<SEC-DOCUMENT>0001193125-16-790847.txt : 20161212
<SEC-HEADER>0001193125-16-790847.hdr.sgml : 20161212
<ACCEPTANCE-DATETIME>20161212170202
ACCESSION NUMBER:		0001193125-16-790847
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20161209
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161212
DATE AS OF CHANGE:		20161212

FILER:

	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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32731
		FILM NUMBER:		162046878

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d232546d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
</HEAD>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): December&nbsp;9, 2016 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CHIPOTLE MEXICAN GRILL, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>1-32731</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>84-1219301</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1401 Wynkoop Street, Suite 500 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Denver, CO 80202 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address
of principal executive offices) (Zip Code) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (303)&nbsp;595-4000 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;12, 2016, Chipotle Mexican Grill, Inc. announced that Founder, Chairman and
Co- Chief Executive Officer Steve Ells will return to the role of sole Chief Executive Officer of the company, effective immediately. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;9,
2016, Monty Moran, Co-Chief Executive Officer and Secretary of Chipotle, provided notice to the company that he will retire effective June&nbsp;9, 2017, and resigned from his officer positions with the company, and as a member of the company&#146;s
Board of Directors, effective immediately. In connection with his retirement, Mr.&nbsp;Moran entered into a Retirement and Non-Competition Agreement, pursuant to which he has agreed for a two year period not to, directly or indirectly, own, manage,
operate, control, be employed or engaged in any capacity (whether or not for compensation) by, or render services, advice, or assistance in any capacity to, a business competing with the company in the continental United States. Through his
retirement date, Mr.&nbsp;Moran will remain employed by the company in a non-officer position. The Retirement and Non-Competition Agreement contains certain other rights and obligations, and the foregoing description of the agreement is qualified in
its entirety by reference to the full terms of the agreement, which is filed as an exhibit to this Current Report on Form 8-K and incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" NOWRAP>Exhibit&nbsp;10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Retirement and Non-Competition Agreement Dated December&nbsp;9, 2016</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>Exhibit&nbsp;99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release Dated December 12, 2016</TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">Chipotle Mexican Grill, Inc.</TD></TR>
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<TD VALIGN="top"><I>December&nbsp;12, 2016</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jack Hartung</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Name:</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Jack Hartung</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><I>Title:</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>Chief Financial Officer</I></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit Index </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>Exhibit&nbsp;10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Retirement and Non-Competition Agreement Dated December&nbsp;9, 2016</TD></TR>
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<TD VALIGN="top" NOWRAP>Exhibit&nbsp;99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release Dated December 12, 2016</TD></TR>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d232546dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION VERSION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RETIREMENT
AND NONCOMPETITION AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS RETIREMENT AND NONCOMPETITION AGREEMENT (this &#147;<U>Agreement</U>&#148;), dated as of
December&nbsp;9, 2016 (the &#147;<U>Transition Date</U>&#148;), is entered into by and between Chipotle Mexican Grill, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), and Montgomery F. Moran (the &#147;<U>Executive</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Executive currently serves as (a)&nbsp;Co-Chief Executive Officer and Secretary of the Company, and (b)&nbsp;a member of the
Board of Directors of the Company (the &#147;<U>Board</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to this Agreement the Executive is providing six
months&#146; written notice to the Chairman and other Co-Chief Executive Officer of the Company of his retirement from the Company, effective as of June&nbsp;9, 2017 (the &#147;<U>Retirement Date</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, effective as of the Transition Date, the Executive will cease to serve as a member of the Board and as an executive officer of the
Company, and during the period between the Transition Date and the Retirement Date (the &#147;<U>Transition Period</U>&#148;), will serve as a non-executive employee of the Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Executive has invaluable knowledge and expertise regarding the business of the Company; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and the Executive now desire to enter into a mutually satisfactory arrangement concerning, among other things, the
Executive&#146;s employment with the Company during the Transition Period, the Executive&#146;s separation from service with the Company on the Retirement Date, post-employment noncompetition covenant to which the Executive will be subject, and
other matters related thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and the mutual promises contained herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Separation from Service</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Retirement</U>. The Executive hereby gives notice of his Retirement on the Retirement Date to the Chairman and other Co-Chief Executive
Officer of the Company, and the Company and the Executive hereby acknowledge and agree that the Executive&#146;s employment with the Company shall terminate as a result of the Executive&#146;s retirement on the Retirement Date. The Retirement Date
shall be deemed to be the date of separation from service, and the date that employment ends, for purposes of all applicable employee benefit and equity compensation plans or programs, agreements, policies, and arrangements of the Company and its
affiliates in which the Executive participated or to which the Executive was a party (the &#147;<U>Company Plans</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
<U>Resignation of Officer and Director Positions</U>. The Executive acknowledges and agrees that, effective on the Transition Date and by virtue of executing this Agreement, and without any further action by the Company or the Executive, the
Executive hereby resigns the Executive&#146;s position as Co-Chief Executive Officer and Secretary, as a member of the Board, and as a member of the board of directors of, or as a director, manager, or officer of any of the Company&#146;s
affiliates. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Acknowledgments</U>. The Executive acknowledges and agrees that for purposes of all
Company Plans, the resignation by the Executive of his officer and director positions with the Company as of the Transition Date and retirement of the Executive as of the Retirement Date shall be a voluntary separation. Moreover, in the case of any
such Company Plan that includes the concept of resignation with &#147;good reason&#148; or a similar term of like meaning, the Executive agrees that such resignation and retirement shall be considered to have been made without &#147;good
reason&#148; or such similar term. From and after the Transition Date, the Executive waives any right to resign from the Company and its affiliates for &#147;good reason&#148; or a similar term of like meaning for purposes of any Company Plan, if
applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Release of Claims</U>. In consideration of the payments and benefits to be provided to the Executive under this
