LOUISVILLE, Ky. — In Papa John's parlance, Nigel Travis's new deal is "The Works."
According to a regulatory filing, when Travis officially becomes chief executive officer and president at the Louisville-based chain in April, he will receive compensation including an annual base salary of $730,000, plus a performance-based bonus with a potential payout of 190 percent of his salary. To get the bonus, he will have to lead Papa John's to improved operating income, comparable-store sales growth and increased store-level transactions. (Read also Travis appointed Papa John's new CEO.)
As part of his annual compensation, he will receive 85,000 stock options, plus be entitled to an annual stock option grant by Papa John's for up to twice the number of shares purchased by him on the open market or owned by him under his incentive program.
For signing his five-year deal, Travis received a bonus of 200,000 stock options, plus a $175,000 moving allowance.
Last year CEO, President and founder John Schnatter cut his own base pay (read also Papa John takes a pay cut) from $850,000 to $650,000 in order to provide incentives to staffers. He also refused stock options for the year.