SC 13D/A 1 sc13da406297249_05132021.htm AMENDMENT NO. 4 TO THE SCHEDULE 13D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 4)1

Papa John’s International, Inc.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

698813102

(CUSIP Number)

JEFFREY C. SMITH

STARBOARD VALUE LP

777 Third Avenue, 18th Floor

New York, New York 10017

(212) 845-7977

 

STEVE WOLOSKY, ESQ.

ANDREW FREEDMAN, ESQ.

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

May 11, 2021

(Date of Event Which Requires Filing of This Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP No. 698813102

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         3,459,360  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          3,459,360  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,459,360  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        9.5%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

2

CUSIP No. 698813102

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         1,567,209  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          1,567,209  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,567,209  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        4.3%  
  14   TYPE OF REPORTING PERSON  
         
        CO  

  

3

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY S LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         293,435  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          293,435  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        293,435  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

4

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY C LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         165,918  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          165,918  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        165,918  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

5

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE R LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         704,537  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          704,537  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        704,537  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.9%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

6

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE R GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         860,993  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          860,993  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        860,993  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        2.4%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

7

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         156,456  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          156,456  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        156,456  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

8

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE L LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         156,456  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          156,456  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        156,456  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

9

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD P FUND LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         538,619  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          538,619  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        538,619  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.5%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

10

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE P GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         538,619  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          538,619  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        538,619  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        1.5%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

11

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD X MASTER FUND LTD  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        CAYMAN ISLANDS  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         221,072  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          221,072  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        221,072  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        CO  

  

12

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD VALUE GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         3,459,360  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          3,459,360  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,459,360  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        9.5%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

13

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD PRINCIPAL CO LP  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         3,459,360  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          3,459,360  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,459,360  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        9.5%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

14

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        STARBOARD PRINCIPAL CO GP LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         3,459,360  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          3,459,360  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,459,360  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        9.5%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

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CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        JEFFREY C. SMITH  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         11,370.3786  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         3,459,360  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          11,370.3786  
    10   SHARED DISPOSITIVE POWER  
           
          3,459,360  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,470,730.3786  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        9.5%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

16

CUSIP No. 698813102

 

  1   NAME OF REPORTING PERSON  
         
        PETER A. FELD  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        OO  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         - 0 -  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         3,459,360  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          - 0 -  
    10   SHARED DISPOSITIVE POWER  
           
          3,459,360  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        3,459,360  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        9.5%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

  

17

CUSIP No. 698813102

The following constitutes Amendment No. 4 to the Schedule 13D filed by the undersigned (“Amendment No. 4”). This Amendment No. 4 amends the Schedule 13D as specifically set forth herein.

Item 3.Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended and restated to read as follows:

The Shares purchased by each of Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master, and held in the Starboard Value LP Account were purchased with working capital pursuant to the terms of the Repurchase Agreement as defined and described in Item 4 below. The aggregate purchase price of the 1,566,209 Shares beneficially owned by Starboard V&O Fund is $78,404,423. The aggregate purchase price of the 293,435 Shares beneficially owned by Starboard S LLC is $14,689,356. The aggregate purchase price of the 165,918 Shares beneficially owned by Starboard C LP is $8,305,855. The aggregate purchase price of the 156,456 Shares beneficially owned by Starboard L Master is $7,832,187. The aggregate purchase price of the 538,619 Shares beneficially owned by Starboard P LP is approximately $26,963,267. The aggregate purchase price of the 221,072 Shares beneficially owned by Starboard X Master is approximately $11,066,864. The aggregate purchase price of the 516,651 Shares held in the Starboard Value LP Account is $25,863,549.

The aggregate purchase price of the 1,000 Shares directly owned by Starboard V&O Fund in record name is $45,041, excluding brokerage commissions.  Such Shares were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in an open market purchase.

The 11,370.3786 Shares beneficially owned by Mr. Smith represent Shares that were granted to Mr. Smith by the Issuer in his capacity as a director of the Issuer.

