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Kaspi.kz (KSPI) director Vyacheslav Kim sells 114,225 ADSs in planned trades

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

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open-market sales of a total of 114,225 American Depositary Shares (ADSs), each representing one common share, over 6–10 August 2026. The transactions, executed under a Rule 10b5-1 trading plan, were priced at weighted-average per-share prices with individual trades occurring within disclosed price ranges around the reported figures.

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Insider Kim Vyacheslav
Role Director
Sold 114,225 shs ($10.64M)
Type Security Shares Price Value
Sale American Depositary Shares, no par value F1, F7 2,208 $91.36 $202K
Sale American Depositary Shares, no par value F1, F8 4,454 $92.48 $412K
Sale American Depositary Shares, no par value F1, F9 16,635 $93.77 $1.56M
Sale American Depositary Shares, no par value F1, F10 24,706 $94.62 $2.34M
Sale American Depositary Shares, no par value F1, F11 6,754 $95.61 $646K
Sale American Depositary Shares, no par value F1, F12 6,759 $96.51 $652K
Sale American Depositary Shares, no par value F1, F13 181 $97.18 $18K
Sale American Depositary Shares, no par value F1, F4 17,787 $90.67 $1.61M
Sale American Depositary Shares, no par value F1, F5 5,285 $91.66 $484K
Sale American Depositary Shares, no par value F1, F6 502 $92.47 $46K
Sale American Depositary Shares, no par value F1, F2 22,973 $92.01 $2.11M
Sale American Depositary Shares, no par value F1, F3 5,981 $93.03 $556K
Holdings After Transaction: American Depositary Shares, no par value — 37,590,784 shares (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 $91.39 to $92.39, 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 $92.40 to $93.395, 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 $90.085 to $91.085, 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 $91.09 to $92, 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 $92.35 to $92.50, 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 $91.035 to $91.905, 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 $92.085 to $93.01, 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 $93.10 to $94.08, 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.
  10. F10. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $94.12 to $95.12, 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 $95.125 to $96.125, 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 $96.1275 to $97.12, 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 $97.175 to $97.185, 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 114,225 shares Aggregate ADSs sold across all reported transactions
Lowest reported weighted-average price $90.6700 per ADS Sale on August 7, 2026 with price from Column 8
Highest reported weighted-average price $97.1800 per ADS Sale on August 10, 2026 with price from Column 8
Number of sale transactions 12 transactions All coded "S" as open-market or private sales
ADS-to-share ratio 1 ADS = 1 common share Each ADS represents one common share, per footnote F1
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.
Rule 10b5-1 trading plan regulatory
"The transactions were executed 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.
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.
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.

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What insider activity did KSPI director Vyacheslav Kim report in this Form 4?
Vyacheslav Kim reported sales of 114,225 American Depositary Shares of Joint Stock Co Kaspi.kz between August 6 and 10, 2026, executed as open-market or private transactions, each ADS representing one common share.

Over what dates were the KSPI American Depositary Shares sold by Vyacheslav Kim?
The reported transactions show sales on August 6, 7 and 10, 2026. Multiple trades occurred each day, with prices reported as weighted averages across several executions within specified price ranges.

At what prices were the KSPI ADS sales by Vyacheslav Kim executed?
The reported per-share prices range from $90.67 to $97.18 across the 12 transactions, each described as a weighted average price for multiple trades within narrower price ranges disclosed in the footnotes.

How many KSPI American Depositary Shares did Vyacheslav Kim sell in total?
According to the transaction summary, Vyacheslav Kim sold 114,225 American Depositary Shares in these Form 4-reported transactions, all coded as sales ("S") of ADSs representing common shares.

Were Vyacheslav Kim’s KSPI share sales under a Rule 10b5-1 trading plan?
Yes. The filing indicates the Rule 10b5-1 checkbox is affirmed, meaning the reported ADS sales were executed pursuant to a pre-arranged trading plan compliant with Rule 10b5-1 under the Securities Exchange Act of 1934.

What does each KSPI American Depositary Share represent in these transactions?
Footnote F1 states that each American Depositary Share represents one common share of Joint Stock Co Kaspi.kz, so the 114,225 ADSs sold correspond to the same number of underlying common shares.
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)
08/06/2026		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)08/06/2026S22,973 (1) (1)Common Shares, no par value(1)$92.01(2)37,682,036D
American Depositary Shares, no par value(1)08/06/2026S5,981 (1) (1)Common Shares, no par value(1)$93.03(3)37,676,055D
American Depositary Shares, no par value(1)08/07/2026S17,787 (1) (1)Common Shares, no par value(1)$90.67(4)37,658,268D
American Depositary Shares, no par value(1)08/07/2026S5,285 (1) (1)Common Shares, no par value(1)$91.66(5)37,652,983D
American Depositary Shares, no par value(1)08/07/2026S502 (1) (1)Common Shares, no par value(1)$92.47(6)37,652,481D
American Depositary Shares, no par value(1)08/10/2026S2,208 (1) (1)Common Shares, no par value(1)$91.36(7)37,650,273D
American Depositary Shares, no par value(1)08/10/2026S4,454 (1) (1)Common Shares, no par value(1)$92.48(8)37,645,819D
American Depositary Shares, no par value(1)08/10/2026S16,635 (1) (1)Common Shares, no par value(1)$93.77(9)37,629,184D
American Depositary Shares, no par value(1)08/10/2026S24,706 (1) (1)Common Shares, no par value(1)$94.62(10)37,604,478D
American Depositary Shares, no par value(1)08/10/2026S6,754 (1) (1)Common Shares, no par value(1)$95.61(11)37,597,724D
American Depositary Shares, no par value(1)08/10/2026S6,759 (1) (1)Common Shares, no par value(1)$96.51(12)37,590,965D
American Depositary Shares, no par value(1)08/10/2026S181 (1) (1)Common Shares, no par value(1)$97.18(13)37,590,784D
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 $91.39 to $92.39, 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 $92.40 to $93.395, 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 $90.085 to $91.085, 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 $91.09 to $92, 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 $92.35 to $92.50, 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 $91.035 to $91.905, 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 $92.085 to $93.01, 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 $93.10 to $94.08, 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.
10. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $94.12 to $95.12, 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 $95.125 to $96.125, 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 $96.1275 to $97.12, 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 $97.175 to $97.185, 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 Kim08/10/2026
** 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