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Exhibit 10.6    
    


CHIPOTLE MEXICAN GRILL, INC.  


 AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT  


 Dated as of            , 2006  








  



 
 

TABLE OF CONTENTS    
    



	 
	 	 
	 	 
	 	Page

	

1.	
 	

DEFINITIONS	
 	

1
	

2.	
 	

DEMAND REGISTRATION	
 	

3
	

 	
 	

2.1	
 	

Requests for Registration	
 	

3
	

 	
 	

2.2	
 	

Continued Effectiveness	
 	

4
	

 	
 	

2.3	
 	

Preemption	
 	

4
	

 	
 	

2.4	
 	

Restrictions	
 	

5
	

 	
 	

2.5	
 	

Payment of Expenses for Demand Registration	
 	

5
	

 	
 	

2.6	
 	

Selection of Underwriters	
 	

5
	

3.	
 	

PIGGYBACK REGISTRATION	
 	

6
	

 	
 	

3.1	
 	

Right to Piggyback	
 	

6
	

 	
 	

3.2	
 	

Priority on Primary Registrations	
 	

6
	

 	
 	

3.3	
 	

Priority on Secondary Registrations	
 	

6
	

 	
 	

3.4	
 	

Other Registrations	
 	

6
	

 	
 	

3.5	
 	

Selection of Underwriters	
 	

7
	

 	
 	

3.6	
 	

Limitations on Registrations	
 	

7
	

 	
 	

3.7	
 	

No Effect on Demand Registrations	
 	

7
	

4.	
 	

REGISTRATION PROCEDURES	
 	

7
	

5.	
 	

REGISTRATION EXPENSES	
 	

10
	

6.	
 	

HOLDBACK AGREEMENTS	
 	

10
	

 	
 	

6.1	
 	

Investors' Agreements	
 	

10
	

 	
 	

6.2	
 	

Company's Agreements	
 	

11
	

7.	
 	

OTHER AGREEMENTS	
 	

11
	

8.	
 	

INDEMNIFICATION AND CONTRIBUTION	
 	

12
	

 	
 	

8.1	
 	

Indemnification	
 	

12
	

 	
 	

8.2	
 	

Contribution	
 	

13
	

 	
 	

8.3	
 	

Procedures	
 	

13
	

 	
 	

8.4	
 	

Survival	
 	

14
	

9.	
 	

COMPLIANCE WITH RULE 144	
 	

14
	

10.	
 	

MISCELLANEOUS	
 	

14
	

 	
 	

10.1	
 	

No Inconsistent Agreements	
 	

14
	

 	
 	

10.2	
 	

Authority; Enforceability	
 	

14
	

 	
 	

10.3	
 	

Adjustments Affecting Registrable Shares	
 	

15
	 	 	 	 	 	 	 





i







 

	

 	
 	

10.4	
 	

Other Registration Rights	
 	

15
	

 	
 	

10.5	
 	

Amendments and Waivers	
 	

15
	

 	
 	

10.6	
 	

Successors, Assigns and Transferees	
 	

15
	

 	
 	

10.7	
 	

Term	
 	

15
	

 	
 	

10.8	
 	

Severability	
 	

16
	

 	
 	

10.9	
 	

Remedies	
 	

16
	

 	
 	

10.10	
 	

Descriptive Headings	
 	

16
	

 	
 	

10.11	
 	

Notices	
 	

16
	

 	
 	

10.12	
 	

Governing Law	
 	

16
	

 	
 	

10.13	
 	

Final Agreement	
 	

16
	

 	
 	

10.14	
 	

Execution in Counterparts	
 	

16





SCHEDULE:



Schedule 1        Investors



ii









 
 

AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT    
    



        This Amended and Restated Registration Rights Agreement (this "Agreement"), dated as
of            , 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. 


        "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). 


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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. 



        "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. 




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        (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 




4







 


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. 


        (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. 


        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. 



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        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. 


        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. 



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        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; 



        (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; 



7







 

        (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; 


        (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; 



8







 

        (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; 




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 



9







 

        (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. 


        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. 



10







 

        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. 



        (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. 



11







 

        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. 



        (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. 




12







 




        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. 



        (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. 




13







 




        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. 


        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). 



14







 

        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. 


        (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. 



15







 

        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: 


        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] 


16







 

        The
parties hereto have executed this Agreement on the date first set forth above. 



	 	 	CHIPOTLE MEXICAN GRILL, INC.
	 	 	 
