CMG

SEC source: 0001127602-22-000118 · form4.xml · nonDerivative · entry 1

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,042

F1 · kind: Consists of shares of common stock retained by Chipotle to satisfy the reporting person's tax obligation in connection with the vesting of performance share units awarded in 2018.

SEC source: 0001127602-22-000113 · form4.xml · nonDerivative · entry 1

Andrada Marissa · CIK 0001680089 · Chief D&I and People Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,010

F1 · kind: Consists of shares of common stock retained by Chipotle to satisfy the reporting person's tax obligation in connection with the vesting of performance share units awarded in 2018.

SEC source: 0001127602-21-030671 · form4.xml · nonDerivative · entry 1

Andrada Marissa · CIK 0001680089 · Chief D&I and People Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,455

SEC source: 0001127602-22-000152 · form4.xml · nonDerivative · entry 1

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,104

SEC source: 0001127602-22-000115 · form5.xml · nonDerivative · entry 1

Baldocchi Albert S · CIK 0001351044 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,375

SEC source: 0000899243-21-035335 · doc4.xml · nonDerivative · entry 2

Pershing Square Capital Management, L.P. · CIK 0001336528 · Director

PS Management GP, LLC · CIK 0001336477 · Director

ACKMAN WILLIAM A · CIK 0001056513 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 1,114,725

F4 · kind: This Form 4 is being filed as a result of purchases related to portfolio management. Common Stock was purchased in open market transactions for the accounts of PS and PS International. PSH did not purchase any Common Stock. While PS and PS International previously reported sales of common stock within the previous six (6) months, on a Form 4 dated July 2, 2021 for sales on July 1, 2021, the price of such sales was less than the prices of the purchases reported on this Form 4 and, as a result, no profit has been realized by PS and PS International for the purposes of Section 16(b) of the Securities Exchange Act of 1934.

F4 · shares: This Form 4 is being filed as a result of purchases related to portfolio management. Common Stock was purchased in open market transactions for the accounts of PS and PS International. PSH did not purchase any Common Stock. While PS and PS International previously reported sales of common stock within the previous six (6) months, on a Form 4 dated July 2, 2021 for sales on July 1, 2021, the price of such sales was less than the prices of the purchases reported on this Form 4 and, as a result, no profit has been realized by PS and PS International for the purposes of Section 16(b) of the Securities Exchange Act of 1934.

F4 · price: This Form 4 is being filed as a result of purchases related to portfolio management. Common Stock was purchased in open market transactions for the accounts of PS and PS International. PSH did not purchase any Common Stock. While PS and PS International previously reported sales of common stock within the previous six (6) months, on a Form 4 dated July 2, 2021 for sales on July 1, 2021, the price of such sales was less than the prices of the purchases reported on this Form 4 and, as a result, no profit has been realized by PS and PS International for the purposes of Section 16(b) of the Securities Exchange Act of 1934.

F4 · acquired: This Form 4 is being filed as a result of purchases related to portfolio management. Common Stock was purchased in open market transactions for the accounts of PS and PS International. PSH did not purchase any Common Stock. While PS and PS International previously reported sales of common stock within the previous six (6) months, on a Form 4 dated July 2, 2021 for sales on July 1, 2021, the price of such sales was less than the prices of the purchases reported on this Form 4 and, as a result, no profit has been realized by PS and PS International for the purposes of Section 16(b) of the Securities Exchange Act of 1934.

F4 · balance_after: This Form 4 is being filed as a result of purchases related to portfolio management. Common Stock was purchased in open market transactions for the accounts of PS and PS International. PSH did not purchase any Common Stock. While PS and PS International previously reported sales of common stock within the previous six (6) months, on a Form 4 dated July 2, 2021 for sales on July 1, 2021, the price of such sales was less than the prices of the purchases reported on this Form 4 and, as a result, no profit has been realized by PS and PS International for the purposes of Section 16(b) of the Securities Exchange Act of 1934.

F1 · ownership.nature: In addition to Pershing Square Capital Management, L.P., a Delaware limited partnership ("Pershing Square"), this Form 4 is being filed jointly by PS Management GP, LLC, a Delaware limited liability company ("PS Management"), and William A. Ackman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Pershing Square and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities").

