Kaspi.kz (KSPI) director Nikvashvili reports ADS and option holdings

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Zurab Nikvashvili filed an initial Form 3 reporting his holdings. He directly holds 470 American Depositary Shares, each representing one common share. He also holds options with a right to buy 940 ADS at an exercise price of $0.01 per ADS. According to the disclosure, these options become exercisable in two equal tranches starting two days after the release of the issuer's annual results for each of 2026 and 2027, subject to his continued service as a director through those dates. The filing does not show any new purchases or sales, only existing equity and option positions.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Nikvashvili Zurab

(Last) (First) (Middle)

154A NAURYZBAI BATYR STREET

(Street)

ALMATY 050013

(City) (State) (Zip)

KAZAKSTAN

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Joint Stock Co Kaspi.kz [ KSPI ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
American Depositary Shares, no par value	(1)	(1)	Common shares, no par value	470	(1)	D
Option (Right to Buy)	(1)	(2)	American Depositary Shares, no par value	940	$0.01	D

Explanation of Responses:

1. Each American Depositary Share (each, an "ADS") represents one common share of the issuer.

2. Options become exercisable in two equal tranches, starting two days after the release of the issuer's annual results for each of 2026 and 2027, subject to the reporting person's continued service as a director of the issuer through such dates.

Remarks:

Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Securities Exchange Act of 1934 (the "Act"), the reporting person's transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c) of the Act. Exhibit 24 - Power of Attorney

	/s/ Yuri Didenko as attorney-in-fact for Zurab Nikashvili	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Zurab Nikvashvili's Form 3 disclose for Joint Stock Co Kaspi.kz (KSPI)?

The Form 3 discloses Zurab Nikvashvili’s initial ownership in Joint Stock Co Kaspi.kz as a director. It reports 470 American Depositary Shares held directly and options over 940 ADS, providing a baseline view of his equity-linked position with the company.

How many Kaspi.kz (KSPI) American Depositary Shares does Zurab Nikvashvili hold directly?

The filing shows he directly holds 470 American Depositary Shares, each representing one common share of Joint Stock Co Kaspi.kz. This represents his reported direct equity stake at the time of the Form 3, excluding any additional exposure from options.

What options over KSPI ADS does Zurab Nikvashvili report on his Form 3?

He reports holding options over 940 American Depositary Shares with an exercise price of $0.01 per ADS. These options provide low-cost potential share acquisition, subject to vesting conditions linked to the company’s future annual results announcements.

When do Zurab Nikvashvili’s KSPI options become exercisable?

The options become exercisable in two equal tranches, starting two days after the release of Kaspi.kz’s annual results for each of 2026 and 2027. Vesting is contingent on his continued service as a director through those respective dates.

Does Zurab Nikvashvili’s KSPI Form 3 show any recent share purchases or sales?

No, the Form 3 does not show new purchases or sales. It records his existing direct holdings of 470 ADS and his option position over 940 ADS, serving as an initial ownership snapshot rather than reporting trading activity.