PayPay Corp (PAYP) · Insider Trading (Form 4) SEC Filing

=== SEC Form 4 — Statement of Changes in Beneficial Ownership === Document Type: 4 Period of Report: 2026-05-12 10b5-1 Pre-arranged Plan: No --- Issuer --- Name: PayPay Corp (PAYP) CIK: 0002080845 --- Reporting Owner --- Name: Sode Masanori CIK: 0002114249 Role: Officer (See Remarks) --- Non-Derivative Transactions --- [Transaction #1] Security: Common Shares Date: 2026-05-12 | Code: M (Exercise of derivative) Shares: +5,000 | Price: $8.30 Total Value: $41,500.00 Shares Owned After: 15,278.4 | Ownership: D (Direct) Footnotes: [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] 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 JPY 156.6400= US$1.00, which was the foreign exchange rate on May 8, 2026, as reported by the U.S. Federal Reserve in its weekly release on May 11, 2026. The exercise price is the actual Japanese Yen amount regardless of the exchange rate on the date of exercise. --- Derivative Transactions --- [Transaction #1] Security: Stock Options (Right to Buy) Date: 2026-05-12 | Code: M (Exercise of derivative) Shares: -25 | Price: $0.00 Exercisable: N/A | Expires: 2033-03-31 Shares Owned After: 50 | Ownership: D (Direct) Footnotes: [F2] 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 JPY 156.6400= US$1.00, which was the foreign exchange rate on May 8, 2026, as reported by the U.S. Federal Reserve in its weekly release on May 11, 2026. The exercise price is the actual Japanese Yen amount regardless of the exchange rate on the date of exercise. [F3] 50 options to vest in two equal annual installments on April 1, 2027, and April 1, 2028. The Form 3 filed on March 18, 2026, reflected the vesting terms relating to the number of shares underlying such options, with each option exercisable for 200 Common Shares. [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. [F4] Reflects awards of stock options, with each option exercisable for 200 Common Shares. [F3] 50 options to vest in two equal annual installments on April 1, 2027, and April 1, 2028. The Form 3 filed on March 18, 2026, reflected the vesting terms relating to the number of shares underlying such options, with each option exercisable for 200 Common Shares. --- Footnotes (Complete Index) --- 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: 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 JPY 156.6400= US$1.00, which was the foreign exchange rate on May 8, 2026, as reported by the U.S. Federal Reserve in its weekly release on May 11, 2026. The exercise price is the actual Japanese Yen amount regardless of the exchange rate on the date of exercise. F3: 50 options to vest in two equal annual installments on April 1, 2027, and April 1, 2028. The Form 3 filed on March 18, 2026, reflected the vesting terms relating to the number of shares underlying such options, with each option exercisable for 200 Common Shares. F4: Reflects awards of stock options, with each option exercisable for 200 Common Shares. --- Signature --- /s/ /s/Yuh Sarah Steele, as Attorney-in -Fact (2026-05-13)