<SEC-DOCUMENT>0001058090-18-000004.txt : 20180112
<SEC-HEADER>0001058090-18-000004.hdr.sgml : 20180112
<ACCEPTANCE-DATETIME>20180112162023
ACCESSION NUMBER:		0001058090-18-000004
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180112
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:		20180112
DATE AS OF CHANGE:		20180112

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:		18526187

	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-20180112x8k.htm
<DESCRIPTION>8-K
<TEXT>
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			8K_11218_Executive Retention Agreements
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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;">January </font><font style="display: inline;font-weight:bold;color:#000000;font-size:12pt;">9</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;">8</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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			<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>
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		<p style="margin:0pt 0pt 6pt;line-height:normal;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;">Emerging growth company&nbsp;</font><font style="display: inline;color:#000000;">&#x2610;</font>
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		<p style="margin:0pt 0pt 6pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;</font><font style="display: inline;color:#000000;">&#x2610;</font>
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			<font style="display: inline;color:#000000;">&#xFEFF;</font>
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			<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;">January </font><font style="display: inline;color:#000000;">9</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">2018, </font><font style="display: inline;color:#000000;">Chipotle Mexican Grill, Inc. </font><font style="display: inline;color:#000000;">entered into retention agreements with certain employees, including Chief Financial Officer Jack Hartung and Chief Marketing and Strategy Officer Mark Crumpacker</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;">The </font><font style="display: inline;color:#000000;">retention </font><font style="display: inline;color:#000000;">agreement</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">are intended to encourage the employees&#x2019; continued service to Chipotle during the pendency of a search for Chipotle&#x2019;s next Chief Executive Officer, and were approved by the Compensation Committee of Chipotle&#x2019;s Board of Directors.</font>
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			<font style="display: inline;color:#000000;">The agreements </font><font style="display: inline;color:#000000;">provide </font><font style="display: inline;color:#000000;">for retention bonuses </font><font style="display: inline;color:#000000;">that are scheduled to vest and become</font><font style="display: inline;color:#000000;"> payable on the first anniversary of the appointment of a permanent successor to Steve Ells as Chipotle&#x2019;s Chief Executive Officer, subject to the employee recipient&#x2019;s continuous employment with Chipotle through the vesting date and the employee recipient&#x2019;s not having given Chipotle notice of</font><font style="display: inline;color:#000000;"> the employee&#x2019;s termination of employment with Chipotle (other than resignation with &#x201C;good reason&#x201D; as defined in the agreement)</font><font style="display: inline;color:#000000;"> on or prior to the vesting date.&nbsp; </font><font style="display: inline;color:#000000;">The amount of the retention bonus provided for Mr. Hartung is $1,000,000, and for Mr. Crumpacker is $600,000.&nbsp; </font><font style="display: inline;color:#000000;">If Chipotle terminates the employee recipient&#x2019;s employment for &#x201C;cause&#x201D; (as defined in the agreement) following the vesting date but prior to payment o</font><font style="display: inline;color:#000000;">f the retention bonus</font><font style="display: inline;color:#000000;">, the retention bonus will be automatically forfeited</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">If</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">prior to the vesting date</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> Chipotle </font><font style="display: inline;color:#000000;">terminates the </font><font style="display: inline;color:#000000;">employee recipient&#x2019;s </font><font style="display: inline;color:#000000;">employment</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">without </font><font style="display: inline;color:#000000;">c</font><font style="display: inline;color:#000000;">ause (and other than due to the </font><font style="display: inline;color:#000000;">employee&#x2019;s </font><font style="display: inline;color:#000000;">death or </font><font style="display: inline;color:#000000;">d</font><font style="display: inline;color:#000000;">isability</font><font style="display: inline;color:#000000;">, as defined in the agreement</font><font style="display: inline;color:#000000;">) or the </font><font style="display: inline;color:#000000;">employee recipient terminates the employee&#x2019;s</font><font style="display: inline;color:#000000;"> employment with </font><font style="display: inline;color:#000000;">g</font><font style="display: inline;color:#000000;">ood </font><font style="display: inline;color:#000000;">r</font><font style="display: inline;color:#000000;">eason, provided the </font><font style="display: inline;color:#000000;">employee </font><font style="display: inline;color:#000000;">timely executes a</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">general release of claims in favor of </font><font style="display: inline;color:#000000;">Chipotle </font><font style="display: inline;color:#000000;">and </font><font style="display: inline;color:#000000;">such r</font><font style="display: inline;color:#000000;">elease becomes irrevocable, the </font><font style="display: inline;color:#000000;">r</font><font style="display: inline;color:#000000;">etention </font><font style="display: inline;color:#000000;">b</font><font style="display: inline;color:#000000;">onus will</font><font style="display: inline;color:#000000;"> fully </font><font style="display: inline;color:#000000;">vest as of the date on which the </font><font style="display: inline;color:#000000;">r</font><font style="display: inline;color:#000000;">elease becomes effective</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and be paid to the </font><font style="display: inline;color:#000000;">employee recipient </font><font style="display: inline;color:#000000;">in a cash lump-sum at the same time as the </font><font style="display: inline;color:#000000;">b</font><font style="display: inline;color:#000000;">onus would have</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">been paid if the </font><font style="display: inline;color:#000000;">employee </font><font style="display: inline;color:#000000;">had</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">remained actively employed with the </font><font style="display: inline;color:#000000;">Chipotle </font><font style="display: inline;color:#000000;">through the payment date.</font><font style="display: inline;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;color:#000000;">If the </font><font style="display: inline;color:#000000;">employee recipient&#x2019;s </font><font style="display: inline;color:#000000;">employment</font><font style="display: inline;color:#000000;"> terminates for any other reason (including as a result of the employee&#x2019;s death or disability, termination by Chipotle for cause, or termination by the employee without good reason), or the employee gives Chipotle notice of resignation without good reason, in either case prior to the vesting date, the employee will automatically forfeit the retention bonus.</font>
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			<font style="display: inline;color:#000000;">The foregoing description of the </font><font style="display: inline;color:#000000;">retention </font><font style="display: inline;color:#000000;">agreement</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;color:#000000;"> with M</font><font style="display: inline;color:#000000;">essrs. Crumpacker and Hartung </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;">retention a</font><font style="display: inline;color:#000000;">greement</font><font style="display: inline;color:#000000;">s attached</font><font style="display: inline;color:#000000;"> hereto as Exhibit</font><font style="display: inline;color:#000000;">s</font><font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;">10.1 and </font><font style="display: inline;color:#000000;">10.2, which are </font><font style="display: inline;color:#000000;">incorporated herein by reference.</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">Item&nbsp;9.01.</font><font style="display: inline;font-weight:bold;color:#000000;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;color:#000000;">Financial Statements and Exhibits.</font><font style="display: inline;font-weight:bold;color:#000000;">&nbsp;</font>
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			<font style="display: inline;font-weight:bold;">Exhibit Index</font>
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						&nbsp;</p>
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						<font style="display: inline;">Exhibit&nbsp;10.1 </font><font style="display: inline;">&nbsp;</font></p>
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						<a href="cmg-20180112xex10_1.htm" style="-sec-extract:exhibit"><font style="display: inline;">Retention Agreement, dated January 9, 2018, between Jack Hartung and Chipotle Mexican Grill, Inc.</font></a></p>
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						<a href="cmg-20180112xex10_2.htm" style="-sec-extract:exhibit"><font style="display: inline;">Retention Agreement, dated January 9, 2018, between Mark Crumpacker and Chipotle Mexican Grill, Inc.</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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						<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;">January </font><font style="display: inline;font-style:italic;color:#000000;">12</font><font style="display: inline;font-style:italic;color:#000000;">, 201</font><font style="display: inline;font-style:italic;color:#000000;">8</font></p>
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						<font style="display: inline;">&nbsp;</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;">&nbsp;</font></p>
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						<font style="display: inline;font-style:italic;color:#000000;">Name:</font></p>
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					<p style="margin:0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;">
						<font style="display: inline;color:#000000;font-size:8pt;">&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt 0pt 1.1pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;color:#000000;">Jack Hartung</font></p>
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						<font style="display: inline;font-style:italic;color:#000000;">Chief </font><font style="display: inline;font-style:italic;color:#000000;">Financial </font><font style="display: inline;font-style:italic;color:#000000;">Officer</font></p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>cmg-20180112xex10_1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!--HTML document created with Certent Disclosure Management 6.13.0.1-->
<!--Created on: 1/12/2018 2:18:05 PM-->
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		<title>
			exhibit 1.12.18_hartung
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	<body><div style="margin-left:72pt;margin-right:72pt;"><div style="width:100%">

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

			&nbsp;

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</div>
		<p style="margin:12pt 0pt 0pt;text-indent:36pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
			<a name="_GoBack"></a><font style="display: inline;">Exhibit 10.1</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">January</font><font style="display: inline;"> &nbsp;5</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">2018</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">John R. Hartung</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Re: </font><font style="display: inline;">&nbsp;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Retention Agreement</font>
		</p>
		<p style="margin:12pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Dear Jack</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Y</font><font style="display: inline;">our </font><font style="display: inline;">service</font><font style="display: inline;"> to</font><font style="display: inline;"> CMG Strategy Co., LLC, for the benefit of the affiliated companies of</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Chipotle Mexican Grill, Inc. (</font><font style="display: inline;">collectively, </font><font style="display: inline;">the &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Company</font><font style="display: inline;">&#x201D;) </font><font style="display: inline;">is </font><font style="display: inline;">critical to the success of </font><font style="display: inline;">the </font><font style="display: inline;">Company</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">Because of your importance to the </font><font style="display: inline;">Company</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">the Company would like to</font><font style="display: inline;"> provide</font><font style="display: inline;"> you with</font><font style="display: inline;"> a retention </font><font style="display: inline;">agreement</font><font style="display: inline;"> that is intended to encourage your continued </font><font style="display: inline;">service</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">to </font><font style="display: inline;">the </font><font style="display: inline;">Company. </font><font style="display: inline;">T</font><font style="display: inline;">he terms of t</font><font style="display: inline;">his </font><font style="display: inline;">Retention Agreement (</font><font style="display: inline;">this </font><font style="display: inline;">&#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Agreement</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">between you </font><font style="display: inline;">(</font><font style="display: inline;">the </font><font style="display: inline;">&#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Executive</font><font style="display: inline;">&#x201D;</font><font style="display: inline;">) &nbsp;</font><font style="display: inline;">and the </font><font style="display: inline;">Company</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">if you accept them, are as follows:</font>
		</p>
		<p style="margin:12pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
			<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;">1.</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;font-weight:bold;text-decoration:underline;">Retention </font><font style="display: inline;font-weight:bold;text-decoration:underline;">Bonus</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">a</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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Amount</font><font style="display: inline;">.</font><font style="display: inline;font-weight:bold;">&nbsp;</font><font style="display: inline;">Subject </font><font style="display: inline;">to </font><font style="display: inline;">the terms and conditions of this </font><font style="display: inline;">Agreement, the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">is</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">eligible to</font><font style="display: inline;"> receive a </font><font style="display: inline;">retention bonus of</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">one million</font><font style="display: inline;"> &nbsp;d</font><font style="display: inline;">ollars </font><font style="display: inline;">($</font><font style="display: inline;">1,000,000</font><font style="display: inline;">) (the &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Retention Bonus</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">, subject to </font><font style="display: inline;">any and all required tax withholdings</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">b</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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Vesting</font><font style="display: inline;font-weight:bold;text-decoration:underline;"> and Payment</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">The Retention Bonus will vest one hundred percent (100%) on t</font><font style="display: inline;">he first anniversary of the appointment of a permanent successor to Stephen Ells as the Company&#x2019;s Chief Executive Officer</font><font style="display: inline;"> (such first anniversary, the &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Vesting Date</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">,</font><font style="display: inline;"> subject to </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s </font><font style="display: inline;">continuous employment with the Company through</font><font style="display: inline;"> the Vesting Date (</font><font style="display: inline;">except as otherwise set forth in Section 1.c. of this Agreement</font><font style="display: inline;">) and the </font><font style="display: inline;">Executive</font><font style="display: inline;"> not having given the Company a &#x201C;Resignation Notice&#x201D; (as defined in this Section 1.b.) on or prior to the Vesting Date</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">For the avoidance of doubt, no portion of the Retention Bonus will vest prior to the Vesting Date, except as otherwise set forth in Section 1.c. of this Agreement. Provided </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">remain</font><font style="display: inline;">s</font><font style="display: inline;"> continuously employed with the Company through the Vesting Date</font><font style="display: inline;"> and has not given the Company a Resignation Notice as of the Vesting Date,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the Company will pay the </font><font style="display: inline;">Executive</font><font style="display: inline;"> the Retention Bonus in a cash lump-sum as soon as reasonably practicable follow</font><font style="display: inline;">ing the Vesting Date, but in</font><font style="display: inline;"> no</font><font style="display: inline;"> ev</font><font style="display: inline;">ent later than sixty</font><font style="display: inline;"> days after the Vesting Date</font><font style="display: inline;">; &nbsp;</font><font style="display: inline;text-decoration:underline;">provided</font><font style="display: inline;">, that</font><font style="display: inline;">, notwithstanding the foregoing,</font><font style="display: inline;"> if the Company terminates the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment for Cause following the Vesting Date and prior </font><font style="display: inline;">to </font><font style="display: inline;">payment of the Retention Bonus, the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">will </font><font style="display: inline;">automatically forfeit the Retention Bonus without consideration and without any further action by the Company. </font><font style="display: inline;">Fo</font><font style="display: inline;">r purposes of this Agreement, </font><font style="display: inline;">&#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Resignation Notice</font><font style="display: inline;">&#x201D; means a notice of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s intent to terminate the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment with the Company without Good Reason, whether such notice is de</font><font style="display: inline;">livered verbally or in writing.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">c</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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Termination of Employment by the Company with</font><font style="display: inline;font-weight:bold;text-decoration:underline;">out Cause or by the </font><font style="display: inline;font-weight:bold;text-decoration:underline;">Executive</font><font style="display: inline;font-weight:bold;text-decoration:underline;"> with</font><font style="display: inline;font-weight:bold;text-decoration:underline;"> Good Reason</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">If</font><font style="display: inline;"> the Company terminates </font><font style="display: inline;">the</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment </font><font style="display: inline;">without C</font><font style="display: inline;">ause (and other than due to the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s</font><font style="display: inline;"> death or Disability) or</font><font style="display: inline;"> the </font><font style="display: inline;">Executive</font><font style="display: inline;"> terminates the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">with </font><font style="display: inline;">Good Reason</font><font style="display: inline;">, in each case on or prior to the Vesting Date</font><font style="display: inline;"> (each, a &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Qualifying Termination</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">,</font><font style="display: inline;"> provided the </font><font style="display: inline;">Executive</font><font style="display: inline;"> timely executes a general release of claims </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

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			&nbsp;

		</p>

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

			&nbsp;

		</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>

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

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		</p>

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		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">in favor of the Company and its affiliates in a form provided by the Company (the &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Release</font><font style="display: inline;">&#x201D;</font><font style="display: inline;">) and the Release</font><font style="display: inline;"> becomes irrevocable</font><font style="display: inline;">, the Retention Bonus will</font><font style="display: inline;">: (i)</font><font style="display: inline;"> vest</font><font style="display: inline;"> one hundred percent (100%)</font><font style="display: inline;"> as of the date on whic</font><font style="display: inline;">h the Release becomes effective</font><font style="display: inline;">;</font><font style="display: inline;"> and </font><font style="display: inline;">(ii) </font><font style="display: inline;">be paid to </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">in a cash lump-sum at the same time as the Retention Bonus would have been paid to </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">pursuant to Secti</font><font style="display: inline;">on 1.b. of this Agreement if the </font><font style="display: inline;">Executive</font><font style="display: inline;"> had remained actively employed with the Company</font><font style="display: inline;"> through the payment date</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">For the avoidance of doubt, if the </font><font style="display: inline;">Executive</font><font style="display: inline;"> fails to timely execute the Release, or if the </font><font style="display: inline;">Executive</font><font style="display: inline;"> revokes the Release before it becomes effective, the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">will </font><font style="display: inline;">automatically forfeit the Retention Bonus without</font><font style="display: inline;"> consideration and without</font><font style="display: inline;"> any further action by the Company.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Other Terminations of Employment</font><font style="display: inline;font-weight:bold;text-decoration:underline;">; Resignation Notice</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">If </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment with the Company </font><font style="display: inline;">terminates</font><font style="display: inline;"> for any reason other than a Qualifying Termination</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(including, for the avoidance of doubt, as a result of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;</font><font style="display: inline;">s death or </font><font style="display: inline;">Disability, termination by the Company for Cause, or termination by the </font><font style="display: inline;">Executive</font><font style="display: inline;"> without Good Reason),</font><font style="display: inline;"> or the </font><font style="display: inline;">Executive</font><font style="display: inline;"> gives the Company a Resignation Notice,</font><font style="display: inline;"> in each case on or prior to the Vesting Date,</font><font style="display: inline;"> the </font><font style="display: inline;">Executive</font><font style="display: inline;"> will </font><font style="display: inline;">automatically </font><font style="display: inline;">forfeit the Retention Bonus</font><font style="display: inline;"> without consideration and without any further action by the Company</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Definition of &#x201C;Cause&#x201D;</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">For purposes of this Agreement, &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Cause</font><font style="display: inline;">&#x201D; means: (i) the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s willful failure to substantially perform the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s duties (other than as a result of physical or mental illness or injury); (ii) the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s willful misconduct or gross negligence, which is materially injurious to the Company; (iii) a breach by the </font><font style="display: inline;">Executive</font><font style="display: inline;"> of his fiduciary duty or duty of loyalty to the Company; (iv) the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#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; (v) the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s unauthorized disclosure of the Company&#x2019;s or its affiliates&#x2019; trade secrets or other secret or confidential information, knowledge, or data concerning the Company&#x2019;s or its affiliates&#x2019; businesses, strategies, opera</font><font style="display: inline;">tions, clients, customers, prosp</font><font style="display: inline;">ects, financial affairs, organizational and personnel matters, policies, procedures, </font><font style="display: inline;">or</font><font style="display: inline;"> other nonpublic matters, or concerning those of third parties; or (vi) the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s material breach of any material obligation under this Agreement or any other written agreement between</font><font style="display: inline;"> the </font><font style="display: inline;">Executive</font><font style="display: inline;"> and the Company. </font><font style="display: inline;">For purposes of this provision, no act or failure to act on the part of the </font><font style="display: inline;">Executive</font><font style="display: inline;"> shall be considered &#x201C;willful&#x201D; unless it is done, or omitted to be done, by the </font><font style="display: inline;">Executive</font><font style="display: inline;"> in bad faith or without reasonable belief that the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s action or omission was in the </font><font style="display: inline;">best interests of the Company. </font><font style="display: inline;">Any act</font><font style="display: inline;">, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board</font><font style="display: inline;"> of Directors</font><font style="display: inline;"> of Chipotle Mexican Grill, Inc.</font><font style="display: inline;"> or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the </font><font style="display: inline;">Executive</font><font style="display: inline;"> in good faith and in the best interests of the Company. </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Definition of &#x201C;Disability&#x201D;</font><font style="display: inline;">. For purposes of this Agreement, &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Disability</font><font style="display: inline;">&#x201D;</font><font style="display: inline;"> means: (i) the </font><font style="display: inline;">Executive</font><font style="display: inline;"> is unable due to a medically determinable physical or mental condition to perform the essential functions of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s position, with or without reasonable accommodation, for three (3) months in the aggregate during any twelve (12) month period; or (ii) a licensed physician chosen by the Company and reasonably acceptable to the </font><font style="display: inline;">Executive</font><font style="display: inline;"> (or the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s legal representative) has certified to the Company in writing that due to a medically determinable physical or mental condition, the </font><font style="display: inline;">Executive</font><font style="display: inline;"> will be unable to perform the essential functions of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s position, with or without reasonable accommodation, for three (3) </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;">2</font><font style="display: inline;"></font>

		</p>

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

			&nbsp;