Agreement, within 21&nbsp;days following the Transition Date, the Executive shall execute and deliver to the Company a general release of claims in the form attached hereto as <U>Exhibit&nbsp;A</U> (the &#147;<U>Release</U>&#148;) and shall not
revoke such Release. If the Executive does not execute and deliver the Release within such 21-day period or revokes the Release in the time period set forth therein, this Agreement shall be null and void <I>ab initio</I> and of no force or effect.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Transition Period</U>. During the Transition Period, subject to the Executive&#146;s continued employment with the Company and his
compliance with the terms of this Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Position and Duties</U>. The Executive shall serve as a non-executive employee of the
Company and shall be available to provide general advisory services with respect to the business of the Company generally, and as to specific matters with respect to which he has knowledge, as reasonably requested by the Board or the Chief Executive
Officer of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Base Salary</U>. The Company shall pay the Executive a base salary at an annualized amount equal to his
annual base salary as of the Transition Date, payable in accordance with the Company&#146;s regular payroll practices. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
<U>2016&nbsp;Bonus</U>. The Company shall pay to the Executive his full bonus for the 2016&nbsp;calendar year under the 2014&nbsp;Cash Incentive Plan and the Annual Incentive Plan based on actual performance of the Company pursuant to the current
terms of such Plans and the bonus criteria previously established by the Board (and based upon the level of participation previously established for the Executive), applied to the Executive on a basis no less favorable than applied to other
executive officers of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>No Other Incentive Compensation</U>. Other than as set forth in Sections&nbsp;2(c) and 3(b), the
Executive shall not be eligible for payments or awards under the Company&#146;s bonus or equity incentive plans. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Benefits; Perquisites</U>. The Executive shall be provided with employee benefits, fringe
benefits, and perquisites as are provided to the Company&#146;s senior executives from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Expense Reimbursement</U>. The
Company shall reimburse the Executive for all reasonable expenses incurred by him in the performance of his duties under this Section&nbsp;2 in accordance with the Company&#146;s policies applicable to the Company&#146;s employees generally as in
effect from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Termination of Employment</U>. During the Transition Period, the Company may not terminate the
Executive&#146;s employment other than for &#147;Cause&#148; (as defined below). During the Transition Period, the Executive may resign his employment prior to the Retirement Date for any reason; <U>provided</U>, <U>however</U>, that the Executive
shall forfeit his rights to the benefits set forth in Sections&nbsp;3(b), 3(c), and 3(d) upon any such resignation. For purposes of this Agreement, &#147;<U>Cause</U>&#148; means the termination of the Executive&#146;s employment with the Company on
account of: (i)&nbsp;the Executive&#146;s willful misconduct or gross negligence, which is materially injurious to the Company; (ii)&nbsp;the Executive&#146;s conviction of, or plea of guilty or <I>nolo contendere</I> to, any crime involving a
felony; or (iii)&nbsp;the Executive&#146;s unauthorized removal from the premises of the Company of any document (in any medium or form) relating to the Company or the customers of the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Separation Payments and Benefits</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Accrued Obligations</U>. As soon as practicable after the Retirement Date, the Executive shall receive a payment equal to the
Executive&#146;s accrued but unpaid salary and accrued but unused paid time off through the Retirement Date. Following the Retirement Date, the Executive shall also be entitled to any vested amounts arising from the Executive&#146;s participation
in, or benefits under, any Company Plans (including, without limitation, the Chipotle Mexican Grill, Inc. Supplemental Deferred Investment Plan), which amounts shall be payable in accordance with the terms and conditions of such Company Plans and
applicable law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Treatment of Outstanding Equity Awards</U>. Subject to the Executive&#146;s continued employment through the
Retirement Date and the Executive&#146;s execution and delivery of a general release of claims in the form attached hereto as <U>Exhibit&nbsp;B</U> within 10&nbsp;business days following the Retirement Date: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) <U>Stock Appreciation Rights</U>. Pursuant to the terms of the applicable award agreement, (A)&nbsp;any outstanding award of stock
appreciation rights (each, a &#147;<U>SAR Award</U>&#148;) granted to the Executive under the Equity Plan that is subject only to service-based vesting conditions and unvested as of the Retirement Date shall vest in accordance with its applicable
terms with respect to the retirement of an individual who satisfies the criteria for classification as a &#147;Retiree&#148; (with the understanding that, as of the Transition Date, all service-based SARs held by the Executive are vested other than
a portion of those granted on February&nbsp;3, 2014, which are scheduled by their terms to vest on February&nbsp;3, 2017, which is prior to the Retirement Date); (B)&nbsp;any outstanding SAR Award that is subject to performance-based vesting
conditions and unvested as of the Retirement Date shall remain outstanding and vest to the extent the applicable performance condition is satisfied as applied on the same basis as to other executives generally,
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
and (C)&nbsp;all outstanding SAR Awards shall remain exercisable until the date provided under the applicable award agreement with respect to the retirement of an individual who satisfies the
criteria for classification as a &#147;Retiree.&#148; <U>Exhibit&nbsp;C</U> hereto sets forth, with respect to each SAR Award held by the Executive as of the Transition Date, (i)&nbsp;the grant date of such SAR Award, (ii)&nbsp;the number of shares
subject to such SAR Award, (iii)&nbsp;the exercise price of such SAR Award, (iv)&nbsp;the vesting status of such SAR Award as of the Transition Date, and (v)&nbsp;the expected expiration date of such SAR Award assuming the Executive retires as of
the Retirement Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) <U>Performance Share Awards</U>. Pursuant to the terms of the applicable award agreement with respect to the
retirement of an individual who satisfies the criteria for classification as a &#147;Retiree&#148;, each outstanding performance share award (each, a &#147;<U>PSA</U>&#148;) granted under the Equity Plan that is held by the Executive as of the
Retirement Date shall remain outstanding and, upon completion of the applicable performance period, a prorated portion of such award (determined as provided in the applicable award agreement) shall vest based on actual performance as set forth in
the applicable award agreement and as applied on the same basis as to other executives generally. <U>Exhibit&nbsp;C</U> hereto sets forth each outstanding PSA held by the Executive as of the Transition Date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Personal Vehicle</U>. Subject to the Executive&#146;s continued employment through the Retirement Date, promptly following the
Retirement Date, the Company shall transfer title to the Executive&#146;s Company-provided vehicle to the Executive, without cost to the Executive. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Certain Property</U>. Subject to the Executive&#146;s continued employment through the Retirement Date, the Executive shall be permitted
to retain his Company-issued laptop computer following the Retirement Date; <U>provided</U> that the Executive shall return to the Company or delete from such computer any &#147;Confidential Information&#148; (as defined below), and the Company
shall be permitted to take such actions as it determines necessary to ensure that such deletion or return has occurred, including, without limitation, taking possession of such computer for a reasonable period of time following the Retirement Date.
