Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-16

Target Hospitality (TH)

CEO James Archer was paid $7,239,484 in fiscal year 2025, ↑ up 77.9% from fiscal year 2024, the 80th percentile of its disclosed peer group (SEC filing 0001104659-26-040125 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$7,239,484 ↑
James Archer total, FY2025
80th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
85.45%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- James Archer (President and Chief Executive Officer), FY2025 total compensation $7,239,484 (base salary $850,000) [exec_comp, SEC accession 0001104659-26-040125, filed 2026-04-07]

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TH's next annual pay disclosure, estimated April 6, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
James Archer$850,000$0$3,703,518$0$2,634,065$0$51,901$7,239,484
President and Chief Executive Officer
Jason Vlacich445,38501,159,4940891,225055,8082,551,912
Chief Financial Officer
Troy Schrenk400,0000666,8730792,200042,9481,902,021
Senior Executive Vice President, Operations, Chief Commercial Officer
Heidi Lewis392,6920484,9960690,263049,0501,617,001
Executive Vice President, General Counsel and Secretary
Brendan Dowhaniuk325,0000424,3750378,6250308,1241,436,124
Executive Vice President, Strategy & Corporate Development

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
James Archer$7,239,484$4,070,302$3,457,487↑ +3,169,182
Jason Vlacich2,551,9121,460,181—↑ +1,091,731
Troy Schrenk1,902,0211,374,5961,157,701↑ +527,425
Heidi Lewis1,617,0011,096,647842,298↑ +520,354
Brendan Dowhaniuk1,436,124188,066—↑ +1,248,058

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against TH
4 companies name TH as a compensation peer

Each company listed discloses TH in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named TH in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Alex HernandezIndependent Director$212,064
John C. DormanDirector$35,014
Linda MedlerIndependent Director$212,064
Martin JimmersonIndependent Director$237,064
Pamela H. PatenaudeIndependent Director$262,064
Stephen RobertsonChair of the Board$319,220
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Heidi LewisPSU2025-02-2717,85735,714—71,428$283,212
Brendan DowhaniukPSU2025-02-2715,62531,250—62,500247,813
Jason VlacichRSU2025-02-27——53,571—302,676
Troy SchrenkPSU2025-02-2724,55449,107—98,214389,419
James ArcherPSU2025-02-2784,822169,643—339,2861,345,269
Heidi LewisRSU2025-02-27——35,714—201,784
Jason VlacichPSU2025-02-2726,78653,571—107,142424,818
Brendan DowhaniukRSU2025-02-27——31,250—176,563
James ArcherPSU2025-02-27250,000——2,000,0001,399,766
James ArcherRSU2025-02-27——169,643—958,483
Jason VlacichPSU2025-02-2775,000——600,000432,000
Troy SchrenkRSU2025-02-27——49,107—277,455
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Heidi Lewis$201,784$283,212$058.4%
Brendan Dowhaniuk176,563247,813058.4%
Jason Vlacich302,676856,818073.9%
Troy Schrenk277,455389,419058.4%
James Archer958,4832,745,035074.1%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Troy SchrenkPSU49,107—$393,347
Heidi LewisRSU3,846—30,806
Jason VlacichPSU653,571—5,235,104
Jason VlacichRSU53,571—429,104
Troy SchrenkRSU7,692—61,613
James ArcherPSU38,462—308,081
Heidi LewisPSU35,714—286,069
James ArcherPSU2,169,643—17,378,840
Troy SchrenkRSU24,917—199,585
James ArcherRSU62,292—498,959
Brendan DowhaniukPSU31,250—250,313
James ArcherRSU75,158—602,016
Jason VlacichRSU29,667—237,633
Troy SchrenkPSU10,256—82,151
Jason VlacichPSU5,128—41,075
Jason VlacichRSU12,458—99,788
Troy SchrenkPSU29,008—232,354
Heidi LewisPSU5,128—41,075
Jason VlacichPSU23,734—190,109
Brendan DowhaniukRSU31,250—250,313
James ArcherRSU169,643—1,358,840
Troy SchrenkRSU21,756—174,266
James ArcherPSU100,211—802,690
Troy SchrenkRSU49,107—393,347
Heidi LewisRSU35,714—286,069
James ArcherRSU28,846—231,056
Heidi LewisPSU18,460—147,865
Heidi LewisRSU13,845—110,898
Heidi LewisRSU12,458—99,788
Jason VlacichRSU3,846—30,806
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to attract and retain world-class executive talent by providing market-competitive pay that is heavily weighted toward performance-based incentives. A material portion of target compensation is at risk and directly tied to stockholder value, with a focus on aligning executive interests with shareholders through equity ownership and long-term incentive programs.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFrederic W. Cook & Co., Inc.
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-2176,833,46812,485,993594,87785.45%Passed
20252025-05-2285,320,8751,223,709186,96398.37%Passed
20242024-05-2389,177,1461,123,28710,36598.76%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2185.45%a
20252025-05-2298.37%b
20242024-05-2398.76%c

a. Approved under the standard stated in the filing — “An abstention with respect to the Amended Incentive Plan will have the same effect as a vote cast "AGAINST" the Amended Incentive Plan.”.

