George Richard Cook III - Mar 10, 2023 Form 4 Insider Report for Portillo's Inc. (PTLO)

Role: Senior VP, Technology
Signature: By: /s/ Susan Shelton, as attorney-in-fact for Rick Cook
Stock symbol: PTLO
Transactions as of: Mar 10, 2023
Transactions value $: -$353,725
Form type: 4
Date filed: 3/14/2023, 04:40 PM
Previous filing: Mar 2, 2023
Next filing: Jun 2, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PTLO	Class A common stock	Sale	-$50.4K	-2.66K	-21.18%	$18.92	9.91K	Mar 10, 2023	Direct
transaction	PTLO	Class A common stock	Options Exercise	$69.9K	+16K	+161.5%	$4.37^*	25.9K	Mar 10, 2023	Direct	F1
transaction	PTLO	Class A common stock	Sale	-$303K	-16K	-61.76%	$18.96	9.91K	Mar 10, 2023	Direct	F2

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	Stock Option (right to buy)	Options Exercise	-$69.9K	-16K	-23.67%	$4.37^*	51.6K	Mar 10, 2023	Class A common stock	16K	$4.37	Direct	F1

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

Explanation of Responses:

Id	Content
F1	Represents options previously granted on 5/12/2020 pursuant to the Issuer's 2014 Equity Incentive Plan, which were substituted for options to purchase shares of Class A common stock under the Issuer's 2021 Equity Incentive Plan. The options vest and become exercisable in equal annual installments on each of the first five anniversaries of the grant date. Options expire on the tenth anniversary of the grant date.
F2	Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $18.89 to $19.05, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the aforementioned range.

Content

Represents options previously granted on 5/12/2020 pursuant to the Issuer's 2014 Equity Incentive Plan, which were substituted for options to purchase shares of Class A common stock under the Issuer's 2021 Equity Incentive Plan. The options vest and become exercisable in equal annual installments on each of the first five anniversaries of the grant date. Options expire on the tenth anniversary of the grant date.

Represents the weighted average sale price. These shares were sold in multiple transactions at prices ranging from $18.89 to $19.05, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the aforementioned range.