Kaspi.kz director sells 23,674 ADS under 10b5-1 plan

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported selling 23,674 American Depositary Shares (ADS) on July 17 and July 20, 2026, in open market or private transactions under a Rule 10b5-1 trading plan.

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported selling 23,674 American Depositary Shares (ADS) on July 17 and July 20, 2026, in open market or private transactions under a Rule 10b5-1 trading plan.

The reported weighted average sale prices reflect trades within ranges of $85.985–$86.985, $87.025–$88.02, $88.015–$89.015 and $89.0225–$89.69 per ADS, with each ADS representing one common share.

Insider Trade Summary 10b5-1

Net Seller: 23,674 shares

Net Sell 4 txns

Insider Kim Vyacheslav

Role Director

Sold 23,674 shs ($2.08M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value F1, F4	7,411	$88.364	$655K
Sale	American Depositary Shares, no par value F1, F5	3,039	$89.242	$271K
Sale	American Depositary Shares, no par value F1, F2	5,223	$86.351	$451K
Sale	American Depositary Shares, no par value F1, F3	8,001	$87.458	$700K

Holdings After Transaction: American Depositary Shares, no par value — 37,934,118 contracts (Direct)

Footnotes (5)

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 $85.985 to $86.985, 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 $87.025 to $88.02, 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 $88.015 to $89.015, 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 $89.0225 to $89.69, 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

ADS sold: 23,674 ADS July 17 sale block 1 price: $86.3510 per ADS July 17 sale block 2 price: $87.4580 per ADS +3 more

6 metrics

ADS sold 23,674 ADS Total American Depositary Shares sold by director Vyacheslav Kim on July 17 and 20, 2026

July 17 sale block 1 price $86.3510 per ADS Weighted average price for 5,223 ADS sold on July 17, 2026, with trades from $85.985 to $86.985

July 17 sale block 2 price $87.4580 per ADS Weighted average price for 8,001 ADS sold on July 17, 2026, with trades from $87.025 to $88.02

July 20 sale block 1 price $88.3640 per ADS Weighted average price for 7,411 ADS sold on July 20, 2026, with trades from $88.015 to $89.015

July 20 sale block 2 price $89.2420 per ADS Weighted average price for 3,039 ADS sold on July 20, 2026, with trades from $89.0225 to $89.69

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

Key Terms

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

foreign private issuer regulatory

"Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b)"

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.

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

"status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Securities Exchange Act"

Sections 16(b) and 16(c) regulatory

"equity securities 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 did Kaspi.kz (KSPI) director Vyacheslav Kim report in this Form 4?

Vyacheslav Kim reported selling 23,674 American Depositary Shares (ADS) of Joint Stock Co Kaspi.kz. The sales occurred on July 17 and July 20, 2026 in open market or private transactions at weighted average prices disclosed in detailed ranges.

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

He sold a total of 23,674 ADS of Kaspi.kz. The Form 4 shows two trading dates: July 17, 2026, and July 20, 2026, with multiple sale blocks reported for each date at different weighted average prices.

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

Reported prices are weighted averages for each block of ADS sold. Underlying trades occurred in ranges of $85.985–$86.985, $87.025–$88.02, $88.015–$89.015, and $89.0225–$89.69 per ADS, as detailed in the footnotes.

Were Vyacheslav Kim’s Kaspi.kz (KSPI) sales made under a Rule 10b5-1 trading plan?

Yes. The Form 4 indicates the trades were executed under a Rule 10b5-1 trading plan. Such pre-arranged plans allow insiders to sell shares according to set instructions, helping separate trading activity from day-to-day information flow.

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

Each Kaspi.kz American Depositary Share (ADS) represents one common share of the issuer. This 1:1 relationship is stated in the footnotes and clarifies that ADS figures correspond directly to the same number of underlying common shares.

How are the weighted average prices for Kaspi.kz (KSPI) sales explained in the Form 4?

For each sale block, the reported price is a weighted average price. Footnotes explain that the ADS were sold in multiple transactions and that individual trade prices fall within specified dollar ranges, with full breakdowns available upon request.

What regulatory status of Kaspi.kz (KSPI) is noted in the Form 4 remarks?

Kaspi.kz is described as a foreign private issuer under Rule 3a12-3(b) of the Exchange Act. Because of this status, the reporting person’s equity transactions are stated as 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 07/21/2026 - 09:14 PM Accepted by SEC EDGAR 07/21/2026 - 09:14 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)
07/17/2026

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)	07/17/2026		S			5,223	(1)	(1)	Common Shares, no par value	(1)	$86.351(2)	37,952,569	D
American Depositary Shares, no par value	(1)	07/17/2026		S			8,001	(1)	(1)	Common Shares, no par value	(1)	$87.458(3)	37,944,568	D
American Depositary Shares, no par value	(1)	07/20/2026		S			7,411	(1)	(1)	Common Shares, no par value	(1)	$88.364(4)	37,937,157	D
American Depositary Shares, no par value	(1)	07/20/2026		S			3,039	(1)	(1)	Common Shares, no par value	(1)	$89.242(5)	37,934,118	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 $85.985 to $86.985, 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 $87.025 to $88.02, 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 $88.015 to $89.015, 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 $89.0225 to $89.69, 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	07/21/2026
	** 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)