F2 · ownership.nature: Pershing Square advises the accounts of Pershing Square, L.P., a Delaware limited partnership ("PS"), Pershing Square International, Ltd., a Cayman Islands exempted company ("PS International"), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey ("PSH" and together with PS and PS International, the "Pershing Square Funds").

F3 · ownership.nature: Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. As the general partner of Pershing Square, PS Management may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). By virtue of Mr. Ackman's position as Chief Executive Officer of Pershing Square and managing member of PS Management, Mr. Ackman may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.

F4 · ownership.nature: This Form 4 is being filed as a result of purchases related to portfolio management. Common Stock was purchased in open market transactions for the accounts of PS and PS International. PSH did not purchase any Common Stock. While PS and PS International previously reported sales of common stock within the previous six (6) months, on a Form 4 dated July 2, 2021 for sales on July 1, 2021, the price of such sales was less than the prices of the purchases reported on this Form 4 and, as a result, no profit has been realized by PS and PS International for the purposes of Section 16(b) of the Securities Exchange Act of 1934.

F5 · ownership.nature: The Reporting Persons disclaim being directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934.

SEC source: 0001127602-21-024905 · form4.xml · derivative · entry 4

Brandt Christopher W · CIK 0001675463 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,783

Underlying: common stock · 2,000 shares

Expires 2025-03-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001127602-21-024905 · form4.xml · nonDerivative · entry 3

Brandt Christopher W · CIK 0001675463 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,136

SEC source: 0001127602-21-024905 · form4.xml · nonDerivative · entry 2

Brandt Christopher W · CIK 0001675463 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,712

F1 · kind: Consists of shares of common stock retained by Chipotle to satisfy the reporting person's payment obligation upon exercise of the stock appreciation right.

SEC source: 0001127602-21-024905 · form4.xml · nonDerivative · entry 1

Brandt Christopher W · CIK 0001675463 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,136

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000899243-21-035335 · doc4.xml · nonDerivative · entry 1

Pershing Square Capital Management, L.P. · CIK 0001336528 · Director

PS Management GP, LLC · CIK 0001336477 · Director

ACKMAN WILLIAM A · CIK 0001056513 · Director

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 1,089,295

F4 · kind: This Form 4 is being filed as a result of purchases related to portfolio management. Common Stock was purchased in open market transactions for the accounts of PS and PS International. PSH did not purchase any Common Stock. While PS and PS International previously reported sales of common stock within the previous six (6) months, on a Form 4 dated July 2, 2021 for sales on July 1, 2021, the price of such sales was less than the prices of the purchases reported on this Form 4 and, as a result, no profit has been realized by PS and PS International for the purposes of Section 16(b) of the Securities Exchange Act of 1934.

F4 · shares: This Form 4 is being filed as a result of purchases related to portfolio management. Common Stock was purchased in open market transactions for the accounts of PS and PS International. PSH did not purchase any Common Stock. While PS and PS International previously reported sales of common stock within the previous six (6) months, on a Form 4 dated July 2, 2021 for sales on July 1, 2021, the price of such sales was less than the prices of the purchases reported on this Form 4 and, as a result, no profit has been realized by PS and PS International for the purposes of Section 16(b) of the Securities Exchange Act of 1934.

F4 · price: This Form 4 is being filed as a result of purchases related to portfolio management. Common Stock was purchased in open market transactions for the accounts of PS and PS International. PSH did not purchase any Common Stock. While PS and PS International previously reported sales of common stock within the previous six (6) months, on a Form 4 dated July 2, 2021 for sales on July 1, 2021, the price of such sales was less than the prices of the purchases reported on this Form 4 and, as a result, no profit has been realized by PS and PS International for the purposes of Section 16(b) of the Securities Exchange Act of 1934.

F4 · acquired: This Form 4 is being filed as a result of purchases related to portfolio management. Common Stock was purchased in open market transactions for the accounts of PS and PS International. PSH did not purchase any Common Stock. While PS and PS International previously reported sales of common stock within the previous six (6) months, on a Form 4 dated July 2, 2021 for sales on July 1, 2021, the price of such sales was less than the prices of the purchases reported on this Form 4 and, as a result, no profit has been realized by PS and PS International for the purposes of Section 16(b) of the Securities Exchange Act of 1934.