b. Approved under the standard stated in the filing — “An abstention with respect to the Amended Incentive Plan will have the same effect as a vote cast "AGAINST" the Amended Incentive Plan.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as votes cast either "FOR" or "AGAINST" Proposal No.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Stephen RobertsonNot independent · Board Chair$160,000$159,220——$0$319,220
Pamela H. PatenaudeIndependent140,000122,064——0262,064
Martin JimmersonIndependent · Audit (Chair)115,000122,064——0237,064
Alex HernandezIndependent · Audit · Compensation90,000122,064——0212,064
Linda MedlerIndependent · Audit90,000122,064——0212,064
John C. DormanNot independent · Not standing for re-election35,0140——035,014
James B. ArcherEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$115,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 25,000 / 25,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$630,014
Equity awards (grant-date value)$647,476
All other compensation$0
Total cost of the board$1,277,490

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Target Hospitality names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Target Hospitality.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1The GEO Group2025George Zoley$1,147,363$6,763,720$0$3,100,000$14,996,950
2Cavco Industries2026Bill Boor1,100,0004,729,90702,120,9157,958,712
3Target Hospitality2025James Archer850,0003,703,51802,634,0657,239,484
4CoreCivic2025Damon Hininger1,110,0003,000,01102,775,0017,203,173
5BrightView Holdings2025Dale Asplund950,0004,000,00701,383,2006,382,062
6H&E Equipment Services2023Bradley W. Barber907,6923,599,9240—6,295,836
7Summit Hotel Properties2025Jonathan Stanner800,0003,747,7000900,0005,461,700
8EVI Industries2025Henry Nahmad650,0003,999,997005,350,835
9Chatham Lodging Trust2025Jeffrey Fisher670,0002,854,16801,082,0005,222,872
10Civeo2025Bradley Dodson750,0002,569,4850435,3753,775,348
11McGrath RentCorp2025Philip Hawkins500,000801,2340374,8721,718,813

