<SEC-DOCUMENT>0001058090-17-000047.txt : 20171201
<SEC-HEADER>0001058090-17-000047.hdr.sgml : 20171201
<ACCEPTANCE-DATETIME>20171201161603
ACCESSION NUMBER:		0001058090-17-000047
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20171201
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:		20171201
DATE AS OF CHANGE:		20171201

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:		171234365

	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-20171201x8k.htm
<DESCRIPTION>8-K
<TEXT>
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			12117_8K_Executive Transition
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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;">November </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;">8</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;">incorporation)</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;">&nbsp;</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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		<p style="margin:13.2pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<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: 6pt">
			<font style="display: inline;">&nbsp;</font>
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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>
		</p>
		<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>
		</p>
		<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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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 2.2pt;border-bottom:1pt solid #000000 ;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
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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;">November </font><font style="display: inline;color:#000000;">29</font><font style="display: inline;color:#000000;">, 2017</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">Chipotle Mexican Grill, Inc. </font><font style="display: inline;color:#000000;">announced that Steve Ells, Chairman and C</font><font style="display: inline;color:#000000;">hief </font><font style="display: inline;color:#000000;">E</font><font style="display: inline;color:#000000;">xecutive </font><font style="display: inline;color:#000000;">O</font><font style="display: inline;color:#000000;">fficer</font><font style="display: inline;color:#000000;"> of Chipotle</font><font style="display: inline;color:#000000;">&#x2014;</font><font style="display: inline;color:#000000;">and the founder of the </font><font style="display: inline;color:#000000;">c</font><font style="display: inline;color:#000000;">ompany in 1993</font><font style="display: inline;color:#000000;">&#x2014;</font><font style="display: inline;color:#000000;">will </font><font style="display: inline;color:#000000;">cease to serve </font><font style="display: inline;color:#000000;">as Chief Executive Officer, and </font><font style="display: inline;color:#000000;">be appointed</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Executive Chairman </font><font style="display: inline;color:#000000;">of Chipotle&#x2019;s Board of Directors, </font><font style="display: inline;color:#000000;">effective as of</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">the completion of a search to identify</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">and appoint</font><font style="display: inline;color:#000000;">ment of,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">a new C</font><font style="display: inline;color:#000000;">hief Executive Officer</font><font style="display: inline;color:#000000;"> of the </font><font style="display: inline;color:#000000;">c</font><font style="display: inline;color:#000000;">ompany</font><font style="display: inline;color:#000000;">.</font>
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			<font style="display: inline;color:#000000;">In connection with the planned transition, Chipotle and Mr. Ells entered into </font><font style="display: inline;color:#000000;">an Executive Chairman Agreement,</font><font style="display: inline;color:#000000;"> dated November </font><font style="display: inline;color:#000000;">28</font><font style="display: inline;color:#000000;">, 2017.&nbsp; </font><font style="display: inline;color:#000000;">The agreement provides that, upon his appointment as Executive Chairman, Mr. Ells will have an annualized base salary for the 2018&nbsp;fiscal year of $900,000, a target annual bonus opportunity of 100% of his base salary, and a maximum annual bonus opportunity of 225% of his base salary</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp;In addition, on or about January&nbsp;2, 2018</font><font style="display: inline;color:#000000;"> and subject to his continued employment through such date</font><font style="display: inline;color:#000000;">, the </font><font style="display: inline;color:#000000;">c</font><font style="display: inline;color:#000000;">ompany will make Mr. Ells a one-time grant of a stock option to purchase 175,000 shares of </font><font style="display: inline;color:#000000;">Chipotle</font><font style="display: inline;color:#000000;"> common stock having a per share exercise price equal to the greater of $500 and the fair market value of a share of common stock on the date of grant.&nbsp;&nbsp;The stock option will vest on the date that is 18&nbsp;months following the date of grant, subject to </font><font style="display: inline;color:#000000;">(1</font><font style="display: inline;color:#000000;">)&nbsp;Mr. Ells</font><font style="display: inline;color:#000000;">&#x2019;s</font><font style="display: inline;color:#000000;"> continued employment through the vesting date, </font><font style="display: inline;color:#000000;">(2</font><font style="display: inline;color:#000000;">)&nbsp;the appointment of a new Chief Executive Officer prior to </font><font style="display: inline;color:#000000;">the vesting date, and (3</font><font style="display: inline;color:#000000;">)&nbsp;</font><font style="display: inline;color:#000000;">accelerated vesting upon Mr. Ells&#x2019;s earlier termination of employment by </font><font style="display: inline;color:#000000;">Chipotle</font><font style="display: inline;color:#000000;"> without cause, by Mr. Ells with good reason, or due to his death or disability.&nbsp;&nbsp;The stock option, if vested, will first be exercisable on January&nbsp;4, 2021, and will expire on January&nbsp;4, 2022.</font>
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			<font style="display: inline;color:#000000;">Under the agreement, Mr. Ells has agreed that, while he is employed </font><font style="display: inline;color:#000000;">by Chipotle</font><font style="display: inline;color:#000000;"> and for a two-year period thereafter, he will not</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">(a)&nbsp;</font><font style="display: inline;color:#000000;">directly or indirectly, own, manage, operate, control, be employed</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> or engaged in any capacity (whether or not for compensation) by, or render services, advice, or assistance in any capacity to, a busin</font><font style="display: inline;color:#000000;">ess competing with </font><font style="display: inline;color:#000000;">Chipotle </font><font style="display: inline;color:#000000;">in the continental United States</font><font style="display: inline;color:#000000;">, (b)&nbsp;recruit, hire, or solicit </font><font style="display: inline;color:#000000;">Chipotle&#x2019;s </font><font style="display: inline;color:#000000;">employees, or (c)&nbsp;induce any of </font><font style="display: inline;color:#000000;">Chipotle&#x2019;s </font><font style="display: inline;color:#000000;">suppliers, licensees, or other business relations to cease doing business with </font><font style="display: inline;color:#000000;">Chipotle </font><font style="display: inline;color:#000000;">or interfere with the relationship between any such supplier, licensee, or other business relation and </font><font style="display: inline;color:#000000;">Chipotle</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">The agreement also includes customary confidentiality provisions and a mutual non</font><font style="display: inline;color:#000000;">-</font><font style="display: inline;color:#000000;">disparagement covenant.&nbsp; </font><font style="display: inline;color:#000000;">If Mr. Ells&#x2019;s employment is terminated by </font><font style="display: inline;color:#000000;">Chipotle </font><font style="display: inline;color:#000000;">without cause or by Mr. Ells with good reason, then, subject to his continued compliance with the restrictive covenants set forth in the agreement, the </font><font style="display: inline;color:#000000;">c</font><font style="display: inline;color:#000000;">ompany will continue to pay Mr. Ells his then-current base salary during the applicable restricted period.</font>
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			<font style="display: inline;color:#000000;">The foregoing description of the </font><font style="display: inline;color:#000000;">agreement</font><font style="display: inline;color:#000000;"> with Mr. </font><font style="display: inline;color:#000000;">Ells</font><font style="display: inline;color:#000000;"> does not purport to be complete and is qualified in its entirety by reference to the full text of the </font><font style="display: inline;color:#000000;">Executive Chairman Agreement</font><font style="display: inline;color:#000000;">, which is attached hereto as Exhibit</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">10.1 and incorporated herein by reference.</font>
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			<font style="display: inline;color:#000000;">A copy of the press release issued by the </font><font style="display: inline;color:#000000;">c</font><font style="display: inline;color:#000000;">ompany</font><font style="display: inline;color:#000000;"> announcing the </font><font style="display: inline;color:#000000;">aforementioned transition</font><font style="display: inline;color:#000000;"> is attached hereto as Exhibit</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">99.</font><font style="display: inline;color:#000000;">1</font><font style="display: inline;color:#000000;">.</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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						<a href="cmg-20171201xex10_1.htm" style="-sec-extract:exhibit"><font style="display: inline;">Executive Chairman Agreement, dated November 28, 2017, between Steve Ells and Chipotle Mexican Grill, Inc.</font></a></p>
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						<a href="cmg-20171201xex99_1.htm" style="-sec-extract:exhibit"><font style="display: inline;">Press release, dated November 29, 2017</font></a></p>
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			<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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					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;">Chipotle Mexican Grill, Inc.</font></p>
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						<font style="display: inline;font-style:italic;color:#000000;">December 1</font><font style="display: inline;font-style:italic;color:#000000;">, 2017</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;font-style:italic;color:#000000;">Jack Hartung</font></p>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>cmg-20171201xex10_1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!--HTML document created with Certent Disclosure Management 6.12.0.2-->
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		<title>
			12117_Exhibit 101_Executive Chairman Agreement
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	<body><div style="margin-left:72pt;margin-right:72pt;"><div style="width:100%">

		<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">EX</font><font style="display: inline;">HIBIT 10.1</font>

		</p>

</div>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt">
			<a name="_GoBack"></a><font style="display: inline;">Executive Chairman </font><font style="display: inline;">Agreement</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">THIS </font><font style="display: inline;">EXECUTIVE CHAIRMAN </font><font style="display: inline;">AGREEMENT (this &#x201C;</font><font style="display: inline;text-decoration:underline;">Agreement</font><font style="display: inline;">&#x201D;), dated as of </font><font style="display: inline;">November&nbsp;28</font><font style="display: inline;">, 2017, is entered into by and between Chipotle Mexican Grill, Inc., a Delaware corporation (the &#x201C;</font><font style="display: inline;text-decoration:underline;">Company</font><font style="display: inline;">&#x201D;), and Steve Ells (the &#x201C;</font><font style="display: inline;text-decoration:underline;">Executive</font><font style="display: inline;">&#x201D;).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">WHEREAS, the Executive currently serves as (a)&nbsp;Chief Executive Officer of the Company</font><font style="display: inline;"> (&#x201C;</font><font style="display: inline;text-decoration:underline;">CEO</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">, and (b)&nbsp;Chairman of the Board of Directors of the Company (the &#x201C;</font><font style="display: inline;text-decoration:underline;">Board</font><font style="display: inline;">&#x201D;);</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">WHEREAS, the </font><font style="display: inline;">Board and the </font><font style="display: inline;">Executive </font><font style="display: inline;">have mutually determined that the Executive shall </font><font style="display: inline;">transition to the role of Executive Chairman</font><font style="display: inline;"> of the Board</font><font style="display: inline;">, effective as of and subject to the Company&#x2019;s appointment of a new </font><font style="display: inline;">CEO</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(the &#x201C;</font><font style="display: inline;text-decoration:underline;">Appointment</font><font style="display: inline;">&#x201D; and, </font><font style="display: inline;">the effective date of </font><font style="display: inline;">the </font><font style="display: inline;">Appointment</font><font style="display: inline;">, the &#x201C;</font><font style="display: inline;text-decoration:underline;">Appointment Date</font><font style="display: inline;">&#x201D;);</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">WHEREAS, between the date hereof and the </font><font style="display: inline;">Appointment </font><font style="display: inline;">Date, the Executive shall continue to serve as </font><font style="display: inline;">CEO</font><font style="display: inline;"> and shall continue to be eligible to receive the </font><font style="display: inline;">salary </font><font style="display: inline;">and </font><font style="display: inline;">cash and non-cash </font><font style="display: inline;">benefits provided to the Executive as of the date hereof</font><font style="display: inline;"> in accordance with the terms and conditions thereof</font><font style="display: inline;">,</font><font style="display: inline;"> other than as stated herein</font><font style="display: inline;">;</font><font style="display: inline;"> and</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">WHEREAS, the Company and the Executive now desire to enter into a mutually satisfactory arrangement concerning, among other things, the Executive&#x2019;s role as Executive Chairman following the </font><font style="display: inline;">Appointment </font><font style="display: inline;">Date, post-employment restrictive covenants to which the Executive will be subject, and other matters related thereto.</font>
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		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">NOW, THEREFORE, </font><font style="display: inline;">in consideration of the premises and the mutual promises contained herein</font><font style="display: inline;">, 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>
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		<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:36pt;">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;;;padding:0pt 26pt 0pt 0pt;"> 1.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Appointment as Executive Chairman</font><font style="display: inline;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:72pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Appointment Date</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Effective as of and subject to the occurrence of the </font><font style="display: inline;color:#000000;">Appointment </font><font style="display: inline;color:#000000;">Date</font><font style="display: inline;color:#000000;"> and the Executive&#x2019;s continued employment through the Appointment Date</font><font style="display: inline;color:#000000;">, the Executive shall </font><font style="display: inline;color:#000000;">continue to be employed by the Company as </font><font style="display: inline;color:#000000;">Executive Chairman of the Board</font><font style="display: inline;color:#000000;"> and shall cease to be the </font><font style="display: inline;color:#000000;">CEO</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">The Executive acknowledges and agrees that the Executive&#x2019;s appointment as Executive Chairman shall not constitute Good Reason (as defined </font><font style="display: inline;color:#000000;">in </font><font style="display: inline;text-decoration:underline;color:#000000;">Exhibit</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">A</font><font style="display: inline;color:#000000;"> hereto</font><font style="display: inline;color:#000000;">) or a similar term of like meaning for purposes of any employee benefit plans, programs, agreements, or arrangements of the Company.</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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Hiring of </font><font style="display: inline;text-decoration:underline;color:#000000;">CEO</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Company and the Executive shall each use reasonable best efforts to identify and hire a </font><font style="display: inline;color:#000000;">CEO</font><font style="display: inline;color:#000000;"> promptly following the date hereof.</font><font style="display: inline;color:#000000;"> &nbsp;The new CEO will </font><font style="display: inline;color:#000000;">report to the Board and </font><font style="display: inline;color:#000000;">have ultimate authority with respect to all business operations of the Company</font><font style="display: inline;color:#000000;"> as set forth in the Bylaws of the Company as in effect from time to time</font><font style="display: inline;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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;color:#000000;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (c)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Reporting</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;While serving as Executive Chairman, the Executive shall report to the Board.</font></p></td></tr></table></div>
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			<font style="text-indent:0pt;margin-left:0pt; padding-right:574pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"><font style="display: inline;font-family:Arial;font-size:8pt;"></font></font>

