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Portillo's (PTLO) CIO receives 27,173 RSUs and ends with 88,810 shares

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Portillo's Inc. reported that Chief Information Officer Keith M. Correia received a grant of 27,173 shares of Class A common stock in the form of restricted stock units awarded at no cash cost. These RSUs vest over three years, with one-third vesting on each of the first three anniversaries of the April 15, 2026 grant date, contingent on his continued service and the award terms.

In connection with the vesting of previously disclosed equity awards, 1,206 shares of Class A common stock were withheld at a price of $5.52 per share to satisfy tax withholding obligations. Following these equity compensation and tax-withholding entries, Correia directly holds 88,810 shares of Portillo's Class A common stock.

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Insider Correia Keith M
Role Chief Information Officer
Type Security Shares Price Value
Grant/Award Class A common stock 27,173 $0.00 --
Tax Withholding Class A common stock 1,206 $5.52 $7K
Holdings After Transaction: Class A common stock — 90,016 shares (Direct)
Footnotes (1)
  1. Represents restricted stock units subject to time-based vesting granted on April 15, 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. Represents shares deducted to satisfy tax withholding obligations on the vesting of previously disclosed awards.
RSUs granted 27,173 shares Restricted stock units granted on April 15, 2026
Tax withholding shares 1,206 shares Shares withheld at $5.52 to cover tax obligations
Withholding price $5.52 per share Value used for tax-withholding disposition
Shares held after transactions 88,810 shares Direct Class A common stock holdings post-Form 4 entries
restricted stock units financial
"Represents restricted stock units subject to time-based vesting granted on April 15, 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
"restricted stock units subject to time-based vesting granted on April 15, 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.
tax withholding obligations financial
"Represents shares deducted to satisfy tax withholding obligations on the vesting of previously disclosed awards"
grant, award, or other acquisition financial
"transaction_code_description: Grant, award, or other acquisition"
tax-withholding disposition financial
"transaction_action: tax-withholding disposition"
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Correia Keith M
(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. Issuer Name and Ticker or Trading Symbol
Portillo's Inc. [ PTLO ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Information Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/15/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Class A common stock04/15/2026A27,173(1)A$090,016D
Class A common stock04/15/2026F1,206(2)D$5.5288,810D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Represents restricted stock units subject to time-based vesting granted on April 15, 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.
2. Represents shares deducted to satisfy tax withholding obligations on the vesting of previously disclosed awards.
Remarks:
/s/ Kelly M. Kaiser, as attorney-in-fact for Keith M Correia04/16/2026
** Signature of Reporting PersonDate
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 4 (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 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Portillo's (PTLO) Chief Information Officer report in this Form 4?

The Form 4 shows Portillo's Chief Information Officer Keith M. Correia received a grant of 27,173 restricted stock units and had 1,206 shares withheld for taxes. After these entries, he directly holds 88,810 shares of Portillo's Class A common stock.

How many Portillo's (PTLO) shares were granted to Keith M. Correia?

Keith M. Correia was granted 27,173 restricted stock units representing Class A common stock. These units were awarded at no cash cost and are subject to time-based vesting over three years, tied to his continued service and the related award agreement terms.

How do the new RSUs granted to Portillo's (PTLO) CIO vest over time?

The 27,173 restricted stock units granted to Portillo's CIO vest in three equal installments. One-third vests on each of the first three anniversaries of the April 15, 2026 grant date, provided he continues serving the company and complies with the applicable award agreement.

Why were 1,206 Portillo's (PTLO) shares deducted in this Form 4 filing?

The 1,206 shares of Portillo's Class A common stock were deducted to satisfy tax withholding obligations. These relate to the vesting of previously disclosed equity awards, and were withheld at a price of $5.52 per share rather than sold in an open-market transaction.

How many Portillo's (PTLO) shares does the CIO hold after these Form 4 transactions?

After the reported grant and tax-withholding entries, Chief Information Officer Keith M. Correia directly holds 88,810 shares of Portillo's Class A common stock. This figure reflects the net position following the 27,173-share restricted stock grant and the 1,206 shares withheld for taxes.

Is the Portillo's (PTLO) Form 4 transaction an open-market buy or sell?

The Form 4 does not report any open-market buy or sell. It discloses an equity compensation grant of 27,173 restricted stock units and a tax-withholding disposition of 1,206 shares at $5.52 per share tied to vesting of previously reported awards, not market trades.