CMG

SEC source: 0001127602-21-004251 · form4.xml · nonDerivative · entry 7

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,219

F6 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,497.56 to $1,498.5599 per share.

SEC source: 0001127602-21-004251 · form4.xml · nonDerivative · entry 6

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,201

F5 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,496.56 to $1,497.5599 per share.

SEC source: 0001127602-21-004251 · form4.xml · nonDerivative · entry 5

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,119

F4 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,494.67 to $1,495.6699 per share.

SEC source: 0001127602-21-004251 · form4.xml · nonDerivative · entry 4

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,419

F3 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,493.22 to $1,494.2199 per share.

SEC source: 0001127602-21-004251 · form4.xml · nonDerivative · entry 3

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,819

F2 · price: Reflects a weighted-average price. Actual sales prices ranged from $1,490.00 to $1,490.9999 per share.

SEC source: 0001127602-21-004251 · form4.xml · nonDerivative · entry 2

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,019

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

SEC source: 0001127602-21-004251 · form4.xml · nonDerivative · entry 1

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,551

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: 0001127602-21-004461 · form4.xml · derivative · entry 2

Theodoredis Roger E · CIK 0001559525 · Chief Legal Officer & GC

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,009

Underlying: common stock · 2,009 shares

Expires 2028-02-04

F2 · derivative.exercise_date: The SOSARs vest in equal amounts on the second and third anniversaries of the grant date, subject to possible acceleration of vesting.

SEC source: 0001127602-21-004461 · form4.xml · nonDerivative · entry 1

Theodoredis Roger E · CIK 0001559525 · Chief Legal Officer & GC

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,574

F1 · kind: Represents shares earned by the reporting person under the transformation performance share units awarded in 2019, which shares will vest 40% on February 8, 2022 and 60% on February 8, 2023, subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004460 · form4.xml · derivative · entry 4

Schalow Laurie · CIK 0001772380 · Chief Corp Affairs, Food Sft

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,005

Underlying: common stock · 1,005 shares

Expires 2028-02-04

F4 · derivative.exercise_date: The SOSARs vest in equal amounts on the second and third anniversaries of the grant date, subject to possible acceleration of vesting.

SEC source: 0001127602-21-004460 · form4.xml · nonDerivative · entry 3

Schalow Laurie · CIK 0001772380 · Chief Corp Affairs, Food Sft

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,896

F3 · kind: Represents shares earned in settlement of performance share units awarded in 2018, which shares will vest one-third on June 30, 2021, one-third on December 31, 2021, one-sixth on June 30, 2022 and one-sixth on December 31, 2022. Vesting is subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004460 · form4.xml · nonDerivative · entry 2

Schalow Laurie · CIK 0001772380 · Chief Corp Affairs, Food Sft

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,794

F2 · kind: Represents shares that will be issued to the reporting person on March 15, 2021 in settlement of performance share units awarded in 2018.

SEC source: 0001127602-21-004460 · form4.xml · nonDerivative · entry 1

Schalow Laurie · CIK 0001772380 · Chief Corp Affairs, Food Sft

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,574

F1 · kind: Represents shares earned by the reporting person under the transformation performance share units awarded in 2019, which shares will vest 40% on February 8, 2022 and 60% on February 8, 2023, subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004458 · form4.xml · derivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,053

Underlying: common stock · 12,053 shares

Expires 2028-02-04

F4 · derivative.exercise_date: The SOSARs vest in equal amounts on the second and third anniversaries of the grant date, subject to possible acceleration of vesting.

SEC source: 0001127602-21-004458 · form4.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 52,335

F3 · kind: Represents shares earned in settlement of performance share units awarded in 2018, which shares will vest one-third on June 30, 2021, one-third on December 31, 2021, one-sixth on June 30, 2022 and one-sixth on December 31, 2022. Vesting is subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004458 · form4.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,179

F2 · kind: Represents shares that will be issued to the reporting person on March 15, 2021 in settlement of performance share units awarded in 2018.

