[Form 4] Papa John's International Inc Insider Trading Activity

Rhea-AI Filing Summary

Papa John's (PZZA) director Sonya E. Medina acquired 145 shares of common stock on 08/29/2025 through the vesting-related mechanism described as dividend equivalent rights on annual restricted stock unit awards, with a reported price of $48.71 per share for disclosure purposes. After the transaction she beneficially owned 19,007 shares. The Form 4 was filed as a single reporting person filing and indicates the reporting person's role as a director. The form includes a power-of-attorney signature by Debra Tate Johnson dated 09/02/2025 and provides no additional transactions, derivative positions, or explanatory details beyond the RSU dividend-equivalent acquisition.

Positive

• Director increased beneficial ownership to 19,007 shares, indicating continued equity alignment with shareholders
• Transaction disclosed timely via Form 4 with date of acquisition and filing signature present

Negative

• None.

Insights

Financial Analyst

TL;DR The filing shows a routine director acquisition of 145 shares tied to RSU dividend equivalents; ownership increased to 19,007 shares.

This Form 4 documents a non-derivative acquisition by a director under compensation-related mechanics, not an open-market purchase or sale. The disclosed price of $48.71 serves the reporting requirement for the 145-share acquisition dated 08/29/2025. The change appears tied to annual restricted stock units and is typical for equity compensation vesting events; it does not disclose material corporate actions or changes in control.

Corporate Governance Expert

TL;DR A governance disclosure: a director received dividend-equivalent rights on RSUs, increasing beneficial ownership to 19,007 shares.

The filing identifies Sonya E. Medina as a director and shows a compensation-related issuance rather than a trading decision. The presence of a power-of-attorney signature is standard administrative practice. The filing does not report derivative holdings or additional governance events. From a compliance perspective, the Form 4 meets Section 16 reporting by disclosing the acquisition date, instrument type, and resulting beneficial ownership.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Medina Sonya E

(Last) (First) (Middle)

P. O. BOX 99900

(Street)

LOUISVILLE KY 40269

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PAPA JOHNS INTERNATIONAL INC [ PZZA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/29/2025		A(1)		145	A	$48.71	19,007	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Acquisition of dividend equivalent rights on annual restricted stock unit awards.

	Debra Tate Johnson, by Power of Attorney	09/02/2025
	** 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 4 (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.

FAQ

What did Sonya E. Medina report on the Form 4 for PZZA?

The Form 4 reports an acquisition of 145 shares on 08/29/2025 via dividend equivalent rights on annual RSU awards, with ownership rising to 19,007 shares.

Was the 08/29/2025 transaction an open-market purchase or compensation-related?

The filing specifies the transaction as acquisition of dividend equivalent rights on annual restricted stock units, indicating a compensation-related issuance, not an open-market trade.

What price is shown on the Form 4 for the acquired shares?

The Form 4 reports a price of $48.71 for the 145-share acquisition for disclosure purposes.

Who signed the Form 4 and when was it signed?

The Form 4 includes a power-of-attorney signature by Debra Tate Johnson dated 09/02/2025.

Does the Form 4 disclose any derivative securities or additional transactions?

No. Table II for derivative securities contains no reported transactions; only the non-derivative 145-share acquisition is disclosed.