Item 4.Purpose of Transaction.

Item 4 is hereby amended to add the following:

On May 11, 2021, the Issuer and certain of the Reporting Persons entered into a Share Repurchase Agreement (the “Repurchase Agreement”) pursuant to which (i) the Issuer agreed to repurchase from such Reporting Persons 78,387 shares of Series B Convertible Preferred Stock, par value $0.01 per share, of the Issuer (the “Series B Preferred Stock”) and (ii) such Reporting Persons agreed to convert the remaining 171,613 shares of the Series B Preferred Stock they own in the aggregate into 3,458,360 Shares, pursuant to the terms of the Certificate of Designation of the Series B Preferred Stock. As consideration for the transactions contemplated by the Repurchase Agreement, the Issuer agreed to pay such Reporting Persons aggregate cash consideration of approximately $183.9 million. The Repurchase Agreement contains customary representations, warranties, and conditions to closing. The transactions contemplated by the Repurchase Agreement are expected to close on or about May 13, 2021. Jeffrey Smith will continue to serve as Chair of the Board of the Issuer. Additionally, Starboard intends to remain a large stockholder of the Issuer.

Item 5.Interest in Securities of the Issuer.

Items 5(a)-(c) are hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon a denominator of (i) 33,079,610 Shares outstanding, as of May 10, 2021, which is the total number of Shares outstanding as disclosed in the Repurchase Agreement attached as Exhibit 10.1 to the Issuer’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on May 11, 2021 and (ii) 3,458,360 Shares issued upon the conversion of 171,613 shares of the Series B Preferred Stock pursuant to the Repurchase Agreement.

18

CUSIP No. 698813102

A.Starboard V&O Fund
(a)As of the close of business on May 12, 2021, Starboard V&O Fund beneficially owned approximately 1,567,209 Shares.

Percentage: Approximately 4.3%

(b)1. Sole power to vote or direct vote: 1,567,209
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,567,209
4. Shared power to dispose or direct the disposition: 0
(c)The transactions in the Issuer’s securities by Starboard V&O Fund during the past sixty days is set forth in Schedule A and is incorporated herein by reference.
B.Starboard S LLC
(a)As of the close of business on May 12, 2021, Starboard S LLC beneficially owned approximately 293,435 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 293,435
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 293,435
4. Shared power to dispose or direct the disposition: 0
(c)Starboard S LLC has not entered into any transactions in the Issuer’s securities during the past sixty days.
C.Starboard C LP
(a)As of the close of business on May 12, 2021, Starboard C LP beneficially owned approximately 165,918 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 165,918
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 165,918
4. Shared power to dispose or direct the disposition: 0
(c)Starboard C LP has not entered into any transactions in the Issuer’s securities during the past sixty days.
D.Starboard P LP
(a)As of the close of business on May 12, 2021, Starboard P LP beneficially owned approximately 538,619 Shares.

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CUSIP No. 698813102

Percentage: Approximately 1.5%

(b)1. Sole power to vote or direct vote: 538,619
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 538,619
4. Shared power to dispose or direct the disposition: 0
(c)Starboard P LP has not entered into any transactions in the Issuer’s securities during the past sixty days.
E.Starboard P GP
(a)Starboard P GP, as the general partner of Starboard P LP, may be deemed the beneficial owner of the 538,619 Shares owned by Starboard P LP.

