Kaspi.kz director sells 73.6K ADS at ~$97–100

Kaspi.kz director Vyacheslav Kim disclosed Rule 10b5-1 open-market sales totaling 73,607 ADSs across several trades in mid-September 2026.

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz (KSPI) director Vyacheslav Kim reported open-market sales of a total of 73,607 American Depositary Shares (each representing one common share) over September 15–17, 2026. The ADSs were sold at weighted average prices in the $97–$100 range, and the transactions were made pursuant to a Rule 10b5-1 trading plan.

Insider Trade Summary 10b5-1

Net Seller: 73,607 shares

Net Sell 8 txns

Insider Kim Vyacheslav

Role Director

Sold 73,607 shs ($7.27M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value F1, F8	18,484	$98.03	$1.81M
Sale	American Depositary Shares, no par value F1, F9	4,120	$98.63	$406K
Sale	American Depositary Shares, no par value F1, F5	5,720	$97.66	$559K
Sale	American Depositary Shares, no par value F1, F6	6,485	$98.78	$641K
Sale	American Depositary Shares, no par value F1, F7	259	$99.43	$26K
Sale	American Depositary Shares, no par value F1, F2	13,021	$98.62	$1.28M
Sale	American Depositary Shares, no par value F1, F3	25,284	$99.67	$2.52M
Sale	American Depositary Shares, no par value F1, F4	234	$100.40	$23K

Holdings After Transaction: American Depositary Shares, no par value — 36,757,375 contracts (Direct)

Footnotes (9)

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 $98.24 to $99.22, 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 $99.26 to $100.215, 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 $100.38 to $100.565, 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 $97.22 to $98.055, 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 $98.365 to $99.35, 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.
7. F7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $99.40 to $99.47, 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 $97.455 to $98.44, 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 $98.47 to $99.22, 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.

Key Figures

Total ADSs sold: 73,607 ADSs Sale on September 17, 2026 (largest block): 18,484 ADSs at $98.03 per ADS Additional September 17, 2026 sale: 4,120 ADSs at $98.63 per ADS +3 more

6 metrics

Total ADSs sold 73,607 ADSs Aggregate of eight reported sale transactions on September 15–17, 2026

Sale on September 17, 2026 (largest block) 18,484 ADSs at $98.03 per ADS Open-market sale of American Depositary Shares

Additional September 17, 2026 sale 4,120 ADSs at $98.63 per ADS Open-market sale of American Depositary Shares

Sales on September 16, 2026 12,464 ADSs (5,720 at $97.66; 6,485 at $98.78; 259 at $99.43) Three reported open-market sale transactions

Sales on September 15, 2026 38,659 ADSs (13,021 at $98.62; 25,284 at $99.67; 234 at $100.40) Three reported open-market sale transactions

ADS to common share ratio 1 ADS = 1 common share Each American Depositary Share represents one common share of Kaspi.kz

Key Terms

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

4 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.

Rule 10b5-1 regulatory

"transactions were made pursuant to 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.

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did Kaspi.kz (KSPI) report in this Form 4?

The filing reports that director Vyacheslav Kim sold a total of 73,607 ADSs of Kaspi.kz in open-market transactions over September 15–17, 2026, with each ADS representing one common share.

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

Vyacheslav Kim sold 73,607 American Depositary Shares of Kaspi.kz across eight reported transactions executed on September 15, 16, and 17, 2026.

At what prices were the Kaspi.kz (KSPI) ADSs sold in this Form 4?

Reported weighted average sale prices ranged roughly from $97.22 to $100.565 per ADS. Individual rows show prices such as $98.03, $98.62, $99.67, $97.66, $98.78, and $100.40, each qualified as a weighted average price.

Were the Kaspi.kz (KSPI) insider sales made under a Rule 10b5-1 trading plan?

Yes. The filing affirms that the reported transactions were made pursuant to a Rule 10b5-1 trading plan, indicating the trades were executed under a pre-arranged trading arrangement.

What security class did the Kaspi.kz (KSPI) director sell in this Form 4?

The director sold American Depositary Shares, no par value, of Kaspi.kz. According to the disclosure, each American Depositary Share represents one common share of the issuer.

Does the Kaspi.kz (KSPI) Form 4 state the director’s holdings after these sales?

No. Each transaction line shows the field for shares owned following the transaction as blank, so this Form 4 does not state Vyacheslav Kim’s post-transaction ADS holdings.

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

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Available on EDGAR 09/17/2026 - 07:38 PM Accepted by SEC EDGAR 09/17/2026 - 07:38 PM 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)
09/15/2026

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)
			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)	09/15/2026		S			13,021	(1)	(1)	Common Shares, no par value	(1)	$98.62(2)	36,817,961	D
American Depositary Shares, no par value	(1)	09/15/2026		S			25,284	(1)	(1)	Common Shares, no par value	(1)	$99.67(3)	36,792,677	D
American Depositary Shares, no par value	(1)	09/15/2026		S			234	(1)	(1)	Common Shares, no par value	(1)	$100.4(4)	36,792,443	D
American Depositary Shares, no par value	(1)	09/16/2026		S			5,720	(1)	(1)	Common Shares, no par value	(1)	$97.66(5)	36,786,723	D
American Depositary Shares, no par value	(1)	09/16/2026		S			6,485	(1)	(1)	Common Shares, no par value	(1)	$98.78(6)	36,780,238	D
American Depositary Shares, no par value	(1)	09/16/2026		S			259	(1)	(1)	Common Shares, no par value	(1)	$99.43(7)	36,779,979	D
American Depositary Shares, no par value	(1)	09/17/2026		S			18,484	(1)	(1)	Common Shares, no par value	(1)	$98.03(8)	36,761,495	D
American Depositary Shares, no par value	(1)	09/17/2026		S			4,120	(1)	(1)	Common Shares, no par value	(1)	$98.63(9)	36,757,375	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 $98.24 to $99.22, 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 $99.26 to $100.215, 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 $100.38 to $100.565, 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 $97.22 to $98.055, 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 $98.365 to $99.35, 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.

7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $99.40 to $99.47, 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 $97.455 to $98.44, 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 $98.47 to $99.22, 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.

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	09/17/2026
	** 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)