PAY director Malinowski now holds 188,270 Paymentus derivatives

Rhea-AI Filing Summary

Paymentus Holdings (PAY) director Adam Malinowski reported a change in his holdings on a Form 4. He received 13,285 shares of Class B Common Stock, represented as a derivative security linked to an equal number of Class A Common Stock shares, at a stated price of $0 per derivative security.

The filing states these shares were received in a pro rata distribution from funds affiliated with Accel‑KKR, reported under transaction code J and exempt under Rule 16a‑9(a). After this transaction, Malinowski beneficially owned 188,270 derivative securities related to Paymentus equity on a direct basis. The Class B shares are convertible into Class A shares at any time and have no expiration date.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Malinowski Adam

Role Director

Type	Security	Shares	Price	Value
Other	Class B Common Stock	13,285	$0.00	--

Holdings After Transaction: Class B Common Stock — 188,270 shares (Direct)

Footnotes (1)

1. Class B Common Stock is convertible at any time, at the holder's election and automatically in connection with certain transfers and upon certain other events, into an equal number of shares of Class A Common Stock and has no expiration date. Shares received in a pro rata distribution from funds affiliated with Accel-KKR. The acquisition of such shares was exempt pursuant to Rule 16a-9(a) under the Securities Exchange Act of 1934, as amended.

Form 4 Insider Transactions: What Each Field Means →

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^*

Malinowski Adam

(Last) (First) (Middle)

C/O ACCEL-KKR

2180 SAND HILL ROAD, SUITE 300

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Paymentus Holdings, Inc. [ PAY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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
Class B Common Stock	(1)	11/17/2025		J(2)	V	13,285		(1)	(1)	Class A Common Stock	13,285	$0	188,270	D

Explanation of Responses:

1. Class B Common Stock is convertible at any time, at the holder's election and automatically in connection with certain transfers and upon certain other events, into an equal number of shares of Class A Common Stock and has no expiration date.

2. Shares received in a pro rata distribution from funds affiliated with Accel-KKR. The acquisition of such shares was exempt pursuant to Rule 16a-9(a) under the Securities Exchange Act of 1934, as amended.

	/s/ Thomas C. Barnds, as Attorney-in-Fact for Adam Malinowski	11/19/2025
	** 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.

FAQ

What did Paymentus (PAY) report in this Form 4 for Adam Malinowski?

The Form 4 reports that director Adam Malinowski received 13,285 shares of Class B Common Stock as a derivative security linked to an equal number of Class A shares.

How many Paymentus securities does Adam Malinowski beneficially own after this transaction?

After the reported transaction, Adam Malinowski beneficially owned 188,270 derivative securities related to Paymentus equity on a direct basis.

What is special about Paymentus Class B Common Stock reported in this filing?

Class B Common Stock is convertible at any time, at the holder's election and automatically in certain situations, into an equal number of Class A Common Stock shares and has no expiration date.

How did Adam Malinowski acquire the 13,285 Class B shares of Paymentus (PAY)?

The 13,285 Class B shares were received in a pro rata distribution from funds affiliated with Accel‑KKR, reported with transaction code J.

Was the Paymentus (PAY) share distribution to Adam Malinowski exempt under SEC rules?

Yes. The acquisition of the 13,285 shares was stated as exempt pursuant to Rule 16a‑9(a) under the Securities Exchange Act of 1934.

What was the reported price for the Paymentus derivative securities in this Form 4?

The filing lists the price of the derivative security as $0 for the 13,285 Class B Common Stock derivative securities.