Percentage: Approximately 1.5%

(b)1. Sole power to vote or direct vote: 538,619
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 538,619
4. Shared power to dispose or direct the disposition: 0
(c)Starboard P GP has not entered into any transactions in the Issuer’s securities during the past sixty days.
F.Starboard L Master
(a)As of the close of business on May 12, 2021, Starboard L Master beneficially owned approximately 156,456 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 156,456
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 156,456
4. Shared power to dispose or direct the disposition: 0
(c)Starboard L Master has not entered into any transactions in the Issuer’s during the past sixty days.
G.Starboard L GP
(a)Starboard L GP, as the general partner of Starboard L Master, may be deemed the beneficial owner of the 156,456 Shares owned by Starboard L Master.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 156,456
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 156,456
4. Shared power to dispose or direct the disposition: 0
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CUSIP No. 698813102

(c)Starboard L GP has not entered into any transactions in the Issuer’s securities during the past sixty days.
H.Starboard R LP
(a)Starboard R LP, as the general partner of Starboard C LP and managing member of Starboard P GP, may be deemed the beneficial owner of the (i) 165,918 Shares owned by Starboard C LP and (ii) 538,619 Shares owned by Starboard P LP.

Percentage: Approximately 1.9%

(b)1. Sole power to vote or direct vote: 704,537
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 704,537
4. Shared power to dispose or direct the disposition: 0
(c)Starboard R LP has not entered into any transactions in the Issuer’s securities during the past sixty days.
I.Starboard R GP
(a)Starboard R GP, as the general partner of Starboard R LP and Starboard L GP, may be deemed the beneficial owner of the (i) 165,918 Shares owned by Starboard C LP, (ii) 538,619 Shares owned by Starboard P LP and (iii) 156,456 Shares owned by Starboard L Master.

Percentage: Approximately 2.4%

(b)1. Sole power to vote or direct vote: 860,993
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 860,993
4. Shared power to dispose or direct the disposition: 0
(c)Starboard R GP has not entered into any transactions in the Issuer’s securities during the past sixty days.
J.Starboard X Master
(a)As of the close of business on May 12, 2021, Starboard X Master beneficially owned 221,072 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 221,072
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 221,072
4. Shared power to dispose or direct the disposition: 0
(c)The transactions in the Issuer’s securities by Starboard X Master during the past sixty days is set forth in Schedule A and is incorporated herein by reference.
21

CUSIP No. 698813102

K.Starboard Value LP
(a)As of the close of business on May 12, 2021, approximately 516,651 Shares were held in the Starboard Value LP Account. Starboard Value LP, as the investment manager of Starboard V&O Fund, Starboard C LP, Starboard L Master, Starboard P LP, Starboard X Master and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of the (i) 1,567,209 Shares owned by Starboard V&O Fund, (ii) 293,435 Shares owned by Starboard S LLC, (iii) 165,918 Shares owned by Starboard C LP, (iv) 156,456 Shares owned by Starboard L Master, (v) 538,619 Shares owned by Starboard P LP, (vi) 221,072 Shares owned by Starboard X Master and (vii) 516,651 Shares held in the Starboard Value LP Account.

Percentage: 9.5%

(b)1. Sole power to vote or direct vote: 3,459,360
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 3,459,360
4. Shared power to dispose or direct the disposition: 0
(c)Starboard Value LP through the Starboard Value LP Account has not entered into any transactions in the Issuer’s securities during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
L.Starboard Value GP
(a)Starboard Value GP, as the general partner of Starboard Value LP, may be deemed the beneficial owner of the (i) 1,567,209 Shares owned by Starboard V&O Fund, (ii) 293,435 Shares owned by Starboard S LLC, (iii) 165,918 Shares owned by Starboard C LP, (iv) 156,456 Shares owned by Starboard L Master, (v) 538,619 Shares owned by Starboard P LP, (vi) 221,072 Shares owned by Starboard X Master and (vii) 516,651 Shares held in the Starboard Value LP Account.

Percentage: 9.5%

(b)1. Sole power to vote or direct vote: 3,459,360
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 3,459,360
4. Shared power to dispose or direct the disposition: 0
(c)Starboard Value GP has not entered into any transactions in the Issuer’s securities during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
M.Principal Co
(a)Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 1,567,209 Shares owned by Starboard V&O Fund, (ii) 293,435 Shares owned by Starboard S LLC, (iii) 165,918 Shares owned by Starboard C LP, (iv) 156,456 Shares owned by Starboard L Master, (v) 538,619 Shares owned by Starboard P LP, (vi) 221,072 Shares owned by Starboard X Master and (vii) 516,651 Shares held in the Starboard Value LP Account.

