<SUBMISSION>
<ACCESSION-NUMBER>0001193125-07-060643
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20070315
<ITEMS>1.01
<ITEMS>5.02
<ITEMS>9.01
<FILING-DATE>20070321
<DATE-OF-FILING-DATE-CHANGE>20070321
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CHIPOTLE MEXICAN GRILL INC
<CIK>0001058090
<ASSIGNED-SIC>5810
<IRS-NUMBER>841219301
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-32731
<FILM-NUMBER>07709560
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1543 WAZEE STREET
<STREET2>SUITE 200
<CITY>DENVER
<STATE>CO
<ZIP>80202
<PHONE>3035954000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1543 WAZEE STREET
<STREET2>SUITE 200
<CITY>DENVER
<STATE>CO
<ZIP>80202
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
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<HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="5"><B>FORM 8-K </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="3"><B>CURRENT REPORT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Securities Exchange Act of 1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Date of Report (Date of earliest event reported): March&nbsp;15, 2007 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>CHIPOTLE MEXICAN GRILL, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact
name of registrant as specified in its charter) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Delaware</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>1-32731</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>84-1219301</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(State or other jurisdiction<BR>of incorporation)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Commission File Number)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(I.R.S. Employer<BR>Identification No.)</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>1543 Wazee Street, Suite 200 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Denver, CO 80202 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of principal executive offices) (Zip Code)
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number, including area code: (303)&nbsp;595-4000 </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Not Applicable </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Former name or
former address, if changed since last report) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR></TABLE> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT><FONT FACE="WINGDINGS" SIZE="2" COLOR="#000000">&#168;</FONT><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;1.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Entry Into a Material Definitive Agreement. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On March&nbsp;15,
2007, the Board of Directors of Chipotle Mexican Grill, Inc. approved a form of Indemnification Agreement to be entered into with Chipotle&#146;s executive officers and each member of Chipotle&#146;s Board of Directors. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The Indemnification Agreement provides, among other things, and subject to the procedures set forth in the Indemnification Agreement: (i)&nbsp;that Chipotle will
indemnify the executive officer or director party to the agreement, which we refer to as the &#147;Indemnitee,&#148; to the fullest extent permitted by law in the event the Indemnitee was, is or becomes a party to or involved with an action, suit or
proceeding by reason of the fact that the Indemnitee is or was serving as one of Chipotle&#146;s executive officers or directors; (ii)&nbsp;that Chipotle will advance expenses incurred by the Indemnitee in any such proceeding, including
attorney&#146;s fees, to the Indemnitee in advance of the final disposition of the proceeding; (iii)&nbsp;that the rights of the Indemnitee under the Indemnification Agreement are in addition to any other rights the Indemnitee may have under
Chipotle&#146;s Certificate of Incorporation, Bylaws, insurance policies, the Delaware General Corporation Law or otherwise; and (iv)&nbsp;for certain exclusions from Chipotle&#146;s obligations under the agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The foregoing summary of the Indemnification Agreement is qualified in its entirety by reference to the full text of the Indemnification Agreement, which is filed as
Exhibit 10.1 to this report. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;5.02</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
</B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On March&nbsp;15, 2007, the Board of Directors of Chipotle Mexican Grill, Inc. appointed Neil W. Flanzraich to Chipotle&#146;s Board of
Directors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Flanzraich will receive compensation as an outside director of Chipotle. Effective January&nbsp;1, 2007, outside directors receive an
annual retainer of $80,000, of which $40,000 is paid in cash and $40,000 is paid in shares of Chipotle Class&nbsp;A common stock based on the closing price of the stock on the grant date, which is in June each year. Each director who is not an
employee of Chipotle also receives a $1,500 cash payment for each meeting of the Board of Directors he or she attends and $1,000 for each meeting of a committee of the Board of Directors he or she attends ($500 in the case of telephonic attendance
at an in-person committee meeting). Directors are also reimbursed for expenses incurred in connection with their service as directors, including travel expenses for meetings. Mr.&nbsp;Flanzraich has not been appointed to any committees of
Chipotle&#146;s Board. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Flanzraich will also execute an Indemnification Agreement in the form filed as an exhibit to this current report.
</FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;9.01</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Financial Statements and Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="82%" BORDER="0">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Exhibit&nbsp;10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Form of Indemnification Agreement between Chipotle Mexican Grill, Inc. and each executive officer and director of Chipotle.</FONT></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SIGNATURE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0">

<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">Chipotle Mexican Grill, Inc.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><I>March&nbsp;19, 2007 </I></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><I>By: </I></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"><I>/s/ John R. Hartung</I></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><I>Name:</I></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><I>John R. Hartung</I></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><I>Title:</I></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><I>Chief Finance and Development Officer </I></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit Index </B></FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="91%"></TD></TR>
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<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit&nbsp;No.</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">10.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Form of Indemnification Agreement between Chipotle Mexican Grill, Inc. and each executive officer and director of Chipotle.</FONT></TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>dex101.htm
<DESCRIPTION>FORM OF INDEMNIFICATION AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Form of Indemnification Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><U>INDEMNIFICATION AGREEMENT </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">THIS INDEMNIFICATION AGREEMENT (this &#147;<U>Agreement</U>&#148;)
dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2007, is entered into by and between Chipotle Mexican Grill, Inc., a Delaware corporation
(&#147;<U>Corporation</U>&#148;), and
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
(&#147;<U>Indemnitee</U>&#148;). </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><U>RECITALS </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">W<SMALL>HEREAS</SMALL>, Indemnitee desires to have additional protection above the coverage available under the Corporation&#146;s liability insurance and to the extent permissible under applicable law for proceedings
that arise from Indemnitee&#146;s service to the Corporation; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">W<SMALL>HEREAS</SMALL>, the Corporation recognizes Indemnitee&#146;s
desire for additional protection and wishes to provide for the indemnification and advancement of expenses to Indemnitee to the maximum extent permitted by law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">W<SMALL>HEREAS</SMALL>, this Agreement sets forth the terms, conditions and procedures under which the Corporation shall make determinations required under applicable law in determining Indemnitee&#146;s entitlement
to indemnification and advancement of expenses thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">N<SMALL>OW</SMALL>, <SMALL>THEREFORE</SMALL>, the Corporation and Indemnitee
hereby agree as follows: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <U>Indemnification</U>. If Indemnitee was or is made a party or is threatened to be made a party to or is
involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a &#147;<U>proceeding</U>&#148;), by reason of the fact that he or she, or a person of whom he or she is the legal representative, is
or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise of the Corporation
(collectively &#147;<U>Enterprise</U>&#148;), including service with respect to employee benefit plans, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity
while serving as a director, officer, employee or agent, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the General Corporate Law of the State of Delaware (&#147;<U>DGCL</U>&#148;), as the same exists
or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than said law permitted the Corporation to provide prior to such
amendment), against all expense, liability and loss (including attorneys&#146; fees, judgments, liens, amounts paid or to be paid in settlement and excise taxes or penalties arising under the Employee Retirement Income Security Act of 1974)
reasonably incurred or suffered by Indemnitee in connection therewith and such indemnification shall continue as to Indemnitee after he or she has ceased to be a director, officer, employee or agent and shall inure to the benefit of his or her
heirs, executors and administrators; <I>provided, however, </I>that the Corporation shall indemnify Indemnitee in connection with a proceeding (or part thereof) initiated by Indemnitee only if such proceeding (or part thereof) was authorized by the
Board of Directors of the Corporation (&#147;<U>Board of Directors</U>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <U>Advancement of Expenses</U>. The right to
indemnification conferred hereunder shall include the right to be paid by the Corporation the expenses (including attorneys&#146; fees) (&#147;<U>Expenses</U>&#148;) incurred in defending any such proceeding in advance of its final disposition
<I>provided, however, </I>that, if the DGCL requires, the payment of such Expenses incurred by an Indemnitee in his or her capacity as such in advance of the final disposition of a proceeding shall be made only upon delivery to the Corporation of an
undertaking, by or on behalf of such Indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such Indemnitee is not entitled to be indemnified
