Document:

Stock Option Plan, adopted March 6, 2007

 Exhibit 4.1 
 DIABETIC TREATMENT CENTERS OF AMERICA, INC. 
 2007 STOCK OPTION PLAN 
 ADOPTED MARCH 6, 2007 
 1. Purposes
of the Plan. The purposes of this Stock Option Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to the Employees and Consultants of the Company and to
promote the success of the Company's business. 
 Options granted hereunder may be either "incentive stock options,"as defined in
Section 422 of the Internal Revenue Code of 1986, as amended, or "nonstatutory stock options," at the discretion of the Board and as reflected in the terms of the written Option Agreement. 
 2. Definitions. As used herein, the following definitions shall apply 
 (a) "Board" shall mean the Committee, if one has been appointed, or the Board of Directors of the Company, if no committee is appointed.

 (b) "Code" shall mean the Internal Revenue Code of 1986, as amended. 
 (c) "Common Stock" shall mean the Common Stock of the Company. 
 (d) "Company" shall mean DIABETIC TREATMENT CENTERS OF AMERICA, INC., a Delaware corporation. 
 (e) "Committee" shall mean the Committee appointed by the Board of Directors in accordance with paragraph (a) of Section 4 of
the Plan, if one is appointed. 
 (f) "Consultant" shall mean any person who is engaged by the Company or any subsidiary to
render consulting services and is compensated for such consulting services, and any director of the Company whether compensated for such services or not. 
 (g) "Continuous Status as an Employee or Consultant" shall mean the absence of any interruption or termination of service as an Employee or Consultant. Continuous Status as an Employee or Consultant shall not be
considered interrupted in the case of sick leave, military leave, or any other 

 
leave of absence approved by the Board; provided that such leave is for a period of not more than 90 days or reemployment upon the expiration of such leave
is guaranteed by contract or statute. 
 (h) "Employee" shall mean any person, including officers and directors, employed by
the Company or any Parent or Subsidiary of the Company. The payment of a director's fee by the Company shall not be sufficient to constitute "employment" by the Company. 
 (i) "Incentive Stock Option" shall mean an Option intended to qualify as an Incentive Stock Option within the meaning of Section 422
of the Code. 
 (j) "Option" shall mean a Stock Option granted pursuant to the Plan. 
 (k) "Option Stock" shall mean the Common Stock subject to an Option. 
 (l) "Optionee" shall mean an Employee or Consultant who receives an Option. 
 (m) "Parent" shall mean a "parent corporation," whether now or hereafter existing, as defined in Section 425(e) of the Code.

 (n) "Plan" shall mean this 2007 Stock Option Plan. 
 (o) "Share" shall mean a share of the Common Stock, as adjusted in accordance with Section 11 of the Plan. 
 (p) "Subsidiary" shall mean a subsidiary corporation, whether now or hereafter existing, as defined in Section 425(f) of the Code.

 (q) "Unvested Portion" shall mean any Option with respect to the number of shares of Common Stock for that Option that are
not exercisable as of the date of the closing of a Transaction resulting in a Change in Control. In the case of a Change in Control which occurs as the results of a series of transactions, the closing date shall be deemed to be the closing date of
the final Transaction affecting the Change in Control. 
 3. Stock Subject to the Plan. The maximum aggregate number of shares which
may be optioned and sold under the Plan is four million five hundred thousand (4,500,000) shares of Common Stock, which may be authorized, but unissued, Common Stock. 

