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  4. [Form 4] Freedom Holding Corp. Insider Trading Activity

Freedom Holding Corp. (FRHC) director reports stock sales and awards

Filing Impact
(Neutral)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Boris Cherdabayev, a director of Freedom Holding Corp., reported receiving 757 restricted shares on September 16, 2025 and 677 restricted shares granted April 1, 2026 that fully vested June 11, 2026 under the 2019 Equity Incentive Plan. He also sold 300, 150 and 186 common shares on November 4, November 6 and December 29, 2025 at weighted average prices of $141.88, $136.33 and $125.72 per share, respectively. The report states it was filed late because of Login.gov access issues and notes the Rule 10b5-1 plan checkbox was not selected.

Positive

  • None.

Negative

  • None.
Insider CHERDABAYEV BORIS
Role Director
Sold 636 shs ($86K)
Type Security Shares Price Value
Grant/Award Common F2 677 $0.00 $0.00
Sale Common F5 186 $125.72 $23K
Sale Common F4 150 $136.33 $20K
Sale Common F3 300 $141.88 $43K
Grant/Award Common F1 757 $0.00 $0.00
Holdings After Transaction: Common — 798 shares (Direct)
Footnotes (5)
  1. F1. Mr. Cherdabayev was awarded 757 restricted shares of common stock of Freedom Holding Corp. (the "Company") on September 16, 2025, under the Company 2019 Equity Incentive Plan. Assuming satisfaction of applicable vesting conditions, which include continuous service with the Company and market price conditions tied to the performance of the Company's common shares, vesting of the shares occurred on September 16, 2025.
  2. F2. Mr. Cherdabayev was granted 677 shares of restricted common stock of the Company on April 1, 2026, under the Company's 2019 Equity Incentive Plan, pursuant to a Restricted Stock Award Agreement executed on June 11, 2026. The shares became fully vested on June 11, 2026, the date the Restricted Stock Award Agreement was executed and the transaction became effective.
  3. F3. Reflects the weighted average sale price on November 4, 2025. The shares were sold in multiple transactions at prices ranging from $141.81 to $141.92, inclusive. The reporting person undertakes to provide the Company, any shareholder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
  4. F4. Reflects the weighted average sale price on November 6, 2025. The shares were sold in multiple transactions at prices ranging from $136.24 to $136.37, inclusive. The reporting person undertakes to provide the Company, any shareholder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
  5. F5. Reflects the weighted average sale price on December 29, 2025. The shares were sold in multiple transactions at prices ranging from $125.70 to $125.79, inclusive. The reporting person undertakes to provide the Company, any shareholder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
Total shares sold 636 shares Common shares sold across three transactions in November and December 2025
Sale on November 4, 2025 300 shares at $141.88 per share Weighted average sale price; trades ranged from $141.81 to $141.92
Sale on November 6, 2025 150 shares at $136.33 per share Weighted average sale price; trades ranged from $136.24 to $136.37
Sale on December 29, 2025 186 shares at $125.72 per share Weighted average sale price; trades ranged from $125.70 to $125.79
Restricted shares awarded September 16, 2025 757 shares Restricted common stock awarded under the 2019 Equity Incentive Plan; vested September 16, 2025
Restricted shares granted April 1, 2026 677 shares Restricted common stock under 2019 Equity Incentive Plan; fully vested June 11, 2026
restricted shares of common stock financial
"was awarded 757 restricted shares of common stock of Freedom Holding Corp."
Restricted shares of common stock are company shares that cannot be sold or transferred until specific conditions are met, such as a set time period, performance targets, or regulatory approvals; they are often granted to founders, employees or early investors. They matter to investors because when the restrictions lift those shares can enter the market and increase the supply, potentially diluting existing holders and changing the stock’s price, similar to a locked faucet being opened and more water joining the flow.
2019 Equity Incentive Plan financial
"under the Company 2019 Equity Incentive Plan"
weighted average sale price financial
"Reflects the weighted average sale price on November 4, 2025."
continuous service financial
"vesting conditions, which include continuous service with the Company"
market price conditions financial
"and market price conditions tied to the performance of the Company's common shares"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What insider stock transactions did FRHC director Boris Cherdabayev report?
He reported awards of 757 and 677 restricted FRHC shares under the 2019 Equity Incentive Plan, plus sales of 300, 150 and 186 common shares in late 2025 at weighted average prices of $141.88, $136.33 and $125.72 per share.

