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

Each Kaspi.kz ADS represents one common share of the issuer. The footnotes state that every American Depositary Share is equivalent to a single underlying common share, so the 44,691 ADSs sold correspond economically to 44,691 Kaspi.kz common shares.

Kaspi.kz (KSPI) director Vyacheslav Kim sells 44,691 ADSs in open-market deals

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

Vyacheslav Kim reported selling 44,691 Kaspi.kz ADSs. The Form 4 shows multiple open-market sales of American Depositary Shares, each representing one common share, executed over two trading days at various weighted average prices in the mid‑$80s to high‑$80s per ADS.

Q: On which dates did Kaspi.kz (KSPI) director Vyacheslav Kim sell ADSs?

The reported ADS sales occurred on May 8 and May 11, 2026. On each of these dates, Kim executed several open-market transactions in Kaspi.kz American Depositary Shares, with each day’s trades reported separately and accompanied by weighted average sale prices and detailed price ranges in the footnotes.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported multiple open-market sales of the company’s American Depositary Shares (ADSs). Across May 8 and May 11, 2026, he sold a total of 44,691 ADSs at weighted average prices in the mid‑$80s to high‑$80s per ADS.

Each ADS represents one common share of Kaspi.kz. The transactions were executed in numerous individual trades within reported price ranges between about $84.055 and $89.25 per ADS, as disclosed in the filing’s footnotes.

Insider Trade Summary 10b5-1

Net Seller: 44,691 shares ($3,847,901)

Net Sell 7 txns

Insider Kim Vyacheslav

Role null

Sold 44,691 shs ($3.85M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	6,452	$86.153	$556K
Sale	American Depositary Shares, no par value	7,766	$86.986	$676K
Sale	American Depositary Shares, no par value	3,280	$88.063	$289K
Sale	American Depositary Shares, no par value	1,146	$89.109	$102K
Sale	American Depositary Shares, no par value	5,842	$84.606	$494K
Sale	American Depositary Shares, no par value	17,944	$85.621	$1.54M
Sale	American Depositary Shares, no par value	2,261	$86.197	$195K

Holdings After Transaction: American Depositary Shares, no par value — 38,842,434 shares (Direct, null)

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 sold in multiple transactions at prices ranging from $84.055 to $85.03, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.06 to $86.06, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.075 to $86.84, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.52 to $86.495, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.525 to $87.47, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.565 to $88.49, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $88.8 to $89.25, 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

ADSs sold: 44,691 ADSs Weighted average sale price: $86.197 per ADS Weighted average sale price: $89.109 per ADS +3 more

6 metrics

ADSs sold 44,691 ADSs Total open-market sales reported in Form 4

Weighted average sale price $86.197 per ADS One of the May 8, 2026 transactions

Weighted average sale price $89.109 per ADS One of the May 11, 2026 transactions

Lowest price range bound $84.055 per ADS Footnote F2 price range for sales

Highest price range bound $89.25 per ADS Footnote F8 price range for sales

Derivative sale transactions 7 transactions All coded “S” as sales of ADSs

Key Terms

American Depositary Shares, weighted average price, open-market sale, derivative-type transactions, +1 more

5 terms

American Depositary Shares financial

"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.

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.

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.

derivative-type transactions financial

"derivativeTransactionCount": 7"

Form 4 Insider Transactions: What Each Field Means →

05/12/2026 - 06:00 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)
05/08/2026

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⁾	05/08/2026		S			5,842	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$84.606⁽²⁾	38,869,091	D
American Depositary Shares, no par value	⁽¹⁾	05/08/2026		S			17,944	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$85.621⁽³⁾	38,851,147	D
American Depositary Shares, no par value	⁽¹⁾	05/08/2026		S			2,261	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$86.197⁽⁴⁾	38,848,886	D
American Depositary Shares, no par value	⁽¹⁾	05/11/2026		S			6,452	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$86.153⁽⁵⁾	38,842,434	D
American Depositary Shares, no par value	⁽¹⁾	05/11/2026		S			7,766	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$86.986⁽⁶⁾	38,834,668	D
American Depositary Shares, no par value	⁽¹⁾	05/11/2026		S			3,280	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.063⁽⁷⁾	38,831,388	D
American Depositary Shares, no par value	⁽¹⁾	05/11/2026		S			1,146	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.109⁽⁸⁾	38,830,242	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 $84.055 to $85.03, 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 $85.06 to $86.06, 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 $86.075 to $86.84, 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.

5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $85.52 to $86.495, 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 $86.525 to $87.47, 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 $87.565 to $88.49, 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 $88.8 to $89.25, 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	05/12/2026
	** 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

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

Vyacheslav Kim reported selling 44,691 Kaspi.kz ADSs. The Form 4 shows multiple open-market sales of American Depositary Shares, each representing one common share, executed over two trading days at various weighted average prices in the mid‑$80s to high‑$80s per ADS.

On which dates did Kaspi.kz (KSPI) director Vyacheslav Kim sell ADSs?

The reported ADS sales occurred on May 8 and May 11, 2026. On each of these dates, Kim executed several open-market transactions in Kaspi.kz American Depositary Shares, with each day’s trades reported separately and accompanied by weighted average sale prices and detailed price ranges in the footnotes.

How many Kaspi.kz (KSPI) ADSs did Vyacheslav Kim sell and at what prices?

He sold a total of 44,691 ADSs at weighted average prices in the $84–$89 range. Individual transactions were reported with specific averages such as $86.197 and $85.621, and footnotes disclose detailed price ranges from $84.055 to $89.25 per ADS.

Were Vyacheslav Kim’s Kaspi.kz (KSPI) ADS transactions open-market sales?

Yes, the filing classifies the transactions as open-market sales. Each entry uses transaction code “S” with the description “Sale in open market or private transaction,” and the normalized fields label the action as an open-market sale with a sell-side transaction direction.

How many separate derivative-type transactions did the Kaspi.kz (KSPI) Form 4 report?

The Form 4 reports seven derivative-type sale transactions. Transaction summary data show a derivativeTransactionCount of seven, all coded as “S” sales of American Depositary Shares, with an aggregate of 44,691 ADSs sold and no exercises, gifts, or tax-withholding entries reported.