Form 4 for PTLO Portillo's Inc.
Accepted 2023-04-06 00:00:00 ET · period of report 2023-04-04 · accession 0000899243-23-010880 · SEC index · Original document
Summary rows
Aggregated the way they appear in lists: one row per insider, transaction code and security table.
| X | Filed | Traded | Ticker | Insider | Title | Type | Price | Qty | Owned | ΔOwn | Value |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DI | 2023-04-06 | 2023-04-04 | PTLO | Berkshire Partners Holdings LLC | Dir, 10% | A - Grant | $20.80 | +20.0K | 36.5K | +121% | +$415.0K |
| DI | 2023-04-06 | 2023-04-05 | PTLO | Berkshire Partners Holdings LLC | Dir, 10% | D - Sale to Iss | $20.80 | -161.4K | 5.92M | -3% | -$3.36M |
| DM | 2023-04-06 | 2023-04-05 | PTLO | Berkshire Partners Holdings LLC | Dir, 10% | D - Sale to Iss | $20.80 | -45.8K | 391.7K | -10% | -$953.2K |
| DI | 2023-04-06 | 2023-04-05 | PTLO | Berkshire Partners Holdings LLC | Dir, 10% | D - Sale to Iss | $20.80 | -388.4K | 14.25M | -3% | -$8.08M |
Purchase Sale Sale after option exercise All abbreviations
Every reported transaction
| # | Table | Security | Date | Code | A/D | Shares | Price | Owned after | Own | Exercise / expiry | Underlying | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Common | Class A common stock | 2023-04-04 | A | A | 19,951 | $20.80 | 36,479 | I See note | — | — | (F1) Represents 9,615 restricted stock units ("RSUs") granted to Richard Lubin and 10,336 RSUs granted to Joshua Lutzker on April 4, 2023 for their service on the Board of Directors of the Issuer, which will vest in full on December 31, 2023, in each case, subject to the director's continued service with the Issuer through such vesting date and the terms of the directors' applicable award agreements. (F2) Includes 19,951 unvested RSUs granted on April 4, 2023 and 8,000 unvested RSUs granted on January 18, 2022 to Richard Lubin and Joshua Lutzker in the aggregate for their service on the Board of Directors of the Issuer. The unvested RSUs are subject to time vesting, subject to the director's continued service with the Issuer through such vesting date, and the terms of the directors' applicable award agreements. Any securities issued to Mr. Lubin or Mr. Lutzker for service as a director of the Issuer are held by each of them for the benefit of funds or entities affiliated with Berkshire Partners LLC ("BP"). The Reporting Persons disclaim beneficial ownership of such securities, except to the extent of their pecuniary interest therein, and the inclusion of any securities in this report shall not be deemed an admission of beneficial ownership of the reported securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. |
| 2 | Common | Class A common stock | 2023-04-05 | D | D | 161,374 | $20.80 | 5,922,794 | I By Berkshire Fund VIII-A, L.P. | — | — | (F3) Represents shares of Class A common stock of the Issuer sold by Berkshire Fund VIII-A, L.P. ("VIII-A") to the Issuer pursuant to the Stock and Unit Purchase Agreement, dated as of March 3, 2023 (the "Purchase Agreement"). Such securities may be deemed to be beneficially owned by Berkshire Partners Holdings LLC ("BPH"); BPSP, L.P. ("BPSP"); Eighth Berkshire Associates LLC ("8BA"), its general partner; and BP, its investment adviser. BPH is the general partner of BPSP, which is the managing member of BP. As the managing member of BP, BPSP may be deemed to beneficially own shares of Class A common stock that are beneficially owned by BP. As the general partner of BPSP, BPH may be deemed to beneficially own shares of Class A common stock that are beneficially owned by BPSP. BPH, BPSP, VIII-A, 8BA and BP are under common control and may be deemed to be, but do not admit to being, a group for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Act"). (F4) (Continued from Footnote 3) Each of BPH, BPSP, VIII-A, 8BA and BP disclaims beneficial ownership of any securities except to the extent of its pecuniary interest therein. |