		</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">

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		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">months in the aggregate during the twelve (12) month period immediately following such certification. </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">g.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Definition of &#x201C;Good Reason&#x201D;</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">For purposes of this Agreement, &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Good Reason</font><font style="display: inline;">&#x201D; means the occurrence of any of the following, in each case, during the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment without the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s written consent: (i) a decrease in the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s base salary or annual bonus opportunity, other than a decrease in annual bonus opportunity that applies to all similarly situated </font><font style="display: inline;">executives </font><font style="display: inline;">of the Company; (ii) a material diminution in the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s duties and responsibilities (other than temporarily while the </font><font style="display: inline;">Executive</font><font style="display: inline;"> is physically or mentally incapacitated), or an adverse change in the reporting structure applicable to the </font><font style="display: inline;">Executive</font><font style="display: inline;">; (iii) a relocation of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s primary work location more than thirty (30) miles from the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s primary work location on the date hereof; (iv) any material breach by the Company of any material provision of this Agreement or any material provision of any other agreement between t</font><font style="display: inline;">he </font><font style="display: inline;">Executive</font><font style="display: inline;"> and the Company; or (v) failure of any successor to the Company to assume this Agreement, except where such assumption occurs by operation of law; </font><font style="display: inline;text-decoration:underline;">provided</font><font style="display: inline;"> that, within thirty (30) days following the occurrence of any of the events set forth in clauses (i) through (v), the </font><font style="display: inline;">Executive</font><font style="display: inline;"> shall have delivered written notice to the Company of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s intention to terminate the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment with Good Reason, which notice specifies in reasonable detail the circumstances claimed to give rise to the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s right to terminate employment with Good Reason, and the Company shall not have cured such circumstances within thirty (30) days following the Company&#x2019;s receipt of such notice. </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Funding of Retention Bonus</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">The Company </font><font style="display: inline;">m</font><font style="display: inline;">ay, but is not required to, fund the Retention B</font><font style="display: inline;">onus described in this </font><font style="display: inline;">Agreement</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">In any event, the obligation of </font><font style="display: inline;">the Company</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">hereunder will constitute a general, unsecured obligation, payable solely out of its general assets (which assets are subject to the claims of </font><font style="display: inline;">the Company</font><font style="display: inline;">&#x2019;s general unsecured creditors in the event of </font><font style="display: inline;">the Company</font><font style="display: inline;">&#x2019;s insolvency), and </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">will not have any right to any specific assets of </font><font style="display: inline;">the Company</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">I</font><font style="display: inline;">f</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the Company </font><font style="display: inline;">becomes </font><font style="display: inline;">insolven</font><font style="display: inline;">t</font><font style="display: inline;">,</font><font style="display: inline;"> the </font><font style="display: inline;">Executive</font><font style="display: inline;"> will</font><font style="display: inline;"> have only the rights of a general unsecured creditor against </font><font style="display: inline;">the Company </font><font style="display: inline;">for any </font><font style="display: inline;">amounts</font><font style="display: inline;"> due under this Agreement.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">2.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">General Provisions</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">The following general provisions apply </font><font style="display: inline;">to this</font><font style="display: inline;"> Agreement</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Code Section 409A</font><font style="display: inline;">. The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (the &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Code</font><font style="display: inline;">&#x201D;), and the regulations and guidance promulgated thereunder (collectively, &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Section 409A</font><font style="display: inline;">&#x201D;), and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event may the </font><font style="display: inline;">Executive</font><font style="display: inline;">, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered nonqualified deferred compensation. Notwithstanding any other provision of this Agreement to the contrary, if the </font><font style="display: inline;">Executive</font><font style="display: inline;"> is considered a &#x201C;specified employee&#x201D; for purposes of Section 409A (as determined in accordance with the methodology established by the Company as in effect on the date on which </font><font style="display: inline;">the Executive</font><font style="display: inline;">&#x2019;s employment with the Company terminates), any payment that constitutes nonqualified deferred compensation within the meaning of Section 409A that is otherwise due to the </font><font style="display: inline;">Executive</font><font style="display: inline;"> under this Agreement during the six (6) month period following </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s </font><font style="display: inline;">separation from service (determined in accordance with Section 409A) on account of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s separation from service shall be accumulated and paid to the </font><font style="display: inline;">Executive</font><font style="display: inline;"> on the first business day of the seventh month following the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s separation from </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;">3</font><font style="display: inline;"></font>

		</p>

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

			&nbsp;

		</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">

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			&nbsp;

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		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">service (the &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Delayed Payment Date</font><font style="display: inline;">&#x201D;). The </font><font style="display: inline;">Executive</font><font style="display: inline;"> 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 1274(d) of the Code for the month in which the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s separation from service occurs. If the </font><font style="display: inline;">Executive</font><font style="display: inline;"> dies during the period between the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s separation from service and the Delayed Payment Date, the amounts delayed on account of Section 409A shall be paid to the personal representative of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s estate on the first to occur of the Delayed Payment Date or thirty (30) days after the date of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s death.&nbsp;&nbsp; </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Successors and Assigns</font><font style="display: inline;">. This Agreement shall be binding upon, inure to the benefit of and be enforceable by, as applicable, the Company and the </font><font style="display: inline;">Executive</font><font style="display: inline;"> and their respective personal or legal representatives, executors, administrators, successors, assigns, heirs, distributes, and legatees. This Agreement is personal in nature and the </font><font style="display: inline;">Executive</font><font style="display: inline;"> shall not, without the written consent of the Company, assign, transfer, or delegate this Agreement or any rights or obligations hereunder.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Governing Law; Jurisdiction; Venue</font><font style="display: inline;">. This Agreement shall be governed by and construed in accordance w</font><font style="display: inline;">ith the laws of the State of Colorado</font><font style="display: inline;"> without giving effect to such state&#x2019;s laws and principles regarding the conflict of laws, or those of any other jurisdiction. The Company and the </font><font style="display: inline;">Executive</font><font style="display: inline;"> (i) agree that any suit, action, or legal proceeding with respect to this Agreement shall be brought in the courts of</font><font style="display: inline;"> record of the State of Colorado in Denver</font><font style="display: inline;"> County or the court of the United States, </font><font style="display: inline;">District of Colorado</font><font style="display: inline;">; (ii) consent to the jurisdiction of each such court in any suit, action, or proceeding; and (iii) 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>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Amendment</font><font style="display: inline;font-weight:bold;text-decoration:underline;">; Entire Agreement</font><font style="display: inline;">.</font><font style="display: inline;"> No provision of this Agreement may be amended, modified, waived, or discharged unless such amendment, modification, waiver, or discharge is agreed to in writing and such writing is signed by the Company and the </font><font style="display: inline;">Executive</font><font style="display: inline;">. From and after the date hereof, this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof. </font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Severability</font><font style="display: inline;">. 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>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Waiver of Breach</font><font style="display: inline;">. 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. 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>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">g.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Notice</font><font style="display: inline;">. 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>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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;">4</font><font style="display: inline;"></font>

		</p>

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

			&nbsp;

		</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>

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

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">if to the </font><font style="display: inline;">Executive</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">at the address most recently on the books and records of the Company. </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">if to the Company:</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Chipotle Mexican Grill, Inc.</font>
		</p>
		<p style="margin:0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">1401 Wynkoop Street</font>
		</p>
		<p style="margin:0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Suite 500</font>
		</p>
		<p style="margin:0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Denver, Colorado 80202</font>
		</p>
		<p style="margin:0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Attention: </font><font style="display: inline;">Legal Department</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">h.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Withholding</font><font style="display: inline;">. The Company may withhold from any amounts payable under this Agreement such federal, state, local, or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">i.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Headings</font><font style="display: inline;">. 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>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">j.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Counterparts</font><font style="display: inline;">. 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>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">k</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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Not an Employment Contract</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">This </font><font style="display: inline;">Agreement </font><font style="display: inline;">is not to be construed to constitute an employment contract between </font><font style="display: inline;">the Company and the </font><font style="display: inline;">Executive</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">The </font><font style="display: inline;">Executive</font><font style="display: inline;"> will at all times remain an &#x201C;at will&#x201D; </font><font style="display: inline;">employee </font><font style="display: inline;">of </font><font style="display: inline;">the Company</font><font style="display: inline;">,</font><font style="display: inline;"> and </font><font style="display: inline;">the Company </font><font style="display: inline;">or</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">may terminate </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s </font><font style="display: inline;">employment at any time and for any reason or no reason as otherwise permitted.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">l</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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Not Compensation for Benefits Purposes</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">If and when </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">earn</font><font style="display: inline;">s and is</font><font style="display: inline;"> paid the Retention Bonus under this Agreement, </font><font style="display: inline;">the Retention Bonus</font><font style="display: inline;"> will not be treated as additional compensation under any other employee benefit plan, program or arrangement, unless that plan, program or arrangement expressl</font><font style="display: inline;">y provides for such treatment.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">m</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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Confidentiality</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">The </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">agree</font><font style="display: inline;">s</font><font style="display: inline;"> to keep the terms and conditions of this </font><font style="display: inline;">Agreement</font><font style="display: inline;"> confidential and to refrain from disclosing the terms and conditions of this </font><font style="display: inline;">Agreement </font><font style="display: inline;">to anyone without the advance written permission of </font><font style="display: inline;">the Company</font><font style="display: inline;">, unless disclosure is required by law or is necessary for internal processing and payment; </font><font style="display: inline;text-decoration:underline;">provided</font><font style="display: inline;">, however,</font><font style="display: inline;"> that the </font><font style="display: inline;">Executive</font><font style="display: inline;"> may disclose the terms and conditions of this Agreement without such</font><font style="display: inline;"> advance written permission to </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s immediate family and</font><font style="display: inline;"> legal or financial advisors, but then only on the condition that these individual</font><font style="display: inline;">s not make further disclosure. </font><font style="display: inline;">If </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;"> violates this Section 2.m</font><font style="display: inline;">.</font><font style="display: inline;">, no benefit will be paid </font><font style="display: inline;">to the </font><font style="display: inline;">Executive</font><font style="display: inline;"> under this Agreement</font><font style="display: inline;">, and </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">will </font><font style="display: inline;">automatically forfeit the Retention Bonus without consideration and without any further action by the Company</font><font style="display: inline;">.</font><font style="display: inline;"> Executive acknowledges and agrees that the Company will disclose this Agreement, and the terms hereof, in accordance with applicable rules and regulations of the Securities and Exchange Commission, and that as a result of such disclosure, the terms of this Agreement will become publicly available.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:center;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;">5</font><font style="display: inline;"></font>

