Portillo's Chief Development Officer Michael Ellis to depart Oct 31, 2025

Portillo's Inc.

Mike Ellis departs as Chief Development Officer effective October 31, 2025; qualifies for Senior Executive Severance Plan.
Severance includes cash equal to annual base salary paid over severance period, prorated 2025 bonus, COBRA reimbursement, and outplacement up to $25,000.
Upon release, 6,208 RSUs (Apr 2026 vest) and 6,281 RSUs (May 2026 vest) will accelerate to October 31, 2025; all other equity forfeited.
Company expects to enter Separation Agreement with customary non-compete, non-solicit, and release provisions.

item 5.02

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