QuickLinks -- Click here to rapidly navigate through this document

Exhibit 10.6

CHIPOTLE MEXICAN GRILL, INC.

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

         Dated as of January 31, 2006

--------------------------------------------------------------------------------

TABLE OF CONTENTS

 
   
  Page

--------------------------------------------------------------------------------

1.   DEFINITIONS   1 2.   DEMAND REGISTRATION   4     2.1    Requests for
Registration   4     2.2    Continued Effectiveness   5     2.3    Preemption  
5     2.4    Restrictions   6     2.5    Payment of Expenses for Demand
Registration   6     2.6    Selection of Underwriters   7 3.   PIGGYBACK
REGISTRATION   7     3.1    Right to Piggyback   7     3.2    Priority on
Primary Registrations   7     3.3    Priority on Secondary Registrations   7    
3.4    Other Registrations   8     3.5    Selection of Underwriters   8    
3.6    Limitations on Registrations   8     3.7    No Effect on Demand
Registrations   8 4.   REGISTRATION PROCEDURES   8 5.   REGISTRATION EXPENSES  
12 6.   HOLDBACK AGREEMENTS   13     6.1    Investors' Agreements   13    
6.2    Company's Agreements   13 7.   OTHER AGREEMENTS   13 8.   INDEMNIFICATION
AND CONTRIBUTION   14     8.1    Indemnification   14     8.2    Contribution  
15     8.3    Procedures   16     8.4    Survival   17 9.   COMPLIANCE WITH RULE
144   17 10.   MISCELLANEOUS   17     10.1    No Inconsistent Agreements   17  
  10.2    Authority; Enforceability   17          

i

--------------------------------------------------------------------------------

    10.3    Adjustments Affecting Registrable Shares   18     10.4    Other
Registration Rights   18     10.5    Amendments and Waivers   18    
10.6    Successors, Assigns and Transferees   18     10.7    Term   19    
10.8    Severability   19     10.9    Remedies   19     10.10    Descriptive
Headings   19     10.11    Notices   19     10.12    Governing Law   20    
10.13    Final Agreement   20     10.14    Execution in Counterparts   20

SCHEDULE:

Schedule 1    Investors

ii

--------------------------------------------------------------------------------

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

        This Amended and Restated Registration Rights Agreement (this
"Agreement"), dated as of January 31, 2006, by and among Chipotle Mexican
Grill, Inc., a Delaware corporation (together with its successors, the
"Company"), McDonald's Ventures, LLC, a Delaware corporation (together with its
successors, "McDonald's"), and the parties set forth on Schedule 1 attached
hereto (together with their respective successors, the "Individual
Shareholders," and, together with McDonald's, the "Investors").

RECITALS

        WHEREAS, the Company has filed a Registration Statement (as defined
below) on Form S-1 under the Securities Act (as defined below) with respect to
an initial public offering of shares of the Company's class A common stock,
$0.01 par value per share (the "Common Stock"), by the Company and McDonald's
(the "Initial Public Offering");

        WHEREAS, the Company entered into a Registration Rights Agreement, dated
as of March 2, 1998 (the "Registration Rights Agreement"), to formalize certain
registration rights with respect to its Series B Convertible Preferred Stock,
$0.01 par value per share (the "Series B Preferred Stock");

        WHEREAS, in connection with the Initial Public Offering, each share of
the outstanding Series B Preferred Stock will be reclassified automatically into
one-third of one share of the Company's class B common stock, $0.01 par value
per share (the "Class B Common Stock"); and

        WHEREAS, the parties desire to amend and restate the Registration Rights
Agreement to set forth certain registration rights applicable to the Registrable
Shares (as defined below) held from time to time by the Investors, and the
Company desires to indemnify each of the Investors against certain liabilities
to which they may become subject as a result of their investment in the Company;

        NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and upon the terms and
subject to the conditions hereof, the parties hereto hereby agree as follows:

        1.    Definitions.    The following terms shall have the following
meanings when used in this Agreement.

        "Adverse Disclosure" means public disclosure of material non-public
information that, in the Board of Directors' good faith judgment, after
consultation with independent outside counsel to the Company, (i) would be
required to be made in any Registration Statement the Company files with the
Commission or otherwise designates as a Registration Statement for the offer and
sale of Registrable Shares by the Investors from time to time, so that such
Registration Statement would not be materially misleading; (ii) would not be
required to be made at such time but for the filing or designation of such
Registration Statement; and (iii) the Company has a bona fide business purpose
for not disclosing publicly.

--------------------------------------------------------------------------------

        "Affiliate" has the meaning specified in Rule 12b-2 under the Exchange
Act. The term "Affiliated" has a correlative meaning.

        "Agreement" has the meaning set forth in the Preamble.

        "Board of Directors" means the board of directors of the Company.

        "Claim" has the meaning set forth in Section 8.2(b).

        "Class B Common Stock" has the meaning set forth in the Recitals.

        "Commission" means the U.S. Securities and Exchange Commission, or any
successor governmental agency or authority thereto.

        "Common Stock" has the meaning set forth in the Recitals.

        "Company" has the meaning set forth in the Preamble.

        "Demand Registration" has the meaning set forth in Section 2.1(b).

        "Demand Suspension" has the meaning set forth in Section 2.4.

        "Effectiveness Date" means the date on which McDonald's is no longer
subject to any underwriters' lock-up or other contractual restriction in
connection with the Initial Public Offering.

        "Equity Securities" means the Common Stock and the Class B Common Stock
and any other rights to subscribe for or to purchase, or any options for the
purchase of, Common Stock, any stock or security convertible into or
exchangeable or exercisable for Common Stock or any stock, security or interest
in the Company whether or not convertible into or exchangeable or exercisable
for Common Stock.

        "Exchange Act" means the U.S. Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder.

        "Free Writing Prospectus" means a free writing prospectus, as defined in
Rule 405 under the Securities Act.

        "Group" has the meaning set forth in Rule 13d-5 under the Exchange Act.

        "Indemnified Company Parties" has the meaning set forth in
Section 8.1(b).

        "Indemnified Parties" has the meaning set forth in Section 8.1(a).

        "Individual Shareholders" has the meaning set forth in the Preamble.

        "Initial Public Offering" has the meaning set forth in the Recitals.

        "Investors" has the meaning set forth in the Preamble.

2

--------------------------------------------------------------------------------

        "Issuer Free Writing Prospectus" means an issuer free writing
prospectus, as defined in Rule 433 under the Securities Act.

        "Long-Form Registration" has the meaning set forth in Section 2.1(a).

        "Losses" has the meaning set forth in Section 8.1(a).

        "McDonald's" has the meaning set forth in the Preamble.

        "Notice of Demand" has the meaning set forth in Section 2.1(b).

        "Permitted Free Writing Prospectus" has the meaning set forth in
Section 7(a).

        "Person" means a natural person, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization or other entity, or a governmental
entity or any department, agency or political subdivision thereof.

        "Piggyback Registration" has the meaning set forth in Section 3.1.

        "Preemption Notice" has the meaning set forth in Section 2.3(a).

        "Prospectus" means the prospectus included in the Registration Statement
at each such time as such Registration Statement is filed with the Commission
and at the time such Registration Statement is declared effective, as amended or
supplemented by any prospectus supplement and by all other amendments thereof,
including post-effective amendments, and all material incorporated by reference
into such Prospectus.

        "Registrable Shares" means (i) the shares of Common Stock beneficially
owned by the Investors on the date hereof; (ii) shares of Common Stock issued or
issuable upon conversion of the Class B Common Stock; and (iii) any other shares
of Common Stock issued or issuable as a distribution with respect to or in
exchange or replacement for or exercise of any shares referred to in
clauses (i) and (ii). Registrable Shares shall cease to be such when (i) a
Registration Statement with respect to the sale thereof shall have become
effective under the Securities Act and such securities shall have been disposed
of in accordance with such Registration Statement; (ii) they shall have been
sold as permitted by Rule 144 (or any successor provision) under the Securities
Act; (iii) they shall have been otherwise transferred and subsequent public
distribution of them shall not require registration of such distribution under
the Securities Act; or (iv) they shall have ceased to be outstanding. For
purposes of this Agreement, a Person shall be deemed to be a holder of
Registrable Shares whenever such Person has the then-existing right to acquire
such Registrable Shares (by conversion or otherwise), whether or not such
acquisition actually has been effected.

