Papa John’s director receives 156-share equity grant

Papa John’s International director John W. Garratt received a small equity award in the form of common stock.

Rhea-AI Filing Summary

Papa John’s International director John W. Garratt received a small equity award in the form of common stock. On May 29, 2026, he acquired 156 shares of Papa John’s common stock at a stated value of $34.21 per share as a grant or award, rather than an open-market purchase. Following this compensation-related transaction, he directly holds 11,897 shares of common stock. A footnote explains the acquisition relates to dividend equivalent rights on annual restricted stock unit awards, underscoring that this is part of his equity compensation program, not a discretionary market trade.

Insider Trade Summary

Grant/Award: 156 shares

Grant/Award 1 txn

Insider Garratt John W

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	156	$34.21	$5K

Holdings After Transaction: Common Stock — 11,897 shares (Direct)

Footnotes (1)

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

Key Figures

Shares granted: 156 shares Grant value per share: $34.21 per share Shares held after grant: 11,897 shares

3 metrics

Shares granted 156 shares Common stock grant on May 29, 2026

Grant value per share $34.21 per share Stated value for equity award

Shares held after grant 11,897 shares Direct common stock holdings after transaction

Key Terms

dividend equivalent rights, restricted stock unit awards, Grant, award, or other acquisition

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.

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

FAQ

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

What insider transaction did PZZA director John W. Garratt report?

John W. Garratt reported receiving a grant of 156 shares of Papa John’s common stock. The transaction is coded as a grant or award, indicating equity compensation rather than an open-market trade, and is tied to dividend equivalent rights on restricted stock unit awards.

Was John W. Garratt’s PZZA transaction a market purchase or a compensation grant?

The transaction was a compensation grant, not a market purchase. It is coded as a grant, award, or other acquisition and a footnote clarifies it reflects dividend equivalent rights tied to annual restricted stock unit awards, indicating routine equity-based compensation.

How many Papa John’s (PZZA) shares does John W. Garratt hold after the transaction?

After receiving the 156-share grant, John W. Garratt directly holds 11,897 shares of Papa John’s common stock. This figure reflects his position immediately following the reported award and provides context for the relatively small size of the new equity grant.

What was the stated value per share for John W. Garratt’s PZZA equity grant?

The 156-share grant to John W. Garratt was valued at $34.21 per share. This price is used for reporting the value of the equity award and does not indicate an open-market purchase price, since the shares were granted as compensation.

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

The footnote states the acquisition reflects dividend equivalent rights on annual restricted stock unit awards. This means Garratt received additional share-based value mirroring dividends on his RSUs, reinforcing that the transaction is part of his ongoing equity compensation package.

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

Form 4 Insider Transactions: What Each Field Means →

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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^*

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)
05/29/2026

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)		156	A	$34.21	11,897	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)