The Executive shall also be permitted to retain the removable filing cabinets in his office. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Indemnification and D&amp;O
Insurance</U>. For the duration of any applicable statute of limitations regarding actions or omissions of the Executive while employed by the Company or serving on the Board, (i)&nbsp;the Executive shall be entitled to indemnification and
advancement of expenses on a basis that is no less favorable than that provided to other directors and officers of the Company under (A)&nbsp;the Amended and Restated Certificate of Incorporation of the Company, (B)&nbsp;the Amended and Restated
Bylaws of the Company, and (C)&nbsp;any other organizational documents of any subsidiary of the Company, in each case, as in effect from time to time; and (ii)&nbsp;the Executive shall be provided coverage under the Company&#146;s directors&#146;
and officers&#146; liability insurance policy on a basis that is no less favorable than the coverage provided to the Company&#146;s directors and officers generally from time to time. For the avoidance of doubt, the existing Indemnification
Agreement between the Company and the Executive, dated April&nbsp;30, 2007, and attached hereto as Exhibit&nbsp;D, shall remain in full force and effect in accordance with its terms, and the Executive shall be entitled to all rights thereunder with
respect to any action or omission of the Executive during the Transition Period as if the Executive were a director or officer of the Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Press Release</U>. The Company shall issue a press release announcing the retirement of the
Executive on the Transition Date, which such press release shall be consistent with the terms of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Restrictive
Covenants</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Noncompetition</U>. The Executive acknowledges that, in the course of his employment with and service to the Company
and its affiliates (including their predecessor and any successor entities), the Executive has become familiar with the Company&#146;s and its affiliates&#146; trade secrets and the Executive has obtained other secret or confidential information,
knowledge, or data concerning the Company&#146;s and its affiliates&#146; businesses, strategies, operations, clients, customers, prospects, financial affairs, organizational and personnel matters, policies, procedures, and other nonpublic matters,
or concerning those of third parties (&#147;<U>Confidential Information</U>&#148;), and that the Executive&#146;s employment with the Company has been of special, unique, and extraordinary value to the Company and its affiliates. Therefore, the
Executive agrees that, during the period commencing on the date on which the Executive&#146;s employment terminates (the &#147;<U>Termination Date</U>&#148;) and ending on the second anniversary of the Termination Date, the Executive shall not,
directly or indirectly, own, manage, operate, control, be employed by (whether as an employee, director, consultant, independent contractor, or otherwise, and whether or not for compensation), or render services, advice, or assistance in any
capacity to, a &#147;Competing Business&#148; (as defined below) anywhere in the continental United States where the Company or any of its affiliates conducts business. For purposes of this Agreement, a &#147;<U>Competing Business</U>&#148; shall
mean any person, firm, corporation, or other entity, in whatever form, that operates fast-casual, quick-service, or casual dining restaurants (including, but not limited to, multi-unit, multi-market Mexican food, or burrito restaurant concepts
offering dine-in, carry-out, catering, and delivery services). Nothing herein shall prohibit the Executive from being a passive owner of not more than 1% of the outstanding equity interest in any entity that is publicly traded, so long as the
Executive has no active participation in the business of such entity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Remedies</U>. The Executive acknowledges and agrees that:
(i)&nbsp;the purpose of the noncompetition covenant contained in Section&nbsp;6(a) is to protect the goodwill and trade secrets and other Confidential Information of the Company; and (ii)&nbsp;because of the nature of the business in which the
Company and its affiliates are engaged and because of the nature of the trade secrets and other Confidential Information to which the Executive has access, it would be impractical and excessively difficult to determine the actual damages of the
Company if the Executive breached the noncompetition covenant in Section&nbsp;6(a). The Executive understands that the noncompetition covenant may limit the Executive&#146;s ability to earn a livelihood in a Competing Business. The Executive
acknowledges that the Company would be irreparably injured by a violation of Section&nbsp;6(a) and that it is impossible to measure in money the damages that will accrue to the Company by reason of a failure by the Executive to perform any of the
Executive&#146;s obligations under Section&nbsp;6(a). Accordingly, if the Company institutes any action or proceeding to enforce any of the provisions of Section&nbsp;6(a), to the extent permitted by applicable law, the Executive hereby waives the
claim or defense that the Company has an adequate remedy at law or that such covenants are unfair or unreasonable, are not supported by sufficient or valid consideration, or impose any greater restraint than is necessary to protect the goodwill and
other legitimate business interests of the Company, and the Executive shall not urge any such claim or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-5- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
defense in any such action or proceeding. In the event of the Executive&#146;s breach of Section&nbsp;6(a), (A)&nbsp;any outstanding and unexercised SAR Awards shall be cancelled without
consideration upon such breach, and (B)&nbsp;any outstanding unvested PSAs shall be cancelled without consideration upon such breach. The Company shall respond promptly to any inquiry by the Executive regarding whether a proposed action to be taken
by the Executive would constitute a breach of Section&nbsp;6(a). Furthermore, in addition to the remedies mentioned in the immediately preceding sentence and other remedies that may be available, the Company shall be entitled to specific performance
and other injunctive relief, without the requirement to post a bond. If any portion of the covenant set forth in Section&nbsp;6(a) is finally held to be invalid, illegal, or unenforceable (whether in whole or in part), such covenant shall be deemed
modified to the extent, but only to the extent, of such invalidity, illegality, or unenforceability and the remaining covenants shall not be affected thereby. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Section&nbsp;409A</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Section&nbsp;409A of the Code and the regulations and guidance promulgated thereunder, and, accordingly, to the maximum extent permitted,
this Agreement shall be interpreted to be in compliance therewith. For purposes of Section&nbsp;409A of the Code, the Executive&#146;s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a
series of separate and distinct payments. In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered nonqualified deferred compensation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by
Section&nbsp;409A of the Code, (i)&nbsp;the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii)&nbsp;the amount of expenses eligible for reimbursement, or in-kind benefits, provided
during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, and (iii)&nbsp;such payments shall be made on or before the last day of the Executive&#146;s taxable
year following the taxable year in which the expense was incurred. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Miscellaneous</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Successors and Assigns</U>. This Agreement shall be binding upon, inure to the benefit of and be enforceable by, as applicable, the
Company and the Executive and their respective personal or legal representatives, executors, administrators, successors, assigns, heirs, distributees, and legatees. This Agreement is personal in nature and the Executive shall not, without the
written consent of the Company, assign, transfer, or delegate this Agreement or any rights or obligations hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Governing Law;
Jurisdiction; Venue</U>. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado without giving effect to such state&#146;s laws and principles regarding the conflict of laws. The Company and the
Executive (i)&nbsp;agree that any suit, action, or legal proceeding with respect to this Agreement shall be brought in the courts of record of the State of Colorado in Denver County or the court of the United States, District of Colorado;
(ii)&nbsp;consent to the jurisdiction of each such court in any suit, action, or proceeding; and (iii)&nbsp;waive any objection that they may have to the laying of venue of any such suit, action, or proceeding in any of such courts. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-6- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Amendment; Entire Agreement</U>. No provision of this Agreement may be amended, modified,
waived, or discharged unless such amendment, modification, waiver, or discharge is agreed to in writing and such writing is signed by the Company and the Executive. From and after the date hereof, this Agreement shall supersede any other agreement
between the parties with respect to the subject matter hereof, except as otherwise explicitly provided herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Notice</U>. All
notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">if to the Executive: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">At the
address most recently on the books and records of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">if to the Company: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Chipotle Mexican Grill, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">1401 Wynkoop Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Suite 500
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Denver, Colorado 80202 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">with
a copy (which shall not constitute notice) to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Messner Reeves LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">1430&nbsp;Wynkoop Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Suite&nbsp;300 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Denver, Colorado
80202 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: Bryant &#147;Corky&#148; Messner, Esq. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when
actually received by the addressee. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Withholding</U>. The Company may withhold from any amounts payable under this Agreement such
federal, state, local, or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. In addition, the Company may report the value of any benefits provided under this Agreement to the applicable tax authorities
as required by any applicable law or regulation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Headings</U>. The headings of this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Counterparts</U>. This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-7- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as
of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">CHIPOTLE MEXICAN GRILL, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Steve Ells</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Steve Ells</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Co-Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EXECUTIVE</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Montgomery Moran</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Montgomery F. Moran</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page to Retirement and Noncompetition Agreement</I>]<I> </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT&nbsp;A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL RELEASE OF CLAIMS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. I, Montgomery F. Moran, for and in consideration of certain payments to be made and the benefits to be provided to me under the Separation
and Noncompetition Agreement, dated as of December&nbsp;9, 2016 (the &#147;<U>Agreement</U>&#148;), with Chipotle Mexican Grill, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), on the date this General Release becomes irrevocable, and
conditioned upon such payments and provisions, and subject to the provisions of Paragraphs&nbsp;2, 3, and 4, do hereby REMISE, RELEASE, AND FOREVER DISCHARGE the Company and each of its past or present subsidiaries and affiliates, its and their past
or present officers, directors, stockholders, employees, and agents, their respective successors and assigns, heirs, executors, and administrators, the pension and employee benefit plans of the Company, or of its past or present subsidiaries or
affiliates, and the past or present trustees, administrators, agents, or employees of the pension and employee benefit plans (hereinafter collectively included within the term the &#147;Company&#148;), acting in any capacity whatsoever, of and from
any and all manner of actions and causes of actions, suits, debts, claims, and demands whatsoever in law or in equity, whether known or unknown, which I ever had, now have, or hereafter may have, or which my heirs, executors or administrators
hereafter may have, by reason of any matter, cause, or thing whatsoever from the beginning of my employment with or service to the Company to the date hereof and particularly, but without limitation of the foregoing general terms, any claims arising
from or relating in any way to my employment relationship and the termination of my employment relationship with the Company, including, but not limited to: (a)&nbsp;any and all claims for monetary damages that have been asserted, could have been
asserted, or could be asserted now or in the future under the Age Discrimination in Employment Act of 1967 (&#147;<U>ADEA</U>&#148;), as amended, the Older Workers Benefit Protection Act of 1990 (&#147;<U>OWBPA</U>&#148;), Title&nbsp;VII of the
Civil Rights Act of 1964, as amended, and the Americans with Disabilities Act of 1990, as amended; (b)&nbsp;any and all claims under any federal, state, or local laws, including any claims under the Rehabilitation Act of 1973, as amended, the Worker
Adjustment and Retraining Notification Act of 1988, the Family and Medical Leave Act of 1993, and the Employee Retirement Income Security Act of 1974, as amended; (c)&nbsp;any and all other claims under any local statutes under which I can waive my
rights; (d)&nbsp;any and all claims pursuant to any contracts between the Company and me; (e)&nbsp;any common law claims now or hereafter recognized; and (f)&nbsp;all claims for attorneys&#146; fees and costs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. This General Release shall not apply to (a)&nbsp;any entitlements under the terms of the Agreement or under any other plans or programs of