        "Registration Expenses" has the meaning set forth in Section 5.

        "Registration Period" has the meaning set forth in Section 2.2.

        "Registration Rights Agreement" has the meaning set forth in the
Recitals.

3

--------------------------------------------------------------------------------

        "Registration Statement" means a registration statement of the Company,
concerning the sale of its securities to the public, on an appropriate form
under the Securities Act, including the Prospectus included therein, all
amendments thereof and supplements thereto (including post-effective amendments)
and all exhibits and all material incorporated by reference therein.

        "Securities Act" means the U.S. Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder.

        "Securities Laws" means the Securities Act and the Exchange Act, and the
rules and regulations promulgated thereunder, and state and local "blue sky"
securities laws.

        "Series B Preferred Stock" has the meaning set forth in the Recitals.

        "Short-Form Registrations" has the meaning set forth in Section 2.1(a).

        2.    Demand Registration.

                2.1    Requests for Registration.    (a) Subject to the terms of
this Agreement, McDonald's may at any time after the Effectiveness Date and once
in each nine-month period after the Effectiveness Date, request registration by
the Company under the Securities Act of all or part of its Registrable Shares on
Form S-1 or any similar long-form registration statement ("Long-Form
Registration") for a public offering, so long as McDonald's beneficially owns at
least 5% of the vote represented by the Equity Securities at the time of such
request. In addition, McDonald's shall be entitled to request an unlimited
number of registrations under the Securities Act of all or part of its
Registrable Shares on Form S-3 or any similar short-form registration statement
("Short-Form Registration") as described below; provided, however, that the
aggregate offering price of the Registrable Shares requested to be registered in
any Long-Form Registration or Short-Form Registration must reasonably be
expected to equal at least $2,000,000.

        (b)   Any Long-Form Registration and Short-Form Registration requested
pursuant to subsection (a) above is referred to herein as a "Demand
Registration." Any request for a Demand Registration (each, a "Notice of
Demand") shall specify (i) the amount of Registrable Shares proposed to be
registered; and (ii) the intended method or methods and plan of disposition
thereof, including whether such requested registration is to involve an
underwritten offering. Within 45 days of a Notice of Demand, the Company shall
file with the Commission, or otherwise designate an existing filing as, a
Registration Statement relating to such Notice of Demand for the offer and sale
of the Registrable Shares by the Investors from time to time in accordance with
the method or methods and plan of disposition elected by such Investors and set
forth or to be set forth in such Registration Statement and, thereafter, shall
(i) use its reasonable best efforts to cause such Registration Statement
promptly to be declared effective under (A) the Securities Act; and (B) the
"Blue Sky" laws of such jurisdictions as any seller of Registrable Shares being
registered under such Registration Statement or any underwriter, if any,
reasonably requests; or (ii) otherwise make available for use by Investors a
previously filed effective Registration Statement for the offer and sale of the
Registrable Shares.

4

--------------------------------------------------------------------------------

        (c)   Subject to the terms and conditions hereof, each Demand
Registration shall register the offer and sale of Registrable Shares for all
cash consideration and shall be Short-Form Registrations whenever the Company is
eligible to use Form S-3, unless McDonald's specifically requests a Long-Form
Registration. It is agreed that at any time when the Company is eligible to
file a Registration Statement on Form S-3 (or any successor form), McDonald's
may request that the Company file a Registration Statement pursuant to Rule 415
under the Securities Act to permit the offering of the Registrable Shares on a
delayed or continuous basis. Once the Company has become subject to the
reporting requirements of the Exchange Act, the Company shall use its reasonable
and best efforts to make Short-Form Registrations available for the sale of
Registrable Shares.

                2.2    Continued Effectiveness.    The Company shall use its
reasonable best efforts to keep any Registration Statement filed or designated
pursuant to Section 2.1(b) continuously effective under the Securities Act in
order to permit the Prospectus forming a part thereof to be usable by sellers of
the Registrable Shares covered thereby until the earlier of (i) the date as of
which all Registrable Shares have been sold pursuant to the Registration
Statement or another registration statement filed under the Securities Act
(but in no event prior to the applicable period referred to in Section 4(3) of
the Securities Act and Rule 174 thereunder); and (ii) the date as of which each
of such sellers is permitted to sell its Registrable Shares without registration
pursuant to Rule 144 under the Securities Act without volume limitation or other
restrictions on transfer thereunder (such period of effectiveness, the
"Registration Period"). Subject to Section 2.4, the Company shall not be deemed
to have used its reasonable best efforts to keep the Registration Statement
effective during the Registration Period if the Company voluntarily takes any
action or omits to take any action that would result in sellers of the
Registrable Shares covered thereby not being able to offer and sell any
Registrable Shares pursuant to such Registration Statement during the
Registration Period, unless such action or omission is required by applicable
law.

                2.3    Preemption.    (a) If, not more than 30 days prior to
receipt of a Notice of Demand, the Company shall have (i) circulated to
prospective underwriters and their counsel a draft of a Registration Statement
for a primary offering of Common Stock on behalf of the Company; (ii) solicited
bids for a primary offering of shares of Common Stock; or (iii) otherwise
reached an understanding with an underwriter with respect to a primary offering
of shares of Common Stock, the Company may preempt such Demand Registration with
such primary offering by delivering written notice of such intention to pursue a
primary offering (the "Preemption Notice") to McDonald's within five days after
the Company has received the Notice of Demand; provided, however, that the
Company shall not be permitted to preempt a Demand Registration (i) more than
once during any 12-month period; or (ii) for a period exceeding 30 days
following the date of the Preemption Notice on any one occasion, unless a
registration statement relating to a primary offering of securities shall have
become effective during such 30-day period, in which event such period may be
extended for up to an additional 10 days.

        (b)   If the Company preempts a Demand Registration, in the ensuing
registration of the primary offering of Common Stock, the Company shall (i) as
soon as practicable (but in no event less than 30 days prior to the proposed
date of filing or designation of the related Registration Statement), give
written notice to the Investors of its intention to make such primary offering
and of their right to register their Registrable Shares in connection therewith;
and (ii) register under such Registration Statement all Registrable Shares
(in accordance with the provisions set forth in Section 3.2 below) with respect
to which the Company shall have received written requests therefor within
15 days after delivery of the Company's written notice. If, at any time after
giving written notice of its intention to register a primary offering of Common
Stock and prior to the effective date of the related Registration Statement, the
Company shall determine for any reason not to register or to delay registration
of such primary offering, the Company shall give prompt written notice of such
determination to each Investor; and (x) in the case of a determination not to
register, shall be relieved of its obligation to register any Registrable Shares
in connection with such registration, but without prejudice to the rights of
McDonald's pursuant to Section 2.1; and (y) in the case of a determination to
delay the registration, shall be permitted to delay registering any Registrable
Shares, for the same period as the delay in registering such primary offering.

5

--------------------------------------------------------------------------------

        (c)   Upon the Company's preemption of a registration requested pursuant
to Section 2.1, such requested registration shall not be considered a Demand
Registration.

                2.4    Restrictions.    The Company shall not be obligated to
effect any Long-Form Registration within four months after the effective date of
a previous Long-Form Registration. If the filing, designation, initial
effectiveness or continued use of a Registration Statement at any time would
require the Company to make an Adverse Disclosure, the Company may, upon giving
at least 10 days' prior written notice of such action to McDonald's, delay the
filing, designation or initial effectiveness of, or suspend use of, the
Registration Statement (a "Demand Suspension"); provided, however, that the
Company shall not be permitted to exercise a Demand Suspension (i) more than
once during any 12-month period; or (ii) for a period exceeding 30 days on any
one occasion. In the case of a Demand Suspension, McDonald's agrees to suspend
use of the applicable Prospectus and any Free Writing Prospectuses in connection
with any sale or purchase, or offer to sell or purchase, Registrable Shares,
upon receipt of the notice referred to above. The Company shall immediately
notify McDonald's upon the termination of any Demand Suspension, amend or
supplement the Prospectus (including by means of an Issuer Free Writing
Prospectus), if necessary, so it does not contain any untrue statement or
omission and furnish to McDonald's such numbers of copies of the Prospectus and
any applicable Issuer Free Writing Prospectus as so amended or supplemented as
McDonald's may reasonably request. The Company agrees, if necessary, to amend or
supplement the Registration Statement, if required by the registration form used
by the Company, by the instructions applicable to such registration form, by the
Securities Act or the rules or regulations promulgated thereunder, or as may
reasonably be requested by McDonald's.

