Document:

Exhibit 1016

		

			 

		

		
			Exhibit 10.16
		

		
			CHIPOTLE MEXICAN GRILL, INC.
RESTRICTED STOCK UNITS AGREEMENT 
		

			
					
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						Name of Participant:

					
					
						Participant Name

					
					
						 

				
	
					
						No. of RSUs:

					
					
						 

					
					
						 

				
	
					
						Grant Date:

					
					
						 

					
					
						 

				
	
					
						Vesting Dates:

					
					
						1st Anniversary of Grant Date

					
					
						 

				

		
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			This Restricted Stock Units Agreement (this “Agreement”), dated as of the Grant Date first stated above, is delivered by Chipotle Mexican Grill, Inc., a Delaware corporation, to the Participant named above (the “Participant”). 
		

		
			Recitals
		

		
			A.The Company is awarding the Participant, under the Amended and Restated Chipotle Mexican Grill, Inc. 2011 Stock Incentive Plan (the “Plan”), restricted stock units (“RSUs”) as indicated above (the “Award”), subject to the terms and conditions hereof and the Plan.
		

		
			B.The Compensation Committee (the “Committee”) of the Company’s Board of Directors (the “Board”) has approved this Award. 
		

		
			Agreement
		

		
			NOW, THEREFORE, the parties hereby agree as follows: 
		

			
	
			
				 1.
			Definitions.  Except as expressly indicated herein, defined terms used in this Agreement have the meanings set forth in the Plan.  

			
	
			
				 2.
			Grant of RSUs.  Subject to the terms and conditions hereinafter set forth and the terms and conditions of the Plan, the Company, with the approval and at the direction of the Committee, hereby grants to the Participant the number of RSUs indicated above.

			
	
			
				 3.
			Vesting and Forfeiture of RSUs. 

			
	
			
				 (a)
			Vesting of RSUs.  The RSUs subject to this Award shall be subject to the restrictions contained in this Agreement and subject to forfeiture to the Company unless and until the RSUs have vested in accordance with the terms and conditions of this Agreement.  Subject to the terms and conditions of this Agreement, (i) 100% of the total RSUs subject to this award will vest on the Vesting Date indicated above and (ii) notwithstanding the provisions of sub-clause (i), any then-unvested RSUs will vest upon the Accelerated Vested Date (as defined in Section 3(b) below); provided that in each case the Participant remains continuously employed by the Company from the Grant Date until the Vesting Date or Accelerated Vesting Date, as applicable.

			
	
			
				 (b)
			Acceleration of Vesting.  In the event that prior to the Vesting Date: (1) the Committee determines that the Participant’s employment was terminated as a result of the Participant’s medically diagnosed permanent physical or mental inability to perform his or her duties as an employee of the Company (“Disability”), (2) the Participant’s employment terminates due to the Participant’s death, or (3) the Company undergoes a Change in Control while the Participant is employed by the Company, then all of the unvested RSUs will vest immediately upon the earliest of any such event to occur, if any.  Any date on which vesting occurs as described in this Section 3(b) shall be referred to herein as an “Accelerated Vesting Date.”    

		 

		

			DM_US 79735183-5.082000.0011 

		

		

			 

		

 

		

			 

		

			
	
			
				 (c)
			Forfeiture.  If, in any case prior to the Vesting Date or any Accelerated Vesting Date, the Participant’s employment terminates, other than under circumstances that would result in an Accelerated Vesting Date, then any unvested RSUs shall be forfeited by the Participant to the Company, and the Participant shall thereafter have no right, title or interest whatever in such RSUs.    

			
	
			
				 (d)
			Effect of Vesting; Issuance of Unrestricted Stock.  RSUs will be settled as soon as reasonably practicable, but in no event later than thirty (30) days, after becoming vested under this Section 3 (each, a “Settlement Date”).  Upon a Settlement Date and pursuant to the terms and conditions set forth in this Agreement, the Company will issue (subject to Sections 11 and 15 below) to the Participant a certificate or electronically transfer by book-entry the number of shares of Common Stock of the Company equal to the number of vested RSUs which are then to be settled, which shares of Common Stock shall be free of any transfer or other restrictions arising under this Agreement.  For the avoidance of doubt, the settlement of RSUs is intended to qualify as a “short-term deferral” that is exempt from Section 409A of the Code.

