Document:

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                           Exhibit 10.26
                             [LOGO]

BANK ONE, INDIANA, N.A.

1 BANK ONE PLAZA MALL, SUITE IL1-0047
CHICAGO, IL 60670
UNITED STATES OF AMERICA

PAPA JOHN'S INTERNATIONAL, INC.
P.O. BOX 99900
LOUISVILLE, KY 40269-0900
UNITED STATES OF AMERICA

ATTN:    DAVE FLANNERY

FAX:     502-261-4190

PHONE:   502-261-7272

DATE:    22 February 2000

REF:     25553

The purpose of this letter agreement is to confirm the terms and conditions
of the Transaction entered into between PAPA JOHN'S INTERNATIONAL, INC. and
BANK ONE, INDIANA, N.A. on the Trade Date specified below. This Transaction
shall be governed by the International Swaps and Derivatives Association Inc.
("ISDA") Master Agreement ("Master Agreement") with a first draft of a
Schedule thereto to be provided by BANK ONE, INDIANA, N.A.. This letter shall
evidence a binding Agreement between the parties until such time as the Master
Agreement is executed, and upon its execution shall become a Confirmation
thereunder. Terms used and not otherwise defined herein shall have their
meaning defined 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. The definitions and provisions contained in the
1991 ISDA Definitions are incorporated into this Confirmation. In the event
of any inconsistency between the Definitions and provisions and this
Confirmation, this Confirmation will govern.

If you and we are not parties to a Master Agreement, then you and we agree to
use our best efforts to negotiate promptly, execute and deliver a Master
Agreement including a standard form of Schedule attached thereto and made a
part thereof, with such modifications as you and we shall in good faith agree.
Upon execution and delivery by you and us of a Master Agreement, this
Confirmation shall supplement, form part of and be subject to such Master
Agreement. Until you and we execute and deliver a Master Agreement, this
Confirmation shall supplement, form a part of and be subject to the Master
Agreement published by the International Swap and Derivatives Association
Inc., as if you and we had executed that Agreement (but without any Schedule
thereto). However, notwithstanding the foregoing, until such Master Agreement
is executed, the Termination Currency shall be United States Dollars and
Governing Law shall be the laws of the State of New York. After such Master
Agreement is executed the Termination Currency and Governing Law shall be
those stated within the Schedule to the Master Agreement.

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TERM
----

TRADE DATE:             22 February 2000

EFFECTIVE DATE:         24 February 2000

TERMINATION DATE:       10 March 2003, subject to adjustment in accordance with
                        the Modified Following Business Day Convention.

NOTIONAL AMOUNT:        USD 100,000,000.00

PREMIUM:                Not Applicable

FLOATING AMOUNTS
----------------

CAP RATE:               9.50%

FLOATING RATE PAYER:    BANK ONE, INDIANA, N.A.

FLOATING RATE PAYER
PAYMENT DATES:          Each 10 January, 10 February, 10 March, 10 April, 10
                        May, 10 June, 10 July, 10 August, 10 September, 10
                        October, 10 November, 10 December from and including
                        10 April 2000, to and including 10 March 2003, subject
                        to adjustment in accordance with the Modified
                        Following Business Day Convention.

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

FLOATING AMOUNTS
----------------

FLOOR RATE:             6.36%

FLOATING RATE PAYER:    PAPA JOHN'S INTERNATIONAL, INC.
<PAGE>

FLOATING RATE PAYER
PAYMENT DATES:          Each 10 January, 10 February, 10 March, 10 April, 10
                        May, 10 June, 10 July, 10 August, 10 September, 10
                        October, 10 November, 10 December from and including
                        10 April 2000, to and including 10 March 2003, subject
                        to adjustment in accordance with the Modified
                        Following Business Day Convention.

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
---------------------

Notwithstanding anything to the contrary set forth herein, no Floating Rate
shall be determined for, and no Floating Amount shall be payable in respect
of, the Calculation Period which commences on the Effective Date.

