Document:

Exhibit
10.2

PAPA JOHN’S INTERNATIONAL, INC.

Agreement For Service As Founder

August 9, 2007

Papa
John’s International, Inc. (the “Company”) and John H. Schnatter (the “Founder”)
(each a “Party” and collectively, the “Parties”) hereby agree to the following
terms with respect to his service as Founder (this “Agreement”).  The terms of this Agreement shall take effect
as of the date first written above and shall remain in effect until terminated
pursuant to Section 4 hereof.

1.             Duties and Responsibilities.  The Founder shall serve as an
advisor to the Company and his duties and responsibilities shall include, along
with such other duties as may be agreed upon by the Company and the Founder,
the following:

	
  

  	
  ·

  	
  Founder
  will, as may be mutually agreed from time to time by Founder and the Board of
  Directors of the Company (the “Board”) or Chief Executive Officer (“CEO”) and
  subject to Founder’s availability: (i) attend major corporate and
  franchise operations functions, including the Company’s Franchisee Operations
  Conferences, (ii) make between eight and sixteen visits per year to
  domestic and international franchise and corporate stores in geographic
  markets as coordinated with Company management; (iii) participate in
  monthly quality meetings with Company management and, as requested, other
  meetings with Company management; (iv) participate in meetings with
  investors, as may be requested from time to time by Company management;
  (v) participate in commercials and other high profile public relations
  events, so long as such participation is consistent with all other agreements
  between the Company and Founder; and (vi) attend other significant
  events, including memorial services, of Company personnel and others whom
  have substantial business relationships with the Company, as deemed
  appropriate by Founder.

  

 

2.             Stock Options.  The Company shall make, under such
stock option plan(s) as the Company may deem appropriate, annual grants of
stock options to Founder with a minimum aggregate value of $300,000, or such
greater amount as may be determined by the Compensation Committee.  The specific terms of each such grant,
including the grant date and exercise price of stock options, will be
determined by the Compensation Committee in accordance with the terms of such
stock option plan and will be set forth in stock option agreements to be
executed by the Founder and the Company. 
The value of the stock options shall be determined using the Black-Scholes
method, the binomial options model or such other method reasonably acceptable
to, and determined by, the Compensation Committee (provided that the timing of
stock option grants and the methodology used to value such grants shall
generally be substantially similar to that associated with stock options granted
to the Company’s senior management or non-management directors during the same
year).  For the avoidance of doubt, in the event that the
stock options granted under this Section 2 have been granted under a Company
plan that provides for such grants to, inter alia,
consultants to, or advisors of, the Company, and any of this Agreement, that certain Agreement for Service as Chairman (the

“Chairman’s Agreement”) of even date
herewith between Founder and the Company, or that certain License Agreement,
dated as of even date herewith between Founder and the Company, is in effect,
or Founder is otherwise serving as a consultant or advisor to the Company, for
purposes of the applicable stock option plan and agreement related to such
stock options granted hereunder, the Founder shall be deemed to be providing
services as a “consultant” or “advisor” to the Company; in the event that the stock options
granted under this Section 2 have been granted under a Company plan that
provides for such grants only to non-employee directors, for purposes of the applicable stock option plan
and agreement related to such stock options granted hereunder, the
Founder shall be deemed a non-employee director for so long as he is serving in
such capacity on the Company’s board of directors.

3.             Reimbursable Expenses.  The
Founder shall be entitled to reimbursement of expenses incurred in connection
with Company business pursuant to Company policy; provided, that reimbursement
for air travel aboard private aircraft (including any aircraft owned by the
Chairman), under this Agreement and the Chairman’s Agreement, shall not exceed
$300,000 per year without the written consent of the Compensation
Committee.  For expenses other than those
associated with travel on private aircraft, the level of reimbursement shall
include First Class domestic and international travel.

4.             Termination.  Either the Founder or the
Company may, immediately and unilaterally, terminate this Agreement and release
Founder from his duties and obligations under Section 1 by giving the
other party thirty (30) days’ advance written notice of such termination, in
the case of the Company, attention – Chief Executive Officer at 2002 Papa John’s
Blvd, Louisville, KY 40299, and in the case of the Founder, attention - Lance
Tucker, at 11411 Park Road, Louisville, KY 40223.  Effective immediately upon delivery of such
notice, the Company shall have no further obligation to Founder under
Section 2 hereof, except as grants of stock options may be required under
the Exclusive License Agreement by and between Founder and the Company of even
date herewith (the “License”).

5.             Prior Agreements.  This Agreement supersedes and
replaces any and all prior employment agreements and severance agreements,
whether written or oral, by and between the Company and the Founder, other than
the Chairman’s Agreement and the License.

6.             Governing Law.  This
Agreement  shall be governed by and construed in
accordance with the laws of the Commonwealth of Kentucky, without reference
to principles of conflict of laws.

7.             Dispute Resolution and Binding
Arbitration.  Founder and the Company agree that in the
event a dispute arises concerning or relating to this Agreement, such dispute
shall be submitted to binding arbitration in accordance with the rules of the
American Arbitration Association then in effect.  The arbitration shall be conducted before a
panel of three (3) arbitrators in Louisville, Kentucky (or such other place
as the parties may agree).  Each party shall designate
one (1) arbitrator to serve on the arbitration panel, and the two designed
arbitrators shall then jointly select the remaining third arbitrator.  Founder and the Company agree that the
arbitration procedure provided for in this section will be the exclusive avenue
of redress for any disputes relating to or arising from this Agreement, and
that the award of the panel shall be final and binding on both parties, and
nonappealable.  The panel shall have
discretion to award monetary and other damages, or no damages, and to fashion
such other relief as the arbitrator deems appropriate.  The panel shall

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also
have discretion to award the prevailing party reasonable costs and attorneys’
fees incurred in bringing or defending an action under this provision.  Each of the parties hereto
consents to the application of AAA Rules and waives any objection as to venue
or jurisdiction.  Each of the parties
further agrees that all dispute resolution proceedings, including, but not
limited to, all discussions, proceedings, submissions, settlements or other
dispositions relating to any such dispute, shall be considered confidential,
shall be held in strict confidence by the parties, and shall not be disclosed
to any third party without the prior written consent of the other party, except
as required by applicable law.  Neither
party shall issue any press releases or make any public statements relating to
any pending or resolved dispute resolution proceedings without the prior
written consent of the other party, except as required by applicable law.  Process in any action or proceeding referred
to in the preceding sentence may be served on any party anywhere in the
world.  Judgment on any award rendered by the arbitrator
may be entered in any court having jurisdiction thereof.

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IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written.

	
  

  	
  Founder

  	
   

  	
   

  	
   

  	
  Papa John’s International, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ John H.
  Schnatter

  	
   

  	
   

  	
  By: 

  	
  /s/ Nigel Travis

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name: 

  	
  John H. Schnatter

  	
   

  	
   

  	
  Name: 

  	
  Nigel Travis

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Founder

  	
   

  	
   

  	
  Title: 

  	
  President & CEO

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date: 

  	
  August 9, 2007

  	
   

  	
   

  	
  Date: 

  	
  August 9, 2007

  	
   

  
																	

 

 4Exhibit
10.3

EXCLUSIVE LICENSE AGREEMENT

This
Exclusive License Agreement (this “Agreement”) is made and entered into as of
August 9, 2007 (the “Effective
Date”), by and between Papa John’s International, Inc. (the “Company”) and John
H. Schnatter (the “Licensor”).

WHEREAS,
the Company is a corporation that either directly, or by and through its
subsidiaries, operates and franchises businesses principally involving pizza,
and other related items, including goods and services, branded under the “PAPA
JOHN’S” brand in the United States and internationally and restaurants under
the brand “PAPA JOHN’S” in the United States and internationally;

WHEREAS,
the Company advertises and promotes its products and services through various
means, including, without limitation, print, packaging, radio, television,
internet, as well as other means and methods of advertising and marketing
distributed on local, national and international bases;

WHEREAS,
Licensor, a natural person, residing in Louisville, Kentucky, is the founder
and Chairman of the Board of Directors of the Company;

WHEREAS,
since the Company’s inception, Licensor has allowed the Company to use Licensor’s
name, image, likeness, photographs, voice, signature, biography, public
appearances, speeches, interviews and other similar methods and forms related
to the image of Licensor to promote its products and services pursuant to prior
practice and past oral agreements granting the Company the right to do so;

WHEREAS,
pursuant to the terms and conditions of this Agreement, Licensor desires to
acknowledge certain past practices and to grant certain rights to the Company,
and Company desires to receive from Licensor, certain rights as set forth
herein.

NOW,
THEREFORE, in consideration of the foregoing and the premises, representations,
warranties, covenants, agreements and conditions hereinafter set forth, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and intending to be legally bound hereby, the parties hereto
agree as follows:

Section
1:  Definitions.  In addition to the terms defined
elsewhere in this Agreement, the following terms shall have the following
meanings in this Agreement:

1.1                              “Licensed Rights” means all aspects of the identity of Licensor, including
but not limited to his name, image, likeness, photographs, signature, voice,
biography, public appearances, speeches and interviews, rights of publicity
connected to goods and services of the Company, and registered and unregistered
copyrights to media in which the Licensor’s identity is fixed, which media
pertains to the goods or services of the Company, and including rights Licensor
has in the non-trademark elements of the Papa John Persona.

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1.2                              “Brand” means the Company’s U.S. and foreign registered
and unregistered trademarks, service marks, logos, designs, symbols, images or
characters existing on the Effective Date and reasonable derivatives thereof,
including any of the foregoing that comprise or incorporate the words “PAPA
JOHN’S” and the Company’s goodwill associated with those marks.

1.3                              “Field of Use” means the Company’s current and future operation, and
franchising, of pizza delivery and carry-out businesses and restaurants under
the Brand, including sales of related goods and services under the Brand, in
the United States and internationally.

1.4                              “Affiliates” means with respect to a specified person or entity, any other person or
entity who or which is directly or indirectly controlling, controlled by or
under common control with the specified person and any franchisee of the
Company.  For the purposes of the
preceding sentence, “control”
means the possession of the power to direct or cause the direction of
the management and policies of an entity, whether through the ownership of
voting stock, by contract or otherwise. 
In the case of a corporation, “control” shall mean the direct or
indirect ownership of more than fifty percent of the outstanding voting stock.

1.5                              “Papa John
Persona” means the character
of “Papa John” as depicted in the sales, marketing, advertising and
other public statements of the Company, including
the name, image, likeness, photographs,
voice, signature, biography, public appearances, speeches, and interviews of
Licensor, in each case as used in connection with the Brand before and after
the date hereof.  Subject to section 2.3,
the Papa John Persona expressly excludes the Licensor’s rights of publicity
(including but not limited to his image, likeness, photographs, voice,
signature, biography, public appearances, speeches, and interviews of Licensor)
when not used in connection with the Brand and used outside of the Field of
Use.

1.6                              “Designated
Representative” means any
individual designated by Licensor, pursuant to delivery of written notice by
Licensor to the Company, to serve as the designated representative for Licensor
in administering the terms of this Agreement after the death of Licensor.

Section 2:  Grant of
License.

2.1                                Grant of License.  Subject to the terms and conditions of this
Agreement, Licensor hereby grants to the Company an exclusive, royalty-free,
worldwide license to create and to have created media incorporating the
Licensed Rights in the Field of Use and to use the Licensed Rights in the Field
of Use, including but not limited to the right to re-use, publish, and
re-publish, and otherwise reproduce, broadcast, distribute, and exploit any
video or sound recordings, photographs, drawings, sketches, images,
illustrations or other materials incorporating any of the Licensed Rights and
to exploit the same in any and all media worldwide, by any means or devices now
known or hereinafter devised or created; provided, however,
that said license grant shall not extend to any use of the Licensed Rights that
does, or would in the reasonable judgment of Licensor during his lifetime or
his Designated Representative after his death, lead to disparagement, ridicule
or disrepute of Licensor; provided further,
that upon learning of such use, Licensor or the Designated Representative, as
the case may be, provides timely notice of such use to the Company, which
notice shall describe in reasonable detail the nature of the use that gives
rise to the notice.

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2.2                                Right to Sublicense.  Licensor further hereby grants to the Company
the right to sublicense the rights granted herein to Affiliates of the Company
so long as they remain Affiliates; provided,
that any such sublicenses shall terminate automatically upon termination of the
license granted in this Section 2.

2.3                                Reservation
of Rights.  Nothing in this Agreement shall be construed to
grant Licensor a right to use the Company’s trademarks or service marks,
including, but not limited to, trademarks or service marks that incorporate the
words “Papa John” or the trademarks or service marks that incorporate the Papa
John Persona.  For the avoidance
of doubt, nothing in this Agreement shall prevent or limit Licensor from using
the Licensed Rights outside of the Field of Use.  Notwithstanding the foregoing sentence,
Licensor covenants and agrees that, during the term of this Agreement, he will
make no use of the Licensed Rights outside the Field of Use for the purpose of
materially and adversely affecting or disparaging the Brand or the Papa John
Persona.

