<SEC-DOCUMENT>0001214659-22-005804.txt : 20220426
<SEC-HEADER>0001214659-22-005804.hdr.sgml : 20220426
<ACCEPTANCE-DATETIME>20220426093110
ACCESSION NUMBER:		0001214659-22-005804
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220426
DATE AS OF CHANGE:		20220426
EFFECTIVENESS DATE:		20220426

SUBJECT COMPANY:	

	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:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32731
		FILM NUMBER:		22852025

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW YORK STATE COMMON RETIREMENT FUND
		CENTRAL INDEX KEY:			0000810265
		IRS NUMBER:				146103815
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		OFFICE OF THE STATE COMPTROLLER
		STREET 2:		14TH FLOOR, 110 STATE STREET
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12236
		BUSINESS PHONE:		518-486-6998

	MAIL ADDRESS:	
		STREET 1:		OFFICE OF THE STATE COMPTROLLER
		STREET 2:		14TH FLOOR, 110 STATE STREET
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12236
</SEC-HEADER>
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<FILENAME>b425224px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF EXEMPT SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name of the registrant</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chipotle Mexican Grill, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name of person relying on exemption:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York State Comptroller Thomas P. DiNapoli, Trustee of the New York
State Common Retirement Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Address of person relying on exemption:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of the New York State Comptroller</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Legal Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">110 State Street, 14<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Albany, NY 12236</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Written material:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Text of April 25, 2022, email communication sent by Kyle Seeley, Corporate
Governance and ESG Investment Officer, New York State Common Retirement Fund</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chipotle Mexican Grill, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VOTE FOR Proposal 6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal to Commission a Racial
Equity Audit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Filed by the New York State Common Retirement
Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: May 18, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The New York State Common Retirement Fund urges
Chipotle Mexican Grill, Inc., shareholders to vote &ldquo;<B>FOR&rdquo; Proposal 6 </B>on the proxy, Shareholder Proposal to Commission
a Racial Equity Audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Racial equity audits are objective evaluations
of the effectiveness of a company&rsquo;s policies, practices, and products in addressing the company&rsquo;s impact on racial equity.
A racial equity audit would follow the model of other large companies, where such reviews have already been conducted, including Starbucks,
Facebook and Airbnb. And recently, Amazon, JPMorgan Chase, BlackRock and Morgan Stanley announced they would be conducting such an audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Support &ldquo;FOR&rdquo; Proposal 6 Is Warranted Because:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Chipotle&rsquo;s participation in Management Leadership for Tomorrow is not the equivalent of a racial equity audit.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Chipotle faces controversies, some significant, that pose various risks and raise questions related to the company&rsquo;s overall
strategy and the company&rsquo;s alignment with its public statements related to racial equity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>While Chipotle has made commitments to address some racial equity issues, investors are left in the dark regarding the effectiveness
of these commitments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Chipotle&rsquo;s participation in Management
Leadership for Tomorrow is not the equivalent of a racial equity audit.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Chipotle&rsquo;s opposition to this proposal focuses primarily on its participation
in the Management Leadership for Tomorrow (MLT) at Work Certification Program. While this is commendable, a third-party racial equity
audit and the MLT program are not interchangeable and not mutually exclusive. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">MLT only covers certain internal hiring issues and diversity, equity and
inclusion (DEI) practices, and is a one-size-fits-all program for all companies. We do not believe MLT would be a comprehensive, independent
review of the company&rsquo;s policies, practices, and products, and it would not review many of the issues listed above. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore, other companies, such as Amazon, BlackRock and Citi, who are
participating in MLT, are also conducting independent racial equity audits. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">This limited scope, one-size-fits-all program should not preclude Chipotle
from conducting an expansive third-party review of its policies and practices. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Chipotle faces controversies, some significant,
that pose various risks and raise questions related to the company&rsquo;s overall strategy and the company&rsquo;s alignment with its
public statements related to racial equity.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">According to Chipotle, 19 percent of its hourly crew and managers are &ldquo;Black
or African American&rdquo; and over 60 percent are workers of color.<SUP>1</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Research has shown that issues related to scheduling, wages, working hours, paid sick leave and COVID-19 practices may disproportionately
impact people of color:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Fair scheduling laws address involuntary underemployment as well as scheduling instability. Black and Hispanic workers face both practices
at rates higher than white workers.<SUP>2</SUP> These practices are found to contribute to household economic insecurity, work stress,
and work-family time conflict that can negatively impact children.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Wage and hour protections: According to research, workers of color are more likely to experience minimum wage violations than white
workers and the amount of annual wages lost to minimum wage violations for nonwhite workers totals $4 billion per year.<SUP>3</SUP> Additionally,
the median income for Black and Hispanic workers is less than eighty percent that of white workers.<SUP>4</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Paid sick leave: Black and Hispanic workers are less likely to have access to paid sick leave than white workers.<SUP>5</SUP> This
lack of access to sick leave may contribute to the disproportionate impact of COVID-19 on Black and Hispanic communities, with above average
rates of infection, hospitalization, and death.<SUP>6</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In June 2020, Chipotle expressed public support for racial equality while committing to do its &ldquo;part to create an equal society.&rdquo;<SUP>7</SUP>
Chipotle has also taken meas<FONT STYLE="font-size: 10pt">ures to address racial equity, including publishing data on its internal diversity
and committing financial resources to support organizations advocating against systemic racism.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.chipotle.com/content/dam/chipotle/global-site-design/en/documents/sustainability/Chipotle_SustainabilityReport_Final.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.clasp.org/sites/default/files/publications/2020/08/GWC2029_Center%20For%20Law.pdf;
https://shift.hks.harvard.edu/its-about-time-how-work-schedule-instability-matters-for-workers-families-and-racial-inequality/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.epi.org/publication/employers-steal-billions-from-workers-paychecks-each-year/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.bls.gov/news.release/wkyeng.t02.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.epi.org/publication/black-workers-covid/;
https://www.epi.org/publication/latinx-workers-covid/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.cdc.gov/coronavirus/2019-ncov/covid-data/investigations-discovery/hospitalization-death-by-race-ethnicity.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.nrn.com/fast-casual/chipotle-mexican-grill-outlines-action-plan-fight-equality</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Nonetheless, in recent years, Chipotle&rsquo;s employees, a majority of whom
are people of color, have allegedly been impacted by various workforce issues including controversies related to Chipotle&rsquo;s scheduling,
wage and working hours, paid sick leave and COVID-19 practices:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>In September 2019, the City of New York filed a lawsuit against Chipotle for allegedly violating the Fair Workweek Law by, among other
offenses, changing workers schedules less than 14 days before the work date and failing to pay the required premiums for making last-minute
changes to a worker&rsquo;s schedule.<SUP>8</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>More recently, in April 2020, the U.S. Court of Appeals allowed a collective action lawsuit for unpaid overtime claims to proceed
against the company, involving claims by more than 500 employees.<SUP>9</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>In addition, Chipotle has faced several wage theft claims that seek class-action status including more than 10,000 plaintiffs and
has been accused of attempting to delay and obfuscate the claims of thousands of employees who were forced into individual arbitration.<SUP>10</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>In April 2021, New York City&rsquo;s Department of Consumer and Worker Protection filed a complaint against Chipotle seeking $150
million in worker relief for 599,693 violations of the City&rsquo;s fair workweek law.<SUP>11</SUP> Under this law, Chipotle could also
be held liable for an additional $300 million in civil penalties, or $450 million in total.<SUP>12</SUP> The complaint also details alleged
violations of the City&rsquo;s paid sick leave law. The complaint states that Chipotle&rsquo;s policies illegally prevented employees
from accruing the minimum 40 hours required for paid sick leave eligibility and company policy provided that employees could only use
sick time for their own illnesses or injuries &ndash; but not to care for family members, as the law requires. Employees reported that
when they neede<FONT STYLE="font-size: 10pt">d to take time off for protected reasons, they were not allowed to, were not paid for the
time, or experienced retaliation.<SUP>13</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