ACCOUNT DETAILS
---------------

Payments to PAPA JOHN'S INTERNATIONAL, INC. in USD:
  ***TO BE ADVISED***

Payments to BANK ONE, INDIANA, N.A. in USD:

PAY TO:                 BANK ONE NA,
ABA NUMBER:
FOR THE ACCOUNT OF:     BANK ONE, N.A.
ACCOUNT NUMBER:
ATTN OR REF:            GLOBAL DERIVATIVES

OFFICES
-------

(a) The Office of BANK ONE, INDIANA, N.A. in CHICAGO

(b) The Office of PAPA JOHN'S INTERNATIONAL, INC. in LOUISVILLE

Dealing with Confirmations on our behalf:
   Kevin Doyle 312-732-2148

Dealing with Settlements on our behalf:
   Global Derivative Products (312)732-4333
<PAGE>

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.

                                   Yours sincerely,
                                   BANK ONE, INDIANA, N.A.
                                   By:

                                   /s/ Dianne Schuyler

                                   Name:  Dianne Schuyler
                                   Title: Vice President

                                   BANK ONE, INDIANA, N.A.
                                   By:

                                   /s/ Steven D. Matheson

                                   Name:  Steven D. Matheson
                                   Title: Vice President

Confirmed as of the date above written:

PAPA JOHN'S INTERNATIONAL, INC.
By:

   /s/ J. David Flanery

Name:   J. David Flanery
Title:  Vice President & Corporate Controller

RE: OUR REF: 25553<PAGE>

EXHIBIT 10.1

                         TRANSCRYPT INTERNATIONAL, INC.,
                 1999 NON-EMPLOYEE DIRECTOR STOCK PURCHASE PLAN

1.       PURPOSES AND AUTHORIZED SHARES.

The purposes of this Transcrypt International, Inc., 1999 Non-Employee Director
Stock Purchase Plan (the "Plan") are to attract, motivate and retain Eligible
Non-Employee Directors of the Company who elect to participate in this Plan by
offering them opportunities to increase their stock ownership in the Company. An
aggregate number not to exceed 100,000 shares of Common Stock (subject to
adjustments described in the Plan) may be delivered pursuant to this Plan. Such
Common Stock may be either treasury shares or authorized, but unissued, shares
of Common Stock.

2.       DEFINITIONS.

Whenever the following terms are used in this Plan they shall have the meaning
specified below unless the context clearly indicates to the contrary:

ACCOUNT or ACCOUNTS means the Participant's Share Account.

APPLICABLE PERCENTAGE means the percentage of Eligible Compensation subject to
payment in Shares.

AVERAGE FAIR MARKET VALUE means the average of the Fair Market Values of a share
of Common Stock during the last 10 trading days preceding the last business day
of the Quarter, or the date specified in Section 5.2.2 or Section 5.3.3 (if
applicable).

BOARD means the Board of Directors of the Company.

CODE means the Internal Revenue Code of 1986, as amended.

COMMON STOCK means the common stock of the Company, par value $.01.

COMMITTEE means the Board or a committee of the Board acting under delegated
authority from the Board.

COMPANY means Transcrypt International, Inc., a Delaware corporation, and its
successors and assigns.

EFFECTIVE DATE means June 30, 2000.

ELIGIBLE COMPENSATION means retainer and meeting fees for services as a
director.

ELIGIBLE NON-EMPLOYEE DIRECTOR means a member of the Board, who is not an
officer or employee of the Company or a subsidiary, and who is compensated in
the capacity as a director and (with reference to any outstanding Account
balance under this Plan) any person who has an Account balance under this Plan
by reason of his or her prior status as an Eligible Non-Employee Director.

EXCHANGE ACT means the Securities and Exchange Act of 1934, as amended from time
to time.

FAIR MARKET VALUE means the market price of the Common Stock on the applicable
date, determined by the Committee as follows:

                                       A-1

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(i) If the Common Stock was traded over-the-counter on the date in question but
was not traded on the Nasdaq system or the Nasdaq National Market System, then
the Fair Market Value shall be equal to the mean between the last reported
representative bid and asked prices quoted for such date by the principal
automated inter-dealer quotation system on which the Common Stock is quoted or,
if the Common Stock is not quoted on any such system, by the "Pink Sheets"
published by the National Quotation Bureau, Inc.;

(ii) If the Common Stock was traded over-the-counter on the date in question and
was traded on the Nasdaq system or the Nasdaq National Market System, then the
Fair Market Value shall be equal to the last-transaction price quoted for such
date by the Nasdaq system or the Nasdaq National Market System;

(iii) If the Common Stock was traded on a stock exchange on the date in
question, then the Fair Market Value shall be equal to the closing price
reported by the applicable composite transactions report for such date; and

(iv) If none of the foregoing provisions is applicable, then the Fair Market
Value shall be determined by the Committee in good faith on such basis as it
deems appropriate.

