Form 4: Quest Resource Director Boosts Stake with DSU Acquisition

Daniel M. Friedberg, a director and 10% owner of Quest Resource Holding Corp, acquired 8,073 deferred stock units, increasing his direct and indirect beneficial ownership.

Summary

• Daniel M. Friedberg, a Director and 10% owner of Quest Resource Holding Corp (QRHC), reported an acquisition of 8,073 Deferred Stock Units (DSUs) on December 31, 2025, at a price of $1.86 per unit.
• These DSUs are granted under the Issuer's 2024 Incentive Compensation Plan and will be issued as common stock upon Mr. Friedberg's separation from service.
• Following this transaction, Mr. Friedberg's direct beneficial ownership includes 55,644 DSUs (comprising 18,153 DSUs from the 2012 plan and 37,491 DSUs from the 2024 plan) and 40,585 shares (including 20,000 Restricted Stock Units (RSUs) scheduled to vest on August 13, 2026, and 20,585 common stock).
• Mr. Friedberg also indirectly beneficially owns 2,842,353 shares through Hampstead Park Environmental Services Investment Fund LLC.
• Hampstead Park Capital Management, LLC and Hampstead Park Environmental Services Investment Fund LLC are also reported as 10% owners, with Mr. Friedberg serving as CEO of Hampstead Park Capital Management, LLC.

Sentiment

Score: 7

Explanation: The acquisition of additional equity by a director and significant shareholder, Daniel M. Friedberg, indicates a strong vote of confidence in the company's future prospects. This insider buying activity is generally perceived positively by the market, suggesting that management believes the stock is undervalued or has significant growth potential.

Positives

• A director and 10% owner, Daniel M. Friedberg, acquired 8,073 Deferred Stock Units (DSUs), indicating continued confidence in the company's future.
• The acquisition of DSUs at $1.86 per unit aligns the director's interests with long-term shareholder value.
• The significant indirect ownership of 2,842,353 shares by entities associated with Mr. Friedberg demonstrates substantial institutional backing.

Future Outlook

The filing indicates future vesting of 20,000 Restricted Stock Units on August 13, 2026, and that Deferred Stock Units will be issued as common stock upon Mr. Friedberg's separation from service, suggesting a long-term commitment.

Industry Context

This Form 4 filing reflects an insider transaction, which is a routine disclosure for publicly traded companies. It does not provide specific industry context or trends, but insider buying can sometimes signal management's positive outlook on the company's prospects within its industry.

Comparison to Industry Standards

• This Form 4 filing is a standard regulatory disclosure of insider trading activity and does not contain information for direct comparison to industry-specific operational or financial benchmarks. The acquisition of DSUs by a director is a common form of executive compensation and long-term incentive, aligning with general corporate governance practices.

Corporate Governance

Related Party Transactions

• Daniel M. Friedberg, a director and 10% owner, is also the Chief Executive Officer of Hampstead Park Capital Management, LLC, which is the sole member of Hampstead Park Environmental Services Investment Fund LLC. These entities indirectly beneficially own 2,842,353 shares of Quest Resource Holding Corp, representing a significant related party holding.

Stakeholder Impact

• Shareholders: The acquisition of additional equity by a director and 10% owner may be viewed positively, signaling insider confidence and potentially influencing investor sentiment.
• Management/Employees: The incentive compensation plans (2012 and 2024) demonstrate a structure for aligning management and employee interests with long-term company performance.

Next Steps

• Issuance of common stock underlying 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

The acquisition of additional equity by a director and 10% owner, Daniel M. Friedberg, signals strong insider confidence in Quest Resource Holding Corp's future. Such insider buying often suggests that management believes the stock is undervalued or has significant upside potential, making it a favorable indicator for potential investors.

Keywords

Quest Resource Holding Corp, QRHC, Daniel Friedberg, SEC Form 4, Insider Trading, Deferred Stock Units, DSU, Restricted Stock Units, RSU, Beneficial Ownership, Director, 10% Owner, Hampstead Park Capital Management, Hampstead Park Environmental Services Investment Fund