---
schema_version: "secwatch.filing_event.v1"
accession: "0001871509-24-000094"
form_type: "8-K/A"
ticker: "PTLO"
cik: "0001871509"
company_name: "Portillo's Inc."
filed_at: "2024-07-23T23:59:59+00:00"
generated_at: "2026-05-31T18:11:44.314503+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001871509-24-000094
- form_type: 8-K/A
- ticker: PTLO
- cik: 0001871509
- company_name: Portillo's Inc.
- filed_at: 2024-07-23T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1871509/000187150924000094/0001871509-24-000094-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1871509/000187150924000094/ptlo-20240529.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001871509-24-000094
- JSON: https://secwatch.observer/filing/0001871509-24-000094.json
- Plain text: https://secwatch.observer/filing/0001871509-24-000094.txt

## Key facts
- Executive change
  Derrick Pratt departed as Chief Operating Officer at Portillo's Inc..
  - Action: depart
  - Role: Chief Operating Officer
  source text: Derrick Pratt will depart from his role as the Company’s Chief Operating Officer, effective June 30, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1871509/000187150924000094/0001871509-24-000094-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.