(Mark One) | |
[X]
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Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934 |
For the fiscal year ended December 31, 2014
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OR | |
[ ]
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Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 |
For the transition period from _______________ to _________________
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Commission File Number: 0-21660 | |
A. Full title of the plan and the address of the plan, if different from that of the issuer named below: | |
PAPA JOHN'S INTERNATIONAL, INC. 401(k) PLAN | |
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: |
Contents | |
Report of Independent Registered Public Accounting Firm | 1 |
Financial Statements | |
Statements of Net Assets Available for Benefits | 2 |
Statements of Changes in Net Assets Available for Benefits | 3 |
Notes to Financial Statements | 4 |
Supplemental Schedule | |
Schedule of Assets (Held at End of Year) | 16 |
Signature | 17 |
Exhibit Index | 18 |
Exhibit 23.1 – Consent of Independent Registered Public Accounting Firm |
Papa John's International, Inc. 401(k) Plan
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Statements of Net Assets Available for Benefits
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December 31, 2014 and 2013
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2014
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2013
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Assets
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||||||||
Cash | $ | 167 | $ | - | ||||
Investments at fair value:
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||||||||
Papa John's International, Inc. common stock
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4,502,987 | 3,726,264 | ||||||
Mutual funds
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20,696,739 | 8,167,244 | ||||||
Pooled separate accounts
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14,429,003 | 14,059,645 | ||||||
Common collective trusts
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2,272,210 | 13,288,899 | ||||||
Total investments
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41,900,939 | 39,242,052 | ||||||
Receivables:
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||||||||
Contributions receivable from participants
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- | 37,890 | ||||||
Contributions receivable from employer
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450,692 | 419,324 | ||||||
Notes receivable from participants
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1,407,072 | 1,505,999 | ||||||
Total receivables
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1,857,764 | 1,963,213 | ||||||
Net assets available for benefits at fair value
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43,758,870 | 41,205,265 | ||||||
Adjustment from fair value to contract value for fully
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||||||||
benefit-responsive investment contracts
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(23,893 | ) | (13,503 | ) | ||||
Net assets available for benefits
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$ | 43,734,977 | $ | 41,191,762 | ||||
See accompanying notes.
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Papa John's International, Inc. 401(k) Plan
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Statements of Changes in Net Assets Available for Benefits
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Years ended December 31, 2014 and 2013
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2014
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2013
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Additions (deductions):
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||||||||
Investment income:
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Net appreciation in fair value of investments
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$ | 2,775,403 | $ | 7,652,973 | ||||
Interest and dividend income
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477,787 | 242,576 | ||||||
Net investment income
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3,253,190 | 7,895,549 | ||||||
Contributions:
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Participant
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2,625,679 | 2,446,170 | ||||||
Rollover
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131,823 | 341,487 | ||||||
Employer
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450,692 | 419,324 | ||||||
Total contributions
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3,208,194 | 3,206,981 | ||||||
Benefits paid to participants
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(3,745,536 | ) | (3,006,320 | ) | ||||
Administrative fees
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(172,633 | ) | (142,776 | ) | ||||
Net increase
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2,543,215 | 7,953,434 | ||||||
Net assets available for benefits at beginning of year
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41,191,762 | 33,238,328 | ||||||
Net assets available for benefits at end of year
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$ | 43,734,977 | $ | 41,191,762 | ||||
See accompanying notes.
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●
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Level 1: Quoted market prices in active markets for identical assets or liabilities. An active market for the asset or liability is a market in which the transaction for the asset or liability occurs with sufficient frequency and volume to provide pricing information on an ongoing basis.
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Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data, such as quoted prices for similar assets or liabilities or model-derived valuations.
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Level 3: Unobservable inputs that are not corroborated by market data. These inputs reflect a company’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.
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Large U.S. equity: Seeks to provide long-term growth of capital by primarily investing in companies with large market capitalizations.
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Mid U.S. equity: Seeks to provide long-term growth of capital by primarily investing in companies with medium market capitalizations.
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Small U.S. equity: Seeks to provide long-term growth of capital by primarily investing in companies with small market capitalizations.