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			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<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:36pt;">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;;;padding:0pt 26pt 0pt 0pt;"> 2.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Compensation</font><font style="display: inline;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:72pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Base Salary</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">Prior to the Appointment Date and subject to the Executive&#x2019;s continued employment as CEO, the Company shall continue to pay the Executive his base salary as in effect as of the date hereof</font><font style="display: inline;color:#000000;"> in accordance with the Company&#x2019;s regular payroll practices</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">Effective as of the </font><font style="display: inline;color:#000000;">Appointment </font><font style="display: inline;color:#000000;">Date and subject to the Executive&#x2019;s continued employment as Executive Chairman, the Company shall pay the Executive a base salary </font><font style="display: inline;color:#000000;">for the Company&#x2019;s 2018&nbsp;fiscal year </font><font style="display: inline;color:#000000;">at an annual</font><font style="display: inline;color:#000000;">ized</font><font style="display: inline;color:#000000;"> rate of $900,000, payable in accordance with the Company&#x2019;s regular payroll practices.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;">The Executive&#x2019;s base salary as in effect from time to time is referred to herein as &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Base Salary</font><font style="display: inline;color:#000000;">.&#x201D;&nbsp; </font><font style="display: inline;color:#000000;">Following the 2018</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">fiscal year, t</font><font style="display: inline;color:#000000;">he </font><font style="display: inline;color:#000000;">B</font><font style="display: inline;color:#000000;">ase </font><font style="display: inline;color:#000000;">S</font><font style="display: inline;color:#000000;">alary shall be </font><font style="display: inline;color:#000000;">determined </font><font style="display: inline;color:#000000;">by </font><font style="display: inline;color:#000000;">the Compensation Committee of the Board (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Compensation Committee</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">in its sole discretion.</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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Annual </font><font style="display: inline;text-decoration:underline;color:#000000;">Bonus</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">Following </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Appointment </font><font style="display: inline;color:#000000;">Date</font><font style="display: inline;color:#000000;"> and subject to the Executive&#x2019;s continued employment as Executive Chairman</font><font style="display: inline;color:#000000;">, the Executive shall be eligible to receive an annual </font><font style="display: inline;color:#000000;">cash </font><font style="display: inline;color:#000000;">bonus </font><font style="display: inline;color:#000000;">(the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Annual Bonus</font><font style="display: inline;color:#000000;">&#x201D;) </font><font style="display: inline;color:#000000;">under the </font><font style="display: inline;color:#000000;">Company&#x2019;s </font><font style="display: inline;color:#000000;">2014&nbsp;Cash Incentive Plan </font><font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">as it may be amended </font><font style="display: inline;color:#000000;">or supplemented </font><font style="display: inline;color:#000000;">from time to time</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Cash Incentive Plan</font><font style="display: inline;color:#000000;">&#x201D;), with a target bonus opportunity</font><font style="display: inline;color:#000000;"> of</font><font style="display: inline;color:#000000;"> 100% of the </font><font style="display: inline;color:#000000;">B</font><font style="display: inline;color:#000000;">ase </font><font style="display: inline;color:#000000;">S</font><font style="display: inline;color:#000000;">alary and a maximum bonus opportunity equal to 225% of the Base Salary.&nbsp;&nbsp;The actual amount of the Executive&#x2019;s </font><font style="display: inline;color:#000000;">A</font><font style="display: inline;color:#000000;">nnual </font><font style="display: inline;color:#000000;">B</font><font style="display: inline;color:#000000;">onus shall be determined by the Compensation Committee based on the achievement of the applicable performance goals in accordance with the Cash Incentive Plan.&nbsp;&nbsp;Any earned </font><font style="display: inline;color:#000000;">Annual </font><font style="display: inline;color:#000000;">Bonus shall be paid to the Executive in accordance with the Cash Incentive Plan.</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Following the 2018</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">fiscal year, </font><font style="display: inline;color:#000000;">any </font><font style="display: inline;color:#000000;">Annual Bonus </font><font style="display: inline;color:#000000;">shall be </font><font style="display: inline;color:#000000;">determined </font><font style="display: inline;color:#000000;">by the Compensation Committee </font><font style="display: inline;color:#000000;">of the Board </font><font style="display: inline;color:#000000;">in its sole discretion.</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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (c)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Pro</font><font style="display: inline;text-decoration:underline;color:#000000;">rated</font><font style="display: inline;text-decoration:underline;color:#000000;"> Payments</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;">For the </font><font style="display: inline;color:#000000;">year in which the Appointment Date occurs, </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Executive</font><font style="display: inline;color:#000000;">&#x2019;s</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Base Salary and </font><font style="display: inline;color:#000000;">Annual Bonus </font><font style="display: inline;color:#000000;">shall be </font><font style="display: inline;color:#000000;">prorated </font><font style="display: inline;color:#000000;">as </font><font style="display: inline;color:#000000;">between amounts determined </font><font style="display: inline;color:#000000;">for his service</font><font style="display: inline;color:#000000;"> as CEO and his </font><font style="display: inline;color:#000000;">service </font><font style="display: inline;color:#000000;">as Executive Chairman, based on the portion of such year served in each </font><font style="display: inline;color:#000000;">such </font><font style="display: inline;color:#000000;">capacity</font><font style="display: inline;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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (d)</font>
			<a name="_Ref498423847"></a><a name="_Ref498426681"></a><a name="_Ref498516891"></a><a name="_Ref498685342"></a><font style="display: inline;text-decoration:underline;color:#000000;">Special </font><font style="display: inline;text-decoration:underline;color:#000000;">Option Grant</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;On or about January&nbsp;</font><font style="display: inline;color:#000000;">2</font><font style="display: inline;color:#000000;">, 2018 (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Grant Date</font><font style="display: inline;color:#000000;">&#x201D;), the Company shall </font><font style="display: inline;color:#000000;">make a </font><font style="display: inline;color:#000000;">grant to the Executive </font><font style="display: inline;color:#000000;">of </font><font style="display: inline;color:#000000;">a stock option (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Stock Option</font><font style="display: inline;color:#000000;">&#x201D;) to purchase 175,000&nbsp;shares of common stock, par value $0.01 per share, of the Company (&#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Common Stock</font><font style="display: inline;color:#000000;">&#x201D;), having an exercise price per share equal to the greater of </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;$500 and </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;the Fair Market Value (as defined in the Amended and Restated Chipotle Mexican Grill, Inc. 2011&nbsp;Stock Incentive Plan (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Equity Plan</font><font style="display: inline;color:#000000;">&#x201D;)) of a share of Common Stock on the Grant Date, subject to the Executive&#x2019;s continued employment with the Company through the Grant Date.&nbsp; </font><font style="display: inline;color:#000000;">The Stock Option shall be granted under, and be subject to the terms and conditions of, the </font><font style="display: inline;color:#000000;">Equity</font><font style="display: inline;color:#000000;"> Plan</font><font style="display: inline;color:#000000;"> and Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">The Stock Option shall vest on </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">date that is 18&nbsp;months following the Grant Date</font><font style="display: inline;color:#000000;"> (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Vesting Date</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;">, subject to </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">the Executive&#x2019;s continued employment with the Company through the </font><font style="display: inline;color:#000000;">V</font><font style="display: inline;color:#000000;">esting </font><font style="display: inline;color:#000000;">Date and </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;the occurrence of the Appointment Date prior to the Vesting Date</font><font style="display: inline;color:#000000;">; &nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">provided</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">however</font><font style="display: inline;color:#000000;">, that, if the Executive&#x2019;s employment is terminated prior to the </font><font style="display: inline;color:#000000;">V</font><font style="display: inline;color:#000000;">esting </font><font style="display: inline;color:#000000;">D</font><font style="display: inline;color:#000000;">ate by the Company without Cause</font><font style="display: inline;color:#000000;"> (as defined </font><font style="display: inline;color:#000000;">in </font><font style="display: inline;text-decoration:underline;color:#000000;">Exhibit</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">A</font><font style="display: inline;color:#000000;"> hereto</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;">, by the Executive with Good Reason, or due to the Executive&#x2019;s death or </font><font style="display: inline;color:#000000;">d</font><font style="display: inline;color:#000000;">isability, then, subject</font><font style="display: inline;color:#000000;">, in the case of any such termination of employment other than due to the Executive&#x2019;s death,</font><font style="display: inline;color:#000000;"> to the Executive&#x2019;s execution and delivery of a </font><font style="display: inline;color:#000000;">customary </font><font style="display: inline;color:#000000;">general release of claims </font><font style="display: inline;color:#000000;">in favor of </font><font style="display: inline;color:#000000;">the Company and its affiliates </font><font style="display: inline;color:#000000;">in substantially the </font><font style="display: inline;color:#000000;">form </font><font style="display: inline;color:#000000;">used by</font><font style="display: inline;color:#000000;"> the Company </font><font style="display: inline;color:#000000;">for senior executives </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div></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:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt;"><font style="display: inline;color:#000000;">generally </font><font style="display: inline;color:#000000;">(the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Release</font><font style="display: inline;color:#000000;">&#x201D;) </font><font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">and non-revocation thereof</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;"> within the time period set forth therein, the Stock Option shall become fully vested as of the date on which the Release becomes non-revocable.&nbsp;&nbsp;The Stock Option (1)&nbsp;if vested, shall first be exercisable on January&nbsp;</font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;">, 2021, (2)&nbsp;shall expir</font><font style="display: inline;color:#000000;">e</font><font style="display: inline;color:#000000;"> &nbsp;o</font><font style="display: inline;color:#000000;">n</font><font style="display: inline;color:#000000;"> January&nbsp;</font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;">, 2022, </font><font style="display: inline;color:#000000;">(3)&nbsp;</font><font style="display: inline;color:#000000;">in the event of a change in control of the Company </font><font style="display: inline;color:#000000;">shall </font><font style="display: inline;color:#000000;">be treated on a basis no less favorable </font><font style="display: inline;color:#000000;">than </font><font style="display: inline;color:#000000;">that generally applicable to stock options held </font><font style="display: inline;color:#000000;">by other </font><font style="display: inline;color:#000000;">senior executives</font><font style="display: inline;color:#000000;"> of the Company</font><font style="display: inline;color:#000000;">, and </font><font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;">)&nbsp;shall otherwise have terms and conditions </font><font style="display: inline;color:#000000;">(excluding vesting </font><font style="display: inline;color:#000000;">and retirement </font><font style="display: inline;color:#000000;">terms and conditions) </font><font style="display: inline;color:#000000;">that are consistent with stock options granted to senior executives of the Company.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;">Subject to applicable law and the Company&#x2019;s </font><font style="display: inline;color:#000000;">Insider Trading Policy as in effect from time to time, t</font><font style="display: inline;color:#000000;">he Company shall permit </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Executive to exercise the Stock Option pursuant to </font><font style="display: inline;color:#000000;">net physical settlement or other method of cashless exercise</font><font style="display: inline;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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (e)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Benefits; Perquisites</font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">While serving as Executive Chairman, the Executive shall </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">be provided with retirement benefits, health and welfare benefits, fringe benefits, and perquisites </font><font style="display: inline;color:#000000;">that are consistent with the benefits and perquisites provided to the Executive as of the date hereof</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">be entitled to use of </font><font style="display: inline;color:#000000;">a &nbsp;</font><font style="display: inline;color:#000000;">private aircraft </font><font style="display: inline;color:#000000;">for valid business purposes</font><font style="display: inline;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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;;;padding:0pt 25pt 0pt 0pt;"> (f)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Expense Reimbursement</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;While the Executive is serving as Executive Chairman, t</font><font style="display: inline;color:#000000;">he Company shall reimburse the Executive for all reasonable expenses incurred by him in the performance of his duties </font><font style="display: inline;color:#000000;">under this Agreement </font><font style="display: inline;color:#000000;">in accordance with the Company&#x2019;s policies applicable to </font><font style="display: inline;color:#000000;">the Company&#x2019;s senior executives</font><font style="display: inline;color:#000000;"> from time to time.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</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:36pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-bottom:1pt none #D9D9D9;;;padding:0pt 26pt 0pt 0pt;"> 3.</font>
