Safir Sanjeeb 4

What Happened

• Safir Sanjeeb, Chief Operating Officer and Managing Director – Middle East of Quality Industrial Corp. (QIND), was awarded 1,000,000 shares of QIND common stock on September 2, 2024 (grant valued at $0). On November 26, 2024 the reporting person transferred/disposed of the 1,000,000 QIND shares to Fusion Fuel Green PLC pursuant to a Stock Purchase Agreement. In consideration, Fusion Fuel issued Safir 46,314 Series A Convertible Preferred Shares. Based on Fusion Fuel’s last reported Nasdaq price ($4.64 on Nov 25, 2024) and the stated conversion ratio, the transaction effectively values each QIND share at approximately $2.15 on an as‑converted basis — roughly $2.15 million total — subject to conversion conditions.

Key Details

• Transaction dates and types: 2024-09-02 — Award/Grant of 1,000,000 QIND shares at $0.00 (acquired); 2024-11-26 — Transfer/disposition of 1,000,000 QIND shares (sold/transferred).
• Consideration received: 46,314 Series A Convertible Preferred Shares of Fusion Fuel (each convertible into 10 Class A ordinary shares upon satisfaction of conditions).
• Implied valuation: Using Fusion Fuel’s Nov 25, 2024 price ($4.64), the as‑converted value implied ≈ $2.15 per QIND share (~$2.15M for 1,000,000 shares) — this is an illustrative, as‑converted figure and conversion is conditional.
• Conversion conditions: Conversion of the Series A Preferred is contingent on shareholder approvals and Nasdaq listing/clearance for Fusion Fuel; conversion is not automatic until those conditions are met.
• Shares owned after transaction: The filing excerpt does not disclose total QIND shares owned by the reporting person after the transfer; the reporting person now holds the 46,314 Series A Preferred shares of Fusion Fuel.
• Timeliness: The Form 4 covering these 2024 transactions was filed April 10, 2026 — a late filing; late Form 4s can delay public visibility into insider activity.

Context

• This was not a cash open‑market sale: the QIND shares were transferred under a private Stock Purchase Agreement in exchange for convertible preferred shares of another company (Fusion Fuel). The preferred shares carry conditional conversion rights into Fusion Fuel common stock, so the ultimate cash or market value to the insider depends on future conversion and market conditions.