Section 3:  Additional
Rights and Obligations

3.1                                Use of the Licensed Rights.  The Company may use the Licensed Rights
solely to advertise, promote or market the Brand and its related products and
services and in public relations, sales and other activities related to the
operation of the Company’s business as currently operated, or as it may in the
future operate, provided that such use of the Licensed Rights does not lead to
the disparagement, ridicule or disrepute of Licensor during his lifetime or
after his death.

3.2                                Licensor Services.  As may be mutually agreed from time to time
by Licensor and the Company and as described in and pursuant to that certain
Agreement for Service as Founder (the “Founder’s Agreement”), dated of even date
herewith between the parties hereto, Licensor agrees to participate in
commercials and other high profile public relations events, including but not
limited to making himself reasonably available and otherwise reasonably
cooperating with the Company for purposes of producing appropriate photographs,
film, recordings, video footage and any other such depictions of Licensor for
use by the Company, and Licensor’s services in this regard shall be deemed
services provided by Licensor as an advisor to the Company.

3.3                                Trademark and Service Mark Use
and Registration Rights.  The Licensor hereby acknowledges that
the Company has owned and will continue to own all right, title and interest in
and to all U.S. and foreign
registered and unregistered trademarks, service marks, logos, designs, symbols,
images or characters used by the Company,
including but not limited to, any of the foregoing incorporating the words “Papa
John” and any of the foregoing incorporating the Papa John Persona.  The Licensor further acknowledges that the
Company has had and shall continue to have the sole and exclusive right to file
for and obtain state, federal and foreign registrations in such marks.

3.4                                Additional Registration Rights.  The Licensor further acknowledges that the
Company has the right to continue to register new marks based upon the words “Papa
John” or the Papa John Persona (“Derived Marks”), so long as such newly Derived Marks
are substantially consistent with the image, look and goodwill of the Papa John
Persona as of the date of this Agreement. 
The Company shall give the Licensor (or his Designated Representative)
at least ten (10) days’ advance written notice of its intent to register any
such Derived Marks.

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3.5                                Protection of the Papa John
Persona and Derived Marks.  The Licensor
further acknowledges that subject to the Company’s reasonable business
judgment, the Company, at its expense, may file appropriate registrations in
its own name or in the name of a Company subsidiary of any Derived Marks so as
to preserve the goodwill thereof, may prosecute and defend such registrations
and all common law rights in the Derived Marks consistent with good commercial
practices and may use all reasonable commercial efforts to defend and otherwise
protect the Derived Marks.  The parties
further acknowledge that neither has any infringement claim against the other
relating to the use  of the Papa John Persona as of the Effective
Date.  Licensor acknowledges and agrees that all materials in written or other
tangible form created or developed by Licensor in the course of performing
services as an employee for the Company are “works for hire” as that doctrine
is set forth in the U.S. Copyright Statutes, 17 U.S.C. sections 101 and 201(b),
and are the exclusive property of the Company.

3.6                                Representation and Warranty.  The Company hereby represents and warrants
that it has the power and authority to enter into this Agreement, and to carry
out the transactions contemplated hereby, and Licensor hereby represents and
warrants to the Company that he has the power and authority to enter into this
Agreement, and to carry out the transactions contemplated hereby.

Section
4:  Consideration

4.1                                The Company and Licensor
acknowledge and agree that consideration for the license and rights granted or
acknowledged herein shall be deemed to exist as a result of the terms of
payments provided in Section 3 of the Founder’s Agreement that are made during
the first fifteen (15) years thereunder; provided that
in the event that the Founder’s Agreement is no longer in effect, the Company
hereby agrees to grant stock options to Assignor on the terms described in Section
2 of the Founder’s Agreement, for the year in which the termination of the
Founder’s Agreement became effective (to the extent such options had not
previously been granted by the Company) and for each year thereafter up and
until the year in which the fifteenth anniversary of the Effective Date
occurs.  Except as provided in Section 5.5,
the Company shall grant stock options to Licensor as provided in this Section 4.1
regardless of whether the Company is using the Licensed Rights and regardless
of whether the Founder’s Agreement is in effect.  For the avoidance of doubt, (i) in the event that the stock options granted in
accordance with this Section 4.1 have been granted under a Company plan that
provides for such grants to, inter alia,
consultants to, or advisors of, the Company, and any of this Agreement, the
Founder’s Agreement or that certain Agreement
for Service as Chairman (the “Chairman’s Agreement”) of even date herewith
between Founder and the Company, is in effect, or Licensor is otherwise serving
as a consultant or advisor to the Company, for purposes of the applicable stock
option plan and agreement related to such stock options granted hereunder, the
Licensor shall be deemed to be providing services as a “consultant” or “advisor”
to the Company; and (ii) in the event that the stock options granted in
accordance with this Section 4.1 have been granted under a Company plan that
provides for such grants only to non-employee directors, for purposes of the applicable stock option plan
and agreement related to such stock options granted hereunder, the
Licensor shall be deemed a non-employee director for so long as he is serving
in such capacity on the Company’s board of directors.

