<SEC-DOCUMENT>0001157523-18-001422.txt : 20180716
<SEC-HEADER>0001157523-18-001422.hdr.sgml : 20180716
<ACCEPTANCE-DATETIME>20180716084215
ACCESSION NUMBER:		0001157523-18-001422
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180715
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20180716
DATE AS OF CHANGE:		20180716

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAPA JOHNS INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000901491
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				611203323
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21660
		FILM NUMBER:		18953615

	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
</SEC-HEADER>
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<div style="TEXT-ALIGN: center; MARGIN-TOP: 0.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 16pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</div>

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<div style="TEXT-ALIGN: center; MARGIN-TOP: 0.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 16pt; FONT-WEIGHT: bold">FORM 8-K</div>

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<div style="TEXT-ALIGN: center; MARGIN-TOP: 0.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Current Report Pursuant to Section 13 or 15(d)</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 0.05pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Of the Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported):&#160;&#160; <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">July 15, 2018</font></div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 16pt; FONT-WEIGHT: bold">Papa John's International, Inc.</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2002 Papa John's Boulevard</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Louisville, Kentucky 40299-2367</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(502) 261-7272</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 9pt">(Registrant&#8217;s telephone number, including area code)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">N/A</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">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:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; COLOR: #211d1e; FONT-SIZE: 10pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-BOTTOM: 6pt; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 1.02.&#160; Termination of a Material Definitive Agreement.</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">On July </font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">15</font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">, 2018, Papa John&#8217;s International, Inc. (the &#8220;</font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Company</u></font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#8221;) sent a written notice of termination to John H. Schnatter terminating the Agreement for Service as Founder dated as of August 9, 2007 (the &#8220;</font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Founder</u></font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Agreement</u></font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#8221;) between the Company and John H. Schnatter. &#160;Pursuant to the terms of the Founder Agreement, the Founder Agreement will terminate 30 days from delivery of the written notice of termination.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">The Founder Agreement defined Mr. Schnatter&#8217;s role in the Company, including without limitation, attending major corporate events, making visits to domestic and international franchises, participating in monthly quality meetings with management, participating in meetings with investors, and acting as advertising and brand spokesperson for the Company.&#160; As previously announced, John H. Schnatter is no longer a spokesperson for the Company or the brand.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Also on July 15, 2018, since John H. Schnatter no longer has an active role with the management of&#160;the company&#8217;s business, the company sent written notice to an entity controlled by John H. Schnatter terminating a sublease agreement granting John H. Schnatter the right to use certain office space at the Company&#8217;s corporate headquarters in Louisville, Kentucky.&#160;&#160; Pursuant to the terms of the sublease agreement, the sublease agreement will terminate 90 days from delivery of the written notice of termination.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 5.02(e).&#160; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">The information provided in Item 1.02 is incorporated herein by reference.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">On July </font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">15</font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">, 2018, the Board of Directors (the &#8220;</font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Board</u></font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#8221;) of the Company formed a special committee of the Board consisting of all of the independent directors (the &#8220;</font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt"><u>Special Committee</u></font><font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">&#8221;) to evaluate and take action with respect to all of the Company&#8217;s relationships and arrangements with John H. Schnatter.&#160; The Special Committee is being advised by independent outside legal counsel.&#160; The Special Committee also intends to oversee the external audit and investigation which the Company previously announced that it will conduct of all the Company&#8217;s existing processes, policies and systems related to diversity and inclusion, supplier and vendor engagement and Papa John&#8217;s culture.</font></div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">The Special Committee approved the termination of the Founder Agreement and the sublease agreement described above under Item 1.02.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11pt; FONT-WEIGHT: bold">SIGNATURES</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 10pt">Date:&#160; July 16, 2018</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 11pt; MARGIN-RIGHT: 3.6pt">President and Chief Executive Officer</div>
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