			
	
			
				 4.
			Adjustment of RSUs.  The number of RSUs subject to this Award will automatically adjust to prevent accretion, or to protect against dilution, in the event of a change to the Company’s Common Stock resulting from a recapitalization, stock split, consolidation, spin-off, reorganization, or liquidation or other similar transactions and any transaction in which shares of Common Stock are changed into or exchanged for a different number or kind of shares of stock or other securities of the Company or another corporation as provided under Section 9 of the Plan.

			
	
			
				 5.
			No Rights as a Stockholder.  As of the Grant Date, the Participant shall have no rights as a stockholder of the Company with respect to the RSUs (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 Common Stock shall be credited to the Participant in an amount equal to the amount that would have been payable or distributable to the Participant had the Common Stock underlying the RSUs been issued and outstanding as of the record date for such dividend or distribution, to be held by the Company on the Participant's behalf and made subject to the same vesting conditions applicable to the underlying RSUs.  At the time of delivery of the underlying shares of Common Stock, the Company shall distribute to the Participant in cash all dividends or distributions previously paid with respect to the RSUs that vested hereunder without interest.  In the event the Participant forfeits RSUs, the Participant shall also immediately forfeit any dividends or distributions held by the Company that are attributable to the Common Stock underlying such forfeited RSUs.

			
	
			
				 6.
			Non-Transferability of Award.  The RSUs shall not be assignable or transferable by the Participant prior to their vesting in accordance with Section 3 of this Agreement.  In addition, RSUs shall not be subject to attachment, execution or other similar process prior to vesting. 

			
	
			
				 7.
			No Right to Continued Service.  The granting of the Award shall not be construed as granting to the Participant any right to continue services with the Company as an employee. 

			
	
			
				 8.
			Amendment of RSUs Award.  The Award or the terms of this Agreement may be amended by the Board or the Committee at any time (a) if the Board or the Committee determines, in its reasonable discretion, that amendment is necessary or advisable in the light of any addition to or change in the Code or in the regulations issued thereunder, or any federal or state securities law or other law or regulation, which change occurs after the Grant Date and by its terms applies to the Award; provided that, such amendment shall not materially and adversely affect the rights of the Participant hereunder; or (b) other than in the circumstances described in clause (a), with the consent of the Participant. 

			
	
			
				 9.
			Notice.  Any notice to the Company provided for in this Agreement shall be addressed to the Company in care of its Secretary at its executive offices at 1401 Wynkoop, Suite 500, Denver, Colorado 80202, and any notice to the Participant shall be addressed to the Participant at the current address shown on the payroll records of the Company. Any notice shall be deemed to be duly given if and when properly addressed and posted by registered or certified mail, postage prepaid. 

			
	
			
				 10.
			Beneficiary.  The Participant may file with the Company a written designation of a beneficiary on such form as may be prescribed by the Company and may, from time to time, amend or revoke such designation. If no designated beneficiary survives the Participant, the executor or administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary.

		 

		

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				 11.
			Tax Consequences and Withholding.  As of the Grant Date, or at any time thereafter as requested by the Company, the Participant hereby authorizes minimum required withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, the minimum sums required to be withheld to satisfy the federal, state, local and foreign tax withholding obligations of the Company, if any, which arise in connection with the Award.  In addition, to the extent determined and memorialized in writing by the Committee, a Participant shall have the right to direct the Company to withhold up at a rate up to a Participant’s highest marginal tax rate for federal, state and local tax withholding as may be permitted under the Plan from time to time, using shares of Common Stock, including without limitation shares that would otherwise delivered upon exercise of vested RSUs, provided such withholding does not trigger liability accounting under FASB ASC Topic 718 or its successor. 

			
	
			
				 12.
			 Unless the tax withholding obligations of the Company, if any, are satisfied, the Company shall have no obligation to issue a certificate or book-entry transfer for such shares.  The Participant acknowledges that (s)he is solely responsible for paying all taxes attributable to this Award.

