Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-12

Portillo's (PTLO)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$7,326,910
Michael Osanloo total, FY2025
Former President and Chief Executive Officerhighest-paid officer; CEO Michael Miles Jr.: $1,467,689
1st
CEO (Michael Miles Jr.) pay percentile vs peers
74:1
CEO-to-median pay ratio
91.28%
Say-on-pay support, latest vote
Companies that benchmark against PTLO
4 companies name PTLO as a compensation peer

Each company listed discloses PTLO in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PTLO in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Osanloo$684,000$0$2,000,000$4,352,034$0$0$290,876$7,326,910
Former President and Chief Executive Officer
Michelle Hook468,91801,234,45900048,4241,751,801
Chief Financial Officer and Treasurer
Michael Miles Jr.16,31901,320,000000131,3701,467,689
Interim President and Chief Executive Officer
Tony Darden465,0000857,50000021,5941,344,094
Chief Operating Officer
Jill Waite420,3190660,16000047,4021,127,881
Chief People Officer
Kelly Kaiser380,0000640,0000007,6141,027,614
General Counsel and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Michael Osanloo$7,326,910$5,871,407$2,047,180+1,455,503
Michelle Hook1,751,8011,761,633940,247−9,832
Michael Miles Jr.1,467,689
Tony Darden1,344,094
Jill Waite1,127,8811,136,939715,342−9,058
Kelly Kaiser1,027,614994,599+33,015

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Tony DardenPSU2025-04-1525,86951,738$312,500
Tony DardenRSU2025-10-3143,457232,500
Tony DardenRSU2025-04-1525,869
Michelle HookRSU2025-10-3143,824234,458
Michelle HookPSU2025-04-1541,39182,782500,000
Michelle HookRSU2025-04-1541,391
Kelly KaiserPSU2025-04-1518,62637,252225,000
Kelly KaiserRSU2025-04-1518,626
Kelly KaiserRSU2025-10-3135,514190,000
Michael Miles Jr.RSU2025-04-159,933120,000
Michael Miles Jr.RSU2025-10-15199,0051,200,000
Michael OsanlooPSU2025-04-15165,563331,1262,000,000
Michael OsanlooOPTION2025-04-15307,692
Jill WaitePSU2025-04-1518,62637,252225,000
Jill WaiteRSU2025-04-1518,626
Jill WaiteRSU2025-10-3139,282210,160
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Tony Darden$232,500$312,500$057.3%
Michelle Hook234,458500,000068.1%
Kelly Kaiser190,000225,000054.2%
Michael Miles Jr.1,320,000000.0%
Michael Osanloo02,000,0000100.0%
Jill Waite210,160225,000051.7%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael Miles Jr.RSU199,005$937,314
Michelle HookRSU43,824206,411
Tony DardenRSU43,457204,682
Michelle HookPSU41,876197,236
Michelle HookRSU41,391194,952
Michelle HookPSU41,391194,952
Jill WaiteRSU39,282185,018
Kelly KaiserRSU35,514167,271
Michelle HookRSU27,918131,494
Kelly KaiserRSU12,56359,172
Tony DardenRSU25,869121,843
Tony DardenPSU25,869121,843
Tony DardenRSU19,69892,778
Jill WaitePSU18,84488,755
Kelly KaiserPSU18,84488,755
Jill WaiteRSU18,62687,728
Jill WaitePSU18,62687,728
Kelly KaiserRSU18,62687,728
Kelly KaiserPSU18,62687,728
Jill WaiteRSU12,56359,172
Tony DardenPSU12,50058,875
Kelly KaiserRSU1,4937,032
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company’s executive compensation philosophy is designed to drive sustained performance, align with long-term shareholder value creation, and support the retention of key leadership talent. A significant majority of executive pay is variable and contingent upon the achievement of pre-established, objective performance goals to reinforce a strong pay-for-performance orientation.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantMeridian Compensation Partners, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0938,587,2293,260,842426,86491.28%Passed
20252025-06-1051,681,8902,492,248163,82395.11%Passed
20242024-06-0349,673,3992,267,324125,10395.4%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0991.28%a
20252025-06-1095.11%b
20242024-06-0395.4%c

a. Approved under the standard stated in the filing — “Abstentions shall be counted as a vote against the proposal and broker non-votes shall have no effect.”.

b. Approved under the standard stated in the filing — “Abstentions shall be counted as a vote against the proposal and broker non-votes shall have no effect.”.