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<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Throughout the pandemic, workers have raised concerns that Chipotle&rsquo;s policies have ignored worker safety in the name of prioritizing
restaurant operations, failing to sufficiently protect essential workers and their frontline communities against the spread of the disease.
In 2020, Chipotle workers filed a coronavirus-related OSHA complaint claiming that employees aren't told when coworkers are quarantined
with coronavirus symptoms.<SUP>14</SUP> There have also been numerous work stoppages and strikes by Chipotle employees who questioned
COVID-19 protocols and their safety at work.<SUP>15</SUP></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.nytimes.com/2019/09/10/nyregion/chipotle-lawsuit-workers.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.reuters.com/article/employment-chipotle/2nd-circuit-revives-collective-action-against-chipotle-over-unpaid-overtime-idUSL1N2BP333</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.baltimoresun.com/la-fi-hiltzik-chipotle-20190104-story.html;
https://www.huffpost.com/entry/chipotle-mandatory-arbitration-agreements_n_5c1bda0de4b0407e90787abd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.nytimes.com/2021/04/28/business/chipotle-new-york-illegal-scheduling.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.restaurantbusinessonline.com/workforce/chipotle-could-owe-450m-nyc-fair-workweek-suit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://d12v9rtnomnebu.cloudfront.net/diveimages/DCA_v._Chipotle_Mexican_Grill_Inc._-_Petition_-2021.04.28.pdf</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://patch.com/new-york/midtown-nyc/nyc-chipotle-employees-protest-unsafe-working-conditions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://jacobinmag.com/2020/12/chipotle-workers-rights-safety-health-sanitation-covid;
https://www.laborpress.org/coronavirus-threat-compounds-chipotle-sick-leave-policy-workers-walk-out/</P>