 If an Option should expire or become unexercisable for any reason without having been exercised in full,
the unpurchased Shares which were subject thereto shall, unless the Plan shall have been terminated, become available for future grant under the Plan. 
 4. Administration of the Plan. 
 (a) Procedure. The Plan shall be administered
by the Board of Directors; provided, however, that (i) the Board of Directors may appoint a Committee to administer the Plan; and (ii) shall appoint a Committee to administer the Plan, if necessary, to provide the officers and directors of
the Company with the benefits of Rule 16b-3 promulgated by the SEC. If appointed, the Committee shall continue to serve until otherwise directed by the Board of Directors. Subject to the foregoing, from time-to-time the Board of Directors may
increase the size of the Committee and appoint additional members in substitution therefor, fill vacancies however caused, or remove all members of the Committee and thereafter directly administer the Plan. 
 (b) Powers of the Board. Subject to the provisions of the Plan, the Board shall have the authority, in its discretion: (i) to
grant Incentive Stock Options, in accordance with Section 422 of the Code, or "nonstatutory stock options;" (ii) to determine, upon review of relevant information and in accordance with Section 8(b) of the Plan, the fair market value
of the Common Stock; (iii) to determine the exercise price per share of Options to be granted, which exercise price shall be determined in accordance with Section 8(a) of the Plan; (iv) to determine the Employees or Consultants to
whom, and the time or times at which, Options shall be granted and the number of shares to be represented by each Option; (v) to interpret the Plan; (vi) to prescribe, amend and rescind rules and regulations relating to the Plan;
(vii) to determine the terms and provisions of each Option granted (which need not be identical) and, with the consent of the holder thereof, modify or amend each Option; (viii) to accelerate or defer (with the consent of the Optionee as
to any deferral) the exercise date of any Option consistent with the provisions of Section 5 of the Plan; (ix) to authorize any person to execute on behalf of the Company any instrument required to effectuate the grant of an Option
previously granted by the Board; and (X) to make all other determinations deemed necessary or advisable for the administration of the Plan. 
 (c) Effect of Board's Decision. All decisions, determinations and interpretations of the Board or its Committee shall be final and binding on all Optionees and any other holders of any Options granted under the
Plan. 
 5. Eligibility. 
 (a) Options may be granted only to Employees and Consultants. Incentive Stock Options may be granted only to Employees. An Employee or Consultant who has been granted an Option may, if he is otherwise eligible, be
granted an additional Option or Options. 

 (b) No Incentive Stock Option may be granted to an Employee which, when aggregated with
all other incentive stock Options granted to such Employee by the Company or any Parent or Subsidiary, would result in Shares having an aggregate fair market value (determined for each Share as of the date of grant of the Option covering such Share)
in excess of $100,000 becoming first available for purchase upon exercise of one or more Incentive Stock Options during any calendar year. 
 (c) Section 5(b) of the Plan shall apply only to an Incentive Stock Option evidenced by a written Option agreement which shall expressly identify the Option as an Incentive Stock Option. Section 5(b) of the
Plan shall not apply to any Option evidenced by an Option agreement which sets forth the intention of the Company and the Optionee that such Option shall be a nonstatutory Stock Option. 
 (d) The Plan shall not confer upon any Optionee any right with respect to continuation of employment or consulting relationship with the
Company, nor shall it interfere in any way with his right or the Company's right to terminate his employment or consulting relationship at any time. 
 6. Term of Plan. The Plan shall become effective upon the earlier to occur of its adoption by the Board of Directors or its approval by the Stockholders of the Company as described in Section 17 of the
Plan. It shall continue in effect for a term of ten (10) years unless sooner terminated under Section 13 of the Plan. 
 7. Term
of Option. The term of each Incentive Stock Option shall be ten (10) years from the date of grant thereof or such shorter term as may be provided in the Stock Option agreement. The term of each Option that is not an Incentive Stock Option
shall be (10) years and one (1) day from the date of grant thereof or such shorter term as may be provided in the Stock Option agreement. However, in the case of an Option granted to an Optionee who, at the time the Option is granted, owns
stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, (a) if the Option is an Incentive Stock Option, the term of the Option shall be five (5) years from
the date of grant thereof or such shorter time as may be provided in the Stock Option agreement, or (b) if the Option is not an Incentive Stock Option, the term of the Option shall be five (5) years and one (1) day from the date of
grant thereof or such shorter term as may be provided in the Stock Option agreement. 
 8. Exercise Price and Consideration.

