Kaspi.kz (KSPI) director trims stake with 42,672 ADS sales

Q: How many Joint Stock Co Kaspi.kz (KSPI) ADS did Vyacheslav Kim sell?

Vyacheslav Kim sold a total of 42,672 American Depositary Shares (ADS) of Joint Stock Co Kaspi.kz in open-market transactions. These sales were split across five trades executed over two consecutive trading days.

Q: On what dates did the KSPI director’s ADS sales occur?

The reported ADS sales by director Vyacheslav Kim occurred on April 14 and April 15, 2026 . Multiple trades were executed on each day, all reported as open-market transactions at different weighted average prices.

Q: What type of transactions did the Kaspi.kz (KSPI) Form 4 report?

The Form 4 reports open-market sale transactions of American Depositary Shares, coded as “S” for sales. All entries are classified as derivative-type records for ADS, with no option exercises, gifts, or tax-withholding events disclosed.

Q: What does the footnote about weighted average price mean for KSPI ADS trades?

Each footnote explains that the reported price is a weighted average of multiple trades within a stated range. The reporting person offers to provide detailed trade-by-trade pricing information to the issuer, security holders, or SEC staff upon request.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open-market sales of 42,672 American Depositary Shares (ADS). The trades took place on April 14 and 15 at weighted average prices between about $80 and $83 per ADS. Following these transactions, Kim directly holds 39,302,786 ADS, indicating he retains a very large stake in the company despite the sales.

Insider Trade Summary 10b5-1

Net Seller: 42,672 shares ($3,504,317)

Net Sell 5 txns

Insider Kim Vyacheslav

Role Director

Sold 42,672 shs ($3.50M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	8,448	$82.151	$694K
Sale	American Depositary Shares, no par value	7,780	$82.5984	$643K
Sale	American Depositary Shares, no par value	1,157	$80.2878	$93K
Sale	American Depositary Shares, no par value	11,553	$81.7171	$944K
Sale	American Depositary Shares, no par value	13,734	$82.3299	$1.13M

Holdings After Transaction: American Depositary Shares, no par value — 39,310,599 shares (Direct)

Footnotes (1)

Each American Depositary Share (ADS) represents one common share of the issuer. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $80 to $80.73, 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 purchased at each separate price within the range set forth in this footnote. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $81.095 to $82.09, 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 purchased at each separate price within the range set forth in this footnote. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $82.1 to $82.71, 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 purchased at each separate price within the range set forth in this footnote. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $81.435 to $82.42, 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 purchased at each separate price within the range set forth in this footnote. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $82.44 to $82.84, 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 purchased at each separate price within the range set forth in this footnote.

Key Figures

Total ADS sold: 42,672 ADS Shares sold on April 15, 2026: 16,228 ADS Shares sold on April 14, 2026: 26,444 ADS +3 more

6 metrics

Total ADS sold 42,672 ADS Net shares sold in open-market trades reported in this Form 4

Shares sold on April 15, 2026 16,228 ADS Two sales: 8,448 ADS at $82.1510 and 7,780 ADS at $82.5984

Shares sold on April 14, 2026 26,444 ADS Three sales at weighted average prices of $80.2878, $81.7171 and $82.3299

Holding after final sale 39,302,786 ADS Total American Depositary Shares directly owned after April 15 transaction

Highest reported sale price $82.5984 per ADS Weighted average price for 7,780 ADS sold on April 15, 2026

Lowest reported sale price $80.2878 per ADS Weighted average price for 1,157 ADS sold on April 14, 2026

Key Terms

American Depositary Shares, open-market sale, weighted average price, derivativeTransactionCount, +1 more

5 terms

American Depositary Shares financial

"security_title: "American Depositary Shares, no par value""

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

open-market sale financial

"transaction_action: "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

weighted average price financial

"The price reported in Column 8 is a weighted average price."

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.

derivativeTransactionCount financial

""derivativeTransactionCount": 5"

net-sell financial

""netBuySellDirection": "net-sell""

Form 4 Insider Transactions: What Each Field Means →

04/16/2026 - 05:41 PM

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).

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)
04/14/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
American Depositary Shares, no par value	⁽¹⁾	04/14/2026		S		1,157		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$80.2878⁽²⁾	39,344,301	D
American Depositary Shares, no par value	⁽¹⁾	04/14/2026		S		11,553		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$81.7171⁽³⁾	39,332,748	D
American Depositary Shares, no par value	⁽¹⁾	04/14/2026		S		13,734		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$82.3299⁽⁴⁾	39,319,014	D
American Depositary Shares, no par value	⁽¹⁾	04/15/2026		S		8,448		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$82.151⁽⁵⁾	39,310,599	D
American Depositary Shares, no par value	⁽¹⁾	04/15/2026		S		7,780		⁽¹⁾	⁽¹⁾	American Depositary Shares, no par value	⁽¹⁾	$82.5984⁽⁶⁾	39,302,786	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 purchased in multiple transactions at prices ranging from $80 to $80.73, 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 purchased 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 purchased in multiple transactions at prices ranging from $81.095 to $82.09, 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 purchased 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 purchased in multiple transactions at prices ranging from $82.1 to $82.71, 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 purchased 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 purchased in multiple transactions at prices ranging from $81.435 to $82.42, 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 purchased at each separate price within the range set forth in this footnote.

6. The price reported in Column 8 is a weighted average price. These ADSs were purchased in multiple transactions at prices ranging from $82.44 to $82.84, 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 purchased 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	04/16/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

How many Joint Stock Co Kaspi.kz (KSPI) ADS did Vyacheslav Kim sell?

Vyacheslav Kim sold a total of 42,672 American Depositary Shares (ADS) of Joint Stock Co Kaspi.kz in open-market transactions. These sales were split across five trades executed over two consecutive trading days.

On what dates did the KSPI director’s ADS sales occur?

The reported ADS sales by director Vyacheslav Kim occurred on April 14 and April 15, 2026. Multiple trades were executed on each day, all reported as open-market transactions at different weighted average prices.

What prices did Vyacheslav Kim receive for the Kaspi.kz (KSPI) ADS sales?

The reported weighted average sale prices ranged from about $80.29 to $82.84 per ADS. Each Form 4 line reflects a single weighted average price, with underlying individual trades within a price range disclosed in the footnotes.

How many Kaspi.kz (KSPI) ADS does Vyacheslav Kim hold after these sales?

After the reported transactions, Vyacheslav Kim directly holds 39,302,786 American Depositary Shares. This figure is shown as the total number of ADS beneficially owned following the final reported sale transaction on April 15, 2026.

What type of transactions did the Kaspi.kz (KSPI) Form 4 report?

The Form 4 reports open-market sale transactions of American Depositary Shares, coded as “S” for sales. All entries are classified as derivative-type records for ADS, with no option exercises, gifts, or tax-withholding events disclosed.

What does the footnote about weighted average price mean for KSPI ADS trades?

Each footnote explains that the reported price is a weighted average of multiple trades within a stated range. The reporting person offers to provide detailed trade-by-trade pricing information to the issuer, security holders, or SEC staff upon request.