Company: FRHC
Filing Date: 2025-07-29
Form Type: DEF 14A
Source: 0000924805-25-000025
Chunk: 25

Company: Freedom Holding Corp.
Filing Date: 2025-07-29
Form: DEF 14A
Chunk 25
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 and Turlov were appointed to the compensation committee as members. As our CEO, Mr. Turlov, does not qualify as an independent director under Nasdaq Rule 5605. The Board believes the inclusion of Mr. Turlov, the controlling stockholder of the Company, holding approximately 70% of its outstanding common shares, as a member of the compensation committee is in the best interests of the Company and its stockholders. As noted above, this is permitted as the Company is a “Controlled Company” as defined by Rule 5615 of the Nasdaq Stock Market rules . Each member of the compensation committee, except for Mr. Turlov, meets the independent director definition of Nasdaq Rule 5605. To the extent securities laws or other laws, rules or regulations require approval by the full Board, or by the independent members of the Board, such matters will be submitted for appropriate approval. The compensation committee met 10 times during fiscal 2025 .

Compensation Committee Interlocks and Insider Participation

During fiscal 2025, the compensation committee was composed of Mr. Kerr (who was replaced by Mr. Vogeleer as a member and Ms.Williams as the Chair during fiscal 2025), Mr. Cherdabayev (who resigned as a member based on the committee membership re-assignments on October 16, 2024), Mr. Gamble and Mr. Turlov (who were appointed as members based on the committee membership re-assignments on October 16, 2024) and Ms.Williams as the Chair. Except for Mr. Turlov, none of the members of the compensation committee during their service on the committee in fiscal 2025 was either an officer or employee of the Company. Mr. Cherdabayev served as the CEO of the Company’s predecessor, BMB Munai, Inc., from November 2003 to August 2007 and as Chairman of the Board of BMB Munai, Inc. from November 2003 to November 2015. During fiscal 2025, no executive officer of the Company served as a director or as a member of the compensation committee of the board of directors of another company which had an executive officer serving as a director of the Company or as a member of the compensation committee. In addition, during fiscal 2025, no member of the compensation committee, except for Mr. Turlov, engaged in any related party or other transaction of a type that is required to be disclosed pursuant to Item 404 of SEC Regulation S