under this Agreement or otherwise (an &#147;<U>undertaking</U>&#148;); and <I>provided, further,</I> that such advancement of Expenses incurred by any person other than an Indemnitee shall be made only upon the delivery of an undertaking to the
foregoing effect and may be subject to such other conditions as the Reviewing Party may deem advisable. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <U>Indemnification Procedure</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">a. <U>Notification of Indemnification Claim</U>. To obtain indemnification under Section&nbsp;1 or Section&nbsp;2 of this Agreement, Indemnitee shall
submit to the Corporation a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to
indemnification. The Corporation shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors that Indemnitee has requested indemnification. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">b. <U>Determination of Entitlement to Indemnification; Presumptions</U>. Upon written request by Indemnitee for indemnification pursuant to
Section&nbsp;3(a), a determination with respect to Indemnitee&#146;s entitlement thereto shall be made in the specific case by (i)&nbsp;directors of the Board of Directors who are not parties to or otherwise interested in the proceeding, or a
committee of such directors designated by majority vote of such directors (each of which shall make decisions by majority vote), (ii)&nbsp;if there are no such directors, or if such directors so direct, by independent legal counsel (an attorney or
firm of attorneys who shall not have been retained by or otherwise performed services for the Corporation or Indemnitee within the previous three (3)&nbsp;years); or (iii)&nbsp;such other persons as may be provided by applicable law (the person or
persons to make such determination, the &#147;<U>Reviewing Party</U>&#148;). If the Reviewing Party makes a determination that, with regard to matters concerned in the proceeding for which Indemnitee is requesting indemnification, Indemnitee did not
meet the applicable standard of conduct set forth in the DGCL or under the Corporation&#146;s Certificate of Incorporation or Bylaws (an &#147;<U>Adverse Determination</U>&#148;), the Corporation&#146;s obligations to indemnify Indemnitee under
Section&nbsp;1 and Section&nbsp;2 of this Agreement, the Corporation&#146;s Certificate of Incorporation or Bylaws, and applicable law shall be extinguished, unless and until a court of competent jurisdiction has entered a final judicial decision
from which there is no further right to appeal that indemnification is legally required under applicable law. In making a determination hereunder with respect to Indemnitee&#146;s entitlement to indemnification, the Reviewing Party shall presume
that Indemnitee is entitled to indemnification, unless Indemnitee shall have entered a plea of guilty or nolo contendere in a criminal proceeding. Anyone seeking to overcome the presumption that Indemnitee is entitled to indemnification shall have
the burden of proof and the burden of persuasion by clear and convincing evidence. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">c. <U>Advancements</U>. All advances of Expenses to be
made under Section&nbsp;2 shall be paid by the Corporation to the Indemnitee as soon as practicable but in any event no later than twenty (20)&nbsp;days after the Corporation&#146;s receipt of Indemnitee&#146;s undertaking under Section&nbsp;2 and
written request under Section&nbsp;3(a), unless: (i)&nbsp;the Reviewing Party has made an Adverse Determination; or (ii)&nbsp;it is determined by final judicial decision from which there is no further right to appeal that Indemnitee is not entitled
to be indemnified under this Agreement, the Corporation&#146;s Certificate of Incorporation or Bylaws, or applicable law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">d. <U>Right of
Indemnitee to Bring Suit</U>. If a claim under this Agreement is not paid in full by the Corporation within sixty (60)&nbsp;days after a written claim has been properly received by the Corporation, Indemnitee may at any time thereafter bring suit
against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part, Indemnitee shall be entitled to be paid also the expense of prosecuting such suit. It shall be a defense to any such suit (other than a suit
brought to enforce a right to advancement of expenses where the required undertaking has been tendered to the Corporation) that Indemnitee has not met the applicable standard of conduct set forth in the DGCL, but the burden of proving such defense
shall be on the Corporation. Neither the failure of the Corporation (including the Reviewing Party or the Board of Directors) to have made a determination prior to the commencement of such action that indemnification of Indemnitee is proper in the
circumstances because </FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">he or she has met the applicable standard of conduct set forth in the DGCL, nor an Adverse Determination by the Reviewing Party, shall be a defense to the
suit or create a presumption that Indemnitee has not met the applicable standard of conduct. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. <U>Nonexclusivity</U>. The indemnification
provided under this Agreement shall be in addition to any rights to which Indemnitee may be entitled under the Corporation&#146;s Certificate of Incorporation, Bylaws, other agreement (including any insurance arrangement), any vote of shareholders
or disinterested directors, the DGCL, or otherwise. The indemnification provided under this Agreement shall continue as to Indemnitee for any action such Indemnitee took or did not take while serving in an indemnified capacity even though the
Indemnitee may have ceased to serve in such capacity and such indemnity shall survive the termination or expiration of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5.