                2.5    Payment of Expenses for Demand Registration.    The
Company shall pay all Registration Expenses (as defined in Section 5 below) for
the first two Long-Form Registrations and unlimited Short-Form Registrations. A
registration shall count as one of the Company-paid Long-Form Registrations if
and only if a Registration Statement with respect thereto has become effective
under the Securities Act and remains effective during the Registration Period;
provided, however, that in any event the Company shall pay all Registration
Expenses in connection with any Long-Form Registration initiated prior to the
completion of McDonald's second Long-Form Registration that is withdrawn by the
Company or otherwise fails to be declared effective. The Company and McDonald's
shall share equally the Registration Expenses of any Long-Form Registration
other than the first two Long-Form Registrations.

6

--------------------------------------------------------------------------------

                2.6    Selection of Underwriters.    In connection with any
Demand Registration, McDonald's shall have the sole right to select the
nationally recognized investment banker(s) and manager(s) to administer the
offering, subject to the Company's approval, which shall not be unreasonably
withheld or delayed.

        3.    Piggyback Registration.

                3.1    Right to Piggyback.    Whenever the Company proposes to
register any of its Common Stock under the Securities Act (other than pursuant
to a Demand Registration), including any registration pursuant to Section 2.3,
or McDonald's requests the Company to register any of its Common Stock under the
Securities Act pursuant to a Demand Registration, the Company shall (i) as soon
as practicable (but in no event less than 25 days prior to the proposed date of
filing or designation of the related Registration Statement), give written
notice to the Investors (other than McDonald's, if following a request by
McDonald's), as applicable, of its intention to effect such a registration; and
(ii) shall register under such Registration Statement all Registrable Shares
(in accordance with the priorities set forth in Sections 3.2 and 3.3 below) with
respect to which the Company shall have received written requests therefor
within 15 days after delivery of the Company's notice (each such registration, a
"Piggyback Registration").

                3.2    Priority on Primary Registrations.    If a Piggyback
Registration is an underwritten primary registration on behalf of the Company
and the managing underwriters advise the Board of Directors in writing that in
their opinion the total number of shares of Common Stock (including the
Registrable Shares) requested to be included in the registration is such as
would create a substantial risk of adversely affecting the ability of the
underwriters to effect the underwritten offering, then the Company shall include
in such registration only such number of shares of Common Stock, if any, which
the Company is so advised can be sold in such offering without materially and
adversely affecting the ability of the underwriters to execute the offering. The
Company shall include in such registration (i) first, 100% of the Equity
Securities that the Company proposes to sell; (ii) second, if McDonald's
participates in such registration, 100% of the Registrable Shares that
McDonald's proposes to sell; (iii) third, only if all the Registrable Shares
referred to in clause (ii) have been included, the number of Registrable Shares
requested to be included therein pro rata among the remaining Investors on the
basis of the respective number of Registrable Shares as to which registration
has been requested; and (iv) fourth, only if all of the Registrable Shares
referred to in clauses (ii) and (iii) have been included, any other securities
requested to be included therein.

                3.3    Priority on Secondary Registrations.    If a Piggyback
Registration is an underwritten secondary registration on behalf of McDonald's
and the managing underwriters advise the Board of Directors in writing that in
their opinion the total number of shares of Common Stock (including the
Registrable Shares) requested to be included in the registration is such as
would create a substantial risk of adversely affecting the ability of the
underwriters to effect the underwritten offering, then the Company shall include
in such registration such number of shares of Common Stock which the Company is
so advised can be sold in such offering. The Company shall include in such
registration (i) first, 100% of the Registrable Shares that McDonald's proposes
to sell; (ii) second, only if all the Registrable Shares referred to in
clause (i) have been included, the number of Registrable Shares requested to be
included therein pro rata among the remaining Investors on the basis of the
respective number of Registrable Shares as to which registration has been
requested; and (iii) third, only if all of the Registrable Shares referred to in
clauses (i) and (ii) have been included, any other securities requested to be
included therein.

7

--------------------------------------------------------------------------------

                3.4    Other Registrations.    If the Company has previously
filed or designated a registration statement with respect to Registrable Shares
pursuant to Section 2.1(b) or pursuant to this Section 3, and if such previous
registration has not been withdrawn or abandoned, the Company shall not file,
designate or cause to be effected any other registration of any of its Equity
Securities under the Securities Act (except on Form S-4 or S-8 or any successor
form to such forms or part of any registration of securities for offering and
sale to employees or directors of the Company pursuant to any employee stock
plan or other employee benefit plan arrangement), whether on its own behalf or
at the request of any holder or holders of such securities, until a period of at
least 120 days has elapsed from the effective date of such previous
registration.

                3.5    Selection of Underwriters.    If a Piggyback Registration
involves an underwritten primary registration on behalf of the Company, the
managing underwriter or underwriters thereof shall be selected by the Company,
subject to the approval of the holders of at least 50% by number of the
Registrable Shares requested to be registered, which approval shall not be
unreasonably withheld or delayed.

                3.6    Limitations on Registrations.    The Company shall not
register any of its securities for sale for its own account (other than
securities issued to employees of the Company under an employee benefit plan or
securities issued to effect a business combination pursuant to Rule 145
promulgated under the Securities Act and other than a registration on Form S-3)
except as a firm commitment underwriting.

                3.7    No Effect on Demand Registrations.    No registration or
designation of Registrable Shares effected pursuant to a request under this
Section 3 shall be deemed to have been effected pursuant to Section 2 or shall
relieve the Company of its obligations under Section 2.

        4.    Registration Procedures.    Whenever McDonald's shall have made a
Notice of Demand, the Company shall use all reasonable and diligent efforts to
effect the registration and sale of such Registrable Shares in accordance with
the intended method or methods of disposition thereof and, pursuant thereto, the
Company shall as expeditiously as possible:

        (a)   within 30 days of receipt of such Notice of Demand, prepare and
file with the Commission, or designate an existing filing as, a Registration
Statement with respect to such Registrable Shares and use its reasonable best
efforts to cause such Registration Statement to become effective or otherwise
make available for use by the sellers of Registrable Shares a previously filed
effective Registration Statement; provided that before filing or designating a
Registration Statement or Prospectus, or filing any amendment thereof or
supplement thereto, the Company shall furnish copies of all such documents
proposed to be filed or designated to counsel for the sellers of Registrable
Shares;

8

--------------------------------------------------------------------------------

        (b)   prepare and file with the Commission such pre- and post-effective
amendments of and supplements to such Registration Statement and the
Prospectus(es) used in connection therewith as may be (i) reasonably requested
by McDonald's; (ii) reasonably requested by any seller of Registrable Shares
(to the extent such request relates to information relating to such seller); or
(iii) necessary to keep such Registration Statement effective for the
Registration Period, and comply with the provisions of the applicable Securities
Laws with respect to the sale or other disposition of all securities covered by
such Registration Statement during such period in accordance with the intended
method or methods of disposition by the sellers thereof set forth in such
Registration Statement;

        (c)   furnish to the sellers of Registrable Shares or counsel for the
sellers such number of copies of such Registration Statement, the
Prospectus(es) included in such Registration Statement (including each
preliminary Prospectus), any other prospectus filed under Rule 424 promulgated
under the Securities Act relating to the sellers' Registrable Shares, any Issuer
Free Writing Prospectuses, and each amendment of and supplement to any of the
foregoing, in conformity with the requirements of the Securities Act, and such
other documents as any seller may reasonably request in order to facilitate the
disposition of its Registrable Shares under such Registration Statement;

        (d)   use its reasonable and diligent efforts to register or qualify
such Registrable Shares under the securities or blue sky laws of such
jurisdictions as any seller of Registrable Shares reasonably requests and keep
such registration or qualification in effect for so long as any Registration
Statement remains in effect, and do any and all other acts and things which may
be reasonably necessary or advisable to enable such seller to consummate the
disposition in such jurisdictions of the Registrable Shares owned by it;
provided that the Company shall not be required to (i) qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify
but for this subparagraph; (ii) subject itself to taxation in any such
jurisdiction; or (iii) consent to general service of process in any such
jurisdiction;

        (e)   notify each seller of Registrable Shares, at any time when a
Prospectus relating thereto is required to be delivered under the applicable
Securities Laws (including in circumstances where such requirement may be
satisfied pursuant to Rule 172 under the Securities Act) and when any Issuer
Free Writing Prospectus includes information that may conflict with the
information contained in the Registration Statement (including any document
incorporated by reference therein that has not been superseded or modified), of
the happening of any event as a result of which the Prospectus included in such
Registration Statement contains an untrue statement of a material fact or omits
any material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, and, at the request of any such seller, the Company shall
promptly prepare and furnish to each such seller a reasonable number of copies
of an amendment of or supplement to such Prospectus or an Issuer Free Writing
Prospectus so that, as thereafter delivered to the purchasers of such
Registrable Shares, such Prospectus shall not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that upon receipt of any
notice delivered in accordance with the provisions of this Section 4(e), each
seller of Registrable Shares shall be deemed to have agreed that such seller
shall forthwith discontinue such disposition of Registrable Shares pursuant to
such Registration Statement and Prospectus until the receipt of the copies of
the amended or supplemented Prospectus or Issuer Free Writing Prospectus
contemplated by this Section 4(e) and, if so directed by the Company, shall
deliver to the Company all copies, other than permanent file copies, then in its
possession of the Prospectus relating to such Registrable Shares current at the
time of receipt of such notice;

9

--------------------------------------------------------------------------------

        (f)    cause all such Registrable Shares to be listed, on or prior to
the effective date of such Registration Statement, on each securities exchange
or national market on which similar securities issued by the Company are then
listed;

        (g)   provide a transfer agent and registrar for all such Registrable
Shares not later than the effective date of such Registration Statement;

        (h)   enter into such customary agreements (including underwriting
agreements) and take all such other customary actions as the underwriters, if
any, and their counsel reasonably request in order to expedite or facilitate the
disposition of such Registrable Shares (including, but not limited to, effecting
a stock split or a combination of shares) and, to the extent reasonably
requested by the managing underwriters of any underwritten offering, send
appropriate officers of the Company to attend "road shows" scheduled in
connection with any such registration;

        (i)    make available for inspection by any seller of Registrable
Shares, any underwriter participating in any sale or other disposition pursuant
to such Registration Statement, and any legal counsel, accountant or other agent
retained by McDonald's or any underwriter, all financial and other records,
pertinent corporate documents and properties of the Company, and cause the
Company's officers, directors, employees and independent registered public
accountants (subject to any requesting party executing any document reasonably
requested by such accountants to furnish such information) to supply all
information reasonably requested by any such seller, underwriter, counsel,
accountant or agent in connection with such Registration Statement (including
the opportunity to discuss the business of the Company with its officers and the
independent registered public accountants who have certified its financial
statements) as shall be necessary, in the opinion of their respective counsel,
to conduct a reasonable investigation within the meaning of the Securities Act;
and give the sellers and their counsel, accountant or agent and each underwriter
the opportunity to participate in the preparation of such Registration
Statement, each Prospectus included therein or each Prospectus filed with the
Commission in connection therewith;

10

--------------------------------------------------------------------------------

        (j)    promptly notify the sellers of Registrable Shares and each
underwriter, if any:

(i)when such Registration Statement or any Prospectus or Issuer Free Writing
Prospectus used in connection therewith has been filed and, with respect to such
Registration Statement or any post-effective amendment thereof, when the same
has become effective;

(ii)of any written comments from the Commission with respect to any filing
referred to in clause (i) and of any written request by the Commission for
amendments of or supplements to such Registration Statement, Prospectus or
Issuer Free Writing Prospectus;

(iii)of the notification to the Company by the Commission or any other
regulatory authority of its initiation of any proceeding with respect to, or of
the issuance by the Commission or any other regulatory authority of, any stop
order or notice suspending the effectiveness of such Registration Statement; and

(iv)of the receipt by the Company of any notification with respect to the
suspension of the qualification of any Registrable Shares for sale under the
applicable securities or blue sky laws of any jurisdiction;

and, in the case of clauses (ii), (iii) and (iv), promptly use all reasonable
and diligent efforts to, respectively, (A) respond satisfactorily to any such
comments and to file promptly any necessary amendments or supplements;
(B) prevent the issuance of any stop order or to obtain its withdrawal if such
stop order should be issued; and (C) obtain the withdrawal of any such
suspension of qualification;

        (k)   upon request, furnish to each seller of Registrable Shares a
signed counterpart, addressed to such seller (and each underwriter, if any) of:

(i)an opinion of counsel to the Company, dated the effective date of such
Registration Statement (and, if such registration includes an underwritten
public offering, dated the date of the closing under the underwriting
agreement), reasonably satisfactory in form and substance to such seller
(and such underwriter); and

(ii)a "comfort" letter, dated the effective date of such Registration Statement
(and, if such registration includes an underwritten public offering, dated the
date of the closing under the underwriting agreement), signed by the independent
registered public accountants who have certified the Company's financial
statements included in such Registration Statement, provided that such seller of
Registrable Shares provides such accountants with such certificates as are
reasonably and customarily requested by such accountants;

11

--------------------------------------------------------------------------------

in each case covering substantially the same matters with respect to such
Registration Statement (and the Prospectus included therein) and, in the case of
the accountants' letter, with respect to events subsequent to the date of such
financial statements and other financial matters, as are customarily covered in
opinions of issuer's counsel and in accountants' letters delivered to the
underwriters in underwritten public offerings of securities;

        (l)    otherwise use all reasonable and diligent efforts to comply with
all applicable Securities Laws and make available to its security holders, as
soon as reasonably practicable an earning statement satisfying the provisions of
Section 11(a) of the Securities Act and Rule 158 promulgated thereunder;

        (m)  cooperate with each seller, underwriter or agent participating in
the disposition of such Registrable Shares and their respective counsel in
connection with any filings required to be made with the National Association of
Securities Dealers, Inc.; and

        (n)   at least 48 hours prior to the filing or designation of any
Registration Statement, the filing of any Prospectus or Issuer Free Writing
Prospectus or the filing of any amendment of or supplement to such Registration
Statement, Prospectus or Issuer Free Writing Prospectus, furnish a copy thereof
to the sellers of Registrable Shares or their legal counsel and refrain from
filing or designating, as the case may be, any such Registration Statement,
Prospectus, Issuer Free Writing Prospectus or amendment thereof or supplement
thereto to which such counsel shall have reasonably objected on the grounds that
such document does not comply in all material respects with the requirements of
the Securities Act or the rules and regulations thereunder, unless, in the case
of an amendment or supplement, in the opinion of counsel for the Company the
filing or designation of such amendment or supplement is reasonably necessary to
protect the Company from any liabilities under any applicable federal or state
law and such filing or designation will not violate applicable laws.

        5.    Registration Expenses.    Except as provided in Section 2.5
hereof, all reasonable expenses incident to the Company's performance of or
compliance with this Agreement, including, but not limited to, (i) all
registration, filing and listing fees and all fees of the National Association
of Securities Dealers, Inc.; (ii) all registration, filing, qualification and
other fees and expenses of complying with securities or blue sky laws; (iii) all
word processing, duplicating, printing, messenger and delivery expenses;
(iv) the reasonable fees and disbursements of counsel for the Company and of its
independent registered public accountants, including, without limitation, the
expenses of any "comfort letters" required by or incident to such performance
and compliance; (v) the reasonable fees and disbursements of one legal counsel
selected by McDonald's (there being no obligation of the Company to pay or
reimburse any fees of any separate counsel for any other Investor); (vi) any
reasonable fees and disbursements of underwriters customarily paid by issuers or
sellers of securities (but excluding underwriting discounts and commissions and
transfer taxes, if any, relating to securities being sold by any Investor or
that are otherwise not being sold or disposed of by the Company), including,
without limitation, reasonable fees and disbursements of counsel for the
underwriter(s) in connection with blue sky qualifications of the Registrable
Shares and determination of their eligibility for investment under the laws of
such jurisdictions; and (vii) reasonable fees and expenses of other Persons
retained or employed by the Company (all such expenses being herein called
"Registration Expenses"), shall be borne by the Company. In addition, the
Company shall pay its internal expenses (including, but not limited to, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit or quarterly review, the
expense of any insurance obtained by the Company against liabilities arising out
of the public offering of the Registrable Shares being registered and the
expenses and fees for listing the securities to be registered on each securities
exchange.

