Form 4: Quest Resource Director Stephen Nolan Increases Stake Through DSU Grant

Quest Resource Holding Corp Director Stephen A. Nolan acquired 1,732 deferred stock units as part of the company's 2024 Incentive Compensation Plan, increasing his total beneficial ownership to 73,868 DSUs and 82,176 common shares.

Summary

• Stephen A. Nolan, a Director of Quest Resource Holding Corp (QRHC), acquired 1,732 deferred stock units (DSUs) on June 30, 2025.
• These DSUs were granted under the Issuer's 2024 Incentive Compensation Plan at a price of $2.02 per unit.
• Following this transaction, Nolan's beneficial ownership includes 73,868 DSUs and 82,176 shares of common stock.
• The 73,868 DSUs comprise 63,657 DSUs from the 2012 Incentive Compensation Plan and 10,211 DSUs from the 2024 Incentive Compensation Plan.
• All DSUs will be issued as shares of common stock upon Nolan's separation from service with the Issuer.
• Of the 82,176 common shares, 5,000 are held jointly by Nolan and his spouse.
• The transaction was made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 7

Explanation: The acquisition of additional equity by a director, even if through compensation, generally indicates alignment of interests and confidence in the company's long-term prospects. The transaction being part of a pre-arranged plan (10b5-1) makes it a routine event, but still net positive.

Positives

• A Director, Stephen A. Nolan, increased his beneficial ownership in the company through the acquisition of 1,732 deferred stock units.
• The acquisition of DSUs aligns the director's interests with long-term shareholder value, as the shares are issued upon separation from service.
• The transaction was conducted under a Rule 10b5-1(c) plan, indicating a pre-arranged, systematic approach to equity compensation.

Future Outlook

The document indicates that the deferred stock units will be issued as shares of common stock upon the reporting person's separation from service with the Issuer, which is a future event. No other forward-looking statements or guidance are provided.

Industry Context

This Form 4 filing reports a routine insider equity compensation event for a director of Quest Resource Holding Corp. Such transactions are common across industries as a means of aligning management and director incentives with shareholder interests. The specific industry context of waste and recycling management (implied by "Quest Resource Holding Corp") is not detailed in this filing, which focuses solely on the insider's ownership change.

Comparison to Industry Standards

• The acquisition of deferred stock units as part of an incentive compensation plan is a standard practice for compensating directors and executives across various industries.
• The use of a Rule 10b5-1(c) plan for such transactions is also a common and accepted method for insiders to manage their equity holdings in compliance with insider trading regulations.
• No specific comparable companies, projects, or results are mentioned in this filing to allow for a detailed comparative assessment.

Corporate Governance

Related Party Transactions

• 5,000 of the 82,176 common shares are held jointly by the Reporting Person and his spouse.

Stakeholder Impact

• Shareholders: The acquisition of additional equity by a director can be viewed positively as it aligns management interests with shareholder value. The use of DSUs that vest upon separation from service encourages long-term commitment.

Next Steps

• The deferred stock units will convert into common stock upon Stephen A. Nolan's separation from service with Quest Resource Holding Corp.

Key Dates

Recommendation

Keywords

Quest Resource Holding Corp, QRHC, Stephen A. Nolan, Director, SEC Form 4, Insider Transaction, Deferred Stock Units, DSUs, Incentive Compensation Plan, Beneficial Ownership, Rule 10b5-1, Equity Compensation