		</p>

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

			&nbsp;

		</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>

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

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">**********</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">[</font><font style="display: inline;font-style:italic;">Signature Page Follows</font><font style="display: inline;">]</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;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;">6</font><font style="display: inline;"></font>

		</p>

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

			&nbsp;

		</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:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">I hope that this </font><font style="display: inline;">Agreement </font><font style="display: inline;">underscores our appreciation for your continued </font><font style="display: inline;">service. </font><font style="display: inline;">To indicate that these terms are acceptable, please sign a copy of this </font><font style="display: inline;">Agreement </font><font style="display: inline;">where indicated below </font><font style="display: inline;">and return it to my attention. </font><font style="display: inline;">Please</font><font style="display: inline;"> keep this </font><font style="display: inline;">Agreement </font><font style="display: inline;">and its terms confidential (</font><font style="display: inline;">whether or not you </font><font style="display: inline;">sign this Agreement).</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">As you consider this </font><font style="display: inline;">Agreement </font><font style="display: inline;">and the terms of the Retention Bonus, please see me wi</font><font style="display: inline;">th any questions you may hav</font><font style="display: inline;">e.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:173pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;">Sincerely,</font></font>
		</p>
		<p style="margin:0pt 0pt 0pt 252pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 252pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">/s/ Neil Flanzraich</font>
		</p>
		<p style="margin:0pt 0pt 0pt 252pt;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:214pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font>
		</p>
		<p style="margin:0pt 0pt 0pt 252pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">By:</font><font style="display: inline;"> Neil Flanzraich</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 252pt;text-indent: -18pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<a name="_DV_M77"></a><font style="display: inline;"> &nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;">Its: Lead Director &amp; Chairman of the Compensation Committee</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">ACCEPTANCE:</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">I &nbsp;</font><font style="display: inline;font-weight:bold;">have read, I understand, and I </font><font style="display: inline;font-weight:bold;">hereby accept th</font><font style="display: inline;font-weight:bold;">e terms and conditions of this </font><font style="display: inline;font-weight:bold;">Agreement</font><font style="display: inline;font-weight:bold;"> on this </font><font style="display: inline;font-weight:bold;">9</font><font style="display: inline;font-weight:bold;font-size:6pt;vertical-align:super;line-height:100%">th</font><font style="display: inline;font-weight:bold;">&nbsp;</font><font style="display: inline;font-weight:bold;">day of</font><font style="display: inline;font-weight:bold;">&nbsp;</font><font style="display: inline;font-weight:bold;">January</font><font style="display: inline;font-weight:bold;">, 201</font><font style="display: inline;font-weight:bold;">8</font><font style="display: inline;font-weight:bold;">. &nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;">_</font><font style="display: inline;text-decoration:underline;">/s/ John R. Hartung</font><font style="display: inline;">_______________________</font><br /><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;">John R. Hartung</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-style:italic;">Signature Page to Retention Agreement</font>

		</p>

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

			&nbsp;

		</p>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>cmg-20180112xex10_2.htm
<DESCRIPTION>EX-10.2
<TEXT>
<!--HTML document created with Certent Disclosure Management 6.13.0.1-->
<!--Created on: 1/12/2018 2:18:16 PM-->
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	<head>
		<title>
			exhibit 10.2 _ 1.12.18_Crumpacker
		</title>
	</head>
	<body><div style="margin-left:72pt;margin-right:72pt;"><div style="width:100%">

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

			&nbsp;

