<SEC-DOCUMENT>0001193125-22-153904.txt : 20220518
<SEC-HEADER>0001193125-22-153904.hdr.sgml : 20220518
<ACCEPTANCE-DATETIME>20220518135437
ACCESSION NUMBER:		0001193125-22-153904
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20220518
DATE AS OF CHANGE:		20220518
EFFECTIVENESS DATE:		20220518

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-265048
		FILM NUMBER:		22938139

	BUSINESS ADDRESS:	
		STREET 1:		610 NEWPORT CENTER DR
		STREET 2:		SUITE 1400
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-524-4000

	MAIL ADDRESS:	
		STREET 1:		610 NEWPORT CENTER DR
		STREET 2:		SUITE 1400
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>d255825ds8.htm
<DESCRIPTION>S-8
<TEXT>
<HTML><HEAD>
<TITLE>S-8</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on May&nbsp;18, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
</B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">S-8</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CHIPOTLE MEXICAN GRILL, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">84-1219301</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>610 Newport Center Drive, Suite 1400 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Newport Beach, CA 92660 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chipotle Mexican Grill, Inc. Employee Stock Purchase Plan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Full title of the plan) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Jack R. Hartung </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chief
Financial Officer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>610 Newport Center Drive, Suite 1400 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Newport Beach, CA 92660 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(949) <FONT STYLE="white-space:nowrap">524-4000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address and telephone number, including area code, of agent for service) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a <FONT STYLE="white-space:nowrap">non-accelerated</FONT>
filer, a smaller reporting company or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting company&#148; and &#147;emerging growth company&#148; in Rule <FONT
STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="58%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-accelerated</FONT> filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Emerging growth company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART I </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All information required by Part I to be contained in the prospectus is omitted from this Registration Statement in accordance with the
explanatory note to Part I of Form <FONT STYLE="white-space:nowrap">S-8</FONT> and Rule 428 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). This Registration Statement on Form
<FONT STYLE="white-space:nowrap">S-8</FONT> is filed by Chipotle Mexican Grill, Inc. (the &#147;Registrant&#148;) regarding the Chipotle Mexican Grill, Inc. Employee Stock Purchase Plan (the &#147;Plan&#148;). Documents containing the information
required by Part I of the Registration Statement will be sent or given to Plan participants as specified by Rule 428(b)(1) under the Securities Act. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION
REQUIRED IN THIS REGISTRATION STATEMENT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Incorporation of Documents by Reference. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registrant hereby incorporates by reference in this Registration Statement the following documents and information previously filed with
the Securities and Exchange Commission (the &#147;Commission&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Registrant&#146;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1058090/000105809022000011/cmg-20211231x10k.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended December&nbsp;31, 2021, filed with the Commission on February&nbsp;11, 2022; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Registrant&#146;s Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1058090/000105809022000027/cmg-20220331x10q.htm">Form
 <FONT STYLE="white-space:nowrap">10-Q</FONT></A> for the quarterly period ended March&nbsp;31, 2022, filed with the Commission on April&nbsp;28, 2022; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Registrant&#146;s Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1058090/000105809022000005/cmg-20220208x8k.htm">February
<U></U>&nbsp;8, 2022</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1058090/000105809022000023/cmg-20220426x8k.htm">April<U></U>&nbsp;26, 2022</A>; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The description of the Registrant&#146;s common stock included in the Registrant&#146;s Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1058090/000119312509253951/d8a12ba.htm">Form
 8A/A</A>, filed pursuant to the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), on December&nbsp;16, 2009, and any amendment or report filed for the purpose of updating those descriptions.<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All documents subsequently filed with the Commission by the Registrant pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered
hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the respective dates of filing of such documents (such
documents, and the documents enumerated above, being hereinafter referred to as &#147;Incorporated Documents&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any statement
contained herein or in an Incorporated Document shall be deemed to be modified or superseded for purposes of this Registration Statement or the related prospectus to the extent that a statement contained herein or in any subsequently filed
Incorporated Document modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, unless specifically stated to the contrary, none of the information disclosed by the Registrant under Items
2.02 or 7.01 of any Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> including the related exhibits under Item 9.01, that the Registrant may from time to time furnish to the Commission will be incorporated by reference into, or
otherwise included in, this Registration Statement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Description of Securities. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Interests of Named Experts and Counsel. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Indemnification of Directors and Officers. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;102(b)(7) of the Delaware General Corporate Law, or DGCL, permits a corporation, in its certificate of incorporation, to limit or
eliminate the personal liability of a director to the corporation or its stockholders for monetary damages for breaches of fiduciary duty as a director, except for liability (a)&nbsp;for any breach of the director&#146;s duty of loyalty to the