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Section 5:  Term
and Termination

5.1                                Term.  The term of this Agreement shall
commence on the Effective Date and continue thereafter until the date fifty
(50) years after Licensor’s death, unless terminated earlier in accordance with
the terms of this Section 5.

5.2                                Termination by the Company.  The
Company may at any time terminate this Agreement by providing Licensor advance
written notice of its decision to cease its use of the Licensed Rights.  Such notice, once given, shall be
irrevocable.

5.3                                Termination by Licensor.

5.3.1.       Licensor, or his Designated Representative, as the
case may be, may at any time terminate this Agreement by providing the Company
with 180 days advance written notice.

5.3.2.       In the event that the Company ceases any and all
public use of the Licensed Rights for a period of six consecutive months, Licensor
may provide written notice to the Company of such cessation of use and of
Licensor’s intent to terminate the Agreement in accordance with the terms of
this Section 5.3.2.  Upon receipt of such
notice, the Company may, within thirty (30) days thereafter, either (i) provide
documentation to Licensor to demonstrate that the Company has made use of such
Licensed Rights within the preceding six months, or (ii) if the Company has not
made any use of the Licensed Rights within the preceding six months, but intends
to continue using the Licensed Rights, the Company shall provide written notice
to Licensor of the Company’s intent to continue using such Licensed Rights and
shall resume use of the Licensed Rights within thirty (30) days
thereafter.  If the Company (i) fails to
respond in accordance with the preceding sentence, or (ii) elects not to
continue using the Licensed Rights, or (iii) fails to resume use of the
Licensed Rights within the time period specified in the preceding sentence,
then Licensor may terminate this Agreement immediately upon written notice to
the Company.

5.4                                 Termination for Material Breach.  

5.4.1        In the event the Company shall have breached any
covenant, agreement, representation or warranty herein in any material respect,
and shall not have cured such breach within ten days after receipt by the
Company of notice from Licensor of such breach, Licensor may immediately
terminate this Agreement by providing written notice to the Company.

5.4.2        In the event the Licensor shall have breached any
covenant, agreement, representation or warranty herein in any material respect,
and shall not have cured such breach within ten days after receipt by the
Licensor of notice from the Company of such breach, the Company may immediately
terminate this Agreement by providing written notice to the Licensor.  

5.5                                Effect of Termination.  Upon
termination, the Company shall immediately cease and desist making any new use
of the Licensed Rights, however, the Company shall be permitted to continue to
use the Licensed Rights in and to the Papa John Persona as the Papa John
Persona was used by the Company prior to the date of such termination, for a
period of (i) thirty six (36) months immediately following such
termination with respect to uses internal to the Company, such as training
manuals and videos, and (ii) twelve (12) months immediately following such
termination with respect to external uses, such as advertisements, including
but not limited to, the right during

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such respective period to
continue using any media incorporating the Papa John Persona used before the
date of such termination in connection with such respective use. 
Termination under Section 5.2, 5.3.2 or 5.4.1 shall
not relieve the Company of its obligations under Section 4.1; provided that in the event (i) the stock options to be
granted under Section 4.1 are to be granted under a Company plan that provides
for such grants to, inter alia,
consultants to, or advisors of, the Company, and either the Founder’s Agreement
or the Chairman’s Agreement is not in effect, and Licensor is not otherwise
serving as a consultant or an advisor to the Company, or (ii) the stock options
to be granted under Section 4.1 are to be granted under a Company plan
that provides for such grants only to non-employee directors, and Licensor is
no longer serving as a non-employee director of the Company, for the remaining
period, if any, under Section 4.1, the Company shall pay Licensor each
year an amount in cash equal to the aggregate value of stock options that were
to have been granted under Section 2 of the Founders Agreement.  Termination under Section 5.3.1 or 5.4.2
shall relieve the Company of its obligations under Section 4.1 effective
on the effective date of termination by Licensor.  

