Freedom Holding (FRHC) Director Boris Cherdabayev Sells Shares

What Happened

• Boris Cherdabayev, a director of Freedom Holding Corp. (FRHC), had both share awards and open-market sales reported. He was awarded restricted shares that vested (acquisitions at $0) and later sold shares in multiple open-market transactions.
• Awards/Acquisitions: 757 restricted shares granted/vested on Sept 16, 2025 (acquired at $0) and 677 restricted shares granted April 1, 2026 and vested/effective June 11, 2026 (acquired at $0).
• Sales (open market): 300 shares on Nov 4, 2025 (weighted avg $141.88) for $42,564; 150 shares on Nov 6, 2025 (weighted avg $136.33) for $20,450; 186 shares on Dec 29, 2025 (weighted avg $125.72) for $23,384. Total proceeds ≈ $86,398.
• Interpretation: The awards are acquisitions (vested restricted stock). The sales were routine open-market dispositions; sales are not by themselves an indicator of company outlook.

Key Details

• Transaction dates and prices:
  • 2025-09-16: Award of 757 restricted shares (vested same day) — acquisition at $0 (F1).
  • 2025-11-04: Sold 300 shares @ weighted avg $141.88 (range $141.81–$141.92) — proceeds $42,564 (F3).
  • 2025-11-06: Sold 150 shares @ weighted avg $136.33 (range $136.24–$136.37) — proceeds $20,450 (F4).
  • 2025-12-29: Sold 186 shares @ weighted avg $125.72 (range $125.70–$125.79) — proceeds $23,384 (F5).
  • 2026-06-11: Award of 677 restricted shares (vested/effective June 11, 2026) — acquisition at $0 (F2).
• Shares sold total: 636 shares; total reported proceeds ≈ $86,398.
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Footnotes: Sales prices reported as weighted averages with price ranges; detailed per-price breakdowns available upon request to the company/SEC (F3–F5). Award vesting tied to service and market-performance conditions (F1–F2).
• Timeliness: This Form 4 was filed late due to EDGAR/Login.gov technical issues (error LG22); the filing states it was submitted promptly after resolution. (transactionTimeliness = 'L').

Context

• Awards: Restricted stock awards vesting and being recorded as acquisitions are common long-term compensation; vested awards reported at $0 acquisition cost reflect grant/vesting rather than a cash purchase.
• Sales: Open-market sales by directors can be routine (diversification, tax planning, liquidity). They do not on their own indicate management's view of the business.
• No options, gifts, or 10% ownership disclosures are included in this excerpt; transactions here are restricted-stock awards (A) and open-market sales (S).