How are PayPay (PAYP) stock options and ADSs related in this filing?

Footnotes explain that Common Shares are represented by American Depositary Shares (ADS). Common Shares received upon exercising any of the reported stock options will convert into ADSs on a one-for-one basis, so each option effectively corresponds to one ADS if exercised and converted.

PayPay officer reports initial stock, option holdings

PayPay Corp officer Yasuda Masamichi has filed an initial ownership report showing holdings of Common Shares and several stock option awards.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

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Form Type

Rhea-AI Filing Summary

PayPay Corp officer Yasuda Masamichi has filed an initial ownership report showing holdings of Common Shares and several stock option awards. He holds 9,600 Common Shares directly. Stock options cover blocks of 14,200, 55,400 and 80,000 Common Shares at an exercise price of $8.15 per share, expiring between 2033-03-31 and 2035-04-23, plus 80,000 Common Shares at an exercise price of $0.006 per share. Footnotes state the options are denominated in Japanese yen, convert into American Depositary Shares on a one-for-one basis, and vest over time or upon meeting service and market-capitalization conditions.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider Yasuda Masamichi

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) — 229,600 contracts (Direct); Common Shares — 9,600 shares (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. These options vest in three substantially 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 Yasuda Masamichi’s Form 3 filing for PayPay (PAYP) show?

The filing shows Yasuda Masamichi’s initial ownership in PayPay, including 9,600 Common Shares and multiple stock option grants. These options cover blocks of 14,200, 55,400 and 80,000 shares at $8.15, plus 80,000 shares at $0.006, subject to vesting conditions.

How many PayPay (PAYP) Common Shares does Yasuda Masamichi directly own?

He directly owns 9,600 Common Shares. This equity position is separate from his stock options, which give him the right to buy additional Common Shares or equivalent American Depositary Shares if vesting and exercisability conditions described in the footnotes are met in the future.

What stock option awards are reported for Yasuda Masamichi in PayPay (PAYP)?

He reports several stock option positions over Common Shares, including tranches of 14,200, 55,400 and 80,000 shares at an $8.15 exercise price and 80,000 shares at a $0.006 exercise price. These options vest over time or upon specific service and market-capitalization triggers.

What vesting conditions apply to Yasuda Masamichi’s PayPay (PAYP) options?

Some options vest in three substantially equal annual installments beginning on April 1, 2026, others in five equal installments starting April 26, 2027. Additional tranches become exercisable upon resignation or retirement, or once PayPay’s market capitalization exceeds specified thresholds over various future dates.

In what currency are the PayPay (PAYP) option exercise prices set?

The exercise prices are set in Japanese yen. For disclosure, they are converted to U.S. dollars using an exchange rate of JPY159.5400 per US$1.00, yielding $8.15 for JPY1,300 per share and $0.006 for JPY1 per share, though the actual obligation remains in yen.

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^*

Yasuda Masamichi

(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⁾	9,600	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)
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⁾	14,200⁽³⁾	$8.15⁽⁴⁾	D
Stock Options (Right to Buy)	⁽⁵⁾	04/23/2035	Common Shares⁽¹⁾	80,000⁽³⁾	$8.15⁽⁴⁾	D
Stock Options (Right to Buy)	⁽⁶⁾	⁽⁶⁾	Common Shares⁽¹⁾	80,000⁽³⁾	$0.006⁽⁷⁾	D
Stock Options (Right to Buy)	⁽⁸⁾	03/31/2033	Common Shares⁽¹⁾	55,400⁽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: 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