Kaspi.kz director sells 143K ADS at ~$97–101

A Kaspi.kz director disclosed Rule 10b5-1 sales of 142,813 ADSs over three days at weighted average prices near $100.

Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz (KSPI) director Vyacheslav Kim reported selling 142,813 American Depositary Shares between September 10 and September 14, 2026 at reported weighted average prices between about $97 and $101 per ADS, under a Rule 10b5-1 trading plan.

Each ADS represents one common share of the company.

Insider Trade Summary 10b5-1

Net Seller: 142,813 shares

Net Sell 8 txns

Insider Kim Vyacheslav

Role Director

Sold 142,813 shs ($14.05M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value F1, F7	9,740	$99.10	$965K
Sale	American Depositary Shares, no par value F1, F8	17,729	$100.11	$1.77M
Sale	American Depositary Shares, no par value F1, F9	5,403	$100.63	$544K
Sale	American Depositary Shares, no par value F1, F4	25,437	$97.70	$2.49M
Sale	American Depositary Shares, no par value F1, F5	6,821	$98.63	$673K
Sale	American Depositary Shares, no par value F1, F6	5,695	$99.67	$568K
Sale	American Depositary Shares, no par value F1, F2	36,984	$97.32	$3.60M
Sale	American Depositary Shares, no par value F1, F3	35,004	$98.25	$3.44M

Holdings After Transaction: American Depositary Shares, no par value — 36,830,982 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 $96.895 to $97.89, 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 $97.8975 to $98.7, 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 $97.185 to $98.18, 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 $98.19 to $99.17, 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 $99.22 to $99.94, 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.
7. F7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $98.51 to $99.50, 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 $99.55 to $100.55, 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 $100.555 to $100.875, 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: 142,813 ADS Sale transactions: 8 transactions Weighted average price (September 10 block): $97.32 per ADS +3 more

6 metrics

ADS sold 142,813 ADS Total American Depositary Shares sold by director Vyacheslav Kim from September 10–14, 2026

Sale transactions 8 transactions Number of reported ADS sale transactions on September 10, 11 and 14, 2026

Weighted average price (September 10 block) $97.32 per ADS Weighted average sale price for 36,984 ADS sold on September 10, 2026

Weighted average price (September 11 block) $97.70 per ADS Weighted average sale price for 25,437 ADS sold on September 11, 2026

Weighted average price (September 14 block) $100.11 per ADS Weighted average sale price for 17,729 ADS sold on September 14, 2026

Overall trade price range $96.895–$100.875 per ADS Price range across all reported ADS sales based on the disclosed transaction ranges

Key Terms

American Depositary Share, foreign private issuer, weighted average price, Securities Exchange Act of 1934

4 terms

American Depositary Share financial

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

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.

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.

Securities Exchange Act of 1934 regulatory

"pursuant to Rule 3a12-3(b) under the Securities Exchange Act of 1934"

FAQ

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

What insider transaction did KSPI disclose for director Vyacheslav Kim?

Kaspi.kz disclosed that director Vyacheslav Kim sold 142,813 American Depositary Shares between September 10 and September 14, 2026, in a series of reported sale transactions.

Over what dates did the KSPI insider ADS sales occur?

The reported American Depositary Share sales by Vyacheslav Kim occurred on September 10, 11 and 14, 2026, across eight separate sale transactions.

At what prices were the KSPI ADSs sold in these insider transactions?

The reported weighted average sale prices ranged from about $97 to $101 per ADS, with individual trades, according to the footnotes, occurring between $96.895 and $100.875 per ADS.

How many KSPI ADS sale transactions were reported on this Form 4?

The Form 4 reports eight sale transactions in American Depositary Shares by director Vyacheslav Kim, all classified as dispositions of ADSs representing Kaspi.kz common shares.

Were the KSPI insider sales made under a Rule 10b5-1 trading plan?

Yes. The filing indicates the transactions were made under a Rule 10b5-1 trading plan, meaning the sales followed a pre-established trading arrangement.

What does each KSPI American Depositary Share represent?

According to the disclosure, each American Depositary Share (ADS) of Kaspi.kz represents one common share of the issuer.

How are the KSPI insider sale prices described in the filing?

For each block of ADS sales, the reported price is a weighted average price, with footnotes stating that the ADSs were sold in multiple transactions within specified price ranges and that full trade-level details are available on request.

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

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Available on EDGAR 09/14/2026 - 09:37 PM Accepted by SEC EDGAR 09/14/2026 - 09:36 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)
09/10/2026

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)	09/10/2026		S			36,984	(1)	(1)	Common Shares, no par value	(1)	$97.32(2)	36,936,811	D
American Depositary Shares, no par value	(1)	09/10/2026		S			35,004	(1)	(1)	Common Shares, no par value	(1)	$98.25(3)	36,901,807	D
American Depositary Shares, no par value	(1)	09/11/2026		S			25,437	(1)	(1)	Common Shares, no par value	(1)	$97.7(4)	36,876,370	D
American Depositary Shares, no par value	(1)	09/11/2026		S			6,821	(1)	(1)	Common Shares, no par value	(1)	$98.63(5)	36,869,549	D
American Depositary Shares, no par value	(1)	09/11/2026		S			5,695	(1)	(1)	Common Shares, no par value	(1)	$99.67(6)	36,863,854	D
American Depositary Shares, no par value	(1)	09/14/2026		S			9,740	(1)	(1)	Common Shares, no par value	(1)	$99.1(7)	36,854,114	D
American Depositary Shares, no par value	(1)	09/14/2026		S			17,729	(1)	(1)	Common Shares, no par value	(1)	$100.11(8)	36,836,385	D
American Depositary Shares, no par value	(1)	09/14/2026		S			5,403	(1)	(1)	Common Shares, no par value	(1)	$100.63(9)	36,830,982	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 $96.895 to $97.89, 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 $97.8975 to $98.7, 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 $97.185 to $98.18, 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 $98.19 to $99.17, 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 $99.22 to $99.94, 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.

7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $98.51 to $99.50, 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 $99.55 to $100.55, 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 $100.555 to $100.875, 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	09/14/2026
	** 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)