<SEC-DOCUMENT>0001058090-17-000037.txt : 20170915
<SEC-HEADER>0001058090-17-000037.hdr.sgml : 20170915
<ACCEPTANCE-DATETIME>20170915160732
ACCESSION NUMBER:		0001058090-17-000037
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170915
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:		20170915
DATE AS OF CHANGE:		20170915

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:		171088048

	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>cmg-20170915x8k.htm
<DESCRIPTION>8-K
<TEXT>
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			91517_8-K- Scott
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">Washington, D.C. 20549</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">Pursuant to Section&nbsp;13 or 15(d) of the</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">Securities Exchange Act of 1934</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">Date of Report (Date of earliest event reported): </font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">September </font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">1</font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">2</font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">, 201</font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">7</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:24pt;">CHIPOTLE MEXICAN GRILL, INC.</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">(Exact name of registrant as specified in its charter)</font>
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						<font style="display: inline;font-weight:bold;color:#000000;">1-32731</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;">84-1219301</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(State or other jurisdiction&nbsp;of</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">incorporation)</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(Commission</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">File Number)</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(I.R.S. Employer</font></p>
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						<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">Identification No.)</font></p>
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			<font style="display: inline;font-weight:bold;color:#000000;">1401 Wynkoop Street, Suite 500</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">Denver, CO 80202</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(Address of principal executive offices) (Zip Code)</font>
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		<p style="margin:13.2pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Registrant&#x2019;s telephone number, including area code: (303)&nbsp;595-4000</font>
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		<p style="margin:13.2pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Not Applicable</font>
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			<font style="display: inline;font-weight:bold;color:#000000;font-size:8pt;">(Former name or former address, if changed since last report)</font>
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			<font style="display: inline;color:#000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt 0pt 6pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this chapter).</font>
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		<p style="margin:0pt 0pt 6pt;line-height:normal;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;">Emerging growth company&nbsp;</font><font style="display: inline;color:#000000;">&#x2610;</font>
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		<p style="margin:0pt 0pt 6pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;</font><font style="display: inline;color:#000000;">&#x2610;</font>
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			<font style="display: inline;color:#000000;">&#xFEFF;</font>
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		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
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			<font style="display: inline;font-weight:bold;color:#000000;">&#xFEFF;</font><a name="part_1_2_1"></a>
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			<font style="display: inline;font-weight:bold;color:#000000;">Item&nbsp;5.0</font><font style="display: inline;font-weight:bold;color:#000000;">2</font><font style="display: inline;font-weight:bold;color:#000000;">.</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;"></font><font style="display: inline;font-weight:bold;color:#000000;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</font><font style="display: inline;font-weight:bold;color:#000000;">.</font><font style="display: inline;font-weight:bold;color:#000000;">&nbsp;</font>
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			<font style="display: inline;color:#000000;">On </font><font style="display: inline;color:#000000;">September 12, 2017</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">the Board of Directors of Chipotle Mexican Grill, Inc. </font><font style="display: inline;color:#000000;">designated</font><font style="display: inline;color:#000000;"> Scott Boatwright, Chief Restaurant Officer, as principal operating officer</font><font style="display: inline;color:#000000;"> of Chipotle</font><font style="display: inline;color:#000000;">, effective immediately</font><font style="display: inline;color:#000000;">.</font>
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			<font style="display: inline;color:#000000;">Scott joined Chipotle as Chief Restaurant Officer in May 2017, and has assumed direct accountability for all restaurant operations.&nbsp;&nbsp;Prior to Chipotle, Scott spent 18 years with Arby&#x2019;s Restaurant Group in various leadership positions, including for the last six years as the Sr. Vice President of Operations, where he was responsible for the performance of over 1,700 Arby&#x2019;s restaurants in numerous states.&nbsp;&nbsp;Scott holds an MBA from the J. Mack Robinson College of Business at Georgia State University</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">is 44 years old.</font>
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			<font style="display: inline;color:#000000;">Scott is </font><font style="display: inline;color:#000000;">an at-will employee without a formal employment contract.&nbsp;&nbsp;The terms of his employment entitle him</font><font style="display: inline;color:#000000;"> to an annual base salary of $410,000 per year, with a target bonus under Chipotle&#x2019;s Annual Incentive Plan of 65% of his base salary.&nbsp;&nbsp;He also receives a car allowance of </font><font style="display: inline;color:#000000;">$1,350 per bi-weekly pay period, as well as certain relocation benefits in connection with his move to Denver, Colorado.&nbsp;&nbsp;We have also entered into a</font><font style="display: inline;color:#000000;">n</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Executive Agreement</font><font style="display: inline;color:#000000;"> with Scott, pursuant to which he </font><font style="display: inline;color:#000000;">would be</font><font style="display: inline;color:#000000;"> entitled to up to 12 months of base salary in the event his employment with us is terminated without cause prior to the second anniversary of his commencement of employment</font><font style="display: inline;color:#000000;">, with the number of months of severance payable phasing out ratably from the first to second anniversary of his commencement of employment</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;A copy of the </font><font style="display: inline;color:#000000;">Executive </font><font style="display: inline;color:#000000;">Agreement is filed as Exhibit 10.1 hereto.</font>
