Document:

TO:

Exhibit 10.1

 

[BANK

| LOGO]

 

 

 

TO:                         PAPA

JOHN’S INTERNATIONAL, INC. LOUISVILLE

ATTN:                   Swaps

Administration

FAX NO:               1(502)261-4190

DATE:                    28

November 2001

RE OUR REF:        40226

 

 

 

 

 

 

 

 

The purpose of this letter agreement (this

“Confirmation”) is to confirm the terms and conditions of the Transaction

entered into between PAPA JOHN’S INTERNATIONAL, INC. and BANK ONE, KENTUCKY,

N.A. on the Trade Date specified below. This Transaction shall be governed by

the ISDA MASTER AGREEMENT dated as of 07 February 2000 between the parties (the

“Agreement”), and this letter shall constitute a Confirmation thereunder.

 

The definitions and provisions contained in

the 1991 ISDA Definitions (as supplemented by the 1998 Supplement and further

amended and supplemented by the 1998 ISDA Euro Definitions) (the

“Definitions”), as published by the International Swaps and Derivatives

Association, Inc. are incorporated into this Confirmation. In the event of any

inconsistency between the Definitions and provisions and this Confirmation, this

Confirmation will govern.

 

We are pleased to confirm the terms of the

Transaction described below between PAPA JOHN'S INTERNATIONAL, INC. and BANK

ONE, KENTUCKY, N.A.

 

TERM

 

	

  TRADE DATE:

  	

   

  	

  20 November 2001

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  EFFECTIVE DATE:

  	

   

  	

  17 March 2003

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  TERMINATION DATE:

  	

   

  	

  15 March 2006, subject to

  adjustment in accordance with the Modified Following Business Day Convention.

  	

   

  
	

  NOTIONAL AMOUNT:

  	

   

  	

  The following amounts

  corresponding to the following respective periods (dates subject to the

  Business Day Convention specified below):

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  Period (from and including to but excluding)

  	

   

  	

  Amount

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  17 March 2003

  	

   

  	

  15 March 2004

  	

   

  	

  USD 100,000,000.00

  	

   

  
	

   

  	

   

  	

  15 March 2004

  	

   

  	

  15 March 2005

  	

   

  	

  USD 80,000,000.00

  	

   

  
	

   

  	

   

  	

  15 March 2005

  	

   

  	

  15 March 2006

  	

   

  	

  USD 60,000,000.00

  	

   

  

 

 

 

 

FIXED AMOUNTS

 

 

	

  FIXED RATE PAYER:

  	

   

  	

  PAPA JOHN’S INTERNATIONAL,

  INC.

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  FIXED RATE PAYER PAYMENT

  DATES:

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  Each 15 January, 15

  February, 15 March, 15 April, 15 May, 15 June, 15 July, 15 August, 15

  September, 15 October, 15 November, 15 December from and including 15 April

  2003, to and including 15 March 2006, subject to adjustment in accordance

  with the Modified Following Business Day Convention.

  
	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  FIXED RATE:

  	

   

  	

  5.3075%

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  FIXED RATE DAY COUNT

  FRACTION:

  	

   

  	

  Actual/360

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  ROUNDING CONVENTION:

  	

   

  	

  As per ISDA

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  BUSINESS DAYS:

  	

   

  	

  London, New York

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  

 

 

 

 

 

FLOATING

AMOUNTS

	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  FLOATING RATE PAYER:

  	

   

  	

  BANK ONE, KENTUCKY, N.A.

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  FLOATING RATE PAYER

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  PAYMENT DATES:

  	

   

  	

  Each 15 January, 15

  February, 15 March, 15 April, 15 May, 15 June, 15 July, 15 August, 15

  September, 15 October, 15 November, 15 December from and including 15 April

  2003, to and including 15 March 2006, subject to adjustment in accordance

  with the Modified Following Business Day Convention.

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  FLOATING RATE FOR INITIAL

  CALCULATION PERIOD:

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  To Be Set (exclusive of

  spread)

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  FLOATING RATE OPTION:

  	

   

  	

  USD-LIBOR-BBA

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  DESIGNATED MATURITY:

  	

   

  	

  1 Month

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  FLOATING RATE DAY COUNT

  FRACTION:

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

  Actual/360

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  RESET DATES:

  	

   

  	

  The first day of each

  Calculation Period

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  ROUNDING CONVENTION:

  	

   

  	

  As per ISDA

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  BUSINESS DAYS:

  	

   

  	

  London, New York

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  

 

 

 

 

 

 

 

 

ADDITIONAL

PROVISIONS

 

NEGATIVE INTEREST RATES:        Applicable

 

 

 

 

 

 

Furthermore, in addition to

the representations deemed to be made by each of the parties pursuant to

Section 3 of the Master Agreement, each party hereby represents and warrants to

the other party as follows:

 

(a)          It qualifies as an “eligible contract participant”

under the Commodity Exchange Act.