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<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Chipotle has faced lawsuits alleging workers were wrongly classified as exempt from federal overtime rules, including one case where
Chipotle paid a total of $15 million to roughly 5,000 employees.<SUP>16</SUP> Chipotle is also looking to settle a class-action lawsuit
filed by more than 500 current and former managers-in-training by offering to pay a proposed settlement amount of $8 million.<SUP>17</SUP></TD></TR></TABLE>

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<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>In January 2020, Massachusetts Attorney General Maura Healey&rsquo;s announcement of a nearly $2 million settlement with Chipotle
&ldquo;for child labor violations and other state wage and hour law violations at its more than 50 corporate-owned locations in Massachusetts,&rdquo;
included findings that &ldquo;Chipotle did not properly notify employees of their rights under the earned sick time law, failed to provide
the AG&rsquo;s Office with complete timekeeping records upon request, and in some locations, failed to pay workers within six days of
the end of a pay period.&rdquo; <SUP>18</SUP></TD></TR></TABLE>

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<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>In a 2016 settlement, Chipotle agreed to pay $95,000 to 1,198 employees after a seven-year investigation into violations of San Francisco&rsquo;s
paid sick leave ordinance.<SUP>19</SUP></TD></TR></TABLE>

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<TD STYLE="width: 45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>In February 2020, New York City announced a settlement requiring Chipotle to reinstate and pay damages to Luisa Mendez, an employee
who had filed a complaint alleging that Chipotle had wrongfully terminated her for using sick leave to care for her family.<SUP>20</SUP>
On the same day, workers at eleven NYC Chipotle restaurants filed complaints alleging paid sick leave violations, including managers forcing
sick employees to come into work.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>While Chipotle has made commitments to address
some racial equity issues, investors are left in the dark regarding the effectiveness of these commitments.</U></B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">There is no evidence that Chipotle is assessing the potential or actual negative
impacts of its policies, practices, products, and services from a racial equity lens. Chipotle faces risks related to its corporate policies
and practices being or perceived to be discriminatory, racist, or increasing inequalities. Internal reviews have the potential to reinforce
current structural impediments, and unconscious or implicit biases. Which is why it&rsquo;s necessary for an independent assessment to
be led by auditors who are experienced in rooting out biases and discrimination.</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.restaurantbusinessonline.com/workforce/chipotle-pay-15m-settle-overtime-dispute</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.restaurantbusinessonline.com/workforce/chipotle-could-pay-8m-under-proposed-settlement-overtime-case</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.mass.gov/news/ag-healey-chipotle-reach-nearly-2-million-settlement-to-resolve-child-labor-and-earned-sick-time-violations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.sfcityattorney.org/2016/09/13/herrera-secures-settlement-chipotle-95000-employees-owed-paid-sick-leave/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://patch.com/new-york/west-village/dozen-new-complaints-added-investigation-nyc-chipotles</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">In Chipotle&rsquo;s opposition statement, the company lists a few initiatives
that it contends address the breadth of the issues identified by the proposal. The opposition statement, however, fails to outline a coherent
overarching equity strategy or a plan for assessing the effectiveness of these commitments; nor does it explain how Chipotle is conducting
ongoing reviews of these initiatives. Chipotle also fails to address ensuring sufficient oversight mechanisms, and how it plans to report
to shareholders and stakeholders on these issues. </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">For example, Chipotle&rsquo;s announcement related to setting goals for increasing
diversity in senior roles is in the best interest of the company and its shareholders.<SUP>21</SUP> However, if Chipotle does not address
the potential structural impediments to hiring diverse talent that have resulted in various controversies, the goals will be ineffective
and could perpetuate racial inequities. </FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Chipotle has announced more than $1 million in donations to organizations
advocating against systemic racism but provides no reporting on the impacts of these donations or if these donations are having the intended
impact.<SUP>22</SUP></FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Neither management nor the board can provide independent verification of
the effectiveness of the company&rsquo;s initiatives. Chipotle states that it&rsquo;s committed to ensuring everyone is treated with fundamental
dignity and respect, and an independent racial equity audit could help to achieve this goal. Shareholders should receive an independent
report demonstrating the effectiveness of its stated commitment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">--</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For questions, please contact Kyle Seeley at the
New York State Common Retirement Fund, kseeley@osc.ny.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">--</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>This is not a solicitation
of authority to vote yo<FONT STYLE="font-size: 10pt">ur proxy.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Please DO NOT send
us your proxy card as it will not be accepted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.restaurantdive.com/news/chipotle-hikes-executive-pay-ties-to-dei-environmental-targets/619261/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://newsroom.chipotle.com/2020-08-06-Chipotle-Leverages-Its-Real-Change-Feature-To-Support-Its-Pledge-For-Equality</P>

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