			
	
			
				 13.
			Governing Plan Document.  The Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of this Agreement, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of the Award or this Agreement and those of the Plan, the provisions of the Plan shall control.

			
	
			
				 14.
			Governing Law. The validity, construction, interpretation and effect of this Agreement shall exclusively be governed by and determined in accordance with the laws of the State of Delaware, except to the extent preempted by federal law, which shall to the extent of such preemption govern. 

			
	
			
				 15.
			Integrated Agreement.  This Agreement and the Plan constitute the entire understanding and agreement between the Company and the Participant with respect to the subject matter contained herein and supersedes any prior agreements, understandings, restrictions, representations, or warranties between the Company and the Participant with respect to such subject matter other than those as set forth or provided for herein.

			
	
			
				 16.
			Securities Matters.  The Company shall not be required to deliver any shares of Common Stock, or any certificates therefore or book-entry transfer notation thereof, until the requirements of any federal or state securities or other laws, rules or regulations (including the rules of any securities exchange) as may be determined by the Company to be applicable are satisfied.

			
	
			
				 17.
			Saving Clause.  If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such determination shall in no manner affect the legality or enforceability of any other provision hereof.

		
			IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the Grant Date specified above. 
		

			
					
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						CHIPOTLE MEXICAN GRILL, INC.

				
	
					
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						/s/ Neil Flanzraich

				
	
					
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						By: Neil Flanzraich

				
	
					
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						Chairman, Compensation Committee

				
	
					
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						ACCEPTED AND AGREED TO:

				
	
					
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						Participant

				

		
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			DM_US 79735183-5.082000.0011Exhibit 104

		

			 

		

		
			Exhibit 10.4
		

		
			January  5,  2018
		

		
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			Scott Boatwright
		

		
			Re:  Retention Agreement
		

		
			Dear Scott:
		

		
			Your service to CMG Strategy Co., LLC, for the benefit of the affiliated companies of Chipotle Mexican Grill, Inc. (collectively, the “Company”) is critical to the success of the Company.  Because of your importance to the Company,  the Company would like to provide you with a retention agreement that is intended to encourage your continued service to the Company. The terms of this Retention Agreement (this “Agreement”) between you (the “Executive”)  and the Company,  if you accept them, are as follows:
		

		
			1.Cash Retention Bonus. 
		

		
			a.Amount. Subject to the terms and conditions of this Agreement, the Executive is eligible to receive a retention bonus of four hundred thousand dollars ($400,000) (the “Retention Bonus”), subject to any and all required tax withholdings. 
		

		
			b.Vesting and Payment.  The Retention Bonus will vest twenty-five percent (25%) on the last day of each calendar quarter of 2018  (each, a “Vesting Date”), subject to the Executive’s continuous employment with the Company through the applicable Vesting Date (except as otherwise set forth in Section 1.c. of this Agreement) and the Executive not having given the Company a “Resignation Notice” (as defined in this Section 1.b.) on or prior to the applicable Vesting Date.  For the avoidance of doubt, no portion of the Retention Bonus will vest between Vesting Dates, except as otherwise set forth in Section 1.c. of this Agreement. Provided the Executive remains continuously employed with the Company through the applicable Vesting Date and has not given the Company a Resignation Notice as of such Vesting Date, the Company will pay the Executive the corresponding vested installment of the Retention Bonus in a cash lump-sum as soon as reasonably practicable following the applicable Vesting Date; provided, that, all vested installments of the Retention Bonus hereunder shall be paid no later than March 15, 2019; provided, further, that, notwithstanding the foregoing, if the Company terminates the Executive’s employment for Cause following a Vesting Date and prior to payment of the installment of the Retention Bonus that corresponds to such Vesting Date, the Executive will automatically forfeit such installment without consideration and without any further action by the Company. For purposes of this Agreement, “Resignation Notice” means a notice of the Executive’s intent to terminate the Executive’s employment with the Company without Good Reason, whether such notice is delivered verbally or in writing.
		

