PayPay Corp (PAYP) officer details large stock option grants in Form 3

Rhea-AI Filing Summary

PayPay Corp officer Kagechika Wataru filed an initial statement of beneficial ownership. The filing shows direct holdings of stock options over 9,800 and 38,200 Common Shares at an exercise price of $8.1500 per share expiring on March 31, 2033, and options over 60,000 Common Shares at $8.1500 expiring on April 23, 2035. It also discloses options over 60,000 Common Shares at an exercise price of $0.0060 per share that become exercisable only upon resignation or retirement and must be exercised within ten days. Certain options vest in three substantially equal annual installments beginning on April 1, 2026, others in five equal annual installments beginning on April 26, 2027, and additional tranches become exercisable between March 12, 2026 and April 1, 2028 if market capitalization thresholds are met. The filing also reports direct ownership of 6,878.4 Common Shares, which are represented by American Depositary Shares on a one-for-one basis.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider Kagechika Wataru

Role See Remarks

Type	Security	Shares	Price	Value
holding	Stock Options (Right to Buy)	--	--	--
holding	Stock Options (Right to Buy)	--	--	--
holding	Stock Options (Right to Buy)	--	--	--
holding	Stock Options (Right to Buy)	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Stock Options (Right to Buy) — 9,800 shares (Direct); Common Shares — 6,878.4 shares (Direct)

Footnotes (1)

1. The Common Shares are represented by American Depositary Shares (ADS). The Common Shares received upon exercise of any Stock Options will be converted into ADSs on a one-for-one basis. These options vest in three substantially equal annual installments beginning on April 1, 2026. Reflects awards of stock options, with each option exercisable for two hundred Common Shares. The exercise price is denominated in Japanese Yen. For purposes of calculating the dollar denominated exercise price per Common Share, the exercise price of JPY 1,300 per Common Share has been converted to U.S. Dollars at the exchange rate of JPY159.5400= US$1.00, which was the foreign exchange rate on March 13, 2026, as reported by the U.S. Federal Reserve in its weekly release on March 16, 2026. The exercise price is the actual Japanese Yen amount regardless of the exchange rate on the date of exercise. These options vest in five equal annual installments beginning on April 26, 2027. These options become exercisable only upon the Reporting Person's resignation or retirement from the Issuer and must be exercised within ten (10) days thereafter. The exercise price is denominated in Japanese Yen. For purposes of calculating the dollar denominated exercise price per Common Share, the exercise price of JPY 1 per Common Share has been converted to U.S. Dollars at the exchange rate of JPY159.5400= US$1.00, which was the foreign exchange rate on March 13, 2026, as reported by the U.S. Federal Reserve in its weekly release on March 16, 2026. The exercise price is the actual Japanese Yen amount regardless of the exchange rate on the date of exercise. These options reflect tranches that become exercisable on or after various dates between March 12, 2026 and April 1, 2028 upon the Issuer's market capitalization exceeding certain thresholds.

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
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hours per response:			0.5

1. Name and Address of Reporting Person^*

Kagechika Wataru

(Last) (First) (Middle)

YOTSUYA TOWER

1-6-1, YOTSUYA, SHINJUKU-KU

(Street)

TOKYO JAPAN 160-0004

(City) (State) (Zip)

JAPAN

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
PayPay Corp [ PAYP ]

3a. Foreign Trading Symbol

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

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

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

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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares(1)	6,878.4	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	(2)	03/31/2033	Common Shares(1)	9,800(3)	$8.15(4)	D
Stock Options (Right to Buy)	(5)	04/23/2035	Common Shares(1)	60,000(3)	$8.15(4)	D
Stock Options (Right to Buy)	(6)	(6)	Common Shares(1)	60,000(3)	$0.006(7)	D
Stock Options (Right to Buy)	(8)	03/31/2033	Common Shares(1)	38,200(3)	$8.15(4)	D

Explanation of Responses:

1. The Common Shares are represented by American Depositary Shares (ADS). The Common Shares received upon exercise of any Stock Options will be converted into ADSs on a one-for-one basis.

2. These options vest in three substantially equal annual installments beginning on April 1, 2026.

3. Reflects awards of stock options, with each option exercisable for two hundred Common Shares.

4. The exercise price is denominated in Japanese Yen. For purposes of calculating the dollar denominated exercise price per Common Share, the exercise price of JPY 1,300 per Common Share has been converted to U.S. Dollars at the exchange rate of JPY159.5400= US$1.00, which was the foreign exchange rate on March 13, 2026, as reported by the U.S. Federal Reserve in its weekly release on March 16, 2026. The exercise price is the actual Japanese Yen amount regardless of the exchange rate on the date of exercise.

5. These options vest in five equal annual installments beginning on April 26, 2027.

6. These options become exercisable only upon the Reporting Person's resignation or retirement from the Issuer and must be exercised within ten (10) days thereafter.

7. The exercise price is denominated in Japanese Yen. For purposes of calculating the dollar denominated exercise price per Common Share, the exercise price of JPY 1 per Common Share has been converted to U.S. Dollars at the exchange rate of JPY159.5400= US$1.00, which was the foreign exchange rate on March 13, 2026, as reported by the U.S. Federal Reserve in its weekly release on March 16, 2026. The exercise price is the actual Japanese Yen amount regardless of the exchange rate on the date of exercise.

8. These options reflect tranches that become exercisable on or after various dates between March 12, 2026 and April 1, 2028 upon the Issuer's market capitalization exceeding certain thresholds.

Remarks:

Title: Managing Corporate Officer and CFO. Exhibit 24 - Power of Attorney.

	/s/ Ayako Fujimoto, as Attorney-in-Fact	03/18/2026
	** 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 5 (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 3: SEC 1473 (03-26)

FAQ

What does PayPay Corp (PAYP) Form 3 for Kagechika Wataru disclose?

The Form 3 discloses Kagechika Wataru’s initial beneficial ownership in PayPay Corp, including multiple stock option awards and 6,878.4 directly held Common Shares, all represented by American Depositary Shares on a one-for-one basis.

How many PayPay Corp (PAYP) Common Shares does Kagechika Wataru hold directly?

Kagechika Wataru holds 6,878.4 Common Shares directly. These Common Shares are represented by American Depositary Shares, with each Common Share converting into one ADS, according to the disclosure in the filing’s footnotes.

What stock options does Kagechika Wataru report in PayPay Corp (PAYP) Form 3?

He reports stock options over 9,800, 38,200 and 60,000 Common Shares at an exercise price of $8.1500, plus 60,000 Common Shares at $0.0060, with various vesting schedules and expirations between 2033 and 2035 and performance-based tranches tied to market capitalization.

When do Kagechika Wataru’s PayPay Corp (PAYP) stock options vest?

Some options vest in three substantially equal annual installments beginning April 1, 2026, others in five equal annual installments starting April 26, 2027, and additional tranches become exercisable between March 12, 2026 and April 1, 2028 if market capitalization thresholds are exceeded.

How are PayPay Corp (PAYP) stock option exercise prices denominated in Kagechika Wataru’s Form 3?

Exercise prices are denominated in Japanese Yen but converted to U.S. dollars for disclosure, including JPY 1,300 per Common Share shown as $8.1500 and JPY 1 per Common Share shown as $0.0060, using a JPY159.5400 to US$1.00 exchange rate.

What special conditions apply to the $0.0060 PayPay Corp (PAYP) options held by Kagechika Wataru?

These options over 60,000 Common Shares at a $0.0060 exercise price become exercisable only upon Kagechika Wataru’s resignation or retirement from PayPay Corp and must be exercised within ten days after that event, according to the filing’s footnotes.