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John Schnatter. Photo: Kathy Hutchins/Shutterstock.com

Papa John’s founder John Schnatter has agreed to resign from the company’s board as part of the settlement of a Delaware Chancery Court lawsuit, which targeted investor restrictions tied to a poison pill that the company adopted in the wake of his ouster as the pizza chain’s chief executive.

The agreement, filed this week with the U.S. Securities and Exchange Commission, also requires Papa John’s to sever a voting agreement with an activist investor and scrap a provision of its poison pill that prevented stockholders from opposing certain board actions. Together, Schnatter and the company would select an independent director to serve on an expanded Papa John’s board, according to the regulatory finding.

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Tom McParland

Tom McParland of New York Law Journal can be contacted at [email protected] Follow him on Twitter @TMcParlandALM.

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