In all cases, the determination of Fair Market Value by the Committee shall be
conclusive and binding on all persons.

PARTICIPANT means any person who elects to participate in this Plan or otherwise
has an Account balance under this Plan.

PLAN means this Transcrypt International, Inc., 1999 Non-Employee Director Stock
Purchase Plan, as amended from time to time.

QUARTER means each calendar quarter during the term of this Plan, commencing
with the beginning of the first calendar quarter after the Effective Date.

SHARES means treasury shares or authorized, but unissued, shares of Common
Stock.

SHARE ACCOUNT means an Account established under Section 5.1 pursuant to an
election under Section 4.

3.       PARTICIPATION.

Each Eligible Non-Employee Director may elect to receive Shares in lieu of cash
compensation, under and subject to Section 4 of this Plan, for all or a portion
of his or her Eligible Compensation for any Quarter.

4.       SHARE ELECTIONS.

After the Effective date and on or before the December 31 immediately preceding
each calendar year (or, in the case of a person who first becomes an Eligible
Non-Employee Director during the calendar year, within 30 days after becoming an
Eligible Non-Employee Director), each Eligible Non-Employee Director may make an
irrevocable election to receive all or a portion of his or her Eligible
Compensation for the calendar year in Shares. In the case of the first Plan
year, an Eligible Non-Employee Director may make such election within 30 days
after the Effective Date.

The portions of the Eligible Compensation subject to payment in Shares shall be
limited to increments of 0%, 25%, 50%, 75% or 100% (the "Applicable
Percentage"). All elections shall be in writing on forms provided by the
Company. If an election is made under this Section 4 and is not revoked or
changed with respect to the following calendar year by the end of the applicable
calendar year, the election will be deemed a continuing one.

                                       A-2

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5.       ACCOUNTS.

5.1.    SHARE ACCOUNTS.

        If an Eligible Non-Employee Director has made a Share election under
Section 4, an amount equal to the Applicable Percentage of the Eligible
Compensation shall be withheld from fees during each Quarter and credited to a
Share Account, payable as provided in Section 5.3.

5.2.    IMMEDIATE VESTING AND ACCELERATED CREDITING.

        5.2.1. Amounts Vest Immediately. All amounts credited to an Eligible
Non-Employee Director's Account shall be at all times fully vested and not
subject to a risk of forfeiture.

        5.2.2. Acceleration of Crediting of Accounts. The crediting of the
rights to payment of each Participant in respect of his or her Account shall be
accelerated if an Eligible Non-Employee Director ceases to serve as a director
of the Company. In such case, the Average Fair Market Value shall be determined
as of the date of termination of service.

5.3.    DISTRIBUTION OF SHARES.

        5.3.1. Time and Manner of Distribution of Accounts. The Shares payable
under this Plan in respect of Share Accounts shall be delivered as soon as
practicable after completion of the Quarter (or shorter service period, in the
event of termination of service), but no later than 30 business days following
(x) the end of the Quarter or (y) the date of termination of service, if
applicable. The number of Shares deliverable shall be determined by (i) dividing
the amount of the Share Account (after crediting all amounts contemplated
hereby) by the Average Fair Market Value of the Company's Common Stock, and (ii)
rounding the number of Shares determined down to the nearest whole number of
such Shares. Cash shall be paid in lieu of fractional shares.

        5.3.2. Acceleration of Share Account Distribution on Termination of
Service. If a Participant's service terminates, a Participant's Share Account
(including accelerated benefits under Section 5.2(b)), if any, shall be
distributed as soon as practicable, but no later than 30 business days
thereafter, and the number and valuation of the Shares will be based on the
amount in the Account divided by the Average Fair Market Value.

        5.3.3. Acceleration. The Committee by declaration may accelerate any
payment date (using for valuation purposes the Average Fair Market Value as of
the date of its decision) in extraordinary circumstances where it determines
that such action is necessary or advisable to prevent a forfeiture or permit the
realization of intended benefits and is otherwise fair to the Participant and
the Company.

