Hart Gerard Johan 4

What Happened Gerard Johan Hart, a director of Portillo's, exercised stock options on 2026-03-13 to acquire 50,070 shares at $5.33 per share, for a total exercise cost of $266,873. The Form 4 also reports a concurrent derivative disposition of 50,070 shares at $0.00. The reported transaction type is "M" (option exercise).

Key Details

• Transaction date: 2026-03-13 (reported on Form 4 filed 2026-03-16). Filing appears timely.
• Exercise: 50,070 shares acquired at $5.33 each — total cash paid $266,873. (Code M)
• Disposition: 50,070 shares reported disposed at $0.00 (listed as a derivative disposition).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnote: Options were originally granted 8/8/2016 under the 2014 Equity Incentive Plan, substituted under the 2021 Plan in the IPO; they vested in equal annual installments and are fully vested (F1).

Context This was an exercise of previously granted, fully vested options (not an open-market purchase). The simultaneous disposition entry at $0.00 often reflects net settlement or withholding related to an option exercise (e.g., to cover taxes or option cost) rather than an open-market sale, but the Form 4 does not state the reason. As always, insider option exercises are transactional facts and do not by themselves indicate future company performance.