Bordelon Ann G. 4

4 · Portillo's Inc. · Filed Mar 17, 2026

AI-generated summary of this filing

Updated Mar 17, 2026

Portillo's (PTLO) Director Ann Bordelon Converts 17,789 Shares

What Happened

Ann G. Bordelon, a director of Portillo's Inc. (PTLO), reported converting derivative securities into 17,789 shares of Class A common stock on March 13, 2026. The shares were issued at $0 per share (no cash paid).
The filing also shows a corresponding derivative disposition reflecting the cancellation of an equal number (17,789) of Class B shares held by Bordelon in connection with the exchange under the LLC agreement.

Key Details

Transaction date: 2026-03-13 (reported on Form 4 filed 2026-03-17).
Transaction type/code: Conversion of derivative security (C) — 17,789 shares acquired at $0.00.
Shares owned after the transaction: Not specified in the provided filing details.
Footnotes: F1 — the Class A shares were received in exchange for an equal number of PHD Group Holdings LLC units; equal number of Class B shares were cancelled for no additional consideration. F2 — LLC units are generally exchangeable one-for-one for Class A shares and have no expiration.
Timeliness: Filed within the normal Form 4 window (transaction 3/13, filing 3/17), so the report appears timely.

Context

This was not an open-market purchase or sale but an in-kind conversion of previously held LLC units into Class A common stock under the LLC agreement. No cash changed hands, and the transaction reflects a structural conversion of ownership interests rather than a market trade.

Form 4

Period: 2026-03-13

Director

Transactions

Conversion
Class A common stock
[F1]
2026-03-13+17,789→ 76,216 total
Conversion
LLC Units of PHD Group Holdings LLC
[F2][F1]
2026-03-13−17,789→ 0 total
→ Class A common stock (17,789 underlying)

Footnotes (2)

[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.

Signature

By: /s/ Kelly M. Kaiser, as attorney-in-fact for Ann G. Bordelon|2026-03-17

1 file