Portillo's Inc.: Chief people officer to depart

What happened Portillo's Inc. reported that on Oct 5, 2026 the company and Chief People Officer Jill Waite agreed that Ms. Waite will depart effective Nov 1, 2026. The filing says the departure will be treated as a qualifying termination under the company’s Senior Executive Severance Plan (SESP) and that the company intends to enter into a Separation Agreement with Ms. Waite.

Key details

• Separation Agreement expected to include a general release and customary protective covenants, including confidentiality, non-competition, employee and customer non-solicitation, non-disparagement, and cooperation.
• Subject to timely execution and non-revocation of the release, expected payments and benefits under the SESP: (a) cash equal to Ms. Waite’s annual base salary payable in substantially equal installments over the applicable severance period; (b) any earned 2026 annual bonus, prorated and payable in a lump sum when the company pays out the applicable annual bonus; (c) COBRA reimbursement for health insurance continuation costs in excess of employee cost until the earlier of the end of the COBRA period or the date Ms. Waite obtains comparable coverage; and (d) outplacement services for up to 12 months, up to a maximum value of $25,000.
• Ms. Waite’s outstanding stock option awards granted Aug 7, 2019 will remain exercisable until the 10th anniversary of the grant date. The filing expects that 19,795 and 6,282 restricted stock units scheduled to vest Apr 15, 2027 and May 2, 2027, respectively, will vest effective Nov 2, 2026; any other equity awards outstanding as of the termination date will be forfeited the day after the termination date.

Why it may matter This item was reported under Item 5.02, which covers departures of directors or certain officers. The filing describes the agreed departure, the company’s expectation to enter a Separation Agreement, and the severance and equity treatments described above. A filing does not show why the insider traded or why the company acted.