F4 · balance_after: This Form 4 is being filed as a result of purchases related to portfolio management. Common Stock was purchased in open market transactions for the accounts of PS and PS International. PSH did not purchase any Common Stock. While PS and PS International previously reported sales of common stock within the previous six (6) months, on a Form 4 dated July 2, 2021 for sales on July 1, 2021, the price of such sales was less than the prices of the purchases reported on this Form 4 and, as a result, no profit has been realized by PS and PS International for the purposes of Section 16(b) of the Securities Exchange Act of 1934.

F1 · ownership.nature: In addition to Pershing Square Capital Management, L.P., a Delaware limited partnership ("Pershing Square"), this Form 4 is being filed jointly by PS Management GP, LLC, a Delaware limited liability company ("PS Management"), and William A. Ackman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Pershing Square and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities").

F2 · ownership.nature: Pershing Square advises the accounts of Pershing Square, L.P., a Delaware limited partnership ("PS"), Pershing Square International, Ltd., a Cayman Islands exempted company ("PS International"), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey ("PSH" and together with PS and PS International, the "Pershing Square Funds").

F3 · ownership.nature: Pershing Square, as the investment adviser to the Pershing Square Funds, may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. As the general partner of Pershing Square, PS Management may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). By virtue of Mr. Ackman's position as Chief Executive Officer of Pershing Square and managing member of PS Management, Mr. Ackman may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.

F4 · ownership.nature: This Form 4 is being filed as a result of purchases related to portfolio management. Common Stock was purchased in open market transactions for the accounts of PS and PS International. PSH did not purchase any Common Stock. While PS and PS International previously reported sales of common stock within the previous six (6) months, on a Form 4 dated July 2, 2021 for sales on July 1, 2021, the price of such sales was less than the prices of the purchases reported on this Form 4 and, as a result, no profit has been realized by PS and PS International for the purposes of Section 16(b) of the Securities Exchange Act of 1934.

F5 · ownership.nature: The Reporting Persons disclaim being directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934.

SEC source: 0001127602-21-024557 · form4.xml · derivative · entry 15

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: common stock · 14,742 shares

Expires 2025-03-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F16 · derivative.exercise_date: The SOSARs awarded to the reporting person vest in equal amounts on the second and third anniversaries of the grant date, subject to possible acceleration of vesting.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 14

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 63,659

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F14 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,926.17 to $1,926.95 per share.

F15 · balance_after: The reporting person no longer has an indirect beneficial interest in 35 shares of common stock owned by his children, which shares were included in the reporting person's prior ownership reports.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 13

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 64,081

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F13 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,925.05 to $1,926.02 per share.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 12

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 65,428

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F12 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,924.04 to $1,925.01 per share.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 11

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 67,757

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F11 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,923.04 to $1,924.035 per share.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 10

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 69,457

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F10 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,921.895 to $1,922.81 per share.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 9

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 70,131

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F9 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,920.24 to $1,920.84 per share.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 8

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 70,503

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F8 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,919.16 to $1,920.09 per share.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 7

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,448

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F7 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,918.16 to $1,919.11 per share.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 6

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,746

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F6 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,917.01 to $1,917.295 per share.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 5

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 72,143

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F5 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,916.01 to $1,916.97 per share.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 4

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 73,328

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F4 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,915.00 to $1,915.98 per share.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 3

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 74,736

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F3 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,913.94 to $1,914.92 per share.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 2

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 75,682

F2 · kind: Consists of shares of common stock retained by Chipotle to satisfy the reporting person's payment obligation upon exercise of the stock appreciation right.

SEC source: 0001127602-21-024557 · form4.xml · nonDerivative · entry 1

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 78,401

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: These stock appreciation right exercise and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-024230 · form4.xml · derivative · entry 13

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: common stock · 1,853 shares

Expires 2025-03-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: These stock appreciation rights exercises and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-024230 · form4.xml · nonDerivative · entry 12

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,524

F1 · kind: These stock appreciation rights exercises and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-024230 · form4.xml · nonDerivative · entry 11

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,624

F1 · kind: These stock appreciation rights exercises and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F7 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,928.50 to $1,929.11 per share.

SEC source: 0001127602-21-024230 · form4.xml · nonDerivative · entry 10

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,824

F1 · kind: These stock appreciation rights exercises and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F6 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,926.34 to $1,926.61 per share.

SEC source: 0001127602-21-024230 · form4.xml · nonDerivative · entry 9

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,059

F1 · kind: These stock appreciation rights exercises and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F5 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,914.87 to $1,915.08 per share.

SEC source: 0001127602-21-024230 · form4.xml · nonDerivative · entry 8

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,259

F1 · kind: These stock appreciation rights exercises and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F4 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,913.35 to $1,914.15 per share.

SEC source: 0001127602-21-024230 · form4.xml · nonDerivative · entry 7

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,659

F1 · kind: These stock appreciation rights exercises and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-024230 · form4.xml · nonDerivative · entry 6

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,759

F1 · kind: These stock appreciation rights exercises and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-024230 · form4.xml · nonDerivative · entry 5

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,857

F1 · kind: These stock appreciation rights exercises and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F3 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,904.83 to $1,905.355 per share.

SEC source: 0001127602-21-024230 · form4.xml · nonDerivative · entry 4

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,959

F1 · kind: These stock appreciation rights exercises and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-024230 · form4.xml · nonDerivative · entry 3

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,962

F1 · kind: These stock appreciation rights exercises and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-024230 · form4.xml · nonDerivative · entry 2

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,062

F2 · kind: Consists of shares of common stock retained by Chipotle to satisfy the reporting person's payment obligation upon exercise of the stock appreciation right.

SEC source: 0001127602-21-024230 · form4.xml · nonDerivative · entry 1

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,377

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: These stock appreciation rights exercises and sales were executed under the terms of a sales plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-023669 · form4.xml · nonDerivative · entry 1

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,007

F1 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,855.11 to $1,855.36 per share.

SEC source: 0001127602-21-023462 · form4.xml · derivative · entry 4

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,853

Underlying: common stock · 120 shares

Expires 2025-03-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: This stock appreciation rights exercise and sale was executed under the terms of a Sales Plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-023462 · form4.xml · nonDerivative · entry 3

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,524

F1 · kind: This stock appreciation rights exercise and sale was executed under the terms of a Sales Plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-023462 · form4.xml · nonDerivative · entry 2

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,624

F2 · kind: Consists of shares of common stock retained by Chipotle to satisfy the reporting person's payment obligation upon exercise of the stock appreciation right.

SEC source: 0001127602-21-023462 · form4.xml · nonDerivative · entry 1

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,644

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: This stock appreciation rights exercise and sale was executed under the terms of a Sales Plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-023279 · form4.xml · derivative · entry 27

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,973

Underlying: common stock · 1,833 shares

Expires 2025-03-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: This stock appreciation rights exercise and sale was executed under the terms of a Sales Plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-023279 · form4.xml · nonDerivative · entry 23

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,524

F1 · kind: This stock appreciation rights exercise and sale was executed under the terms of a Sales Plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

SEC source: 0001127602-21-023279 · form4.xml · nonDerivative · entry 22

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,624

F1 · kind: This stock appreciation rights exercise and sale was executed under the terms of a Sales Plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F16 · price: 16. Reflects a weighted-average price. Actual sales prices ranged from $1,910.74 to $1,910.97 per share.

SEC source: 0001127602-21-023279 · form4.xml · nonDerivative · entry 21

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,658

F1 · kind: This stock appreciation rights exercise and sale was executed under the terms of a Sales Plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F15 · price: 15. Reflects a weighted-average price. Actual sales prices ranged from $1,909.73 to $1,910.495 per share.

SEC source: 0001127602-21-023279 · form4.xml · nonDerivative · entry 20

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,026

F1 · kind: This stock appreciation rights exercise and sale was executed under the terms of a Sales Plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F14 · price: 14. Reflects a weighted-average price. Actual sales prices ranged from $1,908.68 to $1,909.19 per share.

SEC source: 0001127602-21-023279 · form4.xml · nonDerivative · entry 19

Niccol Brian R · CIK 0001628588 · Director · Chairman, CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,326

F1 · kind: This stock appreciation rights exercise and sale was executed under the terms of a Sales Plan intended to comply with Rule 10b5-1 under the Securities and Exchange Act of 1934, as amended.

F13 · price: 13. Reflects a weighted-average price. Actual sales prices ranged from $1,907.54 to $1,908.16 per share.