Joint Stock Co Kaspi.kz: director Kim Vyacheslav sold 38,315 shares

What happened

• Kim Vyacheslav, a director, sold a total of 38,315 American Depositary Shares (ADSs) in multiple derivative sales on Oct 19, Oct 20 and Oct 21, 2026. The filing lists the individual transactions as: 10,209 shares at $91.84 for $937,595; 4,063 shares at $92.58 for $376,153; 9,080 shares at $93.01 for $844,531; 222 shares at $93.63 for $20,786; 4,720 shares at $92.40 for $436,128; and 10,021 shares at $93.36 for $935,561, for total proceeds of $3,550,754. Footnote F1 says each ADS represents one common share.

Key details

• Transaction dates and reported weighted-average prices:
  • Oct 19, 2026: 10,209 shares at $91.84 for $937,595 (filing notes prices in this group ranged $91.33–$92.30; see footnote)
  • Oct 19, 2026: 4,063 shares at $92.58 for $376,153 (filing notes prices in this group ranged $92.3475–$93.01; see footnote)
  • Oct 20, 2026: 9,080 shares at $93.01 for $844,531 (filing notes prices in this group ranged $92.3475–$93.01; see footnote)
  • Oct 20, 2026: 222 shares at $93.63 for $20,786 (filing notes prices in this group ranged $92.57–$93.55; see footnote)
  • Oct 21, 2026: 4,720 shares at $92.40 for $436,128 (filing notes prices in this group ranged $91.90–$92.895; see footnote)
  • Oct 21, 2026: 10,021 shares at $93.36 for $935,561 (filing notes prices in this group ranged $92.925–$93.895; see footnote)
• Shares owned after the transactions: not reported in the Form 4 provided.
• Relevant footnotes: F1 (each ADS = one common share); F2–F6 (the column 8 prices are weighted averages; the filing gives ranges for the multiple trades within each reported line and the reporting person will provide a breakdown on request).
• Filing and timeliness: Form filed Oct 21, 2026; the filing does not indicate it was late.
• Other remark in filing: the issuer is a foreign private issuer and the reporting person's transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act.

Why it may matter

• The filing lists these as derivative-security sales (sales of ADS-related derivative positions) rather than direct open-market purchases of common stock.
• The filing does not show whether these sales followed an options exercise, were part of a plan, or were for another reason.
• A filing does not show why the insider traded or why the company acted.