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  4. [Form 4] Joint Stock Co Kaspi.kz Insider Trading Activity

Kaspi.kz director sells 115K ADS at $100–109

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(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz (KSPI) reported that director Vyacheslav Kim sold a total of 115,485 American Depositary Shares (ADSs), each representing one common share, in open-market transactions from September 4 to September 9, 2026, under a Rule 10b5-1 trading plan. Reported weighted average sale prices across the 12 transactions ranged from about $99.685 to $108.97 per ADS.

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Insider Kim Vyacheslav
Role Director
Sold 115,485 shs ($12.01M)
Type Security Shares Price Value
Sale American Depositary Shares, no par value F1, F7 29,912 $100.09 $2.99M
Sale American Depositary Shares, no par value F1, F8 11,000 $101.10 $1.11M
Sale American Depositary Shares, no par value F1, F9 11,133 $102.12 $1.14M
Sale American Depositary Shares, no par value F1, F10 8,187 $103.07 $844K
Sale American Depositary Shares, no par value F1, F11 3,083 $104.23 $321K
Sale American Depositary Shares, no par value F1, F12 1,794 $105.39 $189K
Sale American Depositary Shares, no par value F1, F13 638 $106.49 $68K
Sale American Depositary Shares, no par value F1, F4 7,274 $106.33 $773K
Sale American Depositary Shares, no par value F1, F5 20,502 $107.18 $2.20M
Sale American Depositary Shares, no par value F1, F6 3,798 $108.29 $411K
Sale American Depositary Shares, no par value F1, F2 6,691 $107.51 $719K
Sale American Depositary Shares, no par value F1, F3 11,473 $108.19 $1.24M
Holdings After Transaction: American Depositary Shares, no par value — 36,973,795 contracts (Direct)
Footnotes (13)
  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 $106.90 to $107.815, 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 $107.92 to $108.60, 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 $105.83 to $106.81, 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 $106.835 to $107.83, 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. F6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $107.97 to $108.97, 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. F7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $99.685 to $100.68, 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. F8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $100.705 to $101.685, 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. F9. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $101.71 to $102.705, 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. F10. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $102.72 to $103.625, 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. F11. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $103.79 to $104.775, 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. F12. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $104.97 to $105.84, 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 sold at each separate price within the range set forth in this footnote.
  13. F13. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $106.02 to $106.83, 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.
Total ADSs sold 115,485 ADSs Aggregate net shares sold by Vyacheslav Kim across all reported transactions
Number of transactions 12 transactions Open-market sales from September 4 to September 9, 2026
Lowest weighted average sale range $99.685–$100.68 per ADS Price range for one transaction group referenced in footnote F7
Highest weighted average sale range $107.97–$108.97 per ADS Price range for one transaction group referenced in footnote F6
ADS to common share ratio 1 ADS : 1 common share Each American Depositary Share represents one common share of Kaspi.kz
American Depositary Shares financial
"Each American Depositary Share (ADS) represents one common share"
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.
Rule 10b5-1 trading plan regulatory
"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"
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.
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.
Sections 16(b) and 16(c) regulatory
"transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c)"

FAQ

What insider activity did Kaspi.kz (KSPI) report for Vyacheslav Kim?
Kaspi.kz reported that director Vyacheslav Kim sold 115,485 ADSs in 12 open-market transactions from September 4 to September 9, 2026, with each ADS representing one common share of the company.

How many Kaspi.kz (KSPI) ADSs did Vyacheslav Kim sell and over what period?
Vyacheslav Kim sold 115,485 American Depositary Shares of Kaspi.kz across 12 transactions executed on September 4, 8 and 9, 2026, according to the Form 4 transaction summary.

At what prices were the Kaspi.kz (KSPI) ADSs sold by Vyacheslav Kim?
The filing reports weighted average prices for each transaction. Footnotes state that the ADSs were sold in ranges from about $99.685 up to about $108.97 per ADS, depending on the specific transaction group.

Were Vyacheslav Kim’s Kaspi.kz (KSPI) sales under a Rule 10b5-1 plan?
Yes. The Form 4 indicates that the transactions were made pursuant to a Rule 10b5-1 trading plan, meaning the sales followed a pre-established, contractual trading schedule.

What does each Kaspi.kz (KSPI) ADS represent in this Form 4?
A footnote explains that each American Depositary Share (ADS) represents one common share of Joint Stock Co Kaspi.kz, so the 115,485 ADSs sold correspond to the same number of underlying common shares.

Does Kaspi.kz (KSPI) have special status affecting these insider transactions?
Yes. Kaspi.kz is identified as a foreign private issuer, and the Form 4 notes that the reporting person’s transactions in its equity securities are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act of 1934.

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SEC Form 4
FORM 4UNITED 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)
ALMATY050013
(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)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
09/04/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
American Depositary Shares, no par value(1)09/04/2026S6,691 (1) (1)Common Shares, no par value(1)$107.51(2)37,082,589D
American Depositary Shares, no par value(1)09/04/2026S11,473 (1) (1)Common Shares, no par value(1)$108.19(3)37,071,116D
American Depositary Shares, no par value(1)09/08/2026S7,274 (1) (1)Common Shares, no par value(1)$106.33(4)37,063,842D
American Depositary Shares, no par value(1)09/08/2026S20,502 (1) (1)Common Shares, no par value(1)$107.18(5)37,043,340D
American Depositary Shares, no par value(1)09/08/2026S3,798 (1) (1)Common Shares, no par value(1)$108.29(6)37,039,542D
American Depositary Shares, no par value(1)09/09/2026S29,912 (1) (1)Common Shares, no par value(1)$100.09(7)37,009,630D
American Depositary Shares, no par value(1)09/09/2026S11,000 (1) (1)Common Shares, no par value(1)$101.1(8)36,998,630D
American Depositary Shares, no par value(1)09/09/2026S11,133 (1) (1)Common Shares, no par value(1)$102.12(9)36,987,497D
American Depositary Shares, no par value(1)09/09/2026S8,187 (1) (1)Common Shares, no par value(1)$103.07(10)36,979,310D
American Depositary Shares, no par value(1)09/09/2026S3,083 (1) (1)Common Shares, no par value(1)$104.23(11)36,976,227D
American Depositary Shares, no par value(1)09/09/2026S1,794 (1) (1)Common Shares, no par value(1)$105.39(12)36,974,433D
American Depositary Shares, no par value(1)09/09/2026S638 (1) (1)Common Shares, no par value(1)$106.49(13)36,973,795D
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 $106.90 to $107.815, 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 $107.92 to $108.60, 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 $105.83 to $106.81, 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 $106.835 to $107.83, 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 $107.97 to $108.97, 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 $99.685 to $100.68, 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 $100.705 to $101.685, 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 $101.71 to $102.705, 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 $102.72 to $103.625, 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 $103.79 to $104.775, 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 $104.97 to $105.84, 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 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 $106.02 to $106.83, 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 Kim09/09/2026
** Signature of Reporting PersonDate
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

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