 (a) The per Share exercise price for the Shares to be issued pursuant to exercise of an Option shall be such price as is
determined by the Board, but shall be subject to the following: (i) In the case of an Incentive 

 
Stock Option: (A) granted to an Employee who, at the time of the grant of such Incentive Stock Option, owns stock representing more than ten percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price shall be no less than 110% of the fair market value per Share on the date of grant, (B) granted to an Employee, the
per Share exercise price shall be no less than 100% of the fair market value per Share on the date of grant; (ii) In the case of a nonstatutory Stock Option, the per Share exercise price shall be no less than the price per Share set by the
Board on the date of grant. 
 (b) The fair market value shall be determined in the following manner. If the stock is
unlisted, the fair market value shall be determined by the Board of Directors, in its discretion. If listed, the value shall be the Closing Sales Price of the Company's Common Stock as reported on the NASDAQ National Market System on the business
day immediately preceding the date of grant. In the event the Common Stock is listed on a stock exchange, the fair market value per share shall be the closing price on such exchange on the business day immediately preceding the date of grant, as
reported in the Wall Street Journal. 
 (c) The consideration to be paid for the Shares to be issued upon exercise of an
Option, including the method of payment shall be determined by the Board and may consist entirely of cash, check, promissory note, surrender of shares of Common Stock of the Company acquired pursuant to the exercise of the Option, other Shares of
Common Stock having a fair market value on the date of surrender equal to the aggregate exercise price of the Shares as to which said Option shall be exercised, or any combination of such methods of payment, or such other consideration and method of
payment for the issuance of Shares to the extent permitted under Nevada Corporation Law. In making its determination as to the type of consideration to accept, the Board shall consider if acceptance of such consideration may be reasonably expected
to benefit the Company. 
 9. Exercise of Option. 
 (a) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder shall be exercisable at such times and under such
conditions as determined by the Board, including performance criteria with respect to the Company and/or the Optionee, and as shall be permissible under the terms of the Plan. An Option may not be exercised for a fraction of a Share. An Option shall
be deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the terms of the Option by the person entitled to exercise the Option and full payment for the Shares with respect to which the Option is
exercised has been received by the Company. Full payment may, as authorized by the Board, consist of any consideration and method of payment allowable under Section 8(c) of the Plan. Until the issuance 

 
(as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the Stock Certificate evidencing
such shares, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Optioned Stock, notwithstanding the exercise of the Option. No adjustment will be made for a dividend or other right for which
the record date is prior to the date the Stock Certificate is issued, except as provided in Section 11 of the Plan. Exercise of an Option in any manner shall result in a decrease in the number of Shares which thereafter may be available, both
for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 
 (b)
Termination of Status as an Employee or Consultant. If an Employee or Consultant ceases to serve as an Employee or Consultant (as the case may be), he may, but only within three (3) months (or such other period of time not exceeding
three (3) months as is determined by the Board at the time of grant of the Option) after the date he ceases to be an Employee or Consultant (as the case may be) of the Company, exercise his Option to the extent that he was entitled to exercise
it at the date of such termination. To the extent that he was not entitled to exercise the Option at the date of such termination, or if he does not exercise such Option (which he was entitled to exercise) within the time specified herein, the
Option shall terminate. 
 (c) Disability of Optionee. Notwithstanding the provisions of Section 9(b) above, in
the event an Employee or Consultant is unable to continue his employment or consulting relationship (as the case may be) with the Company as a result of his total and permanent disability (as defined in Section 22(e) (3) of the Internal
Revenue Code), he may, but only within six (6) months (or such other period of time not less then six (6) months nor more than twelve (12) months as is determined by the Board at the time of grant of the Option) from the date of
termination, exercise his Option to the extent he was entitled to exercise it at the date of such termination (or to such greater extent as the Board may provide). To the extent that he was not entitled to exercise the Option at the date of
termination, or if he does not exercise such Option (which he was entitled to exercise) within the time specified herein, the Option shall terminate. 
 (d) Death of Optionee. In the event of the death of an Optionee: (i) during the term of the Optionee who is at the time of his death an Employee or Consultant of the Company and who shall have been in
Continuous Status as an Employee or Consultant since the date of grant of the Option, the Option may be exercised, at any time within twelve (12) months following the date of death, by the Optionee's estate or by a person who acquired the right
to exercise the Option by bequest or inheritance, but only to the extent of the right to exercise that has accrued as of the date of death (or to such greater extent as the Board may provide); or (ii) after the termination of Continuous Status
as an Employee or Consultant, the Option may be exercised, at any time within six 

