CMG

SEC source: 0001209191-20-013955 · doc4.xml · nonDerivative · entry 2

Ells Steve · CIK 0001350873 · Director · Executive Chairman

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 119,104

F2 · kind: Consists of shares of common stock retained by Chipotle to satisfy the reporting person's tax obligation in connection with the vesting of the PSUs.

SEC source: 0001209191-20-013955 · doc4.xml · nonDerivative · entry 1

Ells Steve · CIK 0001350873 · Director · Executive Chairman

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 144,984

F1 · kind: Shares were acquired upon the certification by the Compensation Committee of Chipotle's Board of Directors of the achievement of the performance objectives under the performance share units (PSUs) granted on February 19, 2017. The PSUs were scheduled to vest only if and to the extent that two performance objectives (3-year comparable restaurant sales growth and highest rolling average stock price over a 60 day period) met or exceeded specified targets. Both performance objectives were achieved above target, and the PSU vested at 244.52% of target.

SEC source: 0001209191-20-013934 · doc4.xml · nonDerivative · entry 2

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,225

F2 · kind: Consists of shares of common stock retained by Chipotle to satisfy the reporting person's tax obligation in connection with the vesting of the PSUs.

SEC source: 0001209191-20-013934 · doc4.xml · nonDerivative · entry 1

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 57,243

F1 · kind: Shares were acquired upon the certification by the Compensation Committee of Chipotle's Board of Directors of the achievement of the performance objectives under the performance share units (PSUs) granted on February 19, 2017. The PSUs were scheduled to vest only if and to the extent that two performance objectives (3-year comparable restaurant sales growth and highest rolling average stock price over a 60 day period) met or exceeded specified targets. Both performance objectives were achieved above target, and the PSU vested at 244.52% of target.

SEC source: 0000899243-20-005909 · 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: 1,161,232

F4 · kind: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold for the accounts of the Pershing Square Funds in open market transactions and in a block transaction to a broker.

F4 · shares: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold for the accounts of the Pershing Square Funds in open market transactions and in a block transaction to a broker.

F4 · price: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold for the accounts of the Pershing Square Funds in open market transactions and in a block transaction to a broker.

F4 · acquired: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold for the accounts of the Pershing Square Funds in open market transactions and in a block transaction to a broker.

F4 · balance_after: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold for the accounts of the Pershing Square Funds in open market transactions and in a block transaction to a broker.

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 for the accounts of the Pershing Square Funds in open market transactions and in a block transaction to a broker.

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: 0000899243-20-005909 · 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: 1,491,232

F4 · kind: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold for the accounts of the Pershing Square Funds in open market transactions and in a block transaction to a broker.

F4 · shares: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold for the accounts of the Pershing Square Funds in open market transactions and in a block transaction to a broker.

F4 · price: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold for the accounts of the Pershing Square Funds in open market transactions and in a block transaction to a broker.

F4 · acquired: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold for the accounts of the Pershing Square Funds in open market transactions and in a block transaction to a broker.

F4 · balance_after: This Form 4 is being filed as a result of sales related to portfolio management. Common Stock was sold for the accounts of the Pershing Square Funds in open market transactions and in a block transaction to a broker.

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 for the accounts of the Pershing Square Funds in open market transactions and in a block transaction to a broker.

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: 0001209191-20-010518 · doc4.xml · derivative · entry 5

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: common stock · 10,000 shares

Expires 2021-02-03

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: 0001209191-20-010518 · doc4.xml · nonDerivative · entry 3

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,237

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 $915.00 to $915.36 per share. The filing person undertakes to furnish to the issuer, any requesting shareholder of the issuer, or the staff of the Securities and Exchange Commission complete information regarding the number of shares sold at each separate price.

SEC source: 0001209191-20-010518 · doc4.xml · nonDerivative · entry 2

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,300

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: 0001209191-20-010518 · doc4.xml · nonDerivative · entry 1

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 45,237

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: 0001209191-20-009301 · doc4.xml · derivative · entry 10

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

Underlying: common stock · 10,000 shares

Expires 2021-02-03

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: 0001209191-20-009301 · doc4.xml · nonDerivative · entry 7

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,237

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: 0001209191-20-009301 · doc4.xml · nonDerivative · entry 6

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,156

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: 0001209191-20-009301 · doc4.xml · nonDerivative · entry 5

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 45,237

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: 0001209191-20-009635 · doc4.xml · derivative · entry 4

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 76,560

Underlying: common stock · 10,280 shares

Expires 2025-03-05

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: 0001209191-20-009635 · doc4.xml · nonDerivative · entry 3

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,159

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: 0001209191-20-009635 · doc4.xml · nonDerivative · entry 2

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,415

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: 0001209191-20-009635 · doc4.xml · nonDerivative · entry 1

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,439

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: 0001209191-20-009301 · doc4.xml · derivative · entry 9

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,000

Underlying: common stock · 10,000 shares

Expires 2021-02-03

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: 0001209191-20-009301 · doc4.xml · nonDerivative · entry 4

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,237

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 $894.03 to $894.325 per share. The filing person undertakes to furnish to the issuer, any requesting shareholder of the issuer, or the staff of the Securities and Exchange Commission complete information regarding the number of shares sold at each separate price.

SEC source: 0001209191-20-009301 · doc4.xml · nonDerivative · entry 3

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,224

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 $893.00 to $894.00 per share. The filing person undertakes to furnish to the issuer, any requesting shareholder of the issuer, or the staff of the Securities and Exchange Commission complete information regarding the number of shares sold at each separate price.

SEC source: 0001209191-20-009301 · doc4.xml · nonDerivative · entry 2

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,156

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: 0001209191-20-009301 · doc4.xml · nonDerivative · entry 1

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 45,237

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: 0000899243-20-003693 · 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: 1,508,932

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 for the accounts of the Pershing Square Funds.

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 for the accounts of the Pershing Square Funds.

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 for the accounts of the Pershing Square Funds.

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 for the accounts of the Pershing Square Funds.

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 for the accounts of the Pershing Square Funds.

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 for the accounts of the Pershing Square Funds.

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: 0001209191-20-007504 · doc4.xml · derivative · entry 6

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,534

Underlying: common stock · 7,355 shares

Expires 2025-01-05

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: 0001209191-20-007504 · doc4.xml · nonDerivative · entry 5

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,040

SEC source: 0001209191-20-007504 · doc4.xml · nonDerivative · entry 4

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,225

F3 · price: Reflects a weighted-average price. Actual sales prices ranged from $862.349 to $863.34 per share. The filing person undertakes to furnish to the issuer, any requesting shareholder of the issuer, or the staff of the Securities and Exchange Commission complete information regarding the number of shares sold at each separate price.

SEC source: 0001209191-20-007504 · doc4.xml · nonDerivative · entry 3

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,621

F2 · price: Reflects a weighted-average price. Actual sales prices ranged from $861.229 to $862.09 per share. The filing person undertakes to furnish to the issuer, any requesting shareholder of the issuer, or the staff of the Securities and Exchange Commission complete information regarding the number of shares sold at each separate price.

SEC source: 0001209191-20-007504 · doc4.xml · nonDerivative · entry 2

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,718

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: 0001209191-20-007504 · doc4.xml · nonDerivative · entry 1

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,395

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: 0001209191-20-007978 · doc4.xml · derivative · entry 1

Brandt Christopher W · CIK 0001675463 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,453

Underlying: common stock · 4,453 shares

Expires 2027-02-06

F1 · 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: 0001209191-20-007964 · doc4.xml · derivative · entry 1

Hartung Jack · CIK 0001350874 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,344

Underlying: common stock · 5,344 shares

Expires 2027-02-06

F1 · 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: 0001209191-20-007971 · doc4.xml · derivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,672

Underlying: common stock · 2,672 shares

Expires 2027-02-06

F1 · 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: 0001209191-20-007958 · doc4.xml · derivative · entry 1

Garner Curtis E · CIK 0001641487 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,344

Underlying: comon stock · 5,344 shares

Expires 2027-02-06

F1 · 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: 0001209191-20-007948 · doc4.xml · derivative · entry 1

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,899

Underlying: common stock · 4,899 shares

Expires 2027-02-06

F1 · 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: 0001209191-20-007940 · doc4.xml · derivative · entry 1

Andrada Marissa · CIK 0001680089 · Chief People Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,672

Underlying: common stock · 2,672 shares

Expires 2027-02-06

F1 · 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: 0001209191-20-007934 · doc4.xml · derivative · entry 1

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,812

Underlying: common stock · 17,812 shares

Expires 2027-02-06

F1 · 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: 0001209191-20-007926 · doc4.xml · derivative · entry 1

Schalow Laurie · CIK 0001772380 · Chief Corp Reputation Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,666

Underlying: common stock · 1,666 shares

Expires 2027-02-06

F1 · 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: 0001209191-20-031353 · doc4.xml · nonDerivative · entry 2

CAPPUCCIO PAUL T · CIK 0001237444 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,132

SEC source: 0000899243-20-003693 · 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: 1,651,132

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 for the accounts of the Pershing Square Funds.

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 for the accounts of the Pershing Square Funds.

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 for the accounts of the Pershing Square Funds.

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 for the accounts of the Pershing Square Funds.

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 for the accounts of the Pershing Square Funds.

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 for the accounts of the Pershing Square Funds.

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: 0001209191-20-006858 · doc4.xml · derivative · entry 4

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,761

Underlying: common stock · 1,475 shares

Expires 2025-03-05

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: 0001209191-20-006858 · doc4.xml · nonDerivative · entry 3

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,159

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: 0001209191-20-006858 · doc4.xml · nonDerivative · entry 2

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,952

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: 0001209191-20-006858 · doc4.xml · nonDerivative · entry 1

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,634

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: 0001209191-20-003068 · doc4.xml · derivative · entry 4

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 86,840

Underlying: common stock · 8,500 shares

Expires 2020-07-31

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: 0001209191-20-003068 · doc4.xml · nonDerivative · entry 3

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,159

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: 0001209191-20-003068 · doc4.xml · nonDerivative · entry 2

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,237

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: 0001209191-20-003068 · doc4.xml · nonDerivative · entry 1

Niccol Brian R · CIK 0001628588 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,659

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: 0001209191-20-002410 · doc4.xml · nonDerivative · entry 1

Garner Curtis E · CIK 0001641487 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,759

F1 · kind: The reporting person vested in a restricted stock unit ("RSU") for 2,390 shares of common stock, of which Chipotle retained 1,021 shares to satisfy the reporting person's tax obligation upon vesting of the RSU.

SEC source: 0001209191-20-002412 · doc4.xml · nonDerivative · entry 1

Boatwright Scott · CIK 0001716538 · Chief Restaurant Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,040

F1 · kind: The reporting person vested in a restricted stock unit ("RSU") for 1,912 shares of common stock, of which Chipotle retained 784 shares to satisfy the reporting person's tax obligation upon vesting of the RSU.