[Form 4] PAPA JOHNS INTERNATIONAL INC Insider Trading Activity

Rhea-AI Filing Summary

Papa Johns International director Laurette T. Koellner reported routine share accruals tied to dividends rather than market trades. She received 274.0000 shares of common stock at $34.2100 per share as a grant or award, and an additional 54.6823 shares at the same price from dividend equivalent rights on restricted stock unit awards and dividends in a Nonqualified Deferred Compensation Plan. After these acquisitions, she directly owned 30,971.3845 common shares. Separately, 174.0000 shares were reported as indirectly owned through her spouse.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider KOELLNER LAURETTE T

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	274	$34.21	$9K
Grant/Award	Common Stock	54.682	$34.21	$2K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 30,916.702 shares (Direct, null); Common Stock — 174 shares (Indirect, By Spouse)

Footnotes (1)

1. Acquisition of dividend equivalent rights on annual restricted stock unit awards. Acquisition of dividends on shares held in Nonqualified Deferred Compensation Plan.

Key Figures

Awarded shares: 274.0000 shares Dividend equivalent shares: 54.6823 shares Price per share: $34.2100 per share +2 more

5 metrics

Awarded shares 274.0000 shares Grant/award acquisition at $34.2100 per share on 2026-05-29

Dividend equivalent shares 54.6823 shares Grant/award acquisition at $34.2100 per share on 2026-05-29

Price per share $34.2100 per share Applied to both non-derivative award transactions on 2026-05-29

Direct holdings after transactions 30,971.3845 shares Total direct Papa Johns common stock after reported grants

Indirect spouse holdings 174.0000 shares Indirect ownership reported as “By Spouse” on 2026-05-29

Key Terms

dividend equivalent rights, restricted stock unit awards, Nonqualified Deferred Compensation Plan, indirect ownership

4 terms

dividend equivalent rights financial

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

Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.

restricted stock unit awards financial

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

Restricted stock unit awards are company promises to deliver a specific number of shares to employees or service providers in the future once conditions—such as staying with the company for a set time or meeting performance targets—are met. They matter to investors because when the promises convert into actual shares they increase the total share count and can reduce earnings per share, while also aligning recipients’ interests with stock performance much like deferred pay that turns into ownership if goals are met.

Nonqualified Deferred Compensation Plan financial

"Acquisition of dividends on shares held in Nonqualified Deferred Compensation Plan."

indirect ownership financial

"Common Stock entry showing 174.0000 shares with ownership type marked indirect, By Spouse."

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Form 4 Insider Transactions: What Each Field Means →

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^*

KOELLNER LAURETTE T

(Last) (First) (Middle)

P. O. BOX 99900

(Street)

LOUISVILLE KENTUCKY 40269

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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

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	05/29/2026		A(1)		274	A	$34.21	30,916.7022	D
Common Stock	05/29/2026		A(2)		54.6823	A	$34.21	30,971.3845	D
Common Stock								174	I	By Spouse

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.

2. Acquisition of dividends on shares held in Nonqualified Deferred Compensation Plan.

	Debra Tate Johnson, by Power of Attorney	06/01/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Laurette T. Koellner report for Papa Johns (PZZA)?

Laurette T. Koellner reported acquiring additional Papa Johns common stock through compensation-related awards, not open-market trades. She received shares via dividend equivalent rights on restricted stock units and dividends in a Nonqualified Deferred Compensation Plan, increasing her reported direct and indirect ownership.

How many Papa Johns (PZZA) shares did Laurette Koellner acquire in this Form 4?

Koellner acquired 274.0000 shares of Papa Johns common stock and 54.6823 additional shares, both at $34.2100 per share. These were recorded as grant or award acquisitions, reflecting dividend-related credits rather than discretionary buying in the open market.

What is Laurette Koellner’s total direct share ownership in Papa Johns (PZZA) after these transactions?

After the reported acquisitions, Laurette Koellner directly owned 30,971.3845 Papa Johns common shares. This total reflects the added 274.0000 and 54.6823 shares granted as dividend-related awards, as disclosed in the Form 4 transactions.

What does the indirect ownership by spouse mean in the Papa Johns (PZZA) Form 4?

The filing shows 174.0000 Papa Johns shares held as indirect ownership “By Spouse.” This indicates shares are held in the spouse’s name but are reportable for beneficial ownership purposes, while the primary transactions involved Koellner’s directly held common stock.

Were Laurette Koellner’s Papa Johns (PZZA) transactions open-market buys or compensation grants?

The transactions were classified as grants or awards, not open-market purchases. Footnotes explain they involve acquisition of dividend equivalent rights on annual restricted stock unit awards and dividends in a Nonqualified Deferred Compensation Plan, making them compensation-related events.