Kaspi.kz (KSPI) director reports open-market sale of 44,712 ADS

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported selling 44,712 American Depositary Shares (ADS) in a series of open-market transactions. The sales took place on May 18–19, 2026, across six trades classified as open-market or private sale transactions.

The reported per-share prices were weighted averages, with individual trades executed within ranges from $87.00 to $90.16. Each ADS represents one common share of Kaspi.kz. The filing notes no option exercises during this period, focusing solely on these ADS sales.

Insider Trade Summary 10b5-1

Net Seller: 44,712 shares ($3,986,589)

Net Sell 6 txns

Insider Kim Vyacheslav

Role null

Sold 44,712 shs ($3.99M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	1,785	$88.162	$157K
Sale	American Depositary Shares, no par value	20,471	$89.25	$1.83M
Sale	American Depositary Shares, no par value	3,928	$89.811	$353K
Sale	American Depositary Shares, no par value	1,380	$87.189	$120K
Sale	American Depositary Shares, no par value	8,244	$88.891	$733K
Sale	American Depositary Shares, no par value	8,904	$89.428	$796K

Holdings After Transaction: American Depositary Shares, no par value — 38,713,859 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 $87.00 to $87.75, 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 $88.14 to $89.14, 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 $89.15 to $89.87, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.63 to $88.625, 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 $88.645 to $89.64, 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 $89.65 to $90.16, 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

Net shares sold: 44,712 ADS Sale price (weighted example): $89.25 per ADS Sale price (weighted example): $89.428 per ADS +1 more

4 metrics

Net shares sold 44,712 ADS Aggregate open-market sales on May 18–19, 2026

Sale price (weighted example) $89.25 per ADS 20,471 ADS sold on May 19, 2026

Sale price (weighted example) $89.428 per ADS 8,904 ADS sold on May 18, 2026

Overall sale price range $87.00–$90.16 per ADS Ranges across multiple weighted-average transactions

Key Terms

American Depositary Share, weighted average price, open-market sale, derivative, +1 more

5 terms

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.

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.

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.

private transaction financial

"Sale in open market or private transaction"

A private transaction is the sale or transfer of securities, assets, or ownership stakes carried out directly between a small number of parties rather than on a public exchange. For investors it matters because these deals are less visible and often less liquid than public trades, so pricing can be harder to verify, the investment can be harder to sell quickly, and buyers or sellers may gain strategic advantages not available in open markets — like negotiated terms similar to a private garage sale versus a crowded marketplace.

Form 4 Insider Transactions: What Each Field Means →

05/20/2026 - 05:01 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)
05/18/2026

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⁾	05/18/2026		S			1,380	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$87.189⁽²⁾	38,732,792	D
American Depositary Shares, no par value	⁽¹⁾	05/18/2026		S			8,244	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.891⁽³⁾	38,724,548	D
American Depositary Shares, no par value	⁽¹⁾	05/18/2026		S			8,904	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.428⁽⁴⁾	38,715,644	D
American Depositary Shares, no par value	⁽¹⁾	05/19/2026		S			1,785	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$88.162⁽⁵⁾	38,713,859	D
American Depositary Shares, no par value	⁽¹⁾	05/19/2026		S			20,471	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.25⁽⁶⁾	38,693,388	D
American Depositary Shares, no par value	⁽¹⁾	05/19/2026		S			3,928	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$89.811⁽⁷⁾	38,689,460	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 $87.00 to $87.75, 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 $88.14 to $89.14, 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 $89.15 to $89.87, 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.

5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $87.63 to $88.625, 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 $88.645 to $89.64, 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 $89.65 to $90.16, 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	05/20/2026
	** 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 insider transaction did Kaspi.kz (KSPI) report in this Form 4?

Kaspi.kz reported that director Vyacheslav Kim sold 44,712 American Depositary Shares in open-market transactions. The sales occurred over two days and were recorded as routine open-market or private sale transactions in the Form 4 filing.

How many Kaspi.kz (KSPI) ADS did Vyacheslav Kim sell and on which dates?

Vyacheslav Kim sold a total of 44,712 American Depositary Shares on May 18 and May 19, 2026. The Form 4 breaks this into six separate transactions across those two trading days.

At what prices were the Kaspi.kz (KSPI) ADS sold in this insider transaction?

The ADS were sold at weighted average prices, with underlying trade prices ranging from $87.00 to $90.16 per share. Each transaction’s reported price reflects a weighted average across multiple individual trades within those ranges.

What type of security did Kaspi.kz (KSPI) director Vyacheslav Kim sell?

The transactions involved American Depositary Shares, each representing one common share of Kaspi.kz. All six reported trades in the Form 4 relate to these ADS, which carry no par value according to the filing.

Were any stock options or derivatives exercised in the Kaspi.kz (KSPI) Form 4 filing?

No option or derivative exercises were reported in this Form 4. The transaction summary shows zero derivative exercises, and the filing only details sales of American Depositary Shares during the reported period.

How many sale transactions did Kaspi.kz (KSPI) disclose for Vyacheslav Kim?

The Form 4 discloses six sale transactions for Vyacheslav Kim. All six are coded as open-market or private sale transactions in American Depositary Shares, contributing to an aggregate sale volume of 44,712 ADS.