Kaspi.kz (KSPI) director sells 46,911 ADSs under Rule 10b5-1 trading plan

Q: What did Kaspi.kz (KSPI) director Vyacheslav Kim report selling in this Form 4?

He reported selling 46,911 American Depositary Shares (ADSs) of Joint Stock Co Kaspi.kz on July 15-16, 2026 . The sales were coded as open-market or private transactions and reported as weighted-average price trades under a Rule 10b5-1 trading plan .

Q: How many Kaspi.kz (KSPI) ADSs does Vyacheslav Kim hold after these transactions?

After the reported sales, Vyacheslav Kim directly owned 37,957,792 American Depositary Shares of Joint Stock Co Kaspi.kz. This figure is disclosed as the total number of ADSs beneficially owned following the final reported transaction on July 16, 2026.

Q: Why are Kaspi.kz (KSPI) insider transactions exempt from Sections 16(b) and 16(c)?

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 the issuer’s equity securities are stated to be exempt from the short-swing profit and related provisions of Sections 16(b) and 16(c).

Q: What type of security did Vyacheslav Kim trade in this KSPI Form 4?

He traded American Depositary Shares, no par value , each of which represents one common share of Joint Stock Co Kaspi.kz. All seven transactions in the report involve these ADSs, rather than options or other derivative instruments, despite being labeled as derivative-type entries.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported sales of 46,911 American Depositary Shares on July 15-16, 2026, in open-market or private transactions at weighted-average prices based on trades between $86.90 and $91.90 per ADS. After these Rule 10b5-1 plan trades, he directly owned 37,957,792 ADSs.

Insights

Analyzing...

Insider Trade Summary 10b5-1

Net Seller: 46,911 shares ($4,193,058)

Net Sell 7 txns

Insider Kim Vyacheslav

Role Director

Sold 46,911 shs ($4.19M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	8,594	$87.512	$752K
Sale	American Depositary Shares, no par value	7,876	$88.38	$696K
Sale	American Depositary Shares, no par value	3,066	$89.536	$275K
Sale	American Depositary Shares, no par value	2,938	$90.439	$266K
Sale	American Depositary Shares, no par value	2,168	$91.376	$198K
Sale	American Depositary Shares, no par value	13,080	$89.841	$1.18M
Sale	American Depositary Shares, no par value	9,189	$90.483	$831K

Holdings After Transaction: American Depositary Shares, no par value — 37,973,840 shares (Direct)

Footnotes (1)

Each American Depositary Share (ADS) represents one common share of the issuer. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $89.195 to $90.18, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $90.22 to $91.00, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $86.90 to $87.90, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.955 to $88.885, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $88.97 to $89.955, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $90.00 to $91.00, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $91.01 to $91.90, 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

ADSs sold: 46911 ADSs Holding after transactions: 37957792 ADSs Overall trade price range: $86.90–$91.90 per ADS +4 more

7 metrics

ADSs sold 46911 ADSs Total American Depositary Shares sold across all reported transactions

Holding after transactions 37957792 ADSs Directly owned American Depositary Shares after the final reported sale

Overall trade price range $86.90–$91.90 per ADS Price ranges cited in footnotes for the weighted-average sales blocks

Largest single sale volume 13080.0000 ADSs ADSs sold on 2026-07-15 at a weighted-average price of $89.8410

Representative weighted-average price $90.4830 per ADS Weighted-average sale price for 9189.0000 ADSs sold on 2026-07-15

First trade date 2026-07-15 Date of the earliest reported ADS sale

Last trade date 2026-07-16 Date of the latest reported ADS sale

Key Terms

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

4 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

"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

"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.

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/17/2026 - 05:11 PM Accepted by SEC EDGAR 07/17/2026 - 05:11 PM

FAQ

What did Kaspi.kz (KSPI) director Vyacheslav Kim report selling in this Form 4?

He reported selling 46,911 American Depositary Shares (ADSs) of Joint Stock Co Kaspi.kz on July 15-16, 2026. The sales were coded as open-market or private transactions and reported as weighted-average price trades under a Rule 10b5-1 trading plan.

Over what price ranges were the KSPI ADSs sold by Vyacheslav Kim?

The reported weighted-average prices were based on multiple trades executed between $86.90 and $91.90 per ADS. Each transaction line reflects a single weighted-average price, with footnotes detailing the specific low and high trade prices for that block of sales.

How many Kaspi.kz (KSPI) ADSs does Vyacheslav Kim hold after these transactions?

After the reported sales, Vyacheslav Kim directly owned 37,957,792 American Depositary Shares of Joint Stock Co Kaspi.kz. This figure is disclosed as the total number of ADSs beneficially owned following the final reported transaction on July 16, 2026.

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

Yes. The filing indicates that one or more of the reported transactions were effected under a Rule 10b5-1 trading plan. Such plans allow pre-arranged trading of securities, providing an affirmative defense against certain insider trading allegations when their conditions are satisfied.

Why are Kaspi.kz (KSPI) insider transactions exempt from Sections 16(b) and 16(c)?

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 the issuer’s equity securities are stated to be exempt from the short-swing profit and related provisions of Sections 16(b) and 16(c).

What type of security did Vyacheslav Kim trade in this KSPI Form 4?

He traded American Depositary Shares, no par value, each of which represents one common share of Joint Stock Co Kaspi.kz. All seven transactions in the report involve these ADSs, rather than options or other derivative instruments, despite being labeled as derivative-type entries.

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)
07/15/2026

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⁾	07/15/2026		S			13,080	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.841⁽²⁾	37,991,623	D
American Depositary Shares, no par value	⁽¹⁾	07/15/2026		S			9,189	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$90.483⁽³⁾	37,982,434	D
American Depositary Shares, no par value	⁽¹⁾	07/16/2026		S			8,594	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.512⁽⁴⁾	37,973,840	D
American Depositary Shares, no par value	⁽¹⁾	07/16/2026		S			7,876	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.38⁽⁵⁾	37,965,964	D
American Depositary Shares, no par value	⁽¹⁾	07/16/2026		S			3,066	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.536⁽⁶⁾	37,962,898	D
American Depositary Shares, no par value	⁽¹⁾	07/16/2026		S			2,938	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$90.439⁽⁷⁾	37,959,960	D
American Depositary Shares, no par value	⁽¹⁾	07/16/2026		S			2,168	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$91.376⁽⁸⁾	37,957,792	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 $89.195 to $90.18, 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 $90.22 to $91.00, 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 $86.90 to $87.90, 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 $87.955 to $88.885, 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 $88.97 to $89.955, 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 $90.00 to $91.00, 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 $91.01 to $91.90, 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	07/17/2026
	** 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