Papa Johns director awarded 159 PZZA shares

Papa Johns International director John C. Miller received an equity grant tied to his existing awards.

Rhea-AI Filing Summary

Papa Johns International director John C. Miller received an equity grant tied to his existing awards. On this Form 4, Miller acquired 159 shares of Papa Johns common stock at $34.21 per share as a grant or award, not an open-market purchase.

Following this award of dividend equivalent rights on his annual restricted stock unit awards, Miller directly holds 12,130 shares of common stock. The transaction reflects routine compensation-related equity rather than a discretionary stock trade.

Insider Trade Summary

Grant/Award: 159 shares

Grant/Award 1 txn

Insider MILLER JOHN C

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	159	$34.21	$5K

Holdings After Transaction: Common Stock — 12,130 shares (Direct)

Footnotes (1)

1. F1. Acquisition of dividend equivalent rights on annual restricted stock unit awards.

Key Figures

Shares granted: 159 shares Reported price per share: $34.21 per share Shares held after transaction: 12,130 shares +1 more

4 metrics

Shares granted 159 shares Grant/award on common stock, transaction code A

Reported price per share $34.21 per share Value used for the 159-share grant

Shares held after transaction 12,130 shares Direct ownership after the award

Transaction date 2026-05-29 Date of compensation-related acquisition

Key Terms

dividend equivalent rights, restricted stock unit awards, Common Stock

3 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.

Common Stock financial

"security_title: "Common Stock" in the reported transaction."

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did PZZA director John C. Miller report?

John C. Miller reported an acquisition of 159 shares of Papa Johns common stock. The shares were granted as part of his compensation, recorded at $34.21 per share, and are tied to dividend equivalent rights on annual restricted stock unit awards.

Was John C. Miller’s PZZA transaction an open-market stock purchase?

No, the transaction was not an open-market purchase. It was coded as an “A” transaction, meaning a grant or award acquisition, reflecting compensation-related dividend equivalent rights on Miller’s annual restricted stock unit awards rather than a discretionary buy in the market.

How many Papa Johns (PZZA) shares does John C. Miller hold after this filing?

After this reported grant, John C. Miller directly holds 12,130 shares of Papa Johns common stock. This total includes the 159 shares acquired in connection with dividend equivalent rights on his annual restricted stock unit awards as disclosed in the Form 4 filing.

What was the reported price for John C. Miller’s newly acquired PZZA shares?

The 159 shares acquired by John C. Miller were reported at $34.21 per share. This figure reflects the transaction price used for reporting the compensation-related grant of dividend equivalent rights on his annual restricted stock unit awards, not an open-market trading price.

What does “dividend equivalent rights” mean in the PZZA Form 4 footnote?

Dividend equivalent rights provide additional shares or value to match dividends paid on common stock. In this case, Miller received 159 shares as dividend equivalent rights on his annual restricted stock unit awards, aligning his equity compensation with dividends paid to regular shareholders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/01/2026 - 04:49 PM EDT Learn about SEC filing dates

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^*

MILLER JOHN C

(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)		159	A	$34.21	12,130	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	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)