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

According to a footnote, each American Depositary Share (ADS) represents one common share of Kaspi.kz. Thus, the reported 64,098 ADSs sold correspond to 64,098 underlying common shares of the issuer.

Kaspi.kz (KSPI) director Vyacheslav Kim sells 64,098 ADSs under 10b5-1 plan

Q: What insider trades in Kaspi.kz (KSPI) did Vyacheslav Kim report?

Vyacheslav Kim reported selling 64,098 American Depositary Shares of Kaspi.kz in five transactions on August 4–5, 2026. Each ADS represents one common share, so the sales correspond to the same number of underlying common shares.

Q: Over what dates did the Kaspi.kz (KSPI) insider sales occur and how many shares were sold?

The reported Kaspi.kz (KSPI) insider sales occurred on August 4 and 5, 2026 , totaling 64,098 ADSs . Individual transactions ranged from 2,007 to 31,680 ADSs, all coded as sales in market or private transactions.

Q: At what prices were the Kaspi.kz (KSPI) ADSs sold in these insider transactions?

The ADSs were sold at weighted average prices , with reported averages around $91–$93 per ADS . Footnotes state underlying trade price ranges from $90.785 to $93.57 across the different transactions.

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

Yes. The Form 4 indicates the trades were made under a Rule 10b5-1 trading plan . Such pre-arranged plans allow insiders to sell shares according to preset instructions, helping separate trading activity from day-to-day discretionary decisions.

Q: How are the reported sale prices for Kaspi.kz (KSPI) ADSs described?

Each sale’s price is disclosed as a weighted average price . Footnotes explain the ADSs were sold in multiple transactions within stated price ranges, and the insider undertakes to provide full trade-by-trade details upon request to investors or the SEC.

Q: How is Kaspi.kz (KSPI) classified under U.S. securities rules in this Form 4?

Kaspi.kz is described as a foreign private issuer under Rule 3a12-3(b) of the Exchange Act. Because of this status, the reporting person’s transactions in its equity securities are exempt from Sections 16(b) and 16(c) short-swing profit provisions.

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Kaspi.kz director Vyacheslav Kim reported selling a total of 64,098 American Depositary Shares (ADSs), each representing one common share, in five sale transactions on August 4–5, 2026 under a Rule 10b5-1 trading plan, at weighted average prices ranging from about $91 to $93 per ADS.

Insights

Analyzing...

Insider Trade Summary 10b5-1

5 transactions reported

Mixed 5 txns

Insider Kim Vyacheslav

Role Director

Sold 64,098 shs ($5.92M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value ^{F1, F5}	31,680	$92.577	$2.93M
Sale	American Depositary Shares, no par value ^{F1, F6}	2,550	$93.294	$238K
Sale	American Depositary Shares, no par value ^{F1, F2}	2,232	$91.245	$204K
Sale	American Depositary Shares, no par value ^{F1, F3}	25,629	$92.087	$2.36M
Sale	American Depositary Shares, no par value ^{F1, F4}	2,007	$92.996	$187K

Holdings After Transaction: American Depositary Shares, no par value — 37,705,009 shares (Direct)

Footnotes (6)

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 $90.785 to $91.78, 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 $91.81 to $92.81, 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 $92.82 to $93.20, 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 $92 to $92.99, 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 $93.025 to $93.57, 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: 64,098 ADSs Number of sale transactions: 5 Largest single sale block: 31,680 ADSs +2 more

5 metrics

Total ADSs sold 64,098 ADSs Aggregate of five reported sale transactions on August 4–5, 2026

Number of sale transactions 5 All coded as sales of American Depositary Shares

Largest single sale block 31,680 ADSs Sale of ADSs at a weighted average price of $92.577 on 2026-08-05

Weighted average price example $91.245 per ADS Sale of 2,232 ADSs on 2026-08-04, with trades from $90.785 to $91.78

ADS-to-share ratio 1 ADS = 1 common share Each American Depositary Share represents one common share of Kaspi.kz

Key Terms

American Depositary Shares, foreign private issuer, Rule 3a12-3(b), weighted average price, +1 more

5 terms

American Depositary Shares financial

"security_title: 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

"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

"pursuant to Rule 3a12-3(b) under the Securities Exchange Act of 1934"

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.

Sections 16(b) and 16(c) regulatory

"transactions in the issuer's equity securities are exempt from Sections 16(b) and 16(c)"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/06/2026 - 09:26 PM Accepted by SEC EDGAR 08/06/2026 - 09:25 PM

FAQ

What insider trades in Kaspi.kz (KSPI) did Vyacheslav Kim report?

Vyacheslav Kim reported selling 64,098 American Depositary Shares of Kaspi.kz in five transactions on August 4–5, 2026. Each ADS represents one common share, so the sales correspond to the same number of underlying common shares.

Over what dates did the Kaspi.kz (KSPI) insider sales occur and how many shares were sold?

The reported Kaspi.kz (KSPI) insider sales occurred on August 4 and 5, 2026, totaling 64,098 ADSs. Individual transactions ranged from 2,007 to 31,680 ADSs, all coded as sales in market or private transactions.

At what prices were the Kaspi.kz (KSPI) ADSs sold in these insider transactions?

The ADSs were sold at weighted average prices, with reported averages around $91–$93 per ADS. Footnotes state underlying trade price ranges from $90.785 to $93.57 across the different transactions.

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

Yes. The Form 4 indicates the trades were made under a Rule 10b5-1 trading plan. Such pre-arranged plans allow insiders to sell shares according to preset instructions, helping separate trading activity from day-to-day discretionary decisions.

How are the reported sale prices for Kaspi.kz (KSPI) ADSs described?

Each sale’s price is disclosed as a weighted average price. Footnotes explain the ADSs were sold in multiple transactions within stated price ranges, and the insider undertakes to provide full trade-by-trade details upon request to investors or the SEC.

How is Kaspi.kz (KSPI) classified under U.S. securities rules in this Form 4?

Kaspi.kz is described as a foreign private issuer under Rule 3a12-3(b) of the Exchange Act. Because of this status, the reporting person’s transactions in its equity securities are exempt from Sections 16(b) and 16(c) short-swing profit provisions.

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)
08/04/2026

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⁾	08/04/2026		S			2,232	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$91.245⁽²⁾	37,766,875	D
American Depositary Shares, no par value	⁽¹⁾	08/04/2026		S			25,629	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$92.087⁽³⁾	37,741,246	D
American Depositary Shares, no par value	⁽¹⁾	08/04/2026		S			2,007	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$92.996⁽⁴⁾	37,739,239	D
American Depositary Shares, no par value	⁽¹⁾	08/05/2026		S			31,680	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$92.577⁽⁵⁾	37,707,559	D
American Depositary Shares, no par value	⁽¹⁾	08/05/2026		S			2,550	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$93.294⁽⁶⁾	37,705,009	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 $90.785 to $91.78, 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 $91.81 to $92.81, 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 $92.82 to $93.20, 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 $92 to $92.99, 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 $93.025 to $93.57, 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	08/06/2026
	** 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