Nakayama Ichiro 4

What Happened
Ichiro Nakayama, a director of PayPay Corp (PAYP), exercised stock options on June 8, 2026, acquiring 54,400 common shares at an exercise price reported as $8.11 per share, for a total cash outlay of $441,184. The same filing also shows a separate derivative disposition of 272 shares reported with $0 proceeds; the filing does not explain the reason for that disposition.

Key Details

• Transaction date: 2026-06-08 (reported on Form 4 filed 2026-06-09). The filing is flagged as late (L).
• Exercise price: JPY 1,300 per common share, converted in the filing to USD $8.11 using a JPY 160.2600 = $1.00 rate (Fed release on June 8, 2026). The exercise price is denominated in Japanese yen.
• Shares acquired: 54,400 at $8.11 each = $441,184 total.
• Derivative disposition: 272 shares reported disposed at $0 (no proceeds reported).
• Shares owned after the transaction: Not specified in the Form 4.
• Footnotes:
  • F1: Common Shares are represented by American Depositary Shares (ADS); shares received on exercise will be converted into ADSs on a one-for-one basis.
  • F3/F4: These awards are stock options; each option is exercisable for 200 Common Shares. Footnote F3 notes vesting details (13 options fully vested, remaining 190 vest in two equal installments on April 1, 2027 and April 1, 2028).
  • F2 clarifies the JPY→USD conversion and that the exercise price is the actual JPY amount regardless of USD rate on exercise.

Context

• This was an options exercise (transaction code M), meaning the insider used granted options to obtain company shares. The filing does not indicate an immediate sale of the acquired shares.
• The 272-share derivative disposition is unexplained in the filing; such small zero-proceeds entries can reflect administrative actions (withholding, net settlement, transfers), but the Form 4 gives no reason.
• No 10% owner or 10b5-1 plan is referenced in the filing.

This summary focuses on the facts reported; it does not infer the insider’s motivation.