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			<font style="display: inline;color:#000000;">Scott </font><font style="display: inline;color:#000000;">has</font><font style="display: inline;color:#000000;"> also enter</font><font style="display: inline;color:#000000;">ed</font><font style="display: inline;color:#000000;"> into our standard Indemnification Agreement for executive officers and members of our Board of Directors.</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">Item&nbsp;9.01.</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;">Financial Statements and Exhibits.</font><font style="display: inline;font-weight:bold;color:#000000;">&nbsp;</font>
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			<font style="display: inline;font-weight:bold;">Exhibit Index</font>
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						&nbsp;</p>
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						<font style="display: inline;">Exhibit&nbsp;10.1 </font></p>
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						<a href="cmg-20170915xex10_1.htm" style="-sec-extract:exhibit"><font style="display: inline;">Executive Agreement dated </font><font style="display: inline;">May 29</font><font style="display: inline;">, 2017</font><font style="display: inline;">,</font><font style="display: inline;"> between Scott Boatwright and Chipotle Mexican Grill, Inc.</font></a></p>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;">SIGNATURE</font>
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			<font style="display: inline;color:#000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
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			<font style="display: inline;">&nbsp;</font>
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						<font style="display: inline;color:#000000;">Chipotle Mexican Grill, Inc.</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;color:#000000;">September</font><font style="display: inline;font-style:italic;color:#000000;">&nbsp;</font><font style="display: inline;font-style:italic;color:#000000;">1</font><font style="display: inline;font-style:italic;color:#000000;">2</font><font style="display: inline;font-style:italic;color:#000000;">, 201</font><font style="display: inline;font-style:italic;color:#000000;">7</font></p>
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						<font style="display: inline;color:#000000;">/s/ Jack Hartung</font></p>
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						<font style="display: inline;color:#000000;font-size:8pt;">&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt 0pt 1.1pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;color:#000000;">Jack Hartung</font></p>
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						<font style="display: inline;font-style:italic;color:#000000;">Chief </font><font style="display: inline;font-style:italic;color:#000000;">Financial </font><font style="display: inline;font-style:italic;color:#000000;">Officer</font></p>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>cmg-20170915xex10_1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!--HTML document created with Certent Disclosure Management 6.9.0.4-->
<!--Created on: 9/15/2017 2:02:49 PM-->
<html>
	<head>
		<title>
			91517_101 Scott Exhibit
		</title>
	</head>
	<body><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt;text-align:right;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<a name="_GoBack"></a><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">Exhibit 10.1</font>
		</p>
		<p style="margin:13.5pt 0pt 8pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;">EXECUTIVE AGREEMENT</font>
		</p>
		<p style="margin:10pt 0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:10pt;;font-size: 10pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">THIS EXECUTIVE AGREEMENT (this &#x201C;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Agreement</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#x201D;), dated as of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">May29</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, 2017, is entered into by and between </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Chipotle Services, LLC, a Colorado limited liability company </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">(the &#x201C;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Company</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#x201D;), and </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">Scott Boatwright</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> (the &#x201C;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Executive</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#x201D;).</font>
		</p>
		<p style="margin:10pt 0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;;font-size: 10pt;font-family:Calibri;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">WHEREAS, the Executive</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> has been hired by the Company, effective May 29, 2017 (the &#x201C;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Initial Date of Employment</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#x201D;), to serve</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">, on an at-will employment basis,</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> as</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> Chief Restaurant Officer of the Company</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> and its affiliated companies</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">;</font>
		</p>
		<p style="margin:10pt 0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">WHEREAS, the Company and the Executive </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">desire to enter into a mutually satisfactory arrangement concerning</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> certain benefits </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">to be </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">granted to the Executive </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">in the event that the Executive</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#x2019;s employment</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> is terminated</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> without cause</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">prior to the second anniversary of commencement of his employment</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">.</font>
		</p>
		<p style="margin:10pt 0pt;line-height:100%;text-indent:36pt;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">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:</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="line-height:100%;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;"> 1.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Separation from Service</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:54pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;;padding:0pt 7pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Severance Agreement</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">.&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">In the event </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">the Executive </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">is </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">terminated by the Company </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">for any reason other than &#x201C;cause&#x201D; (as defined below)</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">within </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">twenty-four</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;"> months of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">the Executive&#x2019;s Initial Date of Employment, </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">the Executive </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">shall be entitled to</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">receive </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">up to</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;"> twelve months&#x2019; base salary</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">, at the mutually-agreed salary rate in effect at the time of such termination</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">.</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;"> &nbsp;If the termination occurs within twelve months of the Initial Date of Employment, the Executive shall be entitled to receive twelve months&#x2019; base salary. </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">Following</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">the Executive&#x2019;s initial twelve months of employment, the maximum twelve-month severance will reduce one month for each </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">additional </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">month of service until fully exhausted at twenty-four months of employment.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:54pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;;padding:0pt 7pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">&#x201C;Cause&#x201D;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">. For purposes of this Agreement, &#x201C;cause&#x201D; shall mean the occurrence of one or more o</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">f the following events: (i) the Executive&#x2019;s</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;"> arrest </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">for </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">or conviction of any felony and/or any misdemeanor involving moral turp</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">itude, fraud, </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">or </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">embezzlement, or the Executive&#x2019;s </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">arrest </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">for </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">or conviction </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">a crime related to any other act or omission involving dishonesty or fraud; </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">(ii) the Executive&#x2019;s</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;"> working under the influence of alcohol, the use of illegal drugs (whether or not at the workplace), or other conduct causing </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">th</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">e</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;"> Company</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;"> or any of its subsidiaries or affiliates public disgrace, disrepute or economic harm; (iii)</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;"> the Executive&#x2019;s</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;"> failure to take specific actions as directed by the </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">Company&#x2019;s </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">CEO or the Board</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;"> of Directors of the Company&#x2019;s parent corporation</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">; (iv) any negligence, misconduct, or breach of fiduciary duty by the Executive; (v) the Executive&#x2019;s failure to cooperate in any audit or investigation; (vi) any act of theft, embezzlement, fraud or misappropriation of the property of the Company, its subsidiaries, or affiliates; or (vii) any breach of any agreement with, or policy of, the Company, its subsidiaries, or affiliates. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:54pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;;padding:0pt 8pt 0pt 0pt;"> (c)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Release of Claims</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">.&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">&nbsp;In consideration of the payments and benefits to be provided to the Executive under this Agreement, within </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">45</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">&nbsp;days following the </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">date of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">a termination of the Executive for any reason other than &#x201C;cause&#x201D;,</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">the Executive shall execute and deliver to the Company a mutual release of claims and non-competition agreement </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">in customary form</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">&nbsp;(the &#x201C;</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Release</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">&#x201D;) and shall not revoke such Release. If the Executive does not execute and deliver the Release</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;"> within such </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">45</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">-day period or revokes the Release in the time period set forth therein, this Agreement shall be null and void&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;color:#000000;">ab initio</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">&nbsp;and of no force or effect.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;"> 2.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Section 409A</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:54pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;;padding:0pt 7pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">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&#x2019;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, </font>
		</p>
