<SEC-DOCUMENT>0001104659-23-063138.txt : 20230522
<SEC-HEADER>0001104659-23-063138.hdr.sgml : 20230522
<ACCEPTANCE-DATETIME>20230522160549
ACCESSION NUMBER:		0001104659-23-063138
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230518
FILED AS OF DATE:		20230522
DATE AS OF CHANGE:		20230522

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DALE MANJIT
		CENTRAL INDEX KEY:			0001113203

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38343
		FILM NUMBER:		23944399

	MAIL ADDRESS:	
		STREET 1:		C/O TDR CAPITAL LLP
		STREET 2:		20 BENTINCK STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1U 2EU

	FORMER NAME:	
		FORMER CONFORMED NAME:	MANJIT DALE
		DATE OF NAME CHANGE:	20000501

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			TDR Capital LLP
		CENTRAL INDEX KEY:			0001408159
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38343
		FILM NUMBER:		23944400

	BUSINESS ADDRESS:	
		STREET 1:		20 BENTINCK STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1U 2EU
		BUSINESS PHONE:		44-20-7399-4245

	MAIL ADDRESS:	
		STREET 1:		20 BENTINCK STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1U 2EU

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MFA Limited Partnership SLP
		CENTRAL INDEX KEY:			0001765696
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1218

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38343
		FILM NUMBER:		23944402

	BUSINESS ADDRESS:	
		STREET 1:		20 RUE EUGENE RUPPERT
		CITY:			LUXEMBOURG CITY
		STATE:			N4
		ZIP:			L-2453
		BUSINESS PHONE:		4402039610905

	MAIL ADDRESS:	
		STREET 1:		20 RUE EUGENE RUPPERT
		CITY:			LUXEMBOURG CITY
		STATE:			N4
		ZIP:			L-2453

	FORMER NAME:	
		FORMER CONFORMED NAME:	Modulaire Limited Partnership SLP
		DATE OF NAME CHANGE:	20211216

	FORMER NAME:	
		FORMER CONFORMED NAME:	Algeco Limited Partnership SLP
		DATE OF NAME CHANGE:	20190123

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			TDR Capital II Investments LP
		CENTRAL INDEX KEY:			0001771172
		STATE OF INCORPORATION:			X0

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38343
		FILM NUMBER:		23944405

	BUSINESS ADDRESS:	
		STREET 1:		20 BENTINCK STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1U 2EU
		BUSINESS PHONE:		442073994200

	MAIL ADDRESS:	
		STREET 1:		20 BENTINCK STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			W1U 2EU

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MFA Global S.a.r.l.
		CENTRAL INDEX KEY:			0001766340
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1218

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38343
		FILM NUMBER:		23944401

	BUSINESS ADDRESS:	
		STREET 1:		20 RUE EUGENE RUPPERT
		CITY:			LUXEMBOURG CITY
		STATE:			N4
		ZIP:			L-2453
		BUSINESS PHONE:		4402039610905

	MAIL ADDRESS:	
		STREET 1:		20 RUE EUGENE RUPPERT
		CITY:			LUXEMBOURG CITY
		STATE:			N4
		ZIP:			L-2453

	FORMER NAME:	
		FORMER CONFORMED NAME:	Modulaire Global S.a.r.l.
		DATE OF NAME CHANGE:	20211216

	FORMER NAME:	
		FORMER CONFORMED NAME:	Algeco Global S.a.r.l.
		DATE OF NAME CHANGE:	20190129

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MFA Holding S.a.r.l.
		CENTRAL INDEX KEY:			0001766820
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1218

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38343
		FILM NUMBER:		23944403

	BUSINESS ADDRESS:	
		STREET 1:		20 RUE EUGENE RUPPERT
		CITY:			LUXEMBOURG CITY
		STATE:			N4
		ZIP:			L-2453
		BUSINESS PHONE:		352 264932898