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International equity: Invests the majority of assets in securities of companies with small to medium market capitalizations that meet the following criteria: (1) principal place of business or principal office is located in emerging market countries or outside of the United States; (2) principal securities are traded in an emerging market or on a foreign exchange; and (3) derive 50 percent or more of their total revenue from goods or services produced in emerging market countries or produced or sold outside of the United States.
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December 31, 2014
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Fair Value Measurements
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Level 1
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Level 2
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Level 3
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Total
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Papa John’s International, Inc.
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common stock
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$ | 4,502,987 | $ | - | $ | - | $ | 4,502,987 | ||||||||
Mutual funds:
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Large U.S. equity
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13,282,524 | - | - | 13,282,524 | ||||||||||||
Mid U.S. equity
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2,343,305 | - | - | 2,343,305 | ||||||||||||
Small U.S. equity
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562,159 | - | - | 562,159 | ||||||||||||
Fixed Income
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4,508,751 | - | - | 4,508,751 | ||||||||||||
Pooled separate accounts:
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Large U.S. equity
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- | 9,497,116 | - | 9,497,116 | ||||||||||||
Mid U.S. equity
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- | 1,984,281 | - | 1,984,281 | ||||||||||||
Small U.S. equity
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- | 564,738 | - | 564,738 | ||||||||||||
International equity
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- | 2,382,868 | - | 2,382,868 | ||||||||||||
Common collective trusts
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- | 2,272,210 | - | 2,272,210 | ||||||||||||
Total investments
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$ | 25,199,726 | $ | 16,701,213 | $ | - | $ | 41,900,939 |
December 31, 2013
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Fair Value Measurements
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Level 1
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Level 2
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Level 3
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Total
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Papa John’s International, Inc.
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common stock
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$ | 3,726,264 | $ | - | $ | - | $ | 3,726,264 | ||||||||
Mutual funds:
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Large U.S. equity
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919,262 | - | - | 919,262 | ||||||||||||
Mid U.S. equity
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2,464,333 | - | - | 2,464,333 | ||||||||||||
Small U.S. equity
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2,120,804 | - | - | 2,120,804 | ||||||||||||
Fixed Income
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2,662,845 | - | - | 2,662,845 | ||||||||||||
Pooled separate accounts:
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Large U.S. equity
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-
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8,885,683 | - | 8,885,683 | ||||||||||||
Mid U.S. equity
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- | 1,910,969 | - | 1,910,969 | ||||||||||||
Small U.S. equity
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- | 607,672 | - | 607,672 | ||||||||||||
International equity
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- | 2,655,321 | - | 2,655,321 | ||||||||||||
Common collective trusts
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- | 13,288,899 | - | 13,288,899 | ||||||||||||
Total investments
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$ | 11,893,508 | $ | 27,348,544 | $ | - | $ | 39,242,052 |
2014
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2013
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Common stock
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$ | 829,893 | $ | 1,493,405 | ||||
Mutual funds
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16,085 | 1,074,056 | ||||||
Pooled separate accounts
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1,140,384 | 3,341,632 | ||||||
Common collective trusts
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789,041 | 1,743,880 | ||||||
Net appreciation in fair value of investments
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$ | 2,775,403 | $ | 7,652,973 |
2014
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2013
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Common stock:
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Papa John’s International, Inc. common stock
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$ | 4,502,987 | $ | 3,726,264 | ||||
Pooled separate accounts:
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Principal Capital Appreciation Separate Account
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5,294,172 | 5,098,853 | ||||||
Principal Large-Cap Growth I Separate Account
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3,215,517 | 2,995,866 | ||||||
Common collective trusts:
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Principal Trust Target 2020 Fund
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- | 2,232,011 | ||||||
Principal Trust Target 2030 Fund
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- | 4,327,216 | ||||||
Principal Trust Target 2040 Fund
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- | 2,422,046 | ||||||
Principal Stable Value Fund
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2,272,210 | 2,231,000 | ||||||
Mutual Funds:
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Baird Mid Cap Institutional Fund
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2,343,305 | - | ||||||
Vanguard Target RMT 2020 INV Fund
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2,407,317 | - | ||||||
Vanguard Target RMT 2030 INV Fund
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4,719,814 | - | ||||||
Vanguard Target RMT 2040 INV Fund
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2,690,645 | - | ||||||
Vanguard Target RMT 2050 INV Fund
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2,007,925 | - |
2014
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2013
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Net assets available for benefits per the Form 5500
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$ | 43,758,870 | $ | 41,205,265 | ||||
Adjustment from fair value to contract value for fully
|
||||||||
benefit-responsive investment contracts