			<a name="_Ref397595008"></a><a name="_Ref397596101"></a><a name="_Ref351739774"></a><font style="display: inline;text-decoration:underline;color:#000000;">Restrictive Covenant Payment</font><font style="display: inline;color:#000000;">. &nbsp;</font><font style="display: inline;color:#000000;">If the </font><font style="display: inline;color:#000000;">Executive&#x2019;s employment </font><font style="display: inline;color:#000000;">with the Company </font><font style="display: inline;color:#000000;">is terminated by the Company without Cause or by the Executive with Good Reason, then, subject to the Executive&#x2019;s continued compliance with Section</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">, the Company shall continue to pay the Executive the Base Salary</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">at the rate in effect as of the date of such termination of employment during the Restricted Period (as defined below) in accordance with the Company&#x2019;s regular payroll practices (collectively, the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Restrictive Covenant Payments</font><font style="display: inline;color:#000000;">&#x201D;).</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</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:36pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;;;padding:0pt 26pt 0pt 0pt;"> 4.</font>
			<a name="_Ref499290677"></a><font style="display: inline;text-decoration:underline;color:#000000;">Restrictive Covenants</font><font style="display: inline;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:72pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (a)</font>
			<a name="_Ref498427070"></a><a name="_Ref468218299"></a><font style="display: inline;text-decoration:underline;color:#000000;">Confidential Information</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Executive agrees to hold the Confidential Information (as defined below) in the strictest of confidence and further agrees that, during the Executive&#x2019;s employment and at all times after the Executive&#x2019;s termination of employment for any reason, the Executive shall not, in any capacity, directly or indirectly, use, disclose, publish, or make available to any person or entity any Confidential Information, except such as may be necessary on behalf of the Company, on a &#x201C;need to know&#x201D; basis, in the ordinary course of the Executive&#x2019;s employment with the Company.&nbsp;&nbsp;Notwithstanding the foregoing, the confidentiality obligations under this Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4(a)</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"> shall not apply to any </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;information that is</font><font style="display: inline;color:#000000;"> now in the public domain or subsequently enters the public domain by publication or otherwise through no action or fault of the Executive; or </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;information required to be disclosed by law or by a government agency or necessary to defend or prosecute a claim brought against the Executive.&nbsp;&nbsp;For purposes of this Agreement, &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Confidential Information</font><font style="display: inline;color:#000000;">&#x201D; means </font><font style="display: inline;color:#000000;">the Company&#x2019;s and its affiliates&#x2019; trade secrets and other secret or confidential information, knowledge, or data concerning the Company&#x2019;s and its affiliates&#x2019; businesses, strategies, operations, clients, customers, prospects, financial affairs, organizational and personnel matters, policies, procedures, and other nonpublic matters, or conc</font><font style="display: inline;color:#000000;">erning those of third parties.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">3</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Noncompetition</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;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 </font><font style="display: inline;color:#000000;">Confidential Information</font><font style="display: inline;color:#000000;">, and that the Executive&#x2019;s employment with the Company has been of special, unique, and extraordinary value to the Company and its affiliates.&nbsp;&nbsp;Therefore, the Executive agrees that, during the</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Executive&#x2019;s employment with the Company and for the </font><font style="display: inline;color:#000000;">two</font><font style="display: inline;color:#000000;">-year </font><font style="display: inline;color:#000000;">period commencing on the </font><font style="display: inline;color:#000000;">date on which the Executive&#x2019;s employment terminates for any reason (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Restricted Period</font><font style="display: inline;color:#000000;">&#x201D;), the Executive shall not, directly or indirectly, own, manage, operate, control, be employed by (whether as an employee, director, consultant</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">independent contractor</font><font style="display: inline;color:#000000;">, or otherwise</font><font style="display: inline;color:#000000;">, and whether or not for compensation), or render services, advice, or assistance in any capacity to, a Competing Business (as defined below) anywhere in the continental United States where the Company or any of its affiliates conducts business.&nbsp;&nbsp;For purposes of this Agreement, a &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Competing Business</font><font style="display: inline;color:#000000;">&#x201D; means any person, firm, corporation, or other entity, in whatever form, that operates fast-casual, quick-service</font><font style="display: inline;color:#000000;">, or casual dining</font><font style="display: inline;color:#000000;"> restaurants</font><font style="display: inline;color:#000000;"> (excluding casual dining restaurants that </font><font style="display: inline;color:#000000;">(i)&nbsp;provide table service, </font><font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">i</font><font style="display: inline;color:#000000;">i)&nbsp;</font><font style="display: inline;color:#000000;">have an average </font><font style="display: inline;color:#000000;">entr&#xE9;e</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">price</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">of at least two times the average </font><font style="display: inline;color:#000000;">entr&#xE9;e </font><font style="display: inline;color:#000000;">price</font><font style="display: inline;color:#000000;"> of the Company</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;">(ii</font><font style="display: inline;color:#000000;">i</font><font style="display: inline;color:#000000;">)&nbsp;</font><font style="display: inline;color:#000000;">operate in </font><font style="display: inline;color:#000000;">five or </font><font style="display: inline;color:#000000;">fewer </font><font style="display: inline;color:#000000;">units</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Nothing herein shall prohibit the Executive from being a passive owner of not more than </font><font style="display: inline;color:#000000;">1</font><font style="display: inline;color:#000000;">% of the outstanding equity interest in any entity</font><font style="display: inline;color:#000000;"> that is publicly traded</font><font style="display: inline;color:#000000;">, so long as the Executive has no active participation in the business of such entity.</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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (c)</font>
			<a name="_Ref468351169"></a><font style="display: inline;text-decoration:underline;color:#000000;">Nonsolicitation</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Executive agrees that, during the Restricted Period, the Executive shall not </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;recruit or hire or attempt to recruit or hire, directly or by assisting others, any individual who is, on the date on which the Executive&#x2019;s employment terminates for any reason (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Termination Date</font><font style="display: inline;color:#000000;">&#x201D;) (or was, during the six-month period prior to the Termination Date), employed by the Company or its affiliates to terminate or refrain from renewing or extending such employment or to become employed by or become a consultant to any other individual or entity other than the Company or its affiliates, </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;contact or communicate with any employees of the Company or its affiliates for the purpose of inducing other employees to terminate their employment with the Company or its affiliates, or </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;induce or attempt to induce any supplier, licensee, or other business relation of the Company or its affiliates to cease doing business with the Company or its affiliates, or in any way interfere with the relationship between any such supplier, licensee, or business relation, on the one hand, and the Company or its affiliates, on the other hand.</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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (d)</font>
			<a name="_Ref498428198"></a><font style="display: inline;text-decoration:underline;color:#000000;">Nondisparagement</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Executive shall not at any time make any written or oral statements, representations, or other communications that disparage the business or reputation of the Company or any of its affiliates or any officer, director, employee, stockholder, agent, or representative of, or consultant to, the Company or any of its affiliates, other than to the extent necessary to respond in an appropriate and truthful manner to any legal process or give appropriate and truthful testimony in a legal or regulatory proceeding.&nbsp; </font><font style="display: inline;color:#000000;">The Company </font><font style="display: inline;color:#000000;">shall instruct</font><font style="display: inline;color:#000000;"> its officers and directors </font><font style="display: inline;color:#000000;">not to make </font><font style="display: inline;color:#000000;">any written or oral statements, representations, or other communications that disparage the business or reputation of the </font><font style="display: inline;color:#000000;">Executive</font><font style="display: inline;color:#000000;">, other than to the extent necessary to respond in an appropriate and truthful manner to any legal process or give appropriate and truthful testimony in a legal or regulatory proceeding.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;">Nothing in this Section</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4(d)</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"> is intended to </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;prevent </font><font style="display: inline;color:#000000;">either party </font><font style="display: inline;color:#000000;">from conferring in confidence with his </font><font style="display: inline;color:#000000;">or its </font><font style="display: inline;color:#000000;">legal representatives, or </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;prevent </font><font style="display: inline;color:#000000;">either party </font><font style="display: inline;color:#000000;">from responding publicly to incorrect, </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">4</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div></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:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt;"><font style="display: inline;color:#000000;">disparaging, or derogatory public statements to the extent reasonably necessary to correct or refute such statements.</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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (e)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Remedies</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Executive acknowledges and agrees that:&nbsp; </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;the purpose of the restrictive covenants </font><font style="display: inline;color:#000000;">set forth </font><font style="display: inline;color:#000000;">in this Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"> is to protect the goodwill and trade secrets and other Confidential Information of the Company; and </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&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 restrictive covenants set forth in this Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Executive understands that the restrictive covenants set forth in this Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">may limit the Executive&#x2019;s ability to earn a livelihood in a Competing Business.&nbsp;&nbsp;The Executive acknowledges that the Company would be irreparably injured by a violation of this Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"> 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&#x2019;s obligations under this Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;Accordingly, if the Company institutes any action or proceeding to enforce any of the provisions of this Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">, 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 defense in any such action or proceeding.&nbsp; </font><font style="display: inline;color:#000000;">In the event of the Executive&#x2019;s breach of this Section</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"> (which breach, if curable, is not cured within 30&nbsp;days following the Company&#x2019;s written notification to the Executive of such breach</font><font style="display: inline;color:#000000;"> (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Cure Period</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;the Stock Option, if outstanding and unexercised as of </font><font style="display: inline;color:#000000;">expiration of the applicable C</font><font style="display: inline;color:#000000;">ure </font><font style="display: inline;color:#000000;">P</font><font style="display: inline;color:#000000;">eriod (if any), shall be cancelled without consideration effective as of </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">expiration of the Cure Period; </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;the Executive shall be required to repay to the Company any shares of Common Stock received </font><font style="display: inline;color:#000000;">by the Executive </font><font style="display: inline;color:#000000;">upon exercise of the Stock Option within </font><font style="display: inline;color:#000000;">1</font><font style="display: inline;color:#000000;">2</font><font style="display: inline;color:#000000;">&nbsp;months</font><font style="display: inline;color:#000000;"> prior to the expiration of the Cure Period (or a cash amount equal to the amount received by the Executive upon the sale of any such shares of Common Stock), and </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;the </font><font style="display: inline;color:#000000;">Company shall be entitled to cease</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">payment of the Restrictive Covenant Payments (if any). </font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">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 this Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">.&nbsp; </font><font style="display: inline;color:#000000;">I</font><font style="display: inline;color:#000000;">n addition to the </font><font style="display: inline;color:#000000;">foregoing</font><font style="display: inline;color:#000000;"> remedies</font><font style="display: inline;color:#000000;"> 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.&nbsp;&nbsp;If any portion of the covenants set forth in this Section&nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">4</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"> 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.</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:36pt;">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;;;padding:0pt 26pt 0pt 0pt;"> 5.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Section</font><font style="display: inline;">&nbsp;</font><font style="display: inline;text-decoration:underline;color:#000000;">409A</font><font style="display: inline;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:72pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;color:#000000;">The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Section</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">409A </font><font style="display: inline;color:#000000;">of the</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">Internal Revenue </font><font style="display: inline;color:#000000;">Code </font><font style="display: inline;color:#000000;">of 1986, as amended (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Code</font><font style="display: inline;color:#000000;">&#x201D;)</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">and the regulations and guidance promulgated thereunder</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance </font><a name="_Ref402346020"></a><font style="display: inline;color:#000000;">therewith. </font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">For</font><font style="display: inline;color:#000000;"> purposes of Section</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">409A</font><font style="display: inline;color:#000000;"> of the Code</font><font style="display: inline;color:#000000;">, the </font><font style="display: inline;color:#000000;">Executive&#x2019;s</font><font style="display: inline;color:#000000;"> right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">5</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div></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:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt;"><font style="display: inline;color:#000000;">a series of separate and distinct payments.&nbsp;&nbsp;In no event may the </font><font style="display: inline;color:#000000;">Executive</font><font style="display: inline;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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;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</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">409A</font><font style="display: inline;color:#000000;"> of the Code</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">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</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">such payments shall be made on or before the last day of the </font><font style="display: inline;color:#000000;">Executive</font><font style="display: inline;color:#000000;">&#x2019;s taxable year following the taxable year in </font><font style="display: inline;color:#000000;">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:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (c)</font>
			<font style="display: inline;color:#000000;">Notwithstanding any other provision of this Agreement to the contrary, if the Executive is considered a &#x201C;specified employee&#x201D; for purposes of Section</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the </font><font style="display: inline;color:#000000;">Termination Date</font><font style="display: inline;color:#000000;">), any payment that constitutes nonqualified deferred compensation within the meaning of Section</font><font style="display: inline;color:#000000;">&nbsp;409A of the Cod</font><font style="display: inline;color:#000000;">e that is otherwise due to the Executive under this Agreement during the six-month period following his separation from service (as determined in accordance with Section</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">409A of the Code) on account of his separation from service shall be accumulated and paid to </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Executive on the first business day of the seventh month following his separation from service (the &#x201C;</font><font style="display: inline;text-decoration:underline;color:#000000;">Delayed Payment Date</font><font style="display: inline;color:#000000;">&#x201D;).&nbsp;&nbsp;The Executive shall be entitled to interest on any delayed cash payments from the date of termination to the Delayed Payment Date at a rate equal to the applicable federal short-term rate in effect under Section</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">1274(d) of the Code for the month in which the Executive&#x2019;s separation from service occurs.&nbsp;&nbsp;If the Executive dies during the period between the </font><font style="display: inline;color:#000000;">Termination Date</font><font style="display: inline;color:#000000;"> and the Delayed Payment Date, the amounts and entitlements delayed on account of Section</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">409A of the Code shall be paid to the personal representative of his estate on the first to occur of the Delayed Payment Date or 30</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">days after the date of the Executive&#x2019;s death.</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:36pt;">
			<p style="font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;;;padding:0pt 26pt 0pt 0pt;"> 6.</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Miscellaneous</font><font style="display: inline;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:72pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (a)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Successors and Assigns</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;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.&nbsp;&nbsp;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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (a)</font>
			<a name="_Ref351742262"></a><font style="display: inline;text-decoration:underline;color:#000000;">Governing Law; Jurisdiction; Venue</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;This Agreement shall be governed by and construed in accordance with the laws of the State of </font><font style="display: inline;color:#000000;">New York </font><font style="display: inline;color:#000000;">without giving effect to such state&#x2019;s laws and principles regarding the conflict of laws.</font><font style="display: inline;color:#000000;"> &nbsp;The Company and the Executive </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&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 </font><font style="display: inline;color:#000000;">New York </font><font style="display: inline;color:#000000;">in </font><font style="display: inline;color:#000000;">New York</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">County or the court of the United States, </font><font style="display: inline;color:#000000;">Southern </font><font style="display: inline;color:#000000;">District of </font><font style="display: inline;color:#000000;">New York</font><font style="display: inline;color:#000000;">; &nbsp;</font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&nbsp;consent to the jurisdiction of each such court in any suit, action, or proceeding; and </font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">&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>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">6</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (b)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Amendment; Entire Agreement</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;No provision of this Agreement may be amended, modified, waived, or discharged unless such amendment, </font><font style="display: inline;color:#000000;">modification,</font><font style="display: inline;color:#000000;"> waiver, or discharge is agreed to in writing and such writing is signed by the Company and the Executive.&nbsp;&nbsp;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><font style="display: inline;color:#000000;"> &nbsp;The Company acknowledges and confirms its obligations to indemnify </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Executive pursuant to that certain Indemnification Agreement</font><font style="display: inline;color:#000000;">, dated as of </font><font style="display: inline;color:#000000;">April&nbsp;26, 2007</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">by and </font><font style="display: inline;color:#000000;">between the Company and </font><font style="display: inline;color:#000000;">the </font><font style="display: inline;color:#000000;">Executive.</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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (c)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Severability</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and this Agreement shall be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately reformed or modified).</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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (d)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Waiver of Breach</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;No waiver by any party hereto of a breach of any provision of this Agreement by any other party, or of compliance with any condition or provision of this Agreement to be performed by such other party, shall operate or be construed as a waiver of any subsequent breach by such other party of any similar or dissimilar provisions and conditions at the same or any prior or subsequent time.&nbsp;&nbsp;The failure of any party hereto to take any action by reason of such breach will not deprive such party of the right to take action at any time while such breach continues.</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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (e)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Notice</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;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>
		<p style="margin:0pt 72pt 6pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">if to the Executive:</font>
		</p>
		<p style="margin:0pt 72pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">At the address most recently on the books and records of the Company.</font>
		</p>
		<p style="margin:0pt 72pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">if to the Company:</font>
		</p>
		<p style="margin:0pt 72pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Chipotle Mexican Grill, Inc.</font><br /><font style="display: inline;color:#000000;">1401 Wynkoop Street</font><br /><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">Suite 500</font><br /><font style="display: inline;color:#000000;"></font><font style="display: inline;color:#000000;">Denver, Colorado 80202</font><br /><font style="display: inline;color:#000000;">Attention:&nbsp;&nbsp;General Counsel</font>
		</p>
		<p style="margin:0pt 72pt 6pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">with a copy (which shall not constitute notice) to:</font>
		</p>
		<p style="margin:0pt 72pt 6pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Messner Reeves LLP</font><br /><font style="display: inline;color:#000000;">1430&nbsp;Wynkoop Street</font><br /><font style="display: inline;color:#000000;">Suite&nbsp;300</font><br /><font style="display: inline;color:#000000;">Denver, Colorado 80202</font><br /><font style="display: inline;color:#000000;">Attention:&nbsp;&nbsp;Bryant &#x201C;Corky&#x201D; Messner, Esq.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">