		<p><font size="1"> </font></p></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered nonqualified deferred compensation.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:54pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;;padding:0pt 7pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">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&#x2019;s taxable year following the taxable year in which the expense was incurred.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;"> 3.</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Miscellaneous</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:54pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;;padding:0pt 7pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Successors and Assigns</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">. 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.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:54pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;;padding:0pt 7pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Governing Law; Jurisdiction; Venue</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado without giving effect to such state&#x2019;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.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:54pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;;padding:0pt 8pt 0pt 0pt;"> (c)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Amendment; Entire Agreement</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">. 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.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:54pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;;padding:0pt 7pt 0pt 0pt;"> (d)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Notice</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">. 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:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:54pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;;padding:0pt 7pt 0pt 0pt;"> (e)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Withholding</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">. 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.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:54pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;;padding:0pt 9pt 0pt 0pt;"> (f)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Headings</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">. The headings of this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:54pt;">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 10pt;margin:10pt 0pt 0pt;">
				<font style="margin:10pt 0pt;line-height:100%;border-top:1pt none #D9D9D9;font-family:Calibri;font-size:10pt;;;padding:0pt 7pt 0pt 0pt;"> (g)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;text-decoration:underline;color:#000000;">Counterparts</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">. 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.</font></p></td></tr></table></div>
		<p style="margin:10pt 0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">[</font><font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:10pt;color:#000000;">Signature Page Follows</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;color:#000000;">]</font>
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Calibri;font-size: 10pt">

			<font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">2</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"></font>

		</p>

		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;;font-size: 10pt"><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;"></font>
		</p>
		<p style="margin:0pt;background-color: #FFFFFF;line-height:100%;text-indent:24.5pt;font-family:Calibri;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;">IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first above written.</font>
		</p>
		<p style="margin:0pt;background-color: #FFFFFF;line-height:100%;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" align="right" style="border-collapse:collapse;width: 40.00%;margin-left:0pt;">
			<tr>
				<td valign="middle" style="width:16.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="bottom" style="width:02.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:26.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:52.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:16.80%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">&#xFEFF;</font></p>
				</td>
				<td valign="bottom" style="width:02.44%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:26.84%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.60%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:52.32%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td colspan="5" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">CHIPOTLE </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">SERVICES, LLC</font></p>
				</td>
			</tr>
			<tr>
				<td valign="middle" style="width:16.80%;height:9.60pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td colspan="4" valign="middle" style="width:83.20%;height:9.60pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;overflow: hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.80%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">By:</font></p>
				</td>
				<td valign="bottom" style="width:02.44%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:80.76%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">/s/ Steve Ells</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:16.80%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="bottom" style="width:02.44%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:26.84%;padding:0pt;">
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				<td valign="bottom" style="width:52.32%;padding:0pt;">
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						<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Steve Ells</font></p>
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			<tr>
				<td valign="top" style="width:16.80%;padding:0pt;">
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				<td valign="bottom" style="width:52.32%;padding:0pt;">
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			<tr>
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			<tr>
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						&nbsp;</p>
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			<tr>
				<td colspan="5" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt">
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			<tr>
				<td valign="top" style="width:16.80%;padding:0pt;">
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			<tr>
				<td valign="top" style="width:16.80%;padding:0pt;">
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			<tr>
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			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;">[</font><font style="display: inline;font-family:Times New Roman;font-style:italic;color:#000000;font-size:10pt;">Signature Page to </font><font style="display: inline;font-family:Times New Roman;font-style:italic;color:#000000;font-size:10pt;">Executive</font><font style="display: inline;font-family:Times New Roman;font-style:italic;color:#000000;font-size:10pt;"> Agreement</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;">]</font>
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		<p><font size="1"> </font></p><div style="width:100%">

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