| 3 | Derivative | LLC Units of PHD Group Holdings LLC | 2023-04-05 | D | D | 35,153 | $20.80 | 1,290,206 | D | — · — to — | 35,153 Class A common stock | (F8) Represents LLC Units of PHD Group Holdings sold by Berkshire Investors IV LLC ("BI IV") to the Issuer pursuant to the Purchase Agreement. BI IV may be deemed to be, but does not admit to being, a member of a group holding over 10% of the outstanding common stock of the Issuer for purposes of Section 13(d)(3) of the Act and disclaims beneficial ownership of any securities except to the extent of its pecuniary interest therein. (F5) Pursuant to the Second Amended and Restated Limited Liability Company Agreement of PHD Group Holdings LLC ("PHD Group Holdings"), dated as of October 20, 2021, LLC Units (as defined therein) directly held by certain of the Reporting Persons are exchangeable for shares of Class A common stock on a one-for-one basis, subject to certain exceptions, conditions and adjustments. The LLC Units have no expiration date. Pursuant to the Purchase Agreement, in connection with the purchases of LLC Units by the Issuer as reported herein, an equal number of shares of Class B common stock of the Issuer held by the Reporting Persons were canceled for no consideration. |
| 4 | Derivative | LLC Units of PHD Group Holdings LLC | 2023-04-05 | D | D | 10,673 | $20.80 | 391,746 | D | — · — to — | 10,673 Class A common stock | (F7) Represents LLC Units of PHD Group Holdings sold by Berkshire Investors III LLC ("BI III") to the Issuer pursuant to the Purchase Agreement. BI III may be deemed to be, but does not admit to being, a member of a group holding over 10% of the outstanding common stock of the Issuer for purposes of Section 13(d)(3) of the Act and disclaims beneficial ownership of any securities except to the extent of its pecuniary interest therein. (F5) Pursuant to the Second Amended and Restated Limited Liability Company Agreement of PHD Group Holdings LLC ("PHD Group Holdings"), dated as of October 20, 2021, LLC Units (as defined therein) directly held by certain of the Reporting Persons are exchangeable for shares of Class A common stock on a one-for-one basis, subject to certain exceptions, conditions and adjustments. The LLC Units have no expiration date. Pursuant to the Purchase Agreement, in connection with the purchases of LLC Units by the Issuer as reported herein, an equal number of shares of Class B common stock of the Issuer held by the Reporting Persons were canceled for no consideration. |
| 5 | Derivative | LLC Units of PHD Group Holdings LLC | 2023-04-05 | D | D | 388,377 | $20.80 | 14,254,321 | I By Berkshire Fund VIII, L.P. | — · — to — | 388,377 Class A common stock | (F6) Represents LLC Units of PHD Group Holdings sold by Berkshire Fund VIII, L.P. ("VIII") to the Issuer pursuant to the Purchase Agreement. Such securities may be deemed to be beneficially owned by BPH; BPSP; 8BA, its general partner; and BP, its investment adviser. BPH, BPSP, VIII, 8BA and BP are under common control and may be deemed to be, but do not admit to being, a group for purposes of Section 13(d)(3) of the Act. Each of BPH, BPSP, VIII, 8BA and BP disclaims beneficial ownership of any securities except to the extent of its pecuniary interest therein. (F5) Pursuant to the Second Amended and Restated Limited Liability Company Agreement of PHD Group Holdings LLC ("PHD Group Holdings"), dated as of October 20, 2021, LLC Units (as defined therein) directly held by certain of the Reporting Persons are exchangeable for shares of Class A common stock on a one-for-one basis, subject to certain exceptions, conditions and adjustments. The LLC Units have no expiration date. Pursuant to the Purchase Agreement, in connection with the purchases of LLC Units by the Issuer as reported herein, an equal number of shares of Class B common stock of the Issuer held by the Reporting Persons were canceled for no consideration. |