12

--------------------------------------------------------------------------------

        6.    Holdback Agreements.

                6.1    Investors' Agreements.    Each Investor agrees not to
effect any public sale or distribution of Equity Securities during the period
beginning seven days before and ending 90 days (or such lesser period as may be
permitted by the Company or the managing underwriter or underwriters) after the
effective date of the Registration Statement filed or designated in connection
with any underwritten public offering, unless the managing underwriter or
underwriters thereof shall otherwise agree. Nothing herein shall prevent an
Investor that is a partnership from making a distribution of Registrable Shares
to its partners, an Investor that is a limited liability company from making a
distribution of Registrable Shares to its members, an Investor that is a trust
from making a distribution of Registrable Shares to its beneficiaries or an
Investor that is a corporation from making a distribution of Registrable Shares
to its stockholders, provided that the transferees of such Registrable Shares
agree to be bound by the provisions of this Agreement to the extent the
transferor would be so bound.

                6.2    Company's Agreements.    The Company agrees not to effect
any public sale or distribution of Equity Securities during the period beginning
seven days before and ending 90 days (or such lesser period as may be permitted
by the managing underwriter or underwriters) after the effective date of the
Registration Statement filed or designated in connection with any underwritten
public offering (or, in the case of an offering on Form S-3, the date of the
closing under the underwriting agreement in connection therewith), unless the
managing underwriter or underwriters thereof shall otherwise agree.
Notwithstanding the foregoing, the Company may effect a public sale or
distribution of Equity Securities during the periods described above if such
sale or distribution is made pursuant to registrations on Form S-4 or S-8 or any
successor form to such forms or as part of any registration of securities for
offering and sale to employees or directors of the Company pursuant to any
employee stock plan or other employee benefit plan arrangement. The Company
agrees to use its reasonable best efforts to obtain from each holder of
restricted securities of the Company which securities are the same as or similar
to the Registrable Shares being registered, or any restricted securities
convertible into or exchangeable or exercisable for any such securities, an
agreement not to effect any public sale or distribution of such securities
during any period referred to in this paragraph, except as part of any such
underwritten public offering, if permitted.

7.Other Agreements.    (a) Each Investor represents that it has not prepared or
had prepared on its behalf or used or referred to, and agrees that it will not
prepare or have prepared on it behalf or use or refer to, any Free Writing
Prospectus, and has not distributed and will not distribute any written
materials in connection with the offer or sale of the Common Stock without the
prior express written consent of the Company and, in connection with any
underwritten offering, the underwriters. Any such Free Writing Prospectus
consented to by the Company and the underwriters, as the case may be, is
hereinafter referred to as a "Permitted Free Writing Prospectus." The Company
represents and agrees that it has treated and will treat, as the case may be,
each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus,
including in respect of timely filing with the Commission, legending and record
keeping.

13

--------------------------------------------------------------------------------

        (b)   If requested by the underwriter(s) for any underwritten offering
pursuant to a Demand Registration, the Company shall enter into an underwriting
agreement with such underwriter(s) for such offering, such agreement to contain
such representations and warranties by the Company and such other terms as are
generally prevailing in agreements of this type. In any such case, the Company
shall allow McDonald's and its counsel to participate in the negotiation of such
underwriting agreement, and approve its terms, such approval not to be
unreasonably withheld or delayed. Each of the Investors participating in such
registration shall be a party to such underwriting agreement and may, at its
option, require that any or all of the representations and warranties by, and
the other agreements on the part of, the Company to and for the benefit of such
underwriter(s) shall also be made to and for the benefit of such Investors and
that any or all of the conditions precedent to the obligations of such
underwriters(s) under such underwriting agreement be conditions precedent to the
obligations of such Investors thereunder. Any such Investor shall not be
required to make any representations or warranties to or agreements with the
Company other than representations, warranties or agreements regarding such
Investor, such Investor's title to the Registrable Shares, such Investor's
intended method or methods of distribution and any other representation required
by law. No Person may participate in any registration hereunder which is
underwritten unless such Person (i) agrees to sell its securities on the basis
provided in such underwriting agreement; and (ii) completes and executes all
questionnaires, powers of attorney (which may contain customary terms regarding
the minimum price of the Registrable Shares to be sold in the subject offering),
custody agreements, indemnities and other documents reasonably required under
the terms of such underwriting agreement.

        8.    Indemnification and Contribution.

                8.1    Indemnification.    (a) The Company agrees to indemnify
and hold harmless, to the extent permitted by law, each Investor and, in the
case of an underwritten offering, each underwriter, their respective officers
and directors and each Person who controls such Investor or underwriter, as
applicable, (within the meaning of the Securities Act) (collectively, the
"Indemnified Parties") from and against any and all losses, penalties,
judgments, suits, costs, claims, damages, liabilities and expenses (including,
but not limited to, reasonable attorney's fees and disbursements but excluding
taxes imposed as a result of being a direct or indirect owner of the Common
Stock or realizing income or gain with respect thereto) (collectively,
"Losses"), incurred by, imposed upon or asserted against any of the Indemnified
Parties as a result of, relating to or arising out of any untrue or alleged
untrue statement of material fact contained in any Registration Statement,
Prospectus or preliminary Prospectus, Issuer Free Writing Prospectus or any
amendment thereof or supplement thereto, or any omission or alleged omission of
a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, except insofar as the same are caused by, contained in or
omitted from any information furnished in writing to the Company by such
Investor expressly for use therein or by such Investor's failure to deliver a
copy of the Prospectus, Issuer Free Writing Prospectus or any amendment thereof
or supplement thereto after the Company has furnished such Investor with a
sufficient number of copies of the same. Unless and until a final and
non-appealable judicial determination shall be made that an Indemnified Party is
not entitled to indemnification, the Company shall pay or reimburse each
Indemnified Party for all indemnified Losses as they are incurred; provided that
if a final and non-appealable judicial determination shall be made that such
Indemnified Party is not entitled to be indemnified for Losses, such Indemnified
Party shall repay to the Company the amount of such Losses for which the Company
shall have paid or reimbursed such Indemnified Party.

14

--------------------------------------------------------------------------------

        (b)   In connection with any Registration Statement in which an Investor
is participating, each such Investor agrees, as a condition of the Company's
obligation to indemnify, to furnish to the Company in writing such information
as the Company reasonably requests for use in connection with any such
Registration Statement or Prospectus and shall indemnify and hold harmless, to
the extent permitted by law, the Company, its officers and directors and each
Person who controls the Company (within the meaning of the Securities Act)
(collectively, the "Indemnified Company Parties") from and against any and all
Losses incurred by, imposed upon or asserted against any of the Indemnified
Company Parties as a result of, relating to or arising out of (i) any untrue or
alleged untrue statement of material fact contained in the Registration
Statement, Prospectus or preliminary Prospectus, Issuer Free Writing Prospectus
or any amendment thereof or supplement thereto, or any omission or alleged
omission of a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were
made, not misleading, but only to the extent that the same are caused by,
contained in or omitted from any information furnished in writing to the Company
by such Investor of, if not furnished in writing, which is acknowledged by such
Investor in writing to have been contained in or omitted from the information so
provided; and (ii) any Free Writing Prospectus used by such Investor without the
prior consent of the Issuer; provided that the obligation to indemnify shall be
several, not joint and several, among the Investors who furnished or failed to
furnish the information that resulted in such Losses and the liability of each
such Investor shall be in proportion to and limited in all events to the net
proceeds received by such Investor from the sale of Registrable Shares pursuant
to such Registration Statement.

