HQI Form 4: Director awarded 3,568 restricted shares, staged vesting

Rhea-AI Filing Summary

HireQuest (HQI) director R. Rimmy Malhotra reported an equity compensation grant. On 11/07/2025, he was awarded 3,568 shares of restricted stock for Board service, in lieu of a quarterly cash retainer.

The award vests in two tranches: 2,974 shares on February 7, 2026 and 594 shares on November 7, 2027. The filing notes the Nasdaq closing price on the grant date was $9.67 per share.

Following the reported transaction, Mr. Malhotra beneficially owned 100,440 shares directly. He also reported 120,130 shares held indirectly by Nicoya Fund, LLC; he disclaims beneficial ownership except to the extent of his pecuniary interest.

Insights

Governance & Insider Transactions Analyst

Routine director equity grant with scheduled vesting.

The report shows a standard non-cash Board compensation grant of 3,568 restricted shares, replacing a quarterly cash retainer. Vesting occurs in two dates, which staggers recognition for the director and aligns service incentives.

The noted reference price was $9.67 on the grant date. Post-transaction holdings include 100,440 shares directly and an additional 120,130 indirectly via Nicoya Fund, LLC, with a customary disclaimer of beneficial ownership beyond pecuniary interest. No cash proceeds or corporate capital flows are indicated.

As a Form 4, this is administrative and typically neutral for valuation. Future filings may update vesting or any subsequent transactions by the reporting person.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Malhotra R. Rimmy

(Last) (First) (Middle)

111 SPRINGHALL DRIVE

(Street)

GOOSE CREEK SC 29445

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HireQuest, Inc. [ HQI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/07/2025		A		3,568(1)	A	(2)	100,440	D
Common Stock								120,130	I	See FN(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of restricted stock awarded to Mr. Malhotra in his capacity as a Director of Issuer for Board of Director services. These shares represent compensation in-lieu of a quarterly cash retainer. 2,974 of these shares vest on February 7, 2026 and 594 shares vest on November 7, 2027.

2. Shares awarded for board service. See note 1. The closing price of the Issuer's Common Stock on Nasdaq on the date of the grant was $9.67 per share.

3. Represents shares directly owned by Nicoya Fund, LLC, a Delaware limited liability company. Mr. Malhotra is managing member of Nicoya Capital, LLC, which is the managing member of Nicoya Fund, LLC. Mr. Malhotra disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

	/s/ R. Rimmy Malhotra	11/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did HireQuest (HQI) disclose about R. Rimmy Malhotra’s equity grant?

He received 3,568 restricted shares on 11/07/2025 as Board compensation in lieu of a quarterly cash retainer.

What is the vesting schedule for the HQI director’s restricted stock?

2,974 shares vest on February 7, 2026 and 594 shares vest on November 7, 2027.

What price reference did the filing include for the grant?

It cited the Nasdaq closing price of $9.67 per share on the grant date.

How many HQI shares does R. Rimmy Malhotra beneficially own directly after the transaction?

He reported 100,440 shares directly.

What indirect holdings were reported by the HQI director?

He reported 120,130 shares held by Nicoya Fund, LLC, with a disclaimer of beneficial ownership except for pecuniary interest.