 
(6) months following the date of death, by the Optionee's estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but
only to the extent of the right to exercise that had accrued at the date of termination (or to such greater extent as the Board may provide). 
 10. Nontransferability of Options. The Option 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 the Optionee, only by the Optionee. 
 11. Adjustments Upon Certain Changes. 
 (a) Stock Split or Reclassification. The number of Shares of Common Stock covered by each outstanding Option as well as the price
per Share of Common Stock covered by each such outstanding Option, shall be proportionately adjusted for any increase or decrease in the number of shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination
or reclassification of the Common Stock, recapitalization, reorganization, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion
of any convertible securities of the Company shall not be deemed to have been "effected without receipt of consideration." Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except
as expressly provided herein, no issuance by the Company 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 or
price of Shares of Common Stock subject to an Option. The Company shall provide to the optionee notice of any adjustment pursuant to this section 11(a) immediately. No event described in this Section 11(a) or elsewhere in this document shall
have the effect of changing the number of options and/or common shares subject to the Plan as set forth in Section 3 herein. 
 (b) Change in Control. In the event of a Change of Control, then to the extent permitted by applicable law, with respect to half (50%) of the unvested Options (the "Primary Accelerated Amount") held by persons then performing
services as Employees, Directors, or Consultants, then immediately prior to the consummation of such Change of Control such Primary Accelerated Amount shall be fully vested and exercisable and such Options shall be terminated if not exercised prior
to the consummation of the Change of Control. With respect to the remaining portion of such unvested Options (the "Remaining Amount"), any surviving corporation or an Affiliate of such surviving corporation shall assume or continue the Remaining
Amount, or substitute similar Options for the Remaining Amount. If the surviving corporation or an Affiliate of such surviving corporation refuses to assume or continue the Remaining Amount, or substitute similar Options for the 

 
Remaining Amount, then with respect to any person who was providing services as an Employee, Director or Consultant immediately prior to the consummation of
the Change of Control, then immediately prior to the consummation of the Change of Control such Remaining Amount shall be fully vested and exercisable and such Options shall be terminated if not exercised prior to the consummation of the Change of
Control. If, following a Change of Control, the surviving corporation or its Affiliates choose to assume or continue the Remaining Amount, or substitute similar Options for the remaining amount and any person then performing services as an Employee,
Director, or Consultant is involuntarily terminated for reason other than Cause or voluntarily terminates for Good Reason within one (1) year of such Change of Control, then upon such termination any Options still outstanding shall be fully
vested and exercisable and such Options shall be terminated if not exercised within thirty (30) days of such termination (or to such greater extent as the Board may provide). 
 For the purposes of this plan: (i) "Change in Control" means: (1) a dissolution, liquidation or sale of substantially all of the
assets of the Company; (2) a merger or consolidation in which the Company is not the surviving corporation (other than a merger solely for the purpose of changing the state of incorporation); or (3) a reverse merger in which the Company is
the surviving corporation but the shares of the Company's common stock outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise; (ii) "Cause"
means: (1) an optionee's willful dishonesty towards, fraud upon, crime against, deliberate or attempted injury or bad faith action with respect to the Company; or (2) Optionee's conviction for any felony crime; (iii) "Good Reason"
means: (1) a material reduction in compensation; (2) a relocation of the Optionee's principal worksite to a location more than sixty (60) miles from Optionee's pre-Change of Control worksite; or (3) for an executive officer, a
material reduction in responsibilities or authority as in effect before the Change in Control. 
 12. Time of Granting Options. The
date of grant of an Option shall, for all purposes, be the date on which the Board makes the determination granting such Option. Notice of the determination shall be given to each Employee or Consultant to whom an Option is so granted within a
reasonable time after the date of such grant. 
 13. Amendment and Termination of the Plan. 
 (a) Amendment and Termination. The Board may amend or terminate the Plan from time-to-time in such respects as the Board may deem
advisable; provided that, the following revisions or amendments shall require approval of the Stockholders of the Company in the manner described in Section 17 of the Plan: (i) any increase in the number of Shares subject to the Plan,
other than in connection with an adjustment under Section 11 of the Plan; (ii) any change in the designation of the class of Employees or Consultants eligible to be granted Options; (iii) any material increase in the benefits accruing
to participate under the Plan. 