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

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">7</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</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 12pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">or to such other address as either party shall have furnished to the other in writing in accordance herewith.&nbsp;&nbsp;Notice and communications shall be effective when actually received by the addressee.</font>
		</p>
		<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:72pt;">
			<p style="border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-bottom:1pt none #D9D9D9;;;padding:0pt 25pt 0pt 0pt;"> (f)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Withholding</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;The Company may withhold from any amounts payable under this Agreement such federal, state, local</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.</font><font style="display: inline;color:#000000;"> &nbsp;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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (g)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Headings</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;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:72pt;">
			<p style="border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;color:#010000;font-size:12pt;text-decoration:none;border-top:1pt none #D9D9D9;;;padding:0pt 23pt 0pt 0pt;"> (h)</font>
			<font style="display: inline;text-decoration:underline;color:#000000;">Counterparts</font><font style="display: inline;color:#000000;">.&nbsp;&nbsp;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:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">[</font><font style="display: inline;font-style:italic;color:#000000;">Signature Page Follows</font><font style="display: inline;color:#000000;">]</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">

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

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">-</font><font style="display: inline;"></font><font style="display: inline;">8</font><font style="display: inline;"></font><font style="display: inline;">-</font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">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 0pt 24pt 216pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">CHIPOTLE MEXICAN GRILL, INC.</font><br /><font style="display: inline;"></font><br /><font style="display: inline;"></font><br /><font style="display: inline;">By: _</font><font style="display: inline;text-decoration:underline;">/s/ Jack Hartung</font><font style="display: inline;">______________________</font><br /><font style="display: inline;text-decoration:underline;"></font><font style="display: inline;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:</font><font style="display: inline;"> &nbsp;Jack Hartung</font><br /><font style="display: inline;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</font><font style="display: inline;"> &nbsp;Chief Financial Officer</font>
		</p>
		<p style="margin:0pt 0pt 24pt 216pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">EXECUTIVE</font>
		</p>
		<p style="margin:12pt 0pt 0pt 216pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">_</font><font style="display: inline;text-decoration:underline;">/s/ Steve Ells</font><font style="display: inline;">____________________________</font><br /><font style="display: inline;">Steve Ells</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:0pt 0pt 12pt;text-align:center;font-weight:bold;font-family:Times New Roman;font-size: 12pt">

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

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-size:10pt;">[</font><font style="display: inline;font-style:italic;font-size:10pt;">Signature Page to </font><font style="display: inline;font-style:italic;font-size:10pt;">Executive Chairman Agreement</font><font style="display: inline;font-size:10pt;">]</font>

