<SEC-DOCUMENT>0001377739-16-000061.txt : 20160413
<SEC-HEADER>0001377739-16-000061.hdr.sgml : 20160413
<ACCEPTANCE-DATETIME>20160413093853
ACCESSION NUMBER:		0001377739-16-000061
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20160413
DATE AS OF CHANGE:		20160413
EFFECTIVENESS DATE:		20160413

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHIPOTLE MEXICAN GRILL INC
		CENTRAL INDEX KEY:			0001058090
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				841219301
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32731
		FILM NUMBER:		161568498

	BUSINESS ADDRESS:	
		STREET 1:		1401 WYNKOOP
		STREET 2:		SUITE 500
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		3035954000

	MAIL ADDRESS:	
		STREET 1:		1401 WYNKOOP
		STREET 2:		SUITE 500
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CtW Investment Group
		CENTRAL INDEX KEY:			0001377739
		IRS NUMBER:				203688367

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		202 721 6060

	MAIL ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>chipotleletter.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>chipotleletter.htm - sixteen</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<!--$$/page=-->
<A name="page_1"></A><BR>

<a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P align="center">
<IMG src="chipotleletterx1x1.jpg" border=0>
</P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">April 13, 2016</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Please WITHHOLD support for the reelection of directors Patrick Flynn and Darlene Friedman at the annual meeting on May 11, 2016.</FONT></B></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Dear Chipotle Shareholders:</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Chipotle Mexican Grill, Inc. (NYSE:CMG) stands at a critical juncture. </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">The last three quarters&#146; </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">onslaught of negative headlines, a federal criminal investigation and a nearly 40% share price collapse since October has reminded us that balanced leadership and independent board oversight are critical to sustainable, long-term value creation. In light of the board</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&#146;s failure to effectively address governance </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">shortcomings</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&#151;</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">most critically the flawed recruitment processes which have resulted in an entrenched and insular board with a startling lack of racial and gender diversity</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&#151; </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">we urge you to withhold support for the reelection of Nominating and Corporate Governance Committee long-term incumbents Patrick</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Flynn and Darlene Friedman at Chipotle&#146;s annual meeting of sharehol</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">ders on May 11, 2016.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">For investors, the following are of immediate concern:</FONT></P>
<UL>
<LI>
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">With the company facing slowing momentum and potential growth challenges going forward,</FONT> <FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Chipotle is in need of genuinely independent oversight now more than ever. However much Chipotle</FONT> <FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">may owe its conception to co-</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">CEOs Monty Moran and Steve Ells, Chipotle&#146;s growth has long since</FONT> <FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">outsized its governance arrangements.</FONT></LI>
<LI>
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Persistent governance problems including excessively long director tenures (a median tenure of 17</FONT> <FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">years) and low demographic diversity (an all-white and overwhelmingly male) are symptoms of</FONT> <FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">enduring board insularity and a lack of recognition that governance needs to evolve alongside a</FONT> <FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">rapidly growing corporation.</FONT></LI>
<LI>
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Following multiple calls from shareholders for reform, the board is refusing to adopt a meaningful</FONT> <FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">form of proxy access despite 49.9% shareholder support at last year&#146;s annual meeting.</FONT></LI>
</UL>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">For these reasons, we believe shareholders must intervene now: the Chairperson of the Nominating and Governance Committee, Mr. Flynn (18 years on the board), and long-time incumbent member, Ms. Friedman (21 years on the board), must be held accountable for failing to sufficiently refresh the board and failing to bring about the attentive, independent and diverse oversight of management that shareholders deserve.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">The CtW Investment Group works with union-sponsored pension funds with over &#36;250 billion in AUM to enhance long-term shareholder value through active ownership. The Investment Group first engaged Chipotle over its egregious pay practices prior to the 2014 annual meeting, at which 76.6% of the shares </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">voted on the company&#146;s &#147;say on pay&#148; vote rejected the company&#146;s pay plan&#151;</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">the lowest level of support in the Russell 3000 that year.</FONT><SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">1</FONT></SUP></P>
<P style="text-align: left;">
<FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">1 </FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Semler Brossy. (2015, January). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">2014 Say on Pay Results: Russell 3000 Year End Report</FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">. Retrieved from </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">http://www.semlerbrossy.com/wp-content/uploads/SBCG-2014-Year-End-Say-on-Pay-Report.pdf</FONT></U></P>
<P align="center">
<IMG src="chipotleletterx1x2.jpg" border=0>
</P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