 (b) Stockholder Approval. In the event any amendment requiring Stockholder
approval under Section 13(a) of the Plan is made, such Stockholder approval shall be solicited as described in Section 17 of the Plan. 
 (c) Effect of Amendment or Termination. Any such amendment or termination of the Plan shall not affect Options already granted and such Options shall remain in full force and effect as if this Plan had not been
amended or terminated, unless mutually agreed otherwise between the Optionee and the Board, which agreement must be in writing and signed by the Optionee and the Company. 
 14. Conditions Upon Issuance of Shares. Shares shall not be issued pursuant to the exercise of an Option unless the exercise of such Option and the issuance and delivery of such Shares pursuant thereto shall
comply with all relevant provisions of law, including, without limitation, the Securities Act of 1933, as amended, the Securities and Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, state securities laws, and the
requirements of any stock exchange upon which the Shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 As a condition to the exercise of an Option, the Company may require the person exercising such Option to render to the Company a written statement
containing such representations and warranties as, in the opinion of counsel for the Company, may be required to ensure compliance with any of the aforementioned relevant provisions of law, including a representation that the Shares are being
purchased only for investment and without any present intention to sell or distribute such Shares, if, in the opinion of counsel for the Company, such representation is required. 
 15. Reservation of Shares. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as shall
be sufficient to satisfy the requirements of the Plan. 
 16. Option Agreement. Options shall be evidenced by written option
agreements or option certificates in such form as the Board shall approve. 
 17. Stockholder Approval. If Incentive Stock Options are
to be issued under the Plan, continuance of the Plan shall be subject to approval by the stockholders of the Company within twelve (12) months before or after the date the Plan is adopted. If such Stockholder approval is obtained at a duly held
Stockholders' Meeting, it may be obtained by the affirmative vote of the holders of a majority of the Share of the Company present or represented and entitled to vote thereon. In the case of approval by written consent, it must be obtained by the
written consent of all stockholders of the Company, or by written consent of a smaller percentage of stockholders but only if the Board 

 
determines, on the basis of advice of the Company's legal counsel, that the written consent of such a smaller percentage of stockholders will comply with all
applicable laws and will not adversely affect the qualifications of the Plan under Section 422 of the Code. 
 Failure to obtain
shareholder approval of the Plan as set forth in the preceding paragraph shall not invalidate the Plan but will rather serve to automatically amend the Plan so that no Incentive Stock Options may be issued under the Plan. Also, if the Plan is
amended as set forth in Section 13 but without shareholder approval of the amendment as required in Section 13, the amendment shall be effective but no Incentive Stock Options may be issued under the Plan following the amendment.

 18. Information to Optionees. The Company shall provide to each Optionee, during the period for which such Optionee has one or more
Options outstanding, copies of all annual reports and other information which are provided to all stockholders of the Company. The Company shall not be required to provide such information if the issuance of Options under the Plan is limited to key
employees whose duties in connection with the Company assure their access to equivalent information. 
 IN WITNESS THEREOF, the Company hereto has executed
this 2007 Stock Option Plan as of the date first above written. 
  

			
	Diabetic Treatment Centers of America, Inc.
		
