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[Form 4] Portillo's Inc. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

Portillo's Inc. (PTLO) insider disposition reported by Chief Development Officer Michael K. Ellis. The filing shows a sale of 1,133 shares of Class A common stock on 08/29/2025 at a reported price of $7.08 per share to satisfy tax withholding on vested awards. After the transaction, Mr. Ellis beneficially owned 48,328 shares, held directly. The form indicates the sale was a withholding to cover taxes on a previously disclosed award, not an open-market discretionary sale. The filing is signed by an attorney-in-fact on 09/02/2025.

Segnalazione di cessione da parte dell'insider Michael K. Ellis, Chief Development Officer di Portillo's Inc. (PTLO). La comunicazione indica la vendita di 1.133 azioni di azioni ordinarie di Classe A il 29/08/2025 al prezzo riportato di $7,08 per azione per soddisfare il prelievo fiscale su premi maturati. Dopo l'operazione, il sig. Ellis deteneva direttamente 48.328 azioni. Il modulo specifica che la vendita 猫 stata effettuata come ritenuta per tasse su un premio gi脿 comunicato in precedenza e non come vendita discrezionale sul mercato aperto. Il documento 猫 stato firmato da un mandatario il 02/09/2025.

Notificaci贸n de disposici贸n por parte del insider Michael K. Ellis, Chief Development Officer de Portillo's Inc. (PTLO). El informe muestra la venta de 1.133 acciones ordinarias Clase A el 29/08/2025 a un precio reportado de $7,08 por acci贸n para cubrir la retenci贸n fiscal sobre premios ya vencidos. Tras la transacci贸n, el Sr. Ellis pose铆a directamente 48.328 acciones. El formulario indica que la venta se realiz贸 como retenci贸n para impuestos sobre una adjudicaci贸n previamente divulgada y no como una venta discrecional en el mercado abierto. El documento fue firmado por un apoderado el 02/09/2025.

Portillo's Inc.(PTLO)鞚� 斓滉碃臧滊皽毂呾瀯鞛�(Chief Development Officer) Michael K. Ellis鞚� 雮措秬鞛� 觳橂秳 鞁犼碃. 鞁犼碃靹滌棎 霐半ゴ氅� 2025-08-29鞐� Class A 氤错喌欤� 1,133欤茧ゼ 欤茧嫻 氤搓碃 臧�瓴� $7.08鞐� 毵る弰頃橃棳 頇曥爼霅� 氤挫儊鞐� 雽�頃� 靹戈笀 鞗愳矞歆曥垬毳� 於╇嫻頄堧嫟瓿� 雮橃檧 鞛堨姷雼堧嫟. 瓯半灅 頉� Ellis 鞌姅 歆侅爲 48,328欤茧ゼ 氤挫湢頄堨姷雼堧嫟. 靹滌嫕鞐愲姅 鞚� 毵る弰電� 鞚挫爠鞐� 瓿奠嫓霅� 氤挫儊鞐� 雽�頃� 靹戈笀 鞗愳矞歆曥垬 氇╈爜鞚� 觳橂秳鞚措┌, 瓿店皽 鞁滌灔鞐愳劀鞚� 鞛勳潣 毵る弰電� 鞎勲媹霛缄碃 氇呾嫓霅橃柎 鞛堨姷雼堧嫟. 靹滊電� 2025-09-02鞐� 氩曤雽�毽澑鞐� 鞚橅暣 靹滊獏霅橃棃鞀惦媹雼�.

Op茅ration d'initi茅 signal茅e par Michael K. Ellis, Chief Development Officer de Portillo's Inc. (PTLO). Le d茅p么t indique la vente de 1 133 actions ordinaires de classe A le 29/08/2025 au prix d茅clar茅 de 7,08 $ par action afin de couvrir la retenue d'imp么t sur des attributions acquises. Apr猫s la transaction, M. Ellis poss茅dait directement 48 328 actions. Le formulaire pr茅cise qu'il s'agissait d'une retenue pour couvrir des imp么ts sur une attribution d茅j脿 divulgu茅e et non d'une vente discr茅tionnaire sur le march茅 ouvert. Le document a 茅t茅 sign茅 par un mandataire le 02/09/2025.

Insider-Transaktion gemeldet durch Michael K. Ellis, Chief Development Officer von Portillo's Inc. (PTLO). Die Meldung weist einen Verkauf von 1.133 Aktien der Klasse A am 29.08.2025 zu einem gemeldeten Preis von $7,08 pro Aktie aus, um die Steuerabz眉ge auf f盲llige Zuteilungen zu erf眉llen. Nach der Transaktion hielt Herr Ellis direkt 48.328 Aktien. Das Formular stellt klar, dass es sich um eine einbehaltene Steuerzahlung auf eine zuvor bekannt gegebene Zuteilung handelte und nicht um einen freiwilligen Verkauf am offenen Markt. Das Dokument wurde am 02.09.2025 von einem Bevollm盲chtigten unterschrieben.

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Insights

TL;DR: Small, routine withholding sale to cover taxes; limited impact on ownership or market.

The disposition of 1,133 shares at $7.08 per share appears to be a tax-withholding action tied to vesting rather than a voluntary cash sale for liquidity. The post-transaction beneficial ownership of 48,328 shares remains intact at the direct level, suggesting ongoing alignment with the company. Given the size relative to typical insider stakes and no indication of additional disposals, this transaction is unlikely to be material to PTLO's capital structure or market supply.

TL;DR: Compliance-focused filing showing proper Section 16 reporting and use of withholding for tax obligations.

