Kaspi.kz director sells 90K ADSs at $99–$106

Joint Stock Co Kaspi.kz (KSPI) director Vyacheslav Kim reported a series of open‑market or private sales of American Depositary Shares (ADSs), each representing one common share, over August 19–21, 2026.

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz (KSPI) director Vyacheslav Kim reported a series of open‑market or private sales of American Depositary Shares (ADSs), each representing one common share, over August 19–21, 2026. In total, he sold 90,403 ADSs at weighted‑average prices roughly between $99 and $106 per ADS. The transactions are reported as made under a Rule 10b5‑1 trading plan, and Kaspi.kz is classified as a foreign private issuer exempt from Sections 16(b) and 16(c) of the Exchange Act.

Insider Trade Summary 10b5-1

Net Seller: 90,403 shares

Net Sell 11 txns

Insider Kim Vyacheslav

Role Director

Sold 90,403 shs ($9.29M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value F1, F11	12,691	$104.83	$1.33M
Sale	American Depositary Shares, no par value F1, F12	13,116	$105.54	$1.38M
Sale	American Depositary Shares, no par value F1, F6	1,116	$100.11	$112K
Sale	American Depositary Shares, no par value F1, F7	5,483	$101.39	$556K
Sale	American Depositary Shares, no par value F1, F8	3,306	$102.52	$339K
Sale	American Depositary Shares, no par value F1, F9	9,553	$103.59	$990K
Sale	American Depositary Shares, no par value F1, F10	10,633	$104.34	$1.11M
Sale	American Depositary Shares, no par value F1, F2	4,840	$99.03	$479K
Sale	American Depositary Shares, no par value F1, F3	13,078	$100.38	$1.31M
Sale	American Depositary Shares, no par value F1, F4	14,558	$101.26	$1.47M
Sale	American Depositary Shares, no par value F1, F5	2,029	$101.88	$207K

Holdings After Transaction: American Depositary Shares, no par value — 37,339,906 contracts (Direct)

Footnotes (12)

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 $98.4 to $99.35, 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 $99.72 to $100.72, 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 $100.76 to $101.76, 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 $101.775 to $101.99, 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. F6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $99.755 to $100.20, 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.
7. F7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $100.87 to $101.74, 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 $101.93 to $102.9125, 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 $102.97 to $103.97, 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 $103.98 to $104.71, 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 $104.23 to $105.22, 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 $105.265 to $105.94, 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: 90,403 ADSs Number of sale transactions: 11 transactions Lowest weighted-average sale price: $99.03 per ADS +3 more

6 metrics

Total ADSs sold 90,403 ADSs Aggregate of all reported sales by Vyacheslav Kim

Number of sale transactions 11 transactions Sale transactions in American Depositary Shares between August 19–21, 2026

Lowest weighted-average sale price $99.03 per ADS Weighted-average price for one of the August 19, 2026 sale entries

Highest weighted-average sale price $105.54 per ADS Weighted-average price for one of the August 21, 2026 sale entries

Net buy/sell shares -90,403 ADSs Net effect of all reported transactions, indicating net sales

Derivative transaction count 11 All reported transactions are coded as derivative-type entries in ADSs

Key Terms

American Depositary Shares, foreign private issuer, Rule 10b5-1, 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

"Due to the issuer's status as a foreign private issuer pursuant"

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 10b5-1 regulatory

"aff_10b5_one: true indicating a Rule 10b5-1 trading plan"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

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

"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 11 sale transactions in Kaspi.kz (KSPI) American Depositary Shares between August 19 and 21, 2026. In total, he sold 90,403 ADSs in open‑market or private transactions at various weighted‑average prices around the $99–$106 range per ADS.

How many KSPI American Depositary Shares did Vyacheslav Kim sell and at what prices?

He sold 90,403 American Depositary Shares of Kaspi.kz. Individual weighted‑average prices reported for the 11 sales range from about $99.03 to $105.54 per ADS, with each sale’s exact price noted as a weighted average of multiple trades within a disclosed price range.

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

Yes. The filing indicates that the transactions were conducted pursuant to a Rule 10b5‑1 trading plan, meaning the trades followed a pre‑established, SEC‑recognized plan rather than ad‑hoc discretionary trading by the reporting person.

Over what dates did the reported KSPI insider sales by Vyacheslav Kim occur?

The reported sales of Kaspi.kz (KSPI) American Depositary Shares by Vyacheslav Kim occurred on August 19, 20, and 21, 2026, with multiple separate sale transactions recorded on each of these three trading days.

What does each Kaspi.kz ADS represent in Vyacheslav Kim’s Form 4 filing?

Each Kaspi.kz American Depositary Share (ADS) reported in the Form 4 represents one common share of the issuer. This 1:1 relationship between ADSs and common shares is explicitly stated in a footnote to the filing.

How does Kaspi.kz’s foreign private issuer status affect this Form 4 disclosure?

Kaspi.kz is identified as a foreign private issuer under Rule 3a12‑3(b). As disclosed, this status means the reporting person’s transactions in the issuer’s equity securities are exempt from Sections 16(b) and 16(c) of the U.S. Securities Exchange Act of 1934.

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

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Available on EDGAR 08/21/2026 - 09:21 PM EDT Accepted by SEC EDGAR 08/21/2026 - 09:20 PM EDT Learn about SEC filing dates

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)
08/19/2026

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)	08/19/2026		S			4,840	(1)	(1)	Common Shares, no par value	(1)	$99.03(2)	37,425,469	D
American Depositary Shares, no par value	(1)	08/19/2026		S			13,078	(1)	(1)	Common Shares, no par value	(1)	$100.38(3)	37,412,391	D
American Depositary Shares, no par value	(1)	08/19/2026		S			14,558	(1)	(1)	Common Shares, no par value	(1)	$101.26(4)	37,397,833	D
American Depositary Shares, no par value	(1)	08/19/2026		S			2,029	(1)	(1)	Common Shares, no par value	(1)	$101.88(5)	37,395,804	D
American Depositary Shares, no par value	(1)	08/20/2026		S			1,116	(1)	(1)	Common Shares, no par value	(1)	$100.11(6)	37,394,688	D
American Depositary Shares, no par value	(1)	08/20/2026		S			5,483	(1)	(1)	Common Shares, no par value	(1)	$101.39(7)	37,389,205	D
American Depositary Shares, no par value	(1)	08/20/2026		S			3,306	(1)	(1)	Common Shares, no par value	(1)	$102.52(8)	37,385,899	D
American Depositary Shares, no par value	(1)	08/20/2026		S			9,553	(1)	(1)	Common Shares, no par value	(1)	$103.59(9)	37,376,346	D
American Depositary Shares, no par value	(1)	08/20/2026		S			10,633	(1)	(1)	Common Shares, no par value	(1)	$104.34(10)	37,365,713	D
American Depositary Shares, no par value	(1)	08/21/2026		S			12,691	(1)	(1)	Common Shares, no par value	(1)	$104.83(11)	37,353,022	D
American Depositary Shares, no par value	(1)	08/21/2026		S			13,116	(1)	(1)	Common Shares, no par value	(1)	$105.54(12)	37,339,906	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 $98.4 to $99.35, 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 $99.72 to $100.72, 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 $100.76 to $101.76, 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 $101.775 to $101.99, 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 $99.755 to $100.20, 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.

7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $100.87 to $101.74, 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 $101.93 to $102.9125, 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 $102.97 to $103.97, 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 $103.98 to $104.71, 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 $104.23 to $105.22, 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 $105.265 to $105.94, 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	08/21/2026
	** 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)