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Each restricted stock unit 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.

F3 · kind: On May 21, 2019, Stephen Robertson was granted 27,322 restricted stock units ("RSUs"), and Gary Lindsay was granted 10,929 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F4 · kind: Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD"). On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · kind: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · price: On May 21, 2019, Stephen Robertson was granted 27,322 restricted stock units ("RSUs"), and Gary Lindsay was granted 10,929 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F4 · price: Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD"). On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · price: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · derivative.exercise_date: On May 21, 2019, Stephen Robertson was granted 27,322 restricted stock units ("RSUs"), and Gary Lindsay was granted 10,929 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F4 · derivative.exercise_date: Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD"). On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · derivative.exercise_date: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · derivative.expiration_date: On May 21, 2019, Stephen Robertson was granted 27,322 restricted stock units ("RSUs"), and Gary Lindsay was granted 10,929 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F4 · derivative.expiration_date: Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD"). On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · derivative.expiration_date: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F6 · balance_after: Total also includes, as contemplated by the Director Retainer Reduction Equity Award Program, 24,351 RSUs granted to Mr. Robertson and 7,305 RSUs granted to Mr. Lindsay on April 1, 2020 which vest ratably on June 30, September 30 and December 31, 2020 subject to the Plan and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F7 · ownership.nature: As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.

F8 · ownership.nature: Algeco Holding S.a r.l. ("Algeco Holdings") is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F9 · ownership.nature: Algeco Investments 3 holds 40% of the share capital of Algeco, and Algeco Investments 2 holds the remaining 60%.

F10 · ownership.nature: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F11 · ownership.nature: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed to be the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-20-065455 · a4.xml · derivative · entry 2

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l.

Disclosed balance after: 266,536

Underlying: Common Stock · 196,629 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit 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.

F3 · kind: On May 21, 2019, Stephen Robertson was granted 27,322 restricted stock units ("RSUs"), and Gary Lindsay was granted 10,929 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F4 · kind: Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD"). On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · kind: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · price: On May 21, 2019, Stephen Robertson was granted 27,322 restricted stock units ("RSUs"), and Gary Lindsay was granted 10,929 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F4 · price: Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD"). On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · price: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · derivative.exercise_date: On May 21, 2019, Stephen Robertson was granted 27,322 restricted stock units ("RSUs"), and Gary Lindsay was granted 10,929 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F4 · derivative.exercise_date: Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD"). On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · derivative.exercise_date: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · derivative.expiration_date: On May 21, 2019, Stephen Robertson was granted 27,322 restricted stock units ("RSUs"), and Gary Lindsay was granted 10,929 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the terms and conditions of the previously disclosed Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan") and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F4 · derivative.expiration_date: Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer ("BOD"). On May 20, 2020, Mr. Robertson was granted 140,449 RSUs and Mr. Lindsay was granted 56,180 RSUs which vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date, subject to the Plan and award agreement. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.

F5 · derivative.expiration_date: Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F6 · balance_after: Total also includes, as contemplated by the Director Retainer Reduction Equity Award Program, 24,351 RSUs granted to Mr. Robertson and 7,305 RSUs granted to Mr. Lindsay on April 1, 2020 which vest ratably on June 30, September 30 and December 31, 2020 subject to the Plan and the award agreements entered into between the Issuer and Mr. Robertson and Mr. Lindsay, respectively.

F7 · ownership.nature: As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.

F8 · ownership.nature: Algeco Holding S.a r.l. ("Algeco Holdings") is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F9 · ownership.nature: Algeco Investments 3 holds 40% of the share capital of Algeco, and Algeco Investments 2 holds the remaining 60%.

F10 · ownership.nature: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F11 · ownership.nature: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed to be the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-20-065455 · a4.xml · nonDerivative · entry 1

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l. and Algeco Investments B.V.

Disclosed balance after: 64,767,116

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Each restricted stock unit 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 · balance_after: Includes (i) 15,628,865 shares of Common Stock held by Algeco Investments B.V. ("Algeco") and (ii) 49,138,251 shares of Common Stock held by Arrow Holdings S.a r.l. ("Arrow").