SEC source: 0001127602-21-004458 · form4.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,801

F1 · kind: Represents shares earned by the reporting person under the transformation performance share units awarded in 2019, which shares will vest 40% on February 8, 2022 and 60% on February 8, 2023, subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004454 · form4.xml · derivative · entry 5

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,516

Underlying: common stock · 3,516 shares

Expires 2028-02-04

F5 · derivative.exercise_date: The SOSARs vest in equal amounts on the second and third anniversaries of the grant date, subject to possible acceleration of vesting.

SEC source: 0001127602-21-004454 · form4.xml · nonDerivative · entry 3

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 67,694

F3 · kind: Represents shares earned in settlement of performance share units awarded in 2018, which shares will vest one-third on June 30, 2021, one-third on December 31, 2021, one-sixth on June 30, 2022 and one-sixth on December 31, 2022. Vesting is subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004454 · form4.xml · nonDerivative · entry 2

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 58,000

F2 · kind: Represents shares that will be issued to the reporting person on March 15, 2021 in settlement of performance share units awarded in 2018.

SEC source: 0001127602-21-004454 · form4.xml · nonDerivative · entry 1

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 52,373

F1 · kind: Represents shares earned by the reporting person under the transformation performance share units awarded in 2019, which shares will vest 40% on February 8, 2022 and 60% on February 8, 2023, subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004448 · form4.xml · derivative · entry 4

Brandt Christopher W · CIK 0001675463 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,014

Underlying: common stock · 3,014 shares

Expires 2028-02-04

F4 · derivative.exercise_date: The SOSARs vest in equal amounts on the second and third anniversaries of the grant date, subject to possible acceleration of vesting.

SEC source: 0001127602-21-004448 · form4.xml · nonDerivative · entry 3

Brandt Christopher W · CIK 0001675463 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,974

F3 · kind: Represents shares earned in settlement of performance share units awarded in 2018, which shares will vest one-third on June 30, 2021, one-third on December 31, 2021, one-sixth on June 30, 2022 and one-sixth on December 31, 2022. Vesting is subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004448 · form4.xml · nonDerivative · entry 2

Brandt Christopher W · CIK 0001675463 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,126

F2 · kind: Represents shares that will be issued to the reporting person on March 15, 2021 in settlement of performance share units awarded in 2018.

SEC source: 0001127602-21-004448 · form4.xml · nonDerivative · entry 1

Brandt Christopher W · CIK 0001675463 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,312

F1 · kind: Represents shares earned by the reporting person under the transformation performance share units awarded in 2019, which shares will vest 40% on February 8, 2022 and 60% on February 8, 2023, subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004451 · form4.xml · derivative · entry 4

Garner Curtis E · CIK 0001641487 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,516

Underlying: common stock · 3,516 shares

Expires 2028-02-04

F4 · derivative.exercise_date: The SOSARs vest in equal amounts on the second and third anniversaries of the grant date, subject to possible acceleration of vesting.

SEC source: 0001127602-21-004451 · form4.xml · nonDerivative · entry 3

Garner Curtis E · CIK 0001641487 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,615

F3 · kind: Represents shares earned in settlement of performance share units awarded in 2018, which shares will vest one-third on June 30, 2021, one-third on December 31, 2021, one-sixth on June 30, 2022 and one-sixth on December 31, 2022. Vesting is subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004451 · form4.xml · nonDerivative · entry 2

Garner Curtis E · CIK 0001641487 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,891

F2 · kind: Represents shares that will be issued to the reporting person on March 15, 2021 in settlement of performance share units awarded in 2018.

SEC source: 0001127602-21-004451 · form4.xml · nonDerivative · entry 1

Garner Curtis E · CIK 0001641487 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,827

F1 · kind: Represents shares earned by the reporting person under the transformation performance share units awarded in 2019, which shares will vest 40% on February 8, 2022 and 60% on February 8, 2023, subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004446 · form4.xml · derivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,009

Underlying: common stock · 2,009 shares

Expires 2028-02-04

F4 · derivative.exercise_date: The SOSARs vest in equal amounts on the second and third anniversaries of the grant date, subject to possible acceleration of vesting.

SEC source: 0001127602-21-004446 · form4.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,820

F3 · kind: Represents shares earned in settlement of performance share units awarded in 2018, which shares will vest one-third on June 30, 2021, one-third on December 31, 2021, one-sixth on June 30, 2022 and one-sixth on December 31, 2022. Vesting is subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004446 · form4.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,133

F2 · kind: Represents shares that will be issued to the reporting person on March 15, 2021 in settlement of performance share units awarded in 2018.