                8.2    Contribution.

        (a)   To the extent the indemnification provided for in Section 8.1
hereof is unavailable to an indemnified Person or insufficient in respect of any
Losses referred to therein, then an indemnifying Person, in lieu of indemnifying
such indemnified Person thereunder, shall contribute to the amount paid or
payable by such indemnified Person as a result of such Losses (i) in such
proportion as is appropriate to reflect the relative benefits received by the
indemnifying Person on the one hand and the indemnified Person on the other
hand; or (ii) if the allocation provided by clause (i) of this Section 8.2(a) is
not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) in this
Section 8.2(a) but also the relative fault of the indemnifying Person on the one
hand and of the indemnified Person on the other hand in connection with the
acts, statements or omissions that resulted in such Losses, as well as any other
relevant equitable considerations. In connection with any Registration Statement
filed with the Commission by the Company, (x) the relative benefits received by
the Company on the one hand and the Investors on the other hand shall be deemed
to be in the same respective proportions as the net proceeds from the offering
of securities registered thereunder (before deducting expenses) received by the
Company and the net proceeds from the offering of securities registered
thereunder (before deducting expenses) received by the Investors, bear to the
aggregate public offering price of the securities registered thereunder; (y) the
relative fault of the Company on the one hand and the Investors on the other
hand shall be determined by reference to, among other things, whether any untrue
or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company
or by the Investors and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission;
and (z) the Investors' respective obligations to contribute pursuant to this
Section 8.2 are several in proportion to the respective number of shares of
securities they sell under any such Registration Statement, and not joint, and
the contribution of each Investor shall be in proportion to and limited in all
events to the net proceeds received by such Investor from the sale of
Registrable Shares pursuant to such Registration Statement.

15

--------------------------------------------------------------------------------

        (b)   The Company and the Investors agree that it would not be just or
equitable if contribution pursuant to this Section 8.2 were determined by
pro rata allocation (even if the Investors were treated as one entity for such
purposes) or by any other method of allocation that does not take account of the
equitable considerations referred to in Section 8.2(a) hereof. The amount paid
or payable by an indemnified Person as a result of the Losses referred to in
Section 8.2(a) shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses reasonably incurred by such indemnified
Person in connection with investigating or defending any action or claim for
Losses (a "Claim"). Notwithstanding the provisions of this Section 8.2, in
connection with any Registration Statement filed by the Company, none of the
Investors shall be required to contribute any amount in excess of the net
proceeds from the offering of the securities registered thereunder (before
deducting expenses) received by such Investor under such Registration Statement.
No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. The remedies
provided for in this Section 8.2 are not exclusive and shall not limit any
rights or remedies which may otherwise be available to any indemnified Person at
law or in equity.

                8.3    Procedures.    Any Person entitled to indemnification
hereunder shall (i) give prompt written notice to the indemnifying Person of any
Claim with respect to which it seeks indemnification; and (ii) unless in such
indemnified Person's reasonable judgment a conflict of interest between such
indemnified and indemnifying Persons may exist with respect to such Claim, the
indemnifying Person shall have the absolute right, in its sole discretion and
expense, to elect to defend, contest or otherwise protect against any such Claim
with legal counsel of its own selection, reasonably satisfactory to the
indemnified Person. The indemnified Person shall have the right, but not the
obligation, to participate, at its own expense, in the defense thereof through
counsel of its own choice and shall have the right, but not the obligation, to
assert any and all cross-claims or counterclaims it may have. If the
indemnifying Person elects to assume the defense of such Claim, the indemnifying
Person shall not be subject to any liability for any settlement made by the
indemnified Person without its consent (but such consent shall not be
unreasonably withheld or delayed). An indemnifying Person who is not entitled
to, or elects not to, assume the defense of a Claim shall not be obligated to
pay the fees and expenses of more than one counsel for all Persons indemnified
by such indemnifying Person with respect to such Claim, unless in the reasonable
judgment of any indemnified Person a conflict of interest may exist between such
indemnified Person and any other of such indemnified Persons with respect to
such Claim. The indemnified Persons shall, and shall cause their Affiliates to,
at all times cooperate in all reasonable ways with, make their relevant files
and records available for inspection and copying by, and make their employees
available or otherwise render reasonable assistance to, the indemnifying Person
(i) in its defense of any Claim; and (ii) its prosecution under the last
sentence of this Section 8.3 of any related claim, cross-complaint, counterclaim
or right of subrogation. In the event the indemnifying Person fails timely to
defend, contest or otherwise protect against any such Claim, the indemnified
Person shall have the right, but not the obligation, to defend, contest, assert
cross-claims or counterclaims or otherwise protect against the same. The
indemnifying Person shall be subrogated to the claims or rights of the
indemnified Person as against any other Persons with respect to any Loss paid by
the indemnifying Person under this Section.

16

--------------------------------------------------------------------------------

                8.4    Survival.    The indemnification provided for under this
Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified Person or any officer, director or
controlling Person of such indemnified Person and shall survive the transfer of
securities.

        9.     Compliance With Rule 144.    At the request of any Investor who
proposes to sell securities in compliance with Rule 144 under the Securities
Act, the Company shall (i) forthwith furnish to such Investor a written
statement of compliance with the filing requirements of the Commission as set
forth in Rule 144, as such rule may be amended from time to time; and (ii) make
available to the public and such Investor such information as will enable such
Investor to make sales pursuant to Rule 144.

        10.   Miscellaneous. 

                10.1    No Inconsistent Agreements.    The Company shall not
hereafter enter into any agreement with respect to its securities that is
inconsistent with the rights granted to the Investors in this Agreement or
otherwise conflicts with the provisions hereof.

                10.2 Authority; Enforceability.    Each entity and each natural
person that is a party hereto has the corporate power and legal capacity,
respectively, and each has the authority to enter into this Agreement and to
carry out its obligations hereunder. Each entity that is a party hereto is duly
organized and validly existing under the laws of its jurisdiction of
organization, and the execution of this Agreement and the consummation of the
transactions contemplated herein have been duly authorized by all necessary
action, and no other act or proceeding, corporate or otherwise, on its part is
necessary to authorize the execution of this Agreement or the consummation of
any of the transactions contemplated hereby. This Agreement has been duly
executed by each party and constitutes its legal, valid and binding obligation,
enforceable against it in accordance with the terms of this Agreement, subject
to applicable bankruptcy, insolvency, reorganization, moratorium and other laws
affecting the rights of creditors generally and to the exercise of judicial
discretion in accordance with general principles of equity (whether applied by a
court of law or of equity).

17

--------------------------------------------------------------------------------

                10.3    Adjustments Affecting Registrable Shares.    The Company
shall not take any action, or permit any change to occur, with respect to its
restated certificate of incorporation or amended and restated bylaws which would
reasonably be expected to adversely affect the ability of Investors to include
such Registrable Shares in a registration undertaken pursuant to this Agreement
or which would reasonably be expected to adversely affect the marketability of
such Registrable Shares in any such registration.

                10.4    Other Registration Rights.    The Company shall not
hereafter grant to any Person or Persons the right to request the Company to
register any Equity Securities without the prior express written consent of
McDonald's.

                10.5    Amendments and Waivers.    This Agreement may be
amended, supplemented or modified at any time, and any term or condition of the
Agreement may be waived at any time by the party hereto that is entitled to the
benefit hereof, in each case by a written instrument duly executed by the
Company and (i) in the case of any such amendment, supplement or modification,
McDonald's and the holders of at least 80% of the vote represented by the
Registrable Shares held by the remaining Investors; or (ii) in the case of any
such waiver, by the party waiving such term or condition; provided, however,
that the provisions of this Agreement may not be amended, supplemented or
modified without the consent of the holders of all the Registrable Shares
adversely affected by such amendment, supplement or modification if such
amendment, supplement or modification adversely affects a portion of the
Registrable Shares but does not so adversely affect all of the Registrable
Shares. Any amendment, supplement or modification of this Agreement or waiver of
any term or condition of this Agreement effected in accordance with this
Section 10.5 shall be binding upon each holder of Registrable Shares. No waiver
by any party of any term or condition of this Agreement, in one or more
instances, shall be deemed to be or construed as a waiver of the same term or
condition of this Agreement on any future occasion.