the Company in which I participated and under which I have accrued and become entitled to a benefit (including any equity compensation program), other than under any Company separation or severance plan or programs; (b)&nbsp;rights to
indemnification I may have under the bylaws of the Company, applicable law, any other agreement between the Company and me, or as an insured under any directors&#146; and officers&#146; liability insurance policy now or previously in force;
(c)&nbsp;any right I may have as a stockholder of the Company; and (d)&nbsp;any right I may have to obtain contribution in the event of the entry of judgment against me as a result of any act or failure to act for which both I and the Company or any
of its officers, directors or employees are jointly responsible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The foregoing shall in no event apply to any claims that, as a matter
of applicable law, are not waivable. The Company and I agree that nothing in this General Release prevents or prohibits me from: (a)&nbsp;making any disclosure of relevant and necessary information or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
documents in connection with any charge, action, investigation, or proceeding relating to this General Release or the Agreement, or as required by law or legal process; (b)&nbsp;participating,
cooperating, or testifying in any charge, action, investigation, or proceeding with, or providing information to, any self-regulatory organization, governmental agency, or legislative body, and/or pursuant to the Sarbanes-Oxley Act, including but
not limited to, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, or any
other self-regulatory organization or any other federal, state or local governmental agency or commission (each a &#147;Governmental Agency&#148;), or to testify, assist or participate in any investigation, hearing or proceeding conducted by a
Governmental Agency; (c)&nbsp;filing, testifying, participating in, or otherwise assisting in a proceeding relating to an alleged violation of any federal, state, or municipal law relating to fraud; or (d)&nbsp;challenging the knowing and voluntary
nature of the release of ADEA claims pursuant to the OWBPA. To the extent permitted by law, upon receipt of any subpoena, court order, or other legal process compelling the disclosure of any such information or documents, I agree to give prompt
written notice to the Company so as to permit the Company to protect its interests in confidentiality to the fullest extent possible. To the fullest extent provided by law, I agree and acknowledge, however, that I am waiving any right to recover
monetary damages in connection with any such charge, action, investigation, or proceeding. To the extent I receive any monetary relief in connection with any such charge, action, investigation, or proceeding, the Company will be entitled to an
offset for the benefits made pursuant to this General Release, to the fullest extent provided by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. The Company and I further agree
that the Equal Employment Opportunity Commission (&#147;<U>EEOC</U>&#148;) and comparable state or local agencies have the authority to carry out their statutory duties by investigating charges, issuing determinations, and filing lawsuits in federal
or state court in their own name, or taking any action authorized by the EEOC or comparable state or local agencies. I retain the right to participate in any such action and to seek any appropriate non-monetary relief. I retain the right to
communicate with the EEOC and comparable state or local agencies and such communication can be initiated by me or in response to the government and such right is not limited by any non-disparagement claims. The Company and I agree that communication
with employees plays a critical role in the EEOC&#146;s enforcement process because employees inform the agency of employer practices that might violate the law. For this reason, the right to communicate with the EEOC is a right that is protected by
federal law and neither this General Release nor the Agreement prohibit or interfere with those rights. Notwithstanding the foregoing, I agree to waive any right to recover monetary damages in any charge, complaint, or lawsuit filed by me or by
anyone else on my behalf in connection with any proceeding involving the EEOC or comparable state or local agencies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. Subject to the
limitations of Paragraphs&nbsp;2, 3, and 4, I expressly waive all rights afforded by any statute that expressly limits the effect of a release with respect to unknown claims. I understand the significance of this release of unknown claims and the
waiver of statutory protection against a release of unknown claims. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. I hereby agree and recognize that my employment by the Company
will be permanently and irrevocably severed on the &#147;Retirement Date&#148; (as defined in the Agreement), and the Company has no obligation, contractual or otherwise, to me to hire, rehire, or reemploy me following the Retirement Date. I
acknowledge that the terms of the Agreement provide me with payments and benefits that are in addition to any amounts to which I otherwise would have been entitled. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. I hereby agree and acknowledge that the payments and benefits provided by the Company are to
bring about an amicable resolution of my employment arrangements and are not to be construed as an admission of any violation of any federal, state, or local statute or regulation, or of any duty owed by the Company and that the Agreement was, and
this General Release is, executed voluntarily to provide an amicable resolution of my employment relationship with the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. I
hereby certify that I have read the terms of this Release, that I have been advised by the Company to discuss it with my attorney, that I have received the advice of counsel, and that I understand its terms and effects. I acknowledge, further, that
I am executing this Release of my own volition with a full understanding of its terms and effects and with the intention of releasing all claims recited herein in exchange for the consideration described in the Agreement, which I acknowledge is
adequate and satisfactory to me. None of the above named parties, nor their agents, representatives, or attorneys have made any representations to me concerning the terms or effects of this Release other than those contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. I hereby acknowledge that I have been informed that I have the right to consider this Release for a period of 21&nbsp;days prior to
execution. I also understand that I have the right to revoke this Release for a period of seven days following execution by giving written notice to the Company at 1401 Wynkoop Street, Suite&nbsp;500, Denver, Colorado 80202, Attention: General
Counsel, with copy (which shall not constitute notice) to Messner Reeves LLP, 1430 Wynkoop Street, Suite 300, Denver, Colorado 80202, Attention: Bryant &#147;Corky&#148; Messner, Esq. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Intending to be legally bound hereby, I execute the foregoing General Release this
