Ann G. Bordelon - 13 Mar 2026 Form 4 Insider Report for Portillo's Inc. (PTLO)

Role: Director
Signature: By: /s/ Kelly M. Kaiser, as attorney-in-fact for Ann G. Bordelon
Issuer symbol: PTLO
Transactions as of: 13 Mar 2026
Net transactions value: $0
Form type: 4
Filing time: 17 Mar 2026, 17:34:15 UTC
Previous filing: 02 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Bordelon Ann G.	Director	C/O AMERICA'S CAR-MART, INC., 1805 N. 2ND STREET, SUITE 401, ROGERS	By: /s/ Kelly M. Kaiser, as attorney-in-fact for Ann G. Bordelon	17 Mar 2026	0001761825

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PTLO	Class A common stock	Conversion of derivative security		+17,789	+30%	$0.000000^*	76,216	13 Mar 2026	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PTLO	LLC Units of PHD Group Holdings LLC	Conversion of derivative security		-17,789	-100%		0	13 Mar 2026	Class A common stock	17,789		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents shares of Class A common stock acquired in connection with the exchange by the Reporting Person of an equal number of LLC Units of PHD Group Holdings LLC in accordance with the terms of the Second Amended and Restated Limited Liability Company Agreement of PHD Group Holdings LLC, dated as of October 20, 2021 (the "LLC Agreement"). At the time of such exchange, an equal number of shares of Class B common stock of the Issuer held by the Reporting Person were cancelled, for no additional consideration, in accordance with the LLC Agreement.
F2	Pursuant to the LLC Agreement, LLC Units held by the Reporting Person are exchangeable for shares of Class A common stock on a one-for-one basis, subject to certain exceptions, conditions and adjustments. The LLC Units have no expiration date.

Content

Represents shares of Class A common stock acquired in connection with the exchange by the Reporting Person of an equal number of LLC Units of PHD Group Holdings LLC in accordance with the terms of the Second Amended and Restated Limited Liability Company Agreement of PHD Group Holdings LLC, dated as of October 20, 2021 (the "LLC Agreement"). At the time of such exchange, an equal number of shares of Class B common stock of the Issuer held by the Reporting Person were cancelled, for no additional consideration, in accordance with the LLC Agreement.

Pursuant to the LLC Agreement, LLC Units held by the Reporting Person are exchangeable for shares of Class A common stock on a one-for-one basis, subject to certain exceptions, conditions and adjustments. The LLC Units have no expiration date.