PAPA JOHNS INTERNATIONAL INC 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Share Repurchase Program On October 28, 2021, our Board of Directors approved a share repurchase program with an indefinite duration for up to $425.0 million of the Company’s common stock. There was no share repurchase activity during the three months ended March 30, 2025, and approximately $90.2 million remained available under the Company’s share repurchase program as of March 30, 2025. The Company utilizes a written trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, from time to time to facilitate the repurchase of shares of our common stock under this share repurchase program. There 39 can be no assurance that we will repurchase shares of our common stock either through a Rule 10b5-1 trading plan or otherwise. Repurchases of Stock for Tax Withholdings During the fiscal quarter ended March 30, 2025, the Company acquired approximately 24,000 shares of its common stock from employees to satisfy minimum tax withholding obligations that arose upon (i) vesting of restricted stock granted pursuant to approved plans and (ii) distribution of shares of common stock issued pursuant to deferred compensation obligations.