	MAIL ADDRESS:	
		STREET 1:		20 RUE EUGENE RUPPERT
		CITY:			LUXEMBOURG CITY
		STATE:			N4
		ZIP:			L-2453

	FORMER NAME:	
		FORMER CONFORMED NAME:	Modulaire Holding S.a.r.l.
		DATE OF NAME CHANGE:	20211216

	FORMER NAME:	
		FORMER CONFORMED NAME:	Algeco Holding S.a.r.l.
		DATE OF NAME CHANGE:	20190204

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Arrow Holdings S.a.r.l.
		CENTRAL INDEX KEY:			0001767017
		STATE OF INCORPORATION:			N4
		FISCAL YEAR END:			1218

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38343
		FILM NUMBER:		23944404

	BUSINESS ADDRESS:	
		STREET 1:		20 RUE EUGENE RUPPERT
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2453
		BUSINESS PHONE:		35226493298

	MAIL ADDRESS:	
		STREET 1:		20 RUE EUGENE RUPPERT
		CITY:			LUXEMBOURG
		STATE:			N4
		ZIP:			L-2453

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Target Hospitality Corp.
		CENTRAL INDEX KEY:			0001712189
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS, ROOMING HOUSE, CAMPS & OTHER LODGING PLACES [7000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		9320 LAKESIDE BLVD.
		STREET 2:		SUITE 300
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77381
		BUSINESS PHONE:		832 709-2563

	MAIL ADDRESS:	
		STREET 1:		9320 LAKESIDE BLVD.
		STREET 2:		SUITE 300
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77381

