Kim Vyacheslav 4

What Happened
Kim Vyacheslav, a director of Joint Stock Co Kaspi.kz (KSPI), disposed of a total of 37,742 American Depositary Shares (ADSs) in open-market/privately executed derivative transactions on July 23–24, 2026. The individual transactions reported were:

• 20,862 ADSs at a weighted average of $85.22 — $1,777,755
• 2,347 ADSs at a weighted average of $86.31 — $202,579
• 136 ADSs at $87.20 — $11,859
• 14,307 ADSs at a weighted average of $85.50 — $1,223,277
• 90 ADSs at $86.06 — $7,746 Total proceeds across these disposals are about $3.22 million. These filings classify the transfers as "Derivative" disposals (each ADS represents one common share).

Key Details

• Transaction dates: July 23 and July 24, 2026; Form 4 filed July 27, 2026 (reporting period begins July 23).
• Reported weighted-average prices and ranges (per footnotes): some ADSs were sold in multiple trades at prices within specified ranges (e.g., $84.94–$85.92; $86.045–$87.00; $85.06–$86.045). The filer has offered to provide breakdowns on request.
• Shares owned after the transactions: not disclosed in the provided excerpt of the filing.
• Filing notes: because Kaspi.kz is a foreign private issuer, these transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act.
• No indication in the filing that the trades were part of a 10b5-1 plan, tax withholding, gift, or exercise-to-sell; they are reported as derivative disposals.

Context
These were sales (dispositions), which are generally considered routine insider liquidity and do not necessarily signal company fundamentals. The filing classifies the moves as derivative transactions—retail investors should note that “Derivative” here means the reported transaction type on the Form 4; each ADS equals one common share per the filing footnote. The reporting person has committed to provide detailed pricing information on request for the multiple trade ranges disclosed in the footnotes.