CORRESP: A correspondence can be sent as a document with another submission type or can be sent as a separate submission.
Published on January 5, 2010

January
5, 2010
Ms.
Michelle V. Lacko
Attorney
Advisor
United
States Securities and Exchange Commission
Mail Stop
3561
Washington,
D.C. 20549
Re:
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Papa
John’s International, Inc.
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Form
10-K for the fiscal year ended December 28, 2008
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Filed
February 24, 2009
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Definitive
Proxy Statement on Schedule 14A
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Filed
March 26, 2009
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File
No. 000-21660
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Dear Ms.
Lacko:
We are
writing in response to your letter dated December 22, 2009, commenting on the
above-referenced Form 10-K and Definitive Proxy Statement. For your
convenience, we have repeated the comment below, in italics, together with the
subheading used in your letter. The comment is followed by our
response.
Definitive Proxy Statement
on Schedule 14A
Short-Term Cash Incentive
Compensation, page 22
We
note that your Management Incentive Plan provides annual cash payouts to your
named executive officers upon the achievement of pre-determined performance
goals. In future filings, please confirm to us that you will disclose the
pre-determined performance targets for each performance metric and provide
quantitative disclosure regarding the targets actually reached. To the extent
you believe that disclosure of the targets is not required because it would
result in competitive harm such that the targets could be excluded under
Instruction 4 to Item 402(b) of Regulation S-K, please provide us with a
detailed explanation for such conclusion. Please also note that to the extent
that you have an appropriate basis for omitting the specific targets, you must
discuss how difficult it would be for the named executive officers or how likely
it will be for you to achieve the undisclosed target levels or other factors.
General statements regarding the level of difficulty, or ease, associated with
achieving performance goals either corporately or individually are not
sufficient.
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In future
filings, we will disclose the pre-determined performance targets for each
performance metric and provide quantitative disclosure regarding the targets
actually reached.
******
As
requested in your letter dated December 22, 2009, we confirm the
following:
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Papa
John’s International, Inc. is responsible for the adequacy and accuracy of
the disclosure in its filing;
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SEC
staff comments or changes to disclosure in response to SEC staff comments
do not foreclose the Commission from taking any action with respect to the
above-mentioned filings; and
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Papa
John’s International, Inc. may not assert staff comments as a defense in
any proceeding initiated by the Commission or any person under the federal
securities laws of the United
States.
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Thank you
for your consideration in reviewing the above response to the comment contained
in the letter dated December 22, 2009. Please direct any further
comments or requests for additional information to my attention at
502-261-4753.
Sincerely,
Papa
John’s International, Inc.
/s/ J. David
Flanery
J. David
Flanery
Senior
Vice President, Chief Financial
Officer
and Treasurer
(Principal
Financial Officer and Principal Accounting Officer)
cc:
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Tom
Schoenbaechler, Ernst & Young
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Alan
Dye, Hogan & Hartson LLP
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John
Beckman, Hogan & Hartson LLP
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Christopher
Sternberg, Papa John’s International, Inc.
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Clara
Passafiume, Papa John’s International, Inc.
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Joe
Smith, Papa John’s International,
Inc.
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