5.4.    ADJUSTMENTS IN CASE OF CHANGES IN COMMON STOCK.

        If there shall occur any change in the outstanding shares of the
Company's Common Stock by reason of any stock dividend, stock split,
recapitalization, merger, consolidation, combination or other reorganization,
exchange of shares, sale of all or substantially all of the assets of the
Company, split-up, split-off, spin-off, extraordinary redemption, liquidation or
similar corporate change or change in capitalization or any distribution to
holders of the Company's Common Stock (other than normal periodic cash
dividends), the Committee shall make such proportionate and equitable
adjustments consistent with the effect of such event on stockholders generally,
as the Committee determines to be necessary or appropriate, in the number, kind
and/or character of shares of Common Stock or other securities, property and/or
rights contemplated hereunder, including any appropriate adjustments to the
market prices used in the determination of the number of Shares, and in rights
in respect of Share Accounts credited under this Plan so as to preserve the
benefits intended.

                                       A-3

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6.       ADMINISTRATION.

6.1.     THE ADMINISTRATOR.

        The Administrator of this Plan shall be the Board as a whole or a
Committee as appointed from time to time by the Board to serve as administrator
of this Plan. The participating members of any Committee so acting shall
include, as to decisions in respect of Participants who are subject to Section
16 of the Exchange Act, only those members who are Non-Employee Directors (as
defined in Rule 16b-3 promulgated under the Exchange Act). Members of the
Committee shall not receive any additional compensation for administration of
this Plan.

6.2.     COMMITTEE ACTION.

        A member of the Committee shall not vote or act upon any matter which
relates solely to himself or herself as a Participant in this Plan. Action of
the Committee with respect to the administration of this Plan shall be taken
pursuant to a majority vote or (assuming compliance with Section 6.1) by
unanimous written consent of its members.

6.3.     RIGHTS AND DUTIES; DELEGATION AND RELIANCE; DECISIONS BINDING.

        Subject to the limitations of this Plan, the Committee shall be charged
with the general administration of this Plan and the responsibility for carrying
out its provisions, and shall have powers necessary to accomplish those
purposes, including, but not by way of limitation, the following:

        6.3.0.1. To construe and interpret this Plan;

        6.3.0.2. To resolve any questions concerning the amount of benefits
payable to a Participant (except that no member of the Committee shall
participate in a decision relating solely to his or her own benefits);

        6.3.0.3. To make all other determinations required by this Plan;

        6.3.0.4. To maintain all the necessary records for the administration of
this Plan; and

        6.3.0.5. To make and publish forms, rules and procedures for
the administration of this Plan.

        The determination of the Committee made in good faith as to any disputed
question or controversy and the Committee's determination of benefits payable to
Participants, including decisions as to adjustments under Section 5.4, shall be
conclusive and binding for all purposes of this Plan. In performing its duties,
the Committee shall be entitled to rely on information, opinions, reports or
statements prepared or presented by: (1) officers or employees of the Company
whom the Committee believes to be reliable and competent as to such matters; and
(ii) counsel (who may be employees of the Company), independent accountants and
other persons as to matters which the Committee believes to be within such
persons' professional or expert competence. The Committee shall be fully
protected with respect to any action taken or omitted by it in good faith
pursuant to the advice of such persons. The Committee may delegate ministerial,
bookkeeping and other non-discretionary functions to individuals who are
officers or employees of the Company.

6.4.    TAX WITHHOLDING.

        To the extent the Committee deems tax withholding to be required with
respect to any amounts payable under this Plan under the Code or any other
federal, state, local or foreign law, the Committee may withhold such amounts
and make appropriate payments to the relevant tax authorities.

                                      A-4

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7.       PLAN CHANGES AND TERMINATION.

7.1.     AMENDMENTS.

        The Board shall have the right to amend this Plan in whole or in part
from time to time or may at any time suspend or terminate this Plan; provided,
however, that, except as contemplated by Section 5.4, no amendment or
termination shall cancel or otherwise adversely affect in any way, without his
or her written consent, any Participant's rights with respect to then
outstanding Accounts. Any amendments authorized hereby shall be stated in an
instrument in writing, and all Participants shall be bound by the amendment upon
receipt of notice of the amendment.

7.2.     TERM.

        It is the current expectation of the Company that this Plan shall
continue indefinitely, but subject to the continued availability of authorized
Shares in accordance with Section 1 above. Continuance of this Plan, however, is
not assumed as a contractual obligation of the Company. If the Board of
Directors decides to discontinue or terminate this Plan, it shall notify the
Committee and Participants in this Plan of its action in writing, and this Plan
shall be terminated at the time set forth in the notice. All Participants shall
be bound thereby. No benefits shall accrue under this Plan in respect of
Eligible Compensation earned after a discontinuance or termination of this Plan.

