Kim Vyacheslav 4

What Happened

• Director Vyacheslav Kim sold a total of 23,674 American Depositary Shares (ADSs) in open-market/ private sales between July 17 and July 20, 2026, generating aggregate proceeds of about $2,076,834. The individual trades reported: 5,223 ADSs at a weighted avg $86.35 ($451,011), 8,001 ADSs at $87.46 ($699,751), 7,411 ADSs at $88.36 ($654,866), and 3,039 ADSs at $89.24 ($271,206). These transactions are reported as sales (S) and listed as "Derivative" dispositions in the Form 4.

Key Details

• Dates & prices:
  • 2026-07-17: 5,223 ADSs @ weighted avg $86.35 (prices ranged $85.985–$86.985; F2) and 8,001 ADSs @ $87.46 (range $87.025–$88.02; F3).
  • 2026-07-20: 7,411 ADSs @ $88.36 (range $88.015–$89.015; F4) and 3,039 ADSs @ $89.24 (range $89.0225–$89.69; F5).
• Each ADS represents one common share of the issuer (Footnote F1).
• Shares owned after transaction: not disclosed in the provided filing.
• Filing dated July 21, 2026; the Form includes no late‑filing remark.
• Remark: As a foreign private issuer, Kaspi.kz’s insider transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act (no short‑swing profit recovery).

Context

• The Form 4 reports these as "Derivative" dispositions; the filing does not specify the exact derivative instrument or indicate an exercise code. That typically means the sales relate to derivative-held positions or dispositions of ADSs tied to derivatives, but the form does not give further detail. These were sales (not purchases), which are often routine insider liquidity events rather than a direct signal of company outlook.