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

Target Hospitality (TH)

Fiscal year 2025 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
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.

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 FY20242025
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 Dowhaniuk1,436,124

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

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
James ArcherRSU2025-02-27169,643$958,483
James ArcherPSU2025-02-27250,000250,0002,000,0001,399,766
James ArcherPSU2025-02-2784,822169,643339,2861,345,269
Brendan DowhaniukRSU2025-02-2731,250176,563
Brendan DowhaniukPSU2025-02-2715,62531,25062,500247,813
Jason VlacichPSU2025-02-2775,00075,000600,000432,000
Heidi LewisPSU2025-02-2717,85735,71471,428283,212
Heidi LewisRSU2025-02-2735,714201,784
Troy SchrenkPSU2025-02-2724,55449,10798,214389,419
Troy SchrenkRSU2025-02-2749,107277,455
Jason VlacichPSU2025-02-2726,78653,571107,142424,818
Jason VlacichRSU2025-02-2753,571302,676
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
James Archer$958,483$2,745,035$074.1%
Brendan Dowhaniuk176,563247,813058.4%
Jason Vlacich302,676856,818073.9%
Heidi Lewis201,784283,212058.4%
Troy Schrenk277,455389,419058.4%

% 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
Troy SchrenkRSU49,107393,347
James ArcherPSU2,169,64317,378,840
Jason VlacichPSU653,5715,235,104
James ArcherRSU169,6431,358,840
James ArcherPSU100,211802,690
James ArcherRSU75,158602,016
James ArcherRSU62,292498,959
Jason VlacichRSU29,667237,633
Jason VlacichRSU53,571429,104
Heidi LewisPSU35,714286,069
James ArcherPSU38,462308,081
Troy SchrenkRSU7,69261,613
Heidi LewisRSU35,714286,069
Jason VlacichPSU5,12841,075
Brendan DowhaniukRSU31,250250,313
James ArcherRSU28,846231,056
Brendan DowhaniukPSU31,250250,313
Troy SchrenkPSU29,008232,354
Troy SchrenkRSU24,917199,585
Jason VlacichPSU23,734190,109
Troy SchrenkRSU21,756174,266
Heidi LewisPSU18,460147,865
Heidi LewisRSU13,845110,898
Jason VlacichRSU12,45899,788
Heidi LewisRSU12,45899,788
Troy SchrenkPSU10,25682,151
Jason VlacichRSU3,84630,806
Heidi LewisPSU5,12841,075
Heidi LewisRSU3,84630,806
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to attract and retain highly motivated talent by providing market-competitive pay, with a material portion of target compensation at risk and directly tied to changes in stockholder value. The program balances short-term and long-term incentives to drive financial and strategic objectives while aligning executive interests with stockholders through equity ownership and stock ownership guidelines.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantFW Cook
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. PatenaudeIndependent140,000122,0640262,064
Martin JimmersonIndependent · Audit (Chair)115,000122,0640237,064
Alex HernandezIndependent · Audit · Compensation90,000122,0640212,064
Linda MedlerIndependent · Audit90,000122,0640212,064
John C. DormanNot independent · Not standing for re-election35,0140035,014
James B. ArcherEmployee director0
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. Barber907,6923,599,92406,295,836
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 disclosedFW Cook
BrightView Holdings112%RSU 50 · PSU 50NoPearl Meyer & Partners, LLC
Cavco Industriesnot disclosedPSU 60 · RSU 40NoPearl 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 disclosednot disclosed
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 40NoFW 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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). 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. Filing ↗machine: r1 · c54 · span 1175240–1175249
2Section 01, Jason VlacichDEF 14A2026-04-070001104659-26-040125Section “Summary Compensation Table”. As printed: 2,551,912. Filing ↗machine: r4 · c54 · span 1204059–1204068
3Section 01, Troy SchrenkDEF 14A2026-04-070001104659-26-040125Section “Summary Compensation Table”. As printed: 1,902,021. Filing ↗machine: r7 · c54 · span 1232926–1232935
4Section 01, Heidi LewisDEF 14A2026-04-070001104659-26-040125Section “Summary Compensation Table”. As printed: 1,617,001. Filing ↗machine: r10 · c54 · span 1261780–1261789
5Section 01, Brendan DowhaniukDEF 14A2026-04-070001104659-26-040125Section “Summary Compensation Table”. As printed: 1,436,124. Filing ↗machine: r13 · c54 · span 1290684–1290693
6Section 03, James Archer RSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 1408910–1408917
7Section 03, James Archer PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 1386279–1386288
8Section 03, James Archer PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 1397594–1397603
9Section 03, Brendan Dowhaniuk RSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 1558744–1558751
10Section 03, Brendan Dowhaniuk PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 1549444–1549451