SEC source: 0001127602-21-004446 · 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: 2,574

F1 · kind: Represents shares earned by the reporting person under the transformation performance share units awarded in 2019, which shares will vest 40% on February 8, 2022 and 60% on February 8, 2023, subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004445 · form4.xml · derivative · entry 4

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,265

Underlying: common stock · 3,265 shares

Expires 2028-02-04

F4 · derivative.exercise_date: The SOSARs vest in equal amounts on the second and third anniversaries of the grant date, subject to possible acceleration of vesting.

SEC source: 0001127602-21-004445 · form4.xml · nonDerivative · entry 3

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,027

F3 · kind: Represents shares earned in settlement of performance share units awarded in 2018, which shares will vest one-third on June 30, 2021, one-third on December 31, 2021, one-sixth on June 30, 2022 and one-sixth on December 31, 2022. Vesting is subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-004445 · form4.xml · nonDerivative · entry 2

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,534

F2 · kind: Represents shares that will be issued to the reporting person on March 15, 2021 in settlement of performance share units awarded in 2018.

SEC source: 0001127602-21-004445 · form4.xml · nonDerivative · entry 1

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,345

F1 · kind: Represents shares earned by the reporting person under the transformation performance share units awarded in 2019, which shares will vest 40% on February 8, 2022 and 60% on February 8, 2023, subject to the reporting person's continued employment with Chipotle through such dates.

SEC source: 0001127602-21-001206 · form4.xml · nonDerivative · entry 1

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,197

F1 · kind: The reporting person vested in a restricted stock unit ("RSU") for 1,912 shares of common stock, of which Chipotle retained 843 shares to satisfy the reporting person's tax obligation upon vesting of the RSU.

SEC source: 0001127602-21-001204 · form4.xml · nonDerivative · entry 1

Garner Curtis E · CIK 0001641487 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,679

F1 · kind: The reporting person vested in a restricted stock unit ("RSU") for 2,390 shares of common stock, of which Chipotle retained 1,080 shares to satisfy the reporting person's tax obligation upon vesting of the RSU.

SEC source: 0000899243-21-000715 · 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: 1,086,136

F4 · kind: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold in open market transactions pursuant to a Rule 10b5-1 plan under the Securities Exchange Act of 1934 (as amended) for the accounts of PS and PS International. PSH did not sell any Common Stock.

F4 · shares: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold in open market transactions pursuant to a Rule 10b5-1 plan under the Securities Exchange Act of 1934 (as amended) for the accounts of PS and PS International. PSH did not sell any Common Stock.

F4 · price: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold in open market transactions pursuant to a Rule 10b5-1 plan under the Securities Exchange Act of 1934 (as amended) for the accounts of PS and PS International. PSH did not sell any Common Stock.

F4 · acquired: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold in open market transactions pursuant to a Rule 10b5-1 plan under the Securities Exchange Act of 1934 (as amended) for the accounts of PS and PS International. PSH did not sell any Common Stock.

F4 · balance_after: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold in open market transactions pursuant to a Rule 10b5-1 plan under the Securities Exchange Act of 1934 (as amended) for the accounts of PS and PS International. PSH did not sell any Common Stock.

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 sales related to portfolio management. Common Stock was sold in open market transactions pursuant to a Rule 10b5-1 plan under the Securities Exchange Act of 1934 (as amended) for the accounts of PS and PS International. PSH did not sell any Common Stock.

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: 0000899243-21-000715 · 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: 1,123,684

F4 · kind: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold in open market transactions pursuant to a Rule 10b5-1 plan under the Securities Exchange Act of 1934 (as amended) for the accounts of PS and PS International. PSH did not sell any Common Stock.

F4 · shares: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold in open market transactions pursuant to a Rule 10b5-1 plan under the Securities Exchange Act of 1934 (as amended) for the accounts of PS and PS International. PSH did not sell any Common Stock.

F4 · price: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold in open market transactions pursuant to a Rule 10b5-1 plan under the Securities Exchange Act of 1934 (as amended) for the accounts of PS and PS International. PSH did not sell any Common Stock.

F4 · acquired: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold in open market transactions pursuant to a Rule 10b5-1 plan under the Securities Exchange Act of 1934 (as amended) for the accounts of PS and PS International. PSH did not sell any Common Stock.

F4 · balance_after: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold in open market transactions pursuant to a Rule 10b5-1 plan under the Securities Exchange Act of 1934 (as amended) for the accounts of PS and PS International. PSH did not sell any Common Stock.

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 sales related to portfolio management. Common Stock was sold in open market transactions pursuant to a Rule 10b5-1 plan under the Securities Exchange Act of 1934 (as amended) for the accounts of PS and PS International. PSH did not sell any Common Stock.

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: 0001127602-20-031088 · form4.xml · nonDerivative · entry 2

Baldocchi Albert S · CIK 0001351044 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Trust established for benefit of Children

Disclosed balance after: 33,000

F1 · kind: Reflects a transaction pursuant to which the reporting person transferred ownership interests in an entity (the "LLC") to trusts established for the benefit of his children. The LLC holds shares of Chipotle common stock (the "Shares") and is controlled by the reporting person. The reporting person transferred the Shares to the LLC in a transaction exempt from reporting pursuant to Rule 16a-13.

F1 · price: Reflects a transaction pursuant to which the reporting person transferred ownership interests in an entity (the "LLC") to trusts established for the benefit of his children. The LLC holds shares of Chipotle common stock (the "Shares") and is controlled by the reporting person. The reporting person transferred the Shares to the LLC in a transaction exempt from reporting pursuant to Rule 16a-13.

F2 · balance_after: The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.

SEC source: 0001127602-20-031088 · form4.xml · nonDerivative · entry 1

Baldocchi Albert S · CIK 0001351044 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,689

F1 · kind: Reflects a transaction pursuant to which the reporting person transferred ownership interests in an entity (the "LLC") to trusts established for the benefit of his children. The LLC holds shares of Chipotle common stock (the "Shares") and is controlled by the reporting person. The reporting person transferred the Shares to the LLC in a transaction exempt from reporting pursuant to Rule 16a-13.

F1 · price: Reflects a transaction pursuant to which the reporting person transferred ownership interests in an entity (the "LLC") to trusts established for the benefit of his children. The LLC holds shares of Chipotle common stock (the "Shares") and is controlled by the reporting person. The reporting person transferred the Shares to the LLC in a transaction exempt from reporting pursuant to Rule 16a-13.

SEC source: 0001127602-20-029571 · form4.xml · derivative · entry 4

Theodoredis Roger E · CIK 0001559525 · Chief Legal Officer & GC

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,293

Underlying: Common Stock · 4,293 shares

Expires 2025-10-29

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: 0001127602-20-029571 · form4.xml · nonDerivative · entry 3

Theodoredis Roger E · CIK 0001559525 · Chief Legal Officer & GC

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

SEC source: 0001127602-20-029571 · form4.xml · nonDerivative · entry 2

Theodoredis Roger E · CIK 0001559525 · Chief Legal Officer & GC

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,651

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: 0001127602-20-029571 · form4.xml · nonDerivative · entry 1

Theodoredis Roger E · CIK 0001559525 · Chief Legal Officer & GC

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,293

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: 0001209191-20-046801 · doc4.xml · nonDerivative · entry 1

ENGLES GREGG L · CIK 0001033927 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 207

SEC source: 0001127602-20-031986 · form4.xml · nonDerivative · entry 1

Baldocchi Albert S · CIK 0001351044 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,620

SEC source: 0001209191-20-043609 · doc4.xml · nonDerivative · entry 1

ENGLES GREGG L · CIK 0001033927 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 107

F1 · shares: The reporting person received a prorated grant of restricted stock units ("RSUs") under the Amended and Restated Chipotle Mexican Grill, Inc. 2011 Stock Incentive Plan and Chipotle's Director Compensation Program in connection with his election to the Board on July 17, 2020. The RSUs cover his term of service from July 17, 2020 to Chipotle's 2021 annual meeting of shareholders. The RSUs will settle in shares of Chipotle common stock on a one-for-one basis and will vest in full on May 21, 2021, subject to the reporting person's continued service on the Chipotle Board of Directors.