		</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 12pt;text-align:center;font-weight:bold;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">Exhibit</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">A</font><br /><font style="display: inline;">Certain Definitions</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">For purposes of this Agreement, </font><font style="display: inline;">the following terms shall have the meanings ascribed to them below.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#x201C;</font><font style="display: inline;text-decoration:underline;">Cause</font><font style="display: inline;">&#x201D; mean</font><font style="display: inline;">s</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Executive&#x2019;s willful failure to substantially perform his duties </font><font style="display: inline;">(other than as a result of physical or mental illness or injury</font><font style="display: inline;">); </font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Executive&#x2019;s </font><font style="display: inline;">willful misconduct or gross negligence</font><font style="display: inline;">,</font><font style="display: inline;"> which is materially injurious to the Company</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">a breach by </font><font style="display: inline;">the Executive </font><font style="display: inline;">of </font><font style="display: inline;">his </font><font style="display: inline;">fiduciary duty or duty of loyalty to the Company</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(d)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Executive&#x2019;s conviction of or plea of guilty or </font><font style="display: inline;font-style:italic;">nolo contendere</font><font style="display: inline;"> to a crime that constitutes a felony (or state law equivalent) or a serious crime involving moral turpitude;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(e)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Executive&#x2019;s unauthorized disclosure of Confidential Information; or </font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(f)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Executive&#x2019;s material breach of any material obligation under this Agreement or any other written agreement between the Executive and the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">For purposes of this provision, no act or failure to act on the part of the Executive shall be considered &#x201C;willful&#x201D; unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive&#x2019;s action or omission was in the best interests of the Company. </font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Termination of the Executive&#x2019;s employment shall not be deemed to be for Cause unless and until the Company delivers to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the Board (after reasonable written notice is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board), finding that the Executive has engaged in the conduct described in any of </font><font style="display: inline;">clauses&nbsp;</font><font style="display: inline;">(</font><font style="display: inline;">a</font><font style="display: inline;">)&#x2013;(</font><font style="display: inline;">f</font><font style="display: inline;">) above. </font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Except for a failure, breach, or refusal which, by its nature, cannot reasonably be expected to be cured, the Executive shall have 30</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">days from the delivery of written notice by the Company within which to cure any acts constituting Cause.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#x201C;</font><font style="display: inline;text-decoration:underline;">Good Reason</font><font style="display: inline;">&#x201D; mean</font><font style="display: inline;">s</font><font style="display: inline;"> the occurrence of any of the following, in each case</font><font style="display: inline;">,</font><font style="display: inline;"> during the </font><font style="display: inline;">Executive&#x2019;s employment </font><font style="display: inline;">without the Executive&#x2019;s written consent:</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(a)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">a decrease in </font><font style="display: inline;">the Executive&#x2019;s B</font><font style="display: inline;">ase </font><font style="display: inline;">S</font><font style="display: inline;">alary</font><font style="display: inline;"> or</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Annual B</font><font style="display: inline;">onus opportunity</font><font style="display: inline;">,</font><font style="display: inline;"> other than a decrease in </font><font style="display: inline;">Annual B</font><font style="display: inline;">onus opportunity that applies to all </font><font style="display: inline;">senior executives </font><font style="display: inline;">of the Company</font><font style="display: inline;">; &nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">

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

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">A-</font><font style="display: inline;"></font><font style="display: inline;">1</font><font style="display: inline;"></font>

		</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 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">(b)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">a material diminution in the Executive&#x2019;s duties and responsibilities as Executive Chairman (other than temporarily while the Executive is physically or mentally incapacitated), or an adverse change in the reporting structure applicable to the Executive;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(c)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">a relocation of the Executive&#x2019;s primary work location more than 30&nbsp;miles from the Executive&#x2019;s </font><font style="display: inline;">primary </font><font style="display: inline;">work location on the date hereof;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">d</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">any material breach by the Company of any material provision of this Agreement or any material provision of any other agreement between the Executive and the Company;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">e</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">the Company&#x2019;s failure to nominate the Executive for election to the Board; or</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(</font><font style="display: inline;">f</font><font style="display: inline;">)</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;">failure </font><font style="display: inline;">of </font><font style="display: inline;">any successor to the Company to assume this Agreem</font><font style="display: inline;">ent</font><font style="display: inline;">, except where such assumption occurs b</font><font style="display: inline;">y operation of law</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">provided</font><font style="display: inline;"> that, within 30</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">days following the occurrence of </font><font style="display: inline;">any of the events set forth in clauses&nbsp;(a)&#x2013;(</font><font style="display: inline;">f</font><font style="display: inline;">)</font><font style="display: inline;">, the Executive shall have delivered written notice to the Company of his intention to terminate his employment with Good Reason, which notice specifies in reasonable detail the circumstances claimed to give rise to the Executive&#x2019;s right to terminate employment with Good Reason, and the Company shall not have cured such circumstances within 30</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">days following the Company&#x2019;s receipt of such notice.</font>
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			<font style="display: inline;">A-</font><font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>cmg-20171201xex99_1.htm
<DESCRIPTION>EX-99.1
<TEXT>
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			12117_Exhibit 991_Press Release
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			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">Exhibit 99.1</font>

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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						&nbsp;</p>

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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						&nbsp;</p>

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						&nbsp;</p>

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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;"><img src="cmg-20171201xex99_1g001.jpg" style="width: 2.551764in; height: 1.051952in" alt="Picture 10"></font></p>

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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">Media Contact:</font></p>

				</td>

				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:22.34%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">Investor Relations:</font></p>

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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">Chris Arnold</font></p>

				</td>

				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:22.34%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">Mark Alexee</font></p>

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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:21.40%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">303.222.5912</font></p>

				</td>

				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:22.34%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">303.605.1042</font></p>

				</td>

			</tr>

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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:21.40%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">Carnold@Chipotle.com</font></p>

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				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:22.34%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">Malexee@Chipotle.com</font></p>

