Papa John's CFO Reports Small Insider Sale; 52,561 Shares Remain

Rhea-AI Filing Summary

Papa John's International insider Ravi Thanawala, who serves as Chief Financial Officer and EVP, International, reported a sale of 128 shares of PZZA common stock on 09/09/2025 at a reported price of $48.76 per share. After the transaction he is recorded as beneficially owning 52,561 shares directly. The Form 4 was signed by Debra Tate Johnson by power of attorney on 09/10/2025.

Insights

Corporate Governance Expert

TL;DR: A routine, small insider sale was reported by the CFO; transaction size appears immaterial to ownership stake.

The filing documents a modest disposal of 128 shares by the company's CFO and EVP, International, at $48.76 per share, leaving 52,561 shares beneficially owned. Such limited-volume sales are commonly part of personal liquidity or portfolio rebalancing and do not, by themselves, indicate a change in corporate governance or management confidence. There is no accompanying information about 10b5-1 plans or other prearranged trading terms in the filing, so no affirmative defense is asserted on the form itself.

Securities Analyst

TL;DR: Transaction is small relative to reported holdings and unlikely to be material to investors.

The report shows a sale totaling $6,241.28 based on 128 shares at $48.76. Post-transaction beneficial ownership of 52,561 shares remains sizable in absolute terms but the reported disposition represents a negligible percentage of that holding. The Form 4 provides clear execution details but no additional context such as multiple transactions or derivative activity.

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
Estimated average burden
hours per response:			0.5

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^*

Thanawala Ravi

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO and EVP, International

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

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	09/09/2025		F		128	D	$48.76	52,561	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:

	Debra Tate Johnson, by Power of Attorney	09/10/2025
	** 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 Ravi Thanawala report on the PZZA Form 4?

The filing reports a sale of 128 shares of Papa John's common stock on 09/09/2025 at $48.76 per share, leaving 52,561 shares beneficially owned.

How much value was involved in the reported PZZA transaction?

The reported sale of 128 shares at $48.76 implies proceeds of approximately $6,241.28.

What is Ravi Thanawala's role at Papa John's (PZZA)?

The filing identifies Ravi Thanawala as an Officer with the title CFO and EVP, International.

Was the Form 4 signed and when?

Yes. The Form 4 signature was executed by Debra Tate Johnson, by Power of Attorney on 09/10/2025.

Does the Form 4 indicate a 10b5-1 trading plan or amendment?

No. The form does not indicate that the transaction was made pursuant to a 10b5-1 plan nor does it show an amendment date beyond the reported transaction.