Papa Johns (PZZA) CFO has 1,816 shares withheld for taxes

Rhea-AI Filing Summary

Papa Johns International executive Ravi Thanawala, CFO & President, North America, reported a routine tax-related share disposition. On this date, 1,816 shares of common stock were withheld at $33.12 per share to cover tax obligations associated with equity compensation. After this withholding, he directly holds 87,306 shares of Papa Johns common stock, so the transaction represents a small portion of his overall stake.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Thanawala Ravi

Role CFO & President, North America

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	1,816	$33.12	$60K

Holdings After Transaction: Common Stock — 87,306 shares (Direct)

Footnotes (1)

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^*

Thanawala Ravi

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO & President, North America

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/25/2026

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	03/25/2026		F		1,816	D	$33.12	87,306	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	03/26/2026
	** 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 PZZA executive Ravi Thanawala report?

Ravi Thanawala reported a tax-related share disposition involving 1,816 Papa Johns shares. These shares were withheld to satisfy tax liabilities tied to equity compensation, rather than sold in the open market, and he continues to hold 87,306 shares directly after the transaction.

Was the PZZA Form 4 transaction an open-market sale of shares?

No, the Form 4 transaction was not an open-market sale. It was coded “F,” meaning 1,816 shares were withheld by the company at $33.12 per share to cover tax obligations related to equity compensation, a routine administrative event.

How many Papa Johns (PZZA) shares does Ravi Thanawala hold after this filing?

After the tax-withholding disposition, Ravi Thanawala directly holds 87,306 shares of Papa Johns common stock. The 1,816 shares withheld for taxes represent a relatively small portion of this position, indicating his overall ownership stake remains largely unchanged by this event.

What does transaction code F mean in the PZZA Form 4 filing?

Transaction code F indicates a tax-withholding disposition of shares to cover obligations. In this case, 1,816 Papa Johns shares were delivered at $33.12 per share to satisfy tax liabilities linked to equity compensation, rather than reflecting a discretionary market sale decision.

Does the PZZA Form 4 suggest a change in insider sentiment?

The filing mainly reflects a routine tax-withholding event, not a discretionary trade. Shares were withheld to pay taxes on compensation, and Ravi Thanawala still holds 87,306 shares. Such transactions typically carry limited information about an insider’s view of the company’s prospects.