corporation or its stockholders, (b)&nbsp;for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (c)&nbsp;under Section&nbsp;174 of the DGCL (regarding, among other things, the payment of
unlawful dividends) or (d)&nbsp;for any transaction from which the director derived an improper personal benefit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under
Section&nbsp;145(a) of the DGCL, a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation (or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) against expenses (including attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred
by such person in connection with such action, suit or proceeding, provided that such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to
any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;145(b) of the DGCL, a
corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact
that such person is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee, or agent of another enterprise, against expenses (including
attorneys&#146; fees) actually and reasonably incurred in connection with the defense or settlement of such action or suit, provided that such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the corporation, except that no indemnification may be made in respect of any claim, issue, or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court
of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses which the court shall deem proper. Notwithstanding the preceding sentence, except as otherwise provided in the Registrant&#146;s amended and restated bylaws, the Registrant shall be required to indemnify any such person
in connection with a proceeding (or part thereof) commenced by such person only if the commencement of such proceeding (or part thereof) by any such person was authorized by the Registrant&#146;s board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As permitted by Section&nbsp;102(b)(7) of the DGCL, the Registrant&#146;s amended and restated certificate of incorporation provides that no
director shall be liable to the Registrant or its stockholders for monetary damages for breach of fiduciary duty as a director except to the extent that such exemption from liability or limitation thereof is not permitted under the DGCL as currently
in effect or as the same may be amended. This provision of the Registrant&#146;s amended and restated certificate of incorporation does not eliminate the directors&#146; fiduciary duties, and in appropriate circumstances, equitable remedies such as
injunctive or other forms of nonmonetary relief, which will remain available under Delaware law. In addition, each director will be subject to liability for breach of the director&#146;s duty of loyalty to the Registrant, including for actions
leading to improper personal benefit to the director, for acts or omissions not in good faith or involving intentional misconduct, for knowing violations of law and for payment of dividends or approval of stock repurchases or redemptions that are
unlawful under Delaware law. This provision also does not affect a director&#146;s responsibilities under any other law, such as the federal securities laws or state or federal environmental laws. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registrant&#146;s amended and restated bylaws also provide that the Registrant shall
indemnify and advance expenses to the Registrant&#146;s officers and directors to the fullest extent permitted by applicable law as currently in effect or as the same may be amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registrant has entered into indemnification agreements with each of its current directors and officers which, in certain respects, are
broader than the specific indemnification and advancement provisions contained in its amended and restated <FONT STYLE="white-space:nowrap">by-laws.</FONT> Specifically, such indemnification agreements provide the Registrant&#146;s directors and
officers with specific contractual assurances of such persons&#146; rights to indemnification and advancement of expenses to protect against litigation risks and expenses (regardless, among other things, of any change in our ownership or the
composition of the Registrant&#146;s board of directors). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, the Registrant maintains directors&#146; and officers&#146;
liability insurance for each of its directors and officers. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exemption from Registration Claimed. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exhibits. </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Exhibit&nbsp;No.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Description</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1058090/000105809016000088/cmg-20160930xex3_1.htm">Amended and Restated Certificate of Incorporation of Chipotle Mexican Grill, Inc., is incorporated herein by reference to the Registrant&#146;s
 Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> filed with the Commission on October<U></U>&nbsp;26, 2016. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1058090/000119312516732859/d256990dex31.htm">Chipotle Mexican Grill, Inc. Amended and Restated Bylaws, is incorporated herein by reference to the Registrant&#146;s Current Report on Form
 <FONT STYLE="white-space:nowrap">8-K,</FONT> filed with the Commission on May<U></U>&nbsp;21, 2021. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1058090/000114036122012495/ny20002259x1_def14a.htm#tAPPB">Chipotle Mexican Grill, Inc. Employee Stock Purchase Plan, is incorporated herein by reference to Appendix B to the Registrant&#146;s
 Definitive Proxy Statement, filed with the Commission on April<U></U>&nbsp;1, 2022.<B> </B></A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d255825dex51.htm">Legal Opinion of Chipotle&#146;s General Counsel and Chief Legal Officer<B> </B>with respect to validity of issuance of securities. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d255825dex51.htm">Consent of Chipotle&#146;s General Counsel and Chief Legal Officer (included in Exhibit 5.1). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d255825dex232.htm">Consent of Ernst&nbsp;&amp; Young LLP, as the Independent Registered Public Accounting Firm of the Registrant. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#sig">Powers of Attorney (included on the signature page of the Registration Statement). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>107*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d255825dexfilingfees.htm">Calculation of Registration Fee </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman; ">*&#8195;&#8201;&#8201;Filed herewith.</P></TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Undertakings. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) The Registrant hereby undertakes: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) To file, during any
