Form 4: QRHC Director Friedberg Acquires 7,987 DSUs

Quest Resource Holding Corp Director Daniel M. Friedberg acquired 7,987 deferred stock units under a pre-arranged plan, increasing his beneficial ownership.

Summary

• Daniel M. Friedberg, a Director and 10% owner of Quest Resource Holding Corp (QRHC), acquired 7,987 deferred stock units (DSUs) on November 30, 2025.
• These DSUs were granted under the Issuer's 2024 Incentive Compensation Plan and will be issued as common stock upon Mr. Friedberg's separation from service.
• The transaction was made pursuant to a Rule 10b5-1(c) pre-arranged plan.
• Following this acquisition, Mr. Friedberg's direct beneficial ownership includes 47,571 DSUs (from 2012 and 2024 plans) and 40,585 shares (20,000 RSUs vesting August 13, 2026, and 20,585 common stock).
• Additionally, Mr. Friedberg indirectly beneficially owns 2,842,353 shares through Hampstead Park Environmental Services Investment Fund LLC.
• The acquisition price for the 7,987 DSUs was $1.88 per share.

Sentiment

Score: 7

Explanation: The acquisition of additional equity by a director and significant owner, even if part of an incentive plan and pre-arranged, generally signals confidence in the company's future prospects. No negative information was disclosed.

Positives

• A Director and significant owner, Daniel M. Friedberg, acquired additional equity in the company, signaling continued alignment with shareholder interests.
• The acquisition was part of a pre-arranged Rule 10b5-1(c) plan, indicating a planned, non-opportunistic transaction.
• The grant of deferred stock units (DSUs) under incentive compensation plans aligns management's long-term interests with the company's performance.

Negatives

• No explicit negatives are present in this Form 4 filing, which primarily reports an insider transaction.

Risks

• No specific risks are mentioned in this Form 4 filing.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the vesting schedule of certain restricted stock units and the issuance conditions for deferred stock units upon separation from service.

Management Comments

• These reported securities represent deferred stock units ('DSUs') granted under the Issuer's 2024 Incentive Compensation Plan. The shares of common stock underlying such DSUs shall be issued upon Mr. Friedberg's separation from service with the Issuer.
• The reported securities include (a) 18,153 DSUs granted under the Issuer's 2012 Incentive Compensation Plan and (b) 29,418 DSUs granted under the Issuer's 2024 Incentive Compensation Plan. The shares of common stock underlying such DSUs shall be issued upon Mr. Friedberg's separation from service with the Issuer.
• Includes (a) 20,000 RSUs that are scheduled to fully vest on August 13, 2026 and (b) 20,585 shares of common stock beneficially owned by Mr. Friedberg.

Industry Context

This Form 4 filing reports an insider transaction, which is a routine disclosure for publicly traded companies. It does not provide broader industry context or competitive analysis.

Comparison to Industry Standards

• This filing is a standard insider transaction report (Form 4) and does not contain information that allows for a direct comparison to industry-specific operational or financial benchmarks. The acquisition of equity by a director as part of an incentive plan is a common practice in corporate compensation structures across various industries.

Related Party Transactions

• Daniel M. Friedberg is a Director and Chief Executive Officer of Hampstead Park Capital Management, LLC, which is the sole member of Hampstead Park Environmental Services Investment Fund LLC. This establishes a related party relationship for the indirect beneficial ownership.

Stakeholder Impact

• Shareholders: The acquisition of additional equity by a director and 10% owner may be viewed positively as it aligns management's interests with long-term shareholder value.
• Employees: The filing does not directly impact employees, though the incentive compensation plans are relevant to executive compensation.

Next Steps

• Issuance of common stock underlying the deferred stock units upon Daniel M. Friedberg's separation from service with Quest Resource Holding Corp.
• Vesting of 20,000 restricted stock units on August 13, 2026.

Key Dates

Recommendation

This Form 4 filing reports a routine insider acquisition of deferred stock units as part of an incentive compensation plan and a pre-arranged trading plan. While insider buying can be a positive signal, this specific transaction is part of a compensation structure rather than an open market purchase driven by immediate market sentiment. It does not provide new fundamental information to warrant a change in investment thesis, thus a 'hold' recommendation is appropriate based solely on this filing.

Keywords

Quest Resource Holding Corp, QRHC, Daniel Friedberg, Insider Trading, Form 4, Beneficial Ownership, Deferred Stock Units, DSUs, Rule 10b5-1, Director Stock Acquisition, Hampstead Park