Portillo's COO Derrick Pratt to depart June 30; separation agreement includes 6-month salary, accelerated vesting

Portillo's Inc.

Departure effective June 30, 2024; separation agreement signed July 17, 2024 with general release and protective covenants.
Cash severance: 6 months' base salary paid over 6 months in normal payroll installments.
Accelerated vesting of 24,334 pre-IPO stock options and 20,834 RSUs scheduled to vest in 2024.
Prorated 2024 annual bonus, COBRA reimbursement subsidy, and up to $25,000 in outplacement services.
Other equity grants forfeited; pre-IPO options exercisable until 10th anniversary of grant.

item 5.02

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Departed

Derrick Pratt

Chief Operating Officer

PTLO · Portillo's Inc.

Effective: 2024-06-30
Filed: July 23, 2024, 7:59 PM ET

Derrick Pratt will depart from his role as the Company’s Chief Operating Officer, effective June 30, 2024.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Derrick Pratt departed as Chief Operating Officer at Portillo's Inc..

Action: depart
Role: Chief Operating Officer

Exact text from the filing

Derrick Pratt will depart from his role as the Company’s Chief Operating Officer, effective June 30, 2024.

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Portillo's Inc. filing history →

Source: SEC EDGAR

accession 0001871509-24-000094

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