Kaspi.kz (KSPI) director trims stake with 55,748 ADS open-market sale

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported open-market sales of a total of 55,748 American Depositary Shares (ADSs), each representing one common share. The trades occurred on June 8 and 9 at weighted average prices in the high $70s to low $80s per ADS.

After these transactions, Kim directly held 38,365,674 ADSs. The filing notes that individual sales were executed across multiple price levels within disclosed ranges, and the reporting person will provide detailed trade breakdowns to interested parties upon request.

Insider Trade Summary 10b5-1

Net Seller: 55,748 shares ($4,424,263)

Net Sell 6 txns

Insider Kim Vyacheslav

Role null

Sold 55,748 shs ($4.42M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value	24,772	$77.973	$1.93M
Sale	American Depositary Shares, no par value	5,070	$79.06	$401K
Sale	American Depositary Shares, no par value	7,063	$80.091	$566K
Sale	American Depositary Shares, no par value	10,410	$80.378	$837K
Sale	American Depositary Shares, no par value	4,052	$81.309	$329K
Sale	American Depositary Shares, no par value	4,381	$82.173	$360K

Holdings After Transaction: American Depositary Shares, no par value — 38,377,807 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 $79.905 to $80.875, 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 $80.91 to $81.905, 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. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $81.915 to $82.35, 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 $77.485 to $78.40, 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 $78.5375 to $79.53, 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 $79.56 to $80.52, 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: 55,748 ADSs Price per ADS (example): $82.173 per ADS Price per ADS (example): $77.973 per ADS +2 more

5 metrics

ADSs sold 55,748 ADSs Total net shares sold across six open-market transactions

Price per ADS (example) $82.173 per ADS One of the weighted average sale prices on June 8

Price per ADS (example) $77.973 per ADS One of the weighted average sale prices on June 9

Post-transaction holdings 38,365,674 ADSs Direct ADS holdings after the reported sales

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

Key Terms

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

5 terms

American Depositary Shares financial

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

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.

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 transaction financial

"derivativeTransactionCount: 6"

U.S. Securities and Exchange Commission regulatory

"staff of the U.S. Securities and Exchange Commission ("SEC"), upon request"

The U.S. Securities and Exchange Commission is a government agency responsible for overseeing the stock market and protecting investors. It sets rules to ensure that companies share truthful information and that trading is fair, helping to maintain trust in the financial system. This oversight is important because it helps prevent fraud and ensures that investors can make informed decisions.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/10/2026 - 08:44 PM Accepted by SEC EDGAR 06/10/2026 - 08:44 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)
06/08/2026

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⁾	06/08/2026		S			10,410	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$80.378⁽²⁾	38,411,012	D
American Depositary Shares, no par value	⁽¹⁾	06/08/2026		S			4,052	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$81.309⁽³⁾	38,406,960	D
American Depositary Shares, no par value	⁽¹⁾	06/08/2026		S			4,381	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$82.173⁽⁴⁾	38,402,579	D
American Depositary Shares, no par value	⁽¹⁾	06/09/2026		S			24,772	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$77.973⁽⁵⁾	38,377,807	D
American Depositary Shares, no par value	⁽¹⁾	06/09/2026		S			5,070	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$79.06⁽⁶⁾	38,372,737	D
American Depositary Shares, no par value	⁽¹⁾	06/09/2026		S			7,063	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$80.091⁽⁷⁾	38,365,674	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 $79.905 to $80.875, 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 $80.91 to $81.905, 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.

4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $81.915 to $82.35, 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.

5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $77.485 to $78.40, 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 $78.5375 to $79.53, 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 $79.56 to $80.52, 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	06/10/2026
	** 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 for Vyacheslav Kim?

Kaspi.kz reported that director Vyacheslav Kim executed open-market sales of American Depositary Shares. Across six transactions on June 8 and 9, he sold a total of 55,748 ADSs at weighted average prices in the high-$70s to low-$80s range per ADS.

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

Vyacheslav Kim sold 55,748 Kaspi.kz ADSs in open-market transactions. Weighted average prices in the filing include $82.173, $81.309, $80.378, $80.091, $79.060 and $77.973 per ADS, with detailed price ranges for each trade disclosed in the accompanying footnotes.

How many Kaspi.kz (KSPI) ADSs does Vyacheslav Kim hold after the reported sales?

Following the reported transactions, Vyacheslav Kim directly holds 38,365,674 Kaspi.kz American Depositary Shares. This post-transaction balance, disclosed in the Form 4, shows that the 55,748 ADSs sold represent only a small portion of his overall direct holdings in the company.

What do Kaspi.kz (KSPI) American Depositary Shares represent?

Each Kaspi.kz American Depositary Share represents one common share of the issuer. This 1:1 relationship is specified in the Form 4 footnotes, meaning ADS ownership directly mirrors the number of underlying common shares held on behalf of investors in the depositary structure.

Were Kaspi.kz (KSPI) insider sales executed in single or multiple trades?

The insider sales were executed through multiple trades at varying prices. For each line item, the Form 4 reports a weighted average price and discloses price ranges, with a commitment to provide detailed trade breakdowns to the issuer, security holders, or SEC staff on request.