secwatch.observer — SEC 8-K summary
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Issuer:     Portillo's Inc. (PTLO)
CIK:        0001871509
Form:       8-K
Filed at:   2024-05-30T23:59:59+00:00
Accession:  0001871509-24-000078
Event type: leadership
Sentiment:  negative
Materiality: 0.65
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Portillo's COO Derrick Pratt to depart effective June 30, 2024
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- Derrick Pratt will leave his role as Chief Operating Officer, effective June 30, 2024.
- Severance includes annual base salary, prorated 2024 bonus, COBRA reimbursement, and up to $25k outplacement.
- Unvested equity – 24,334 pre-IPO options and 20,834 RSUs – accelerate to vest on June 30, 2024.
- No successor has been announced; Pratt's departure treated as a qualifying termination under the SESP.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1871509/000187150924000078/0001871509-24-000078-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1871509/000187150924000078/ptlo-20240529.htm
  HTML page:      https://secwatch.observer/filing/0001871509-24-000078

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer