What does each Kaspi.kz (KSPI) American Depositary Share represent?

According to the Form 4 footnotes, each American Depositary Share (ADS) of Kaspi.kz represents one common share of the issuer, providing an equivalent economic interest in the underlying common equity.

Kaspi.kz director sells 104K ADS in planned trades

Q: What insider activity did Kaspi.kz (KSPI) report in this Form 4?

Kaspi.kz reported that director Vyacheslav Kim executed multiple open-market sales of American Depositary Shares over August 11–13, 2026, as disclosed in a Form 4 insider transaction filing.

Q: How does Kaspi.kz’s foreign private issuer status affect these insider trades?

Kaspi.kz is described as a foreign private issuer, so the reporting person’s transactions in its equity securities are disclosed as exempt from Sections 16(b) and 16(c) of the U.S. Exchange Act.

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported multiple open-market sales of American Depositary Shares (ADSs) over August 11–13, 2026, totaling 104,099 ADSs.

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Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported multiple open-market sales of American Depositary Shares (ADSs) over August 11–13, 2026, totaling 104,099 ADSs. The per-share sale prices reported for these transactions ranged from $94.90 to $100.33. Each ADS represents one common share of the company. The transactions are affirmed as made pursuant to a Rule 10b5-1 trading plan, and the issuer is treated as a foreign private issuer exempt from certain Exchange Act Section 16 provisions.

Insider Trade Summary 10b5-1

Net Seller: 104,099 shares

Net Sell 12 txns

Insider Kim Vyacheslav

Role Director

Sold 104,099 shs ($10.14M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value ^{F1, F11}	13,373	$98.73	$1.32M
Sale	American Depositary Shares, no par value ^{F1, F12}	12,999	$99.61	$1.29M
Sale	American Depositary Shares, no par value ^{F1, F13}	2,285	$100.33	$229K
Sale	American Depositary Shares, no par value ^{F1, F6}	4,077	$95.46	$389K
Sale	American Depositary Shares, no par value ^{F1, F7}	7,188	$96.38	$693K
Sale	American Depositary Shares, no par value ^{F1, F8}	8,087	$97.54	$789K
Sale	American Depositary Shares, no par value ^{F1, F9}	12,713	$98.48	$1.25M
Sale	American Depositary Shares, no par value ^{F1, F10}	6,407	$99.34	$636K
Sale	American Depositary Shares, no par value ^{F1, F2}	6,187	$94.90	$587K
Sale	American Depositary Shares, no par value ^{F1, F3}	26,229	$95.54	$2.51M
Sale	American Depositary Shares, no par value ^{F1, F4}	2,328	$96.65	$225K
Sale	American Depositary Shares, no par value ^{F1, F5}	2,226	$97.81	$218K

Holdings After Transaction: American Depositary Shares, no par value — 37,486,685 contracts (Direct)

Footnotes (13)

F1. Each American Depositary Share (ADS) represents one common share of the issuer.
F2. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $94.175 to $95.175, 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.
F3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $95.18 to $96.045, 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.
F4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $96.225 to $97.145, 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.
F5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $97.395 to $98.32, 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.
F6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $95.005 to $95.86, 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.
F7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $96.015 to $96.995, 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.
F8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $97.02 to $98.015, 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.
F9. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $98.03 to $99, 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.
F10. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $99.04 to $99.525, 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.
F11. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $98.125 to $99.125, 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.
F12. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $99.14 to $100.13, 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.
F13. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $100.145 to $100.43, 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 ADSs sold: 104,099 ADSs Number of sale transactions: 12 Sale price example: $94.90 per ADS +1 more

4 metrics

Total ADSs sold 104,099 ADSs Aggregate insider sales reported for August 11–13, 2026

Number of sale transactions 12 Total separate sale entries reported in the Form 4

Sale price example $94.90 per ADS Per-share price for one sale on 2026-08-11

Sale price example $100.33 per ADS Per-share price for one sale on 2026-08-13

Key Terms

American Depositary Shares, weighted average price, Rule 10b5-1 trading plan, foreign private issuer, +1 more

5 terms

American Depositary Shares financial

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

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.