period in which offers or sales are being made, a post-effective amendment to this Registration Statement: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) To include any prospectus required by
Section&nbsp;10(a)(3) of the Securities Act; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration
Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; and </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(iii) To include any material information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the Registration Statement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided, however,</I> that paragraphs
(a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or
Section&nbsp;15(d) of the Exchange Act that are incorporated by reference in the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) That, for the purpose of determining any
liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
<I>bona fide</I> offering thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) The Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to
Section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial <I>bona fide</I> offering thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) Insofar as indemnification for liabilities arising under the Securities Act may
be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sig"></A>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form <FONT STYLE="white-space:nowrap">S-8</FONT> and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Newport
Beach, State of California, on May&nbsp;18, 2022. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>Chipotle Mexican Grill, Inc.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jack Hartung</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">John R. Hartung</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below constitutes and appoints Brian Niccol and John R. Hartung, or any of them, as his or her true and
lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> with full power of substitution and resubstitution, in any and all capacities, to sign this registration statement or amendments thereto and to
file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto each of said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and agents full
power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and conforming all that said <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and agents, or their substitutes, may lawfully do or cause to be done by virtue hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities
indicated on May&nbsp;18, 2022. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Brian Niccol</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Brian Niccol</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chief Executive Officer and Chairman of the Board of Directors</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Principal Executive Officer)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Jack Hartung</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Chief Financial Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">John R. Hartung</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">(Principal Financial and Accounting Officer)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Albert S. Baldocchi</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Albert S. Baldocchi</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Matthew A. Carey</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Matthew A. Carey</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Gregg L. Engles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Gregg L. Engles</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Patricia Fili-Krushel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Patricia Fili-Krushel</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Mauricio Gutierrez</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Mauricio Gutierrez</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Robin S. Hickenlooper</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Robin S. Hickenlooper</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Scott Maw</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Scott Maw</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Mary A. Winston</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Mary A. Winston</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d255825dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="64%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g255825g0514052913420.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">


<IMG SRC="g255825g75d46.jpg" ALT="LOGO">
</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;18, 2022 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chipotle
Mexican Grill </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">610 Newport Center Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Newport Beach, CA
92660 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Re: <U>Chipotle Mexican Grill, Inc. Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT></U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion letter is furnished to you
in connection with the registration statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> filed by Chipotle Mexican Grill, Inc., a Delaware corporation (the &#147;Company&#148;), with the Securities and Exchange Commission under the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;), for the registration of 250,000 shares of the Company&#146;s common stock, $0.01 par value per share (the &#147;Shares&#148;). The Shares are issuable under the Company&#146;s
Employee Stock Purchase Plan (the &#147;Plan&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As General Counsel and Chief Legal Officer of Chipotle, I am familiar with the actions taken by the
Company in connection with the adoption of the Plan and with the Company&#146;s Amended and Restated Certificate of Incorporation, Amended and Restated <FONT STYLE="white-space:nowrap">By-Laws</FONT> and the general business affairs of Chipotle. I
also have examined such other documents and instruments and have made such further investigation as I have deemed necessary or appropriate in connection with this opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on the foregoing, and subject to the limitations and qualifications expressed herein, I am of the opinion that the Shares have been duly authorized and,
when issued in accordance with the terms of the Plan, the Shares will be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion is given as of the date hereof and is limited to the General Corporation Law of the State of Delaware, and I express no opinion with respect to
the laws of any other jurisdiction or any other laws of the State of Delaware. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I hereby consent to the filing of this opinion as Exhibit&nbsp;5.1 to the
