Kaspi.kz director sells 102K ADSs up to $109.51

Joint Stock Co Kaspi.kz (KSPI) reported that director Vyacheslav Kim sold a total of 102,578 American Depositary Shares (ADSs), each representing one common share, in a series of open-market transactions on August 24–26, 2026.

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz (KSPI) reported that director Vyacheslav Kim sold a total of 102,578 American Depositary Shares (ADSs), each representing one common share, in a series of open-market transactions on August 24–26, 2026. Individual trades ranged from 2,086 to 18,572 ADSs at weighted average prices between $105.68 and $109.51 per ADS, with each price reflecting multiple executions within stated ranges. The transactions are indicated as made pursuant to a Rule 10b5-1 trading plan, and Kaspi.kz notes its status as a foreign private issuer, making these trades exempt from certain Exchange Act short-swing profit provisions.

Insider Trade Summary 10b5-1

Net Seller: 102,578 shares

Net Sell 10 txns

Insider Kim Vyacheslav

Role Director

Sold 102,578 shs ($11.03M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value F1, F9	18,572	$107.83	$2.00M
Sale	American Depositary Shares, no par value F1, F10	16,531	$108.95	$1.80M
Sale	American Depositary Shares, no par value F1, F11	7,583	$109.51	$830K
Sale	American Depositary Shares, no par value F1, F5	5,426	$105.89	$575K
Sale	American Depositary Shares, no par value F1, F6	9,989	$106.91	$1.07M
Sale	American Depositary Shares, no par value F1, F7	13,253	$107.77	$1.43M
Sale	American Depositary Shares, no par value F1, F8	4,491	$108.67	$488K
Sale	American Depositary Shares, no par value F1, F2	6,803	$105.68	$719K
Sale	American Depositary Shares, no par value F1, F3	17,844	$106.41	$1.90M
Sale	American Depositary Shares, no par value F1, F4	2,086	$107.43	$224K

Holdings After Transaction: American Depositary Shares, no par value — 37,237,328 contracts (Direct)

Footnotes (11)

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 $105.07 to $106.07, 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 $106.08 to $107.08, 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 $107.19 to $107.59, 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 $105.325 to $106.29, 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 $106.435 to $107.43, 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 $107.44 to $108.42, 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 $108.455 to $108.90, 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.
9. F9. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $107.33 to $108.33, 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 $108.345 to $109.34, 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 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 $109.35 to $109.82, 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: 102,578 ADSs Largest single transaction: 18,572 ADSs at $107.83 per ADS Second-largest transaction: 17,844 ADSs at $106.41 per ADS +3 more

6 metrics

Total ADSs sold 102,578 ADSs Aggregate net shares sold across all reported transactions

Largest single transaction 18,572 ADSs at $107.83 per ADS Sale on 2026-08-26 at a weighted average price

Second-largest transaction 17,844 ADSs at $106.41 per ADS Sale on 2026-08-24 at a weighted average price

High reported weighted average price $109.51 per ADS Sale of 7,583 ADSs on 2026-08-26

Low reported weighted average price $105.68 per ADS Sale of 6,803 ADSs on 2026-08-24

NetBuySellShares -102,578 ADSs Net effect of all reported buy/sell transactions in this Form 4

Key Terms

American Depositary Shares, weighted average price, foreign private issuer, Rule 10b5-1, +1 more

5 terms

American Depositary Shares financial

"Each American Depositary Share (ADS) represents one common share"

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.

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.

foreign private issuer regulatory

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

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

"The filing indicates the transactions were made pursuant to a Rule 10b5-1"

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.

Sections 16(b) and 16(c) regulatory

"transactions ... are 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 transaction did KSPI director Vyacheslav Kim report on this Form 4?

Vyacheslav Kim reported sales of 102,578 American Depositary Shares (ADSs) of Joint Stock Co Kaspi.kz in open-market transactions on August 24–26, 2026. Each ADS represents one common share of Kaspi.kz.

How many KSPI ADSs did Vyacheslav Kim sell and over what dates?

Across ten transactions, Vyacheslav Kim sold 102,578 ADSs of KSPI over three trading days: August 24, 25, and 26, 2026. Trade sizes ranged from 2,086 ADSs to 18,572 ADSs per transaction.

At what prices were the KSPI ADSs sold by Vyacheslav Kim?

Reported trade prices are weighted average prices per ADS. For example, sales occurred at $105.68, $105.89, $106.41, $106.91, $107.77, $107.83, $108.67, $108.95, and $109.51, each representing multiple executions within disclosed price ranges.

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

Yes. The filing indicates the transactions were made pursuant to a Rule 10b5-1 trading plan. Such plans pre-establish trading parameters, so sales can occur automatically without regard to subsequent non-public information.

What does each KSPI American Depositary Share represent?

Each American Depositary Share (ADS) of Joint Stock Co Kaspi.kz represents one common share of the issuer, according to the filing’s footnote. Investors trading ADSs are effectively trading interests in the underlying common shares.

Are KSPI insider transactions by Vyacheslav Kim subject to Exchange Act Section 16(b) and 16(c)?

The filing states that, due to Kaspi.kz’s status as a foreign private issuer under Exchange Act Rule 3a12-3(b), the reporting person’s transactions in its equity securities are exempt from Sections 16(b) and 16(c) of the Act.

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

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Available on EDGAR 08/26/2026 - 06:55 PM EDT Accepted by SEC EDGAR 08/26/2026 - 06:54 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)
08/24/2026

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)	08/24/2026		S			6,803	(1)	(1)	Common Shares, no par value	(1)	$105.68(2)	37,333,103	D
American Depositary Shares, no par value	(1)	08/24/2026		S			17,844	(1)	(1)	Common Shares, no par value	(1)	$106.41(3)	37,315,259	D
American Depositary Shares, no par value	(1)	08/24/2026		S			2,086	(1)	(1)	Common Shares, no par value	(1)	$107.43(4)	37,313,173	D
American Depositary Shares, no par value	(1)	08/25/2026		S			5,426	(1)	(1)	Common Shares, no par value	(1)	$105.89(5)	37,307,747	D
American Depositary Shares, no par value	(1)	08/25/2026		S			9,989	(1)	(1)	Common Shares, no par value	(1)	$106.91(6)	37,297,758	D
American Depositary Shares, no par value	(1)	08/25/2026		S			13,253	(1)	(1)	Common Shares, no par value	(1)	$107.77(7)	37,284,505	D
American Depositary Shares, no par value	(1)	08/25/2026		S			4,491	(1)	(1)	Common Shares, no par value	(1)	$108.67(8)	37,280,014	D
American Depositary Shares, no par value	(1)	08/26/2026		S			18,572	(1)	(1)	Common Shares, no par value	(1)	$107.83(9)	37,261,442	D
American Depositary Shares, no par value	(1)	08/26/2026		S			16,531	(1)	(1)	Common Shares, no par value	(1)	$108.95(10)	37,244,911	D
American Depositary Shares, no par value	(1)	08/26/2026		S			7,583	(1)	(1)	Common Shares, no par value	(1)	$109.51(11)	37,237,328	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 $105.07 to $106.07, 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 $106.08 to $107.08, 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 $107.19 to $107.59, 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 $105.325 to $106.29, 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 $106.435 to $107.43, 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 $107.44 to $108.42, 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 $108.455 to $108.90, 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.

9. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $107.33 to $108.33, 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 $108.345 to $109.34, 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 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 $109.35 to $109.82, 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	08/26/2026
	** 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)