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		<p style="margin:12pt 0pt 0pt;text-indent:36pt;text-align:right;font-family:Times New Roman;font-size: 12pt">
			<a name="_GoBack"></a><font style="display: inline;">Exhibit 10.2</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">January</font><font style="display: inline;"> &nbsp;5</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">2018</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Mark Crumpacker</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Re: </font><font style="display: inline;">&nbsp;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Retention Agreement</font>
		</p>
		<p style="margin:12pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Dear Mark</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Y</font><font style="display: inline;">our </font><font style="display: inline;">service</font><font style="display: inline;"> to</font><font style="display: inline;"> CMG Strategy Co., LLC, for the benefit of the affiliated companies of</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Chipotle Mexican Grill, Inc. (</font><font style="display: inline;">collectively, </font><font style="display: inline;">the &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Company</font><font style="display: inline;">&#x201D;) </font><font style="display: inline;">is </font><font style="display: inline;">critical to the success of </font><font style="display: inline;">the </font><font style="display: inline;">Company</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">Because of your importance to the </font><font style="display: inline;">Company</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">the Company would like to</font><font style="display: inline;"> provide</font><font style="display: inline;"> you with</font><font style="display: inline;"> a retention </font><font style="display: inline;">agreement</font><font style="display: inline;"> that is intended to encourage your continued </font><font style="display: inline;">service</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">to </font><font style="display: inline;">the </font><font style="display: inline;">Company. </font><font style="display: inline;">T</font><font style="display: inline;">he terms of t</font><font style="display: inline;">his </font><font style="display: inline;">Retention Agreement (</font><font style="display: inline;">this </font><font style="display: inline;">&#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Agreement</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">between you </font><font style="display: inline;">(</font><font style="display: inline;">the </font><font style="display: inline;">&#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Executive</font><font style="display: inline;">&#x201D;</font><font style="display: inline;">) &nbsp;</font><font style="display: inline;">and the </font><font style="display: inline;">Company</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">if you accept them, are as follows:</font>
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		<p style="margin:12pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
			<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;">1.</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;font-weight:bold;text-decoration:underline;">Retention </font><font style="display: inline;font-weight:bold;text-decoration:underline;">Bonus</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">a</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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Amount</font><font style="display: inline;">.</font><font style="display: inline;font-weight:bold;">&nbsp;</font><font style="display: inline;">Subject </font><font style="display: inline;">to </font><font style="display: inline;">the terms and conditions of this </font><font style="display: inline;">Agreement, the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">is</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">eligible to</font><font style="display: inline;"> receive a </font><font style="display: inline;">retention bonus of</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">six hundred thousand</font><font style="display: inline;"> &nbsp;d</font><font style="display: inline;">ollars </font><font style="display: inline;">($</font><font style="display: inline;">6</font><font style="display: inline;">00,000</font><font style="display: inline;">) (the &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Retention Bonus</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">, subject to </font><font style="display: inline;">any and all required tax withholdings</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font>
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		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">b</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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Vesting</font><font style="display: inline;font-weight:bold;text-decoration:underline;"> and Payment</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">The Retention Bonus will vest one hundred percent (100%) on the first anniversary of the date of this Agreement set forth above (such first anniversary, the &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Vesting Date</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">,</font><font style="display: inline;"> subject to </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s </font><font style="display: inline;">continuous employment with the Company through</font><font style="display: inline;"> the Vesting Date (</font><font style="display: inline;">except as otherwise set forth in Section 1.c. of this Agreement</font><font style="display: inline;">) and the </font><font style="display: inline;">Executive</font><font style="display: inline;"> not having given the Company a &#x201C;Resignation Notice&#x201D; (as defined in this Section 1.b.) on or prior to the Vesting Date</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">For the avoidance of doubt, no portion of the Retention Bonus will vest prior to the Vesting Date, except as otherwise set forth in Section 1.c. of this Agreement. Provided </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">remain</font><font style="display: inline;">s</font><font style="display: inline;"> continuously employed with the Company through the Vesting Date</font><font style="display: inline;"> and has not given the Company a Resignation Notice as of the Vesting Date,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the Company will pay the </font><font style="display: inline;">Executive</font><font style="display: inline;"> the Retention Bonus in a cash lump-sum as soon as reasonably practicable following the Vesting Date, but in no </font><font style="display: inline;">event later than March 15, 2019; </font><font style="display: inline;text-decoration:underline;">provided</font><font style="display: inline;">, that</font><font style="display: inline;">, notwithstanding the foregoing,</font><font style="display: inline;"> if the Company terminates the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment for Cause following the Vesting Date and prior </font><font style="display: inline;">to </font><font style="display: inline;">payment of the Retention Bonus, the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">will </font><font style="display: inline;">automatically forfeit the Retention Bonus without consideration and without any further action by the Company. </font><font style="display: inline;">Fo</font><font style="display: inline;">r purposes of this Agreement, </font><font style="display: inline;">&#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Resignation Notice</font><font style="display: inline;">&#x201D; means a notice of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s intent to terminate the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment with the Company without Good Reason, whether such notice is de</font><font style="display: inline;">livered verbally or in writing.</font>
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		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">c</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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Termination of Employment by the Company with</font><font style="display: inline;font-weight:bold;text-decoration:underline;">out Cause or by the </font><font style="display: inline;font-weight:bold;text-decoration:underline;">Executive</font><font style="display: inline;font-weight:bold;text-decoration:underline;"> with</font><font style="display: inline;font-weight:bold;text-decoration:underline;"> Good Reason</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">If</font><font style="display: inline;"> the Company terminates </font><font style="display: inline;">the</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment </font><font style="display: inline;">without C</font><font style="display: inline;">ause (and other than due to the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s</font><font style="display: inline;"> death or Disability) or</font><font style="display: inline;"> the </font><font style="display: inline;">Executive</font><font style="display: inline;"> terminates the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">with </font><font style="display: inline;">Good Reason</font><font style="display: inline;">, in each case on or prior to the Vesting Date</font><font style="display: inline;"> (each, a &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Qualifying Termination</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">,</font><font style="display: inline;"> provided the </font><font style="display: inline;">Executive</font><font style="display: inline;"> timely executes a general release of claims in favor of the Company and its affiliates in a form provided by the Company (the &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Release</font><font style="display: inline;">&#x201D;</font><font style="display: inline;">) and </font>
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		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">the Release</font><font style="display: inline;"> becomes irrevocable</font><font style="display: inline;">, the Retention Bonus will</font><font style="display: inline;">: (i)</font><font style="display: inline;"> vest</font><font style="display: inline;"> one hundred percent (100%)</font><font style="display: inline;"> as of the date on whic</font><font style="display: inline;">h the Release becomes effective</font><font style="display: inline;">;</font><font style="display: inline;"> and </font><font style="display: inline;">(ii) </font><font style="display: inline;">be paid to </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">in a cash lump-sum at the same time as the Retention Bonus would have been paid to </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">pursuant to Secti</font><font style="display: inline;">on 1.b. of this Agreement if the </font><font style="display: inline;">Executive</font><font style="display: inline;"> had remained actively employed with the Company</font><font style="display: inline;"> through the payment date</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">For the avoidance of doubt, if the </font><font style="display: inline;">Executive</font><font style="display: inline;"> fails to timely execute the Release, or if the </font><font style="display: inline;">Executive</font><font style="display: inline;"> revokes the Release before it becomes effective, the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">will </font><font style="display: inline;">automatically forfeit the Retention Bonus without</font><font style="display: inline;"> consideration and without</font><font style="display: inline;"> any further action by the Company.</font><font style="display: inline;">&nbsp;</font>
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		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Other Terminations of Employment</font><font style="display: inline;font-weight:bold;text-decoration:underline;">; Resignation Notice</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">If </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment with the Company </font><font style="display: inline;">terminates</font><font style="display: inline;"> for any reason other than a Qualifying Termination</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(including, for the avoidance of doubt, as a result of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;</font><font style="display: inline;">s death or </font><font style="display: inline;">Disability, termination by the Company for Cause, or termination by the </font><font style="display: inline;">Executive</font><font style="display: inline;"> without Good Reason),</font><font style="display: inline;"> or the </font><font style="display: inline;">Executive</font><font style="display: inline;"> gives the Company a Resignation Notice,</font><font style="display: inline;"> in each case on or prior to the Vesting Date,</font><font style="display: inline;"> the </font><font style="display: inline;">Executive</font><font style="display: inline;"> will </font><font style="display: inline;">automatically </font><font style="display: inline;">forfeit the Retention Bonus</font><font style="display: inline;"> without consideration and without any further action by the Company</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Definition of &#x201C;Cause&#x201D;</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">For purposes of this Agreement, &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Cause</font><font style="display: inline;">&#x201D; means: (i) the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s willful failure to substantially perform the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s duties (other than as a result of physical or mental illness or injury); (ii) the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s willful misconduct or gross negligence, which is materially injurious to the Company; (iii) a breach by the </font><font style="display: inline;">Executive</font><font style="display: inline;"> of his fiduciary duty or duty of loyalty to the Company; (iv) the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#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; (v) the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s unauthorized disclosure of the Company&#x2019;s or its affiliates&#x2019; trade secrets or other secret or confidential information, knowledge, or data concerning the Company&#x2019;s or its affiliates&#x2019; businesses, strategies, opera</font><font style="display: inline;">tions, clients, customers, prosp</font><font style="display: inline;">ects, financial affairs, organizational and personnel matters, policies, procedures, </font><font style="display: inline;">or</font><font style="display: inline;"> other nonpublic matters, or concerning those of third parties; or (vi) the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s material breach of any material obligation under this Agreement or any other written agreement between</font><font style="display: inline;"> the </font><font style="display: inline;">Executive</font><font style="display: inline;"> and the Company. </font><font style="display: inline;">For purposes of this provision, no act or failure to act on the part of the </font><font style="display: inline;">Executive</font><font style="display: inline;"> shall be considered &#x201C;willful&#x201D; unless it is done, or omitted to be done, by the </font><font style="display: inline;">Executive</font><font style="display: inline;"> in bad faith or without reasonable belief that the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s action or omission was in the </font><font style="display: inline;">best interests of the Company. </font><font style="display: inline;">Any act</font><font style="display: inline;">, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board</font><font style="display: inline;"> of Directors</font><font style="display: inline;"> of Chipotle Mexican Grill, Inc.</font><font style="display: inline;"> or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the </font><font style="display: inline;">Executive</font><font style="display: inline;"> in good faith and in the best interests of the Company. </font>
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		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Definition of &#x201C;Disability&#x201D;</font><font style="display: inline;">. For purposes of this Agreement, &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Disability</font><font style="display: inline;">&#x201D;</font><font style="display: inline;"> means: (i) the </font><font style="display: inline;">Executive</font><font style="display: inline;"> is unable due to a medically determinable physical or mental condition to perform the essential functions of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s position, with or without reasonable accommodation, for three (3) months in the aggregate during any twelve (12) month period; or (ii) a licensed physician chosen by the Company and reasonably acceptable to the </font><font style="display: inline;">Executive</font><font style="display: inline;"> (or the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s legal representative) has certified to the Company in writing that due to a medically determinable physical or mental condition, the </font><font style="display: inline;">Executive</font><font style="display: inline;"> will be unable to perform the essential functions of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s position, with or without reasonable accommodation, for three (3) months in the aggregate during the twelve (12) month period immediately following such certification. </font>
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			<font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font>