Percentage: 9.5%

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CUSIP No. 698813102

(b)1. Sole power to vote or direct vote: 3,459,360
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 3,459,360
4. Shared power to dispose or direct the disposition: 0
(c)Principal Co has not entered into any transactions in the Issuer’s securities during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
N.Principal GP
(a)Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 1,567,209 Shares owned by Starboard V&O Fund, (ii) 293,435 Shares owned by Starboard S LLC, (iii) 165,918 Shares owned by Starboard C LP, (iv) 156,456 Shares owned by Starboard L Master, (v) 538,619 Shares owned by Starboard P LP, (vi) 221,072 Shares owned by Starboard X Master and (vii) 516,651 Shares held in the Starboard Value LP Account.

Percentage: 9.5%

(b)1. Sole power to vote or direct vote: 3,459,360
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 3,459,360
4. Shared power to dispose or direct the disposition: 0
(c)Principal GP has not entered into any transactions in the Issuer’s securities during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
O.Mr. Smith
(a)As of the close of business on May 12, 2021, Mr. Smith directly beneficially owned 11,370.3786 Shares. Mr. Smith, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 1,567,209 Shares owned by Starboard V&O Fund, (ii) 293,435 Shares owned by Starboard S LLC, (iii) 165,918 Shares owned by Starboard C LP, (iv) 156,456 Shares owned by Starboard L Master, (v) 538,619 Shares owned by Starboard P LP, (vi) 221,072 Shares owned by Starboard X Master and (vii) 516,651 Shares held in the Starboard Value LP Account.

Percentage: 9.5%

(b)1. Sole power to vote or direct vote: 11,370.3786
2. Shared power to vote or direct vote: 3,459,360
3. Sole power to dispose or direct the disposition: 11,370.3786
4. Shared power to dispose or direct the disposition: 3,459,360
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CUSIP No. 698813102

(c)Other than certain awards granted to Mr. Smith by the Issuer in connection with his service on the Board, which are set forth in Schedule A and are incorporated herein by reference, Mr. Smith has not entered into any transactions in the Issuer’s securities during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
P.Mr. Feld
(a)Mr. Feld, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 1,567,209 Shares owned by Starboard V&O Fund, (ii) 293,435 Shares owned by Starboard S LLC, (iii) 165,918 Shares owned by Starboard C LP, (iv) 156,456 Shares owned by Starboard L Master, (v) 538,619 Shares owned by Starboard P LP, (vi) 221,072 Shares owned by Starboard X Master and (vii) 516,651 Shares held in the Starboard Value LP Account.

Percentage: 9.5%

(b)1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote: 3,459,360
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 3,459,360
(c)Mr. Feld has not entered into any transactions in the Issuer’s securities during the past sixty days. The transactions in the Shares on behalf of each of Starboard V&O Fund and Starboard X Master during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
Item 6.Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

Item 6 is hereby amended to add the following:

On May 11, 2021, the Issuer and certain of the Reporting Persons entered into the Repurchase Agreement defined and described in Item 4 above, a copy of which is attached as Exhibit 10.1 to the Issuer’s Current Report on Form 8-K filed with the SEC on May 12, 2021 and is incorporated herein by reference.

Item 7.Material to be Filed as Exhibits.

Item 7 is hereby amended to add the following exhibit:

99.1Share Repurchase Agreement, dated May 11, 2021 (incorporated by reference to Exhibit 10.1 of the Issuer’s Current Report on Form 8-K filed with the SEC on May 12, 2021).