	By:	 	 /s/ Steven Weldon

		 	Steven Weldon, CFOForm of Indemnification Agreement

 Exhibit 10.1 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (this “Agreement”)
dated as of                     , 2007, is entered into by and between Chipotle Mexican Grill, Inc., a Delaware corporation
(“Corporation”), and
                                        
(“Indemnitee”). 
 RECITALS 
 WHEREAS, Indemnitee desires to have additional protection above the coverage available under the Corporation’s liability insurance and to the extent permissible under applicable law for proceedings
that arise from Indemnitee’s service to the Corporation; and 
 WHEREAS, the Corporation recognizes Indemnitee’s
desire for additional protection and wishes to provide for the indemnification and advancement of expenses to Indemnitee to the maximum extent permitted by law. 
 WHEREAS, this Agreement sets forth the terms, conditions and procedures under which the Corporation shall make determinations required under applicable law in determining Indemnitee’s entitlement
to indemnification and advancement of expenses thereunder. 
 NOW, THEREFORE, the Corporation and Indemnitee
hereby agree as follows: 
 1. Indemnification. If Indemnitee was or is made a party or is threatened to be made a party to or is
involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a “proceeding”), by reason of the fact that he or she, or a person of whom he or she is the legal representative, is
or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise of the Corporation
(collectively “Enterprise”), including service with respect to employee benefit plans, whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent or in any other capacity
while serving as a director, officer, employee or agent, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the General Corporate Law of the State of Delaware (“DGCL”), as the same exists
or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than said law permitted the Corporation to provide prior to such
amendment), against all expense, liability and loss (including attorneys’ fees, judgments, liens, amounts paid or to be paid in settlement and excise taxes or penalties arising under the Employee Retirement Income Security Act of 1974)
reasonably incurred or suffered by Indemnitee in connection therewith and such indemnification shall continue as to Indemnitee after he or she has ceased to be a director, officer, employee or agent and shall inure to the benefit of his or her
heirs, executors and administrators; provided, however, that the Corporation shall indemnify Indemnitee in connection with a proceeding (or part thereof) initiated by Indemnitee only if such proceeding (or part thereof) was authorized by the
Board of Directors of the Corporation (“Board of Directors”). 
 2. Advancement of Expenses. The right to
indemnification conferred hereunder shall include the right to be paid by the Corporation the expenses (including attorneys’ fees) (“Expenses”) incurred in defending any such proceeding in advance of its final disposition
provided, however, that, if the DGCL requires, the payment of such Expenses incurred by an Indemnitee in his or her capacity as such in advance of the final disposition of a proceeding shall be made only upon delivery to the Corporation of an
undertaking, by or on behalf of such Indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such Indemnitee is not entitled to be indemnified
under this Agreement or otherwise (an “undertaking”); and provided, further, that such advancement of Expenses incurred by any person other than an Indemnitee shall be made only upon the delivery of an undertaking to the
foregoing effect and may be subject to such other conditions as the Reviewing Party may deem advisable. 