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of December 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Montgomery F. Moran</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page to General Release of Claims</I>]<I> </I></P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT&nbsp;B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL RELEASE OF CLAIMS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. I, Montgomery F. Moran, for and in consideration of certain payments to be made and the benefits to be provided to me under the Separation
and Noncompetition Agreement, dated as of December&nbsp;9, 2016 (the &#147;<U>Agreement</U>&#148;), with Chipotle Mexican Grill, Inc., a Delaware corporation (the &#147;<U>Company</U>&#148;), as of the date hereof, and conditioned upon such payments
and provisions, and subject to the provisions of Paragraphs&nbsp;2, 3, and 4, do hereby REMISE, RELEASE, AND FOREVER DISCHARGE the Company and each of its past or present subsidiaries and affiliates, its and their past or present officers,
directors, stockholders, employees, and agents, their respective successors and assigns, heirs, executors, and administrators, the pension and employee benefit plans of the Company, or of its past or present subsidiaries or affiliates, and the past
or present trustees, administrators, agents, or employees of the pension and employee benefit plans (hereinafter collectively included within the term the &#147;Company&#148;), acting in any capacity whatsoever, of and from any and all manner of
actions and causes of actions, suits, debts, claims, and demands whatsoever in law or in equity, whether known or unknown, which I ever had, now have, or hereafter may have, or which my heirs, executors or administrators hereafter may have, by
reason of any matter, cause, or thing whatsoever from the beginning of my employment with or service to the Company to the date hereof and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in
any way to my employment relationship and the termination of my employment relationship with the Company, including, but not limited to: (a)&nbsp;any and all claims for monetary damages that have been asserted, could have been asserted, or could be
asserted now or in the future under Title&nbsp;VII of the Civil Rights Act of 1964, as amended, and the Americans with Disabilities Act of 1990, as amended; (b)&nbsp;any and all claims under any federal, state, or local laws, including any claims
under the Rehabilitation Act of 1973, as amended, the Worker Adjustment and Retraining Notification Act of 1988, the Family and Medical Leave Act of 1993, and the Employee Retirement Income Security Act of 1974, as amended; (c)&nbsp;any and all
other claims under any local statutes under which I can waive my rights; (d)&nbsp;any and all claims pursuant to any contracts between the Company and me; (e)&nbsp;any common law claims now or hereafter recognized; and (f)&nbsp;all claims for
attorneys&#146; fees and costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. This General Release shall not apply to (a)&nbsp;any entitlements under the terms of the Agreement or
under any other plans or programs of the Company in which I participated and under which I have accrued and become entitled to a benefit (including any equity compensation program), other than under any Company separation or severance plan or
programs; (b)&nbsp;rights to indemnification I may have under the bylaws of the Company, applicable law, any other agreement between the Company and me, or as an insured under any directors&#146; and officers&#146; liability insurance policy now or
previously in force; (c)&nbsp;any right I may have as a stockholder of the Company; and (d)&nbsp;any right I may have to obtain contribution in the event of the entry of judgment against me as a result of any act or failure to act for which both I
and the Company or any of its officers, directors or employees are jointly responsible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The foregoing shall in no event apply to any
claims that, as a matter of applicable law, are not waivable. The Company and I agree that nothing in this General Release prevents or prohibits me from: (a)&nbsp;making any disclosure of relevant and necessary information or documents in connection
with any charge, action, investigation, or proceeding relating to this General Release or the Agreement, or as required by law or legal process; (b)&nbsp;participating, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
cooperating, or testifying in any charge, action, investigation, or proceeding with, or providing information to, any self-regulatory organization, governmental agency, or legislative body,
and/or pursuant to the Sarbanes-Oxley Act, including but not limited to, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the U.S. Securities and Exchange Commission,
the Financial Industry Regulatory Authority, or any other self-regulatory organization or any other federal, state or local governmental agency or commission (each a &#147;Governmental Agency&#148;), or to testify, assist or participate in any
investigation, hearing or proceeding conducted by a Governmental Agency; or (c)&nbsp;filing, testifying, participating in, or otherwise assisting in a proceeding relating to an alleged violation of any federal, state, or municipal law relating to
fraud. To the extent permitted by law, upon receipt of any subpoena, court order, or other legal process compelling the disclosure of any such information or documents, I agree to give prompt written notice to the Company so as to permit the Company
to protect its interests in confidentiality to the fullest extent possible. To the fullest extent provided by law, I agree and acknowledge, however, that I am waiving any right to recover monetary damages in connection with any such charge, action,
investigation, or proceeding. To the extent I receive any monetary relief in connection with any such charge, action, investigation, or proceeding, the Company will be entitled to an offset for the benefits made pursuant to this General Release, to
the fullest extent provided by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. The Company and I further agree that the Equal Employment Opportunity Commission
(&#147;<U>EEOC</U>&#148;) and comparable state or local agencies have the authority to carry out their statutory duties by investigating charges, issuing determinations, and filing lawsuits in federal or state court in their own name, or taking any
action authorized by the EEOC or comparable state or local agencies. I retain the right to participate in any such action and to seek any appropriate non-monetary relief. I retain the right to communicate with the EEOC and comparable state or local
agencies and such communication can be initiated by me or in response to the government and such right is not limited by any non-disparagement claims. The Company and I agree that communication with employees plays a critical role in the EEOC&#146;s
enforcement process because employees inform the agency of employer practices that might violate the law. For this reason, the right to communicate with the EEOC is a right that is protected by federal law and neither this General Release nor the
Agreement prohibit or interfere with those rights. Notwithstanding the foregoing, I agree to waive any right to recover monetary damages in any charge, complaint, or lawsuit filed by me or by anyone else on my behalf in connection with any
proceeding involving the EEOC or comparable state or local agencies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. Subject to the limitations of Paragraphs&nbsp;2, 3, and 4, I
expressly waive all rights afforded by any statute that expressly limits the effect of a release with respect to unknown claims. I understand the significance of this release of unknown claims and the waiver of statutory protection against a release