 

24

CUSIP No. 698813102

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: May 13, 2021

STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD

By: Starboard Value LP,

its investment manager

 

Starboard Value and Opportunity S LLC

By: Starboard Value LP,

its manager

 

Starboard Value and Opportunity C LP

By: Starboard Value R LP,

its general partner

 

STARBOARD VALUE R LP

By: Starboard Value R GP LLC,

its general partner

 

Starboard Value and Opportunity Master Fund L LP

By: Starboard Value L LP,

its general partner

 

STARBOARD P FUND LP

By: Starboard Value P GP LLC,

its general partner

 

STARBOARD VALUE P GP LLC

By: Starboard Value R LP,

its member

 

Starboard Value L LP

By: Starboard Value R GP LLC,

its general partner

 

STARBOARD X MASTER FUND LTD

By: Starboard Value LP,

its investment manager

 

STARBOARD VALUE LP

By: Starboard Value GP LLC,

its general partner

 

STARBOARD VALUE GP LLC

By: Starboard Principal Co LP,

its member

 

STARBOARD PRINCIPAL CO LP

By: Starboard Principal Co GP LLC,

its general partner

 

STARBOARD PRINCIPAL CO GP LLC

 

Starboard Value R GP LLC

 

 

By:

/s/ Jeffrey C. Smith

  Name: Jeffrey C. Smith
  Title: Authorized Signatory

 

 

/s/ Jeffrey C. Smith

Jeffrey C. Smith
Individually and as attorney-in-fact for Peter A. Feld

 

25

CUSIP No. 698813102

SCHEDULE A

Transactions in the Securities of the Issuer During the Past Sixty Days1

Nature of the Transaction

Amount of Securities

Purchased/(Sold)

Price ($)

Date of

Purchase/Sale

 

 

STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD

 

Disposition of Preferred Stock (35,500) 2,346.6490 05/11/2021
Conversion of Preferred Stock (77,719) -- 05/11/2021
Acquisition of Common Stock 1,566,209 50.0600 05/11/2021

 

 

STARBOARD VALUE AND OPPORTUNITY S LLC

Disposition of Preferred Stock (6,651) 2,346.6490 05/11/2021
Conversion of Preferred Stock (14,561) -- 05/11/2021
Acquisition of Common Stock 293,435 50.0600 05/11/2021

 

Starboard Value and Opportunity C LP

 

Disposition of Preferred Stock (3,761) 2,346.6490 05/11/2021
Conversion of Preferred Stock (8,233) -- 05/11/2021
Acquisition of Common Stock 165,918 50.0600 05/11/2021

 

Starboard P FUND LP

 

Disposition of Preferred Stock (12,208) 2,346.6490 05/11/2021
Conversion of Preferred Stock (26,728) -- 05/11/2021
Acquisition of Common Stock 538,619 50.0600 05/11/2021

 

STARBOARD VALUE AND OPPORTUNITY MASTER FUND L LP

 

Disposition of Preferred Stock (3,546) 2,346.6490 05/11/2021
Conversion of Preferred Stock (7,764) -- 05/11/2021
Acquisition of Common Stock 156,456 50.0600 05/11/2021

 

STARBOARD X MASTER FUND LTD

 

Disposition of Preferred Stock (5,011) 2,346.6490 05/11/2021
Conversion of Preferred Stock (10,970) -- 05/11/2021
Acquisition of Common Stock 221,072 50.0600 05/11/2021

 

STARBOARD VALUE LP

(Through the Starboard Value LP Account)

 

Disposition of Preferred Stock (11,710) 2,346.6490 05/11/2021
Conversion of Preferred Stock (25,638) -- 05/11/2021
Acquisition of Common Stock 516,651 50.0600 05/11/2021

 

Jeffrey c. smith

 

Receipt of Common Stock2 258.7991 96.6000 04/30/2021

 


1 Each of the transactions listed herein this Schedule A was made in connection with the Repurchase Agreement defined and described in Item 4 above.

2 Represents acquisition of Shares pursuant to the Issuer’s Nonqualified Deferred Compensation Plan.