Director Michael Miles receives 47,004 RSUs at Portillo's (PTLO)

Rhea-AI Filing Summary

Miles Michael reported acquisition or exercise transactions in this Form 4 filing.

Portillo's Inc. director Michael Miles reported an equity award of 47,004 restricted stock units representing Class A common stock. These RSUs were granted on March 2, 2026 and will vest in full on December 31, 2026, as long as he continues serving the company through that date. Following this grant, his directly held stake increased to 446,917 shares or units.

SEC Form 4

FORM 4

UNITED 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

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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^*

Miles Michael

(Last) (First) (Middle)

C/O PORTILLO'S INC.

2001 SPRING ROAD, SUITE 400

(Street)

OAK BROOK IL 60523

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

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

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 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)
			Code	V	Amount	(A) or (D)	Price
Class A common stock	03/02/2026		A		47,004(1)	A	$0	446,917	D

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted stock units ("RSUs") granted on March 2, 2026, which will vest in full on December 31, 2026, subject to the Reporting Person's continued service with the Issuer through such vesting date and the terms of the applicable award agreement.

Remarks:

	By: /s/ Kelly M. Kaiser, as attorney-in-fact for Michael Miles	03/04/2026
	** 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 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.

FAQ

What did Portillo's (PTLO) director Michael Miles report in this Form 4?

Michael Miles reported receiving 47,004 restricted stock units in Portillo's Class A common stock. The award reflects equity-based compensation and increases his directly held position to 446,917 shares or units after the transaction, according to the Form 4 disclosure.

When do Michael Miles’ new Portillo's (PTLO) RSUs vest?

The 47,004 restricted stock units granted to Michael Miles vest in full on December 31, 2026. Vesting is conditioned on his continued service with Portillo's through that date under the terms of the applicable award agreement described in the Form 4.

How many Portillo's (PTLO) shares does Michael Miles hold after this grant?

After the RSU grant, Michael Miles beneficially owns 446,917 Portillo's Class A shares or equivalent units directly. This total includes the newly awarded 47,004 restricted stock units reported in the Form 4 insider transaction filing.

What type of security was granted to Michael Miles by Portillo's (PTLO)?

Portillo's granted Michael Miles restricted stock units tied to its Class A common stock. The Form 4 specifies 47,004 RSUs, which convert into shares upon vesting, subject to continued service and the conditions in the related award agreement.

Does the Portillo's (PTLO) Form 4 indicate a market purchase or sale by Michael Miles?

No, the Form 4 reflects a grant or award acquisition, not an open-market trade. The 47,004 units are restricted stock units awarded as compensation, with a transaction code indicating a grant rather than a purchase or sale.