# EDGAR Filing Document

**Accession Number:** 0001362697
**File Stem:** 0000921895-23-000636
**Filing Date:** 2023-3
**Character Count:** 12148
**Document Hash:** 2ff22bcc64ceba86e75dc7719e1102e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-23-000636.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0000921895-23-000636

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230301

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Smith Jeffrey C
- **CENTRAL INDEX KEY:** 0001362697

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-21660
- **FILM NUMBER:** 23705802

**MAIL ADDRESS:**
- **STREET 1:** 201 E LAS OLAS BOULEVARD, SUITE 1000
- **CITY:** FORT LAUDERDALE
- **STATE:** FL
- **ZIP:** 33301
**ISSUER**: 

**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:** 1225

**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

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[x] 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**<sup>*</sup><br>Smith Jeffrey C<br><sub>(Last) (First) (Middle)</sub><br>C/O STARBOARD VALUE LP<br>201 E LAS OLAS BOULEVARD, SUITE 1000<br><sub>(Street)</sub><br>FORT LAUDERDALE, FL 33301<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2023-03-01 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_See Footnote 1_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>PAPA JOHNS INTERNATIONAL INC [ PZZA ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock, par value $0.01 per share<sup>(1)</sup> |  |  |  |  |  |  |  | 17138.8587 | D |  |
| Common Stock, par value $0.01 per share<sup>(1)</sup> | 2023-03-01 |  | D<sup>(9)</sup> |  | 937564 | D | $82.52 | 312521 | I | By Starboard Value and Opportunity Master Fund Ltd<sup>(2)</sup> |
| Common Stock, par value $0.01 per share<sup>(1)</sup> | 2023-03-01 |  | D<sup>(9)</sup> |  | 175544 | D | $82.52 | 58514 | I | By Starboard Value and Opportunity S LLC<sup>(3)</sup> |
| Common Stock, par value $0.01 per share<sup>(1)</sup> | 2023-03-01 |  | D<sup>(9)</sup> |  | 99259 | D | $82.52 | 33086 | I | By Starboard Value and Opportunity C LP<sup>(4)</sup> |
| Common Stock, par value $0.01 per share<sup>(1)</sup> | 2023-03-01 |  | D<sup>(9)</sup> |  | 93598 | D | $82.52 | 31199 | I | By Starboard Value and Opportunity Master Fund L LP<sup>(5)</sup> |
| Common Stock, par value $0.01 per share<sup>(1)</sup> | 2023-03-01 |  | D<sup>(9)</sup> |  | 429630 | D | $82.52 | 0 | I | By Starboard P Fund LP<sup>(6)</sup> |
| Common Stock, par value $0.01 per share<sup>(1)</sup> | 2023-03-01 |  | D<sup>(9)</sup> |  | 132253 | D | $82.52 | 44085 | I | By Starboard X Master Fund Ltd<sup>(7)</sup> |
| Common Stock, par value $0.01 per share<sup>(1)</sup> | 2023-03-01 |  | D<sup>(9)</sup> |  | 309080 | D | $82.52 | 103027 | I | By Managed Account of Starboard Value LP<sup>(8)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) On March 1, 2023, the Reporting Person notified the board of directors of the Issuer (the "Board") that he would be resigning from the Board effective immediately.

(2) Securities beneficially owned by Starboard Value and Opportunity Master Fund Ltd ("Starboard V&O Fund"). The Reporting Person, solely by virtue of his position as a member of the Management Committee of Starboard Value GP LLC ("Starboard Value GP"), the general partner of the investment manager of Starboard V&O Fund, and as a member and member of the Management Committee of Starboard Principal Co GP LLC ("Principal GP"), the general partner of the member of Starboard Value GP, may be deemed to beneficially own the securities directly held by Starboard V&O Fund for purposes of Section 16 of the Securities Exchange Act of 1934, as amended ("Section 16"). The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

(3) Securities beneficially owned by Starboard Value and Opportunity S LLC ("Starboard S LLC"). The Reporting Person, solely by virtue of his position as a member of the Management Committee of Starboard Value GP, the general partner of the manager of Starboard S LLC, and as a member and member of the Management Committee of Principal GP, the general partner of the member of Starboard Value GP, may be deemed to beneficially own the securities directly held by Starboard S LLC for purposes of Section 16. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

(4) Securities beneficially owned by Starboard Value and Opportunity C LP ("Starboard C LP"). The Reporting Person, solely by virtue of his position as a member of the Management Committee of Starboard Value GP, the general partner of the investment manager of Starboard C LP, and as a member and member of the Management Committee of Principal GP, the general partner of the member of Starboard Value GP, may be deemed to beneficially own the securities directly held by Starboard C LP for purposes of Section 16. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

(5) Securities beneficially owned by Starboard Value and Opportunity Master Fund L LP ("Starboard L Master"). The Reporting Person, solely by virtue of his position as a member of the Management Committee of Starboard Value GP, the general partner of the investment manager of Starboard L Master, and as a member and member of the Management Committee of Principal GP, the general partner of the member of Starboard Value GP, may be deemed to beneficially own the securities directly held by Starboard L Master for purposes of Section 16. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

(6) Securities beneficially owned by Starboard P Fund LP ("Starboard P LP"). The Reporting Person, solely by virtue of his position as a member of the Management Committee of Starboard Value GP, the general partner of the investment manager of Starboard P LP, and as a member and member of the Management Committee of Principal GP, the general partner of the member of Starboard Value GP, may be deemed to beneficially own the securities directly held by Starboard P LP for purposes of Section 16. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

(7) Securities beneficially owned by Starboard X Master Fund Ltd ("Starboard X Master"). The Reporting Person, solely by virtue of his position as a member of the Management Committee of Starboard Value GP, the general partner of the investment manager of Starboard X Master, and as a member and member of the Management Committee of Principal GP, the general partner of the member of Starboard Value GP, may be deemed to beneficially own the securities directly held by Starboard X Master for purposes of Section 16. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

(8) Securities held in a certain account managed by Starboard Value LP (the "Starboard Value LP Account"). The Reporting Person, solely by virtue of his position as a member of the Management Committee of Starboard Value GP, the general partner of Starboard Value LP, and as a member and member of the Management Committee of Principal GP, the general partner of the member of Starboard Value GP, may be deemed to beneficially own the securities held in the Starboard Value LP Account for purposes of Section 16. The Reporting Person expressly disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

(9) Pursuant to the terms of the Share Repurchase Agreement entered into with the Issuer on March 1, 2023 with respect to the Issuer's shares of Common Stock, certain of the Reporting Person's affiliates made a disposition to the Issuer of certain of their respective shares of the Common Stock. As stated in the Share Repurchase Agreement, each of such dispositions is an exempt transaction pursuant to Rule 16b-3 of the Securities Exchange Act of 1934, as amended.

**Signature:** /s/ Jeffrey C. Smith  
**Date:** 2023-03-03

### Remarks:

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.**