		
			c.Termination of Employment by the Company without Cause or by the Executive with Good Reason.  If the Company terminates the Executive’s employment without Cause (and other than due to the Executive’s death or Disability) or the Executive terminates the Executive’s employment with Good Reason, in each case on or prior to the final Vesting Date 
		

		 

		

			 

		

		

			 

		

 

		

			 

		

		

			 

		

		(each, a “Qualifying Termination”), provided the Executive timely executes a general release of claims in favor of the Company and its affiliates in a form provided by the Company (the “Release”) and the Release becomes irrevocable,  any portion of the Retention Bonus that has not yet vested pursuant to Section 1.b. of this Agreement as of the Qualifying Termination will: (i) vest one hundred percent (100%) as of the date on which the Release becomes effective; and (ii) be paid to the Executive at the same time or times as the Retention Bonus would have been paid to the Executive pursuant to Section 1.b. of this Agreement if the Executive had remained actively employed with the Company through each applicable payment date. For the avoidance of doubt, if the Executive fails to timely execute the Release, or if the Executive revokes the Release before it becomes effective, the Executive will automatically forfeit the portion of the Retention Bonus that has not yet vested pursuant to Section 1.b. of this Agreement as of the Qualifying Termination without consideration and without any further action by the Company. 
		

		
			d.Other Terminations of Employment; Resignation Notice. If the Executive’s employment with the Company terminates for any reason other than a Qualifying Termination (including, for the avoidance of doubt, as a result of the Executive’s death or Disability, termination by the Company for Cause, or termination by the Executive without Good Reason), or the Executive gives the Company a Resignation Notice, in each case on or prior to the final Vesting Date, the Executive will automatically forfeit the portion of the Retention Bonus that has not yet vested pursuant to Section 1.b. of this Agreement as of the employment termination or date of the Resignation Notice, as applicable, without consideration and without any further action by the Company.
		

		
			e.Definition of “Cause”. For purposes of this Agreement, “Cause” means: (i) the Executive’s willful failure to substantially perform the Executive’s duties (other than as a result of physical or mental illness or injury); (ii) the Executive’s willful misconduct or gross negligence, which is materially injurious to the Company; (iii) a breach by the Executive of his fiduciary duty or duty of loyalty to the Company; (iv) the Executive’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a serious crime involving moral turpitude; (v) the Executive’s unauthorized disclosure of the Company’s or its affiliates’ trade secrets or other secret or confidential information, knowledge, or data concerning the Company’s or its affiliates’ businesses, strategies, operations, clients, customers, prospects, financial affairs, organizational and personnel matters, policies, procedures, or other nonpublic matters, or concerning those of third parties; or (vi) the Executive’s material breach of any material obligation under this Agreement or any other written agreement between the Executive and the Company. For purposes of this provision, no act or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board of Directors of Chipotle Mexican Grill, Inc. or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. 
		

		
			f.Definition of “Disability”. For purposes of this Agreement, “Disability” means: (i) the Executive is unable due to a medically determinable physical or mental condition to perform the essential functions of the Executive’s position, with or without reasonable accommodation, for three (3) months in the aggregate during any twelve (12) month period; or (ii) 
		

		 

		

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		a licensed physician chosen by the Company and reasonably acceptable to the Executive (or the Executive’s legal representative) has certified to the Company in writing that due to a medically determinable physical or mental condition, the Executive will be unable to perform the essential functions of the Executive’s position, with or without reasonable accommodation, for three (3) months in the aggregate during the twelve (12) month period immediately following such certification. 
		

		
			g.Definition of “Good Reason”. For purposes of this Agreement, “Good Reason” means the occurrence of any of the following, in each case, during the Executive’s employment without the Executive’s written consent: (i) a decrease in the Executive’s base salary or annual bonus opportunity, other than a decrease in annual bonus opportunity that applies to all similarly situated executives of the Company; (ii) a material diminution in the Executive’s duties and responsibilities (other than temporarily while the Executive is physically or mentally incapacitated), or an adverse change in the reporting structure applicable to the Executive; (iii) a relocation of the Executive’s primary work location more than thirty (30) miles from the Executive’s primary work location on the date hereof; (iv) any material breach by the Company of any material provision of this Agreement or any material provision of any other agreement between the Executive and the Company; or (v) failure of any successor to the Company to assume this Agreement, except where such assumption occurs by operation of law; provided that, within thirty (30) days following the occurrence of any of the events set forth in clauses (i) through (v), the Executive shall have delivered written notice to the Company of the Executive’s intention to terminate the Executive’s employment with Good Reason, which notice specifies in reasonable detail the circumstances claimed to give rise to the Executive’s right to terminate employment with Good Reason, and the Company shall not have cured such circumstances within thirty (30) days following the Company’s receipt of such notice. 
		