 3. Indemnification Procedure. 
 a. Notification of Indemnification Claim. To obtain indemnification under Section 1 or Section 2 of this Agreement, Indemnitee shall
submit to the Corporation a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to
indemnification. The Corporation shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors that Indemnitee has requested indemnification. 
 b. Determination of Entitlement to Indemnification; Presumptions. Upon written request by Indemnitee for indemnification pursuant to
Section 3(a), a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case by (i) directors of the Board of Directors who are not parties to or otherwise interested in the proceeding, or a
committee of such directors designated by majority vote of such directors (each of which shall make decisions by majority vote), (ii) if there are no such directors, or if such directors so direct, by independent legal counsel (an attorney or
firm of attorneys who shall not have been retained by or otherwise performed services for the Corporation or Indemnitee within the previous three (3) years); or (iii) such other persons as may be provided by applicable law (the person or
persons to make such determination, the “Reviewing Party”). If the Reviewing Party makes a determination that, with regard to matters concerned in the proceeding for which Indemnitee is requesting indemnification, Indemnitee did not
meet the applicable standard of conduct set forth in the DGCL or under the Corporation’s Certificate of Incorporation or Bylaws (an “Adverse Determination”), the Corporation’s obligations to indemnify Indemnitee under
Section 1 and Section 2 of this Agreement, the Corporation’s Certificate of Incorporation or Bylaws, and applicable law shall be extinguished, unless and until a court of competent jurisdiction has entered a final judicial decision
from which there is no further right to appeal that indemnification is legally required under applicable law. In making a determination hereunder with respect to Indemnitee’s entitlement to indemnification, the Reviewing Party shall presume
that Indemnitee is entitled to indemnification, unless Indemnitee shall have entered a plea of guilty or nolo contendere in a criminal proceeding. Anyone seeking to overcome the presumption that Indemnitee is entitled to indemnification shall have
the burden of proof and the burden of persuasion by clear and convincing evidence. 
 c. Advancements. All advances of Expenses to be
made under Section 2 shall be paid by the Corporation to the Indemnitee as soon as practicable but in any event no later than twenty (20) days after the Corporation’s receipt of Indemnitee’s undertaking under Section 2 and
written request under Section 3(a), unless: (i) the Reviewing Party has made an Adverse Determination; or (ii) it is determined by final judicial decision from which there is no further right to appeal that Indemnitee is not entitled
to be indemnified under this Agreement, the Corporation’s Certificate of Incorporation or Bylaws, or applicable law. 
 d. Right of
Indemnitee to Bring Suit. If a claim under this Agreement is not paid in full by the Corporation within sixty (60) days after a written claim has been properly received by the Corporation, Indemnitee may at any time thereafter bring suit
against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part, Indemnitee shall be entitled to be paid also the expense of prosecuting such suit. It shall be a defense to any such suit (other than a suit
brought to enforce a right to advancement of expenses where the required undertaking has been tendered to the Corporation) that Indemnitee has not met the applicable standard of conduct set forth in the DGCL, but the burden of proving such defense
shall be on the Corporation. Neither the failure of the Corporation (including the Reviewing Party or the Board of Directors) to have made a determination prior to the commencement of such action that indemnification of Indemnitee is proper in the
circumstances because 

  

 -2- 

 
he or she has met the applicable standard of conduct set forth in the DGCL, nor an Adverse Determination by the Reviewing Party, shall be a defense to the
suit or create a presumption that Indemnitee has not met the applicable standard of conduct. 
 4. Nonexclusivity. The indemnification
provided under this Agreement shall be in addition to any rights to which Indemnitee may be entitled under the Corporation’s Certificate of Incorporation, Bylaws, other agreement (including any insurance arrangement), any vote of shareholders
or disinterested directors, the DGCL, or otherwise. The indemnification provided under this Agreement shall continue as to Indemnitee for any action such Indemnitee took or did not take while serving in an indemnified capacity even though the
Indemnitee may have ceased to serve in such capacity and such indemnity shall survive the termination or expiration of this Agreement. 
 5.
Exclusions. The Corporation shall not be liable under this Agreement to pay any Expenses in connection with any claim made against Indemnitee: 
 a. in connection with a judicial action by or in the right of the Corporation, in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable to the Corporation, unless and only
to the extent that any court in which such action was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to
indemnity for such expenses as such court shall deem proper; 
 b. if and to the extent that it is proved by final, non-appealable judgment
in a court of law or other final adjudication to have been based upon or attributable to the Indemnitee’s in fact having gained any personal profit or advantage to which he or she was not legally entitled; 
 c. for a disgorgement of profits made from the purchase and sale by the Indemnitee of securities pursuant to Section 16(b) of the Securities
Exchange Act of 1934, as amended, and amendments thereto or similar provisions of any state statutory law or common law; 
 d. or any
judgment, fine or penalty which the Corporation is prohibited by applicable law from providing indemnity hereunder; or 
 e. in connection
with a proceeding to enforce against Indemnitee any written non-compete or non-disclosure agreement, or a non-compete or non-disclosure provision of any written employment, consulting, stock option, restricted stock or other similar agreement, to
which the Indemnitee may be a party with the Corporation or any Enterprise, it being agreed that Indemnitee would not be a party to any such proceeding by reason of the fact that he or she is or was a director or officer of the Corporation.