8.       MISCELLANEOUS.

8.1.     LIMITATION ON PARTICIPANT'S RIGHTS.

        Participation in this Plan shall not give any person the right to serve
as a member of the Board or any rights or interests other than as herein
provided. This Plan shall create only a contractual obligation on the part of
the Company as to amounts payable hereunder and shall not be construed as
creating a trust. This Plan, in and of itself, has no assets. Participants shall
have only the rights of a general unsecured creditor of the Company with respect
to amounts credited and benefits payable, if any, on their Share Accounts.
Participants shall not be entitled to receive actual dividends or to vote Shares
until after delivery of a certificate representing the Shares.

8.2.     BENEFICIARIES.

        8.2.1. Beneficiary Designation. Upon forms provided by and subject to
conditions imposed by the Company, each Participant may designate in writing the
Beneficiary or Beneficiaries (as defined in Section 8.2.2) whom such Participant
desires to receive any amounts payable under this Plan after his or her death.
The Company and the Committee may rely on the Participant's designation of a
Beneficiary or Beneficiaries last filed in accordance with the terms of this
Plan.

        8.2.2. Definition of Beneficiary. A Participant's "Beneficiary" or
"Beneficiaries" shall be the person, persons, trust or trusts (or similar
entity) designated by the Participant or, in the absence of a designation,
entitled by will or the laws of descent and distribution to receive the
Participant's benefits under this Plan in the event of the Participant's death,
and shall mean the Participant's executor or administrator if no other
Beneficiary is identified and able to act under the circumstances.

8.3.     BENEFITS NOT TRANSFERABLE; OBLIGATIONS BINDING UPON SUCCESSORS.

        Benefits of a Participant under this Plan shall not be assignable or
transferable and any purported transfer, assignment, pledge or other encumbrance
or attachment of any payments or benefits under this Plan, or any interest
therein, other than by operation of law or pursuant to Section 8.2, shall not be
permitted or recognized. Shares deliverable under this Plan may be subject to
restrictions on transfer under applicable securities laws, unless the Shares are
duly registered prior to issuance. Obligations of the Company under this Plan
shall be binding upon successors of the Company.

                                       A-5

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8.4.     GOVERNING LAW; SEVERABILITY.

        The validity of this Plan or any of its provisions shall be construed,
administered and governed in all respects under the laws of the State of
Delaware. If any provisions of this Plan shall be held by a court of competent
jurisdiction to be invalid or unenforceable, the remaining provisions hereof
shall continue to be fully effective.

8.5.     COMPLIANCE WITH LAWS.

        This Plan and the offer, issuance and delivery of shares of Common Stock
under this Plan are subject to compliance with all applicable federal and state
laws, rules and regulations (including but not limited to state and federal
securities law) and to such approvals by any listing agency or any regulatory or
governmental authority as may, in the opinion of counsel for the Company, be
necessary or advisable in connection therewith. Any securities delivered under
this Plan shall be subject to prior registration or restrictions as the Company
may deem necessary or desirable to assure compliance with all applicable legal
requirements, and the person acquiring such securities shall, if requested by
the Company, provide such assurances and representations to the Company as it
may reasonably request to assure such compliance.

8.6.     PLAN CONSTRUCTION.

        It is the intent of the Company that transactions pursuant to this Plan
satisfy and be interpreted in a manner that satisfies the applicable conditions
for exemption under Rule 16b-3 promulgated under the Exchange Act ("Rule 16b-3")
so that the distribution of Shares hereunder will be entitled to the benefits of
Rule 16b-3 or other exemptive rules under Section 16 of the Exchange Act and
will not be subjected to avoidable liability thereunder. The Committee may,
subject to Sections 8.5, permit elections by individual directors that would not
qualify for exemption under Section 16(b) of the Exchange Act, so long as the
availability of any exemption thereunder for other directors under this Plan is
not compromised.

8.7.     HEADINGS NOT PART OF PLAN.

        Headings and subheadings in this Plan are inserted for reference only
and are not to be considered in the construction of the provisions hereof.

8.8.     STOCKHOLDER APPROVAL.

        This Plan shall become on the Effective Date, subject to adoption of the
Plan by the Board and approval of the Company's stockholders in conformity with
the bylaws of the Company.

                                       A-6

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