c. Approved under the standard stated in the filing — “Abstentions shall be counted as a vote against the proposal and broker non-votes shall have no effect.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)74 : 1
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Ann BordelonIndependent · Audit (Chair)$105,000$120,000$0$0$225,000
Gerard J. HartIndependent · Compensation (Chair)100,000120,00000220,000
Joshua A. LutzkerIndependent · Compensation · Nominating and Corporate Governance (Chair)0215,00000215,000
Paulette DodsonIndependent · Audit · Nominating and Corporate Governance80,000120,00000200,000
Jack HartungIndependent · Audit0200,00000200,000
Noah GlassIndependent · Audit80,000120,00000200,000
Eugene I. Lee JrIndependent · Board Chair · Compensation0129,16600129,166
Brett PattersonEmployee director · Newly elected0
Michael A. Miles JrNot independent · Not standing for re-election · Newly elected
09

Board fee structure and ownership guideline

Annual cash retainer$80,000
Annual equity retainer$120,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 15,000
Stock ownership guideline$320,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$365,000
Equity awards (grant-date value)$1,024,166
All other compensation$0
Total cost of the board$1,389,166

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Portillo's names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Portillo's.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Wingstop Inc.2025Michael Skipworth$959,231$32,590,697$0$1,708,800$35,288,595
2Dave & Buster's Entertainment, Inc.2025Tarun Lal452,3087,590,7636,458,289014,502,745
3First Watch Restaurant Group, Inc.2025Chris Tomasso932,7939,576,3650963,61011,523,150
4Papa John's International, Inc.2025Todd Penegor1,000,0005,300,02601,585,5008,442,953
5Shake Shack Inc.2025Robert Lynch1,000,0005,000,16101,011,7507,210,818
6Dine Brands Global, Inc.2025John Peyton1,000,0002,213,57702,158,5005,417,315
7The Wendy's Company2025Kirk Tanner559,7264,019,990004,590,665
8Cava Group, Inc.2025Brett Schulman861,538999,9061,000,040982,1063,859,478
9El Pollo Loco Holdings, Inc.2025Elizabeth Williams750,9501,434,000717,000581,1623,539,320
10BJ's Restaurants, Inc.2025Lyle Tick710,7691,567,179319,590637,1433,441,781
11Sweetgreen, Inc.2025Jonathan Neman550,00002,675,93703,226,081
12Portillo's2025Michael Miles Jr.16,3191,320,000001,467,689
Kura Sushi USA Inc.not in coverage universe
Dutch Bros Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Portillo'snot disclosedPSU 50 · RSU 50 · Option 50not disclosedMeridian Compensation Partners, LLC
BJ's Restaurants, Inc.100%PSU 60 · RSU 20 · Options 20Yes — Relative Total Shareholder Return (TSR)Frederic W. Cook & Co., Inc.
Cava Group, Inc.not disclosedRSU 50 · PSU 50not disclosedPearl Meyer & Partners, LLC
Dave & Buster's Entertainment, Inc.not disclosedRSU 33 · PSU 33 · Options 33NoFW Cook
Dine Brands Global, Inc.91.96%Cash LTI 75 · RSU 25NoExequity LLP
Dutch Bros Inc.not disclosednot disclosednot disclosednot disclosed
El Pollo Loco Holdings, Inc.77.5%PSU 33 · RSU 33 · Options 33NoSemler Brossy
First Watch Restaurant Group, Inc.not disclosedRSU 100not disclosedAon Consulting Inc.
Kura Sushi USA Inc.not disclosednot disclosednot disclosednot disclosed
Papa John's International, Inc.105.7%RSU 50 · PSU 50NoMeridian Compensation Partners
Shake Shack Inc.67.5%PSU 60 · RSU 40NoPearl Meyer & Partners
Sweetgreen, Inc.not disclosedOptions 100not disclosedSemler Brossy Consulting Group LLC
The Wendy's Company39.6%PSU 60 · Options 25 · RSU 15NoFW Cook
Wingstop Inc.142%PSU 60 · RSU 40NoFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael OsanlooDEF 14A2026-04-170001871509-26-000024Section “Summary Compensation Table” · page 65. As printed: 7,326,910. Filing ↗machine: r2 · c45 · span 1081849–1081858
2Section 01, Michelle HookDEF 14A2026-04-170001871509-26-000024Section “Summary Compensation Table” · page 65. As printed: 1,751,801. Filing ↗machine: r6 · c45 · span 1094496–1094505
3Section 01, Michael Miles Jr.DEF 14A2026-04-170001871509-26-000024Section “Summary Compensation Table” · page 65. As printed: 1,467,689. Filing ↗machine: r5 · c45 · span 1091132–1091141
4Section 01, Tony DardenDEF 14A2026-04-170001871509-26-000024Section “Summary Compensation Table” · page 65. As printed: 1,344,094. Filing ↗machine: r9 · c45 · span 1103928–1103937