F7 · ownership.nature: As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.

F8 · ownership.nature: Algeco Holding S.a r.l. ("Algeco Holdings") is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F9 · ownership.nature: Algeco Investments 3 holds 40% of the share capital of Algeco, and Algeco Investments 2 holds the remaining 60%.

F10 · ownership.nature: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F11 · ownership.nature: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed to be the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-20-043270 · a4.xml · derivative · entry 1

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l.

Disclosed balance after: 69,907

Underlying: Common Stock · 31,656 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit 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.

F1 · kind: Each restricted stock unit 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 · shares: On April 1, 2020, the Compensation Committee of the Issuer approved the Director Retainer Reduction Equity Award Program (the "Retainer Program"). On April 1, 2020 as contemplated by the Retainer Program, Stephen Robertson was granted 24,351 restricted stock units ("RSUs") and Gary Lindsay was granted 7,305 RSUs pursuant to the Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan"). The RSUs will ratably vest on June 30, September 30 and December 31, 2020. Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow Holding S.a r.l ("Arrow") which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F2 · price: On April 1, 2020, the Compensation Committee of the Issuer approved the Director Retainer Reduction Equity Award Program (the "Retainer Program"). On April 1, 2020 as contemplated by the Retainer Program, Stephen Robertson was granted 24,351 restricted stock units ("RSUs") and Gary Lindsay was granted 7,305 RSUs pursuant to the Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan"). The RSUs will ratably vest on June 30, September 30 and December 31, 2020. Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow Holding S.a r.l ("Arrow") which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F2 · derivative.exercise_date: On April 1, 2020, the Compensation Committee of the Issuer approved the Director Retainer Reduction Equity Award Program (the "Retainer Program"). On April 1, 2020 as contemplated by the Retainer Program, Stephen Robertson was granted 24,351 restricted stock units ("RSUs") and Gary Lindsay was granted 7,305 RSUs pursuant to the Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan"). The RSUs will ratably vest on June 30, September 30 and December 31, 2020. Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow Holding S.a r.l ("Arrow") which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F2 · derivative.expiration_date: On April 1, 2020, the Compensation Committee of the Issuer approved the Director Retainer Reduction Equity Award Program (the "Retainer Program"). On April 1, 2020 as contemplated by the Retainer Program, Stephen Robertson was granted 24,351 restricted stock units ("RSUs") and Gary Lindsay was granted 7,305 RSUs pursuant to the Target Hospitality Corp. 2019 Incentive Award Plan (the "Plan"). The RSUs will ratably vest on June 30, September 30 and December 31, 2020. Immediately following the grant of RSUs, each of Mr. Robertson and Mr. Lindsay transferred the RSUs to Arrow Holding S.a r.l ("Arrow") which holds certain securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP.

F3 · ownership.direct: As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.

F4 · ownership.direct: Algeco Holdings is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F5 · ownership.direct: Algeco Investments 3 holds 40% of the share capital of Algeco Investments B.V. ("Algeco"), and Algeco Investments 2 holds the remaining 60%.

F6 · ownership.direct: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F7 · ownership.direct: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed to be the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-19-031477 · a4.xml · derivative · entry 1

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l.

Disclosed balance after: 38,251

Underlying: Common Stock · 38,251 shares

Expires not disclosed

F1 · derivative.exercise_price: Each restricted stock unit 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 · kind: Restricted stock units granted to Stephen Robertson and Gary Lindsay pursuant to the Target Hospitality Corp. 2019 Incentive Award Plan and the Restricted Stock Unit Agreements between the Issuer and each of Mr. Robertson and Mr. Lindsay dated as of May 21, 2019. These restricted stock units comprise part of the Issuer's annual compensation program for non-executive directors and, subject to the terms and conditions of such plan and award agreement, the restricted stock units vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer.

