Bordelon Ann G. 4

What Happened

• Ann G. Bordelon, a director of Portillo's Inc. (PTLO), reported converting derivative securities into 17,789 shares of Class A common stock on March 13, 2026. The shares were issued at $0 per share (no cash paid).
• The filing also shows a corresponding derivative disposition reflecting the cancellation of an equal number (17,789) of Class B shares held by Bordelon in connection with the exchange under the LLC agreement.

Key Details

• Transaction date: 2026-03-13 (reported on Form 4 filed 2026-03-17).
• Transaction type/code: Conversion of derivative security (C) — 17,789 shares acquired at $0.00.
• Shares owned after the transaction: Not specified in the provided filing details.
• Footnotes: F1 — the Class A shares were received in exchange for an equal number of PHD Group Holdings LLC units; equal number of Class B shares were cancelled for no additional consideration. F2 — LLC units are generally exchangeable one-for-one for Class A shares and have no expiration.
• Timeliness: Filed within the normal Form 4 window (transaction 3/13, filing 3/17), so the report appears timely.

Context

• This was not an open-market purchase or sale but an in-kind conversion of previously held LLC units into Class A common stock under the LLC agreement. No cash changed hands, and the transaction reflects a structural conversion of ownership interests rather than a market trade.