                10.6    Successors, Assigns and Transferees.

        (a)   Each party may assign all or a portion of its rights hereunder to
any Person to which such party transfers its ownership of all or any of its
Registrable Shares; provided that no such assignment shall be binding upon or
obligate the Company to any such assignee unless and until the Company shall
have received notice of such assignment as herein provided and a written
agreement of the assignee to be bound by the provisions of this Agreement; and
provided, further, that the rights described under Section 2.1 shall not
transfer to any Person unless such Person (i) is an Affiliate of the holder
transferring such rights; or (ii) acquires at least 331/3% of the Registrable
Shares initially held by McDonald's.

18

--------------------------------------------------------------------------------

        (b)   The terms and provisions of this Agreement shall be binding on and
inure to the benefit of each of the parties hereto and their respective
successors and permitted assigns. Nothing in this Agreement, express or implied,
is intended or shall be construed to confer upon any Person not a party hereto
(other than each other Person entitled to indemnity or contribution under
Section 8 hereof) any right, remedy or claim under or by virtue of this
Agreement.

                10.7    Term.    Section 8 hereof shall remain in effect with
respect to an Investor so long as such Investor may, in the reasonable judgment
of counsel for such Investor as evidenced by a written opinion to such effect,
constitute a "controlling person" with respect to the Company, or be part of a
Group that may constitute such a "controlling person," within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act.

                10.8    Severability.    Whenever possible, each provision of
this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be
illegal, invalid or unenforceable under any present or future law, (i) such
provision shall be fully severable; (ii) this Agreement shall be construed and
enforced as if such illegal, invalid or unenforceable provision had never
comprised a part hereof; (iii) the remaining provisions of this Agreement shall
remain in full force and effect and shall not be affected by the illegal,
invalid or unenforceable provision or by its severance here from; and (iv) in
lieu of such illegal, invalid or unenforceable provision, there shall be added
automatically as a part of this Agreement a legal, valid and enforceable
provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible.

                10.9    Remedies.    Any Person having rights under any
provision of this Agreement shall be entitled to enforce such rights
specifically, to recover damages caused by reason of any breach of any provision
of this Agreement and to exercise all other rights granted by law.

                10.10    Descriptive Headings.    The headings contained in this
Agreement are inserted for convenience of reference only and do not constitute a
part of and shall not affect in any way the meaning or interpretation of this
Agreement.

                10.11    Notices.    Any notice, requests and other
communications required or permitted to be sent hereunder must be in writing and
shall be deemed to have been duly given only if (i) delivered personally;
(ii) given by facsimile transmission; (iii) delivered by FedEx or other
nationally recognized overnight courier service; or (iv) mailed (first class
postage prepaid), certified mail, return receipt requested to the parties at the
addresses or facsimile numbers set forth below, or such other address or
facsimile number as any Person designates by written notice to the Company, and
shall be deemed to have been duly given upon delivery, if delivered personally,
upon receipt by the sender of a printed facsimile confirmation sheet, if given
by facsimile transmission, one business day after delivery to the courier, if
delivered by overnight courier service, or three days after mailing, if mailed:

19

--------------------------------------------------------------------------------

        If to the Company, to:

Chipotle Mexican Grill, Inc.
2546 15th Street
Denver, CO 80211
Attention: Chief Executive Officer

        If to the Investors, to the addresses set forth on Schedule 1 hereto.

If to holders of the Registrable Shares other than the Investors, to the
addresses set forth on the stock record books of the Company.

                10.12    Governing Law.    This Agreement shall be governed by
and construed in accordance with the internal laws of the State of New York.

                10.13    Final Agreement.    This Agreement supersedes and
replaces the Registration Rights Agreement in its entirety, constitutes the
complete and final agreement of the parties concerning the matters referred to
herein, and supersedes all other prior agreements and understandings among the
parties with respect to the subject matter.

                10.14    Execution in Counterparts.    This Agreement may be
executed in any number of counterparts, each of which when so executed and
delivered shall be deemed an original, and such counterparts together shall
constitute one instrument.

        [Remainder of page intentionally left blank]

20

--------------------------------------------------------------------------------

The parties hereto have executed this Agreement on the date first set forth
above.
 
 
CHIPOTLE MEXICAN GRILL, INC.
 
 
/s/ Steve Ells

--------------------------------------------------------------------------------

Name: Steve Ells
Title: Chairman and CEO
 
 
MCDONALD'S VENTURES, LLC
 
 
/s/ Mats Lederhausen

--------------------------------------------------------------------------------

Name: Mats Lederhausen
Title: President and Managing Director
 
 
/s/ Kurt Altman

--------------------------------------------------------------------------------

Kurt Altman
 
 
/s/ Michael Baghramian

--------------------------------------------------------------------------------

Michael Baghramian
 
 
/s/ Albert S. Baldocchi

--------------------------------------------------------------------------------

Albert S. Baldocchi,
as to shares owned jointly with Anne M. Baldocchi and individually
 
 
/s/ Anne M. Baldocchi

--------------------------------------------------------------------------------

Anne M. Baldocchi,
as to shares owned jointly with Albert S. Baldocchi
 
 
/s/ Robert Bernstein

--------------------------------------------------------------------------------

Robert Bernstein
 
 
/s/ Michele Castle

--------------------------------------------------------------------------------

Michele Castle
 
 
/s/ Hardy W. Chan

--------------------------------------------------------------------------------

Hardy W. Chan

21

--------------------------------------------------------------------------------

 
 
The Marybeth Cohen Family Partnership
 
 
/s/ Marybeth Cohen

--------------------------------------------------------------------------------

Name: Marybeth Cohen
Title: General Partner
 
 
/s/ Marybeth Cohen

--------------------------------------------------------------------------------

Marybeth Cohen
 
 
/s/ Robert P. Cook

--------------------------------------------------------------------------------

Robert P. Cook,
as to shares owned jointly with Eda S. Cook
 
 
/s/ Eda S. Cook

--------------------------------------------------------------------------------

Eda S. Cook,
as to shares owned jointly with Robert P. Cook
 
 
/s/ AnnMarie Don Vito

--------------------------------------------------------------------------------

AnnMarie Don Vito
 
 
/s/ Michael Duffy

--------------------------------------------------------------------------------

Michael Duffy
 
 
/s/ Barbara Ells

--------------------------------------------------------------------------------

Barbara Ells,
as to shares owned jointly with Robert Ells
 
 
/s/ Steve Ells

--------------------------------------------------------------------------------

Steve Ells
 
 
/s/ Robert Ells

--------------------------------------------------------------------------------

Robert Ells,
as to shares owned jointly with Barbara Ells
 
 
/s/ Neil W. Flanzraich

--------------------------------------------------------------------------------

Neil W. Flanzraich

22

--------------------------------------------------------------------------------

 
 
The Neil W. Flanzraich Revocable Trust
 
 
/s/ Neil W. Flanzraich

--------------------------------------------------------------------------------

Name: Neil W. Flanzraich
Title: Trustee
 
 
/s/ Ken S. Fong

--------------------------------------------------------------------------------

Ken S. Fong,
as to shares owned jointly with Pamela P. Fong
 
 
/s/ Pamela P. Fong

--------------------------------------------------------------------------------

Pamela P. Fong,
as to shares owned jointly with Ken S. Fong
 
 
Alan H. Friedman Revocable Trust
 
 

--------------------------------------------------------------------------------

Name:
Title:
 
 
/s/ Darlene J. Friedman

--------------------------------------------------------------------------------

Darlene J. Friedman
 
 

--------------------------------------------------------------------------------

Jay Friedman
 
 

--------------------------------------------------------------------------------

Jeffrey Friedman
 
 

--------------------------------------------------------------------------------

Josh Friedman
 
 

--------------------------------------------------------------------------------

Ron Friedman

23

--------------------------------------------------------------------------------

 
 
