Director Vyacheslav Kim of Kaspi.kz (KSPI) sells 37742 ADSs under plan

Rhea-AI Filing Summary

Kaspi.kz director Vyacheslav Kim reported sales of the company’s American Depositary Shares (ADSs), each representing one common share. On July 23–24, 2026, he sold a total of 37742 ADSs in transactions reported as open market or private deals at weighted-average prices between $84.94 and $87.00 per ADS, pursuant to a Rule 10b5-1 trading plan. Kaspi.kz is described as a foreign private issuer, so these transactions are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act.

Insider Trade Summary 10b5-1

5 transactions reported

Mixed 5 txns

Insider Kim Vyacheslav

Role Director

Sold 37,742 shs ($3.22M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value F1, F4	14,307	$85.502	$1.22M
Sale	American Depositary Shares, no par value F1	90	$86.065	$8K
Sale	American Depositary Shares, no par value F1, F2	20,862	$85.215	$1.78M
Sale	American Depositary Shares, no par value F1, F3	2,347	$86.314	$203K
Sale	American Depositary Shares, no par value F1	136	$87.20	$12K

Holdings After Transaction: American Depositary Shares, no par value — 37,877,238 shares (Direct)

Footnotes (4)

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 $84.94 to $85.92, 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 $86.045 to $87.00, 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 $85.06 to $86.045, 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.

Key Figures

Total ADSs sold: 37742 ADSs Largest single ADS sale: 20862 ADSs Weighted-average price example 1: $85.2150 per ADS +4 more

7 metrics

Total ADSs sold 37742 ADSs Aggregate across five reported ADS sales on July 23–24, 2026

Largest single ADS sale 20862 ADSs ADSs sold on 2026-07-23 at a weighted-average price of $85.2150

Weighted-average price example 1 $85.2150 per ADS Price for the 20862 ADS sale on 2026-07-23

Weighted-average price example 2 $85.5020 per ADS Price for the 14307 ADS sale on 2026-07-24

Price range footnote F2 $84.94–$85.92 Range of prices for certain ADS sales on 2026-07-23

Price range footnote F3 $86.045–$87.00 Range of prices for additional ADS sales on 2026-07-23

Price range footnote F4 $85.06–$86.045 Range of prices for certain ADS sales on 2026-07-24

Key Terms

American Depositary Shares, foreign private issuer, Sections 16(b) and 16(c), weighted average price

4 terms

American Depositary Shares financial

"Security title reported as 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.

foreign private issuer regulatory

"Issuer described as a foreign private issuer under 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 noted as exempt from Sections 16(b) and 16(c) of the Act"

weighted average price financial

"Footnotes state the price reported is a weighted average price across trades"

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.

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/27/2026 - 04:47 PM Accepted by SEC EDGAR 07/27/2026 - 04:47 PM Learn about SEC filing dates

FAQ

What insider transaction did Kaspi.kz (KSPI) disclose in this Form 4?

Kaspi.kz reported that director Vyacheslav Kim sold 37742 American Depositary Shares (ADSs), each equal to one common share, in a series of transactions on July 23–24, 2026 at weighted-average prices roughly between $84.94 and $87.00 per ADS.

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

Vyacheslav Kim sold Kaspi.kz ADSs on July 23 and July 24, 2026. Reported weighted-average per-share prices include $85.2150, $86.3140, $87.2000, $85.5020 and $86.0650, with footnotes showing price ranges from $84.94 up to $87.00 across multiple trades.

Were Vyacheslav Kim’s Kaspi.kz (KSPI) share sales made under a Rule 10b5-1 plan?

Yes. The filing indicates the trades were made under a Rule 10b5-1 trading plan. Such plans pre-arrange trade timing and amounts, which can reduce the informational value of trade timing because transactions follow a preset schedule rather than discretionary decisions.

How large was the biggest single sale of Kaspi.kz (KSPI) ADSs by Vyacheslav Kim?

The largest single reported transaction involved the sale of 20862 ADSs on July 23, 2026 at a weighted-average price of $85.2150 per ADS. Other smaller blocks that day included 2347 ADSs at $86.3140 and 136 ADSs at $87.2000 per ADS.

What does Kaspi.kz’s foreign private issuer status mean for these KSPI insider trades?

Kaspi.kz is described as a foreign private issuer under Rule 3a12-3(b), so these transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act. That means U.S. short-swing profit recovery rules applicable to domestic issuers do not apply here.

What price ranges do the Kaspi.kz (KSPI) Form 4 footnotes disclose for the ADS sales?

Footnotes explain that reported prices are weighted averages across multiple trades. For July 23, 2026, ranges include $84.94–$85.92 and $86.045–$87.00. For July 24, 2026, one group of trades occurred between $85.06 and $86.045 per ADS.

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)
07/23/2026

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)	07/23/2026		S			20,862	(1)	(1)	Common Shares, no par value	(1)	$85.215(2)	37,894,118	D
American Depositary Shares, no par value	(1)	07/23/2026		S			2,347	(1)	(1)	Common Shares, no par value	(1)	$86.314(3)	37,891,771	D
American Depositary Shares, no par value	(1)	07/23/2026		S			136	(1)	(1)	Common Shares, no par value	(1)	$87.2	37,891,635	D
American Depositary Shares, no par value	(1)	07/24/2026		S			14,307	(1)	(1)	Common Shares, no par value	(1)	$85.502(4)	37,877,328	D
American Depositary Shares, no par value	(1)	07/24/2026		S			90	(1)	(1)	Common Shares, no par value	(1)	$86.065	37,877,238	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 $84.94 to $85.92, 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 $86.045 to $87.00, 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 $85.06 to $86.045, 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.

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	07/27/2026
	** 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)