Kaspi.kz (KSPI) director reports ADS purchases in latest Form 4

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported purchases of American Depositary Shares (ADSs) representing common shares. On 03/25/2026, he executed derivative transactions involving 21,572 ADSs and 3,562 ADSs at weighted average prices of $75.699 and $76.118 per ADS, respectively.

On 03/26/2026, he reported an additional transaction involving 7,884 ADSs at a weighted average price of $75.1201 per ADS. Following these trades, he beneficially owned 39,424,247 common shares through ADSs on a direct basis. The company notes that, as a foreign private issuer, these equity transactions are exempt from Sections 16(b) and 16(c) of the Exchange Act.

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

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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)
03/25/2026

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)	03/25/2026		S		21,572		(1)	(1)	Common shares, without nominal value	(1)	$75.699(2)	39,435,693	D
American Depositary Shares, no par value	(1)	03/25/2026		S		3,562		(1)	(1)	Common shares, without nominal value	(1)	$76.118(3)	39,432,131	D
American Depositary Shares, no par value	(1)	03/26/2026		S		7,884		(1)	(1)	Common shares, without nominal value	(1)	$75.1201(4)	39,424,247	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 purchased in multiple transactions at prices ranging from $75.00 to $76.00, 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 purchased 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 purchased in multiple transactions at prices ranging from $76.01 to $76.34 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 purchased 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 purchased in multiple transactions at prices ranging from $75.00 to $75.535, 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 purchased 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	03/27/2026
	** 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)

FAQ

What insider transactions did Kaspi.kz (KSPI) report on March 25, 2026?

Kaspi.kz director Vyacheslav Kim reported derivative transactions on ADSs on March 25, 2026, including 21,572 and 3,562 ADSs. These trades used weighted average prices of $75.699 and $76.118 per ADS across multiple purchase executions.

What additional Kaspi.kz (KSPI) insider trade occurred on March 26, 2026?

On March 26, 2026, Vyacheslav Kim reported another ADS transaction involving 7,884 ADSs. The filing shows a weighted average price of $75.1201 per ADS, reflecting multiple purchases within a disclosed intraday price range.

How many Kaspi.kz (KSPI) shares does the reporting person own after these trades?

After the reported ADS derivative transactions, Vyacheslav Kim beneficially owned 39,424,247 common shares. This figure is shown as directly held following the March 26, 2026 transaction and reflects his substantial ongoing stake in Kaspi.kz.

What prices were paid in the Kaspi.kz (KSPI) ADS transactions?

The filing reports weighted average prices of $75.699, $76.118, and $75.1201 per ADS. Each price reflects multiple purchase executions within specified intraday ranges, with detailed trade breakdowns available on request from the reporting person.

How many Kaspi.kz (KSPI) ADSs were involved in the March 2026 insider trades?

The Form 4 lists separate ADS derivative transactions of 21,572, 3,562, and 7,884 units. Each line reflects a distinct trade date or price range, with underlying common shares represented one-for-one by each American Depositary Share.

Why are Kaspi.kz (KSPI) insider trades exempt from certain Exchange Act provisions?

Kaspi.kz is treated as a foreign private issuer under Rule 3a12-3(b) of the Exchange Act. As a result, the director’s transactions in its equity securities are exempt from Sections 16(b) and 16(c), which normally govern short-swing profits and certain short sales.