Portillo's (PTLO) CIO has 601 shares withheld to cover tax bill

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Portillo's Inc. Chief Information Officer Keith M. Correia reported a routine share disposition related to taxes. On the vesting of a previously disclosed equity award, 601 shares of Class A common stock were deducted at $6.50 per share to satisfy tax withholding obligations, rather than being sold in the open market.

After this tax-withholding transaction, Correia directly held 88,209 shares of Portillo's Class A common stock, indicating that the event is a small adjustment to his overall equity position rather than a discretionary sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Correia Keith M

Role Chief Information Officer

Type	Security	Shares	Price	Value
Tax Withholding	Class A common stock	601	$6.50	$4K

Holdings After Transaction: Class A common stock — 88,209 shares (Direct, null)

Footnotes (1)

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Key Figures

Tax-withholding shares: 601 shares Tax-withholding price: $6.50 per share Shares held after transaction: 88,209 shares

3 metrics

Tax-withholding shares 601 shares Shares withheld to satisfy tax obligations on vesting award

Tax-withholding price $6.50 per share Value applied to the 601 withheld shares

Shares held after transaction 88,209 shares Direct holdings of Class A common stock after disposition

Key Terms

tax withholding obligations, vesting, Class A common stock, tax-withholding disposition

4 terms

tax withholding obligations financial

"Represents shares deducted to satisfy tax withholding obligations on the vesting"

vesting financial

"tax withholding obligations on the vesting of a previously disclosed award"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

Class A common stock financial

"security_title": "Class A common stock""

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

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 →

04/29/2026 - 04:55 PM

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

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/22/2026

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

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A common stock	04/22/2026		F		601⁽¹⁾	D	$6.5	88,209	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents shares deducted to satisfy tax withholding obligations on the vesting of a previously disclosed award.

Remarks:

	/s/ Kelly M. Kaiser, as attorney-in-fact for Keith M Correia	04/29/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Portillo's (PTLO) report for Keith M. Correia?

Portillo's reported that CIO Keith M. Correia had 601 Class A shares withheld at $6.50 each to cover tax obligations on a vesting equity award. This was a tax-withholding disposition, not an open-market purchase or sale of PTLO stock.

Was the Portillo's (PTLO) insider transaction an open-market sale?

No, the transaction was not an open-market sale. 601 PTLO Class A shares were deducted to satisfy tax withholding obligations tied to a vesting equity award, as disclosed in the footnote. This type of disposition is mechanical and does not reflect a discretionary trade.

How many Portillo's (PTLO) shares does Keith M. Correia hold after the transaction?

After the tax-withholding disposition, Keith M. Correia directly holds 88,209 shares of Portillo's Class A common stock. This shows the 601 shares withheld for taxes are small relative to his remaining PTLO equity position disclosed in the filing.

What price was used for the Portillo's (PTLO) tax-withholding shares?

The 601 Portillo's Class A shares used for tax withholding were valued at $6.50 per share in the transaction. This price is used to calculate the value of shares applied to satisfy the tax liability on the vesting award.

What does an F code mean in the Portillo's (PTLO) Form 4 transaction?

The F transaction code indicates shares were disposed of to pay an exercise price or tax liability. For PTLO, 601 Class A shares were withheld from CIO Keith M. Correia to cover tax withholding on a vesting award, rather than sold on the market.