<!--$$/page=-->
<A name="page_2"></A><BR>

<a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">The recent food safety crisis shows that more independent and diverse Board oversight is overdue.</FONT></B></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">As shareholders, we understand the gravity of the current situation resulting from the national string of six food safety failures since July. As demonstrated by well-known instances of food safety failure involving competitors, it is clear that Chipotle has a long road ahead in rebuilding its value proposition with shareholders and customers alike. The last three quarters were a crucial time for Chipotle to demonstrate competent leadership in crisis. In contrast, the response has been publicly labelled as a mere PR blitz</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&#151;</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">one that was slow, superficial and unconvincing.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">While Chipotle has made efforts to more clearly communicate the company&#146;s latest food safety practices, the question remains as to the effectiveness of Chipotle&#146;s systems of oversight. </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">We are particularly worried about the board</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&#146;s decis</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">ion to install only a single member of the Audit Committee as a food safety liaison. This central function should not be left to one person. Even more concerning is the designee picked by the board, John Charlesworth. He should not be considered independent given his excessively long, 17-year director tenure. A more comprehensive approach that would go further in reassuring shareholders and customers would be to establish a standalone food safety and sustainability committee and to recruit several new directors that could bring fresh, objective expertise to the human capital and supply chain challenges likely at issue.</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Lengthy director tenures and lack of Board diversity are symptomatic of entrenchment and insularity.</FONT></B></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Chipotle&#146;s corporate governance shortf</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">alls are a manifestation of the board</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&#146;s insular composition. </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">In addition to having one of the least diverse, least independent board</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">s among the S&amp;P 500, Chipotle&#146;s </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">average director tenure is among the very highest at a median of 17 years, with 6 directors having served for over a decade.</FONT><SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">2 </FONT></SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Moreover, 4 of 7 outside directors were first appointed to the board while the company was privately held, meaning Patrick Flynn, Darlene Friedman, Albert Baldocchi and John Charlesworth were all recruited under a management-dominated process. Indeed, two of these four</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&#151;</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Mr. Flynn and Mr. Charlesworth</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&#151;</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">are holdovers and prior executives of former Chipotle parent, </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">McDonald&#146;s. </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">With the exception of the appointment of Neil Flanzraich to replace Ms. Friedman as Chairperson of the Compensation Committee in September 2015, Mr. Baldocchi, Mr. Flynn and Ms. Friedman have collectively chaired the board</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&#146;s three committees for the entire time the company has </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">been public.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">For a company of Chipotle&#146;s national footprint it is also s</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">triking that 3 of 7 outside directors, including recent appointee Kimbal Musk, have strong ties to the Denver and Boulder, Colorado metropolitan areas where Chipotle is headquartered and where co-CEOs Ells and Moran attended college, respectively.</FONT><SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">3</FONT></SUP></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">In addition to geographic homogeneity, Chipotle exhibits a shocking dearth of racial and gender diversity. Incredibly, despite amending the Corporate Governance Guidelines and Nominating &amp;</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">2 </FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Francis, T., &amp; Lublin, J. S. (2016, March 23). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Big Investors Question Corporate Board Tenures</FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">. Retrieved from The Wall Street Journal: </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">http://www.wsj.com/articles/big-investors-question-corporate-board-tenures-1458761857</FONT></U></P>
<P style="text-align: left;">
<I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">See also </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Francis, T. (2015, January 19). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Inside America's Boardrooms</FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">. Retrieved from The Wall Street Journal: </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">http://graphics.wsj.com/boards-of-directors-at-SP-500-companies</FONT></U></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">3</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">See </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Chipotle Mexican Grill, Inc. (2016, March 24). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934. </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Retrieved from U.S. Securities and Exchange Commission: </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">https://www.sec.gov/Archives/edgar/data/1058090/000119312516516433/d101839ddef14a.htm</FONT></U>	</TD>
</TR>
</TABLE>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