F3 · kind: Immediately following the grant of the restricted stock units, each of Mr. Robertson and Mr. Lindsay transferred the restricted stock units to Arrow Holding S.a r.l ("Arrow") which holds certain equity securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP. Upon transfer to Arrow, the restricted stock units will vest in accordance with the same terms and conditions of the initial grant.

F2 · shares: Restricted stock units granted to Stephen Robertson and Gary Lindsay pursuant to the Target Hospitality Corp. 2019 Incentive Award Plan and the Restricted Stock Unit Agreements between the Issuer and each of Mr. Robertson and Mr. Lindsay dated as of May 21, 2019. These restricted stock units comprise part of the Issuer's annual compensation program for non-executive directors and, subject to the terms and conditions of such plan and award agreement, the restricted stock units vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer.

F3 · shares: Immediately following the grant of the restricted stock units, each of Mr. Robertson and Mr. Lindsay transferred the restricted stock units to Arrow Holding S.a r.l ("Arrow") which holds certain equity securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP. Upon transfer to Arrow, the restricted stock units will vest in accordance with the same terms and conditions of the initial grant.

F2 · price: Restricted stock units granted to Stephen Robertson and Gary Lindsay pursuant to the Target Hospitality Corp. 2019 Incentive Award Plan and the Restricted Stock Unit Agreements between the Issuer and each of Mr. Robertson and Mr. Lindsay dated as of May 21, 2019. These restricted stock units comprise part of the Issuer's annual compensation program for non-executive directors and, subject to the terms and conditions of such plan and award agreement, the restricted stock units vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer.

F3 · price: Immediately following the grant of the restricted stock units, each of Mr. Robertson and Mr. Lindsay transferred the restricted stock units to Arrow Holding S.a r.l ("Arrow") which holds certain equity securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP. Upon transfer to Arrow, the restricted stock units will vest in accordance with the same terms and conditions of the initial grant.

F2 · derivative.exercise_date: Restricted stock units granted to Stephen Robertson and Gary Lindsay pursuant to the Target Hospitality Corp. 2019 Incentive Award Plan and the Restricted Stock Unit Agreements between the Issuer and each of Mr. Robertson and Mr. Lindsay dated as of May 21, 2019. These restricted stock units comprise part of the Issuer's annual compensation program for non-executive directors and, subject to the terms and conditions of such plan and award agreement, the restricted stock units vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer.

F3 · derivative.exercise_date: Immediately following the grant of the restricted stock units, each of Mr. Robertson and Mr. Lindsay transferred the restricted stock units to Arrow Holding S.a r.l ("Arrow") which holds certain equity securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP. Upon transfer to Arrow, the restricted stock units will vest in accordance with the same terms and conditions of the initial grant.

F2 · derivative.expiration_date: Restricted stock units granted to Stephen Robertson and Gary Lindsay pursuant to the Target Hospitality Corp. 2019 Incentive Award Plan and the Restricted Stock Unit Agreements between the Issuer and each of Mr. Robertson and Mr. Lindsay dated as of May 21, 2019. These restricted stock units comprise part of the Issuer's annual compensation program for non-executive directors and, subject to the terms and conditions of such plan and award agreement, the restricted stock units vest in full on the first anniversary of the grant date or, if earlier, the date of the first annual meeting of the stockholders of the Issuer following the grant date. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer.

F3 · derivative.expiration_date: Immediately following the grant of the restricted stock units, each of Mr. Robertson and Mr. Lindsay transferred the restricted stock units to Arrow Holding S.a r.l ("Arrow") which holds certain equity securities of Target Hospitality Corp. on behalf of TDR Capital II Holdings LP, the investment fund managed by TDR Capital LLP. Upon transfer to Arrow, the restricted stock units will vest in accordance with the same terms and conditions of the initial grant.

F4 · ownership.direct: As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the securities of the Issuer held by Arrow.

F5 · ownership.direct: Algeco Holding S.a r.l. ("Algeco Holdings") is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F6 · ownership.direct: Algeco Investments 3 holds 40% of the share capital of Algeco Investments B.V. ("Algeco"), and Algeco Investments 2 holds the remaining 60%.

