Gutkowski Szymon 4

What Happened
Director Szymon Gutkowski reported a gift transaction on Apr 2, 2026, transferring 17,778 American Depositary Shares (ADSs) of Joint Stock Co Kaspi.kz. The transaction is reported as a gift at $0.00 per ADS (total value $0). The Form 4 shows the shares both disposed of (directly) and acquired (indirectly) to reflect a change from direct ownership to indirect ownership via a trust.

Key Details

• Transaction date: April 2, 2026; Form 4 filed April 6, 2026 (timely filing).
• Transaction type/code: Gift (G); price reported $0.00 per ADS.
• Quantity: 17,778 ADSs transferred. Each ADS represents one common share (footnote F1).
• Post-transaction holdings: total shares held after the transfer are not specified on this Form 4.
• Footnotes: F2 states the ADSs were transferred for no consideration to a trust for which Gutkowski is the settlor and his immediate family are the sole beneficiaries; he retains a pecuniary interest and disclaims beneficial ownership except to the extent of that interest.
• Regulatory note: As a foreign private issuer under Rule 3a12-3(b), the issuer’s insiders’ transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act (per the filing remarks).

Context
Gifts are not market purchases or sales and generally do not signal a change in an insider’s view of the company’s stock price. Here the filing documents an internal reclassification from direct to indirect ownership (via a family trust) while the reporting person retains an economic interest in the securities.