Section 6:  Miscellaneous

6.1                                Governing Law.  This Agreement shall be governed
by and construed in accordance with the substantive laws of the Commonwealth of
Kentucky and the laws of the United States. 
No conflicts of law or similar rule or law that might refer the
governance and construction of this Agreement to the laws of another state,
republic or country shall be considered.

6.2                                 Dispute Resolution.

6.2.1        The Company and Licensor agree that in the event
of a dispute concerning or relating to this Agreement, such dispute shall be submitted
to binding arbitration in accordance with the rules of the American Arbitration
Association then in effect (“AAA Rules”).  The
arbitration will be conducted before a panel of three (3) arbitrators in
Louisville, Kentucky (or such other place as the parties may agree).  Each party shall designate one (1) arbitrator
to serve on the arbitration panel, and the two designed arbitrators shall then
jointly select the remaining third arbitrator. 
The panel shall have discretion to award monetary and other damages, or
no damages, and to fashion such other relief as the panel deems
appropriate.  The panel shall also have
discretion to award the prevailing party reasonable costs and attorneys’ fees
incurred in bringing or defending an action under this provision.  Except as set forth in Sections 6.2.2
and 6.7, the Company and Licensor agree that the arbitration procedure
provided for in this section will be the exclusive avenue for redress of any
disputes relating to or arising from this Agreement, and that the award of the
panel will be final and binding upon both parties.  Each of the parties hereto consents to the
application of AAA Rules and waives any objection as to venue or jurisdiction.  Process in any action or proceeding referred
to in the preceding sentence may be served on any party anywhere in the
world.  Judgment on any award
rendered by the arbitrator may be entered in any court having jurisdiction
thereof.

6.2.2        Notwithstanding anything in the foregoing Section 6.2.1
to the contrary, the Company and the Licensor agree that before instituting
arbitration proceedings under the AAA Rules, the aggrieved party must submit
the claim or dispute to non-binding mediation. 
Mediation shall be before a panel of three (3) mediators in Louisville,
Kentucky (or such other place as the parties may agree).  Each party shall designate one (1) mediator
to serve on the mediation panel,

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and
the two designed mediators shall then jointly select the remaining third
mediator.  The costs of such mediation
shall be shared equally by the Company and the Licensor.

6.2.3        For any proceeding under this Section 6, each of
the parties further agrees that all dispute resolution proceedings, including,
but not limited to, all discussions, proceedings, submissions, settlements or
other dispositions relating to any such dispute, shall be considered
confidential, shall be held in strict confidence by the parties, and shall not
be disclosed to any third party without the prior written consent of the other
party, except as required by applicable law. 
Neither party shall issue any press releases or make any public
statements relating to any pending or resolved dispute resolution proceedings
without the prior written consent of the other party, except as required by
applicable law.

6.3                                 Severability.  If any provision of this Agreement
is determined by a court of competent jurisdiction to be unenforceable for any
reason, such provision shall be deemed to be severable, and this Agreement
shall otherwise continue in full force and effect.  Any provision of this Agreement held invalid
or unenforceable only in part or degree will remain in full force and effect to
the extent not held invalid or unenforceable.

6.4                                 Assignments; Binding Effect.  The
Company may assign this Agreement to any entity to which the Company also
assigns its trademarks and service marks (including Derived Marks) used in
promoting the Brand and the Company’s rights in the Papa Johns Persona,
including any entity which acquires all or substantially all of the Company’s
assets.  This Agreement shall be binding
upon and inure to the benefit of the Company, its successors and permitted
assigns.  This Agreement shall be binding
upon and inure to the benefit of the Licensor and his heirs, administrator(s),
executor(s) and personal representatives, but the obligations undertaken under
section 3.2 by the Licensor shall not and may not be transferred or
assigned and any purported transfer or assignment thereof shall be null and
void ab initio.

6.5                                 Entire Agreement; Modifications.  This Agreement
and the Founder’s Agreement contain the entire agreement and understanding of
the parties with respect to the subject matter hereof, supersede any prior
agreements and understandings with respect thereto, and cannot be modified,
amended or waived, in whole or in part, except in writing signed by the party
to be charged.  Any such purported
modification, amendment or waiver shall be null and void absent such
writing.  Notwithstanding the foregoing,
nothing herein is intended to effect nor shall be interpreted as affecting the
terms and conditions of the Screen Actors Guild and/or other union agreements
to which Licensor and the Company may become parties to in relation to the
performance by Licensor of commercials for the Company, including Licensor’s
entitlement to payment for such performances as provided in such agreements.

