Document:

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

 Exhibit 10.2 
 AMENDED AND RESTATED 
 CHIPOTLE MEXICAN GRILL, INC. 
 2006 STOCK INCENTIVE PLAN 
 (As
Adopted May 21, 2008) 
  

	1.	Purpose of the Plan 

 This Chipotle Mexican Grill,
Inc. Amended and Restated 2006 Stock Incentive Plan is intended to promote the interests of the Company and its shareholders by providing the employees of the Company and eligible non-employee directors of Chipotle, who are largely responsible for
the management, growth and protection of the business of the Company, with incentives and rewards to encourage them to continue in the service of the Company. The Plan is designed to meet this intent by providing such employees and eligible
non-employee directors with a proprietary interest in pursuing the long-term growth, profitability and financial success of the Company. 
  

	2.	Definitions 

 As used in the Plan or in any
instrument governing the terms of any Incentive Award, the following definitions apply to the terms indicated below: 
 (a) “Board of
Directors” means the Board of Directors of Chipotle. 
 (b) “Cause” means, when used in connection with the termination of a
Participant’s employment with the Company, unless otherwise provided in the Participant’s award agreement with respect to an Incentive Award or effective employment agreement or other written agreement with respect to the termination of a
Participant’s employment with the Company, the termination of the Participant’s employment with the Company on account of: (i) a failure of the Participant to substantially perform his or her duties (other than as a result of physical
or mental illness or injury); (ii) the Participant’s willful misconduct or gross negligence which is materially injurious to the Company; (iii) a breach by a Participant of the Participant’s fiduciary duty or duty of loyalty to
the Company; (iv) the Participant’s unauthorized removal from the premises of the Company of any document (in any medium or form) relating to the Company or the customers of the Company; or (v) the commission by the Participant of any
felony or other serious crime involving moral turpitude. Any rights the Company may have hereunder in respect of the events giving rise to Cause shall be in addition to the rights the Company may have under any other agreement with the Participant
or at law or in equity. If, subsequent to a Participant’s termination of employment, it is discovered that such Participant’s employment could have been terminated for Cause, the Participant’s employment shall, at the election of the
Committee, in its sole discretion, be deemed to have been terminated for Cause retroactively to the date the events giving rise to Cause occurred. 

 (c) “Change in Control” means the occurrence of any of the following: 
 (i) Any Person becoming the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act, a “Beneficial Owner”)
of twenty-five percent or more of the combined voting power of Voting Securities; provided, however that a Change in Control shall not be deemed to occur by reason of an acquisition of Voting Securities by the Company or by an employee
benefit plan (or a trust forming a part thereof) maintained by the Company; and provided, further that a Change in Control shall not be deemed to occur solely because any Person becomes the Beneficial Owner of twenty-five percent or
more of the outstanding Voting Securities (A) in connection with a Business Combination that is not a Change in Control pursuant to sub-clause (iii), below, or (B) as a result of the acquisition of Voting Securities by the Company which,
by reducing the number of Voting Securities deemed to be outstanding, increases the proportional number of shares Beneficially Owned by such Person, except that a Change in Control shall occur if a Change in Control would have occurred (but for the
operation of this proviso) as a result of the acquisition of Voting Securities by the Company, and after such acquisition such Person becomes the Beneficial Owner of any additional Voting Securities following which such Person is the Beneficial
Owner of twenty-five percent or more of the outstanding Voting Securities; 
 (ii) The individuals who, as of March 19, 2008, are
members of the Board of Directors (the “Incumbent Board”), cease for any reason to constitute at least a majority of the members of the Board of Directors; provided, however that if the election or appointment, or
nomination for election by Chipotle’s common stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of the Plan, thereafter be considered as a member of the
Incumbent Board; provided, further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of an actual or threatened solicitation of proxies or consents by or
on behalf of a Person other than the Board of Directors (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Proxy Contest; or 
 (iii) The consummation of: 
 (A) A merger, consolidation, reorganization or similar transaction (any of the foregoing, a “Business Combination”) with or into the Company or in which securities of Chipotle are issued, unless such Business Combination is a
Non-Control Transaction. 
 (B) A complete liquidation or dissolution of the Company; or 
 (C) The sale or other disposition of all or substantially all of the assets of the Company (on a consolidated basis) to any Person other
than the Company or an employee benefit plan (or a trust forming a part thereof) maintained by the Company or by a Person which, immediately thereafter, will have all its voting securities owned by the holders of the Voting Securities immediately
prior thereto, in substantially the same proportions. 
  

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 For purposes of the Plan, a “Non-Control Transaction” is Business Combination involving the
Company where: 
 (A) the holders of Voting Securities immediately before such Business Combination own, directly or
indirectly immediately following such Business Combination more than fifty percent of the combined voting power of the outstanding voting securities of the parent corporation resulting from, or issuing its voting securities as part of, such Business
Combination (the “Surviving Corporation”) in substantially the same proportion as their ownership of the Voting Securities immediately before such Business Combination by reason of their prior ownership of Voting Securities,

 (B) the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing
for such Business Combination constitute a majority of the members of the board of directors of the Surviving Corporation, or a corporation beneficially owning a majority of the voting securities of the Surviving Corporation, and 
 (C) no Person other than the Company or any employee benefit plan (or any trust forming a part thereof) maintained immediately prior to
such Business Combination by the Company or any of its Subsidiaries immediately following the time at which such transaction occurs, is a Beneficial Owner of twenty-five percent or more of the combined voting power of the Surviving
Corporation’s voting securities outstanding immediately following such Business Combination. 
 Notwithstanding the foregoing, a Change
in Control shall not be deemed to occur as a result of any event or transaction to the extent that treating such event or transaction as a Change in Control would cause any tax to become due under Section 409A of the Code. 
 (d) “Chipotle” means Chipotle Mexican Grill, Inc., a Delaware corporation, and any successor thereto. 
 (e) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and all regulations, interpretations and administrative
guidance issued thereunder. 
 (f) “Committee” means the Compensation Committee of the Board of Directors or such other committee
as the Board of Directors shall appoint from time to time to administer the Plan and to otherwise exercise and perform the authority and functions assigned to the Committee under the terms of the Plan. 
 (g) “Common Stock” means Chipotle’s Class A Common Stock, $0.01 par value per share, or any other security into which the common
stock shall be changed pursuant to the adjustment provisions of Section 9 of the Plan. 
 (h) “Company” means Chipotle and all
of its Subsidiaries, collectively. 
  

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 (i) “Covered Employee” means a Participant who at the time of reference is a “covered
employee” as defined in Section 162(m) of the Code and the regulations promulgated thereunder. 
 (j) “Director” means a
member of the Board of Directors who is not at the time of reference an employee of the Company. 
 (k) “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 
 (l) “Fair Market Value” or “FMV” as of any date means, unless otherwise
expressly provided in the Plan, the closing sale price of a share of Common Stock on the New York Stock Exchange (“NYSE”) (or such other national securities exchange as may at the time be the principal market for the Common Stock) on that
date or, if no sale of the Company’s Common Stock occurred on that date, on the next preceding day on which a sale of Common Stock occurred. If the Common Stock is not then listed and traded on the NYSE or other national securities exchange,
Fair Market Value shall be what the Committee determines in good faith to be 100% of the fair market value of a share of Common Stock on that date, using such criteria as it shall determine, in its sole discretion, to be appropriate for valuation.

 (m) “Good Reason” means, unless otherwise provided in any award agreement entered between the Company and the Participant with
respect to an Incentive Award or effective employment agreement or other written agreement between the Participant and the Company with respect to the termination of a Participant’s employment with the Company, the Participant’s
termination of employment on account of: (i) a material diminution in a Participant’s duties and responsibilities other than a change in such Participant’s duties and responsibilities that results from becoming part of a larger
organization following a Change in Control, (ii) a decrease in a Participant’s base salary, bonus opportunity or benefits other than a decrease in bonus opportunity or benefits that applies to all employees of the Company otherwise
eligible to participate in the affected plan or (iii) a relocation of a Participant’s primary work location more than 30 miles from the Participant’s work location on the date of grant of a Participant’s Incentive Awards under
the Plan, without the Participant’s prior written consent; provided that, within thirty days following the occurrence of any of the events set forth herein, the Participant shall have delivered written notice to the Company of his or her
intention to terminate his or her employment for Good Reason, which notice specifies in reasonable detail the circumstances claimed to give rise to the Participant’s right to terminate employment for Good Reason, and the Company shall not have
cured such circumstances within thirty days following the Company’s receipt of such notice. 
 (n) “Incentive Award” means an
Option or Other Stock-Based Award granted to a Participant pursuant to the terms of the Plan. 
 (o) “Option” means an option to
purchase shares of Common Stock granted to a Participant pursuant to Section 6. 
 (p) “Other Stock-Based Award” means an
equity or equity-related award granted to a Participant pursuant to Section 7. 
  

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 (q) “Participant” means a Director or employee of the Company who is eligible to participate in
the Plan and to whom one or more Incentive Awards have been granted pursuant to the Plan and, following the death of any such Person, his successors, heirs, executors and administrators, as the case may be. 
 (r) “Performance-Based Compensation” means compensation intended to satisfy the requirements of Section 162(m) of the Code for
deductibility of remuneration paid to Covered Employees. 
 (s) “Performance Measures” means such measures as are described in
Section 8 on which performance goals are based in order to qualify certain awards granted hereunder as Performance-Based Compensation. 
 (t) “Performance Period” means the period of time during which the performance goals must be met in order to determine the degree of payout and/or vesting with respect to an Incentive Award that is intended to qualify as
Performance-Based Compensation. 
 (u) “Person” means a “person” as such term is used in Section 13(d) and 14(d) of
the Exchange Act, including any “group” within the meaning of Section 13(d)(3) under the Exchange Act. 
 (v) “Plan”
means this Amended and Restated Chipotle Mexican Grill, Inc. 2006 Stock Incentive Plan, as it may be amended from time to time. 
 (w)
“Qualifying Termination” means a Participant’s termination of employment by the Company Without Cause or for Good Reason, in either case during the period commencing on a Change in Control and ending on the second anniversary of the
Change in Control. 
 (x) “Securities Act” means the Securities Act of 1933, as amended. 
 (y) “Subsidiary” means any “subsidiary” within the meaning of Rule 405 under the Securities Act. 
 (z) “Voting Securities” means, at any time, Chipotle’s then outstanding voting securities. 
 (aa) “Without Cause” means a termination of a Participant’s employment with the Company other than: (i) a termination of employment
by the Company for Cause, (ii) a termination of employment as a result of the Participant’s death or Disability or (iii) a termination of employment by the Participant for any reason. 
  

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	3.	Stock Subject to the Plan 

 (a) In General

 Subject to adjustment as provided in Section 9 and the following provisions of this Section 3, the maximum number of shares of
Common Stock that may be issued pursuant to Incentive Awards granted under the Plan shall not exceed 4,450,000 shares of Common Stock in the aggregate, of which 666,666 shares of Common Stock were available for issuance but were not issued under the
Company’s Executive Stock Option Plan. Out of such aggregate, the maximum number of shares of Common Stock that may be covered by Options that are designated as “incentive stock options” within the meaning of Section 422 of the
Code shall not exceed 2,700,000 shares of Common Stock, subject to adjustment as provided in Section 9 and the following provisions of this Section 3. Shares of Common Stock issued under the Plan may be either authorized and unissued
shares or treasury shares, or both, at the discretion of the Committee. 
 For purposes of the preceding paragraph, shares of Common Stock
covered by Incentive Awards shall only be counted as used to the extent they are actually issued and delivered to a Participant (or such Participant’s permitted transferees as described in the Plan) pursuant to the Plan. For purposes of
clarification, if shares of Common Stock are issued subject to conditions which may result in the forfeiture, cancellation or return of such shares to the Company, any portion of the shares forfeited, cancelled or returned shall be treated as not
issued pursuant to the Plan. Shares of Common Stock covered by Incentive Awards granted pursuant to the Plan in connection with the assumption, replacement, conversion or adjustment of outstanding equity-based awards in the context of a corporate
acquisition or merger (within the meaning of Section 303A.08 of the New York Stock Exchange Listed Company Manual or any successor provision) shall not count as used under the Plan for purposes of this Section 3. The following shares
of Common Stock may not again be made available for issuance as Incentive Awards under the Plan: (i) shares of Common Stock not issued or delivered as a result of the net settlement of an outstanding Option or stock appreciation
right, (ii) shares of Common Stock used to pay the exercise price or withholding taxes related to an outstanding Incentive Award, or (iii) shares of Common Stock repurchased on the open market with the proceeds from the exercise
of an Option. 
 Subject to adjustment as provided in Section 9, the maximum number of shares of Common Stock that may be covered by
Incentive Awards granted under the Plan to any single Participant in any fiscal year of the Company shall not exceed 500,000 shares, prorated on a daily basis for any fiscal year of the Company that is shorter than 365 days. 
 Subject to adjustment as provided in Section 9, the maximum number of shares of Common Stock that may be covered by Incentive Awards other than
Options and stock appreciation rights shall not exceed 1,400,000 shares. 
 (b) Prohibition on Substitutions and Repricings

 Except as provided in this Section 3(b), in no event shall any new Incentive Awards be issued in substitution for outstanding
Incentive Awards previously granted to Participants, nor shall any repricing (within the meaning of US generally accepted accounting practices or any applicable stock exchange rule) of Incentive Awards issued under the Plan be permitted at any time
under any circumstances, in each case unless the shareholders of the Company expressly approve such substitution or repricing. Notwithstanding the foregoing, the Committee may authorize the issuance of Incentive Awards in substitution for
outstanding Incentive Awards other than Options or stock appreciation rights, provided such substituted Incentive Awards are for a number of 

  

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shares of Common Stock no greater than the number included in the original award, have an exercise price or base price (if applicable) at least as great as
the exercise price or base price of the substituted award, and the effect of the substitution is (A) solely to add restrictions (such as performance conditions) to the award or (B) to provide a benefit to the Company (and not the
Participant) (which, for the avoidance of doubt, shall include substitutions performed for the purpose of permitting the Incentive Awards to qualify as “performance based compensation” for purposes of Section 162(m) of the Code).

  

	4.	Administration of the Plan 

 The Plan shall be
administered by a Committee of the Board of Directors designated by the Board of Directors consisting of two or more persons, at least two of whom qualify as non-employee directors (within the meaning of Rule 16b-3 promulgated under Section 16
of the Exchange Act), and as “outside directors” within the meaning of Treasury Regulation Section 1.162-27(e)(3) and as “independent” within the meaning of any applicable stock exchange or similar regulatory authority. The
Committee shall, consistent with the terms of the Plan, from time to time designate those employees and non-employee directors who shall be granted Incentive Awards under the Plan and the amount, type and other terms and conditions of such Incentive
Awards. Except to the extent prohibited by applicable law or the applicable rules of a stock exchange on which the Company’s shares are traded, the Committee may (i) allocate all or any portion of its responsibilities and powers to any one
or more of its members and (ii) delegate all or any part of its responsibilities and powers to any person or persons selected by it, provided that no such delegation may be made that would cause Incentive Awards or other transactions under the
Plan to cease to be exempt from Section 16(b) of the Exchange Act, or cause an Incentive Award designated as Performance-Based Compensation not to qualify for, or to cease to qualify for, any exemption from non-deductibility under
Section 162(m) of the Code. Any such allocation or delegation may be revoked by the Committee at any time. 
 The Committee shall have
full discretionary authority to administer the Plan, including discretionary authority to interpret and construe any and all provisions of the Plan and the terms of any Incentive Award (and any agreement evidencing any Incentive Award) granted
thereunder and to adopt and amend from time to time such rules and regulations for the administration of the Plan as the Committee may deem necessary or appropriate (including without limitation the adoption or amendment of rules or regulations
applicable to the grant, vesting or exercise of Incentive Awards issued to employees located outside the United States). Without limiting the generality of the foregoing, (i) the Committee shall determine whether an authorized leave of absence,
or absence in military or government service, shall constitute termination of employment and (ii) the employment of a Participant with the Company shall be deemed to have terminated for all purposes of the Plan if such person is employed by or
provides services to a Person that is a Subsidiary of the Company and such Person ceases to be a Subsidiary of the Company, unless the Committee determines otherwise. Decisions of the Committee shall be final, binding and conclusive on all parties.

  

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 On or after the date of grant of an Incentive Award under the Plan, the Committee may (i) accelerate
the date on which any such Incentive Award becomes vested, exercisable or transferable, as the case may be, (ii) extend the term of any such Incentive Award, including, without limitation, extending the period following a termination of a
Participant’s employment during which any such Incentive Award may remain outstanding, (iii) waive any conditions to the vesting, exercisability or transferability, as the case may be, of any such Incentive Award (iv) provide for the
payment of dividends or dividend equivalents with respect to any such Incentive Award; or (v) otherwise amend an outstanding Incentive Award in whole or in part from time-to-time as the Committee determines, in its sole and absolute discretion,
to be necessary or appropriate to conform the Incentive Award to, or otherwise satisfy any legal requirement (including without limitation the provisions of Section 409A of the Code), which 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. 
 No member of the Committee shall be liable for any action, omission, or determination relating to
the Plan, and Chipotle shall indemnify and hold harmless each member of the Committee and each other Director or employee of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been delegated
against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Committee) arising out of any action, omission or determination relating to the Plan, unless, in either case,
such action, omission or determination was taken or made by such member, director or employee in bad faith and without reasonable belief that it was in the best interests of the Company. 
  

	5.	Eligibility 

 The Persons who shall be eligible to
receive Incentive Awards pursuant to the Plan shall be those employees of the Company and Directors whom the Committee shall select from time to time. All Incentive Awards granted under the Plan shall be evidenced by a separate written agreement
entered into by the Company and the recipient of such Incentive Award. 
  

	6.	Options 

 The Committee may from time to time grant
Options, subject to the following terms and conditions: 
 (a) Exercise Price 
 The exercise price per share of Common Stock covered by any Option shall be not less than 100% of the Fair Market Value of a share of Common Stock on the
date on which such Option is granted. The agreement evidencing the award of each Option shall clearly identify such Option as either an “incentive stock option” within the meaning of Section 422 of the Code or as not an incentive
stock option. 
  

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 (b) Term and Exercise of Options 
 (1) Each Option shall become vested and exercisable on such date or dates, during such period and for such number of shares of Common Stock as shall be
determined by the Committee on or after the date such Option is granted (including without limitation in accordance with terms and conditions relating to the vesting or exercisability of an Option set forth in any employment, severance, change in
control or similar agreement entered into by the Company with a Participant on or after the date of grant); provided, however that no Option shall be exercisable after the expiration of ten years from the date such Option is granted;
and, provided, further, that each Option shall be subject to earlier termination, expiration or cancellation as provided in the Plan or in the agreement evidencing such Option. In addition, except as otherwise determined by the
Committee at or after the time of grant, unless an Option becomes vested or exercisable pursuant to Sections 6(c) or 6(d) hereof, an Option may not become vested or exercisable in whole or in part during the twelve-month period commencing with the
date on which the Option was granted. 
 (2) Each Option may be exercised in whole or in part; provided, however that no
partial exercise of an Option shall be for an aggregate exercise price of less than $1,000 or such other amount as the Committee may determine from time to time. The partial exercise of an Option shall not cause the expiration, termination or
cancellation of the remaining portion thereof. 
 (3) An Option shall be exercised by such methods and procedures as the Committee determines
from time to time, including without limitation through net physical settlement or other method of cashless exercise. 
 (4) Options may not
be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of a Participant, only by the Participant; provided,
however that the Committee may permit Options to be sold, pledged, assigned, hypothecated, transferred, or disposed of, on a general or specific basis, subject to such conditions and limitations as the Committee may determine. 
 (c) Effect of Termination of Employment or other Relationship 
 The agreement evidencing the award of each Option shall specify the consequences with respect to such Option of the termination of the employment, service as a director or other relationship between the Company and
the Participant holding the Option, provided, however, that except as expressly provided to the contrary in the agreement evidencing the award of a particular Option, where continued vesting or exercisability of an Option terminates in connection
with the termination of a Participant’s employment relationship with the Company, such Participant’s employment relationship with the Company will be deemed, for purposes of such Option, to continue so long as Participant serves as either
an employee of the Company or as a member of the Board. Notwithstanding the foregoing sentence, a Participant’s employment will be deemed to terminate immediately upon such Participant’s termination for Cause, regardless of whether
Participant remains on the Board following such termination. 
  

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 (d) Effect of Qualifying Termination 
 If a Participant experiences a Qualifying Termination or a Director’s service on the Board terminates in connection with or as a result of a Change
in Control, each Option outstanding immediately prior to such Qualifying Termination or termination of a Director’s service shall become fully and immediately vested and exercisable as of such Qualifying Termination or termination of a
Director’s service and shall remain exercisable until its expiration, termination or cancellation pursuant to the terms of the Plan and the agreement evidencing such Option. 
 (e) Special Rules for Incentive Stock Options 
 (1) The aggregate Fair Market Value of shares of Common Stock with respect to which “incentive stock options” (within the meaning of Section 422 of the Code) are exercisable for the first time by a
Participant during any calendar year under the Plan and any other stock option plan of the Company (or any “subsidiary” as such term is defined in Section 424 of the Code of Chipotle) shall not exceed $100,000. Such Fair Market Value
shall be determined as of the date on which each such incentive stock option is granted. In the event that the aggregate Fair Market Value of shares of Common Stock with respect to such incentive stock options exceeds $100,000, then incentive stock
options granted hereunder to such Participant shall, to the extent and in the order required by regulations promulgated under the Code (or any other authority having the force of regulations)(“Regulations”), automatically be deemed to be
non-qualified stock options, but all other terms and provisions of such incentive stock options shall remain unchanged. In the absence of such Regulations (and authority), or in the event such Regulations (or authority) require or permit a
designation of the options which shall cease to constitute incentive stock options, incentive stock options granted hereunder shall, to the extent of such excess and in the order in which they were granted, automatically be deemed to be
non-qualified stock options, but all other terms and provisions of such incentive stock options shall remain unchanged. 
 (2)
No incentive stock option may be granted to an individual if, at the time of the proposed grant, such individual owns stock possessing more than ten percent of the total combined voting power of all classes of stock of Chipotle or any of its
“subsidiaries” (within the meaning of Section 424 of the Code), unless (i) the exercise price of such incentive stock option is at least one hundred and ten percent of the Fair Market Value of a share of Common Stock at the time
such incentive stock option is granted and (ii) such incentive stock option is not exercisable after the expiration of five years from the date such incentive stock option is granted. 
  

	7.	Other Stock-Based Awards 

 (a) Authorization of
Other Stock-Based Awards 
 The Committee may grant equity-based or equity-related awards not otherwise described herein in such amounts
and subject to such terms and conditions as the Committee shall determine. Without limiting the generality of the preceding sentence, each such Other Stock-Based Award may (i) involve the transfer of actual shares of Common Stock to
Participants, either at the time of grant or thereafter, or payment in cash or otherwise of amounts based on the value of shares of Common Stock, (ii) be subject to performance- 

  

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based and/or service-based conditions, (iii) be in the form of cash-settled stock appreciation rights, stock-settled stock appreciation rights, phantom
stock, restricted stock, restricted stock units, performance shares, or share-denominated performance units (iv) be designed to comply with applicable laws of jurisdictions other than the United States, and (v) be designed to qualify as
Performance Based Compensation. Notwithstanding the foregoing, any Other Stock-Based Award having a value determined by reference to a base or exercise price shall have a base or exercise price not less than 100% of the Fair Market Value of a share
of Common Stock on the date on which such Other Stock-Based Award is granted, and no Other Stock-Based Award shall have an expiration date greater than ten years from the date on which such Other Stock-Based Award is granted. Any stock-settled stock
appreciation right granted pursuant to this Section 7 shall provide for settlement solely in the number of shares with an aggregate Fair Market Value on the date of exercise equal to (x) the excess of the Fair Market Value of a share of
Common Stock as of such date over the base or exercise price of such stock appreciation right, multiplied by (y) the number of stock appreciation rights being exercised. 
 (b) Effect of Qualifying Termination; Other Termination Provisions 
 Except as may be expressly provided to the contrary by the Committee in an agreement evidencing the grant of an Other Stock-Based Award or any employment, severance, change in control or similar agreement entered into
with a Participant, if a Participant experiences a Qualifying Termination or a Director’s service on the Board terminates in connection with or as a result of a Change in Control, each Other Stock-Based Award outstanding immediately prior to
such Qualifying Termination or termination of Director’s service shall become fully and immediately vested and, if applicable, exercisable as of such Qualifying Termination or termination and shall remain exercisable until its expiration,
termination or cancellation pursuant to the terms of the Plan and the agreement evidencing such Other Stock-Based Award. 
 Furthermore,
except as expressly provided to the contrary in the agreement evidencing the award of a particular Other Stock-Based Award, where continued vesting or exercisability of an Other Stock-Based Award terminates in connection with the termination of a
Participant’s employment relationship with the Company, such Participant’s employment relationship with the Company will be deemed, for purposes of such Other Stock-Based Award, to continue so long as Participant serves as either an
employee of the Company or as a member of the Board. Notwithstanding the foregoing sentence, a Participant’s employment will be deemed to terminate immediately upon such Participant’s termination for Cause, regardless of whether
Participant remains on the Board following such termination. 
  

	8.	Performance Measures 

 (a) Performance
Measures 
 The performance goals upon which the payment or vesting of any Incentive Award (other than Options and SARs) to a Covered
Employee that is intended to qualify as Performance-Based Compensation depends shall relate to 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

  

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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. 
 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 for the Company for such Performance Period, (b) target awards for each Participant, and (c) schedules or other objective methods for determining the
applicable performance percentage to be applied to each such target award. 
 To the extent determined by the Committee at the time the
Performance Measures are established, the measurement of any Performance Measure(s) may exclude the impact of charges for restructurings, discontinued operations, extraordinary items, and other unusual or non-recurring items, 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. To the extent determined by the Committee at the time the
Performance Measures are established, any Performance Measure(s) may be used to measure the performance of the Company or a Subsidiary as a whole or any business unit of the Company or any Subsidiary or any combination thereof, as the Committee may
deem appropriate, or any of the above Performance Measures 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. 
 Nothing in this Section 8 is intended to limit the Committee’s discretion to adopt conditions with respect to any Incentive Award that is not
intended to qualify as Performance-Based Compensation that relate to performance other than the Performance Measures. In addition, the Committee may, subject to the terms of the Plan, amend previously granted Incentive Awards in a way that
disqualifies them as Performance-Based Compensation. 
 (b) Committee Discretion 
 In the event that the requirements of Section 162(m) of the Code and the regulations thereunder change to permit Committee discretion to alter the
Performance Measures without obtaining shareholder approval of such changes, the Committee shall have discretion to make such changes without obtaining shareholder approval. 
  

 12 

	9.	Adjustment Upon Changes in Common Stock 

 (a)
Shares Available for Grants 
 In the event of any change in the number of shares of Common Stock outstanding by reason of any stock
dividend or split, recapitalization, merger, consolidation, combination or exchange of shares or similar corporate change, the maximum aggregate number of shares of Common Stock with respect to which the Committee may grant Incentive Awards and the
maximum aggregate number of shares of Common Stock with respect to which the Committee may grant Incentive Awards to any individual Participant in any year shall be appropriately adjusted by the Committee. In the event of any change in the number of
shares of Common Stock outstanding by reason of any other similar event or transaction, the Committee may, but need not, make such adjustments in the number and class of shares of Common Stock with respect to which Incentive Awards may be granted as
the Committee may deem appropriate. 
 (b) Increase or Decrease in Issued Shares Without Consideration 
 Subject to any required action by the shareholders of Chipotle, in the event of any increase or decrease in the number of issued shares of Common Stock
resulting from a subdivision or consolidation of shares of Common Stock or the payment of a stock dividend (but only on the shares of Common Stock), or any other increase or decrease in the number of such shares effected without receipt or payment
of consideration by the Company or the payment of an extraordinary cash dividend, the number of shares of Common Stock subject to each outstanding Incentive Award and the exercise price per share of Common Stock of each such Incentive Award shall be
adjusted as necessary to prevent the enlargement or dilution of rights under such Incentive Award. 
 (c) Certain Mergers 

Subject to any required action by the shareholders of Chipotle, in the event that Chipotle shall be the surviving corporation in any merger,
consolidation or similar transaction as a result of which the holders of shares of Common Stock receive consideration consisting exclusively of securities of such surviving corporation, the Committee shall adjust each Incentive Award outstanding on
the date of such merger or consolidation to the extent deemed appropriate by the Committee so that it pertains to and applies to the securities which a holder of the number of shares of Common Stock subject to such Incentive Award would have
received in such merger or consolidation. 
  

 13 

 (d) Certain Other Transactions 
 In the event of (i) a dissolution or liquidation of Chipotle, (ii) a sale of all or substantially all of the Company’s assets (on a
consolidated basis), (iii) a merger, consolidation or similar transaction involving Chipotle in which Chipotle is not the surviving corporation, (iv) a merger, consolidation or similar transaction involving Chipotle in which Chipotle is
the surviving corporation but the holders of shares of Common Stock receive securities of another corporation and/or other property, including cash, or (v) a Business Combination that is a Change in Control, the Committee shall, in its
discretion, have the power to: 
 (i) cancel, effective immediately prior to the occurrence of such event, each Incentive
Award (whether or not then exercisable), and, in full consideration of such cancellation, pay to the Participant to whom such Incentive Award was granted an amount in cash, for each share of Common Stock subject to such Incentive Award equal to the
value, as determined by the Committee in its discretion, of such Incentive Award, provided that with respect to any outstanding Option such value shall be equal to the excess of (A) the value, as determined by the Committee in its discretion,
of the property (including cash) received by the holder of a share of Common Stock as a result of such event over (B) the exercise price of such Option; or 
 (ii) provide for the exchange of each Incentive Award (whether or not then exercisable or vested) for an incentive award with respect to,
as appropriate, some or all of the property which a holder of the number of shares of Common Stock subject to such Incentive Award would have received in such transaction and, incident thereto, make an equitable adjustment as determined by the
Committee in its discretion in the exercise price of the incentive award, or the number of shares or amount of property subject to the incentive award or, if appropriate, provide for a cash payment to the Participant to whom such Incentive Award was
granted in partial consideration for the exchange of the Incentive Award. 
 (e) Other Changes 
 In the event of any change in the capitalization of Chipotle or corporate change other than those specifically referred to in paragraphs (b), (c) or
(d), the Committee may, in its discretion, make such adjustments in the number and class of shares subject to Incentive Awards outstanding on the date on which such change occurs and in such other terms of such Incentive Awards as the Committee may
consider appropriate. 
 (f) No Other Rights 
 Except as expressly provided in the Plan or the agreement evidencing the grant of an Option or Other Stock-Based Award, no Participant shall have any rights by reason of any subdivision or consolidation of shares of
stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger or consolidation of Chipotle or any other corporation. Except as expressly provided in
the Plan or the agreement evidencing the grant of an Option or Other Stock-Based Award, no issuance by Chipotle of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason
thereof shall be made with respect to, the number of shares or amount of other property subject to any Incentive Award. 
  

 14 

 (g) Code Section 409A 
 The Company intends to administer the Plan and all Incentive Awards granted thereunder in a manner that complies with Code Section 409A, however,
the Company shall not be responsible for any additional tax imposed pursuant to Code Section 409A, nor will the Company indemnify or otherwise reimburse Participant for any liability incurred as a result of Code Section 409A. 

 

	10.	Rights as a Stockholder 

 No person shall have any
rights as a stockholder with respect to any shares of Common Stock covered by or relating to any Incentive Award granted pursuant to the Plan until the date of the issuance of a stock certificate with respect to such shares. Except as otherwise
expressly provided in Section 9 hereof, no adjustment of any Incentive Award shall be made for dividends or other rights for which the record date occurs prior to the date such stock certificate is issued. 
  

	11.	No Special Employment Rights; No Right to Incentive Award 

 (a) Nothing contained in the Plan or any Incentive Award shall confer upon any Participant any right with respect to the continuation of his employment by or service to the Company or interfere in any way with the right of the Company at
any time to terminate such employment or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of an Incentive Award. 
 (b) No person shall have any claim or right to receive an Incentive Award hereunder. The Committee’s granting of an Incentive Award to a Participant
at any time shall neither require the Committee to grant an Incentive Award to such Participant or any other Participant or other person at any time nor preclude the Committee from making subsequent grants to such Participant or any other
Participant or other person. 
  

	12.	Securities Matters 

 (a) Chipotle shall be under no
obligation to effect the registration pursuant to the Securities Act of any shares of Common Stock to be issued hereunder or to effect similar compliance under any state laws. Notwithstanding anything herein to the contrary, Chipotle shall not be
obligated to cause to be issued or delivered any certificates evidencing shares of Common Stock pursuant to the Plan unless and until Chipotle is advised by its counsel that the issuance and delivery of such certificates is in compliance with all
applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Common Stock are traded. The Committee may require, as a condition to the issuance and delivery of certificates evidencing
shares of Common Stock pursuant to the terms hereof, that the recipient of such shares make such covenants, agreements and representations, and that such certificates bear such legends, as the Committee deems necessary or desirable. 
 (b) The exercise of any Option granted hereunder shall only be effective at such time as counsel to Chipotle shall have determined that the issuance and
delivery of shares of Common Stock pursuant to such exercise is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Common Stock are 

  

 15 

 
traded. Chipotle may, in its discretion, defer the effectiveness of an exercise of an Option hereunder or the issuance or transfer of shares of Common Stock
pursuant to any Incentive Award pending or to ensure compliance under federal or state securities laws or the rules or regulations of any exchange on which the Shares are then listed for trading. Chipotle shall inform the Participant in writing of
its decision to defer the effectiveness of the exercise of an Option or the issuance or transfer of shares of Common Stock pursuant to any Incentive Award. During the period that the effectiveness of the exercise of an Option has been deferred, the
Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto. 
  

	13.	Withholding Taxes 

 (a) Cash Remittance

 Whenever shares of Common Stock are to be issued upon the exercise of an Option or the grant or vesting of an Incentive Award, Chipotle
shall have the right to require the Participant to remit to Chipotle in cash an amount sufficient to satisfy federal, state and local withholding tax requirements, if any, attributable to such exercise, grant or vesting prior to the delivery of any
certificate or certificates for such shares or the effectiveness of the lapse of such restrictions. In addition, upon the exercise or settlement of any Incentive Award in cash, Chipotle shall have the right to withhold from any cash payment required
to be made pursuant thereto an amount sufficient to satisfy the federal, state and local withholding tax requirements, if any, attributable to such exercise or settlement. 
 (b) Stock Remittance 
 At the
election of the Participant, subject to the approval of the Committee, when shares of Common Stock are to be issued upon the exercise, grant or vesting of an Incentive Award, the Participant may tender to Chipotle a number of shares of Common Stock
that have been owned by the Participant for at least six months (or such other period as the Committee may determine) having a Fair Market Value at the tender date determined by the Committee to be sufficient to satisfy the minimum federal, state
and local withholding tax requirements, if any, attributable to such exercise, grant or vesting but not greater than such minimum withholding obligations. Such election shall satisfy the Participant’s obligations under Section 13(a)
hereof, if any. 
 (c) Stock Withholding 
 At the election of the Participant, subject to the approval of the Committee, when shares of Common Stock are to be issued upon the exercise, grant or vesting of an Incentive Award, Chipotle shall withhold a number of
such shares having a Fair Market Value at the exercise date determined by the Committee to be sufficient to satisfy the minimum federal, state and local withholding tax requirements, if any, attributable to such exercise, grant or vesting but not
greater than such minimum withholding obligations. Such election shall satisfy the Participant’s obligations under Section 13(a) hereof, if any. 
  

 16 

	14.	Amendment or Termination of the Plan 

 The Board of
Directors may at any time suspend or discontinue the Plan or revise or amend it in any respect whatsoever; provided, however, that to the extent any applicable law, regulation or rule of a stock exchange requires shareholder approval
in order for any such revision or amendment to be effective, such revision or amendment shall not be effective without such approval. The preceding sentence shall not restrict the Committee’s ability to exercise its discretionary authority
hereunder pursuant to Section 4 hereof, which discretion may be exercised without amendment to the Plan. No provision of this Section 14 shall be given effect to the extent that such provision would cause any tax to become due under
Section 409A of the Code. Except as expressly provided in the Plan, no action hereunder may, without the consent of a Participant, reduce the Participant’s rights under any previously granted and outstanding Incentive Award. Nothing in the
Plan shall limit the right of the Company to pay compensation of any kind outside the terms of the Plan. 
  

	15.	No Obligation to Exercise 

 The grant to a
Participant of an Incentive Award shall impose no obligation upon such Participant to exercise such Incentive Award. 
  

	16.	Transfers Upon Death 

 Upon the death of a
Participant, outstanding Incentive Awards granted to such Participant may be exercised only by the executors or administrators of the Participant’s estate or by any person or persons who shall have acquired such right to exercise by will or by
the laws of descent and distribution. No transfer by will or the laws of descent and distribution of any Incentive Award, or the right to exercise any Incentive Award, shall be effective to bind Chipotle unless the Committee shall have been
furnished with (a) written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the transfer and (b) an agreement by the transferee to comply with all the terms
and conditions of the Incentive Award that are or would have been applicable to the Participant and to be bound by the acknowledgements made by the Participant in connection with the grant of the Incentive Award. 
  

	17.	Expenses and Receipts 

 The expenses of the Plan
shall be paid by Chipotle. Any proceeds received by Chipotle in connection with any Incentive Award will be used for general corporate purposes. 
  

	18.	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. 
  

 17 

	19.	Effective Date and Term of Plan 

 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, was amended on December 14, 2006, and was further amended and restated and approved by the
shareholders of Chipotle on May 21, 2008. No grants may be made under the Plan after the tenth anniversary of such amendment and restatement. 
  

 18Form of Performance-Contingent Restricted Stock Agreement

 Exhibit 10.3 
 Form of Performance-Contingent Restricted Stock Agreement 
  

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

 This Performance-Contingent Restricted Stock Agreement (“Agreement”) evidences the grant
to the Participant by Chipotle Mexican Grill, Inc. (the “Company”) of the number of restricted shares (the “Restricted Stock”) of Class A Common Stock of the Company, $.01 par value per share set forth above, subject to
forfeiture on the terms and conditions provided for herein, pursuant to the Chipotle Mexican Grill, Inc. Amended and Restated 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 (including in Appendix A
hereto) shall have the meanings attributed to them in the Plan. 
 1. Grant of Performance-Contingent Restricted Stock. Subject
to the terms and provisions of this Agreement and the Plan, the Company hereby grants to Participant the number of shares of Restricted Stock set forth above, subject to forfeiture as described in this Agreement. 
 2. Vesting and Forfeiture. 
 (a) Vesting. 
 (i) Restricted Stock Subject to Forfeiture Prior to Vesting. The shares of Restricted
Stock shall be subject to the restrictions contained in this Agreement and subject to forfeiture to the Company unless and until the shares have vested in accordance with the terms and conditions of this Agreement. 
 (ii) Vesting Provisions. The Restricted Stock is subject to both (A) a performance vesting condition (the “Performance
Condition”) and (B) a service-based vesting condition that requires the Participant to remain employed through a certain date (the “Service Condition”). The Participant will become vested in a share of Restricted Stock only when
both the Performance Condition and the Service Condition have been satisfied for that share of Restricted Stock. In no event will any unvested Restricted Stock become vested after the Expiration Date. 
 (iii) Performance Condition. Subject to the provisions of Subsection 2(b) and Section 3, the Performance Condition will be
satisfied on the date the Committee certifies the Company’s achievement of the Performance Target (as set forth on Appendix A). 
 (iv) Service Condition. Subject to the provisions of Subsection 2(b) and Section 3, the Service Condition for 50% of the shares of Restricted Stock granted hereunder will be satisfied if the Participant remains employed by the
Company until April 1, 2009, and the Service Condition on the remaining 50% of the shares of Restricted Stock granted hereunder will become satisfied if the Participant remains employed by the Company until February 20, 2010. 

(v) Effect of Vesting. From and after the date on which any shares of Restricted Stock vest in accordance with this
Section 2(a), such shares of Restricted Stock will be free of the restrictions set forth in Subsection 2(c) and Section 7 and will no longer be subject to forfeiture. 

 (b) Acceleration of Vesting Conditions. Notwithstanding the foregoing Subsection
2(a), in the event that prior to the vesting of any shares of Restricted Stock the Committee determines that the Participant’s employment with the Company was terminated (i) by the Company without Cause, (ii) by the Participant for
Good Reason, (iii) due to the Participant’s death, or (iv) as a result of the Participant’s medically diagnosed permanent physical or mental inability to perform his or her job duties (“Disability”), then both the
Performance Condition and the Service Condition will be deemed satisfied and all of the shares of Restricted Stock will vest in full on the date of such termination. Any event set forth in this Subsection 2(b) is referred to in this Agreement as a
“Non-Disqualifying Termination.” 
 (c) Forfeiture. In the event any of the following occur prior to the
vesting of shares of Restricted Stock, the unvested shares of Restricted Stock will be forfeited and cancelled automatically as of the date of such event, to the extent described below: 
 (i) Failure to Achieve Performance Condition. If the Expiration Date occurs and the Committee has not certified the achievement of
the Performance Condition, then all shares of Restricted Stock will be forfeited as of the Expiration Date. 
 (ii) Certain
Terminations. If Participant’s employment terminates under any circumstances other than in a Non-Disqualifying Termination, then all shares of unvested Restricted Stock will be forfeited as of the date of termination. 
 (iii) Attempted Transfer of Restricted Stock. If Participant attempts to sell, assign, transfer or otherwise dispose of, or
mortgage, pledge or otherwise encumber any unvested shares of Restricted Stock, or if any unvested shares of Restricted Stock become subject to attachment or any similar involuntary process (any of the foregoing transactions, “Prohibited
Transfers”), then all shares of unvested Restricted Stock will be forfeited as of the date of such Prohibited Transfer. 
 In the event
of forfeiture of shares of Restricted Stock under this Subsection 2(c), the Participant shall thereafter have no right, title or interest whatever in such shares of Restricted Stock, and, if the Company does not have custody of any and all
certificates representing shares of Restricted Stock so forfeited, the Participant shall immediately return to the Company any and all certificates representing shares of Restricted Stock so forfeited. Additionally, the Participant will deliver to
the Company a stock power duly executed in blank relating to any and all certificates representing shares of Restricted Stock forfeited to the Company in accordance with the previous sentence or, if such stock power has previously been tendered to
the Company, the Company will be authorized to deem such previously tendered stock power delivered, and the Company will be authorized to cancel any and all certificates representing shares of Restricted Stock so forfeited and to cause a book entry
to be made in the records of the Company’s transfer agent in the name of the Participant (or a new stock certificate to be issued, if requested by the Participant) evidencing any shares that vested prior to forfeiture. If the shares of
Restricted Stock are evidenced by a book-entry made in the records of the Company’s transfer agent, then the Company will be authorized to cause such book-entry to be adjusted to reflect the number of shares of Restricted Stock so forfeited.

 3. Change in Control. In the event of a Change in Control, the Committee may arrange for the substitution for any unvested shares
of Restricted Stock as of the date of such Change in Control 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: 
 (a) Such Replacement Award shall consist of
securities listed for trading following such Change in Control on a national securities exchange; 

 (b) The Performance Condition on the Replacement Award will be deemed satisfied;

 (c) Such Replacement Award shall have a value as of the date of such Change in Control equal to the value of the unvested
shares of Restricted Stock, calculated as if each unvested share of Restricted Stock were exchanged for the consideration (including all stock, other securities or assets, including cash) payable for one share of Common Stock in such Change in
Control transaction; 
 (d) The Service Condition on such Replacement Award shall remain the same as the original Restricted
Stock Award, provided, however, that the Service Condition will be immediately satisfied upon 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 Disability; and 
 (e) Notwithstanding this Section 3, 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, (ii) the securities constituting such Replacement Award ceasing to be listed on a national securities exchange, or (iii) the date the Participant experiences a “Qualifying
Termination” following the Change in Control. 
 Upon such substitution the unvested Restricted Stock shall be forfeited, cancelled and be of no further
force and effect. If the Committee does not arrange for a Replacement Award, then upon the Change in Control both the Performance Condition and the Service Condition shall be deemed satisfied and any unvested shares of Restricted Stock shall vest
immediately. 
 4. Rights as Shareholder. As of the Grant Date, the Participant shall have all of the rights of a stockholder of the
Company with respect to the shares of Restricted Stock (including voting rights and the right to receive dividends and other distributions), except as otherwise specifically provided in this Agreement; provided that dividends and other distributions
paid on the shares of Restricted Stock shall be held by the Company on the Participant’s behalf and shall be subject to the same vesting conditions applicable to the underlying shares of Restricted Stock. Promptly after the vesting of any of
the shares of Restricted Stock, the Company shall distribute to the Participant all dividends or distributions previously paid with respect to the shares of Restricted Stock that vested hereunder. In the event the Participant forfeits shares of
Restricted Stock, the Participant shall also immediately forfeit any dividends or distributions held by the Company that are attributable to such forfeited shares. 
 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 Restricted Stock, 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 Restricted Stock. 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. Non-Transferability of Award. The Restricted Stock shall not be assignable or transferable by
the Participant prior to their vesting, except by will or by the laws of descent and distribution. In addition, no Restricted Stock shall be subject to attachment, execution or other similar process prior to vesting. Any book-entry or stock
certificates representing unvested shares of Restricted Stock may, at the Committee’s discretion, contain a notation or bear the following legend (as well as any notations or legends required by applicable state and federal corporate and
securities laws) noting the existence of the restrictions contained in this Agreement: 
 “THE SHARES REPRESENTED BY THIS [BOOK-ENTRY]
[CERTIFICATE] MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A PERFORMANCE-CONTINGENT RESTRICTED STOCK AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.” 
 8. Applicability of the Plan. Except as specifically set forth herein, the Restricted Stock 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 Restricted Stock. 
 9. Additional Conditions to Issuance of Restricted Stock. Notwithstanding the
execution of this Agreement or the vesting of any shares of Restricted Stock, the Company shall not be required to issue any Restricted Stock 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 Restricted Stock at the earliest possible date at which the Company reasonably anticipates that the issuance of the shares will not cause such
violation. 
 10. 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. 
 11. 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). 
 12. 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. 
 13. Replacement of Prior Agreement. Participant acknowledges and agrees that this Performance Share Agreement is issued in replacement of a prior grant of
             shares of restricted Common Stock under the Plan originally awarded to Participant in February, 2007. Participant acknowledges that such award and the associated
Restated Restricted Stock Agreement have been cancelled as part of the consideration for the grant of the Restricted Stock, and such prior award and the related Restated Restricted Stock Agreement have no legal force or effect. 
  

			
	CHIPOTLE MEXICAN GRILL, INC.
		
	By:	 	 
		 	Darlene Friedman
		 	Chair, Compensation Committee of the Board of Directors

	
	
	[NAME OF PARTICIPANT]

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