Portillo's CFO reports 186K RSU-based shares

Portillo's CFO & Treasurer reports an initial grant of 186,651 time-vested RSUs tied to continued service.

Rhea-AI Filing Summary

Portillo's Inc. (PTLO) reported the initial equity holdings of its CFO & Treasurer, Kevin Kalicak, in a Form 3 filing. The filing shows 186,651 shares of Class A common stock, which a footnote explains represent restricted stock units subject to time-based vesting. These RSUs were granted on September 7, 2026, with one-third scheduled to vest on each of the first three anniversaries of the grant date, contingent on his continued service and the terms of the applicable award agreement.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Kalicak Kevin

Role CFO & Treasurer

Type	Security	Shares	Price	Value
holding	Class A common stock F1	--	--	--

Holdings After Transaction: Class A common stock — 186,651 shares (Direct)

Footnotes (1)

1. F1. Represents restricted stock units subject to time-based vesting granted on September 7, 2026, one-third of which vest on each of the first three anniversaries of the grant date, subject to the Reporting Person's continued service with the Issuer and the terms of the applicable award agreement.

Key Figures

RSU-based Class A common stock position: 186,651 shares RSU grant date: September 7, 2026 RSU vesting schedule: One-third per year over three years

3 metrics

RSU-based Class A common stock position 186,651 shares Reported as total shares following the reported holding entry for Kevin Kalicak

RSU grant date September 7, 2026 Date on which the restricted stock units representing the reported shares were granted

RSU vesting schedule One-third per year over three years One-third of the award vests on each of the first three anniversaries of the grant date, subject to continued service

Key Terms

restricted stock units, time-based vesting, anniversaries of the grant date, award agreement

4 terms

restricted stock units financial

"Represents restricted stock units subject to time-based vesting granted on September 7, 2026"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

time-based vesting financial

"Represents restricted stock units subject to time-based vesting granted on September 7, 2026"

Time-based vesting is a schedule that gives employees or contractors ownership of granted stock or options gradually as they remain with a company, like unlocking rewards in a loyalty program the longer you stick around. For investors, it matters because it affects future share supply, management incentives and staff retention — all of which can influence company performance and dilution of existing shareholders.

anniversaries of the grant date financial

"one-third of which vest on each of the first three anniversaries of the grant date"

award agreement financial

"subject to the Reporting Person's continued service with the Issuer and the terms of the applicable award agreement"

An award agreement is a legal contract that spells out the terms of a pay or equity grant—such as stock options, restricted shares, or cash bonuses—given to an employee, director or consultant. It describes what is being granted, any conditions for keeping it (for example, earning it over time or meeting performance targets), and what happens if the person leaves or breaks rules. Investors care because these agreements affect company costs, potential share dilution and how executives are motivated and rewarded.

FAQ

What insider position is reported in Portillo's Inc. (PTLO) latest Form 3?

The Form 3 reports that Kevin Kalicak, the CFO & Treasurer of Portillo's Inc., holds equity in the company through an award of restricted stock units representing 186,651 shares of Class A common stock, subject to vesting conditions.

How many Portillo's Inc. (PTLO) shares does the Form 3 show for Kevin Kalicak?

The filing shows a position of 186,651 shares of Class A common stock, which a footnote clarifies represent restricted stock units subject to time-based vesting, rather than currently fully vested, freely tradable shares.

What are the vesting terms of the RSUs reported for PTLO’s CFO?

The restricted stock units granted on September 7, 2026 vest one-third on each of the first three anniversaries of the grant date, subject to Kevin Kalicak’s continued service with Portillo's Inc. and the terms of the applicable award agreement.

Are the 186,651 PTLO shares owned directly or through derivatives?

The position is reported as direct ownership of Class A common stock, but a footnote specifies that it represents restricted stock units that will settle into shares as they vest over time, subject to the award agreement.

Does the PTLO Form 3 disclose any insider stock purchases or sales?

No insider purchases or sales are disclosed. The Form 3 reports an initial holding entry for 186,651 RSU-based shares, with no buy or sell transactions indicated in the transaction summary for this filing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/08/2026 - 04:48 PM Accepted by SEC EDGAR 09/08/2026 - 04:48 PM Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Kalicak Kevin

(Last) (First) (Middle)

C/O PORTILLO'S INC.

2001 SPRING ROAD, SUITE 400

(Street)

OAK BROOK ILLINOIS 60523

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
09/07/2026

3. Issuer Name and Ticker or Trading Symbol
Portillo's Inc. [ PTLO ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO & Treasurer

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A common stock	186,651(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted stock units subject to time-based vesting granted on September 7, 2026, one-third of which vest on each of the first three anniversaries of the grant date, subject to the Reporting Person's continued service with the Issuer and the terms of the applicable award agreement.

Remarks:

Exhibit 24 - Power of Attorney (incorporated herein by reference).

	/s/ Kelly M. Kaiser, as attorney-in-fact for Kevin Kalicak	09/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)