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		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">g.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Definition of &#x201C;Good Reason&#x201D;</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">For purposes of this Agreement, &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Good Reason</font><font style="display: inline;">&#x201D; means the occurrence of any of the following, in each case, during the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment without the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s written consent: (i) a decrease in the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s base salary or annual bonus opportunity, other than a decrease in annual bonus opportunity that applies to all similarly situated </font><font style="display: inline;">executives </font><font style="display: inline;">of the Company; (ii) a material diminution in the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s duties and responsibilities (other than temporarily while the </font><font style="display: inline;">Executive</font><font style="display: inline;"> is physically or mentally incapacitated), or an adverse change in the reporting structure applicable to the </font><font style="display: inline;">Executive</font><font style="display: inline;">; (iii) a relocation of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s primary work location more than thirty (30) miles from the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s primary work location on the date hereof; (iv) any material breach by the Company of any material provision of this Agreement or any material provision of any other agreement between t</font><font style="display: inline;">he </font><font style="display: inline;">Executive</font><font style="display: inline;"> and the Company; or (v) failure of any successor to the Company to assume this Agreement, except where such assumption occurs by operation of law; </font><font style="display: inline;text-decoration:underline;">provided</font><font style="display: inline;"> that, within thirty (30) days following the occurrence of any of the events set forth in clauses (i) through (v), the </font><font style="display: inline;">Executive</font><font style="display: inline;"> shall have delivered written notice to the Company of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s intention to terminate the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s employment with Good Reason, which notice specifies in reasonable detail the circumstances claimed to give rise to the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s right to terminate employment with Good Reason, and the Company shall not have cured such circumstances within thirty (30) days following the Company&#x2019;s receipt of such notice. </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Funding of Retention Bonus</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">The Company </font><font style="display: inline;">m</font><font style="display: inline;">ay, but is not required to, fund the Retention B</font><font style="display: inline;">onus described in this </font><font style="display: inline;">Agreement</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">In any event, the obligation of </font><font style="display: inline;">the Company</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">hereunder will constitute a general, unsecured obligation, payable solely out of its general assets (which assets are subject to the claims of </font><font style="display: inline;">the Company</font><font style="display: inline;">&#x2019;s general unsecured creditors in the event of </font><font style="display: inline;">the Company</font><font style="display: inline;">&#x2019;s insolvency), and </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">will not have any right to any specific assets of </font><font style="display: inline;">the Company</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">I</font><font style="display: inline;">f</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the Company </font><font style="display: inline;">becomes </font><font style="display: inline;">insolven</font><font style="display: inline;">t</font><font style="display: inline;">,</font><font style="display: inline;"> the </font><font style="display: inline;">Executive</font><font style="display: inline;"> will</font><font style="display: inline;"> have only the rights of a general unsecured creditor against </font><font style="display: inline;">the Company </font><font style="display: inline;">for any </font><font style="display: inline;">amounts</font><font style="display: inline;"> due under this Agreement.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">2.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">General Provisions</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">The following general provisions apply </font><font style="display: inline;">to this</font><font style="display: inline;"> Agreement</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Code Section 409A</font><font style="display: inline;">. The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (the &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Code</font><font style="display: inline;">&#x201D;), and the regulations and guidance promulgated thereunder (collectively, &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Section 409A</font><font style="display: inline;">&#x201D;), and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event may the </font><font style="display: inline;">Executive</font><font style="display: inline;">, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered nonqualified deferred compensation. Notwithstanding any other provision of this Agreement to the contrary, if the </font><font style="display: inline;">Executive</font><font style="display: inline;"> is considered a &#x201C;specified employee&#x201D; for purposes of Section 409A (as determined in accordance with the methodology established by the Company as in effect on the date on which </font><font style="display: inline;">the Executive</font><font style="display: inline;">&#x2019;s employment with the Company terminates), any payment that constitutes nonqualified deferred compensation within the meaning of Section 409A that is otherwise due to the </font><font style="display: inline;">Executive</font><font style="display: inline;"> under this Agreement during the six (6) month period following </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s </font><font style="display: inline;">separation from service (determined in accordance with Section 409A) on account of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s separation from service shall be accumulated and paid to the </font><font style="display: inline;">Executive</font><font style="display: inline;"> on the first business day of the seventh month following the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s separation from service (the &#x201C;</font><font style="display: inline;font-weight:bold;text-decoration:underline;">Delayed Payment Date</font><font style="display: inline;">&#x201D;). The </font><font style="display: inline;">Executive</font><font style="display: inline;"> 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 1274(d) of the Code for the month in </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;">3</font><font style="display: inline;"></font>

		</p>

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

			&nbsp;

		</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">

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

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;">which the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s separation from service occurs. If the </font><font style="display: inline;">Executive</font><font style="display: inline;"> dies during the period between the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s separation from service and the Delayed Payment Date, the amounts delayed on account of Section 409A shall be paid to the personal representative of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s estate on the first to occur of the Delayed Payment Date or thirty (30) days after the date of the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s death.&nbsp;&nbsp; </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Successors and Assigns</font><font style="display: inline;">. This Agreement shall be binding upon, inure to the benefit of and be enforceable by, as applicable, the Company and the </font><font style="display: inline;">Executive</font><font style="display: inline;"> and their respective personal or legal representatives, executors, administrators, successors, assigns, heirs, distributes, and legatees. This Agreement is personal in nature and the </font><font style="display: inline;">Executive</font><font style="display: inline;"> shall not, without the written consent of the Company, assign, transfer, or delegate this Agreement or any rights or obligations hereunder.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Governing Law; Jurisdiction; Venue</font><font style="display: inline;">. This Agreement shall be governed by and construed in accordance w</font><font style="display: inline;">ith the laws of the State of Colorado</font><font style="display: inline;"> without giving effect to such state&#x2019;s laws and principles regarding the conflict of laws, or those of any other jurisdiction. The Company and the </font><font style="display: inline;">Executive</font><font style="display: inline;"> (i) agree that any suit, action, or legal proceeding with respect to this Agreement shall be brought in the courts of</font><font style="display: inline;"> record of the State of Colorado in Denver</font><font style="display: inline;"> County or the court of the United States, </font><font style="display: inline;">District of Colorado</font><font style="display: inline;">; (ii) consent to the jurisdiction of each such court in any suit, action, or proceeding; and (iii) 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>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Amendment</font><font style="display: inline;font-weight:bold;text-decoration:underline;">; Entire Agreement</font><font style="display: inline;">.</font><font style="display: inline;"> No provision of this Agreement may be amended, modified, waived, or discharged unless such amendment, modification, waiver, or discharge is agreed to in writing and such writing is signed by the Company and the </font><font style="display: inline;">Executive</font><font style="display: inline;">. From and after the date hereof, this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof. </font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Severability</font><font style="display: inline;">. 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>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Waiver of Breach</font><font style="display: inline;">. 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. 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>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">g.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Notice</font><font style="display: inline;">. 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>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">if to the </font><font style="display: inline;">Executive</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">at the address most recently on the books and records of the Company. </font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;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;">4</font><font style="display: inline;"></font>

