PayPay Corp (PAYP) · Initial Holdings (Form 3) SEC Filing

=== SEC Form 3 — Statement of Changes in Beneficial Ownership === Document Type: 3 Period of Report: 2026-03-18 --- Issuer --- Name: PayPay Corp (PAYP) CIK: 0002080845 --- Reporting Owner --- Name: Baba Hajime CIK: 0002114270 Role: Officer (See Remarks) --- Holdings --- [Holding #1] Security: Stock Options (Right to Buy) Ownership: D (Direct) Footnotes: [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. [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. [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. [F3] Reflects awards of stock options, with each option exercisable for two hundred Common Shares. [Holding #2] Security: Stock Options (Right to Buy) Ownership: D (Direct) Footnotes: [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. [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. [F3] Reflects awards of stock options, with each option exercisable for two hundred Common Shares. [Holding #3] Security: Stock Options (Right to Buy) Ownership: D (Direct) Footnotes: [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. [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. [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. [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. [F3] Reflects awards of stock options, with each option exercisable for two hundred Common Shares. [Holding #4] Security: Stock Options (Right to Buy) Ownership: D (Direct) Footnotes: [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. [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. [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. [F3] Reflects awards of stock options, with each option exercisable for two hundred 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: 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. --- Signature --- /s/ /s/ Ayako Fujimoto, as Attorney-in-Fact (2026-03-18)