What does one Kaspi.kz (KSPI) American Depositary Share represent?

The footnotes explain that each American Depositary Share (ADS) represents one common share of Joint Stock Co Kaspi.kz. This means ADS counts in the filing match the underlying common share count on a one-for-one basis.

Kaspi.kz (Nasdaq: KSPI) director sells 58,810 ADS in open-market trades

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

Vyacheslav Kim reported multiple open-market sales of Kaspi.kz ADSs totaling 58,810 shares . The trades occurred over two days in eight transactions, all classified as sales in the filing.

Q: How many Kaspi.kz (KSPI) ADSs did Vyacheslav Kim sell and at what prices?

Kim sold 58,810 ADSs in total. Footnotes state the weighted average prices for these sales came from trades executed in ranges between $88.26 and $92.80 per ADS across different transaction groups.

Q: Over what dates did the Kaspi.kz (KSPI) insider transactions occur?

The insider sales were reported for May 20 and May 21, 2026 . On each date, Vyacheslav Kim executed several separate open-market transactions in Kaspi.kz ADSs at different price ranges.

Q: How are the Kaspi.kz (KSPI) sale prices described in the Form 4 footnotes?

Each line’s price is a weighted average price from multiple trades. Footnotes specify detailed ranges, such as $88.26–$89.255 or $91.365–$91.87 , and state full trade-by-trade data is available on request.

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open-market sales of 58,810 American Depositary Shares (ADSs). The trades took place on May 20 and 21, 2026 in eight separate transactions, with weighted average prices in disclosed ranges between $88.26 and $92.80 per ADS.

After the reported transactions, Form 4 entries show Kim’s direct holdings at various points around 38.6 million ADSs. Each ADS represents one common share of Kaspi.kz.

Insider Trade Summary 10b5-1

Net Seller: 58,810 shares ($5,346,823)

Net Sell 8 txns

Insider Kim Vyacheslav

Role null

Sold 58,810 shs ($5.35M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	7,067	$89.989	$636K
Sale	American Depositary Shares, no par value	22,371	$90.854	$2.03M
Sale	American Depositary Shares, no par value	11,196	$91.54	$1.02M
Sale	American Depositary Shares, no par value	3,652	$88.995	$325K
Sale	American Depositary Shares, no par value	2,590	$89.465	$232K
Sale	American Depositary Shares, no par value	995	$90.855	$90K
Sale	American Depositary Shares, no par value	9,554	$91.92	$878K
Sale	American Depositary Shares, no par value	1,385	$92.538	$128K

Holdings After Transaction: American Depositary Shares, no par value — 38,664,217 shares (Direct, null)

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 $88.26 to $89.255, 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 $89.30 to $89.99, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $90.31 to $91.235, 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 $91.37 to $92.37, 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 $92.395 to $92.80, 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 $89.275 to $90.22, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $90.35 to $91.35, 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 $91.365 to $91.87, 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: 58,810 ADSs Sample sale price: $91.54 per ADS Another sale price: $90.854 per ADS +3 more

6 metrics

ADSs sold 58,810 ADSs Total open-market sales reported across 8 transactions

Sample sale price $91.54 per ADS Price for a 11,196-ADS sale on May 21, 2026

Another sale price $90.854 per ADS Price for a 22,371-ADS sale on May 21, 2026

Price range low $88.26 per ADS Lowest price in disclosed weighted-average ranges

Price range high $92.80 per ADS Highest price in disclosed weighted-average ranges

Reported holdings 38,630,650 ADSs Direct holdings shown after one May 21, 2026 sale

Key Terms

American Depositary Shares, open-market sale, weighted average price, derivative, +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.

open-market sale financial

"transaction_action: "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

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.

derivative financial

"transaction_type": "derivative""

A derivative is a financial contract whose value depends on the price or performance of another asset or measure — for example a stock, index, interest rate, commodity, or currency. Investors use derivatives like insurance or leveraged bets to hedge risk, speculate, or gain exposure without owning the underlying asset; they can protect portfolios but also amplify losses and introduce counterparty and market risk.

Form 4 Insider Transactions: What Each Field Means →

05/22/2026 - 06:17 PM

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)
05/20/2026

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⁾	05/20/2026		S			3,652	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.995⁽²⁾	38,685,808	D
American Depositary Shares, no par value	⁽¹⁾	05/20/2026		S			2,590	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.465⁽³⁾	38,683,218	D
American Depositary Shares, no par value	⁽¹⁾	05/20/2026		S			995	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$90.855⁽⁴⁾	38,682,223	D
American Depositary Shares, no par value	⁽¹⁾	05/20/2026		S			9,554	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$91.92⁽⁵⁾	38,672,669	D
American Depositary Shares, no par value	⁽¹⁾	05/20/2026		S			1,385	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$92.538⁽⁶⁾	38,671,284	D
American Depositary Shares, no par value	⁽¹⁾	05/21/2026		S			7,067	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.989⁽⁷⁾	38,664,217	D
American Depositary Shares, no par value	⁽¹⁾	05/21/2026		S			22,371	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$90.854⁽⁸⁾	38,641,846	D
American Depositary Shares, no par value	⁽¹⁾	05/21/2026		S			11,196	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$91.54⁽⁹⁾	38,630,650	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 $88.26 to $89.255, 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 $89.30 to $89.99, 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.

4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $90.31 to $91.235, 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 $91.37 to $92.37, 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 $92.395 to $92.80, 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 $89.275 to $90.22, 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.

8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $90.35 to $91.35, 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 $91.365 to $91.87, 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	05/22/2026
	** 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

FAQ

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

Vyacheslav Kim reported multiple open-market sales of Kaspi.kz ADSs totaling 58,810 shares. The trades occurred over two days in eight transactions, all classified as sales in the filing.

How many Kaspi.kz (KSPI) ADSs did Vyacheslav Kim sell and at what prices?

Kim sold 58,810 ADSs in total. Footnotes state the weighted average prices for these sales came from trades executed in ranges between $88.26 and $92.80 per ADS across different transaction groups.

Over what dates did the Kaspi.kz (KSPI) insider transactions occur?

The insider sales were reported for May 20 and May 21, 2026. On each date, Vyacheslav Kim executed several separate open-market transactions in Kaspi.kz ADSs at different price ranges.

What is Vyacheslav Kim’s reported Kaspi.kz (KSPI) holding after these sales?

Following the reported transactions, Form 4 rows show direct holdings figures around 38.6 million ADSs. These holdings are reported in the “shares following transaction” column for each sale entry in the filing.

How are the Kaspi.kz (KSPI) sale prices described in the Form 4 footnotes?

Each line’s price is a weighted average price from multiple trades. Footnotes specify detailed ranges, such as $88.26–$89.255 or $91.365–$91.87, and state full trade-by-trade data is available on request.