5Section 01, Jill WaiteDEF 14A2026-04-170001871509-26-000024Section “Summary Compensation Table” · page 65. As printed: 1,127,881. Filing ↗machine: r10 · c45 · span 1107265–1107274
6Section 01, Kelly KaiserDEF 14A2026-04-170001871509-26-000024Section “Summary Compensation Table” · page 65. As printed: 1,027,614. Filing ↗machine: r13 · c45 · span 1116702–1116711
7Section 03, Tony Darden PSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
8Section 03, Tony Darden RSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1206939–1206946
9Section 03, Tony Darden RSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1201567–1201573
10Section 03, Michelle Hook RSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1197583–1197590
11Section 03, Michelle Hook PSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
12Section 03, Michelle Hook RSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1192211–1192217
13Section 03, Kelly Kaiser PSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
14Section 03, Kelly Kaiser RSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1220313–1220319
15Section 03, Kelly Kaiser RSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1226263–1226270
16Section 03, Michael Miles Jr. RSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
17Section 03, Michael Miles Jr. RSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
18Section 03, Michael Osanloo PSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
19Section 03, Michael Osanloo OPTIONDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1177912–1177919
20Section 03, Jill Waite PSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
21Section 03, Jill Waite RSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1210922–1210928
22Section 03, Jill Waite RSUDEF 14A2026-04-170001871509-26-000024Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1216294–1216301
23Section 07, pay ratioDEF 14A2026-04-170001871509-26-000024Section “CEO Pay Ratio”. As printed: 74 : 1. Filing ↗
24Section 08, Ann BordelonDEF 14A2026-04-170001871509-26-000024Section “Director Compensation”. As printed: 225,000. Filing ↗
25Section 08, Gerard J. HartDEF 14A2026-04-170001871509-26-000024Section “Director Compensation”. As printed: 220,000. Filing ↗
26Section 08, Joshua A. LutzkerDEF 14A2026-04-170001871509-26-000024Section “Director Compensation”. As printed: 215,000. Filing ↗
27Section 08, Paulette DodsonDEF 14A2026-04-170001871509-26-000024Section “Director Compensation”. As printed: 200,000. Filing ↗
28Section 08, Jack HartungDEF 14A2026-04-170001871509-26-000024Section “Director Compensation”. As printed: 200,000. Filing ↗
29Section 08, Noah GlassDEF 14A2026-04-170001871509-26-000024Section “Director Compensation”. As printed: 200,000. Filing ↗
30Section 08, Eugene I. Lee JrDEF 14A2026-04-170001871509-26-000024Section “Director Compensation”. As printed: 129,166. Filing ↗
31Section 08, Brett PattersonDEF 14A2026-04-170001871509-26-000024Section “Director Compensation”. As printed: 0. Filing ↗
32Section 08, Michael A. Miles JrDEF 14A2026-04-170001871509-26-000024Section “Director Compensation”. As printed: —. Filing ↗
33Section 06, 2026 voteForm 8-K2026-06-120001871509-26-000041Item 5.07 · say-on-pay result. As reported: 91.28% (votes for as printed: 38,587,229). Filing ↗
34Section 06, 2025 voteForm 8-K2025-06-130001871509-25-000108Item 5.07 · say-on-pay result. As reported: 95.11% (votes for as printed: 51,681,890). Filing ↗
35Section 06, 2024 voteForm 8-K2024-06-050001871509-24-000091Item 5.07 · say-on-pay result. As reported: 95.4% (votes for as printed: 49,673,399). Filing ↗
36Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
37Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
38Section 09b board cost (computed)ComputedcomputedCash 365,000 + equity 1,024,166 + all other 0 = 1,389,166, summed across the director compensation table rows.machine: formula: Σ = 1,389,166
39Wingstop Inc., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140360CEO total compensation as printed in Wingstop Inc.'s own proxy. As printed: 35,288,595. Filing ↗machine: t256 · r4 · c39 · span 885907–885917
