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Kaspi.kz (KSPI) director trades 22,362 ADSs in Rule 10b5-1 sales

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

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported selling a total of 22,362 American Depositary Shares on July 29-30, 2026 in open-market or private transactions pursuant to a Rule 10b5-1 trading plan. Each ADS represents one common share, and reported sale prices are weighted-average prices within specified ranges.

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Insider Kim Vyacheslav
Role Director
Sold 22,362 shs ($1.96M)
Type Security Shares Price Value
Sale American Depositary Shares, no par value F1, F5 6,167 $87.79 $541K
Sale American Depositary Shares, no par value F1, F6 1,603 $88.551 $142K
Sale American Depositary Shares, no par value F1, F2 7,237 $87.295 $632K
Sale American Depositary Shares, no par value F1, F3 5,616 $88.13 $495K
Sale American Depositary Shares, no par value F1, F4 1,739 $88.908 $155K
Holdings After Transaction: American Depositary Shares, no par value — 37,820,432 shares (Direct)
Footnotes (6)
  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 $86.68 to $87.68, 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 $87.715 to $88.705, 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.
  4. F4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $88.75 to $89.17, 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 $87.165 to $88.08, 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 $88.23 to $88.89, 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 22,362 ADSs Aggregate across five reported sales on July 29-30, 2026
ADSs sold 2026-07-29 (lot 1) 7,237 ADSs at $87.2950 Weighted-average price per ADS on July 29, 2026
ADSs sold 2026-07-29 (lot 2) 5,616 ADSs at $88.1300 Weighted-average price per ADS on July 29, 2026
ADSs sold 2026-07-29 (lot 3) 1,739 ADSs at $88.9080 Weighted-average price per ADS on July 29, 2026
ADSs sold 2026-07-30 (lot 1) 6,167 ADSs at $87.7900 Weighted-average price per ADS on July 30, 2026
ADSs sold 2026-07-30 (lot 2) 1,603 ADSs at $88.5510 Weighted-average price per ADS on July 30, 2026
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.
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.
Rule 3a12-3(b) regulatory
"status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Securities Exchange Act..."
Sections 16(b) and 16(c) regulatory
"transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c) of the Act."
Rule 10b5-1 trading plan regulatory
"Form 4 checkbox affirms trades were under 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.

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FAQ

What insider sales in Kaspi.kz (KSPI) did Vyacheslav Kim report?
Director Vyacheslav Kim reported selling 22,362 Kaspi.kz ADSs on July 29-30, 2026. The trades were reported as open-market or private sales, with each ADS representing one common share of Joint Stock Co Kaspi.kz.

How many Kaspi.kz (KSPI) ADSs were sold and at what reported prices?
Across five transactions, Kim sold 22,362 ADSs at weighted-average prices of $87.2950, $88.1300, $88.9080, $87.7900, and $88.5510 per ADS. Footnotes state each price is a weighted average over disclosed intraday price ranges.

Were Vyacheslav Kim’s Kaspi.kz (KSPI) sales made under a Rule 10b5-1 plan?
Yes. The filing’s Rule 10b5-1 checkbox is marked, indicating the Kaspi.kz (KSPI) ADS sales were executed pursuant to a pre-arranged Rule 10b5-1 trading plan, which can reduce the informational significance of trade timing.

What does Kaspi.kz (KSPI) being a foreign private issuer mean for these trades?
Kaspi.kz notes it is a foreign private issuer, so Kim’s transactions in its equity securities are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act of 1934, affecting short-swing profit recovery rules that usually apply to U.S. domestic issuers.

How do Kaspi.kz (KSPI) ADSs relate to the company’s common shares?
Each Kaspi.kz American Depositary Share (ADS) represents one common share of the issuer. Thus, the reported sale of 22,362 ADSs corresponds economically to the same number of underlying common shares held via the depositary structure.
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)
07/29/2026		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)07/29/2026S7,237 (1) (1)Common Shares, no par value(1)$87.295(2)37,835,557D
American Depositary Shares, no par value(1)07/29/2026S5,616 (1) (1)Common Shares, no par value(1)$88.13(3)37,829,941D
American Depositary Shares, no par value(1)07/29/2026S1,739 (1) (1)Common Shares, no par value(1)$88.908(4)37,828,202D
American Depositary Shares, no par value(1)07/30/2026S6,167 (1) (1)Common Shares, no par value(1)$87.79(5)37,822,035D
American Depositary Shares, no par value(1)07/30/2026S1,603 (1) (1)Common Shares, no par value(1)$88.551(6)37,820,432D
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 $86.68 to $87.68, 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 $87.715 to $88.705, 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.
4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $88.75 to $89.17, 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 $87.165 to $88.08, 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 $88.23 to $88.89, 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 Kim07/31/2026
** 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