of unknown claims. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. I hereby agree and recognize that my employment by the Company was permanently and irrevocably severed on the
&#147;Retirement Date&#148; (as defined in the Agreement), and the Company has no obligation, contractual or otherwise, to me to hire, rehire, or reemploy me in the future. I acknowledge that the terms of the Agreement provide me with payments and
benefits that are in addition to any amounts to which I otherwise would have been entitled. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. I hereby agree and acknowledge that the payments and benefits provided by the Company are to
bring about an amicable resolution of my employment arrangements and are not to be construed as an admission of any violation of any federal, state, or local statute or regulation, or of any duty owed by the Company and that the Agreement was, and
this General Release is, executed voluntarily to provide an amicable resolution of my employment relationship with the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. I
hereby certify that I have read the terms of this Release, that I have been advised by the Company to discuss it with my attorney, that I have received the advice of counsel, and that I understand its terms and effects. I acknowledge, further, that
I am executing this Release of my own volition with a full understanding of its terms and effects and with the intention of releasing all claims recited herein in exchange for the consideration described in the Agreement, which I acknowledge is
adequate and satisfactory to me. None of the above named parties, nor their agents, representatives, or attorneys have made any representations to me concerning the terms or effects of this Release other than those contained herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. I hereby acknowledge that this Release shall become effective upon my execution of this Release. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-3 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Intending to be legally bound hereby, I execute the foregoing General Release this
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of June 2017. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Montgomery F. Moran</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page to General Release of Claims</I>]<I> </I></P>

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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT&nbsp;C </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OUTSTANDING EQUITY AWARDS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vested SAR
Awards </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:38.85pt; font-size:8pt; font-family:Times New Roman"><B>Grant Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exercise<BR>Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Expiration<BR>Date as<BR>Determined<BR>Under&nbsp;Award<BR>Agreement</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2/6/2012</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">371.63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2/6/2019<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2/6/2012</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">371.63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2/6/2019</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2/7/2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">318.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2/7/2020<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2/7/2013</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">318.45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2/7/2020</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2/3/2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">543.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6/9/2020<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2/3/2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">543.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2/3/2021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unvested SAR Awards </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:38.85pt; font-size:8pt; font-family:Times New Roman"><B>Grant Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exercise<BR>Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Expiration<BR>Date as<BR>Determined<BR>Under&nbsp;Award<BR>Agreement</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2/3/2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">543.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6/9/2020<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2/3/2014</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">543.20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2/3/2021<SUP STYLE="font-size:85%; vertical-align:top"></SUP></TD>
<TD NOWRAP VALIGN="bottom"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Unvested Performance Share Awards </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:38.85pt; font-size:8pt; font-family:Times New Roman"><B>Grant Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of<BR>Shares</B><br><B>(at Target)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2/20/2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,887</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2/3/2016</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">2012 Service-based SARs will expire on the original expiration date, which is earlier than the third anniversary of the Retirement Date. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">2013 Service-based SARs will expire on the original expiration date, which is earlier than the third anniversary of the Retirement Date. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Third anniversary of the Retirement Date. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Service-based SARs will vest on 2/3/2017 and may be exercised until the third anniversary of the Retirement Date. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Performance-based SARs remain subject to the performance criteria and, to the extent the performance criteria is attained, can vest as early as 2/3/2017 and be exercised through the original expiration date.
</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT D </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[Incorporated
by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Chipotle Mexican Grill, Inc. on March 21, 2007] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-1 </P>

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<DESCRIPTION>EX-99.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">


<IMG SRC="g232546001.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>NEWS</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Contact: Chris Arnold</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">303.222.5912</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">carnold@chipotle.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CHIPOTLE FOUNDER STEVE ELLS RETURNS TO SOLE CEO ROLE; OUTLINES PLANS FOR COMPANY&#146;S FUTURE </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ells Pledges Renewed Focus on Enhanced Guest Experience, Innovation and an Expanded Commitment to Making Better Food Accessible to More People </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investor Call Scheduled for 5:00 PM Eastern Time Today </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DENVER,
December&nbsp;12, 2016 &#150; Chipotle Mexican Grill (NYSE: CMG) announced that its Board of Directors has named company Founder Steve Ells the company&#146;s sole Chief Executive Officer. Ells will also remain Chairman of Chipotle&#146;s board.