<U>Exclusions</U>.&nbsp;The Corporation shall not be liable under this Agreement to pay any Expenses in connection with any claim made against Indemnitee: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">a. in connection with a judicial action by or in the right of the Corporation, in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable to the Corporation, unless and only
to the extent that any court in which such action was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to
indemnity for such expenses as such court shall deem proper; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">b. if and to the extent that it is proved by final, non-appealable judgment
in a court of law or other final adjudication to have been based upon or attributable to the Indemnitee&#146;s in fact having gained any personal profit or advantage to which he or she was not legally entitled; </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">c. for a disgorgement of profits made from the purchase and sale by the Indemnitee of securities pursuant to Section&nbsp;16(b) of the Securities
Exchange Act of 1934, as amended, and amendments thereto or similar provisions of any state statutory law or common law; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">d. or any
judgment, fine or penalty which the Corporation is prohibited by applicable law from providing indemnity hereunder; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">e. in connection
with a proceeding to enforce against Indemnitee any written non-compete or non-disclosure agreement, or a non-compete or non-disclosure provision of any written employment, consulting, stock option, restricted stock or other similar agreement, to
which the Indemnitee may be a party with the Corporation or any Enterprise, it being agreed that Indemnitee would not be a party to any such proceeding by reason of the fact that he or she is or was a director or officer of the Corporation.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">6. <U>No Duplication of Payments</U>. The Corporation shall not be liable under this Agreement to make any payment in connection with any
proceeding made against any Indemnitee to the extent such Indemnitee has otherwise actually received payment (under any insurance policy, or any provision of the Corporation&#146;s Certificate of Incorporation or Bylaws, or otherwise) of the amounts
otherwise indemnifiable hereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. <U>Insurance</U>. The Corporation may maintain insurance, at its expense, to protect itself and any
director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any such expense, liability or loss, whether or not the Corporation would have the power to indemnify such
person against such expense, liability or loss under the DGCL. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. <U>Subrogation</U>. In the event of payment under this Agreement, the Corporation will be subrogated
to the extent of such payment to all of the related rights of recovery of Indemnitee against other persons or entities (other than Indemnitees successors). Indemnitee will execute all papers reasonably required to evidence such rights of recovery
(all of Indemnitees reasonable Expenses, including attorneys&#146; fees and changes, related thereto to be reimbursed by or, at the option of Indemnitee, advanced by the Corporation). </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9. <U>Partial Indemnity; Settlement</U>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for some
or a portion of any proceeding but not for the entire amount thereof, the Corporation will nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to
the extent that Indemnitee has been successful on the merits or otherwise in defense of any proceeding or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee will be indemnified against all
Expenses incurred in connection therewith. In connection with any determination as to whether Indemnitee is entitled to be indemnified hereunder, there will be a presumption that Indemnitee is so entitled, which presumption the Corporation may
overcome only by its adducing clear and convincing evidence to the contrary. The Corporation shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending proceeding effected without the
Corporation&#146;s prior written consent. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10. <U>General Provisions</U>. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">a. <U>Severability</U>. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other
provision or any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">b. <U>Complete Agreement</U>. This Agreement embodies the complete agreement and understanding among the parties and supersedes and preempts any prior
understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">c. <U>Counterparts</U>. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">d. <U>Successors and Assigns; Survival</U>. This Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their
respective successors and assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Corporation (and the Corporation may assign its rights and
obligation in connection with any such transaction without the consent of Indemnitee), spouses, heirs, and personal and legal representatives. The Corporation shall require and cause any successor (whether director or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Corporation, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. This Agreement shall continue in effect with respect to any proceeding regardless of whether Indemnitee
continues to serve as a director, officer, employee or agent of the Corporation or of any other Enterprise at the Corporation&#146;s request. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-4- </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">e. <U>Notices</U>. Any notice provided for in this Agreement must be in writing and must be either
(i)&nbsp;personally delivered (in which case such notice shall be deemed to have been given when so delivered), (ii)&nbsp;mailed by first class mail (postage prepaid and return receipt requested) (in which case such notice shall be deemed to have
been given three business days after deposit in the U.S. mail), (iii)&nbsp;sent by reputable overnight courier service (charges prepaid) (in which case such notice shall be deemed to have been given one business day after being so deposited with
such reputable overnight courier service), or (iv)&nbsp;sent by facsimile (in which case such notice shall be deemed to have been given on the date of such transmission, if such transmission is completed at or prior to 5:00 p.m., local time of the
recipient party, or on the next business day following the date of transmission, if such transmission is completed after 5:00 p.m., local time of the recipient party, provided in each case the relevant transmission report indicates a full and
successful transmission) to the recipient at such address as identified in the records of the Corporation, or to such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the
sending party. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">f. <U>Choice of Law</U>. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal law, and not the law of conflicts, of the State of Delaware. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">g. <U>Amendment and Waiver</U>.
No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is in writing signed by all parties hereto. A waiver of any provision of this Agreement shall not be effective against a party unless in writing
signed by such party. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">h. <U>No Construction of Employment Agreement</U>. Nothing contained in this Agreement shall be construed as giving
Indemnitee any right to be retained in the employ of the Corporation or any of its subsidiaries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">i. <U>No Third Party Beneficiaries</U>.
Nothing in this Agreement is intended to confer on any person other than the parties hereto or their respected successors or assigns any rights, remedies, claims, or causes of action, liabilities or obligations under or by reason of this Agreement.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">* * * * * </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">-5- </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, the parties have executed this Indemnification Agreement as of the date first written
above. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="12%"></TD>
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<TD WIDTH="87%"></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">Chipotle Mexican Grill, Inc.</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="border-bottom:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="border-bottom:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Its:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="border-bottom:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">Indemnitee:</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="border-bottom:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="border-bottom:1px solid #000000">&nbsp;</TD></TR>
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