secwatch.observer — SEC 8-K summary
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Issuer:     Portillo's Inc. (PTLO)
CIK:        0001871509
Form:       8-K/A
Filed at:   2024-07-23T23:59:59+00:00
Accession:  0001871509-24-000094
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1871509/000187150924000094/0001871509-24-000094-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1871509/000187150924000094/ptlo-20240529.htm
  HTML page:      https://secwatch.observer/filing/0001871509-24-000094

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