Monty Moran has stepped down from the co-CEO role and from his board seat effective immediately, and will retire from Chipotle in 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Steve
founded Chipotle more than 23 years ago with a powerful vision to use great ingredients prepared skillfully by hand, but served very fast,&#148; said Neil Flanzraich, Lead Director of Chipotle&#146;s board. &#147;This approach has proven to be a
very successful formula, but as the company grew, operations became more complicated and less consistent. Given the ongoing challenges facing the company, the board felt strongly that it was best for Steve to resume leadership of the company going
forward. This will ensure that his high standards for the guest experience and his unyielding commitment to the company&#146;s mission are top priorities.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ells, a classically trained chef, started Chipotle in 1993 with a small loan from his father. Chipotle has since grown into one of the nation&#146;s largest
restaurant companies, with more than 2,200 locations in five countries. Ells served as Chairman and CEO from 1993 until 2009 when he became co-CEO, a title he shared with Moran. The company went public in 2006. As Chairman and CEO, Ells will
directly oversee restaurant operations, strategic initiatives, and innovation projects at the company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;Chipotle is based on a very simple idea: We
start with great ingredients, prepare them using classic cooking techniques, and serve them in a way that allows people to get exactly what they want,&#148; said Ells. &#147;Even though it&#146;s a simple idea, operations have become
over-complicated. I&#146;m very much looking forward to relentlessly focusing on ensuring an excellent guest experience, removing unnecessary complexity from our operations, championing innovation, and pursuing our mission of making better food
accessible to more people.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ells also indicated that he will pursue employee incentives that are more closely tied to the guest experience. Chipotle
now pays its starting employees above the federal minimum wage and provides benefits including paid vacation time, paid sick leave, and tuition reimbursement to all employees. The company also provides stock to its General Managers upon achieving
Restaurateur status. The Restaurateur program, which recognizes the company&#146;s elite restaurant managers and provides a pipeline for its future leaders, is a cornerstone of Chipotle&#146;s field operations. In recent years, however, achieving
Restaurateur status has become increasingly complex and Ells is committed to re-envisioning the program by placing an emphasis on the guest experience and making the path to Restaurateur more intuitive and accessible to more General Managers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;It&#146;s incredibly important to me that we create an excellent dining experience in all of our restaurants. That starts with having great restaurant
teams. To that end, I will evolve our Restaurateur program to ensure that even more of our best employees succeed and thrive at the company,&#148; Ells said. &#147;While our plans will take some time to implement, we will act with a sense of urgency
toward all of the changes we are pursuing.&#148; </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-more- </P>


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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>NEWS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Contact: Chris Arnold </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">303.222.5912
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">carnold@chipotle.com </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>ELLS RETURNS AS SOLE CEO/p.2 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ells also recommitted to the company&#146;s quest to serve better ingredients, announcing a reimagined company mission. The new company mission to &#147;Ensure
that better food, prepared from real, unprocessed ingredients is accessible to everyone&#148; is the next step in the evolution of Chipotle&#146;s mission-driven business. Chipotle&#146;s previous mission was to &#147;Change the way people think
about and eat fast food.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;When I started Chipotle, I knew very little about the way food was raised,&#148; Ells said. &#147;But over the
years, I&#146;ve become a champion for ingredients that are raised with respect for people, animals, and the environment. I will also continue to advocate for food made simply, without processed ingredients, which is the kind of food I believe
should be available to everyone. I&#146;m incredibly proud of the team at Chipotle and I&#146;m thankful to them for helping us realize our mission of bringing better food to more and more people.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;I&#146;d also like to thank Monty for his extraordinary contributions to Chipotle over the years. Monty inspired us with his vision for an enlightened
people culture, and I wish him the best as he retires from the company,&#148; Ells said. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chipotle will hold a call for investors at 5:00 PM Eastern time
today during which management will discuss these changes. Please note that the company will not be providing an update to Q3 financials during this call. The conference call can be accessed live by dialing 800-239-9838 or for international callers
by dialing 1-913-661-9178. The call will be webcast live from the company&#146;s website at chipotle.com under the investor relations section. An archived webcast will be available approximately one hour after the end of the call. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ABOUT CHIPOTLE </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Steve Ells, Founder, Chairman and CEO,
started Chipotle with the idea that food served fast did not have to be a typical fast food experience. Today, Chipotle continues to offer a focused menu of burritos, tacos, burrito bowls, and salads made from fresh, high-quality raw ingredients,
prepared using classic cooking methods and served in an interactive style allowing people to get exactly what they want. Chipotle seeks out extraordinary ingredients that are not only fresh, but that are raised responsibly, with respect for the
animals, land, and people who produce them. Chipotle prepares its food using whole, unprocessed ingredients and without the use of added colors, flavors or other additives typically found in fast food. Chipotle opened with a single restaurant in
Denver in 1993 and now operates more than 2,200 restaurants. For more information, visit Chipotle.com. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FORWARD LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Certain statements in this press release, including statements about company leadership and the quality of the guest experience in Chipotle restaurants, are
forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We use words such as &#147;anticipate&#148;, &#147;believe&#148;, &#147;could&#148;, &#147;should&#148;, &#147;estimate&#148;, &#147;expect&#148;,
&#147;intend&#148;, &#147;may&#148;, &#147;predict&#148;, &#147;project&#148;, &#147;target&#148;, and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this
press release are based on information available to us as of the date any such statements are made and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause
actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: the uncertainty of our ability to achieve expected levels of comparable restaurant sales due to
factors such as changes in consumers&#146; acceptance of and enthusiasm for our brand, including as a result of food-borne illness incidents, the impact of competition, including from sources outside the restaurant industry, decreased overall
consumer spending, or our possible inability to increase menu prices or realize the benefits of menu price increases; the risk of food-borne illnesses and other health concerns about our food or dining out generally; factors that could affect our
ability to achieve and manage our planned expansion, such as the availability of a sufficient number of suitable new restaurant sites and the availability of qualified employees; the performance of new </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-more- </P>


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


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>NEWS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Contact: Chris Arnold </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">303.222.5912
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">carnold@chipotle.com </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>ELLS RETURNS AS SOLE CEO/p.3 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>restaurants and their impact on existing restaurant sales; increases in the cost of food ingredients and other key supplies or higher food costs due to new
supply chain protocols; the potential for increased labor costs or difficulty retaining qualified employees, including as a result of market pressures, enhanced food safety procedures in our restaurants, or new regulatory requirements; risks
relating to our expansion into new markets; the impact of federal, state or local government regulations relating to our employees, our restaurant design, or the sale of food or alcoholic beverages; risks associated with our Food With Integrity
strategy, including supply shortages and potential liabilities from advertising claims and other marketing activities related to Food With Integrity; security risks associated with the acceptance of electronic payment cards or electronic storage and
processing of confidential customer or employee information; risks relating to litigation, including possible governmental actions related to food-borne illness incidents, as well as class action litigation regarding employment laws, advertising
claims or other matters; risks relating to our insurance coverage and self-insurance; risks arising from senior management changes, including our return to having a single CEO, as well as our dependence on key personnel; risks related to our
marketing and advertising strategies, including risks related to our Chiptopia rewards program and other promotional activities; risks regarding our ability to protect our brand and reputation; risks associated with our ability to effectively manage
our growth; and other risk factors described from time to time in our SEC reports, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, all of which are available on the investor relations page of our
website at ir.Chipotle.com. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"># # # </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