The Form 4 documents required Section 16 reporting and notes the nature of the transaction as tax withholding on vested awards. The filing is executed by an attorney-in-fact, which is a standard practice. There are no indications of changes in role or additional derivative activity. From a governance perspective, this disclosure meets routine transparency expectations for insider award settlements.

Segnalazione di cessione da parte dell'insider Michael K. Ellis, Chief Development Officer di Portillo's Inc. (PTLO). La comunicazione indica la vendita di 1.133 azioni di azioni ordinarie di Classe A il 29/08/2025 al prezzo riportato di $7,08 per azione per soddisfare il prelievo fiscale su premi maturati. Dopo l'operazione, il sig. Ellis deteneva direttamente 48.328 azioni. Il modulo specifica che la vendita 猫 stata effettuata come ritenuta per tasse su un premio gi脿 comunicato in precedenza e non come vendita discrezionale sul mercato aperto. Il documento 猫 stato firmato da un mandatario il 02/09/2025.

Notificaci贸n de disposici贸n por parte del insider Michael K. Ellis, Chief Development Officer de Portillo's Inc. (PTLO). El informe muestra la venta de 1.133 acciones ordinarias Clase A el 29/08/2025 a un precio reportado de $7,08 por acci贸n para cubrir la retenci贸n fiscal sobre premios ya vencidos. Tras la transacci贸n, el Sr. Ellis pose铆a directamente 48.328 acciones. El formulario indica que la venta se realiz贸 como retenci贸n para impuestos sobre una adjudicaci贸n previamente divulgada y no como una venta discrecional en el mercado abierto. El documento fue firmado por un apoderado el 02/09/2025.

Portillo's Inc.(PTLO)鞚� 斓滉碃臧滊皽毂呾瀯鞛�(Chief Development Officer) Michael K. Ellis鞚� 雮措秬鞛� 觳橂秳 鞁犼碃. 鞁犼碃靹滌棎 霐半ゴ氅� 2025-08-29鞐� Class A 氤错喌欤� 1,133欤茧ゼ 欤茧嫻 氤搓碃 臧�瓴� $7.08鞐� 毵る弰頃橃棳 頇曥爼霅� 氤挫儊鞐� 雽�頃� 靹戈笀 鞗愳矞歆曥垬毳� 於╇嫻頄堧嫟瓿� 雮橃檧 鞛堨姷雼堧嫟. 瓯半灅 頉� Ellis 鞌姅 歆侅爲 48,328欤茧ゼ 氤挫湢頄堨姷雼堧嫟. 靹滌嫕鞐愲姅 鞚� 毵る弰電� 鞚挫爠鞐� 瓿奠嫓霅� 氤挫儊鞐� 雽�頃� 靹戈笀 鞗愳矞歆曥垬 氇╈爜鞚� 觳橂秳鞚措┌, 瓿店皽 鞁滌灔鞐愳劀鞚� 鞛勳潣 毵る弰電� 鞎勲媹霛缄碃 氇呾嫓霅橃柎 鞛堨姷雼堧嫟. 靹滊電� 2025-09-02鞐� 氩曤雽�毽澑鞐� 鞚橅暣 靹滊獏霅橃棃鞀惦媹雼�.

Op茅ration d'initi茅 signal茅e par Michael K. Ellis, Chief Development Officer de Portillo's Inc. (PTLO). Le d茅p么t indique la vente de 1 133 actions ordinaires de classe A le 29/08/2025 au prix d茅clar茅 de 7,08 $ par action afin de couvrir la retenue d'imp么t sur des attributions acquises. Apr猫s la transaction, M. Ellis poss茅dait directement 48 328 actions. Le formulaire pr茅cise qu'il s'agissait d'une retenue pour couvrir des imp么ts sur une attribution d茅j脿 divulgu茅e et non d'une vente discr茅tionnaire sur le march茅 ouvert. Le document a 茅t茅 sign茅 par un mandataire le 02/09/2025.

Insider-Transaktion gemeldet durch Michael K. Ellis, Chief Development Officer von Portillo's Inc. (PTLO). Die Meldung weist einen Verkauf von 1.133 Aktien der Klasse A am 29.08.2025 zu einem gemeldeten Preis von $7,08 pro Aktie aus, um die Steuerabz眉ge auf f盲llige Zuteilungen zu erf眉llen. Nach der Transaktion hielt Herr Ellis direkt 48.328 Aktien. Das Formular stellt klar, dass es sich um eine einbehaltene Steuerzahlung auf eine zuvor bekannt gegebene Zuteilung handelte und nicht um einen freiwilligen Verkauf am offenen Markt. Das Dokument wurde am 02.09.2025 von einem Bevollm盲chtigten unterschrieben.

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*
Ellis Michael K
(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)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Development Officer
3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025
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 08/29/2025 F 1,133(1) D $7.08 48,328 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 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 Michael K. Ellis 09/02/2025
** 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.

Source:

FAQ

What transaction did Michael K. Ellis report on Form 4 for PTLO?

He reported a disposition of 1,133 shares of Class A common stock on 08/29/2025 at $7.08 per share to satisfy tax withholding on vested awards.

How many PTLO shares does Michael K. Ellis own after the reported transaction?

Following the transaction, he beneficially owned 48,328 shares, held directly.

Was the reported sale an open-market sale or a tax-related withholding?

The filing explains the shares were deducted to satisfy tax withholding obligations on the vesting of a previously disclosed award.

When was the Form 4 signed and who signed it?

The Form 4 was signed by Kelly M. Kaiser, as attorney-in-fact for Michael K. Ellis on 09/02/2025.

Does the Form 4 disclose any derivative transactions or additional securities classes?

No. The filing only reports a non-derivative disposition of Class A common stock and contains no entries in the derivative securities section.
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Portillo'S Inc.

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OAK BROOK