[Form 4/A] Freedom Holding Corp. Amended Insider Trading Activity

Rhea-AI Filing Summary

Philippe J.R. Vogeleer, a director of Freedom Holding Corp. (FRHC), was awarded 757 restricted shares of the company's common stock under the 2019 Equity Incentive Plan. The award was granted on 09/15/2025 and, assuming satisfaction of the applicable vesting conditions (including continuous service), the shares vested on 09/15/2025. The reported acquisition price is $0 and the form shows 757 shares beneficially owned following the transaction. This filing is an amended Form 4/A signed by Mr. Vogeleer on 09/17/2025.

Positive

• Grant of 757 restricted shares to a director under the company's 2019 Equity Incentive Plan
• Vesting occurred on the grant date subject to stated conditions, indicating alignment with company compensation practices
• Acquisition price reported as $0, consistent with a restricted share award rather than a purchase
• Amended Form 4/A filed and signed, meeting Section 16 reporting requirements

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine insider award of restricted stock to a director; minimal immediate financial impact.

The Form 4/A documents a grant of 757 restricted shares to a company director under the 2019 Equity Incentive Plan, with vesting stated as satisfied on the grant date. This is a standard equity-compensation event for alignment of management and directors with shareholders. The disclosed price of $0 indicates a grant rather than a market purchase. The size of the award (757 shares) appears modest relative to typical public-company share counts and is unlikely to materially affect outstanding share count or earnings per share by itself.

Corporate Governance Expert

TL;DR: Governance practice shows director equity compensation via restricted shares; documentation is compliant.

The filing identifies Mr. Vogeleer as a reporting person and a director, and it records the grant and vesting of restricted common shares under the company equity plan. The Form 4/A includes the required explanatory statement and signature dated 09/17/2025, consistent with Section 16 reporting. The disclosure is clear on conditions: vesting tied to continuous service and noted as satisfied. No additional governance concerns or departures are disclosed in this document.

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

OMB APPROVAL

OMB Number:			3235-0287
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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).

1. Name and Address of Reporting Person^*

Vogeleer Philippe J.R.

(Last) (First) (Middle)

ESENTAI TOWER BC, FLOOR 7

77/7 AL FARABI AVE

(Street)

ALMATY 1P 050040

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Freedom Holding Corp. [ FRHC ]

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)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
09/15/2025

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	09/15/2025		A		757(1)	A	$0	757	D

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. Mr. Vogeleer was awarded 757 restricted shares of common stock of Freedom Holding Corp. (the "Company") on September 15, 2025, under the Company 2019 Equity Incentive Plan. Assuming satisfaction of applicable vesting conditions, which include continuous service with the Company, vesting of the shares occurred on September 15, 2025.

	/s/ Philippe J.R. Vogeleer	09/17/2025
	** 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 Philippe J.R. Vogeleer report on Form 4/A for FRHC?

The filing reports that Mr. Vogeleer was awarded 757 restricted shares of Freedom Holding Corp. common stock on 09/15/2025, which vested on that date under the 2019 Equity Incentive Plan.

How many shares does Philippe Vogeleer beneficially own after the reported transaction?

The Form 4/A shows 757 shares beneficially owned following the reported transaction.

What price was reported for the shares awarded to the director in the Form 4/A?

The acquisition price is reported as $0, indicating the shares were granted rather than purchased.

When was the amended Form 4/A signed and filed?

The Form 4/A is signed by Philippe J.R. Vogeleer on 09/17/2025.

Under which plan were the restricted shares granted?

The award was made under the company's 2019 Equity Incentive Plan.