Document:

Management Agreement between Winston Hickman and Comarco, Inc. dated 5/21/08

 Exhibit 10.17 
 MANAGEMENT AGREEMENT 
 This agreement (the “Management Agreement”) is made and entered into by and among
Winston Hickman (“Consultant”) and Comarco, Inc. (“the Company”), effective March 24, 2008. 
 WHEREAS, Samuel M. Inman, III
provides executive consulting services to and has experience serving as the chief financial officer of various public and private companies; 
 WHEREAS, the Company wishes to retain the services of Consultant to serve as the Company’s interim Chief Financial Officer during a period expected to last approximately six-months from the date hereof, and 
 WHEREAS, Consultant is willing and prepared to accept appointment as the Company’s Chief Financial Officer on the terms and conditions set forth below.

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally
bound, the parties agree as follows: 
 1. TERM 
 This
Management Agreement shall continue until terminated pursuant to Section 7. of this Management Agreement. 
 2. SERVICES 
 Consultant shall serve as interim Chief Financial Officer for the Company during the term of this Management Agreement at the pleasure of the Company’s Board of
Directors. Consultant shall have responsibilities consistent with that of the principal financial and principal accounting officer of SEC Registrants similarly situated to the Company, and report to the Company’s President and Chief Executive
Officer and the Chairman of the Audit Committee of the Board of Directors. 
 Consultant shall devote substantially all of his working time and efforts to
the performance of his duties under this Management Agreement, nevertheless the Company acknowledges that the Consultant may represent, perform services for, or be employed by such additional persons or companies except to the extent doing so causes
Consultant to breach Consultant’s obligations under this Management Agreement or creates a conflict of interest. The Consultant will keep the Company President and Chief Executive Officer apprised of his activities during business days which
conflict with his devotion to the Company’s business affairs. 

 Consultant shall comply with all applicable state and federal laws when performing under this Management Agreement.

 During the term of this Management Agreement, Consultant shall not undertake any employment or perform any assignments for any other entity that actually
or potentially competes with, or reasonably could be construed as being actually or potentially in competition with, the business of the Company. 
 Consultant shall not assign his obligations or delegate his duties hereunder, and shall not enter into a subcontract or teaming relationship with any third person or party to assist in his performance of his duties, unless Consultant has
first obtained prior written approval to do so from a majority of the members of the Company’s Board of Directors. 
 3. CONSULTING FEE

 The Company agrees to pay Consultant a monthly fee of $30,000. Payments shall be made on a monthly basis, in advance, except that the partial fee for
the month of March 2008 shall be pro-rated based on the effective date of this Management Agreement and equal to $7,500 and is payable in arrears. The Company will reimburse the Consultant for all reasonable and necessary business expenses incurred
on behalf of the Company. 
 4. INDEPENDENT CONTRACTOR RELATIONSHIP 
 Consultant is an independent contractor and no agency or employment relationship is to be implied or construed to be part of this Management Agreement. No employment relationship, whether express or implied, is
created by the performance of any management services. In no circumstance shall Consultant look to the Company as his employer, partner, agent, or principal. Except as specifically stated in this Management Agreement, Consultant is not entitled to
any benefits accorded to the Company’s employees, including but not limited to paid time off of any kind for holidays, vacation or illness, retirement plans, incentive compensation, severance or separation payments, change of control payments
and insurance coverage of any kind, specifically including, but not limited to, medical and dental insurance, workers’ compensation insurance and state disability insurance. 
 Consultant shall be responsible for providing, at Consultant’s expense and in Consultant’s name, any and all statutory worker benefits, including but not limited to disability, workers’ compensation, or
other insurance as well as licenses and permits usual or necessary for performing the services as an independent contractor. Consultant shall pay, when and as due, any and all taxes incurred as a result of Consultant’s compensation, including
estimated income taxes and payroll taxes, and shall provide the Company with proof of payment on demand. 
  

 Page 2 of 9 

 5. INDEMNIFICATION REGARDING TAXES/NOT TAX ADVICE 
 The Company will report all fees paid and expenses reimbursed to Consultant pursuant to this Management Agreement on IRS Form 1099 as non employee compensation paid to Consultant. Consultant shall provide to the
Company concurrent with the execution of this Management Agreement evidence of his respective Taxpayer Identification Number. Consultant acknowledges and agrees that Consultant shall be exclusively liable for the payment of all estimated and actual
taxes that are due, if any, in respect of the consulting fees and expense reimbursements actually paid to the Consultant pursuant to Section 3. Consultant acknowledges and agrees that the Company is not providing the Consultant with any tax or
legal advice, and the Company makes no representations regarding tax obligations or consequences, if any, related to this Management Agreement, or the receipt of payments set forth in this Management Agreement. 
 6. CONFIDENTIALITY AND INVENTION AND COPYRIGHT ASSIGNMENT AGREEMENT 
 Consultant acknowledges the private and confidential nature of certain information Consultant may receive in performing services pursuant to this Management Agreement. Consultant agrees that, without express written authorization from the
Company, Consultant shall not, either during or following the term of this Management Agreement, directly or indirectly disclose to any person other than the executive officers or authorized agents of the Company, or use or convey to another for use
any confidential knowledge or information acquired by Consultant or communicated to Consultant during Consultant’s engagement hereunder, except in the performance of Consultant’s obligations under this Management Agreement. 
 Consultant hereby agrees to be bound by the provisions of the Nondisclosure and Invention and Copyright Assignment Agreement attached as Exhibit A. 
 7. TERMINATION 
 Either the Company or Consultant may terminate this
Management Agreement upon 30 days written notice to the other party. Nevertheless, the Board of Directors of the Company may terminate the Consultant’s appointment as Chief Financial Officer of the Company at any time with or without cause, and
if without cause pay to the Consultant the net fee due in lieu of 30 days written notice. 
 The Company may terminate the Consultant, without liability to
the Consultant pursuant to this Management Agreement, if the Consultant is terminated for Cause. For purposes solely of determining whether the Company may terminate the Consultant pursuant to this Management Agreement without liability to the
Consultant, the Consultant shall be deemed to have been terminated for “Cause” only if the Consultant (1) has engaged in fraud, misappropriation or embezzlement involving the Company, (2) is convicted of or admits a felony or
other offense involving dishonesty or moral turpitude, or (3) willfully refuses to carry out a lawful written instruction of the Board of Directors that is consistent with the Consultant’s position and duties as interim Chief Financial
Officer, which refusal continues for a period of five (5) days after the Consultant has received a written notice describing in reasonable detail the circumstances deemed by the Board of Directors to constitute such refusal. Notwithstanding the
foregoing, the Consultant shall not be deemed, for purposes of this Management Agreement, to have been 

  

 Page 3 of 9 

 
terminated for Cause unless and until there shall have been delivered to the Consultant a copy of a resolution duly adopted by the affirmative vote of not
less than majority of the entire membership of the Company’s Board of Directors at a meeting of the Board of Directors called and held for that purpose (after reasonable notice to the Consultant and an opportunity for the Consultant, together
with the Consultant’s counsel, to be heard before the Board of Directors), finding that in the good faith opinion of the Board of Directors the Consultant engaged in the conduct set forth in the second sentence of this paragraph and specifying
the particulars thereof in reasonable detail. 
 Once the termination of this Management Agreement is effective, the Company will have no further payment
obligations to Consultant except in respect of any then unreimbursed reasonable and necessary business expenses. 
 The provisions of Sections 4., 5., 6., 7.
and 9. of this Management Agreement shall survive its termination. Other provisions of this Management Agreement shall survive its termination to the extent necessary to preserve each party’s respective rights and obligations. 
 8. GOVERNING LAW AND EXCLUSIVE JURISDICTION 
 The relationship between
the parties and the interpretation of the terms and conditions set forth in this Management Agreement shall be governed by and interpreted in accordance with the laws of the State of California. 
 The exclusive jurisdiction for any claim or dispute arising out of or relating to this Management Agreement shall be in the courts of California, and Consultant
expressly consents to the exercise of personal jurisdiction in the courts of California in connection with any civil dispute between Consultant and the Company or its affiliates, subsidiaries, employees, contractors, officers, and directors.

 9. INDEMNIFICATION 
 The Company shall indemnify
Consultant to the same extent the Company is obligated to indemnify its senior officers and directors. 
 10. NO ASSIGNMENT 
 This Management Agreement is for the professional services of Consultant, and Consultant shall not assign or subcontract any part of the work to be performed without the
prior written consent of the Company’s Board of Directors. 
 11. NO CONFLICT 
 The Parties warrant that neither the execution nor the delivery of this Management Agreement, nor the consummation of the transactions herein contemplated, nor the fulfillment of or compliance with the terms and
provisions hereof shall, to the best of either Parties’ knowledge and belief, (a) violates any provision of law, administrative regulation or court decree applicable to them, (b) conflicts with or results in a breach of any of the
terms, conditions and provisions of or constitutes a default under any agreement or instrument to which either is a party or by which either is bound. In addition, Consultant warrants that Consultant does not have any personal, business, or
financial interest that in any way conflicts with or appears to conflict with the 

  

 Page 4 of 9 

 
interests of the Company or places Consultant in a position where Consultant can use Consultant’s association with the Company for direct or indirect
personal gain to the possible detriment or embarrassment of the Company. 
 12. ENTIRE AGREEMENT 
 This Management Agreement represents the entire agreement and understanding between the parties with respect to the subject matter of this Management Agreement, and it
supersedes and replaces all prior agreements and understandings, written or oral, between Consultant and the Company with respect to the subject matter of this Management Agreement. 
 This Management Agreement may be amended only by a written agreement executed by each of the parties. No amendment of or waiver of, or modification of any obligation under this Management Agreement will be enforceable
unless set forth in a writing signed by the party against which enforcement is sought. 
 13. NOTICES 
 Notices shall be deemed properly served when made in writing and delivered in person or when deposited with U.S. or international mail courier, postage prepaid,
certified, return receipt requested, addressed to the parties at their addresses set forth above, or sent via facsimile or e-mail with confirmation of receipt. 
 If to Consultant – 
 Winston Hickman 
 Consultant

 33711 Chula Vista 
 Dana Point, CA 92629 
 (714)865-4660 
 winston270@cox.net 
  

 Page 5 of 9 

 If to Company – 
 Jeffrey Hultman 
 Member 
 Board of Directors

 Comarco, Inc. 
 25541 Commercentre Drive 
 Lake Forest, CA 92630 
 {Fax} 
 {Email} 
 THE UNDERSIGNED HAVE READ THE FOREGOING AGREEMENT AND ACCEPT AND
AGREE TO THE PROVISIONS CONTAINED HEREIN, AND HEREBY EXECUTE IT, KNOWINGLY AND VOLUNTARILY, AND WITH FULL UNDERSTANDING OF ITS CONSEQUENCES. 
 Dated:
May 20, 2008 
  

									
		 		 	
					
		 		 		 		 	/s/ Winston Hickman
		 		 		 		 	Winston Hickman, Consultant
				
	Dated: May 21, 2008	 		 		 	Comarco, Inc.
					
		 		 		 		 	/s/ Jeffrey R. Hultman
		 		 		 		 	Jeffrey R. Hultman
		 		 		 		 	Member, Board of Directors

  

 Page 6 of 9 

 EXHIBIT A 
 NONDISCLOSURE AND INVENTION 
 AND COPYRIGHT ASSIGNMENT AGREEMENT 
 In consideration of the Management Agreement between Winston Hickman (“Consultant”) and Comarco, Inc. (the “Company”), effective
March 24, 2008, Consultant agrees as follows: 
 1. Consultant hereby assigns to the Company in writing all discoveries, concepts and
ideas, whether patentable or unpatentable, including but not limited to processes, designs, innovations, inventions, formulas, methods, and techniques, as well as improvements and know-how related thereto, made, conceived, reduced to practice or
learned by Consultant during his engagement with the Company, either solely or jointly with others during the engagement (“Company Inventions”). This Agreement shall apply only to inventions which relate exclusively to the business of the
Company and shall not apply to any invention which relates to the business of Consultant. This Agreement shall not apply to any Invention developed entirely on Consultant’s own time without using the Company’s equipment, supplies,
facilities or trade secret information, except for those items and inventions that either: (a) relate, at the time of conception or reduction to practice of the invention, to the Company’s business or any of the products or services being
developed, manufactured or sold by the Company or which may conveniently be used in relation therewith, or actual, or demonstrably anticipated research or development of the Company, or (b) result from any work performed by Consultant for the
Company. 
 2. Consultant will acknowledge and deliver promptly to the Company such written instruments and do such other acts, such as
giving testimony in support of Consultant’s inventorship, as may be necessary in the opinion of the Company to obtain and maintain United States and/or foreign letters patent and to vest the entire right and title thereunto in the Company.

 3. Consultant agrees that title to any and all copyrights, copyright registrations and copyrightable subject matter which occurs as a
result of his engagement with the Company shall be the sole and exclusive property of the Company. Consultant hereby assigns, and agrees to assign, all of said copyrights to the Company. 
 4. All technical, business and financial information, written or oral, including, but not limited to, business and financial data (including without
limitation sales data, profit and loss data, accounts payable, accounts receivable, technical information, know-how, specifications, designs, Trade Secrets (as hereinafter defined), product specifications, master formulae, quality standards, raw
materials and sources of raw materials, product ingredient configurations, vendor and distributor identities and information, marketing information, price and quantity information, marketing and pricing strategies, procedures, processes, samples,
customer identities and information, product lists and all other proprietary and confidential information of the Company or any of its affiliates (the “Confidential Information”) which may be disclosed by the Company to Consultant shall be
received, used and retained by Consultant on a strictly confidential basis and, except as expressly provided for herein or as required by applicable law, shall not be disclosed to any Third Party or in any way used by Consultant or any other related
person. 

  

 Page 7 of 9 

 
Consultant shall not disclose any such Confidential Information to any person outside of the Company or to any other Third Party without the prior written
consent of a duly authorized representative of the Company. Consultant agrees to use his best efforts to limit dissemination of and access to any Confidential Information only to those persons who have a need for access to such Confidential
Information. In addition to the duties, obligations and loyalties the Consultant has as an Officer of the Company, the standard of care which Consultant shall employ shall conform at least to industry standards and shall be adequate to ensure the
protection, confidentiality and security of the Trade Secrets and Confidential Information. Consultant shall not make any tangible reproductions, copies or embodiments, in whole or in part, of any Confidential Information without the prior written
consent of the Company. All tangible reproductions, copies or embodiments, in whole or in part, of any Confidential Information shall carry a confidential, proprietary notice similar to that, if any, with which it was submitted to the receiving
party. Upon the request of the Company or on termination of the Consultant’s engagement with the Company, Consultant shall immediately return to the Company all Confidential Information in tangible form together with any and all copies thereof
(whether print or electronic in form). The foregoing obligations shall survive the termination of the Management Agreement. 
 5. The term
“Trade Secrets” shall mean all forms and types of financial, business, scientific, technical, economic, design, pricing, product ingredient and product information of the Company. Trade Secrets include any information described in this
Agreement which the Company obtains from another party which the Company treats as proprietary, whether or not owned or developed by the Company. Trade Secrets shall specifically include, but are not limited to, any and all technical and
nontechnical data, product plans and information, customer lists, master formulae, product ingredient configurations, raw materials, sources of raw materials, copyrights and copyrightable subject matter, product specifications, ideas, concepts,
methods, patterns, techniques, systems, processes, procedures, whether tangible or intangible, and whether or how stored, compiled or memorialized physically, electronically, graphically, photographically or in writing, discoveries and inventions,
whether patentable or not, including, without limitation, the nature and results of technical and nontechnical research and development activities performed by or on behalf of the Company, “know-how”, raw material and product component
lists and specifications; and all inventions and ideas which the Company owns or obtains from a Third Party. 
 6. The term
“Confidential Information” shall not include any information which: 
 (a) is in the public domain at the time of receipt by
receiving party or which comes into the public domain without breach of any obligation assumed hereunder; or 
 (b) was already known by the
receiving party at the time of receipt from the disclosing party without reference to the current or any prior relationship between the receiving party and the disclosing party; or 
 (c) is required to be disclosed by the receiving party pursuant to a judgment, order or other mandate of any court of competent jurisdiction or any
administrative, governmental or regulatory body, agency, or office. 
 7. Consultant hereby acknowledges that all Trade Secrets and
Confidential Information of the Company are the exclusive property of the Company. Nothing herein shall 

  

 Page 8 of 9 

 
grant or shall be construed as granting to Consultant any right, title or interest to the Trade Secrets or Confidential Information or any intellectual
property (including without limitation any patent, trade secrets, trademark, service mark, trade name, copyright or any rights associated therewith) of the Company. Consultant shall not directly or indirectly use any Trade Secrets or Confidential
Information for any other purpose (including but not limited to a solicitation of customers for Consultant’s or any of his affiliates’ benefit), unless pursuant to the prior written approval of the Company in each particular instance.
During the term of the Management Agreement and after any expiration or earlier termination of the Management Agreement for any reason Consultant shall not take or attempt to take any action in derogation of the Company’s rights with respect to
any Trade Secrets, Confidential Information or other intellectual property of the Company and shall not otherwise violate, infringe upon or interfere with any Trade Secrets, Confidential Information or other intellectual property of the Company.

 8. No modification or waiver of this Agreement or any of its provisions shall be binding upon the Company unless made in writing and
signed on behalf of the Company by one of its officers at the direction of the Board of Directors. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision and such
invalid or unenforceable provision shall be reformed to the extent possible in order to give its intended effect and/or meaning. This Agreement shall be governed by and construed in accordance with the laws of the State of California. 
 9. Except as provided in the Management Agreement, this Agreement together with the Management Agreement with the Company supersedes any and all
agreements between Consultant and the Company with respect to the subject matter hereof. 
 Consultant has read and fully understands the
foregoing, and by affixing Consultant’s signature below, Consultant agrees that he is bound hereby and effective as of March 24, 2008. 
  

									
				
	Dated: May 20, 2008	 		 		 	/s/ Winston Hickman
		 		 		 		 	Winston Hickman, Consultant

  

 Page 9 of 9Chipotle Mexican Grill, Inc Ammended and Restated 2006 Cash Incentive Plan

 Exhibit 10.1 
 AMENDED AND RESTATED 
 CHIPOTLE MEXICAN GRILL, INC. 2006 CASH INCENTIVE PLAN 
 (AS ADOPTED MAY 21, 2008) 
 Section 1. Purpose.

 The purpose of the 2006 Cash Incentive Plan (the “Plan”) is to promote the interests of Chipotle Mexican Grill, Inc.
(“Chipotle”) and its subsidiaries (the “Company”) by providing eligible key employees of the Company with incentive to assist the Company in meeting and exceeding its business goals. 
 Section 2. Administration. 
 (a) The Plan shall be administered by the Executive Compensation Committee (the “Committee”) of the Board of Directors of Chipotle (the “Board”) from among its members and shall be comprised of not fewer
than two members who shall be “outside directors” within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder. 
 (b) The Committee may, subject to the provisions of the Plan, establish, adopt or revise rules and regulations relating to the Plan or
take such actions as it deems necessary or advisable for the proper administration of the Plan. The Committee shall have the authority to interpret the Plan in its discretion. Each interpretation made or action taken by the Committee pursuant to the
Plan shall be final and conclusive for all purposes and binding upon all Participants (as defined in Section 3) or former Participants and their successors in interest. 
 (c) Neither the Committee nor any member of the Committee shall be liable for any act, omission, interpretation, construction or
determination made in good faith in connection with the Plan, and the members of the Committee shall be entitled to indemnification and reimbursement by Chipotle in respect of any claim, loss, damage or expense (including, without limitation,
reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law. 
 Section 3. Eligibility. 
 Awards may be granted to key employees of the Company who are selected for participation in the Plan by the Committee. A qualifying employee selected by
the Committee to participate in the Plan shall be a “Participant” in the Plan. 
 Section 4. Award Criteria. 
 The Committee may grant performance-based awards (“Awards”) to Participants with respect to any performance period (each, a
“Performance Period”), subject to the terms and conditions of the Plan. All Awards shall be settled in cash. Performance Periods may be equal to or longer than, but not less than, one fiscal year of the Company and may be
overlapping. Within 90 days after the 

 
beginning of a Performance Period, and in any case before 25% of the Performance Period has elapsed, the Committee shall establish (a) performance goals
and objectives (“Performance Targets”) for the Company for such Performance Period, (b) target awards (“Target Awards”) for each Participant which shall be a specified dollar amount, and (c) schedules or
other objective methods for determining the applicable performance percentage (“Performance Percentage”) to be applied to each Target Award to which a Performance Target relates in arriving at the actual Award payout amount
(“Performance Schedules”). 
 Section 5. Performance Targets. 
 The Committee shall establish Performance Targets for each Performance Period. Such Performance Targets shall be based on one or more of the following
Performance Measures (either alone or in any combination, and may be expressed with respect to the Company or one or more operating units or groups, as the Committee may determine): revenue growth; cash flow; cash flow from operations; net income;
earnings per share, diluted or basic; earnings per share from continuing operations, diluted or basic; earnings before interest and taxes; earnings before interest, taxes, depreciation, and amortization; earnings from continuing operations; net
asset turnover; inventory turnover; capital expenditures; net income; income from operations; income before income taxes; gross or operating margin; restaurant-level operating margin; profit margin; assets; debt; working capital; return on equity;
return on net assets; return on total assets; return on capital; return on investment; return on revenue; net or gross revenue; comparable restaurant sales; new restaurant openings; market share; economic value added; cost of capital; expense
reduction levels; safety record; stock price; productivity; customer satisfaction; employee satisfaction; and total shareholder return. For any Plan Year, Performance Measures may be determined on an absolute basis or relative to internal goals or
relative to levels attained in years prior to such Plan Year or related to other companies or indices or as ratios expressing relationships between two or more Performance Measures. 
 The measurement of any Performance Targets may exclude the impact of charges for extraordinary, unusual or non-recurring items (including without
limitation charges for restructurings and discontinued operations), and the cumulative effects of accounting changes, each as defined by generally accepted accounting principles and as identified in the Company’s audited financial statements,
including the notes thereto. Any Performance Targets may be used to measure the performance of Chipotle or a subsidiary of Chipotle as a whole or any business unit of Chipotle or any subsidiary or any combination thereof, as the Committee may deem
appropriate, or any of the above Performance Targets as compared to the performance of a group of comparator companies, or a published or special index that the Committee, in its discretion, deems appropriate. 
 Section 6. Awards. 
 (a)
Calculation. In the manner required by Section 162(m) of the Code, the Committee shall, promptly after the date on which the necessary financial and other information for a particular Performance Period becomes available, certify the
extent to which Performance Targets have been achieved. Using the Performance Schedule, the Committee shall determine the Performance Percentage applicable to each Performance Target and multiply the portion of the Target Award to which the
Performance Target relates by such Performance Percentage in order to arrive at the actual Award payout for such portion. 
  

 2 

 (b) Discretionary Reduction. The Committee may, in its discretion, reduce or
eliminate the amount of any Award payable to any Participant, based on such factors as the Committee may deem relevant, but the Committee may not increase the amount of any Award payable to any Participant above the amount established in accordance
with the relevant Performance Targets. For purposes of clarity, the Committee may exercise the discretion provided for by the foregoing sentence in a non-uniform manner among Participants. 
 (c) Limitation. The amount paid under the Plan to any Participant with respect to any Award for a Performance Period of one year
shall not exceed $5,000,000. The amount paid under the Plan to any Participant with respect to any Award for a Performance Period of more than one year shall not exceed $15,000,000. No Participant shall be eligible to earn Awards for more than three
Performance Periods that end within any single fiscal year of the Company. 
 (d) Payment. The Company shall pay Awards
as soon as administratively practical following certification by the Committee of the extent to which the applicable Performance Targets have been achieved and the determination of the actual Awards in accordance with Section 5 and this
Section 6, and in no event more than two and one half months following the end of the Performance Period to which such certification relates. 
 Section 7. General Provisions. 
 (a) No Rights to Awards or Continued Employment. No employee
of the Company shall have any claim or right to receive Awards under the Plan. Neither the Plan nor any action taken under the Plan shall be construed as giving any employee any right to be retained by the Company. 
 (b) No Limits on Other Awards and Plans. Nothing contained in this Plan shall prohibit the Company from establishing other special
awards or incentive compensation plans providing for the payment of incentive compensation to employees of the Company, including any Participants. 
 (c) Withholding Taxes. The Company shall deduct from all payments and distributions under the Plan any required federal, state or local governments tax withholdings. 
 (d) Unfunded Status of Plan. The Company shall not have any obligation to establish any separate fund or trust or other segregation
of assets to provide for payments under the Plan. To the extent any person acquires any rights to receive payments hereunder from the Company, such rights shall be no greater than those of an unsecured creditor. 
 (e) Effective Date; Amendment. The Plan was originally adopted by the Board of Directors on January 25, 2006, and approved by
the shareholders of Chipotle on January 25, 2006, and was amended and restated and approved by the shareholders of Chipotle on May 21, 2008. The Committee may at any time and from time to time alter, amend, suspend or terminate the Plan in
whole or in part, provided, however, that any alteration or amendment that requires shareholder approval in order to allow Awards under the Plan to qualify as “performance-based compensation” under Section 162(m) of the Code, or to
comply with other applicable laws or regulations, shall be made subject to such shareholder approval. 
  

 3 

 (f) Governing Law. The Plan and the rights of all persons under the Plan shall be
construed and administered in accordance with the laws of the State of Delaware without regard to its conflict of law principles. 
 (g) Interpretation. The Plan is designed and intended to comply with Section 162(m) of the Code and all provisions hereof shall be construed in a manner so to comply. 
  

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]