11Section 03, Jason Vlacich PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 1432817–1432824
12Section 03, Heidi Lewis PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 1514568–1514575
13Section 03, Heidi Lewis RSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 1525586–1525593
14Section 03, Troy Schrenk PSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 1479349–1479356
15Section 03, Troy Schrenk RSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 1490662–1490669
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. Filing ↗machine: span 1444129–1444136
17Section 03, Jason Vlacich RSUDEF 14A2026-04-070001104659-26-040125Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 1455442–1455449
18Section 08, Stephen RobertsonDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 319,220. Filing ↗machine: span 617317–617516
19Section 08, Pamela H. PatenaudeDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 262,064. Filing ↗machine: span 612214–612413
20Section 08, Martin JimmersonDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 237,064. Filing ↗machine: span 602306–602505
21Section 08, Alex HernandezDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 212,064. Filing ↗machine: span 597351–597550
22Section 08, Linda MedlerDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 212,064. Filing ↗machine: span 607256–607455
23Section 08, John C. DormanDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 35,014. Filing ↗machine: span 589189–589387
24Section 08, James B. ArcherDEF 14A2026-04-070001104659-26-040125Section “Director Compensation”. As printed: 0. 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). 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). 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). Filing ↗
28Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
29Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
30Section 09b board cost (computed)ComputedcomputedCash 630,014 + equity 647,476 + all other 0 = 1,277,490, summed across the director compensation table rows.machine: formula: Σ = 1,277,490
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. Filing ↗machine: r2 · c39 · span 434192–434202
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. Filing ↗machine: r2 · c18 · span 638872–638881
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. Filing ↗machine: r1 · c54 · span 1175240–1175249
34CoreCivic, Section 10b CEO totalDEF 14A2026-03-310001140361-26-012100CEO total compensation as printed in CoreCivic's own proxy. As printed: 7,203,173. Filing ↗machine: r2 · c22 · span 1131053–1131063
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. Filing ↗machine: r1 · c47 · span 534728–534737
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. Filing ↗machine: r5 · c25 · span 671019–671028
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. Filing ↗machine: r2 · c36 · span 470625–470634
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. Filing ↗machine: r1 · c33 · span 124092–124101
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. Filing ↗machine: span 588604–588614
40Civeo, Section 10b CEO totalDEF 14A2026-04-130001590584-26-000035CEO total compensation as printed in Civeo's own proxy. As printed: 3,775,348. Filing ↗machine: r2 · c39 · span 776424–776433
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. Filing ↗machine: span 899474–899483
42Section 10a, The GEO Group reciprocityDEF 14A0001193125-26-116014The GEO Group's most recent proxy was read; its disclosed peer group does not include Target Hospitality. Filing ↗
43Section 10a, Chatham Lodging Trust reciprocityDEF 14A0001437749-26-010650Chatham Lodging Trust's most recent proxy was read; its disclosed peer group does not include Target Hospitality. Filing ↗
44Section 10a, McGrath RentCorp reciprocityDEF 14A0001193125-26-177073McGrath RentCorp's most recent proxy was read; its disclosed peer group does not include Target Hospitality. Filing ↗
45Section 10a, BrightView Holdings reciprocityDEF 14A0001104659-26-004094BrightView Holdings's most recent proxy was read; its disclosed peer group does not include Target Hospitality. Filing ↗
46Section 10a, CoreCivic reciprocityDEF 14A0001140361-26-012100CoreCivic's most recent proxy was read; its disclosed peer group does not include Target Hospitality. Filing ↗
47Section 10a, Civeo reciprocityDEF 14A0001590584-26-000035Civeo names Target Hospitality in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, Cavco Industries reciprocityDEF 14A0001628280-26-043437Cavco Industries's most recent proxy was read; its disclosed peer group does not include Target Hospitality. Filing ↗
49Section 10a, Summit Hotel Properties reciprocityDEF 14A0001497645-26-000031Summit Hotel Properties's most recent proxy was read; its disclosed peer group does not include Target Hospitality. Filing ↗