 6. No Duplication of Payments. The Corporation shall not be liable under this Agreement to make any payment in connection with any
proceeding made against any Indemnitee to the extent such Indemnitee has otherwise actually received payment (under any insurance policy, or any provision of the Corporation’s Certificate of Incorporation or Bylaws, or otherwise) of the amounts
otherwise indemnifiable hereunder. 
 7. Insurance. The Corporation may maintain insurance, at its expense, to protect itself and any
director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any such expense, liability or loss, whether or not the Corporation would have the power to indemnify such
person against such expense, liability or loss under the DGCL. 
  

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 8. Subrogation. In the event of payment under this Agreement, the Corporation will be subrogated
to the extent of such payment to all of the related rights of recovery of Indemnitee against other persons or entities (other than Indemnitees successors). Indemnitee will execute all papers reasonably required to evidence such rights of recovery
(all of Indemnitees reasonable Expenses, including attorneys’ fees and changes, related thereto to be reimbursed by or, at the option of Indemnitee, advanced by the Corporation). 
 9. Partial Indemnity; Settlement. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for some
or a portion of any proceeding but not for the entire amount thereof, the Corporation will nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to
the extent that Indemnitee has been successful on the merits or otherwise in defense of any proceeding or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee will be indemnified against all
Expenses incurred in connection therewith. In connection with any determination as to whether Indemnitee is entitled to be indemnified hereunder, there will be a presumption that Indemnitee is so entitled, which presumption the Corporation may
overcome only by its adducing clear and convincing evidence to the contrary. The Corporation shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending proceeding effected without the
Corporation’s prior written consent. 
 10. General Provisions. 
 a. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other
provision or any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 b. Complete Agreement. This Agreement embodies the complete agreement and understanding among the parties and supersedes and preempts any prior
understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. 
 c. Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. 
 d. Successors and Assigns; Survival. This Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their
respective successors and assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Corporation (and the Corporation may assign its rights and
obligation in connection with any such transaction without the consent of Indemnitee), spouses, heirs, and personal and legal representatives. The Corporation shall require and cause any successor (whether director or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Corporation, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. This Agreement shall continue in effect with respect to any proceeding regardless of whether Indemnitee
continues to serve as a director, officer, employee or agent of the Corporation or of any other Enterprise at the Corporation’s request. 
  

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 e. Notices. Any notice provided for in this Agreement must be in writing and must be either
(i) personally delivered (in which case such notice shall be deemed to have been given when so delivered), (ii) mailed by first class mail (postage prepaid and return receipt requested) (in which case such notice shall be deemed to have
been given three business days after deposit in the U.S. mail), (iii) sent by reputable overnight courier service (charges prepaid) (in which case such notice shall be deemed to have been given one business day after being so deposited with
such reputable overnight courier service), or (iv) sent by facsimile (in which case such notice shall be deemed to have been given on the date of such transmission, if such transmission is completed at or prior to 5:00 p.m., local time of the
recipient party, or on the next business day following the date of transmission, if such transmission is completed after 5:00 p.m., local time of the recipient party, provided in each case the relevant transmission report indicates a full and
successful transmission) to the recipient at such address as identified in the records of the Corporation, or to such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the
sending party. 
 f. Choice of Law. All questions concerning the construction, validity, enforcement and interpretation of this
Agreement shall be governed by the internal law, and not the law of conflicts, of the State of Delaware. 
 g. Amendment and Waiver.
No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is in writing signed by all parties hereto. A waiver of any provision of this Agreement shall not be effective against a party unless in writing
signed by such party. 
 h. No Construction of Employment Agreement. Nothing contained in this Agreement shall be construed as giving
Indemnitee any right to be retained in the employ of the Corporation or any of its subsidiaries. 
 i. No Third Party Beneficiaries.
Nothing in this Agreement is intended to confer on any person other than the parties hereto or their respected successors or assigns any rights, remedies, claims, or causes of action, liabilities or obligations under or by reason of this Agreement.

 * * * * * 
  

 -5- 

 IN WITNESS WHEREOF, the parties have executed this Indemnification Agreement as of the date first written
above. 
  

			
	Chipotle Mexican Grill, Inc.
		
	By:	 	 
	Name:	 	 
	Its:	 	 
	
	Indemnitee:
		
	By:	 	 
	Name:

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