When did the FRHC restricted stock awards to Boris Cherdabayev vest?
The 757 restricted shares awarded on September 16, 2025 vested on that same date. The 677 restricted shares granted April 1, 2026 became fully vested on June 11, 2026, when the Restricted Stock Award Agreement was executed and the transaction became effective.

At what prices did Boris Cherdabayev sell FRHC common stock?
He sold FRHC common shares at weighted average prices of $141.88 on November 4, 2025, $136.33 on November 6, 2025 and $125.72 on December 29, 2025, with each day’s trades occurring within narrow price ranges disclosed in the footnotes.

Were Boris Cherdabayev’s FRHC transactions under a Rule 10b5-1 trading plan?
No. The filing’s Rule 10b5-1 checkbox is not selected, and the footnotes do not describe any trading plan, so these FRHC stock sales and awards are not identified as occurring under a pre-arranged Rule 10b5-1 plan.

Why was this FRHC Form 4 for Boris Cherdabayev filed late?
The filing explains it was submitted late because of technical difficulties accessing EDGAR through Login.gov, specifically error LG22, during the required filing period. It states the report was filed promptly after those access problems were resolved.

What equity plan governs Boris Cherdabayev’s FRHC restricted stock awards?
Both the 757 restricted shares awarded in 2025 and the 677 restricted shares granted in 2026 were issued under Freedom Holding Corp.’s 2019 Equity Incentive Plan, according to the footnotes describing each award and its vesting conditions.
SEC Form 4
FORM 4UNITED 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
Estimated average burden
hours per response:0.5
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*
CHERDABAYEV BORIS
(Last)(First)(Middle)
40 WALL STR, 58 FLOOR
(Street)
NEW YORK NEW YORK 10005
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Freedom Holding Corp. [ FRHC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Common09/16/2025A757(1)A$0757D
Common11/04/2025S300D$141.88(3)457D
Common11/06/2025S150D$136.33(4)307D
Common12/29/2025S186D$125.72(5)121D
Common06/11/2026A677(2)A$0798D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Mr. Cherdabayev was awarded 757 restricted shares of common stock of Freedom Holding Corp. (the "Company") on September 16, 2025, under the Company 2019 Equity Incentive Plan. Assuming satisfaction of applicable vesting conditions, which include continuous service with the Company and market price conditions tied to the performance of the Company's common shares, vesting of the shares occurred on September 16, 2025.
2. Mr. Cherdabayev was granted 677 shares of restricted common stock of the Company on April 1, 2026, under the Company's 2019 Equity Incentive Plan, pursuant to a Restricted Stock Award Agreement executed on June 11, 2026. The shares became fully vested on June 11, 2026, the date the Restricted Stock Award Agreement was executed and the transaction became effective.
3. Reflects the weighted average sale price on November 4, 2025. The shares were sold in multiple transactions at prices ranging from $141.81 to $141.92, inclusive. The reporting person undertakes to provide the Company, any shareholder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
4. Reflects the weighted average sale price on November 6, 2025. The shares were sold in multiple transactions at prices ranging from $136.24 to $136.37, inclusive. The reporting person undertakes to provide the Company, any shareholder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
5. Reflects the weighted average sale price on December 29, 2025. The shares were sold in multiple transactions at prices ranging from $125.70 to $125.79, inclusive. The reporting person undertakes to provide the Company, any shareholder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range.
Remarks:
This Form 4 is filed late due to technical difficulties accessing EDGAR through Login.gov (error LG22) during the relevant filing period. The report was filed promptly upon resolution.
/s/ Boris Cherdabayev07/22/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR