Document:

Form of Stock Appreciation Rights Agreement

 Exhibit 10.4.4 
 Form of Stock Appreciation Rights Agreement 
 This Stock Appreciation Rights Agreement (“SAR
Agreement”) evidences the grant to [            ] (the “Participant”) by Chipotle Mexican Grill, Inc. (the “Company”) of the right to receive shares of
Class A Common Stock of the Company (the “Shares”) on the terms and conditions provided for below (the “SAR”) pursuant to the Chipotle Mexican Grill, Inc. 2006 Stock Incentive Plan (the “Plan”). This SAR
Agreement and the SAR granted hereunder are expressly subject to all of the terms, definitions and provisions of the Plan as it may be amended and restated from time to time. Capitalized terms used in this SAR Agreement and not defined herein shall
have the meanings attributed to them in the Plan. 
 1. Grant Date and Term. The date on which the SARs are granted is
February 20, 2008 (the “Grant Date”). The term of the SARs is from the Grant Date until the seventh anniversary of the Grant Date, subject to earlier termination of employment. [INCLUDE FOR GRANTS SUBJECT TO SHAREHOLDER APPROVAL ONLY
- Notwithstanding anything in this SAR Agreement to the contrary, the SARs, and all of the rights and obligations under this SAR Agreement, are expressly conditioned on approval of the Plan, as proposed to be amended and restated, by the
shareholders of the Company at the Company’s Annual Meeting of Shareholders on May 21, 2008, or at any adjournment thereof. In the event the Plan is not so approved at such annual meeting, all of the rights and obligations under this SAR
Agreement will be immediately cancelled and neither the SARs nor this SAR Agreement shall be of any force or effect.] 
 2. Number of
Shares Subject to SARs; Rights Conferred by Grant of SARs. The number of shares of the Company’s Class A Common Stock (“Shares”) subject to the SARs is
[            ]. The SARs represent the right, upon exercise, to receive a number of Shares with a Fair Market Value, determined on the date of exercise, equal to the product of (i) the
aggregate number of Shares with respect to which this SAR is exercised and (ii) the excess of (A) the Fair Market Value of a Share as of the date of exercise over (B) the SAR Base Price specified below. The Participant shall not be
entitled to receive a cash payment in respect of the Shares underlying the SARs on any dividend payment date for the Shares. 
 3. Base
Price. The Base Price of the SARs is $[            ] (subject to any adjustment under Section 9 of the Plan). 
 4. Vesting. Subject to the provisions of the Plan and the Participant’s continued employment with the Company, the SARs shall vest as to
all Shares subject to the SARs on the third anniversary of the Grant Date. No accelerated vesting shall occur except as provided in the Plan, as determined by the Committee or as described in Section 10, 11, 12 or 14 of this SAR Agreement.

 5. Exercise of SARs. Except as provided in the Plan, the Participant may exercise a vested SAR, in whole or in part, at any time
during the term of the SARs by providing written notice to the Company stating the number of shares in respect of which the SAR is being exercised. Such written notice may be delivered in person or by certified mail to the Corporate Secretary of the
Company or in such other form or manner as the Committee may approve or any administrative agent engaged by the Company may specify for such purpose. The SARs may not be exercised with respect to a number of Shares that is less than the lesser of
(i) twenty-five or (ii) the total number of Shares remaining available for exercise pursuant to this SAR Agreement. Upon exercise, the Participant will receive a number of Shares having a Fair Market Value equal to the product of the
excess of (A) the Fair Market Value of a Share over the Base Price and (B) the number of Shares with respect to which the SARs are exercised. 
 6. Transferability of SAR.  
 The SARs granted hereby shall not be transferable except in accordance
with the following provisions: 
 a) Limit on Transfers. During the Participant’s lifetime, all SARs shall be
exercisable only by the Participant or by the legal guardian of a disabled Participant. 

 b) Dispositions to Beneficiaries. A Participant shall have the right to
designate a beneficiary who shall be entitled to exercise the Participant’s SARs (subject to their terms and conditions) following the Participant’s death, and to whom any amounts payable following the Participant’s death shall be
paid. Such designation shall be made in such manner and in accordance with such procedures as may be established by the Committee from time to time. If no beneficiary designation has been made to the Committee at the time of a Participant’s
death, then the Participant’s beneficiary shall be deemed to be the Participant’s estate or heirs pursuant to the laws of descent and distribution. In order to exercise a SAR after the Participant’s death, the beneficiary, or if no
beneficiary designation has been made the personal representative of Participant’s estate or Participant’s lawful heirs, must agree to be bound by the provisions of the Plan and this SAR Agreement and to be treated as the
“Participant” under the Plan and the SAR Agreement. All references to a “Participant” under the Plan and this SAR Agreement shall be deemed to refer to the Participant’s beneficiaries, the personal representative of
Participant’s estate or Participant’s heirs, as applicable after his or her death; provided, however, that references in the Plan or this SAR Agreement to the employment of a Participant or to the termination of such
Employment or to any competitive activity by a Participant shall continue to refer to the employment or any competitive activity of the Participant. 
 c) Legal Restrictions on Transferability and Exercise. The SARs covered hereby may not be exercised in any manner or at any time if the issuance of Shares upon the exercise of the SARs would constitute a
violation of any applicable federal or state securities or other law or regulation. The Participant agrees that if any of the Shares acquired by exercise of the SAR granted hereunder are registered under the Securities Act, no public offering
(otherwise than on a national securities exchange, as defined in the Exchange Act) of any Shares acquired by exercise of the SARs will be made by the Participant or by any successor under circumstances such that the Participant or such successor may
be deemed an underwriter, as defined in the Securities Act. 
 7. Withholding Taxes. No later than the date as of which an amount
first becomes includible in the gross income of the Participant for federal income tax purposes with respect to the SARs, the Participant shall pay to the Company or make arrangements satisfactory to the Committee regarding the payment of, any
federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. If approved by the Committee in its sole discretion, the minimum required withholding obligations may be settled with Shares, including
without limitation Shares otherwise delivered upon exercise of the SARs. The obligations of the Company under the Plan and this SAR Agreement shall be conditional on such payment, and the Company shall, to the extent permitted by law, have the right
to deduct any such taxes from any payment otherwise due to the Participant. 
 8. Applicability of the Plan. The SARs and the
Shares that may be purchased by exercise of the SARs are subject to all provisions of the Plan and all determinations of the Committee made in accordance with the terms of the Plan. By executing this SAR Agreement, the Participant expressly
acknowledges (i) receipt of the Plan and any current Plan prospectus and (ii) the applicability of all provisions of the Plan to the SARs. In the event of any inconsistency between this SAR Agreement and the Plan, the Plan shall control.

 9. General Termination of Employment. This Section 9 sets forth the normal treatment of the SARs following the date on
which the employment relationship between Participant and the Company (including any subsidiary or parent of the Company) ceases to exist (the “Date of Termination”) where such termination does not result from circumstances described in
Sections 10 through 13 below. Notwithstanding any provision of this Section 9 or ensuing Sections 10 through 12 to the contrary, after a Participant’s Date of Termination, no SAR may be exercised after the end of its full term specified
pursuant to Section 1, unless otherwise determined by the Committee. In addition, the Participant’s SARs, and the rights and obligations set forth herein, are subject to amendment, adjustment or termination pursuant to the Plan and/or
Section 15: 
 a) Unvested SARs Held on the Date of Termination. Any unvested SARs held by the Participant as
of the Date of Termination shall immediately expire. 

 b) Post-Termination Exercise and Expiration. The deadline for
Participant’s exercise of any vested SARs held by the Participant as of the Date of Termination (the “Exercise Deadline”) shall be 90 days after the Date of Termination. Any vested but unexercised SARs not exercised on or before
the Exercise Deadline shall immediately expire. 
 10. Economic Termination. In the event that the Committee determines that a
Participant’s Employment terminates as a result of a reduction in force or downsizing related to plant or facility closings, technology changes, reorganizations within the Company or a subsidiary of the Company, as applicable, or adverse
economic or business conditions then: 
 a) Unvested SARs Held on the Date of Termination. Any unvested SARs held
by the Participant as of the Date of Termination that are scheduled to vest on or before the first anniversary of the Date of Termination shall vest immediately. Any other unvested SARs held by the Participant on the Date of Termination shall
immediately expire. 
 b) Post-Termination Exercise and Expiration. The Exercise Deadline for Participant’s
exercise of any vested SARs held by the Participant as of the Date of Termination (determined after application of Section 10 (a)) shall be 90 days after the Date of Termination. Any vested but unexercised SARs not exercised on or before
the Exercise Deadline shall immediately expire. 
 11. Participant’s Retirement or Becoming a Franchisee. The Company has
specified criteria for classification as a “Retiree” for purposes of certain compensation plans which include a requirement that an employee shall have achieved the combined Age and Years of Service (as those terms are defined below) of at
least 70. In this Section 11, the term “Age” of a Participant means (as of a particular date of determination), the Participant’s age on that date in whole years and any fractions thereof, and the term “Years of
Service” means the number of years and fractions thereof during the period beginning on a Participant’s most recent commencement of employment with the Company or a subsidiary or parent of the Company and ending on such Participant’s
Date of Termination. In the event that a Participant meeting the Age and Years of Service criteria for classification as a Retiree retires or if a Participant becomes a franchisee of the Company (or of a subsidiary of the Company whose financial
results are consolidated with those of the Company), then provided such Participant gave the Chief Executive Officer of the Company or his or her designee at least six months prior written notice of retirement and additionally agreed for a period of
two years after such retirement or acquisition of a franchise not to engage in any “competitive activity” with the Company (as determined from time to time by the Committee), the following special provisions shall apply: 
 a) Unvested SARs Held on the Date of Termination. Any unvested SARs held by the Participant as of the Date of Termination that
are scheduled to vest on or before the third anniversary of the Date of Termination shall vest immediately. Any other unvested SARs held by the Participant as of the Date of Termination shall immediately expire. 
 b) Post-Termination Exercise and Expiration. The Exercise Deadline for the Participant’s vested SARs (determined after
application of Section 11(a)) shall be the third anniversary of the Date of Termination. Any unexercised SARs held by the Participant shall expire immediately after the Exercise Deadline. 

 12. Death or Disability. In the event that a Participant’s Employment is terminated by
reason of death or disability (for purposes of this SAR Agreement, “disability” shall mean that the Participant is unable to perform his or her job duties due to a medically diagnosed permanent physical or mental condition), the following
shall apply: 
 a) Unvested SARs Held on the Date of Termination. Any unvested SARs held by the Participant as of
the Date of Termination shall immediately vest. 
 b) Post-Termination Exercise and Expiration. The Exercise
Deadline for any SARs held by the Participant (or his or her beneficiaries or estate, in the case of death) on the Date of Termination shall be the third anniversary of the Date of Termination. Any unexercised SARs held by the Participant (or his or
her beneficiaries or estate, in the case of death) shall expire immediately after the Exercise Deadline. 
 13. Termination For
Cause. In the event that the Company determines a Participant’s Employment is terminated for Cause (as defined in the Plan), any SARs held by such Participant on the Date of Termination, whether vested or unvested, shall immediately
expire. 
 14. Change in Control. In the event of a Change in Control following which the Common Stock will not continue to be listed
for trading on a national securities exchange, the Committee shall arrange for the substitution for any unvested SARs with the grant of a replacement award (the “Replacement Award”) to Participant of an option or stock appreciation right
issued by the surviving or successor entity (or the ultimate parent thereof) in such Change in Control that meets all of the following criteria: 
 (a) Such Replacement Award shall be denominated in securities listed for trading following such Change in Control on a national securities exchange. 
 (b) Such Replacement Award shall provide Participant with substantially the same economic value and benefits as provided by this SAR
Agreement and the unvested SARs, including (i) an aggregate exercise or base price equal to the aggregate Base Price of the unvested SARs, (ii) an aggregate spread determined immediately after such Change in Control equal to the aggregate
spread of the unvested SARs as determined immediately prior to such Change in Control, and (iii) a ratio of exercise price or base price to the fair market value of the stock subject to such Replacement Award, as determined immediately after
the Change in Control, that is equal to the ratio of Base Price of the unvested SARs to the Fair Market Value of the Common Stock, as determined immediately prior to the Change in Control. Notwithstanding anything to the contrary contained herein,
the substitution of the Replacement Award for the unvested SARs shall be done in a manner that complies with Section 409A of the Code. 
 (c) Such Replacement Award shall vest on the earlier to occur of the date the SARs would otherwise have vested under the terms of this SAR Agreement and the third anniversary of the Grant Date, subject to
Participant’s continued employment with the surviving or successor entity (or a direct or indirect subsidiary or ultimate parent thereof) through such date, provided, however, that such Replacement Award will vest immediately if
Participant’s employment is terminated by the surviving or successor entity Without Cause or by Participant for Good Reason, in either case at any time prior to the date of vesting of such Replacement Award. 
 (d) Notwithstanding Section 14(c), such Replacement Award shall vest immediately prior to (i) any transaction with respect to
the surviving or successor entity (or parent or subsidiary company thereof) of substantially similar character to a Change in Control, or (ii) the securities underlying such Replacement Award ceasing to be listed on a national securities
exchange. 

 Upon such substitution the unvested SARs and this SAR Agreement shall terminate and be of no further force and effect;
but if the Committee does not or cannot provide for a Replacement Award meeting all of the terms set forth above, any unvested SARs shall vest immediately prior to such Change in Control and the Participant shall be entitled to exercise the SARs and
receive upon such exercise the consideration to which Participant would have been entitled in such Change in Control transaction as a holder of Common Stock had the SARs been exercised in accordance with Section 5 on the business day
immediately preceding such Change in Control transaction. 
 15. Modification; Waiver. Except as provided in the Plan or this SAR
Agreement, no provision of this SAR Agreement may be amended, modified, or waived unless such amendment or modification is agreed to in writing and signed by the Participant and by a duly authorized officer of the Company, and such waiver is set
forth in writing and signed by the party to be charged, provided that any change that is advantageous to Participant may be made by the Committee without Participant’s consent or written signature or acknowledgement. No waiver by either party
hereto at any time of any breach by the other party hereto of any condition or provision of this SAR Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior
or subsequent time. Participant acknowledges and agrees that the Committee has the right to amend an outstanding SAR in whole or in part from time-to-time if the Committee believes, in its sole and absolute discretion, such amendment is required or
appropriate in order to conform the SAR to, or otherwise satisfy any legal requirement (including without limitation the provisions of Section 409A of the Code). Such amendments may be made retroactively or prospectively and without the
approval or consent of the Participant to the extent permitted by applicable law, provided that the Committee shall not have any such authority to the extent that the grant or exercise of such authority would cause any tax to become due under
Section 409A of the Code. 
 16. Notices. Except as the Committee may otherwise prescribe or allow in connection with
communications procedures developed in coordination with any third party administrator engaged by the Company, all notices, including notices of exercise, requests, demands or other communications required or permitted with respect to the Plan,
shall be in writing addressed or delivered to the parties. Such communications shall be deemed to have been duly given to any party when delivered by hand, by messenger, by a nationally recognized overnight delivery company, by facsimile, or by
first-class mail, postage prepaid and return receipt requested, in each case to the applicable addresses set forth below: 
 If to the
Participant: 
 to the Participant’s most recent address on the records of the Company 
 If to the Company: 
 Chipotle
Mexican Grill, Inc. 
 1543 Wazee 
 Denver, CO 80202 
 Attn: Human Resources Executive Director 
 Facsimile: 303-222-2500 
 (or to such other address as the party in question shall from time to time designate by written notice to the other parties). 
 [Remainder of Page Intentionally Left Blank - Signature Page Follows] 

 17. Governing Law. Except to the extent that provisions of the Plan are governed by
applicable provisions of the Code or other substantive provisions of federal law, the Plan and all SARs made and actions taken thereunder shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without
regard to the principles of conflicts of law thereof. 
  

			
	CHIPOTLE MEXICAN GRILL, INC.
	
	  

	By:	 	[Name]
		 	[Title]
	
	[NAME OF PARTICIPANT]Form of Performance Share Agreement

 Exhibit 10.4.5 
 Form of Performance Share Agreement 
  

							
	Name of Participant:	  	  
	  		  	
			
	No. of Shares:	  	  
	  	Shares Class A Common Stock
				
	Grant Date:	  	  
	  		  	

 This Performance Share Agreement (“Agreement”) evidences the grant to the Participant by
Chipotle Mexican Grill, Inc. (the “Company”) of the right to receive shares of Class A Common Stock of the Company, $.01 par value per share (“Common Stock”), on the terms and conditions provided for herein pursuant to
the Chipotle Mexican Grill, Inc. 2006 Stock Incentive Plan (the “Plan”). Except as specifically set forth herein, this Agreement and the rights granted hereunder are expressly subject to all of the terms, definitions and provisions of
the Plan as it may be amended and restated from time to time. Capitalized terms used in this Agreement and not defined herein shall have the meanings attributed to them in the Plan. 
 Notwithstanding anything in this Agreement to the contrary, this award, and all of the rights and obligations under this Agreement, are expressly
conditioned on approval of the Plan, as proposed to be amended and restated, by the shareholders of the Company at the Company’s Annual Meeting of Shareholders on May 21, 2008, or at any adjournment thereof. In the event the Plan is not so
approved at such annual meeting, all of the rights and obligations under this Agreement will be immediately cancelled and neither the Performance Shares nor this Agreement shall be of any force or effect. 
 1. Grant of Performance Shares. Subject to the terms and provisions of this Agreement and the Plan, the Company hereby grants to Participant
the right to be issued up to the total number of shares of Common Stock set forth above (the “Performance Shares”), subject to the following conditions: 
 (a) Certification by the Committee of achievement of the Performance Terms set forth on Appendix A; 
 (b) Participant being continuously employed (subject to the provisions of Section 2) with the Company from the Grant Date through the
date of the Committee’s certification of the achievement of the Performance Terms; 
 (c) The occurrence of the Threshold
Date set forth on Appendix A; and 
 (d) The satisfaction or occurrence of any additional conditions to vesting set forth on
Appendix A. 
 The date on which all of the conditions set forth above are satisfied is the “Vesting Date,” and the Company will issue the
Performance Shares to the Participant as soon as practicable following the Vesting Date, but in any event within 60 days of the Vesting Date. Notwithstanding the foregoing, if the Vesting Date has not been achieved prior to the Expiration Date set
forth in Appendix A, this award will be forfeited and cancelled automatically as of such Expiration Date, and no Performance Shares will be issued hereunder. 
 This Agreement represents the Company’s unfunded and unsecured promise to issue the Performance Shares at a future date, subject to the terms of this Agreement and the Plan. Participant has no rights under this Agreement other than the
rights of a general unsecured creditor of the Company. 
 Subject to the satisfaction of any tax withholding obligations described in Section 5 below,
you may elect to defer the receipt of any of the Performance Shares by submitting to the Company a deferral election in the form provided to you by the Company. In the event you intend to defer the receipt of Performance Shares, you must submit to
the Company a completed deferral election form no 

 
later than the Final Election Date (as defined below). By submitting such deferral election, you represent that you understand the effect of any such
deferral under relevant federal, state and local tax and social security laws, including, but not limited to, the fact that social security contributions may be due upon the Vesting Date notwithstanding your deferral election. Any deferral election
may be amended or terminated prior to the Final Election Date. A deferral election shall become irrevocable on the Final Election Date and any deferral election or revision of a deferral election submitted after the Final Election Date shall be void
and of no force or effect. The “Final Election Date” shall be the later to occur of the following: (i) 30 days following the Grant Date, and (ii) the last business day occurring on or before the date that is six months
prior to the date on which the Performance Terms are satisfied, provided that in no circumstances will the Final Election Date be later than the date Participant ceases to provide services to the Company. 
 2. Termination of Employment. Subject to the provisions that follow in this Section 2 and Section 3, if at any time prior to the Vesting
Date the Participant’s service with the Company terminates, then notwithstanding any contrary provision of this Agreement, this award will be forfeited and cancelled automatically as of the date of such termination, and no Performance Shares
will be issued hereunder. 
 Notwithstanding the foregoing or any contrary provision in the Plan, if the Participant’s employment terminates prior to
the Vesting Date as a result of Participant’s death, or the Committee determines that such termination is in connection with the Participant’s Retirement (as defined below), or is as a result of the Participant’s becoming a Franchisee
(as defined below) or the Participant’s medically diagnosed permanent physical or mental inability to perform his or her job duties, then the award evidenced by this Agreement will continue in force following the date of such termination, and,
subject to any then effective deferral election, as soon as practicable following occurrence of what would otherwise be the Vesting Date but for the termination of Participant’s service with the Company (such date, the “Payout Date”),
but in any event within 60 days of the Payout Date, a pro-rata portion of the Performance Shares will be issued to the Participant (or if applicable his or her estate, heirs or beneficiaries) reflecting the period of Participant’s continued
service to the Company from and after the Grant Date through the date of termination of Participant’s service. The Committee will determine the pro-rata portion of the Performance Shares to be paid out under the following formula: Total number
of Performance Shares multiplied by (Number of days of service following Grant Date divided by number of days between Grant Date and Payout Date). 
 For
purposes of this Section 2, “Retirement” means that a Participant having a combined Age and Years of Service (as those terms are defined below) of at least 70 (a) has given the Chief Executive Officer of the Company or his or her
designee at least six months prior written notice of such Participant’s retirement; (b) has agreed for a period of two years after such retirement not to engage in any “competitive activity” with the Company (as determined from
time to time by the Committee); and (c) voluntarily terminates from service with the Company. The term “Age” of a Participant means (as of a particular date of determination), the Participant’s age on that date in whole years and
any fractions thereof, and the term “Years of Service” means the number of years and fractions thereof during the period beginning on a Participant’s most recent commencement of employment with the Company or a subsidiary or parent of
the Company and ending on the date of such Participant’s termination of service with the Company. 
 For purposes of this Section 2, a
Participant’s becoming a “Franchisee” means the Participant becoming a franchisee of the Company (or of a subsidiary of the Company whose financial results are consolidated with those of the Company), provided such Participant has
agreed for a period of two years after such acquisition of a franchise not to engage in any “competitive activity” with the Company (as determined from time to time by the Committee). 
 3. Change in Control. 
 (a) In the event of a Change in Control that does not also constitute a “change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation” under
Treas. Reg. § 1.409A-3(i)(5), then (i) the Performance Shares shall remain outstanding, (ii) the Performance Shares shall continue to be subject to the terms of this Agreement, and (iii) the provisions of the second
paragraph of Section 7 of the Plan shall not apply to such Performance Shares. 

 (b) In the event of a Change in Control that is also a “change in the ownership or
effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation” under Treas. Reg. § 1.409A-3(i)(5), then (i) the Performance Shares (or any Replacement Award, as defined
below) shall remain outstanding, (ii) the Performance Shares shall continue to be subject to the terms of this Agreement, (iii) the provisions of the second paragraph of Section 7 of the Plan shall apply to such Performance Shares,
and (iv) such Performance Shares shall be paid out within 60 days of the earlier of (A) the date the Performance Shares would otherwise be paid out hereunder and (B) the date of the Participant’s Qualifying Termination. This
paragraph shall not apply if paragraph (c) below is applicable. 
 (c) In the event of a Change in Control that is also a
“change in the ownership of a corporation” under Treas. Reg. § 1.409A-3(i)(5)(v) or a “change in the ownership of a substantial portion of a corporation’s assets” under Treas. Reg. § 1.409A-3(i)(5)(vii)
(a “Special CIC”), the Performance Shares subject to this Agreement shall immediately vest and the Participant shall receive, within 10 days of such Special CIC, the consideration (including all stock, other securities or assets, including
cash) payable in respect of the Performance Shares as if they were vested, issued and outstanding at the time of such Special CIC; provided, however, that with respect to Performance Shares that are otherwise subject to a “substantial risk of
forfeiture” under Treas. Reg. § 1-409A-1(d) and to the extent permitted by Treas. Reg. § 1.409-3, the Committee may arrange for the substitution for the Performance Shares with the grant of a replacement award (the
“Replacement Award”) to Participant of shares of restricted stock of the surviving or successor entity (or the ultimate parent thereof) in such Change in Control, but only if all of the following criteria are met: 
 (i) Such Replacement Award shall consist of securities listed for trading following such Change in Control on a national securities
exchange; 
 (ii) Such Replacement Award shall have a value as of the date of such Change in Control equal to the value of the
Performance Shares, calculated as if the Performance Shares were exchanged for the consideration (including all stock, other securities or assets, including cash) payable for shares of Common Stock in such Change in Control transaction; 

(iii) Such Replacement Award shall become vested and the securities underlying the Replacement Award shall be issued to the Participant
on the date that is one year prior to the Expiration Date, or if such Change in Control occurs following that date shall become vested and shall be issued on the Expiration Date, in either case subject to Participant’s continued employment with
the surviving or successor entity (or a direct or indirect subsidiary thereof) through such date, provided, however, that such Replacement Award will vest immediately upon and the securities underlying the Replacement Award shall be issued within 60
days after the date that (i) the Participant’s employment is terminated by the surviving or successor entity Without Cause, (ii) the Participant’s employment is terminated for Good Reason, (iii) the Participant’s death
or (iv) the Participant’s medically diagnosed permanent physical or mental inability to perform his or her job duties; and 
 (iv) Notwithstanding Section 3(c), such Replacement Award shall vest immediately prior to and the securities underlying the Replacement Award shall be issued to the Participant upon (A) any transaction with respect to the
surviving or successor entity (or parent or subsidiary company thereof) of substantially similar character to a Change in Control, or (B) the securities constituting such Replacement Award ceasing to be listed on a national securities exchange.

 Upon such substitution the Performance Shares shall terminate and be of no further force and effect. 
 4. Rights as Shareholder. Participant shall not have any of the rights of a shareholder with respect to the Performance Shares except to the
extent that such Performance Shares are issued to Participant in accordance with the terms and conditions of this Agreement and the Plan. 
 5. No Right to Continued Employment. Nothing contained in this Agreement shall be deemed to grant Participant any right to continue in the employ of the Company for any period of time or to any right to continue his or her present or
any other rate of compensation, nor shall this Agreement be construed as giving Participant, Participant’s beneficiaries or any other person any equity or interests of any kind in the assets of the Company or creating a trust of any kind or a
fiduciary relationship of any kind between the Company and any such person. 
 6. Withholding Taxes. No later than the date as of
which an amount first becomes includible in the gross income of the Participant for federal income tax purposes with respect to the Performance Shares, the Participant shall pay to the Company or make arrangements satisfactory to the Committee
regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. If approved by the Committee in its sole discretion, the minimum required withholding obligations may be
settled with a portion of the Performance Shares. The obligations of the Company under the Plan and this Agreement shall be conditional on such payment, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes
from any payment otherwise due to the Participant. 
 7. No Fractional Shares. If any terms of this Agreement call for payment of a
fractional Performance Share, the number of Performance Shares issuable hereunder will be rounded down to the nearest whole number. 
 8.
Non-Transferability of Award. The Performance Shares shall not be assignable or transferable by the Participant prior to their vesting and issuance in accordance with Sections 1 or 2, except by will or by the laws of descent and distribution.
In addition, no Performance Shares shall be subject to attachment, execution or other similar process prior to vesting. 
 9.
Applicability of the Plan. Except as specifically set forth herein, the Performance Shares are subject to all provisions of the Plan and all determinations of the Committee made in accordance with the terms of the Plan. By executing this
Agreement, the Participant expressly acknowledges (i) receipt of the Plan and any current Plan prospectus and (ii) the applicability of the provisions of the Plan to the Performance Shares. 
 10. Additional Conditions to Issuance of Performance Shares. Notwithstanding the occurrence of the Vesting Date or Payout Date, the Company shall
not be required to issue any Performance Shares hereunder so long as the Company reasonably anticipates that such issuance will violate federal or state securities law or other applicable law; provided however, that in such event the Company shall
issue such Performance Shares at the earliest possible date at which the Company reasonably anticipates that the issuance of the shares will not cause such violation. 
 11. Modification; Waiver. Except as provided in the Plan or this Agreement, no provision of this Agreement may be amended, modified, or waived unless such amendment or modification is agreed to in writing
and signed by the Participant and by a duly authorized officer of the Company, and such waiver is set forth in writing and signed by the party to be charged, provided that any change that is advantageous to Participant may be made by the Committee
without Participant’s consent or written signature or acknowledgement. No waiver by either party hereto at any time of any breach by the other party hereto of any condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. Participant acknowledges and agrees that the Committee has the right to amend this Agreement in whole or in part from
time-to-time if the Committee believes, in its sole and absolute discretion, such amendment is 

 
required or appropriate in order to conform the award evidenced hereby to, or otherwise satisfy any legal requirement (including without limitation the
provisions of Section 409A of the Code). Such amendments may be made retroactively or prospectively and without the approval or consent of the Participant to the extent permitted by applicable law, provided that the Committee shall not have any
such authority to the extent that the grant or exercise of such authority would cause any tax to become due under Section 409A of the Code. 
 12. Notices. Except as the Committee may otherwise prescribe or allow in connection with communications procedures developed in coordination with any third party administrator engaged by the Company, all notices, including
notices of exercise, requests, demands or other communications required or permitted with respect to the Plan, shall be in writing addressed or delivered to the parties. Such communications shall be deemed to have been duly given to any party when
delivered by hand, by messenger, by a nationally recognized overnight delivery company, by facsimile, or by first-class mail, postage prepaid and return receipt requested, in each case to the applicable addresses set forth below: 
 If to the Participant: 
 to
the Participant’s most recent address on the records of the Company 
 If to the Company: 
 Chipotle Mexican Grill, Inc. 
 1543 Wazee 
 Denver, CO 80202 
 Attn: Human Resources Executive Director 
 Facsimile: 303-222-2500 
 (or to such other address as the party in question shall from time to time designate by written
notice to the other parties). 
 13. Governing Law. Except to the extent that provisions of the Plan are governed by applicable
provisions of the Code or other substantive provisions of federal law, this Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard to the principles of conflicts of law thereof.

  

			
	CHIPOTLE MEXICAN GRILL, INC.
	
	  

	By:	 	Darlene Friedman
		 	 Chair, Compensation Committee of the Board of
 Directors

	
	[NAME OF PARTICIPANT]

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