40Dave & Buster's Entertainment, Inc., Section 10b CEO totalDEF 14A2026-05-060001525769-26-000018CEO total compensation as printed in Dave & Buster's Entertainment, Inc.'s own proxy. As printed: 14,502,745. Filing ↗machine: t109 · r2 · c21 · span 822340–822350
41First Watch Restaurant Group, Inc., Section 10b CEO totalDEF 14A2026-04-080001789940-26-000048CEO total compensation as printed in First Watch Restaurant Group, Inc.'s own proxy. As printed: 11,523,150. Filing ↗machine: r2 · c48 · span 437281–437291
42Papa John's International, Inc., Section 10b CEO totalDEF 14A2026-03-260001628280-26-021204CEO total compensation as printed in Papa John's International, Inc.'s own proxy. As printed: 8,442,953. Filing ↗machine: r4 · c27 · span 841964–841973
43Shake Shack Inc., Section 10b CEO totalDEF 14A2026-04-290001104659-26-051572CEO total compensation as printed in Shake Shack Inc.'s own proxy. As printed: 7,210,818. Filing ↗machine: r1 · c54 · span 604209–604218
44Dine Brands Global, Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-127555CEO total compensation as printed in Dine Brands Global, Inc.'s own proxy. As printed: 5,417,315. Filing ↗machine: r4 · c31 · span 603550–603559
45The Wendy's Company, Section 10b CEO totalDEF 14A2026-04-020001193125-26-140220CEO total compensation as printed in The Wendy's Company's own proxy. As printed: 4,590,665. Filing ↗machine: t191 · r15 · c39 · span 1049351–1049360
46Cava Group, Inc., Section 10b CEO totalDEF 14A2026-04-240001628280-26-027224CEO total compensation as printed in Cava Group, Inc.'s own proxy. As printed: 3,859,478. Filing ↗machine: r4 · c24 · span 549451–549460
47El Pollo Loco Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-300001606366-26-000021CEO total compensation as printed in El Pollo Loco Holdings, Inc.'s own proxy. As printed: 3,539,320. Filing ↗machine: t144 · r5 · c23 · span 798734–798743
48BJ's Restaurants, Inc., Section 10b CEO totalDEF 14A2026-04-220001193125-26-169008CEO total compensation as printed in BJ's Restaurants, Inc.'s own proxy. As printed: 3,441,781. Filing ↗machine: span 2374397–2374406
49Sweetgreen, Inc., Section 10b CEO totalDEF 14A2026-04-230001140361-26-016260CEO total compensation as printed in Sweetgreen, Inc.'s own proxy. As printed: 3,226,081. Filing ↗machine: r2 · c25 · span 758912–758922
50Portillo's (subject), Section 10b CEO totalDEF 14A2026-04-170001871509-26-000024CEO total compensation as printed in Portillo's's own proxy. As printed: 1,467,689. Filing ↗machine: r5 · c45 · span 1091132–1091141
51Section 10a, Sweetgreen, Inc. reciprocityDEF 14A0001140361-26-016260Sweetgreen, Inc. names Portillo's in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, BJ's Restaurants, Inc. reciprocityDEF 14A0001193125-26-169008BJ's Restaurants, Inc.'s most recent proxy was read; its disclosed peer group does not include Portillo's. Filing ↗
53Section 10a, Shake Shack Inc. reciprocityDEF 14A0001104659-26-051572Shake Shack Inc.'s most recent proxy was read; its disclosed peer group does not include Portillo's. Filing ↗
54Section 10a, Papa John's International, Inc. reciprocityDEF 14A0001628280-26-021204Papa John's International, Inc.'s most recent proxy was read; its disclosed peer group does not include Portillo's. Filing ↗
55Section 10a, First Watch Restaurant Group, Inc. reciprocityDEF 14A0001789940-26-000048First Watch Restaurant Group, Inc. names Portillo's in its own disclosed peer group (read from its most recent proxy). Filing ↗
56Section 10a, Dave & Buster's Entertainment, Inc. reciprocityDEF 14A0001525769-26-000018Dave & Buster's Entertainment, Inc.'s most recent proxy was read; its disclosed peer group does not include Portillo's. Filing ↗
57Section 10a, Wingstop Inc. reciprocityDEF 14A0001193125-26-140360Wingstop Inc.'s most recent proxy was read; its disclosed peer group does not include Portillo's. Filing ↗
58Section 10a, The Wendy's Company reciprocityDEF 14A0001193125-26-140220The Wendy's Company's most recent proxy was read; its disclosed peer group does not include Portillo's. Filing ↗
59Section 10a, Dine Brands Global, Inc. reciprocityDEF 14A0001193125-26-127555Dine Brands Global, Inc.'s most recent proxy was read; its disclosed peer group does not include Portillo's. Filing ↗
60Section 10a, Cava Group, Inc. reciprocityDEF 14A0001628280-26-027224Cava Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Portillo's. Filing ↗