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(23,893 | ) | (13,503 | ) | ||||
Net assets available for benefits per the financial statements
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$ | 43,734,977 | $ | 41,191,762 |
2014
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2013
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Net income per the Form 5500
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$ | 2,553,605 | $ | 7,913,462 | ||||
Change in adjustment from fair value to contract value for
|
||||||||
fully benefit-responsive investment contracts
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(10,390 | ) | 39,972 | |||||
Net increase per the financial statements
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$ | 2,543,215 | $ | 7,953,434 |
Identity of Issuer, Borrower,
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Shares Held or
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Current
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Lessor, or Similar Party
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Description of Investment
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Rate of Interest
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Value
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Common stock:
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*Papa John’s International, Inc.
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Common Stock
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80,699 shares
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$ | 4,502,987 | ||
Mutual funds:
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Vanguard Group
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Vanguard Target RMT 2010 INV Fund
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7,476 shares
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196,763 | |||
Vanguard Group
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Vanguard Target RMT 2020 INV Fund
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84,586 shares
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2,407,317 | |||
Vanguard Group
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Vanguard Target RMT 2030 INV Fund
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162,528 shares
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4,719,814 | |||
Vanguard Group
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Vanguard Target RMT 2040 INV Fund
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90,411 shares
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2,690,645 | |||
Vanguard Group
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Vanguard Target RMT 2050 INV Fund
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67,789 shares
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2,007,925 | |||
Vanguard Group
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Vanguard Target RMT 2060 INV Fund
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667 shares
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18,817 | |||
Vanguard Group
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Vanguard Target RMT Income INV Fund
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9,034 shares
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116,628 | |||
Franklin Templeton Investments
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Franklin U.S. Government Securities R6 Fund
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57,479 shares
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374,763 | |||
Robert W. Baird & Co. Inc
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Baird Mid Cap Institutional Fund
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150,501 shares
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2,343,305 | |||
Dimensional Fund Advisors
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DFA U.S. Targeted Value I Fund
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66,641 shares
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1,476,093 | |||
Vanguard Group
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Vanguard Equity-Income ADM Fund
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17,193 shares
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1,124,615 | |||
Pimco
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Total Return Institutional Fund
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110,096 shares
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1,173,621 | |||
Pimco
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Real Return Institutional Fund
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7,526 shares
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82,188 | |||
Franklin Templeton Investments
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Franklin Small Cap Growth R6 Fund
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28,903 shares
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562,159 | |||
Blackrock Advisors
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Hybrid Bond Institutional Fund
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177,930 shares
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1,402,086 | |||
20,696,739 | ||||||
Pooled separate accounts:
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*Principal Life Insurance Company
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Principal Capital Appreciation Separate Account
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215,906 shares
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5,294,172 | |||
*Principal Life Insurance Company
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Principal Diversified International Separate Account
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24,219 shares
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1,835,039 | |||
*Principal Life Insurance Company
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Principal International Emerging Markets Separate Account
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9,503 shares
|
547,829 | |||
*Principal Life Insurance Company
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Principal Mid-Cap S&P 400 Index Separate Account
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19,855 shares
|
868,980 | |||
*Principal Life Insurance Company
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Principal Large-Cap S&P 500 Index Separate Account
|
10,148 shares
|
987,427 | |||
*Principal Life Insurance Company
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Principal Small-Cap S&P 600 Index Separate Account
|
12,524 shares
|
564,738 | |||
*Principal Life Insurance Company
|
Principal Mid-Cap Value III Separate Account
|
8,539 shares
|
1,115,301 | |||
*Principal Life Insurance Company
|
Principal Large-Cap Growth I Separate Account
|
161,028 shares
|
3,215,517 | |||
14,429,003 | ||||||
Common collective trusts:
|
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*Union Bond & Trust Company
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Principal Stable Value Fund
|
107,801 shares
|
2,272,210 | |||
2,272,210 | ||||||
*Participant Loans
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4.25% to 9.25% per annum
|
1,407,072 | ||||
$ | 43,308,011 |
PAPA JOHN’S INTERNATIONAL, INC.