6.6                                 Waivers.  A discharge of the terms of this
Agreement shall not be deemed valid unless by full performance by the parties
or unless corroborated by a writing signed by the parties.  A waiver of any provision or condition
provided for in this Agreement shall not be deemed a waiver of any similar or
dissimilar provisions or conditions at the same or any prior or subsequent
time.  The parties covenant and agree
that if a party fails or neglects for any reason to take advantage of any of
the terms, remedies or rights provided for in this Agreement or under
applicable law, such failure or neglect shall not be deemed a waiver of any
such terms, remedies or rights subsequently arising, or as a waiver of any of
the terms, covenants or conditions of this Agreement or the requirement for

 7
 

performance
or observance thereof.  None of the
terms, covenants and conditions of this Agreement may be waived by a party
except in a writing signed by such party.

6.7                                 Remedies and Enforcement.  If there
should occur any breach or threatened breach by the Company of any of the
covenants, restrictions or requirements set forth in this Agreement, the
Company acknowledges and agrees that Licensor’s remedies at law are or may be
inadequate to redress the same and Licensor shall be entitled to seek an
injunction, restraining order, specific enforcement or other equitable relief
in regard thereto, notwithstanding the provisions of Section 6.2 above.

6.8                                 Notices.  All notices, claims, certificates,
requests, demands and other communications hereunder will be in writing and
will be deemed to have been duly given if delivered by hand, mail (registered
or certified mail, postage prepaid, return receipt requested) or overnight
courier as follows:

	
  (a)

  	
  If to Licensor:

  	
   

  	
   

  	
   

  
	
   

  	
  John H. Schnatter

  	
   

  	
   

  	
   

  
	
   

  	
  11411 Park Road

  	
   

  	
   

  	
   

  
	
   

  	
  Louisville, KY 40223

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  	
   

  	
   

  	
   

  
	
   

  	
  Lance Tucker

  	
  and

  	
  Randy Walters

  	
   

  
	
   

  	
  11411 Park Road

  	
   

  	
  Jones Day

  	
   

  
	
   

  	
  Louisville, KY 40223

  	
   

  	
  325 John H. McConnell Blvd

  	
   

  
	
   

  	
   

  	
   

  	
  Suite 600

  	
   

  
	
   

  	
   

  	
   

  	
  Columbus, OH 43215

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (b)

  	
  If to the Company:

  	
   

  	
   

  	
   

  
	
   

  	
  Papa John’s International, Inc.

  	
   

  	
   

  	
   

  
	
   

  	
  2002 Papa John’s Boulevard

  	
   

  	
   

  	
   

  
	
   

  	
  Louisville, KY  40299

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  	
   

  	
   

  	
   

  
	
   

  	
  General Counsel

  	
   

  	
   

  	
   

  
	
   

  	
  PO Box 99900

  	
   

  	
   

  	
   

  
	
   

  	
  Louisville, KY  40269-0900

  	
   

  	
   

  	
   

  

 

6.9                                 Waiver of Jury Trial.  THE
PARTIES HERETO HEREBY WAIVE A JURY TRIAL IN ANY PROCEEDING OR LITIGATION WITH
RESPECT TO THIS AGREEMENT OR ITS TERMINATION.

6.10                           Counterparts.  This Agreement may be executed in
one or more counterparts, each of which shall be considered an original but all
of which together shall constitute one and the same agreement.

6.11                           Headings.  Section headings contained in this
Agreement are for reference only and shall not be considered or used in
construing the meaning of the terms thereof.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 8
 

IN WITNESS WHEREOF, the parties have caused this
Agreement to be executed and delivered as of the date first written above.

	
  

  	
  JOHN H. SCHNATTER:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Johns H. Schnatter

  	
   

  
	
   

  	
  John H.
  Schnatter

  	
   

  
	
   

  	
  Licensor

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PAPA JOHN’S INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nigel Travis

  	
   

  
	
   

  	
  Name:

  	
  Nigel Travis

  	
   

  
	
   

  	
  Title:

  	
  President & CEO

  	
   

  
									

 

 9

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