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Target Hospitalitynot disclosedRSU 50 · PSU 50not disclosedFrederic W. Cook & Co., Inc.
BrightView Holdings112%RSU 50 · PSU 50NoPearl Meyer
Cavco Industriesnot disclosednot disclosedNoPearl Meyer Partners, LLC
Chatham Lodging Trust92%LTIP Units 100Yes — Relative TSR vs. Lodging/Resort REIT constituents of the FTSE Nareit All REITs IndexFerguson Partners Consulting L.P.
Civeonot disclosednot disclosednot disclosedMercer
CoreCivic250%PSU 60 · RSU 40NoExequity
EVI Industriesnot disclosednot disclosednot disclosedPearl Meyer
H&E Equipment Servicesnot disclosednot disclosednot disclosednot disclosed
McGrath RentCorpnot disclosedPSU 50 · RSU 50not disclosedSemler Brossy
Summit Hotel Properties75%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (TSR) percentile rank vs. Dow Jones U.S. Hotel IndexFW Cook
The GEO Group120%RSU 50 · PSU 50Yes — Relative TSRPay Governance LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Target Hospitality in fiscal 2025?
As disclosed, James Archer (President and Chief Executive Officer) was the highest-paid executive at Target Hospitality in fiscal 2025, with total compensation of $7,239,484.
How does Target Hospitality's chief executive pay compare to its disclosed peer group?
As disclosed, James Archer's total compensation ranked at the 80th percentile of Target Hospitality's disclosed peer group.
How did shareholders vote on Target Hospitality's executive compensation?
As disclosed, 85.45% of shareholders supported Target Hospitality's executive compensation in the latest say-on-pay vote.
How much does Target Hospitality spend in total on board compensation for fiscal 2025?
As disclosed, Target Hospitality reported total board compensation of $1,277,490 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, James ArcherDEF 14A2026-04-070001104659-26-040125Section “Summary Compensation Table”. As printed: 7,239,484. View filing ↗
2Section 01, Jason VlacichDEF 14A2026-04-070001104659-26-040125Section “Summary Compensation Table”. As printed: 2,551,912. View filing ↗
3Section 01, Troy SchrenkDEF 14A2026-04-070001104659-26-040125Section “Summary Compensation Table”. As printed: 1,902,021. View filing ↗
4Section 01, Heidi LewisDEF 14A2026-04-070001104659-26-040125Section “Summary Compensation Table”. As printed: 1,617,001. View filing ↗
5Section 01, Brendan DowhaniukDEF 14A2026-04-070001104659-26-040125Section “Summary Compensation Table”. As printed: 1,436,124. View filing ↗
6Section 03, Heidi Lewis PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
7Section 03, Brendan Dowhaniuk PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
8Section 03, Jason Vlacich RSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
9Section 03, Troy Schrenk PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
10Section 03, James Archer PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
11Section 03, Heidi Lewis RSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
12Section 03, Jason Vlacich PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
13Section 03, Brendan Dowhaniuk RSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
14Section 03, James Archer PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
15Section 03, James Archer RSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
16Section 03, Jason Vlacich PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
17Section 03, Troy Schrenk RSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
18Section 08, Stephen RobertsonDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 319,220. View filing ↗
19Section 08, Pamela H. PatenaudeDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 262,064. View filing ↗
20Section 08, Martin JimmersonDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 237,064. View filing ↗
21Section 08, Alex HernandezDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 212,064. View filing ↗
22Section 08, Linda MedlerDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 212,064. View filing ↗
23Section 08, John C. DormanDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 35,014. View filing ↗
24Section 08, James B. ArcherDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 0. View filing ↗
25Section 06, 2026 voteForm 8-K2026-05-210001104659-26-065150Item 5.07 · say-on-pay result. As reported: 85.45% (votes for as printed: 76,833,468). View filing ↗
26Section 06, 2025 voteForm 8-K2025-05-220001104659-25-052003Item 5.07 · say-on-pay result. As reported: 98.37% (votes for as printed: 85,320,875). View filing ↗
27Section 06, 2024 voteForm 8-K2024-05-240001712189-24-000062Item 5.07 · say-on-pay result. As reported: 98.76% (votes for as printed: 89,177,146). View filing ↗
28Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.
29Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
30Section 09b board cost (computed)Computed——Cash 630,014 + equity 647,476 + all other 0 = 1,277,490, summed across the director compensation table rows.
31The GEO Group, Section 10b CEO totalDEF 14A2026-03-190001193125-26-116014CEO total compensation as printed in The GEO Group's own proxy. As printed: 14,996,950. View filing ↗
32Cavco Industries, Section 10b CEO totalDEF 14A2026-06-160001628280-26-043437CEO total compensation as printed in Cavco Industries's own proxy. As printed: 7,958,712. View filing ↗
33Target Hospitality (subject), Section 10b CEO totalDEF 14A2026-04-070001104659-26-040125CEO total compensation as printed in Target Hospitality's own proxy. As printed: 7,239,484. View filing ↗
34CoreCivic, Section 10b CEO totalDEF 14A2026-03-310001140361-26-012100CEO total compensation as printed in CoreCivic's own proxy. As printed: 7,203,173. View filing ↗
35BrightView Holdings, Section 10b CEO totalDEF 14A2026-01-150001104659-26-004094CEO total compensation as printed in BrightView Holdings's own proxy. As printed: 6,382,062. View filing ↗
36H&E Equipment Services, Section 10b CEO totalDEF 14A2024-04-020000950170-24-039778CEO total compensation as printed in H&E Equipment Services's own proxy. As printed: 6,295,836. View filing ↗
37Summit Hotel Properties, Section 10b CEO totalDEF 14A2026-04-010001497645-26-000031CEO total compensation as printed in Summit Hotel Properties's own proxy. As printed: 5,461,700. View filing ↗
38EVI Industries, Section 10b CEO totalDEF 14A2025-11-200002077096-25-000183CEO total compensation as printed in EVI Industries's own proxy. As printed: 5,350,835. View filing ↗
39Chatham Lodging Trust, Section 10b CEO totalDEF 14A2026-03-310001437749-26-010650CEO total compensation as printed in Chatham Lodging Trust's own proxy. As printed: 5,222,872. View filing ↗
40Civeo, Section 10b CEO totalDEF 14A2026-04-130001590584-26-000035CEO total compensation as printed in Civeo's own proxy. As printed: 3,775,348. View filing ↗
41McGrath RentCorp, Section 10b CEO totalDEF 14A2026-04-240001193125-26-177073CEO total compensation as printed in McGrath RentCorp's own proxy. As printed: 1,718,813. View filing ↗
42Section 10a, The GEO Group reciprocityDEF 14A—0001193125-26-116014The GEO Group's most recent proxy was read; its disclosed peer group does not include Target Hospitality. View filing ↗
43Section 10a, McGrath RentCorp reciprocityDEF 14A—0001193125-26-177073McGrath RentCorp's most recent proxy was read; its disclosed peer group does not include Target Hospitality. View filing ↗
44Section 10a, BrightView Holdings reciprocityDEF 14A—0001104659-26-004094BrightView Holdings's most recent proxy was read; its disclosed peer group does not include Target Hospitality. View filing ↗
45Section 10a, CoreCivic reciprocityDEF 14A—0001140361-26-012100CoreCivic's most recent proxy was read; its disclosed peer group does not include Target Hospitality. View filing ↗
46Section 10a, Chatham Lodging Trust reciprocityDEF 14A—0001437749-26-010650Chatham Lodging Trust's most recent proxy was read; its disclosed peer group does not include Target Hospitality. View filing ↗
47Section 10a, Civeo reciprocityDEF 14A—0001590584-26-000035Civeo names Target Hospitality in its own disclosed peer group (read from its most recent proxy). View filing ↗
48Section 10a, Cavco Industries reciprocityDEF 14A—0001628280-26-043437Cavco Industries's most recent proxy was read; its disclosed peer group does not include Target Hospitality. View filing ↗
49Section 10a, Summit Hotel Properties reciprocityDEF 14A—0001497645-26-000031Summit Hotel Properties's most recent proxy was read; its disclosed peer group does not include Target Hospitality. View filing ↗