Kaspi.kz director sells 34,444 ADS in plan trade

Kaspi.kz director Vyacheslav Kim reported selling a total of 34,444 American Depositary Shares (ADS) of Joint Stock Co Kaspi.kz on July 27–28, 2026, in open‑market or private transactions at weighted‑average prices between $85.365 and $87.33 per ADS.

Rhea-AI Filing Summary

Kaspi.kz director Vyacheslav Kim reported selling a total of 34,444 American Depositary Shares (ADS) of Joint Stock Co Kaspi.kz on July 27–28, 2026, in open‑market or private transactions at weighted‑average prices between $85.365 and $87.33 per ADS. Each ADS represents one common share. The trades were executed pursuant to a Rule 10b5-1 trading plan, and Kaspi.kz is a foreign private issuer exempt from certain U.S. short‑swing profit rules.

Insider Trade Summary 10b5-1

Net Seller: 34,444 shares

Net Sell 4 txns

Insider Kim Vyacheslav

Role Director

Sold 34,444 shs ($2.98M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value F1, F4	4,792	$85.974	$412K
Sale	American Depositary Shares, no par value F1, F5	12,162	$86.663	$1.05M
Sale	American Depositary Shares, no par value F1, F2	16,705	$86.552	$1.45M
Sale	American Depositary Shares, no par value F1, F3	785	$87.266	$69K

Holdings After Transaction: American Depositary Shares, no par value — 37,842,794 contracts (Direct)

Footnotes (5)

1. F1. Each American Depositary Share (ADS) represents one common share of the issuer.
2. F2. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.16 to $87.15, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the U.S. Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
3. F3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.165 to $87.33, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
4. F4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.365 to $86.34, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
5. F5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.37 to $87.07, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Key Figures

Total ADS sold: 34,444 ADS July 27 sale lot 1: 16,705 ADS at $86.552 July 27 sale lot 2: 785 ADS at $87.266 +4 more

7 metrics

Total ADS sold 34,444 ADS Aggregate ADS sold across all reported transactions dated July 27–28, 2026

July 27 sale lot 1 16,705 ADS at $86.552 Weighted-average price per ADS for 16,705 ADS sold on July 27, 2026

July 27 sale lot 2 785 ADS at $87.266 Weighted-average price per ADS for 785 ADS sold on July 27, 2026

July 28 sale lot 1 4,792 ADS at $85.974 Weighted-average price per ADS for 4,792 ADS sold on July 28, 2026

July 28 sale lot 2 12,162 ADS at $86.663 Weighted-average price per ADS for 12,162 ADS sold on July 28, 2026

Price range for 16,705 ADS sale $86.16–$87.15 per ADS Range of individual trade prices for the 16,705 ADS sale on July 27, 2026

ADS-to-share ratio 1 ADS = 1 common share Each American Depositary Share represents one common share of Joint Stock Co Kaspi.kz

Key Terms

American Depositary Share (ADS), foreign private issuer, Rule 3a12-3(b), weighted average price

4 terms

American Depositary Share (ADS) financial

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

foreign private issuer regulatory

"Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b)..."

A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.

Rule 3a12-3(b) regulatory

"status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Securities Exchange Act of 1934"

weighted average price financial

"The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions..."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Kaspi.kz (KSPI) report for Vyacheslav Kim?

Kaspi.kz reported that director Vyacheslav Kim sold a total of 34,444 American Depositary Shares (ADS). The sales took place on July 27–28, 2026, in open‑market or private transactions, at prices ranging between $85.365 and $87.33 per ADS, reported as weighted‑average prices.

On which dates and at what prices did the KSPI insider trades occur?

On July 27, 2026, Kim sold 16,705 ADS at $86.552 and 785 ADS at $87.266. On July 28, 2026, he sold 4,792 ADS at $85.974 and 12,162 ADS at $86.663, with each ADS representing one common share of Joint Stock Co Kaspi.kz.

Were Vyacheslav Kim's Kaspi.kz (KSPI) trades under a Rule 10b5-1 plan?

Yes. The filing’s Rule 10b5-1 checkbox is marked, indicating all reported transactions were executed pursuant to a Rule 10b5-1 trading plan. Such plans pre‑schedule trades, reducing the informational value of trade timing for assessing insider sentiment relative to discretionary, non‑planned sales.

What does Kaspi.kz (KSPI) being a foreign private issuer mean for these trades?

Kaspi.kz is identified as a foreign private issuer under SEC Rule 3a12-3(b). As a result, Vyacheslav Kim’s transactions in the company’s equity securities are exempt from Sections 16(b) and 16(c), which normally govern short‑swing profits and certain short sales by insiders.

What is an American Depositary Share (ADS) for Kaspi.kz (KSPI)?

For Kaspi.kz, each American Depositary Share (ADS) represents one common share of the issuer. ADSs allow investors to trade interests in non‑U.S. companies on U.S. markets through a U.S. depositary bank, simplifying settlement and custody for cross‑border holdings by using dollar‑denominated securities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/29/2026 - 05:34 PM Accepted by SEC EDGAR 07/29/2026 - 05:34 PM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kim Vyacheslav

(Last) (First) (Middle)

154A NAURYZBAI BATYR STREET

(Street)

ALMATY 050013

(City) (State) (Zip)

KAZAKSTAN

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/27/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
American Depositary Shares, no par value	(1)	07/27/2026		S			16,705	(1)	(1)	Common Shares, no par value	(1)	$86.552(2)	37,860,533	D
American Depositary Shares, no par value	(1)	07/27/2026		S			785	(1)	(1)	Common Shares, no par value	(1)	$87.266(3)	37,859,748	D
American Depositary Shares, no par value	(1)	07/28/2026		S			4,792	(1)	(1)	Common Shares, no par value	(1)	$85.974(4)	37,854,956	D
American Depositary Shares, no par value	(1)	07/28/2026		S			12,162	(1)	(1)	Common Shares, no par value	(1)	$86.663(5)	37,842,794	D

Explanation of Responses:

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

2. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.16 to $87.15, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the U.S. Securities and Exchange Commission ("SEC"), upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.165 to $87.33, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.365 to $86.34, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.37 to $87.07, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

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.

	/s/ Yuri Didenko, as attorney-in-fact for Vyacheslav Kim	07/29/2026
	** 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 4 (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 4: SEC 1474 (03-26)