What does each KSPI American Depositary Share represent in this filing?

The filing states that each American Depositary Share (ADS) of Joint Stock Co Kaspi.kz represents one common share of the issuer, so 87,619 ADS correspond to 87,619 underlying common shares.

Kaspi.kz director sells 87.6K ADS at $104–108

Q: What insider transactions did KSPI director Vyacheslav Kim report in this Form 4?

Vyacheslav Kim reported 10 open-market sale transactions in Joint Stock Co Kaspi.kz ADS between August 27 and 31, 2026, disposing of an aggregate of 87,619 ADS at various weighted average prices above $100 per ADS.

Q: How many KSPI American Depositary Shares did Vyacheslav Kim sell and over what dates?

He sold a total of 87,619 ADS of Joint Stock Co Kaspi.kz over three trading days: August 27, 28, and 31, 2026, across 10 separate transactions reported in the Form 4.

Q: At what prices were the KSPI ADS sales by Vyacheslav Kim executed?

Each transaction reports a weighted average price. The related footnotes state that the ADSs were sold in multiple trades at prices ranging from about $103.68 up to $108.00 per ADS, with detailed trade-by-trade prices available upon request.

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Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz (KSPI) director Vyacheslav Kim reported open-market sales of a total of 87,619 American Depositary Shares (ADS), each representing one common share, over August 27–31, 2026, at weighted average prices between about $103.68 and $108.00 per ADS, pursuant to a Rule 10b5-1 trading plan.

Insider Trade Summary 10b5-1

Net Seller: 87,619 shares

Net Sell 10 txns

Insider Kim Vyacheslav

Role Director

Sold 87,619 shs ($9.28M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value ^{F1, F10}	6,015	$104.51	$629K
Sale	American Depositary Shares, no par value ^{F1, F11}	19,324	$105.27	$2.03M
Sale	American Depositary Shares, no par value ^{F1, F7}	23,609	$106.44	$2.51M
Sale	American Depositary Shares, no par value ^{F1, F8}	11,048	$107.35	$1.19M
Sale	American Depositary Shares, no par value ^{F1, F9}	424	$107.98	$46K
Sale	American Depositary Shares, no par value ^{F1, F2}	6,653	$104.31	$694K
Sale	American Depositary Shares, no par value ^{F1, F3}	11,960	$105.05	$1.26M
Sale	American Depositary Shares, no par value ^{F1, F4}	3,288	$106.41	$350K
Sale	American Depositary Shares, no par value ^{F1, F5}	4,946	$107.41	$531K
Sale	American Depositary Shares, no par value ^{F1, F6}	352	$107.97	$38K

Holdings After Transaction: American Depositary Shares, no par value — 37,149,709 contracts (Direct)

Footnotes (11)

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 $103.68 to $104.675, 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 $104.695 to $105.68, 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.
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 $106.815, 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 $106.925 to $107.87, 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 $107.93 to $108, 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 $105.935 to $106.935, 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 $106.94 to $107.93, 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 $107.98 to $107.985, 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 $103.91 to $104.91, 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 $104.915 to $105.77, 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 ADS sold: 87,619 ADS Largest single transaction: 23,609 ADS at $106.44 per ADS Smallest single transaction: 352 ADS at $107.97 per ADS +3 more

6 metrics

Total ADS sold 87,619 ADS Aggregate sale volume reported across 10 transactions

Largest single transaction 23,609 ADS at $106.44 per ADS Sale on August 28, 2026

Smallest single transaction 352 ADS at $107.97 per ADS Sale on August 27, 2026

Price range footnote (low) $103.68 per ADS Lowest price in weighted-average range for one sale tranche

Price range footnote (high) $108.00 per ADS Highest price in weighted-average range for one sale tranche

Number of sale transactions 10 transactions All coded "S" for sales of ADS

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"

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

"transactions were effected 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.

Sections 16(b) and 16(c) regulatory

"transactions ... are exempt from Sections 16(b) and 16(c) of the Act"

FAQ

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

What insider transactions did KSPI director Vyacheslav Kim report in this Form 4?

Vyacheslav Kim reported 10 open-market sale transactions in Joint Stock Co Kaspi.kz ADS between August 27 and 31, 2026, disposing of an aggregate of 87,619 ADS at various weighted average prices above $100 per ADS.

How many KSPI American Depositary Shares did Vyacheslav Kim sell and over what dates?

He sold a total of 87,619 ADS of Joint Stock Co Kaspi.kz over three trading days: August 27, 28, and 31, 2026, across 10 separate transactions reported in the Form 4.

At what prices were the KSPI ADS sales by Vyacheslav Kim executed?

Each transaction reports a weighted average price. The related footnotes state that the ADSs were sold in multiple trades at prices ranging from about $103.68 up to $108.00 per ADS, with detailed trade-by-trade prices available upon request.

Were Vyacheslav Kim’s KSPI sales made under a Rule 10b5-1 trading plan?

Yes. The Form 4 indicates that the transactions were effected pursuant to a Rule 10b5-1 trading plan, which is a pre-arranged trading program for insiders to buy or sell securities according to predetermined instructions.

How does KSPI’s foreign private issuer status affect these insider transactions?

The remarks state that, because Joint Stock Co Kaspi.kz is a foreign private issuer under Rule 3a12-3(b), Vyacheslav Kim’s transactions in its equity securities are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act of 1934.

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

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Available on EDGAR 08/31/2026 - 08:40 PM EDT Accepted by SEC EDGAR 08/31/2026 - 08:38 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)
08/27/2026

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⁾	08/27/2026		S			6,653	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$104.31⁽²⁾	37,230,675	D
American Depositary Shares, no par value	⁽¹⁾	08/27/2026		S			11,960	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$105.05⁽³⁾	37,218,715	D
American Depositary Shares, no par value	⁽¹⁾	08/27/2026		S			3,288	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$106.41⁽⁴⁾	37,215,427	D
American Depositary Shares, no par value	⁽¹⁾	08/27/2026		S			4,946	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$107.41⁽⁵⁾	37,210,481	D
American Depositary Shares, no par value	⁽¹⁾	08/27/2026		S			352	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$107.97⁽⁶⁾	37,210,129	D
American Depositary Shares, no par value	⁽¹⁾	08/28/2026		S			23,609	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$106.44⁽⁷⁾	37,186,520	D
American Depositary Shares, no par value	⁽¹⁾	08/28/2026		S			11,048	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$107.35⁽⁸⁾	37,175,472	D
American Depositary Shares, no par value	⁽¹⁾	08/28/2026		S			424	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$107.98⁽⁹⁾	37,175,048	D
American Depositary Shares, no par value	⁽¹⁾	08/31/2026		S			6,015	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$104.51⁽¹⁰⁾	37,169,033	D
American Depositary Shares, no par value	⁽¹⁾	08/31/2026		S			19,324	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$105.27⁽¹¹⁾	37,149,709	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 $103.68 to $104.675, 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 $104.695 to $105.68, 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.

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 $106.815, 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 $106.925 to $107.87, 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 $107.93 to $108, 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 $105.935 to $106.935, 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 $106.94 to $107.93, 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 $107.98 to $107.985, 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 $103.91 to $104.91, 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 $104.915 to $105.77, 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	08/31/2026
	** 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