Form 4: Portillo's Director Converts LLC Units to Class A Stock

Portillo's Director Ann G. Bordelon converted 17,789 LLC Units into Class A common stock, increasing her direct ownership.

Summary

• Ann G. Bordelon, a Director of Portillo's Inc. (PTLO), converted 17,789 LLC Units of PHD Group Holdings LLC into an equal number of Portillo's Class A common stock.
• The transaction took place on March 13, 2026, and was executed at a price of $0, indicating an exchange rather than a purchase or sale.
• Following this conversion, Ms. Bordelon's direct beneficial ownership of Class A common stock increased to 76,216 shares.
• Concurrently with the exchange, an equal number of Class B common stock held by Ms. Bordelon were cancelled for no additional consideration, in accordance with the LLC Agreement.
• The LLC Units are exchangeable for Class A common stock on a one-for-one basis, subject to certain conditions, and have no expiration date.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a routine insider transaction that converts existing equity interests into publicly traded shares, which is generally neutral in sentiment as it does not represent a new investment or divestment.

Positives

• Increases direct ownership of Portillo's Class A common stock by a director, aligning interests with public shareholders.
• Simplifies the director's equity structure by converting LLC Units into publicly traded shares.

Future Outlook

No forward-looking statements or guidance were provided in this filing.

Industry Context

StockSavvy.ai notes that this is a routine insider transaction, common for executives and directors holding equity in various forms (like LLC units) that convert into publicly traded shares. It does not reflect broader industry trends but rather a change in the structure of an insider's holdings.

Related Party Transactions

• The exchange of LLC Units for Class A common stock by a director is a related party transaction, executed under the terms of the Second Amended and Restated Limited Liability Company Agreement of PHD Group Holdings LLC.

Stakeholder Impact

• Shareholders: The transaction increases the direct Class A common stock ownership of a director, potentially aligning their interests more closely with public shareholders.
• Employees, Customers, Suppliers, Creditors: No direct impact on these stakeholders is indicated by this filing.

Key Dates

Keywords

Portillo's, PTLO, Insider Transaction, Form 4, Class A Common Stock, LLC Units, Equity Conversion, Director Ownership