Kaspi.kz director sells 19,138 ADSs in trading plan

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported sales of 19,138 American Depositary Shares, each representing one common share, executed on July 21–22, 2026.

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported sales of 19,138 American Depositary Shares, each representing one common share, executed on July 21–22, 2026. The ADSs were sold in several tranches at weighted-average prices between $87.0310 and $88.9310 per ADS under a pre-arranged trading plan.

Kaspi.kz states that, as a foreign private issuer under Rule 3a12-3(b), these equity transactions are exempt from Sections 16(b) and 16(c) of the Securities Exchange Act of 1934.

Insider Trade Summary 10b5-1

Net Seller: 19,138 shares

Net Sell 5 txns

Insider Kim Vyacheslav

Role Director

Sold 19,138 shs ($1.68M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value F1, F4	9,371	$87.031	$816K
Sale	American Depositary Shares, no par value F1, F5	2,439	$87.722	$214K
Sale	American Depositary Shares, no par value F1, F6	580	$88.772	$51K
Sale	American Depositary Shares, no par value F1, F2	6,380	$88.387	$564K
Sale	American Depositary Shares, no par value F1, F3	368	$88.931	$33K

Holdings After Transaction: American Depositary Shares, no par value — 37,914,980 contracts (Direct)

Footnotes (6)

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 $87.705 to $88.69, 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 $88.81 to $89.07, 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 $86.51 to $87.46, 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 $87.52 to $87.905, 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 $88.59 to $88.94, 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: 19,138 ADSs Sale on 2026-07-21: 6,380 ADSs at $88.3870 per ADS Additional sale on 2026-07-21: 368 ADSs at $88.9310 per ADS +3 more

6 metrics

ADSs sold 19,138 ADSs Net ADSs sold across all reported transactions

Sale on 2026-07-21 6,380 ADSs at $88.3870 per ADS Weighted-average sale price for 6,380 ADSs on 2026-07-21

Additional sale on 2026-07-21 368 ADSs at $88.9310 per ADS Additional weighted-average sale on 2026-07-21

Sale on 2026-07-22 9,371 ADSs at $87.0310 per ADS Weighted-average sale price for 9,371 ADSs on 2026-07-22

Additional sale on 2026-07-22 2,439 ADSs at $87.7220 per ADS Additional weighted-average sale on 2026-07-22

ADS to common share ratio 1 ADS = 1 common share Each ADS represents one common share of the issuer

Key Terms

foreign private issuer, American Depositary Share, weighted average price, Rule 3a12-3(b)

4 terms

foreign private issuer regulatory

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

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.

American Depositary Share financial

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

An American Depositary Share (ADS) is a U.S.-listed certificate that represents a specified number of shares in a foreign company, held by a custodian bank; it works like a receipt that allows U.S. investors to buy and trade foreign equity on American exchanges without dealing with another country’s markets. Investors care because ADSs make foreign stocks easier to access, improve liquidity and settlement in dollars, and can affect dividend payments, voting rights and regulatory oversight compared with buying the underlying foreign shares directly.

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 3a12-3(b) regulatory

"pursuant to Rule 3a12-3(b) under the Securities Exchange Act..."

FAQ

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

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

Kaspi.kz reported that director Vyacheslav Kim sold 19,138 American Depositary Shares (ADSs), each representing one common share, on July 21–22, 2026. The sales were executed in multiple tranches at weighted-average prices in the high-$80s per ADS under a pre-arranged plan.

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

Vyacheslav Kim sold a total of 19,138 ADSs of Kaspi.kz. Individual tranches included 6,380 ADSs at $88.3870, 9,371 ADSs at $87.0310, and smaller blocks at prices up to $88.9310 per ADS, with each reported price being a weighted-average.

On which dates did the Kaspi.kz (KSPI) insider sales by Vyacheslav Kim occur?

The reported insider sales by Vyacheslav Kim occurred on July 21, 2026 and July 22, 2026. Across these two days, he sold 19,138 American Depositary Shares in several open-market or private transactions at weighted-average prices in the upper-$80s per ADS.

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

Each Kaspi.kz American Depositary Share, or ADS, represents one common share of the issuer. This means the 19,138 ADSs sold by director Vyacheslav Kim correspond to the same number of underlying common shares, according to the disclosure footnote.

Were the Kaspi.kz (KSPI) insider sales executed under a trading plan?

Yes. The Form 4 indicates the transactions were affirmed under a pre-arranged trading plan. Such plans are designed to allow insiders to sell shares according to predetermined instructions, which can reduce the informational significance of the exact timing of the trades.

Are the Kaspi.kz (KSPI) insider transactions subject to Sections 16(b) and 16(c)?

No. Kaspi.kz states it qualifies as a foreign private issuer under Rule 3a12-3(b). As a result, the reporting person’s transactions in the issuer’s equity securities are disclosed as being exempt from Sections 16(b) and 16(c) of the Securities Exchange Act of 1934.

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

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Available on EDGAR 07/23/2026 - 09:43 PM Accepted by SEC EDGAR 07/23/2026 - 09:42 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)
07/21/2026

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)	07/21/2026		S			6,380	(1)	(1)	Common Shares, no par value	(1)	$88.387(2)	37,927,738	D
American Depositary Shares, no par value	(1)	07/21/2026		S			368	(1)	(1)	Common Shares, no par value	(1)	$88.931(3)	37,927,370	D
American Depositary Shares, no par value	(1)	07/22/2026		S			9,371	(1)	(1)	Common Shares, no par value	(1)	$87.031(4)	37,917,999	D
American Depositary Shares, no par value	(1)	07/22/2026		S			2,439	(1)	(1)	Common Shares, no par value	(1)	$87.722(5)	37,915,560	D
American Depositary Shares, no par value	(1)	07/22/2026		S			580	(1)	(1)	Common Shares, no par value	(1)	$88.772(6)	37,914,980	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 $87.705 to $88.69, 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 $88.81 to $89.07, 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 $86.51 to $87.46, 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 $87.52 to $87.905, 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 $88.59 to $88.94, 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	07/23/2026
	** 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)