Quality Industrial Corp. Elects New Directors, Appoints Officers
Ticker: QIND · Form: 8-K · Filed: Sep 5, 2024 · CIK: 1393781
Sentiment: neutral
Topics: management-change, board-election, officer-appointment
TL;DR
Quality Industrial Corp. just shook up its board and exec team. Big changes ahead?
AI Summary
Quality Industrial Corp. announced on September 2, 2024, a change in its board of directors, with the election of new directors and the appointment of certain officers. The company also disclosed compensatory arrangements for its key executives. This filing follows the company's previous name changes from Power Play Development Corp. and Wikisoft Corp.
Why It Matters
Changes in board composition and executive appointments can signal shifts in company strategy, governance, and future performance.
Risk Assessment
Risk Level: medium — Changes in board and executive leadership can introduce uncertainty and potential strategic shifts, impacting the company's stability and future direction.
Key Players & Entities
- Quality Industrial Corp. (company) — Registrant
- Power Play Development Corp (company) — Former Company Name
- Wikisoft Corp. (company) — Former Company Name
- Nevada (jurisdiction) — State of Incorporation
FAQ
When was the earliest event reported in this 8-K filing?
The earliest event reported was on September 2, 2024.
What is the exact name of the registrant?
The exact name of the registrant is Quality Industrial Corp.
In which state is Quality Industrial Corp. incorporated?
Quality Industrial Corp. is incorporated in Nevada.
What were some of Quality Industrial Corp.'s former company names?
Quality Industrial Corp. was formerly known as Power Play Development Corp. and Wikisoft Corp.
What are the main topics covered in this 8-K filing?
This 8-K filing covers the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers, as well as financial statements and exhibits.
Filing Stats: 714 words · 3 min read · ~2 pages · Grade level 11.7 · Accepted 2024-09-05 10:22:39
Key Financial Figures
- $120,000 — Safir receives an annual base salary of $120,000 in periodic installments, in accordance
Filing Documents
- ea0213578-8k_quality.htm (8-K) — 27KB
- ea021357801ex10-1_quality.htm (EX-10.1) — 58KB
- ex10-1_001.jpg (GRAPHIC) — 10KB
- ex10-1_002.jpg (GRAPHIC) — 11KB
- 0001213900-24-075819.txt ( ) — 293KB
- qind-20240902.xsd (EX-101.SCH) — 3KB
- qind-20240902_lab.xml (EX-101.LAB) — 33KB
- qind-20240902_pre.xml (EX-101.PRE) — 22KB
- ea0213578-8k_quality_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers; Election of
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 2, 2024, the Board appointed Sanjeeb Safir as our newly appointed Managing Director for the Middle East Region. From 2008 until present, Mr. Safir has been the Managing Director of Al Shola Al Modea Gas and Distribution LLC. Sanjeeb Safir - Age 51 Our newly appointed Managing Director for the Middle East has not had any material direct or indirect interest in any of our transactions or proposed transactions over the last two years besides being the Managing Director of our subsidiary, Al Shola Al Modea Gas and Distribution LLC, of which a 51% interest was acquired on March 27, 2024. Pursuant to the Employment Agreement, Mr. Safir receives an annual base salary of $120,000 in periodic installments, in accordance with the Company's customary payroll practices and applicable wage payment laws, but no less frequently than monthly. Mr. Safir's salary will be subject to adjustment pursuant to the Company's employee compensation policies in effect from time to time. He will also be eligible to receive certain employee benefits. Additionally, Mr. Safir may receive an annual bonus of up to 25% of his annual base salary as well as equity awards, determined by an agreed set of corporate goals and objectives. The Executive has received a sign-on bonus consisting of 1,000,000 shares in the company upon entering the contract. The foregoing summary of the terms and conditions of the Employment Agreement is not complete and is qualified in its entirety by reference to the full text of the Employment Agreement, which is filed herewith as Exhibit 10.1 and incorporated herein by reference. Aside from that provided above, Mr. Safir does not hold and has not held over the past five years any other directorships in any company with a class of securities registered pursuant to Section 12 of the Exchange Act or
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 10.1 Employment Agreement by and between Quality Industrial Corp. and Sanjeeb Safir 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
SIGNATURES
SIGNATURES Pursuant to the Securities Exchange Act of 1934 requirements, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Quality Industrial Corp. /s/ John-Paul Backwell John-Paul Backwell CEO Date: September 5, 2024 2