Papa John’s CEO John Schnatter has sold another big chunk of stock, according to a regulatory filing this afternoon, bringing to 411,050 shares the total he’s sold since announcing a special trading plan in early September under which he could sell up to 480,000 total.
Combined proceeds so far from all the sales, according to Securities and Exchange Commission filings: $32.2 million. (Table shows all the trades.)
Today’s SEC filing says Schnatter, who founded the company in 1984, sold 86,314 shares yesterday and Wednesday for prices averaging from $80.07 to $81.02 a share. The proceeds were $6.9 million, most of it from a single sale of 63,318 on Wednesday — the largest such block since Boulevard began tracking a wave of sales he started under the trading plan.
Papa John’s stock closed at $80.45 this afternoon, up 47 cents.
Company executives often adopt “10b5-1” trading plans, named for the SEC rule that governs insider trading. They are often approved by a company’s board of directors, and require an executive to sell a certain number of shares at fixed intervals to avoid any appearance they’re trading on inside information.
John Schnatter sold the 73,637 shares yesterday at an average $78.17 each, according to a Securities and Exchange Commission filing this afternoon. The trade left him with 10.4 million shares, and was made in accordance with a so-called Rule 10b5-1 trading plan he adopted Sept. 2, under which he could sell up to $36 million of stock.
With these trading plans, top executives typically sell a predetermined number of shares at fixed intervals to avoid any appearance of trading on insider information.
The shipping giant, which is Louisville’s single-biggest private employer, said the pay increases to their base salaries were meant to “improve the competitiveness of UPS executive compensation,” according to a filing Friday with the Securities and Exchange Commission.
In addition to the 10% raises to their base pay, the executives also received thousands of stock options. The pay increases are effective Oct. 1. The executives and their base salaries last year:
Chairman and CEO David Abney, $1 million.
CFO Richard Peretz, $382,431.
Alan Gershenhorn, chief commercial officer, $550,125.
Myron Gray, president of U.S. operations, $484,251.
Abney got 37,617 options. Peretz, Gershenhorn, and Gray each receive 7,807. All the options have an exercise price of $106.86, Friday’s closing price. They vest at a rate of 20% annually starting Sept. 16, 2017.
Also, Jim Barber, president of international operations, got 7,807 options, too, but no increase in his base pay, according to the SEC filing.
The pizza giant’s founder and CEO, John Schnatter, notified the Securities and Exchange Commission that he’d adopted a stock trading plan today under which he may sell up to 480,000 company shares, a block worth $36.4 million at today’s closing price of $75.75.
In a late-afternoon filing with the SEC disclosing the plan, Schnatter didn’t provide any more details, such as a timetable for when he would sell and in what amounts.
Company executives often adopt these “10b5-1” plans, named for the SEC rule that governs insider trading. The plans are often approved by a company’s board of directors, and require an executive to sell a certain number of shares at fixed intervals to avoid any appearance they’re trading on inside information.
Today’s filing came after stock markets closed. In extended trading, PZZA shares hardly fluttered, indicating Wall Street wasn’t concerned. That’s not surprising. Even if Schnatter had sold all 480,000 shares today, he’d still own about 10 million, including those subject to options — a stake equal to 26.3% of all outstanding shares. He would still be the company’s single-biggest stockholder, with a total stake worth $758 million.
The filing was noteworthy for another reason. Without explaining why, Papa John’s said it would not disclose any future 10b5-1 plans that might be adopted by other officers or directors. Nor will it report any changes or termination of any publicly announced trading plan, including Schnatter’s, except to the extent required by law.
Schnatter’s plan follows an especially busy month of trading for the executive. Since Aug. 5, he’s sold more than 138,000 shares for $10.5 million; chart, below.
Another day, another $2.7 million in Papa John’s stock sold, according to founder and CEO John Schnatter’s just-filed notice this afternoon with the Securities and Exchange Commission. It says the most recent sale was Monday: 35,603 more shares at $76 a share, again.
This table summarizes his month-long binge:
Not to worry (much), as we’ve been noting each time: He’s still the pizza chain’s No. 1 holder, with 10.5 million shares, including those under option. Still, executives don’t often sell when shares are poised to head higher, so Schnatter’s active trading is worth following.
The Speed Museum is paying CEO Ghislain d’Humières more than $300,000 a year, according to its latest IRS tax return, the first public disclosure of the annual compensation paid to the man hired to lead one of Louisville’s preeminent cultural institutions, after a top-to-bottom renovation completed this year.
The tax return says he was paid $290,553 in salary and $18,105 in medical and retirement benefits to run the 91-year-old institution and next year’s $8.3 million budget.
D’Humières replaced Charles Venable, who in October 2012 left for the top job at the Indianapolis Museum of Art. He led the Speed for five years, and was paid $241,834 in salary and $19,250 in benefits during his last year there.
IRS tax returns filed by non-profits such as the Speed provide the fullest annual public accounting of their finances, including spending on payroll, marketing and other overhead as well as revenue from donations and investment income. The Speed’s is especially noteworthy because it’s one of the city’s most high-profile arts organizations, now under d’Humières.
Comparable pay elusive
A native of France, he holds a DEA in History and License of Art History from the University of Paris I Pantheon Sorbonne, and a Master of History from the University of Paris X Nanterre.
It’s difficult to find comparable compensation for Louisville executives in his position, partly because of his unusual academic credentials, but also because IRS tax returns often lag among the city’s handful of non-profits devoted to the arts.