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.

Rule 10b5-1 trading plan regulatory

"the transactions were made pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

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.

Sections 16(b) and 16(c) regulatory

"transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c)"

FAQ

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

What insider activity did Kaspi.kz (KSPI) report in this Form 4?

Kaspi.kz reported that director Vyacheslav Kim executed multiple open-market sales of American Depositary Shares over August 11–13, 2026, as disclosed in a Form 4 insider transaction filing.

How many Kaspi.kz (KSPI) ADSs did Vyacheslav Kim sell?

Across the reported transactions, Vyacheslav Kim sold a total of 104,099 American Depositary Shares. This aggregate figure comes from the Form 4 transaction summary for the three trading days covered.

At what prices were the Kaspi.kz (KSPI) ADSs sold?

The reported per-share sale prices for Kaspi.kz ADSs in the Form 4 range from $94.90 in one transaction to $100.33 in another, with each row’s price disclosed as a weighted average subject to detailed ranges in the footnotes.

Were the Kaspi.kz (KSPI) insider sales made under a Rule 10b5-1 plan?

Yes. The Form 4 indicates that the transactions were made pursuant to a Rule 10b5-1 trading plan, as shown by the affirmative 10b5-1 checkbox for the filing.

How does Kaspi.kz’s foreign private issuer status affect these insider trades?

Kaspi.kz is described as a foreign private issuer, so the reporting person’s transactions in its equity securities are disclosed as exempt from Sections 16(b) and 16(c) of the U.S. Exchange Act.

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

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Accepted by SEC EDGAR 08/13/2026 - 07:01 PM EDT

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)
08/11/2026

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⁾	08/11/2026		S			6,187	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$94.9⁽²⁾	37,584,597	D
American Depositary Shares, no par value	⁽¹⁾	08/11/2026		S			26,229	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$95.54⁽³⁾	37,558,368	D
American Depositary Shares, no par value	⁽¹⁾	08/11/2026		S			2,328	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$96.65⁽⁴⁾	37,556,040	D
American Depositary Shares, no par value	⁽¹⁾	08/11/2026		S			2,226	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$97.81⁽⁵⁾	37,553,814	D
American Depositary Shares, no par value	⁽¹⁾	08/12/2026		S			4,077	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$95.46⁽⁶⁾	37,549,737	D
American Depositary Shares, no par value	⁽¹⁾	08/12/2026		S			7,188	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$96.38⁽⁷⁾	37,542,549	D
American Depositary Shares, no par value	⁽¹⁾	08/12/2026		S			8,087	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$97.54⁽⁸⁾	37,534,462	D
American Depositary Shares, no par value	⁽¹⁾	08/12/2026		S			12,713	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$98.48⁽⁹⁾	37,521,749	D
American Depositary Shares, no par value	⁽¹⁾	08/12/2026		S			6,407	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$99.34⁽¹⁰⁾	37,515,342	D
American Depositary Shares, no par value	⁽¹⁾	08/13/2026		S			13,373	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$98.73⁽¹¹⁾	37,501,969	D
American Depositary Shares, no par value	⁽¹⁾	08/13/2026		S			12,999	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$99.61⁽¹²⁾	37,488,970	D
American Depositary Shares, no par value	⁽¹⁾	08/13/2026		S			2,285	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$100.33⁽¹³⁾	37,486,685	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 $94.175 to $95.175, 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 $95.18 to $96.045, 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 $96.225 to $97.145, 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 $97.395 to $98.32, 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.

6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $95.005 to $95.86, 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.

7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $96.015 to $96.995, 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.

8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $97.02 to $98.015, 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.

9. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $98.03 to $99, 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.

10. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $99.04 to $99.525, 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.

11. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $98.125 to $99.125, 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.

12. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $99.14 to $100.13, 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.

13. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $100.145 to $100.43, 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	08/13/2026
	** 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