/s/ Tom Giordano

--------------------------------------------------------------------------------

Tom Giordano
 
 
/s/ Melvyn Goodman

--------------------------------------------------------------------------------

Melvyn Goodman
 
 
/s/ Brand Gould

--------------------------------------------------------------------------------

Brand Gould
 
 

--------------------------------------------------------------------------------

Cecilia Gowins
 
 
/s/ Marlane Harrington

--------------------------------------------------------------------------------

Marlane Harrington
 
 
/s/ Laura Linkow Hill

--------------------------------------------------------------------------------

Laura Linkow Hill,
as to shares owned jointly with Robert F. Hill
 
 
/s/ Robert F. Hill

--------------------------------------------------------------------------------

Robert F. Hill,
as to shares owned jointly with Laura Linkow Hill
 
 
Robert and Laura Linkow Hill Revocable Trust
 
 
/s/ Laura Linkow Hill

--------------------------------------------------------------------------------

Name: Laura Linkow Hill
Title: Trustee
 
 
/s/ Roy Kuramoto

--------------------------------------------------------------------------------

Roy Kuramoto
 
 
/s/ Alfred LaNasa

--------------------------------------------------------------------------------

Alfred LaNasa

24

--------------------------------------------------------------------------------

 
 
MDG Company
 
 
/s/ Melvyn Goldman

--------------------------------------------------------------------------------

Name: Melvyn Goldman
Title: Administrative Partner
 
 
/s/ Montgomery F. Moran

--------------------------------------------------------------------------------

Montgomery F. Moran
 
 
/s/ Erich Overhardt

--------------------------------------------------------------------------------

Erich Overhardt
 
 

--------------------------------------------------------------------------------

Victoriano Pena
 
 
/s/ Andrew Petriwsky

--------------------------------------------------------------------------------

Andrew Petriwsky
 
 
/s/ Gretchen Selfridge

--------------------------------------------------------------------------------

Gretchen Selfridge
 
 
/s/ Scott Shippey

--------------------------------------------------------------------------------

Scott Shippey
 
 

--------------------------------------------------------------------------------

Ariel Solomon
 
 
/s/ Timothy Spong

--------------------------------------------------------------------------------

Timothy Spong
 
 

--------------------------------------------------------------------------------

Terri Strauss
 
 
/s/ Joseph Stupp

--------------------------------------------------------------------------------

Joseph Stupp

25

--------------------------------------------------------------------------------

 
 
/s/ John M. Thompson

--------------------------------------------------------------------------------

John M. Thompson,
as to shares owned jointly with Nancy R. Thompson
 
 
/s/ Nancy R. Thompson

--------------------------------------------------------------------------------

Nancy R. Thompson,
as to shares owned jointly with John M. Thompson
 
 
Jon H. Tolson and Linda A. Tolson Living Trust
 
 

--------------------------------------------------------------------------------

Name:
Title:
 
 
/s/ Jorge Velazquez

--------------------------------------------------------------------------------

Jorge Velazquez
 
 
/s/ Kevin Wamego

--------------------------------------------------------------------------------

Kevin Wamego
 
 

--------------------------------------------------------------------------------

Margaret Zgol

26

--------------------------------------------------------------------------------

Schedule 1

Investors

McDonald's Ventures, LLC
1 Parkview Plaza, Suite 640
Oakbrook Terrace, IL 60181

w/a copy to:

McDonald's Ventures, LLC
c/o McDonald's Corporation
Attn: General Counsel
2915 Jorie Blvd.
Oak Brook, IL 60523

Kurt Altman
4187 South Granby Circle
Aurora, CO 80014

Michael Baghramian
29 Sea Isle Drive
Long Beach, CA 90803

Robert Bernstein
Bernstein-Rein Advertising, Inc.
4600 Madison, Suite 1500
Kansas City, MO 64112

Michele Castle
2761 Kendrick Street
Golden, CO 80401

Hardy W. Chan
ScinoPharm Taiwan, LTD.
No. 1 Nan-Ke Eighth Road
Tainan Science Industrial Park
Shan-Hua, Tainan County 741
Taiwan, R.O.C.

The Marybeth Cohen Family Partnership
538 Huckleberry Lane
Franklin Lakes, NJ 07417

Marybeth Cohen
538 Huckleberry Lane
Franklin Lakes, NJ 07417

27

--------------------------------------------------------------------------------

Robert P. and Eda S. Cook
171 Turnberry Road
Half Moon Bay, CA 94019

AnnMarie Don Vito
2007 West Evergreen Ave., Apt. #3
Chicago, IL 60622

Steve Ells
c/o Chipotle Mexican Grill, Inc.
1543 Wazee Street, Suite 200
Denver, CO 80202

Robert and Barbara Ells
17 Sandstone St.
Portola Valley, CA 94028

Neil W. Flanzraich
IVAX Corporation
4400 Biscayne Boulevard
Miami, FL 33137

The Neil W. Flanzraich Revocable Trust
Revocable Trust UAD 6/10/88
c/o Mr. Neil W. Flanzraich
IVAX Corporation
4400 Biscayne Boulevard
Miami, FL 33137

Ken S. and Pamela P. Fong
P.O. Box 969
Menlo Park, CA 94026

Alan H. Friedman Revocable Trust
c/o Alan H. and Darlene J. Friedman
429 Bear Creek Circle
Napa, CA 94558

Darlene J. Friedman
429 Bear Creek Circle
Napa, CA 94558

Jay Friedman
460 Hillsborough Street
Thousand Oaks, CA 91361

28

--------------------------------------------------------------------------------

Jeffrey Friedman
6175 Hill Road
Oakland, CA 94618

Josh Friedman
455 South Irving Boulevard
Los Angeles, CA 90020

Ron Friedman
PO Box 32741
Santa Fe, New Mexico 87594

Tom Giordano
12975 Kilger Court
Pickerington, OH 43147

Melvyn Goodman
c/o L.A. Sani-Felt Co.
830 E. 59th Street
Los Angeles, CA 90001

Brand Gould
5065 Lowell Boulevard
Denver, CO 80221

Cecilia Gowins
201 Jay Street
Lakewood, CO 80226

Marlane Harrington
4685 Honeymoon Bay Road
Freeland, WA 98249

Robert F. and Laura Linkow Hill
1441 18th Street, Suite 100
Denver, CO 80202

Robert and Laura Linkow Hill Revocable Trust
1441 18th Street, Suite 100
Denver, CO 80202

Roy Kuramoto
373 Pine Lane, #1112
Los Altos, CA 94022

Alfred LaNasa
4400 West University #1433
Dallas, TX 75209

29

--------------------------------------------------------------------------------

MDG Company
c/o Mr. Melvyn Goodman
830 E. 59th Street
Los Angeles, CA 90001

Montgomery F. Moran
7705 Fairview Road
Boulder, CO 80303

Erich Overhardt
7603 Leatherfern Court
Pinellas Park, FL 33782

Victoriano Pena
624 Winona Court
Denver, CO 80204

Andrew Petriwsky
c/o Paul Durr, PC
1777 S. Harrison Street, Suite P309
Denver, CO 80210

Gretchen Selfridge
15 Timber Lane
Evergreen, CO 80439

Scott Shippey
6116 Ginita Lane
Austin, TX 78739

Ariel Solomon
3142 5th Street
Boulder, CO 80304

Timothy Spong
612 Fairfield Lane
Louisville, CO 80027

Terri Strauss
14032 East Chenango Drive
Aurora, CO 80015

Joseph Stupp
225 Lincoln Street, #5
Denver, CO 80203

30

--------------------------------------------------------------------------------

John M. and Nancy R. Thompson
20 Sandstone
Portola Valley, CA 94028

Jon H. Tolson and Linda A. Tolson Living Trust
c/o Jon H. Tolson
165 29th Avenue
San Francisco, CA 94121

Jorge Velazquez
216 Quart Street
Binghamton, NY 13901

Kevin Wamego
2509 South Pittsburg Avenue
Tulsa, OK 74114

Margaret Zgol
3153 Renaissance Drive
Rio Rancho, NM 87124

31

--------------------------------------------------------------------------------

QuickLinks

Exhibit 10.6

CHIPOTLE MEXICAN GRILL, INC. AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT
TABLE OF CONTENTS
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT
RECITALS

Schedule 1

Investors