		</p>

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

			&nbsp;

		</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;

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

			&nbsp;

		</p>

</div>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">if to the Company:</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Chipotle Mexican Grill, Inc.</font>
		</p>
		<p style="margin:0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">1401 Wynkoop Street</font>
		</p>
		<p style="margin:0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Suite 500</font>
		</p>
		<p style="margin:0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Denver, Colorado 80202</font>
		</p>
		<p style="margin:0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Attention: </font><font style="display: inline;">Legal Department</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">h.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Withholding</font><font style="display: inline;">. The Company may withhold from any amounts payable under this Agreement such federal, state, local, or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">i.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Headings</font><font style="display: inline;">. 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>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">j.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 64.8pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Counterparts</font><font style="display: inline;">. 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>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">k</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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Not an Employment Contract</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">This </font><font style="display: inline;">Agreement </font><font style="display: inline;">is not to be construed to constitute an employment contract between </font><font style="display: inline;">the Company and the </font><font style="display: inline;">Executive</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">The </font><font style="display: inline;">Executive</font><font style="display: inline;"> will at all times remain an &#x201C;at will&#x201D; </font><font style="display: inline;">employee </font><font style="display: inline;">of </font><font style="display: inline;">the Company</font><font style="display: inline;">,</font><font style="display: inline;"> and </font><font style="display: inline;">the Company </font><font style="display: inline;">or</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">may terminate </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s </font><font style="display: inline;">employment at any time and for any reason or no reason as otherwise permitted.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">l</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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Not Compensation for Benefits Purposes</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">If and when </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">earn</font><font style="display: inline;">s and is</font><font style="display: inline;"> paid the Retention Bonus under this Agreement, </font><font style="display: inline;">the Retention Bonus</font><font style="display: inline;"> will not be treated as additional compensation under any other employee benefit plan, program or arrangement, unless that plan, program or arrangement expressl</font><font style="display: inline;">y provides for such treatment.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-indent:72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">m</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 65.4pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;font-weight:bold;text-decoration:underline;">Confidentiality</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;">The </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">agree</font><font style="display: inline;">s</font><font style="display: inline;"> to keep the terms and conditions of this </font><font style="display: inline;">Agreement</font><font style="display: inline;"> confidential and to refrain from disclosing the terms and conditions of this </font><font style="display: inline;">Agreement </font><font style="display: inline;">to anyone without the advance written permission of </font><font style="display: inline;">the Company</font><font style="display: inline;">, unless disclosure is required by law or is necessary for internal processing and payment; </font><font style="display: inline;text-decoration:underline;">provided</font><font style="display: inline;">, however,</font><font style="display: inline;"> that the </font><font style="display: inline;">Executive</font><font style="display: inline;"> may disclose the terms and conditions of this Agreement without such</font><font style="display: inline;"> advance written permission to </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&#x2019;s immediate family and</font><font style="display: inline;"> legal or financial advisors, but then only on the condition that these individual</font><font style="display: inline;">s not make further disclosure. </font><font style="display: inline;">If </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;"> violates this Section 2.m</font><font style="display: inline;">.</font><font style="display: inline;">, no benefit will be paid </font><font style="display: inline;">to the </font><font style="display: inline;">Executive</font><font style="display: inline;"> under this Agreement</font><font style="display: inline;">, and </font><font style="display: inline;">the </font><font style="display: inline;">Executive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">will </font><font style="display: inline;">automatically forfeit the Retention Bonus without consideration and without any further action by the Company</font><font style="display: inline;">.</font><font style="display: inline;"> Executive acknowledges and agrees that the Company will disclose this Agreement, and the terms hereof, in accordance with applicable rules and regulations of the Securities and Exchange Commission, and that as a result of such disclosure, the terms of this Agreement will become publicly available.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">**********</font>
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		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">[</font><font style="display: inline;font-style:italic;">Signature Page Follows</font><font style="display: inline;">]</font>
		</p>
		<p style="margin:12pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			&nbsp;
		</p></div><div style="margin-left:72pt;margin-right:72pt;">
		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;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;">5</font><font style="display: inline;"></font>

		</p>

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

			&nbsp;

		</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">

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		<p style="margin:12pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">I hope that this </font><font style="display: inline;">Agreement </font><font style="display: inline;">underscores our appreciation for your continued </font><font style="display: inline;">service. </font><font style="display: inline;">To indicate that these terms are acceptable, please sign a copy of this </font><font style="display: inline;">Agreement </font><font style="display: inline;">where indicated below </font><font style="display: inline;">and return it to my attention. </font><font style="display: inline;">Please</font><font style="display: inline;"> keep this </font><font style="display: inline;">Agreement </font><font style="display: inline;">and its terms confidential (</font><font style="display: inline;">whether or not you </font><font style="display: inline;">sign this Agreement).</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">As you consider this </font><font style="display: inline;">Agreement </font><font style="display: inline;">and the terms of the Retention Bonus, please see me wi</font><font style="display: inline;">th any questions you may hav</font><font style="display: inline;">e.</font>
		</p>
		<p style="margin:12pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:173pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;">Sincerely,</font></font>
		</p>
		<p style="margin:0pt 0pt 0pt 252pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 252pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">/s/ Neil Flanzraich</font>
		</p>
		<p style="margin:0pt 0pt 0pt 252pt;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:214pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:right"><font style="display: inline;text-decoration:underline;"></font></font>
		</p>
		<p style="margin:0pt 0pt 0pt 252pt;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">By:</font><font style="display: inline;"> Neil Flanzraich</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 252pt;text-indent: -18pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<a name="_DV_M77"></a><font style="display: inline;"> &nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;">Its: Lead Director &amp; Chairman of the Compensation Committee</font>
		</p>
		<p style="margin:0pt 0pt 0pt 180pt;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">ACCEPTANCE:</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">I &nbsp;</font><font style="display: inline;font-weight:bold;">have read, I understand, and I </font><font style="display: inline;font-weight:bold;">hereby accept th</font><font style="display: inline;font-weight:bold;">e terms and conditions of this </font><font style="display: inline;font-weight:bold;">Agreement</font><font style="display: inline;font-weight:bold;"> on this </font><font style="display: inline;font-weight:bold;">9th</font><font style="display: inline;font-weight:bold;"> day of</font><font style="display: inline;font-weight:bold;">&nbsp;</font><font style="display: inline;font-weight:bold;">January</font><font style="display: inline;font-weight:bold;">, 201</font><font style="display: inline;font-weight:bold;">8</font><font style="display: inline;font-weight:bold;">. &nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;">_</font><font style="display: inline;text-decoration:underline;">/s/Mark Crumpacker</font><font style="display: inline;font-weight:bold;">____________________</font><br /><font style="display: inline;font-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;font-weight:bold;;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-weight:bold;"></font><font style="display: inline;">Mark Crumpacker</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-style:italic;">Signature Page to Retention Agreement</font>

		</p>

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

			&nbsp;

		</p>

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