secwatch.observer — SEC 8-K summary
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Issuer:     Portillo's Inc. (PTLO)
CIK:        0001871509
Form:       8-K/A
Filed at:   2025-10-06T23:59:59+00:00
Accession:  0001871509-25-000139
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Portillo's discloses interim CEO comp ($1.2M RSU) and former CEO severance (18-month salary)
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- Interim CEO Michael A. Miles, Jr. gets $60k annualized salary and $1.2M RSU vesting over one year; initial term three months.
- After initial term, Miles receives $400k RSU per month, vesting on one-year anniversary subject to continued service.
- Former CEO Michael Osanloo receives 18 months base salary continuation, prorated 2025 bonus, benefits, and outplacement up to $25k.
- Osanloo's 2018 stock options exercisable until 10th anniversary; severance subject to two-year non-compete and consulting through Dec 20, 2025.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1871509/000187150925000139/0001871509-25-000139-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1871509/000187150925000139/ptlo-20250921.htm
  HTML page:      https://secwatch.observer/filing/0001871509-25-000139

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