How are PayPay (PAYP) ADSs related to the reported Common Share options?

Footnotes state that Common Shares received upon exercise of any stock options are converted into American Depositary Shares (ADSs) on a one-for-one basis. This means each exercised Common Share corresponds to one ADS representing PayPay equity.

PayPay officer reports existing stock option grants

Q: What does the PAYP Form 3 filing by Baba Hajime report?

The Form 3 for PayPay Corp (PAYP) reports officer Baba Hajime’s existing stock option holdings. It details multiple option awards over Common Shares, including exercise prices, expiration dates, and vesting conditions, without showing any new stock purchases or sales.

Q: How many PayPay (PAYP) shares are covered by Baba Hajime’s options?

The filing lists several stock option tranches over Common Shares, including blocks for 47,400, 95,000 and 110,000 underlying shares. Each option is a right to buy Common Shares, with specific vesting schedules and expiration dates for each grant.

PayPay Corp officer Baba Hajime filed an initial Form 3 reporting existing stock option holdings, with no new purchases or sales.

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Filing Sentiment

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Form Type

Rhea-AI Filing Summary

PayPay Corp officer Baba Hajime filed an initial Form 3 reporting existing stock option holdings, with no new purchases or sales. The filing lists several “Stock Options (Right to Buy)” over Common Shares, including tranches for 47,400, 95,000 and 110,000 underlying shares at exercise prices of $8.1500 and $0.0060 per share.

The options expire on dates such as March 31, 2033 and April 23, 2035, and some vest in annual installments starting in 2026 and 2027. Other tranches become exercisable only upon resignation or retirement, or when PayPay’s market capitalization exceeds specified thresholds. Any Common Shares received on exercise convert into ADSs on a one-for-one basis.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Baba Hajime

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)	--	--	--

Holdings After Transaction: Stock Options (Right to Buy) — 347,400 contracts (Direct)

Footnotes (8)

F1. 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.
F2. 19,200 of these options are fully vested with the remaining 28,200 options to vest in three equal annual installments beginning on April 1, 2026.
F3. Reflects awards of stock options, with each option exercisable for two hundred Common Shares.
F4. 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.
F5. These options vest in five equal annual installments beginning on April 26, 2027.
F6. 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.
F7. 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.
F8. 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.

FAQ

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

What does the PAYP Form 3 filing by Baba Hajime report?

The Form 3 for PayPay Corp (PAYP) reports officer Baba Hajime’s existing stock option holdings. It details multiple option awards over Common Shares, including exercise prices, expiration dates, and vesting conditions, without showing any new stock purchases or sales.

How many PayPay (PAYP) shares are covered by Baba Hajime’s options?

The filing lists several stock option tranches over Common Shares, including blocks for 47,400, 95,000 and 110,000 underlying shares. Each option is a right to buy Common Shares, with specific vesting schedules and expiration dates for each grant.

What are the exercise prices of Baba Hajime’s PayPay (PAYP) stock options?

The reported stock options have exercise prices of about $8.1500 and $0.0060 per Common Share. Footnotes explain these are originally denominated in Japanese yen and were converted to U.S. dollars using a specified exchange rate reference.

When do Baba Hajime’s PayPay (PAYP) stock options vest and expire?

Some options begin vesting in equal annual installments starting April 1, 2026 and April 26, 2027, while others vest on performance or departure triggers. Expiration dates in the filing include March 31, 2033 and April 23, 2035, depending on the specific grant.

Do any of Baba Hajime’s PAYP options depend on PayPay’s market capitalization?

Yes. One footnote explains that certain option tranches become exercisable only on or after dates between March 12, 2026 and April 1, 2028, and only if PayPay’s market capitalization exceeds specified thresholds set in the award terms.

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

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Accepted by SEC EDGAR 03/18/2026 - 04:00 PM

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
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Baba Hajime

(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)

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)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	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)
Stock Options (Right to Buy)	⁽²⁾	03/31/2033	Common Shares⁽¹⁾	47,400⁽³⁾	$8.15⁽⁴⁾	D
Stock Options (Right to Buy)	⁽⁵⁾	04/23/2035	Common Shares⁽¹⁾	95,000⁽³⁾	$8.15⁽⁴⁾	D
Stock Options (Right to Buy)	⁽⁶⁾	⁽⁶⁾	Common Shares⁽¹⁾	95,000⁽³⁾	$0.006⁽⁷⁾	D
Stock Options (Right to Buy)	⁽⁸⁾	03/31/2033	Common Shares⁽¹⁾	110,000⁽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. 19,200 of these options are fully vested with the remaining 28,200 options to vest in three 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: Executive Vice President, Co-COO and Corporate Officer. 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)

Source: View Original Filing on SEC EDGAR