Kaspi.kz director Kim sells 50,942 depositary shares

Q: What were the reported weighted-average prices for Vyacheslav Kim's KSPI ADS sales?

On October 14, the reported sales were 16,828 ADSs at $93.06 and 4,088 at $95.24. On October 15, they were 2,819 at $93.08, 8,337 at $94.22 and 6,981 at $94.84. On October 16, they were 7,684 at $94.39, 3,468 at $94.09 and 737 at $95.40.

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported direct sales of 50,942 American Depositary Shares (ADSs) from October 14 through October 16, 2026, under a Rule 10b5-1 plan.

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Rhea-AI Filing Summary

Joint Stock Co Kaspi.kz director Vyacheslav Kim reported direct sales of 50,942 American Depositary Shares (ADSs) from October 14 through October 16, 2026, under a Rule 10b5-1 plan. Each ADS represents one common share. Reported weighted-average sales were 16,828 ADSs at $93.06 and 4,088 at $95.24 on October 14; 2,819 at $93.08, 8,337 at $94.22 and 6,981 at $94.84 on October 15; and 7,684 at $94.39, 3,468 at $94.09 and 737 at $95.40 on October 16.

Insider Trade Summary 10b5-1

Net Seller: 50,942 shares

Net Sell 8 txns

Insider Kim Vyacheslav

Role Director

Sold 50,942 shs ($4.80M)

Type	Security	Shares	Price	Value
Sale	American Depositary Shares, no par value ^{F1, F7}	7,684	$93.06	$715K
Sale	American Depositary Shares, no par value ^{F1, F8}	3,468	$94.09	$326K
Sale	American Depositary Shares, no par value ^{F1, F9}	737	$95.40	$70K
Sale	American Depositary Shares, no par value ^{F1, F4}	2,819	$93.08	$262K
Sale	American Depositary Shares, no par value ^{F1, F5}	8,337	$94.22	$786K
Sale	American Depositary Shares, no par value ^{F1, F6}	6,981	$94.84	$662K
Sale	American Depositary Shares, no par value ^{F1, F2}	16,828	$94.39	$1.59M
Sale	American Depositary Shares, no par value ^{F1, F3}	4,088	$95.24	$389K

Holdings After Transaction: American Depositary Shares, no par value — 36,325,674 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 $93.895 to $94.85, 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 $94.91 to $95.82, 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 $92.615 to $93.55, 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.
F5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $93.62 to $94.54, 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 $94.68 to $94.99, 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 $92.655 to $93.655, 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 $93.665 to $94.56, 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 $95.06 to $95.755, 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: 50,942 ADSs Reported weighted-average sales: 16,828 ADSs at $93.06 per ADS; 4,088 ADSs at $95.24 per ADS Reported weighted-average sales: 2,819 ADSs at $93.08 per ADS; 8,337 ADSs at $94.22 per ADS; 6,981 ADSs at $94.84 per ADS +1 more

4 metrics

ADSs sold 50,942 ADSs Direct sales from October 14 through October 16, 2026

Reported weighted-average sales 16,828 ADSs at $93.06 per ADS; 4,088 ADSs at $95.24 per ADS October 14, 2026

Reported weighted-average sales 2,819 ADSs at $93.08 per ADS; 8,337 ADSs at $94.22 per ADS; 6,981 ADSs at $94.84 per ADS October 15, 2026

Reported weighted-average sales 7,684 ADSs at $94.39 per ADS; 3,468 ADSs at $94.09 per ADS; 737 ADSs at $95.40 per ADS October 16, 2026

Key Terms

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

3 terms

Rule 10b5-1 plan regulatory

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

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

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.

FAQ

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How many KSPI ADSs did director Vyacheslav Kim sell?

Vyacheslav Kim, a director of Joint Stock Co Kaspi.kz, reported direct sales of 50,942 ADSs from October 14 through October 16, 2026, under a Rule 10b5-1 plan. Each ADS represents one common share.

What were the reported weighted-average prices for Vyacheslav Kim's KSPI ADS sales?

On October 14, the reported sales were 16,828 ADSs at $93.06 and 4,088 at $95.24. On October 15, they were 2,819 at $93.08, 8,337 at $94.22 and 6,981 at $94.84. On October 16, they were 7,684 at $94.39, 3,468 at $94.09 and 737 at $95.40.

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Available on EDGAR 10/16/2026 - 08:21 PM EDT Accepted by SEC EDGAR 10/16/2026 - 08:20 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)
10/14/2026

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⁾	10/14/2026		S			16,828	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$94.39⁽²⁾	36,359,788	D
American Depositary Shares, no par value	⁽¹⁾	10/14/2026		S			4,088	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$95.24⁽³⁾	36,355,700	D
American Depositary Shares, no par value	⁽¹⁾	10/15/2026		S			2,819	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$93.08⁽⁴⁾	36,352,881	D
American Depositary Shares, no par value	⁽¹⁾	10/15/2026		S			8,337	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$94.22⁽⁵⁾	36,344,544	D
American Depositary Shares, no par value	⁽¹⁾	10/15/2026		S			6,981	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$94.84⁽⁶⁾	36,337,563	D
American Depositary Shares, no par value	⁽¹⁾	10/16/2026		S			7,684	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$93.06⁽⁷⁾	36,329,879	D
American Depositary Shares, no par value	⁽¹⁾	10/16/2026		S			3,468	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$94.09⁽⁸⁾	36,326,411	D
American Depositary Shares, no par value	⁽¹⁾	10/16/2026		S			737	⁽¹⁾	⁽¹⁾	Common Shares, no par value	⁽¹⁾	$95.4⁽⁹⁾	36,325,674	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 $93.895 to $94.85, 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 $94.91 to $95.82, 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 $92.615 to $93.55, 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.

5. The price reported in Column 8 is a weighted average price. These ADSs were sold in multiple transactions at prices ranging from $93.62 to $94.54, 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 $94.68 to $94.99, 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 $92.655 to $93.655, 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 $93.665 to $94.56, 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 $95.06 to $95.755, 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	10/16/2026
	** 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