				</td>

			</tr>

		</table></div>

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

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 8pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<a name="_GoBack"></a><font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;font-weight:bold;">CHIPOTLE </font><font style="display: inline;font-family:Calibri;font-weight:bold;">BEGINS</font><font style="display: inline;font-family:Calibri;font-weight:bold;"> SEARCH FOR NEW CEO </font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;font-style:italic;">&#xFEFF;</font>
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		<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;font-style:italic;">Current Chairman, CEO and Founder Steve Ells to Become Executive Chairman</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;font-style:italic;"> with Primary Focus on Innovation</font><font style="display: inline;font-family:Calibri;font-style:italic;"> Upon Completion of Search</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:107.92%;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;font-style:italic;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;font-weight:bold;">Denver -- November 29</font><font style="display: inline;font-family:Calibri;font-weight:bold;">, 2017 -- </font><font style="display: inline;font-family:Calibri;">Chipotle Mexican Grill (NYSE: CMG) today announced that Steve Ells, </font><font style="display: inline;font-family:Calibri;">c</font><font style="display: inline;font-family:Calibri;">hairman and CEO &#x2013; and the founder of the </font><font style="display: inline;font-family:Calibri;">c</font><font style="display: inline;font-family:Calibri;">ompany in 1993 &#x2013; will become </font><font style="display: inline;font-family:Calibri;">e</font><font style="display: inline;font-family:Calibri;">xecutive </font><font style="display: inline;font-family:Calibri;">c</font><font style="display: inline;font-family:Calibri;">hairman following the completion of a search to identify a new CEO. The Board has formed a search committee comprised of Directors Robin Hickenlooper</font><font style="display: inline;font-family:Calibri;"> and</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">Ali Namvar, as well as</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">Ells,</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">to identify a new leader with demonstrated turnaround expertise to help address the challenges facing the </font><font style="display: inline;font-family:Calibri;">c</font><font style="display: inline;font-family:Calibri;">ompany, improve execution, build customer trust</font><font style="display: inline;font-family:Calibri;">,</font><font style="display: inline;font-family:Calibri;"> and drive sales.&nbsp; </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;">&#x201C;I am incredibly proud of Chipotle and </font><font style="display: inline;font-family:Calibri;">our</font><font style="display: inline;font-family:Calibri;"> people &#x2013; and grateful to our loyal customers &#x2013; and while we are continuing to make progress, it is clear that we need to move faster to make improvements,&#x201D; said Ells. &#x201C;Simply put, we need to execute better to ensure our future success. The Board and I are committed to bringing in an experienced leader with a passion for driving excellence across every aspect of our business, including </font><font style="display: inline;font-family:Calibri;">the </font><font style="display: inline;font-family:Calibri;">customer experience, operations, marketing, technology, </font><font style="display: inline;font-family:Calibri;">food </font><font style="display: inline;font-family:Calibri;">safety, and training.&#x201D;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;">Added Ells, &#x201C;Bringing in a new CEO is the right thing to do for all our stakeholders. It will allow me to focus on my strengths, which include bringing innovation to</font><font style="display: inline;font-family:Calibri;"> the way we source and prepare</font><font style="display: inline;font-family:Calibri;"> our food. It will ultimately improve our ability to provide our </font><font style="display: inline;font-family:Calibri;">guests</font><font style="display: inline;font-family:Calibri;"> with delicious</font><font style="display: inline;font-family:Calibri;"> food that is prepared with </font><font style="display: inline;font-family:Calibri;">high quality ingredients</font><font style="display: inline;font-family:Calibri;">&nbsp;</font><font style="display: inline;font-family:Calibri;">that are raised responsibly </font><font style="display: inline;font-family:Calibri;">and served in a way that is accessible to everyone</font><font style="display: inline;font-family:Calibri;">. I am confident that this </font><font style="display: inline;font-family:Calibri;">will allow us to </font><font style="display: inline;font-family:Calibri;">deliver value for our shareholders, and provide rewarding opportunities for our employees. Chipotle has vast unrealized potential. As we work hard to restore our brand, I believe we can capitalize on</font><font style="display: inline;font-family:Calibri;"> opportunities, including in areas such as the digital experience</font><font style="display: inline;font-family:Calibri;">, menu innovation, delivery, catering, and domestic and international expansion, to deliver significant growth.&#x201D;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;">Chipotle </font><font style="display: inline;font-family:Calibri;">l</font><font style="display: inline;font-family:Calibri;">ead </font><font style="display: inline;font-family:Calibri;">independent d</font><font style="display: inline;font-family:Calibri;">irector Neil&nbsp;W.&nbsp;Flanzraich said, &#x201C;Steve is a visionary leader and one of the most successful restauranteurs in history, having grown Chipotle from a single restaurant in Colorado to </font><font style="display: inline;font-family:Calibri;">more than </font><font style="display: inline;font-family:Calibri;">2,350 restaurants today. </font><a name="_Hlk499566623"></a><font style="display: inline;font-family:Calibri;">Steve </font><font style="display: inline;font-family:Calibri;">made the decision, </font><font style="display: inline;font-family:Calibri;">and the Board </font><font style="display: inline;font-family:Calibri;">agreed, </font><font style="display: inline;font-family:Calibri;">that now is the right time to identify a new CEO who can reinvigorate the brand and help the </font><font style="display: inline;font-family:Calibri;">c</font><font style="display: inline;font-family:Calibri;">ompany achieve its potential. </font><font style="display: inline;font-family:Calibri;">We are committed to recruiting a world-class CEO for this incredible opportunity.&#x201D;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;">The Board has retained the services of leading executive recruitment firm Spencer Stuart to assist in the search for a new CEO.&nbsp; </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;font-weight:bold;">ABOUT CHIPOTLE</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;">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 </font>
		</p>
		<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><div style="width:100%">

		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;line-height:100%;margin-bottom:0pt;margin-left:0pt;">

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					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">

						&nbsp;</p>

				</td>

				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:21.76%;height:1.00pt;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">

						&nbsp;</p>

				</td>

				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:21.18%;height:1.00pt;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;height:1.00pt;overflow:hidden;font-size:0pt;">

						&nbsp;</p>

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			</tr>

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				<td rowspan="4" valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:57.06%;padding:0pt 6.5pt">

					<p style="margin:0pt;text-align:right;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						&nbsp;</p>

				</td>

				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:21.76%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">Media Contact:</font></p>

				</td>

				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:21.18%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">Investor Relations:</font></p>

				</td>

			</tr>

			<tr>

				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:21.76%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">Chris Arnold</font></p>

				</td>

				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:21.18%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">Mark Alexee</font></p>

				</td>

			</tr>

			<tr>

				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:21.76%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">303.222.5912</font></p>

				</td>

				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:21.18%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">303.605.1042</font></p>

				</td>

			</tr>

			<tr>

				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:21.76%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">Carnold@Chipotle.com</font></p>

				</td>

				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:21.18%;padding:0pt 6.5pt">

					<p style="margin:0pt;font-family:Calibri;line-height:107.92%;font-size: 11pt">

						<font style="display: inline;font-family:Interstate-Light;color:#595959;">Malexee@Chipotle.com</font></p>

				</td>

			</tr>

		</table></div>

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

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;;font-size: 11pt"><font style="display: inline;font-family:Calibri;">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 </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;">people who produce them. Chipotle prepares its food using without the use of added colors, flavors or preservative</font><font style="display: inline;font-family:Calibri;">s</font><font style="display: inline;font-family:Calibri;"> typically found in fast food. Chipotle opened with a single restaurant in Denver in 1993 and now operates more than 2,350 restaurants. For more information, visit Chipotle.com.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;">&#xFEFF;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;font-weight:bold;color:#404040;">Forward-Looking Statements </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 11pt">
			<font style="display: inline;font-family:Calibri;font-style:italic;color:#404040;">Certain statements in this press release, including statements regarding the CEO search, future plans for Chipotle, and expressions of confidence in Chipotle&#x2019;s future, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We use words such as &#x201C;anticipate&#x201D;, &#x201C;believe&#x201D;, &#x201C;could&#x201D;, &#x201C;continue&#x201D;, &#x201C;should&#x201D;, &#x201C;estimate&#x201D;, &#x201C;expect&#x201D;, &#x201C;intend&#x201D;, &#x201C;may&#x201D;, &#x201C;predict&#x201D;, &#x201C;project&#x201D;, &#x201C;target&#x201D;, 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: risks associated with management transitions, including potential difficulties in implementing new strategies and tactics developed by a new leadership team, and possible disruptions in the event of further changes in the management team; the uncertainty of our ability to achieve expected levels of comparable restaurant sales due to factors such as changes in consumers&#x2019; perceptions of our brand,</font><font style="display: inline;font-family:Calibri;font-style:italic;color:#404040;">&nbsp;including as a result of food-borne illness incidents,</font><font style="display: inline;font-family:Calibri;font-style:italic;color:#404040;"> 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 our ability to identify, hire and train qualified employees to operate restaurants to our high standards; the performance of new restaurants and their impact on existing restaurant sales; </font><font style="display: inline;font-family:Calibri;font-style:italic;color:#404040;">increases in the cost of food ingredients and other key supplies or higher food costs due to changes in supply chain protocols; </font><font style="display: inline;font-family:Calibri;font-style:italic;color:#404040;">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; </font><font style="display: inline;font-family:Calibri;font-style:italic;color:#404040;">risks related to our marketing and advertising strategies, which may not be successful and may expose us to liabilities; security risks associated with the acceptance of electronic payment cards or electronic storage and processing of confidential customer or employee information; </font><font style="display: inline;font-family:Calibri;font-style:italic;color:#404040;">risks relating to our expansion into new markets; </font><font style="display: inline;font-family:Calibri;font-style:italic;color:#404040;">the impact of federal, state or local government regulations relating to our employees, our restaurant design, or the sale of food or alcoholic beverages; </font><font style="display: inline;font-family:Calibri;font-style:italic;color:#404040;">risks associated with our Food With Integrity philosophy, including supply shortages and potential liabilities from advertising claims and other marketing activities related to Food With Integrity; 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; our dependence on key personnel; 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.</font>
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