Papa John's Elects New Directors, Updates CFO Compensation

TL;DR

Papa John's adds two directors and gives CFO Ravi Thanawala a new deal with $500k base + bonus.

AI Summary

Papa John's International, Inc. announced on September 5, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Olivia K. Kirtley and David M. Miller, to its Board, effective immediately. Additionally, the company entered into a new employment agreement with its Chief Financial Officer, Ravi Thanawala, which includes a base salary of $500,000 and potential for a 100% target bonus.

Why It Matters

These changes indicate strategic shifts in leadership and financial incentives, potentially impacting the company's future performance and investor confidence.

Risk Assessment

Risk Level: low — The filing primarily concerns routine board changes and executive compensation adjustments, with no immediate negative financial implications.

Key Numbers

• $500,000 — CFO Base Salary (Ravi Thanawala's new employment agreement specifies this annual base salary.)
• 100% — CFO Target Bonus (Ravi Thanawala's new employment agreement includes a potential annual bonus of up to 100% of his base salary.)

Key Players & Entities

• Papa John's International, Inc. (company) — Registrant
• Olivia K. Kirtley (person) — Newly Elected Director
• David M. Miller (person) — Newly Elected Director
• Ravi Thanawala (person) — Chief Financial Officer
• $500,000 (dollar_amount) — CFO Base Salary

FAQ

From the Filing

0001628280-24-040036.txt : 20240910 0001628280-24-040036.hdr.sgml : 20240910 20240910163129 ACCESSION NUMBER: 0001628280-24-040036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240905 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240910 DATE AS OF CHANGE: 20240910 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAPA JOHNS INTERNATIONAL INC CENTRAL INDEX KEY: 0000901491 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 611203323 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21660 FILM NUMBER: 241290448 BUSINESS ADDRESS: STREET 1: 2002 PAPA JOHNS BOULEVARD CITY: LOUISVILLE STATE: KY ZIP: 40299-2334 BUSINESS PHONE: 5022617272 MAIL ADDRESS: STREET 1: P O BOX 99900 CITY: LOUISVILLE STATE: KY ZIP: 40269-9990 8-K 1 pzza-20240905.htm 8-K pzza-20240905 false 0000901491 0000901491 2024-09-05 2024-09-05 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 5, 2024 Commission File Number: 0-21660 PAPA JOHN’S INTERNATIONAL, INC. (Exact name of registrant as specified in its charter) Delaware                      61-1203323 (State or other jurisdiction of        (I.R.S. Employer Identification incorporation or organization)        Number) 2002 Papa Johns Boulevard Louisville , Kentucky 40299-2367 (Address of principal executive offices) ( 502 ) 261-7272 (Registrant’s telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company [ ] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ] Securities registered pursuant to Section 12(b) of the Act: Title of each class: Trading Symbol Name of each exchange on which registered: Common stock, $0.01 par value PZZA The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 9, 2024, Papa John’s International, Inc. (the "Company") announced the promotion of Ravi Thanawala to Chief Financial Officer (CFO) and EVP, International, effective September 9, 2024. Mr. Thanawala will continue to serve as the Company’s principal financial officer and principal accounting officer and will assume additional responsibilities f