		
			e.Funding of Retention Bonus.  The Company may, but is not required to, fund the Retention Bonus described in this Agreement.  In any event, the obligation of the Company hereunder will constitute a general, unsecured obligation, payable solely out of its general assets (which assets are subject to the claims of the Company’s general unsecured creditors in the event of the Company’s insolvency), and the Executive will not have any right to any specific assets of the Company.  If the Company becomes insolvent, the Executive will have only the rights of a general unsecured creditor against the Company for any amounts due under this Agreement.
		

		
			2.Retention Equity Awards. Subject to the terms and conditions of this Agreement, the Compensation Committee of the Board of Directors of Chipotle Mexican Grill, Inc. shall grant you, as soon as reasonably practicable following the date hereof, but not later than January 15, 2018, and pursuant to the Amended and Restated Chipotle Mexican Grill, Inc. 2011 Stock Incentive Plan (the “Plan”): (i) 14,709 stock appreciation rights roughly equal to a grant date fair value of one million two hundred thousand dollars ($1,200,000) which utilized the closing price of the Company’s common stock on the date of grant (the “SOSAR Grant”); and (ii) 3,824 shares of restricted stock equal to one million two hundred thousand dollars ($1,200,000) divided by the closing price of the Company’s common stock on the date of grant (the “Restricted Stock Grant”). The SOSAR Grant shall be pursuant to a grant agreement in the form attached hereto as Exhibit A and the Restricted Stock Grant shall be pursuant to a grant agreement in the form attached hereto as Exhibit B. The SOSAR Grant and the Restricted Stock Grant shall be subject to the terms and conditions of the Plan and the applicable grant agreements in all respects.
		

		

		

		 

		

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		3.General Provisions.  The following general provisions apply to this Agreement:
		

		
			a.Code Section 409A. The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations and guidance promulgated thereunder (collectively, “Section 409A”), and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered nonqualified deferred compensation. Notwithstanding any other provision of this Agreement to the contrary, if the Executive is considered a “specified employee” for purposes of Section 409A (as determined in accordance with the methodology established by the Company as in effect on the date on which the Executive’s employment with the Company terminates), any payment that constitutes nonqualified deferred compensation within the meaning of Section 409A that is otherwise due to the Executive under this Agreement during the six (6) month period following the Executive’s separation from service (determined in accordance with Section 409A) on account of the Executive’s separation from service shall be accumulated and paid to the Executive on the first business day of the seventh month following the Executive’s separation from service (the “Delayed Payment Date”). The Executive shall be entitled to interest on any delayed cash payments from the date of termination to the Delayed Payment Date at a rate equal to the applicable federal short-term rate in effect under Section 1274(d) of the Code for the month in which the Executive’s separation from service occurs. If the Executive dies during the period between the Executive’s separation from service and the Delayed Payment Date, the amounts delayed on account of Section 409A shall be paid to the personal representative of the Executive’s estate on the first to occur of the Delayed Payment Date or thirty (30) days after the date of the Executive’s death.
		

		
			b.Successors and Assigns. This Agreement shall be binding upon, inure to the benefit of and be enforceable by, as applicable, the Company and the Executive and their respective personal or legal representatives, executors, administrators, successors, assigns, heirs, distributes, and legatees. This Agreement is personal in nature and the Executive shall not, without the written consent of the Company, assign, transfer, or delegate this Agreement or any rights or obligations hereunder.
		

