Michael K. Ellis - Aug 29, 2022 Form 3 Insider Report for Portillo's Inc. (PTLO)

Role
Chief Development Officer
Signature
/s/ Susan Shelton, as attorney-in-fact for Michael K. Ellis
Stock symbol
PTLO
Transactions as of
Aug 29, 2022
Transactions value $
$0
Form type
3
Date filed
8/31/2022, 04:33 PM
Next filing
Dec 28, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding PTLO Class A common stock 14K Aug 29, 2022 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
holding PTLO Stock Option (right to buy) Aug 29, 2022 Class A common stock 68.1K $22.19 Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents restricted stock units subject to time-based vesting granted on August 29, 2022, 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.
F2 Represents stock options granted pursuant to the Issuer's 2021 Equity Incentive Plan, which vest in installments as follows: (i) one-third on the third anniversary of the grant date if the volume weighted average price of the Class A common stock for any 20 consecutive trading day period (the "20-Day VWAP") between the second and third anniversaries of the grant date is at least $30.00 per share, (ii) one-third on the fourth anniversary of the grant date if the 20-Day VWAP between the third and fourth anniversaries of the grant date is at least $40.00 per share, and (iii) one-third on the fifth anniversary of the grant date if the 20-Day VWAP between the fourth and fifth anniversaries of the grant date is at least $50.00 per share, each subject to adjustment and earlier acceleration or forfeiture.

Remarks:

Exhibit 24 - Power of Attorney (incorporated herein by reference).