registration statement on Form <FONT STYLE="white-space:nowrap">S-8.</FONT> In giving this consent,&nbsp;I do not admit that I am in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the rules&nbsp;and
regulations of the Commission issued thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion letter is rendered as of the date first written above and I disclaim any obligation to
advise you of facts, circumstances, events or developments that hereafter may be brought to our attention and that may alter, affect or modify the opinion expressed herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours truly, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Roger Theodoredis </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">General Counsel&nbsp;&amp; Chief Legal Officer </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>d255825dex232.htm
<DESCRIPTION>EX-23.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Consent of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the incorporation by reference in the Registration Statement (Form <FONT STYLE="white-space:nowrap">S-8)</FONT> pertaining to the Chipotle
Mexican Grill, Inc. Employee Stock Purchase Plan of our reports dated&nbsp;February 11, 2022, with respect to the consolidated financial statements of Chipotle Mexican Grill, Inc. and the effectiveness of internal control over financial reporting of
Chipotle Mexican Grill, Inc. included in its Annual Report (Form <FONT STYLE="white-space:nowrap">10-K)</FONT> for the year ended December&nbsp;31, 2021, filed with the Securities and Exchange Commission. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Ernst&nbsp;&amp; Young LLP</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Irvine, California </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;18, 2022 </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>d255825dexfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML><HEAD>
<TITLE>EX-FILING FEES</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 107 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Calculation of Filing Fee Table </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">S-8</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Form Type) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>Chipotle
Mexican Grill, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exact Name of Registrant as Specified in its Charter) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Newly Registered Securities </B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Security&nbsp;Type</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Security</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Class</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Title</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Fee</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Calculation</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Rule</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Amount</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Registered(1)</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Proposed</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Maximum</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Offering</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Price&nbsp;Per</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Unit</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Maximum</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Aggregate</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Offering</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Price</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Fee</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Rate</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Amount&nbsp;of</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Registration</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center">Fee(2)</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Equity(3)</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Common Stock, $0.01 par value per share</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Rule&nbsp;457(c)&nbsp;and Rule 457(h)</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">250,000</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$1,273.28</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$318,320,000</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">.0000927</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$29,509</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Total Offering Amounts</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">$29,509</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Total Fee Offsets</P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">$&#151;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Net Fee Due</P> <P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>$29,509</B></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pursuant to Rule 416(a) promulgated under the Securities Act of 1933, as amended, or the Securities Act, this
Registration Statement shall also cover any additional shares of Registrant&#146;s Common Stock that become issuable under the plans set forth herein by reason of any stock dividend, stock split, recapitalization, or other similar transaction
effected that results in an increase to the number of outstanding shares of Registrant&#146;s Common Stock, as applicable. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated in accordance with Rules 457(c) and (h)&nbsp;solely for the purpose of calculating the registration
fee on the basis of $1,273.28 per share, the average of the high and low prices of the Registrant&#146;s Common Stock on May&nbsp;12, 2022 as reported on the New York Stock Exchange. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents shares of the Registrant&#146;s Common Stock that may be issued under the Chipotle Mexican Grill,
Inc. Employee Stock Purchase Plan. </P></TD></TR></TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g255825g0514052913420.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g255825g0514052913420.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !& -4# 2(  A$! Q$!_\0
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M\$?]"U8?]^__ *]3R,TYT?,WC7Q%9>)_$!O[#3$L(1&J8POF3,.LDA7@L:]
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3 HHHH **** "BBB@ HHHH __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g255825g75d46.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g255825g75d46.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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MJM4E!MQ4:5>I==Z5&I52]&X)/R9H>/O&^@_#7P;XC\=>)Y;F'0O#&F3:G?\
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M=7@UZUU;X:^ -4M?%/\ 8/\ PD]MJ/@[P[>P>(_^$6MH[/PQ_;T-SISIJ_\
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FJ8!0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0!__]D!

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