401(k) PLAN
|
||
Date: June 25, 2015
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/s/ Lance F. Tucker | |
Lance F. Tucker | ||
Senior Vice President, Chief Financial
Officer, Chief Administrative Officer and
Treasurer
|
Exhibit
Number
|
Description |
23.1 | Consent of Independent Registered Public Accounting Firm |
^`/B):6OC#QHX-OJ=UKNI0C7SC:BAKAQ%=@;L(GSA>` MH'%5)M+17T[>?70\[`TZ6*Q$(5ZWLY1K*4X2KJ;E= M/=6\A^!7C7]JC]M/PE\1O'7@GXJP^'/%^A_$&YL-&2?Q=>V]OH%M;.GEPS:9 M%"T%PCJ)`SS;F8EL%=H%=QI7Q3^)/QI_X*&:A^S'\1OB!>Z'HGA/X=VFJ1Z9 MX5U::P_MS4)A#YL_GQE)GAC\Q@J!@/ERP/(KK_$'[.G_``3U\=?M4:EHVK>$ M='E^)EQI:ZIKFD6]_=P?;;8L`);BWCD6"XR2,AU8G(+`YS7HGQ-_90_9Z^,' MB'2/%_CWX9VEQJV@1"+1]5LKF:RN;6(=(EEMGC?RQDX0DJ,GCDU$JE.^UM.V MVWWGK83(\YE02]O&I*%1<_[R7+547*ZFE#W)>\FU[]W%1?NI6^+/@&7@'] MF/\`:_U7PE\2]=L-9\._$'7;JTUVVFC%W+)!;[E+L8R,M@;BH5NX(KI;K]H; MXLC3_P!E3X"1^+)[.P^('@Y+WQ%J]UKUQ83:K<16:&*T-]$KS1%Y&!8IAW+( MNX`G/TSIO[#G[+6C>']>\*Z/\+$L].\47#S>(K2SU:\B346?.X2A)AO0YY0_ M*>..!4OB_P#8I_9C\??"K3?@KXR^%\>I>'-&E$FBV=YJEV\FG$#:!;SF7SH5 M```5'"@#`&*IUZ3E=K^K6,*7"G$&'PL:=&K&/+!*W/.S:K^T:=X:*4/ XE9P?(M%I[MN4^??V?])\4S?\%%/VB=7O_B_X@<>%;'1?L":GJ$9M/*EL MIIQ#,OEC$$ &O$6MRW4!\ M02>(I-7\+>-9)+:5T,0$GD69^Y+']G7;A=K##;E^MKG]FKX&7GQ9N?CE#N MT;Q3>6J6][J@EE'VE$0QIYD0;RY&5"5#LI8`X!Q5/P)^RA\"?AOJFD:KX5\) M72GP]YG_``CMK?:_?7EMI/F*4 ;4HSJJ:33C=24;Q7+->;E& SU)=.OHYS:7"?>ADV$[)!D91L$=Q6E7'?"7X`?!_X%SZ_<_"?P1; MZ,_BC69-5UUH)9'^U7;_`'G^=FVCDX5<*,G`&378USNU]#[?#/%.@GB$E/6_ M*VUOI9M)[6OIN%%%%(W"BBB@`KX4_;8E\46/_!6[X`:AX(T6PO\`5?\`A&]1 M6VM=3U)[2"3"760\R0S,F`S'B-LG`XSD?==?/OQ;_8B\2_%7]J3PW^U._P`= MI-.U3P=#+!X;TR#PU%)!