Director Garratt granted 4,494 RSUs in Papa Johns (PZZA) compensation

Rhea-AI Filing Summary

Garratt John W reported acquisition or exercise transactions in this Form 4 filing.

Papa Johns International director John W. Garratt received a grant of 4,494 restricted stock units of common stock at no cost as equity compensation. These units become fully vested on the earlier of the first anniversary of the grant date or the company’s 2027 annual meeting of stockholders, provided he remains in continuous board service.

The award may vest earlier in the event of death or disability, and a prorated portion will vest if service ends for other reasons. Following this grant, Garratt directly holds 11,741 shares of common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Garratt John W

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	4,494	$0.00	--

Holdings After Transaction: Common Stock — 11,741 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

RSUs granted: 4,494 units Grant price: $0.0000 per share Shares after grant: 11,741 shares +1 more

4 metrics

RSUs granted 4,494 units Restricted stock units of common stock granted to director

Grant price $0.0000 per share Compensation award, not open-market purchase

Shares after grant 11,741 shares Total common shares directly held by Garratt following transaction

Vesting trigger date 2027 annual meeting Units fully vest by first anniversary or 2027 annual meeting

Key Terms

restricted stock units, continuous service, annual meeting of stockholders

3 terms

restricted stock units financial

"Grant of restricted stock units which become fully vested upon the earlier of"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

continuous service financial

"provided the reporting person remains in continuous service on the Board until such date"

annual meeting of stockholders financial

"the date of the Company's 2027 annual meeting of stockholders"

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^*

Garratt John W

(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)
05/11/2026

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	05/11/2026		A(1)		4,494	A	$0.0000	11,741	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. Grant of restricted stock units which become fully vested upon the earlier of (i) the first anniversary of the date of the grant of the award; or (ii) the date of the Company's 2027 annual meeting of stockholders, provided the reporting person remains in continuous service on the Board until such date, but the award may vest earlier in the event of death or disability. Should the reporting person terminate service for any other reason, a prorated number of the restricted stock units will vest.

	Debra Tate Johnson, by Power of Attorney	05/12/2026
	** 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 transaction did Papa Johns (PZZA) report for John W. Garratt?

Papa Johns reported that director John W. Garratt received a grant of 4,494 restricted stock units of common stock at no cost. This is a compensation-related equity award, not an open-market purchase or sale, and increases his direct share holdings.

How many Papa Johns (PZZA) shares does John W. Garratt hold after this grant?

After the restricted stock unit grant, John W. Garratt directly holds 11,741 shares of Papa Johns common stock. This figure reflects his position immediately following the award reported in the Form 4 insider transaction filing.

When do John W. Garratt’s new restricted stock units in Papa Johns (PZZA) vest?

The 4,494 restricted stock units vest on the earlier of the first anniversary of the grant date or the company’s 2027 annual meeting of stockholders, provided Garratt remains in continuous board service through that date, according to the award terms.

Are there circumstances where John W. Garratt’s Papa Johns (PZZA) RSUs vest earlier?

Yes. The restricted stock units may vest earlier if John W. Garratt dies or becomes disabled. If he terminates board service for any other reason before full vesting, a prorated number of the units will vest under the award’s terms.

Did John W. Garratt buy or sell Papa Johns (PZZA) shares on the open market?

No. The Form 4 shows a grant of 4,494 restricted stock units as compensation, coded as a grant or award acquisition. The transaction price per share is listed as zero, indicating no open-market purchase or sale occurred.