<!--$$/page=-->
<A name="page_3"></A><BR>

<a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Corporate Governance Charter to broaden diversity language in March 2015, the board concurrently installed an eighth white, male director on a board that is now 100% white and 89% male.</FONT><SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">4</FONT></SUP></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">We strongly believe that demographic diversity in the boardroom leads to healthier debates, better decisions and greater adaptability to change. Empirical studies have also found a positive relationship between company performance and greater board diversity. For instance, research conducted jointly by researchers at Rutgers and Iowa State University found that the percentage of women and minorities on boards of directors is positively correlated with financial indicators of firm performance.</FONT><SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">5</FONT></SUP></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">In our view, a board exhibiting low diversity, questionable independence and high tenure is most liable to function as an echo chamber and not as an effective means of differentiated thought leadership or oversight. This potential risk is heightened by the collective lack of outside board experience, specifically independent director experience at other companies. Only one director has any significant prior service as an outside, independent director, spotlighting a worrying lack of governance experience on this board.</FONT><SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">6 </FONT></SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Alongside greater board diversity, having multiple directors with established track records of successful shareholder representation would better equip the board to execute its core oversight function.</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">The Board refuses to implement meaningful proxy access, ignoring strong investor demand for it.</FONT></B></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Repeating last year&#146;s unconstructive response, the </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">board is again putting forward its own weakened version of proxy access based on a 5% ownership threshold in opposition to the standard 3%/3-year model put forward by shareholders.</FONT><SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">7 </FONT></SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">The latter, modeled on vacated SEC Rule 14a-11, received a 49.9%</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&#147;yes&#148; vote last year (compared to just 27.5% for management&#146;s proposal) and would allow investors collectively holding 3% of the company&#146;s stock for 3 years to put forward a select number of candidates on the company&#146;s proxy statement.</FONT><SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">8 </FONT></SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Over the past year, many of the world&#146;s largest asset </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">managers,</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">4 </FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Trillium Asset Management. (2015). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Chipotle Mexican Grill: Board Diversity</FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">. Retrieved from </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">http://www.trilliuminvest.com/shareholder-proposal/chipotle-mexican-grill-board-diversity-2015 </FONT></U><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Chipotle Mexican Grill, Inc. (2015, March 12). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Corporate Governance Guidelines. </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Retrieved from Chipotle Investor Relations: </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">http://ir.chipotle.com/phoenix.zhtml?c=194775&amp;p=irol-govGuidelines </FONT></U><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Chipotle Mexican Grill, Inc. (2015, March 12). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Charter for Nominating and Corporate Governance Committee. </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Retrieved from Chipotle Investor Relations: </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9Mjc1NTQwfENoaWxkSUQ9LTF8VHlwZT0z&amp;t=1</FONT></U></P>
<P style="text-align: left;">
<I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">See also </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Unzueta, M. M., Knowles, E. D., &amp; Ho, G. C. (2012, February 24). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Diversity Is What You Want It to Be: How Social-Dominance Motives Affect Construals of Diversity. </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Retrieved from Psychological Science: </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">http://pss.sagepub.com/content/23/3/303 </FONT></U><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">A 2012 study conducted at the Anderson School of Management demonstrated that broad and/or ambiguous statements on organizational diversity served to further perpetuate low racial diversity within organizations.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">5 </FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Erhardt, N. L., Werbel, J. D., &amp; Shrader, C. B. (2003, March 19). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Board of Director Diversity and Firm Financial Performance. </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Retrieved from Digital Repository @ Iowa State University: </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">http://lib.dr.iastate.edu/cgi/viewcontent.cgi?article=1005&amp;context=management_pubs </FONT></U><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">See also </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Credit Suisse Research. (2012, August). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Gender Diversity and Corporate Performance. </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Retrieved from </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">https://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=88EC32A9-83E8-EB92-9D5A40FF69E66808</FONT></U></P>
<P style="text-align: left;">
<FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">6 </FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Lead Director Neil Flanzraich is the sole member of the Board with significant outside board experience. Although director Flynn served as an independent board member of Fidelity Bancorp until 2003, we note that the company</FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">&#151;</FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">a local thrift valued at roughly &#36;100 million at the conclusion of Mr. </FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Flynn&#146;s tenure&#151;</FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">was of a much smaller scale.</FONT></P>
<P style="text-align: left;">
<I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">See </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">McGraw Hill Financial. (2016, April 11). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Patrick J. Flynn Professional Summary</FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">. Retrieved from S&amp;P Capital IQ: </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">https://www.capitaliq.com/CIQDotNet/Person/PersonProfile.aspx?proId=660705 </FONT></U><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">See </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">McGraw Hill Financial. (2016, April 11). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Fidelity Bancorp Inc. DE Transaction Summary</FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">. Retrieved from S&amp;P Capital IQ: </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">https://www.capitaliq.com/ciqdotnet/Transactions/TransactionSummary.aspx?CompanyId=333207&amp;transactionViewType=1</FONT></U></P>
<P style="text-align: left;">
<FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">7 </FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Shareholders&#146; 3%/3</FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">-year proposal has been included in the 2016 proxy as Proposal 6. This is not to be confused with Proposal 5</FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">&#151;management&#146;s </FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">competing proposal which includes a 5% ownership threshold and other strictures antagonistic toward viable proxy access.</FONT></P>
<P style="text-align: left;">
<FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">8 </FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">The SEC facilitated an extensive process of analysis and input from companies and investors to determine terms striking an appropriate balance between viable proxy access and requisite safeguards.</FONT></P>
<P style="text-align: left;">
<I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">See </FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">U.S. Securities and Exchange Commission. (2010, August 25). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Facilitating Director Nominations Final Rule</FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">. Retrieved from </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">https://www.sec.gov/rules/final/2010/33-9136.pdf</FONT></U></P>
</DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>