#%('#B4M+NE)$C<@KVP!CG:A*,)-OL_R/E^+,!C< MQR^E2PL'*2JTINSBFE"<9-^\TKV6BUU\CPS]GKQ+'X$_X*L_$G7OVFM)'AOQ MYKW@Y9="T[P_-]IT>XTJ&*-GD\\A)99]ML3\T:#Y).Y`KN/A]^WO^T%\6OAS MI7Q]^&'P/GUSP]JOB9[:/PK8^%[UKT:6L[0-=#4/,^SM,NTR&+RMN/DW[AFO M4/`G[$OA32OC_J7[4'Q4\;ZAXS\97^D'2K:>^M8;:STZR*E6B@MXAQN!8%G9 MB=S>ISS7P/\`V"_'_P"SG #;:]3393^/?QQ^/DFB7GAOX=>*=0L5TS2 M#,LL3VL421PV^\;?+=CDN_S;W)P!P/;+C]E.2T_:QN/VJ?"7Q3U#2KG5="MM M*\0Z*NG03QWT,$F]-LD@)AS@*V`21G!4\U@>%OV"?"V@R_%'PUJGQ#U'4?!O MQ4U&]U#6?"LMA`ODW-TJK(ZW.#(0NT%`,;3@G=BIYJ-M>R_X)URR[BB%?FIS ME=5*[5Y1<;2B_8MJ]W&.B<;771/ 1?,%=E2,\;P"/EK.^`'[4O[9/QW_`&@O%WA# M3_AMX#L/"O@CX@/H?B9IM7N9;R*V6#.^W(C197+J6+.JC#JH7AGKLOV;_P!D MGXQ_L_Z;I?@:Y_:]US7_``?X?^70]!N/#=G#,D*@B.">Z^:2:) `,[? MEK6_9S_96U;]G[XB>.?'B_%'^V5^(&NMK&M64NB+`(KH@@>2ZRDJ@!QM8,3@ M?,. VE5C'FO57-2TM!+1IR;BYZVO>S>D5RI8O M_!46T6]_8`^*,+#[OAWS!]5FC;^E?*^N?L_?M'_MH_L M.Y/#]AKL)M]6NK?3DN)I+<\E$WL%0D@?-AN.F.M._9E^".J?LZ_"32O@[/X] M?7]/T*TCM-'GFTU+>6*W1]_P%G/#=7.^(9^W4EA MYT8PDXN"NU4<^5WO))KJDG?9K<\FT3XT_$*/_@H%XK^"1^&_A>XFT7X4C4M* MU>R@']J:D3.BPP37,NW8N[=\@^0,V[=Z9FG_`+5G[54'[0?A']D_3]-\#^)O M%ATN+4/B5>Z?:W4=KX M_M3Z; M\84AU;6?#!T'["?#JM%;6JN7B9"9LF57VDLV5;!&T9XX[X5_\$\O$_PFT?5- M)T']I;4FG\2^)HM9\8Z^=!0:KK;),LI@DN?..R,X*;45<*[?WCEIT;=-EWW, MIX3B>,^6$9I.K4DVITU^[NG"*5]Y646W?ECS.SDT5/VEOVL?VE?V=KO^S8-` M\+:SXA\8^,6T[X8^!$@FDO[NU&Q#-/+%*$C3AY2V&VB55)!!V^D>//BU\;_! M\N@>'M7TGPSH:OH1O/%_C[5Y"=%TZYQM6T@A:XAEG=WS@EU"J`3DL%'+ZA^P MYXNN/VB_$'[3MK^T%*WB;5;!M/T6XU+PQ% ,QO>LDK8CN2&)\SYL M$+QQRFZ-EM]S-XTN)HU*\N2I9RBH1YZ>D%- M6\OF$X9BPX50!C<&^C]-M9;#3K>QGO9;EX8$1[F;&^4@`%VP`,GJ<#'-95.3 MF;@]#WLAGFZP-.CF$&JD81YI7B^:6JEI%OLG=VOS+JFE-11169[@4444`?_9 ` end