# EDGAR Filing Document

**Accession Number:** 0001886815
**File Stem:** 0001193125-26-002729
**Filing Date:** 2026-1
**Character Count:** 10483
**Document Hash:** dc2f2e1eb7e6ef941122ba91013e7e94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-002729.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-002729

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260102

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Lutzker Joshua Adam
- **CENTRAL INDEX KEY:** 0001886815

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40951
- **FILM NUMBER:** 26507629

**MAIL ADDRESS:**
- **STREET 1:** C/O PORTILLO'S HOT DOGS, LLC
- **STREET 2:** 2001 SPRING ROAD, SUITE 400
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523-1903
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Portillo's Inc.
- **CENTRAL INDEX KEY:** 0001871509
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 871104304
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1228

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE PORTILLO RESTAURANT GROUP
- **STREET 2:** 2001 SPRING ROAD, SUITE 400
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523-1903
- **BUSINESS PHONE:** (630) 954-3773

**MAIL ADDRESS:**
- **STREET 1:** C/O THE PORTILLO RESTAURANT GROUP
- **STREET 2:** 2001 SPRING ROAD, SUITE 400
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523-1903

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Lutzker Joshua Adam<br><sub>(Last) (First) (Middle)</sub><br>C/O PORTILLO'S INC.<br>2001 SPRING ROAD, SUITE 400<br><sub>(Street)</sub><br>OAK BROOK, IL 60523<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-01-02 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Portillo's Inc. [ PTLO ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Class A Common Stock | 2026-01-02 |  | A |  | 46840<sup>(1)</sup> | A | $0 | 110890 | I | See note<sup>(2)(5)</sup> |
| Class A Common Stock |  |  |  |  |  |  |  | 1045630 | I | By Berkshire Fund VIII-A, L.P.<sup>(3)(4)(5)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| LLC Units of PHD Group Holdings LLC | <sup>(6)</sup> |  |  |  |  |  |  | <sup>(6)</sup> | <sup>(6)</sup> | Class A Common Stock | 2516498 |  | 2516498 | I | By Berkshire Fund VIII, L.P.<sup>(5)(7)</sup> |
| LLC Units of PHD Group Holdings LLC | <sup>(6)</sup> |  |  |  |  |  |  | <sup>(6)</sup> | <sup>(6)</sup> | Class A Common Stock | 69164 |  | 69164 | I | By Berkshire Investors III LLC<sup>(5)(8)</sup> |
| LLC Units of PHD Group Holdings LLC | <sup>(6)</sup> |  |  |  |  |  |  | <sup>(6)</sup> | <sup>(6)</sup> | Class A Common Stock | 227775 |  | 227775 | I | Berkshire Investors IV LLC<sup>(5)(9)</sup> |

---

### Footnotes:

(1) Represents restricted stock units ("RSUs") granted on January 2, 2026, which will vest in full on December 31, 2026, subject to the Reporting Person's continued service with the Issuer through such vesting date and the terms of the applicable award agreement.

(2) Any securities issued to the Reporting Person for service as a director of the Issuer is held by the Reporting Person for the benefit of funds or entities affiliated with Berkshire Partners LLC ("BP" and such affiliated funds or entities, the "BP Entities"). The Reporting Person disclaims beneficial ownership of such securities, except to the extent of the Reporting Person's 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.

(3) Represents shares of Class A Common Stock of the Issuer held by Berkshire Fund VIII-A, L.P. ("VIII-A"). 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").

(4) (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.

(5) The Reporting Person disclaims beneficial ownership of such securities beneficially owned by any of the BP Entities, except to the extent of the Reporting Person's 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.

(6) 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 BP Entities 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.

(7) Represents LLC Units of PHD Group Holdings held by Berkshire Fund VIII, L.P. ("VIII"). 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.

(8) Represents LLC Units of PHD Group Holdings held by Berkshire Investors III LLC ("BI III"). 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.

(9) Represents LLC Units of PHD Group Holdings held by Berkshire Investors IV LLC ("BI IV"). 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.

**Signature:** /s/ Joshua Adam Lutzker  
**Date:** 2026-01-05

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**