	

 	
 	

 Name:

Title:
	

 	
 	
MCDONALD'S VENTURES, LLC
	 	 	 
	

 	
 	

 Name:

Title:
	 	 	 
	

 	
 	

 Kurt Altman
	 	 	 
	

 	
 	

 Michael Baghramian
	 	 	 
	

 	
 	

 Albert S. Baldocchi,

as to shares owned jointly with Anne M. Baldocchi and individually
	 	 	 
	

 	
 	

 Anne M. Baldocchi,

as to shares owned jointly with Albert S. Baldocchi
	 	 	 
	

 	
 	

 Robert Bernstein
	 	 	 
	

 	
 	

 Michele Castle
	 	 	 
	

 	
 	

 Hardy W. Chan





17







 

	 	 	The Marybeth Cohen Family Partnership
	 	 	 
	

 	
 	

 Name:

Title:
	 	 	 
	

 	
 	

 Marybeth Cohen
	 	 	 
	

 	
 	

 Robert P. Cook,

as to shares owned jointly with Eda S. Cook
	 	 	 
	

 	
 	

 Eda S. Cook,

as to shares owned jointly with Robert P. Cook
	 	 	 
	

 	
 	

 AnnMarie Don Vito
	 	 	 
	

 	
 	

 Michael Duffy
	 	 	 
	

 	
 	

 Barbara Ells,

as to shares owned jointly with Robert Ells
	 	 	 
	

 	
 	

 Steve Ells
	 	 	 
	

 	
 	

 Robert Ells,

as to shares owned jointly with Barbara Ells
	 	 	 
	

 	
 	

 Neil W. Flanzraich



The Neil W. Flanzraich Revocable Trust
	 	 	 
	

 	
 	

 Name:

Title:
	 	 	 
	

 	
 	

 Ken S. Fong,

as to shares owned jointly with Pamela P. Fong
	 	 	 
	

 	
 	

 Pamela P. Fong,

as to shares owned jointly with Ken S. Fong
	 	 	 
	 	 	 



18







 

	

 	
 	

 Darlene J. Friedman



Friedman Family Follies Partnership
	 	 	 
	

 	
 	

 Name:

Title:
	 	 	 
	

 	
 	

 Tom Giordano
	 	 	 
	

 	
 	

 Melvyn Goodman
	 	 	 
	

 	
 	

 Brand Gould
	 	 	 
	

 	
 	

 Cecilia Gowins
	 	 	 
	

 	
 	

 Marlane Harrington
	 	 	 
	

 	
 	

 Laura Linkow Hill,

as to shares owned jointly with Robert F. Hill
	 	 	 
	

 	
 	

 Robert F. Hill,

as to shares owned jointly with Laura Linkow Hill
	

 	
 	

Robert and Laura Linkow Hill Revocable Trust
	 	 	 
	

 	
 	

 Name:

Title:
	 	 	 
	

 	
 	

 Roy Kuramoto
	 	 	 
	

 	
 	

 Alfred LaNasa
	

 	
 	

MDG Company
	 	 	 
	

 	
 	

 Name:

Title:
	 	 	 
	

 	
 	

 Montgomery F. Moran
	 	 	 
	 	 	 





19







 

	

 	
 	

 Erich Overhardt
	 	 	 
	

 	
 	

 Victoriano Pena
	 	 	 
	

 	
 	

 Andrew Petriwsky
	 	 	 
	

 	
 	

 Gretchen Selfridge
	 	 	 
	

 	
 	

 Scott Shippey
	 	 	 
	

 	
 	

 Timothy Spong
	 	 	 
	

 	
 	

 Joseph Stupp
	 	 	 
	

 	
 	

 John M. Thompson,

as to shares owned jointly with Nancy R. Thompson
	 	 	 
	

 	
 	

 Nancy R. Thompson,

as to shares owned jointly with John M. Thompson
	 	 	 
	

 	
 	

 Jorge Velazquez
	 	 	 
	

 	
 	

 Kevin Wamego
	 	 	 
	

 	
 	

 Margaret Zgol




20







 
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 


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 


21







 



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 


Darlene
J. Friedman

429 Bear Creek Circle

Napa, CA 94558 


Friedman
Family Follies Partnership

c/o Darlene J. Friedman

429 Bear Creek Circle

Napa, CA 94558 


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 


22







 



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 


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 


Timothy
Spong

612 Fairfield Lane

Louisville, CO 80027 


Joseph
Stupp

225 Lincoln Street, #5

Denver, CO 80203 


John
M. and Nancy R. Thompson

20 Sandstone

Portola Valley, CA 94028 


23







 



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 


24











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