Sec Form 4 Filing - TDR Capital II Investments LP @ Target Hospitality Corp. - 2022-12-12

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person TDR Capital II Investments LP 2. Issuer Name and Ticker or Trading Symbol Target Hospitality Corp. [ TH] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O TDR CAPITAL LLP, 20 BENTINCK STREET 3. Date of Earliest Transaction (MM/DD/YY) 12/12/2022 (Street) LONDON, X0W1U 2EU 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, par value $0.0001 per share 12/12/2022 J 556,118 D 64,563,347( 2 ) I By Arrow Holdings S.a r.l. and MFA Global S.a r.l.( 3 )( 4 )( 5 )( 6 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other TDR Capital II Investments LP C/O TDR CAPITAL LLP 20 BENTINCK STREET LONDON, X0W1U 2EU X Arrow Holdings S.a.r.l. 20 RUE EUGENE RUPPERT LUXEMBOURG, N4L-2453 X Modulaire Holding S.a.r.l. 20 RUE EUGENE RUPPERT LUXEMBOURG CITY, N4L-2453 X MFA Limited Partnership SLP 20 RUE EUGENE RUPPERT LUXEMBOURG CITY, N4L-2453 X MFA Global S.a.r.l. 20 RUE EUGENE RUPPERT LUXEMBOURG CITY, N4L-2453 X TDR Capital LLP 20 BENTINCK STREET LONDON, X0W1U 2EU X DALE MANJIT C/O TDR CAPITAL LLP 20 BENTINCK STREET LONDON, X0W1U 2EU X Signatures MFA Global S.a r.l., By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Liquidator 12/16/2022 Signature of Reporting Person Date MFA Limited Partnership SLP, By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Class A Manager 12/16/2022 Signature of Reporting Person Date Modulaire Holding S.a r.l., By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Class A Manager 12/16/2022 Signature of Reporting Person Date Arrow Holdings S.a r.l., By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Class A Manager 12/16/2022 Signature of Reporting Person Date TDR Capital II Investments LP, By: /s/ Blair Thompson, Name: Blair Thompson, Title: Authorised Signatory 12/16/2022 Signature of Reporting Person Date TDR Capital LLP, By: /s/ Blair Thompson, Name: Blair Thompson, Title: Authorised Signatory 12/16/2022 Signature of Reporting Person Date /s/ Manjit Dale 12/16/2022 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represents an in-kind distribution by Arrow Holdings S.a r.l. ("Arrow") of common stock of the Issuer, par value $0.0001 per share ("Common Stock"), for no consideration. The in-kind distribution was made on behalf of a partnership managed by TDR Capital LLP to its underlying investor in connection with the planned winding-up of that partnership. ( 2 )Includes (i) 15,628,865 shares of Common Stock held by MFA Global S.a r.l. ("MFA Global") and (ii) 48,934,482 shares of Common Stock held by Arrow. ( 3 )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. ( 4 )The securities of the Issuer held by Arrow and MFA Global are ultimately held on behalf of investment funds managed by TDR Capital LLP (the majority holding being through TDR Capital II Investments LP) and certain other minority investors. The investors in such funds are passive. In its capacity as an investment fund manager, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and MFA Global and, 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 MFA Global. ( 5 )MFA Global is held by MFA Limited Partnership SLP which in turn is held by Modulaire Holding S.a r.l., MFA Limited Partnership, Modulaire Holdings and MFA Global (the "MFA Entities"). See footnote 4 above in relation to the ultimate holding structure. ( 6 )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 as set out above. 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.

Remarks: Stephen Robertson is filing a separate Form 4 disclosing his beneficial ownership interests in the securities of the Issuer held by Arrow and MFA Global, which was submitted on the Securities and Exchange Commission's EDGAR system on or about the date hereof.

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

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

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

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