Kaspi.kz director Kim sells 71,068 depositary shares

Two reported October 9 sale entries had weighted-average prices of $92.61 and $93.17 per ADS.

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Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported selling 71,068 American Depositary Shares (ADSs) at reported prices ranging from $92.61 to $97.35 per ADS. The sales were made under a Rule 10b5-1 plan and occurred on October 9, October 12 and October 13, 2026. Each ADS represents one common share.

Insights

Analyzing...

Insider Trade Summary 10b5-1

Net Seller: 71,068 shares

Net Sell 9 txns

Insider Kim Vyacheslav

Role Director

Sold 71,068 shs ($6.75M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value ^{F1, F8}	9,211	$95.43	$879K
Sale	American Depositary Shares, no par value ^{F1, F9}	9,271	$96.07	$891K
Sale	American Depositary Shares, no par value ^F1	301	$96.95	$29K
Sale	American Depositary Shares, no par value ^{F1, F4}	2,135	$94.32	$201K
Sale	American Depositary Shares, no par value ^{F1, F5}	4,706	$95.78	$451K
Sale	American Depositary Shares, no par value ^{F1, F6}	9,988	$96.45	$963K
Sale	American Depositary Shares, no par value ^{F1, F7}	9,438	$97.35	$919K
Sale	American Depositary Shares, no par value ^{F1, F2}	20,631	$92.61	$1.91M
Sale	American Depositary Shares, no par value ^{F1, F3}	5,387	$93.17	$502K

Holdings After Transaction: American Depositary Shares, no par value — 36,376,616 contracts (Direct)

Footnotes (9)

F1. Each American Depositary Share (ADS) represents one common share of the issuer.
F2. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $92.0455 to $93.045, 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.
F3. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $93.05 to $93.64, 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.
F4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $94 to $94.94, 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.
F5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $95.02 to $96.01, 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.
F6. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $96.05 to $97.01, 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.
F7. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $97.07 to $97.63, 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.
F8. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $94.78 to $95.75, 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.
F9. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $95.79 to $96.78, 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: 71,068 ADSs ADSs sold: 20,631 ADSs ADSs sold: 5,387 ADSs +2 more

5 metrics

ADSs sold 71,068 ADSs Across 9 reported sale transactions.

ADSs sold 20,631 ADSs October 9, 2026, at a weighted-average price of $92.61 per ADS.

ADSs sold 5,387 ADSs October 9, 2026, at a weighted-average price of $93.17 per ADS.

ADSs sold 2,135 ADSs October 12, 2026, at a weighted-average price of $94.32 per ADS.

ADSs sold 9,438 ADSs October 12, 2026, at a weighted-average price of $97.35 per ADS.

Key Terms

American Depositary Share (ADS), weighted average price, Rule 10b5-1 trading plan, foreign private issuer

4 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.

Rule 10b5-1 trading plan regulatory

"The reported sales were made under a Rule 10b5-1 plan."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

foreign private issuer regulatory

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

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.

FAQ

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

How many KSPI ADSs did director Vyacheslav Kim sell?

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported selling 71,068 ADSs on October 9, October 12 and October 13, 2026, at reported prices from $92.61 to $97.35 per ADS. The sales were made under a Rule 10b5-1 plan, and each ADS represents one common share.

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

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Available on EDGAR 10/13/2026 - 09:53 PM EDT Accepted by SEC EDGAR 10/13/2026 - 09:52 PM EDT

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)
10/09/2026

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⁾	10/09/2026		S			20,631	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$92.61⁽²⁾	36,427,053	D
American Depositary Shares, no par value	⁽¹⁾	10/09/2026		S			5,387	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$93.17⁽³⁾	36,421,666	D
American Depositary Shares, no par value	⁽¹⁾	10/12/2026		S			2,135	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$94.32⁽⁴⁾	36,419,531	D
American Depositary Shares, no par value	⁽¹⁾	10/12/2026		S			4,706	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$95.78⁽⁵⁾	36,414,825	D
American Depositary Shares, no par value	⁽¹⁾	10/12/2026		S			9,988	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$96.45⁽⁶⁾	36,404,837	D
American Depositary Shares, no par value	⁽¹⁾	10/12/2026		S			9,438	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$97.35⁽⁷⁾	36,395,399	D
American Depositary Shares, no par value	⁽¹⁾	10/13/2026		S			9,211	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$95.43⁽⁸⁾	36,386,188	D
American Depositary Shares, no par value	⁽¹⁾	10/13/2026		S			9,271	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$96.07⁽⁹⁾	36,376,917	D
American Depositary Shares, no par value	⁽¹⁾	10/13/2026		S			301	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$96.95	36,376,616	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 $92.0455 to $93.045, 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 $93.05 to $93.64, 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.

4. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $94 to $94.94, 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.

5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $95.02 to $96.01, 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 $96.05 to $97.01, 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 $97.07 to $97.63, 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 $94.78 to $95.75, 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 $95.79 to $96.78, 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	10/13/2026
	** 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