 

(b)         It is not relying (for purposes of making any

investment decision or otherwise) upon any advice, counsel or representations

(whether written or oral) of the other party to this confirmation, other than

the representations expressly set forth in the Master Agreement and this

confirmation;

 

(c)        It has consulted with its own legal, regulatory,

tax, business, investment, financial and accounting advisors to the extent it

has deemed necessary, and has made its own investment, hedging and trading

decisions (including decisions regarding the suitability of this Transaction)

based upon its own judgment and upon any advice from such advisors as it has

deemed necessary and not upon any view expressed by the other party to this

confirmation;

 

(d)         It has a full understanding of all the terms,

conditions and risks (economic and otherwise) of this Transaction, and is

capable of assuming and willing to assume (financially and otherwise) such

risks;

 

(e)          It is entering into this Transaction for the

purposes of managing its borrowings or investments, hedging its underlying

assets or liabilities or in connection with a line of business, and not for

purposes of speculation; and

 

(f)    It is

entering into this Transaction as principal (and not as agent or in any other

capacity, fiduciary or otherwise).

 

 

 

 

ACCOUNT

DETAILS

 

 

Payments to PAPA JOHN’S

INTERNATIONAL, INC. in USD;

 

 

 

                    We will settle amounts to

your account,            with PNC BANK via the Automatic Clearing

House System.

 

Payments

to BANK ONE, KENTUCKY, N.A. in USD;

 

 

 

                    We will settle amounts to

your account              with PNC BANK

via the Automatic Clearing House System.

 

 

 

 

Dealing

with Confirmations on our behalf:

        Global Derivative Products 312-732-2148

 

Dealing

with Settlements on our behalf:

        Global Derivative Products

1(312)732-4333

 

 

 

Please

confirm that the foregoing correctly sets forth the terms of our agreement by

executing this letter and returning all pages of this letter via facsimile to

312-336-4403/312-732-3465.

 

	

  Yours sincerely,

  
	

  BANK ONE, KENTUCKY, N.A.

  
	

  By:

  	

  /s/ Antoinette E. Galvin

  
	

  Name:

  	

  Antoinette E. Galvin

  
	

  Title:

  	

  Assistant Vice President

  

 

 

Confirmed as of the date first above written:

 

	

  PAPA JOHN’S INTERNATIONAL,

  INC.

  
	

  By:

  	

  /s/ J. David Flanery

  
	

  Name:

  	

  J. David Flanery

  
	

  Title:

  	

  Vice President of Finance

  and Corporate Controller

  

 

 

RE: OUR REF: 40226Exhibit 10

Exhibit 10.2

 

RESOLUTIONS FOR ADOPTION BY

THE BOARD OF DIRECTORS OF

PAPA JOHN’S INTERNATIONAL, INC.

JULY 23, 2001

 

 

AMENDMENT TO

1993 STOCK OPTION PLAN FOR

NON-EMPLOYEE DIRECTORS

 

WHEREAS, the Board of Directors of Papa John’s

International, Inc. (the “Company”), has adopted the 1993 Stock Option Plan for

Non-Employee Directors (the “Director Plan”); and

 

WHEREAS, the Director Plan has been approved by

the Company’s stockholders; and

 

WHEREAS, the Board has approved the Company’s

institution of a new compensation program contemplating the payment of fees to

non-employee directors for service on the Board and the Board’s committees; and

 

WHEREAS, in light of the new non-employee

director compensation program, the Board desires to amend the Director Plan to

suspend any stock option grants under the Director Plan during the pendency of

an alternative compensation program for the Company’s non-employee directors;

 

NOW,

THEREFORE, BE IT:

 

RESOLVED, that the Director Plan shall be amended

as follows:

 

A new Section 4(f) of the Plan shall be added, as

follows:

 

(f)            OTHER NON-EMPLOYEE DIRECTOR

COMPENSATION PROGRAMS.  Notwithstanding

any other provision in the Plan, no grants or awards of Options shall be made

to a Non-Employee Director under the Plan if, at the time such grant or award

otherwise would be made, the Company has in effect any other compensation

program applicable to such Non-Employee Director (other than the reimbursement

of expenses), unless the terms of such other program specifically provide that

grants or awards of Options under the Plan shall be made in addition to the

compensation provided under such program.

 

 

FURTHER

RESOLVED, that

the proper officers of the Company be and they hereby are authorized in the

name and on behalf of the Company to take all steps and do all things necessary

and proper to carry out and effect the intent of these resolutions.

 

* * *

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