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Platinum Eagle Acquisition Corp.
		DATE OF NAME CHANGE:	20170718
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>tm2316359-1_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0407</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-05-18</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001712189</issuerCik>
        <issuerName>Target Hospitality Corp.</issuerName>
        <issuerTradingSymbol>TH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001771172</rptOwnerCik>
            <rptOwnerName>TDR Capital II Investments LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TDR CAPITAL LLP</rptOwnerStreet1>
            <rptOwnerStreet2>20 BENTINCK STREET</rptOwnerStreet2>
            <rptOwnerCity>LONDON</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>W1U 2EU</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001767017</rptOwnerCik>
            <rptOwnerName>Arrow Holdings S.a.r.l.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TDR CAPITAL LLP</rptOwnerStreet1>
            <rptOwnerStreet2>20 BENTINCK STREET</rptOwnerStreet2>
            <rptOwnerCity>LONDON</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>W1U 2EU</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001766820</rptOwnerCik>
            <rptOwnerName>MFA Holding S.a.r.l.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TDR CAPITAL LLP</rptOwnerStreet1>
            <rptOwnerStreet2>20 BENTINCK STREET</rptOwnerStreet2>
            <rptOwnerCity>LONDON</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>W1U 2EU</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001765696</rptOwnerCik>
            <rptOwnerName>MFA Limited Partnership SLP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TDR CAPITAL LLP</rptOwnerStreet1>
            <rptOwnerStreet2>20 BENTINCK STREET</rptOwnerStreet2>
            <rptOwnerCity>LONDON</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>W1U 2EU</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001766340</rptOwnerCik>
            <rptOwnerName>MFA Global S.a.r.l.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TDR CAPITAL LLP</rptOwnerStreet1>
            <rptOwnerStreet2>20 BENTINCK STREET</rptOwnerStreet2>
            <rptOwnerCity>LONDON</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>W1U 2EU</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001408159</rptOwnerCik>
            <rptOwnerName>TDR Capital LLP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TDR CAPITAL LLP</rptOwnerStreet1>
            <rptOwnerStreet2>20 BENTINCK STREET</rptOwnerStreet2>
            <rptOwnerCity>LONDON</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>W1U 2EU</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001113203</rptOwnerCik>
            <rptOwnerName>DALE MANJIT</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TDR CAPITAL LLP</rptOwnerStreet1>
            <rptOwnerStreet2>20 BENTINCK STREET</rptOwnerStreet2>
            <rptOwnerCity>LONDON</rptOwnerCity>
            <rptOwnerState>X0</rptOwnerState>
            <rptOwnerZipCode>W1U 2EU</rptOwnerZipCode>
            <rptOwnerStateDescription>UNITED KINGDOM</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.0001 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2023-05-18</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>39370</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>64602717</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Arrow Holdings S.a r.l. and MFA Global S.a r.l.</value>
                    <footnoteId id="F6"/>
                    <footnoteId id="F7"/>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2023-05-18</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>39370</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>39370</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Arrow Holdings S.a r.l.</value>
                    <footnoteId id="F6"/>
                    <footnoteId id="F7"/>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2023-05-18</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F5"/>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>10288</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10288</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10288</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Arrow Holdings S.a r.l.</value>
                    <footnoteId id="F6"/>
                    <footnoteId id="F7"/>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each restricted stock unit (&quot;RSU&quot;) represents a contingent right to receive upon vesting one share of common stock of the Issuer, par value $0.0001 per share (&quot;Common Stock&quot;), or its cash equivalent.</footnote>
        <footnote id="F2">Includes (i) 15,628,865 shares of Common Stock held by MFA Global S.a r.l. (&quot;MFA Global&quot;) and (ii) 48,973,852 shares of Common Stock held by Arrow Holdings S.a r.l. (&quot;Arrow&quot;)</footnote>
        <footnote id="F3">On May 18, 2022, Stephen Robertson was granted 39,370 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 (as amended, the &quot;Plan&quot;) and the award agreements entered into between the Issuer and Mr. Robertson. Subject to certain exceptions, vested shares will be delivered upon separation of service from the Board of Directors of the Issuer (&quot;BOD&quot;).</footnote>
        <footnote id="F4">On May 18, 2023, Mr. Robertson was granted 10,288 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 Plan and the award agreements entered into between the Issuer and Mr. Robertson. Subject to certain exceptions, vested shares will be delivered upon separation of service from the BOD.</footnote>
        <footnote id="F5">Immediately following such grant, Mr. Robertson transferred the RSUs to Arrow. Upon transfer to Arrow, the RSUs vest in accordance with the same terms and conditions of the initial grant.</footnote>
        <footnote id="F6">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.</footnote>
        <footnote id="F7">MFA Holding S.a r.l. (&quot;MFA Holdings&quot;) is the controlling shareholder of MFA Limited Partnership SLP (&quot;MFA SLP&quot; and together with MFA Holdings and MFA Global, the &quot;MFA Entities&quot;), which is the controlling shareholder of MFA Global. TDR Capital II Investments LP, as the controlling shareholder of MFA Holdings, may be deemed the beneficial owner of the securities of the Issuer held by MFA Global. 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 MFA Global. 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 Holdings.</footnote>
        <footnote id="F8">Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the &quot;TDR Persons&quot;) 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.</footnote>
    </footnotes>

    <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.</remarks>

    <ownerSignature>
        <signatureName>MFA Global S.a r.l., By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Liquidator</signatureName>
        <signatureDate>2023-05-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>MFA Limited Partnership SLP, By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Manager, MFA GP Sarl</signatureName>
        <signatureDate>2023-05-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>MFA Holding S.a r.l., By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Class A Manager</signatureName>
        <signatureDate>2023-05-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Arrow Holdings S.a r.l., By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Class A Manager</signatureName>
        <signatureDate>2023-05-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>TDR Capital II Investments LP, By: /s/ Blair Thompson, Name: Blair Thompson, Title: Authorised Signatory</signatureName>
        <signatureDate>2023-05-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>TDR Capital LLP, By: /s/ BlairThompson, Name: Blair Thompson,Title: Authorised Signatory</signatureName>
        <signatureDate>2023-05-22</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Manjit Dale</signatureName>
        <signatureDate>2023-05-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