<!--$$/page=-->
<A name="page_4"></A><BR>

<a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">including Vanguard, have come out in favor of the 3%/3-year model and more than 90% of the companies adopting proxy access since the beginning of 2015 have followed the 3%/3-year model.</FONT><SUP><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">9</FONT></SUP></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Management&#146;s proposed 5% threshold does not strike the rig</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">ht balance between viable proxy access and appropriate safeguards </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">and in essence ignores shareholders&#146; demand for meaningful proxy access.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">With a refreshed composition and new voices, we are confident Chipotle&#146;s </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">board can overcome these impediments to effective leadership and growth; however these changes cannot afford any further delay. As longstanding incumbents of the Nominating and Corporate Governance Committee, directors Flynn and Friedman bear responsibility for this board</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&#146;s stagnation. While Ms. Friedman herself brings a </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">modicum of gender diversity to the board, her failure to address the board</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&#146;s broader composition over </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">her 21 year tenure suggests that the board will be better served by replacing her with a fresh and diverse nominee.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Chipotle&#146;s long</FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">-term outlook depends on a strong, independent and diverse board equipped to provide rigorous and forward-thinking oversight. Refreshment is the first step. To reverse the course of stagnation and implement serious refreshment, I urge you to join us in opposing the reelection of directors Flynn and Friedman on May 11, 2016.</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">If you would like to discuss our concerns directly with us, please contact my colleague Michael Pryce-Jones at (202) 262-7437 or at </FONT><U><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">michael.pryce-jones@changetowin.org</FONT></U><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">.</FONT></P>
<IMG src="chipotleletterx4x1.jpg" border=0>
<BR>
<P style="text-align: center;">
<B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">This is not a solicitation of authority to vote your proxy.</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Please DO NOT send us your proxy card as it will not be accepted.</FONT></B></P>