		
			c.Governing Law; Jurisdiction; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado without giving effect to such state’s laws and principles regarding the conflict of laws, or those of any other jurisdiction. The Company and the Executive (i) agree that any suit, action, or legal proceeding with respect to this Agreement shall be brought in the courts of record of the State of Colorado in Denver County or the court of the United States, District of Colorado; (ii) consent to the jurisdiction of each such court in any suit, action, or proceeding; and (iii) waive any objection that they may have to the laying of venue of any such suit, action, or proceeding in any of such courts.
		

		
			d.Amendment; Entire Agreement. No provision of this Agreement may be amended, modified, waived, or discharged unless such amendment, modification, waiver, or discharge is agreed to in writing and such writing is signed by the Company and the Executive. From and after the date hereof, this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof. 
		

		

		

		 

		

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		e.Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and this Agreement shall be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately reformed or modified). 
		

		
			f.Waiver of Breach. No waiver by any party hereto of a breach of any provision of this Agreement by any other party, or of compliance with any condition or provision of this Agreement to be performed by such other party, shall operate or be construed as a waiver of any subsequent breach by such other party of any similar or dissimilar provisions and conditions at the same or any prior or subsequent time. The failure of any party hereto to take any action by reason of such breach will not deprive such party of the right to take action at any time while such breach continues.
		

		
			g.Notice. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
		

		
			if to the Executive:
		

		
			at the address most recently on the books and records of the Company. 
		

		
			if to the Company:
		

		
			Chipotle Mexican Grill, Inc.
		

		
			1401 Wynkoop Street
		

		
			Suite 500
		

		
			Denver, Colorado 80202
		

		
			Attention: Legal Department
		

		
			h.Withholding. The Company may withhold from any amounts payable under this Agreement such federal, state, local, or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.
		

		
			i.Headings. The headings of this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
		

		
			j.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
		

		
			k.Not an Employment Contract.  This Agreement is not to be construed to constitute an employment contract between the Company and the Executive.  The Executive will at all times remain an “at will” employee of the Company, and the Company or the Executive may terminate the Executive’s employment at any time and for any reason or no reason as otherwise permitted. 
		

		
			l.Not Compensation for Benefits Purposes.  If and when the Executive earns and is paid the Retention Bonus under this Agreement, the Retention Bonus will not be 
		

		 

		

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		treated as additional compensation under any other employee benefit plan, program or arrangement, unless that plan, program or arrangement expressly provides for such treatment.
		

		
			m.Confidentiality.  The Executive agrees to keep the terms and conditions of this Agreement confidential and to refrain from disclosing the terms and conditions of this Agreement to anyone without the advance written permission of the Company, unless disclosure is required by law or is necessary for internal processing and payment; provided, however, that the Executive may disclose the terms and conditions of this Agreement without such advance written permission to the Executive’s immediate family and legal or financial advisors, but then only on the condition that these individuals not make further disclosure. If the Executive violates this Section 3.m., no benefit will be paid to the Executive under this Agreement, and the Executive will automatically forfeit the Retention Bonus, the SOSAR Grant, and the Restricted Stock Grant without consideration and without any further action by the Company. Executive acknowledges and agrees that the Company will disclose this Agreement, and the terms hereof, in accordance with applicable rules and regulations of the Securities and Exchange Commission, and that as a result of such disclosure, the terms of this Agreement will become publicly available. 
		

		
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		I hope that this Agreement underscores our appreciation for your continued service. To indicate that these terms are acceptable, please sign a copy of this Agreement where indicated below and return it to my attention. Please keep this Agreement and its terms confidential (whether or not you sign this Agreement). As you consider this Agreement and the terms of the Retention Bonus, please see me with any questions you may have.
		

		
			Sincerely,
		

		
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						/s/ Neil Flanzraich

				
	
					
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						By: Neil Flanzraich

				
	
					
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						Its: Lead Director & Chairman of the Compensation Committee

				

		
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			ACCEPTANCE:
		

		
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			I have read, I understand, and I hereby accept the terms and conditions of this Agreement on this 9th day of January, 2018. 
		

		
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						/s/ Scott Boatwright 

				
	
					
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						Scott Boatwright

				

		
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			Signature Page to Retention Agreement

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