F7 · ownership.direct: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the securities of the Issuer held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and Algeco.

F8 · ownership.direct: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed to be the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

SEC source: 0001104659-19-022587 · a4.xml · nonDerivative · entry 1

TDR Capital II Investments LP · CIK 0001771172 · 10% owner

Arrow Holdings S.a.r.l. · CIK 0001767017 · 10% owner

Algeco Holding S.a.r.l. · CIK 0001766820 · 10% owner

Algeco Limited Partnership SLP · CIK 0001765696 · 10% owner

Algeco Global S.a.r.l. · CIK 0001766340 · 10% owner

Algeco Investments 1 S.a.r.l. · CIK 0001765698 · 10% owner

Algeco Investments 2 S.a.r.l. · CIK 0001765697 · 10% owner

Algeco Investments 3 S.a.r.l. · CIK 0001771173 · 10% owner

Algeco Investments B.V. · CIK 0001770229 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Arrow Holdings S.a r.l. and Algeco Investments B.V.

Disclosed balance after: 64,728,865

F1 · shares: The shares of common stock of the Issuer, par value $0.0001 per share, reported on this Form 4 were distributed pursuant to the terms of that certain Amended and Restated Earn-Out Agreement dated November 11, 2018, by and among Target Logistics Management, LLC, Williams Scotsman International, Inc., Algeco Holding S.a r.l. ("Algeco Holdings"), Brian S. Lash as the Seller Representative and the other Sellers party thereto, and in accordance with the terms and conditions of that certain Agreement dated April 15, 2019 between Algeco Holdings and Brian S. Lash as the Seller Representative, on behalf of himself and each other Seller.

F1 · price: The shares of common stock of the Issuer, par value $0.0001 per share, reported on this Form 4 were distributed pursuant to the terms of that certain Amended and Restated Earn-Out Agreement dated November 11, 2018, by and among Target Logistics Management, LLC, Williams Scotsman International, Inc., Algeco Holding S.a r.l. ("Algeco Holdings"), Brian S. Lash as the Seller Representative and the other Sellers party thereto, and in accordance with the terms and conditions of that certain Agreement dated April 15, 2019 between Algeco Holdings and Brian S. Lash as the Seller Representative, on behalf of himself and each other Seller.

F2 · balance_after: Includes (i) 15,628,865 shares of Common Stock held by Algeco Investments B.V. ("Algeco") and (ii) 49,100,000 shares of Common Stock held by Arrow Holdings S.a r.l. ("Arrow").

F3 · ownership.direct: The shares of common stock of the Issuer reported on this Form 4 were acquired and are held by Arrow and Algeco in connection with the closing of a certain business combination. As the controlling shareholder of Arrow, TDR Capital II Investments LP, may be deemed the beneficial owner of the shares of the Issuer's common stock held by Arrow.

F4 · ownership.direct: Algeco Holdings is the controlling shareholder of Algeco Limited Partnership SLP ("Algeco SLP"), which is the controlling shareholder of Algeco Global S.a r.l. ("Algeco Global") which is the controlling shareholder of Algeco Investments 1 S.a r.l. (Lux) ("Algeco Investments 1"), which is the sole shareholder of Algeco Investments 2 S.a r.l. (Lux) ("Algeco Investments 2"), which is the sole shareholder of Algeco Investments 3 S.a r.l. (Lux) ("Algeco Investments 3" and together with Algeco Holdings, Algeco Global, Algeco SLP, Algeco Investments 1 and Algeco Investments 2, the "Algeco Entities").

F5 · ownership.direct: Algeco Investments 3 holds 40% of the share capital of Algeco, and Algeco Investments 2 holds the remaining 60%.

F6 · ownership.direct: TDR Capital II Investments LP, as the controlling shareholder of Algeco Holdings may be deemed the beneficial owner of the shares of the Issuer's common stock held by Algeco. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such shares of common stock of the Issuer held by Arrow and Algeco. As founding partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such shares of common stock of the Issuer held by Arrow and Algeco.

F7 · ownership.direct: Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed to be the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.