<P style="text-align: left;">
<FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">9 </FONT><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Kerber, R. (2016, February 19). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Exclusive: Vanguard offers fresh backing for 'proxy access' reforms</FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">. Retrieved from Reuters: </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">http://www.reuters.com/article/us-vanguard-group-directors-exclusive-idUSKCN0VS2P8 </FONT></U><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">Weil, Gotshal &amp; Manges LLP. (2016, January 26). </FONT><I><FONT size=1 face="Calibri,Italic,Arial,Helvetica,sans-serif">Alert: SEC Disclosure and Corporate Governance</FONT></I><FONT size=1 face="Calibri,Arial,Helvetica,sans-serif">. Retrieved from </FONT><U><FONT color="#0000ff" size=1 face="Calibri,Arial,Helvetica,sans-serif">http://www.weil.com/~/media/files/pdfs/1_22_16_governance-alert_final2.pdf?cid=8590500125</FONT></U></P>
</DIV>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>chipotleletterx1x1.jpg
<TEXT>
begin 644 chipotleletterx1x1.jpg
M_]C_X  02D9)1@ ! 0'_____  #_[@ .061O8F4 9      !_]L 0P 0"PP.
M# H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L 0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\  $0@
M) $( P$B  (1 0,1 ?_$ !\   $% 0$! 0$!           ! @,$!08'" D*
M"__$ +40  (! P,"! ,%!00$   !?0$" P $$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$ !\!  ,! 0$! 0$! 0$        ! @,$!08'" D*"__$ +41  (!
M @0$ P0'!00$  $"=P ! @,1! 4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:  P#
M 0 "$0,1 #\ [\TSSH\X\Q<^F:S=3FDDG2SB.-V,FE_L6/R\>:V_U[5@ZLFV
MH*]C94XI)R=KFIFD9E49) 'J363=JUKIHAEFW2$\?2I(-EWIGD*X,@7D>AH]
MMKRVUL+V6G-?2YIJP89!!% (.<'I63IMV([*4/UBZ?Y^M,TJZ(E=)3_K/G!-
M)8B+Y?,;HR5_(U]Z[MNX;O3/-*S!1DD >IK*T\&YU&:Y/W0<#_/TJWJG_'A)
M^'\ZJ-2\'.PG3M)1+2L&&5((]12U0L)XX-/B,KA0<XS]:G%[;M)Y8E7<>U5&
MHFDVR7!IM(L4M0I<1/*8U<%QU% N86D:,2 NO4>E5S+N3RLEHJM]OMM^WSES
M4DMQ%"H,CA0>F>]'/'>X^678EHS5.XNX'LY624$8(X]:@T>=! 8V?Y\DX/I4
M>UCS*/<KV;Y7(TZ*K&_M0,^<N,XI6OK9,;IEYY%5[2/<GDEV+%%,\V,1^9O7
M9C.[/%11WMO*X1)5+'H/6FY):7%RM]"Q14+W4,<FQY%5L9P:2.[@FW>7(#M&
M3]*.>-[7#E=KV)\T5BV5S&NH3,\F%;.TGOS6R2 I)Z"HIU%-7*J0<'9@S*HR
MS #W-(LB/]UU;Z&L6*-]4N':1RL:] *M)I4<4R21S, IR14*K.6L5H6Z<8Z-
MZFE144ES#&X1Y K'D TB74,B,ZR JO4^E;<T;VN9<KWL3457CO;:1]JRJ2>@
MIYN(A,(BX\P]%H4XO6X^5KH2T5&UQ$)A$7'F'HM1F^M@"3,O!P:'.*ZARM]"
MQ13(IHYEW1N&'M133OJB7IN9>H!K?4([K&4XS5W^T+7RM_FCZ=ZL/&LBE74,
MI[&JO]EVN[=Y?X9XK#DG&3<.IMS0DDI="I>S17FGF94(9#@$CI5G2EA%LIC"
M^81\V.M6F@C:(Q%!L(QBH[:RAMF+1@@GU-"IR5128.:<.5&1=6KC4#"G"RG/
MX58U:V\J..6(8"#:<>E:IC4R!R!N P#1)&LB%'&5/45/U=6DNY7MW>+[%;3(
M?)LXQCEOF-&J_P#'A)^'\ZM@8&!3)HEFC,;C*GK6SA^[Y%V,E/W^9F'<?\@F
MV_WC_6GZC;106T+QKM8XR<]>*U&L8&A6(K\BG(&:=-:Q3HJ2+E5Z<USO#MI^
MB-U72:]69M^C6\T-W&.H&[ZTP0O'I4DQSYDAR3WQ6P\*21F-AE2,8IQ12NT@
M$=,5;H7;=_\ AR%6T2L<\J;[4 + O^T6PU3W5O(8K8/)'YJ@C:QZBKYTNU+[
MO+_#/%2S64$ZJ'0?*,#'&*S6'E9IFCKJZ:,RW=98+B!X4#*I;*],T_2%A\DL
M0OG#/UQ6A!9PVZD1H.>I/.:9'I]O%*9$7!^O JHT9)INQ+JQ::1EV5O%+9W+
MNN67.#Z<46UO$^F32LN77.#Z5KQ6<,4;QHN%?J,T):0I T*KA&ZC-)8;;T8W
M7WMW,65G_LNW'.W><TYH6E\L1B!&S\I1^36RMI"L'D[ 4]#S44>F6T<@<)D@
MY&34O#R_(?MX_F498A+J\<<PSE1N'X4+$D.LB-!A".1^%:9M8C<"?'[P=\T&
MUB-P)RO[P=\U?L'>_G<CVRV\K&3:1P#49DE"[03M!^M;3 ,A7U&*@ET^WFE\
MQU^;O@XS5D# Q6E*FX)ID5)J;31B:=.ME-+#/\N3UJ*^CAC!>*YWLS9V@UM3
MVL-P/WJ ^_>HH],M8VW"/)_VCFLG0GR\BV-56C?F>YG7*"6]M4;HR*#4FJPK
M;PQI$NV,MEL>M:3VD3S+*R_.O3FI)(TE0HZAE/8U7L+J7F3[:SCY&)?K:+;Q
MM;D>9D8VGFG,_EZG!),<?(N2?I6A%IMM$^]8\D=,G.*DN+2&YQYJY(Z$5/L)
M;Z)Z%>VCMZF<TJ2ZW&T;!@!C(^AJ"P6V::7[3M]MQXK66QMXW61$PRCCFLW3
MK6.X:=95)P>#42IR4E>VK92G%Q=NB1)I&!=W CSY7;\^**TH+>.W3;&H _G1
M752@X1LSGJ34I71-1116IF%%%% !1110 4444 %%%% !1110 4444 %%%% !
G1110 4444 %%%% !1110 4444 %%%% !1110 E(*** %HHHH __9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>chipotleletterx1x2.jpg
<TEXT>
begin 644 chipotleletterx1x2.jpg
M_]C_X  02D9)1@ ! 0'_____  #_[@ .061O8F4 9      !_]L 0P 0"PP.
M# H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L 0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\  $0@
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MBNX((\LN=@R,' [<5-8:?#8*XA+DN069V+$X&!R:MT4 %%%% !1110 4444
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(4 %%%% '_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>chipotleletterx4x1.jpg
<TEXT>
begin 644 chipotleletterx4x1.jpg
M_]C_X  02D9)1@ ! 0'_____  #_[@ .061O8F4 9      !_]L 0P 0"PP.
M# H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L 0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\  $0@
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M0!:*** "BBB@ HHHH **KV\[2%TD39(IZ9ZCL:L4 %%%% !1110 5#=W,5I
MTTS;449)J:L?Q,I^Q12<[(Y59_IFJBN9V 9_PD*/DPV5U*H_B"4^/Q%:;@LZ
M2V[>DBXK4A9'A1XR"A&01Z4211RJ5=%<>A&:+QO:P"0W$4Z!XI$=3W4YJ45B
M3^'D$YGLKB2VD)SA?N_E3!JU]I\@34K7]P./M"<C\13Y$_A8C>HJB^HQO8R7
M%HRS[1D!34%E<7]W;K.K6^UAD+@\?K2Y7:["YJT4R(R%!YH4-WV]*?4C"BBB
M@ I#2U#=3"WMY)6P @SS1OH!FMY=]K&]_P#5V0SDGC<?\*HZG=G6;E=+LL@
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MF_>;0SEI;YCK*-J$$A%JH&(AN7?ZUL)K5DR@K(W/;:<U3ENTTC5;B2Z#""Y
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MEW@;>0._M7/Z9?Z5%'I+EP9OMDJRLR,Q,9SP21R/F7CW^M%%$-;?UU">B?\
M70Z*PT^%-7N-)^R0>3;RF\C8HN/F&%&/8Y_ "LO38K1C-YUW>+JT$4HNDC$8
MZ@Y8L%&_MC+$@XZ444EV\G^ /2_R(9#;S>']1406LL-I)"/M$410-AN<H>A
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?/ZUV=%%7(E!1114C"BBB@ HHHH **** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
