Laurie Schalow - 22 Jul 2021 Form 4 Insider Report for CHIPOTLE MEXICAN GRILL INC (CMG)

Role: Chief Corp Affairs, Food Sft
Signature: /s/ Helen Kaminski, pursuant to power of attorney previously filed
Issuer symbol: CMG
Transactions as of: 22 Jul 2021
Net transactions value: -$3,779,754
Form type: 4
Filing time: 23 Jul 2021, 16:34:06 UTC
Previous filing: 02 Jul 2021
Next filing: 03 Jan 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CMG	common stock	Options Exercise	$567,606	+1,597	+33%	$355.42	6,461	22 Jul 2021	Direct
transaction	CMG	common stock	Tax liability	$568,941	-324	-5%	$1755.99	6,137	22 Jul 2021	Direct	F1
transaction	CMG	common stock	Sale	$3,778,419	-2,162	-35%	$1747.65	3,975	22 Jul 2021	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CMG	2018 SOSAR	Options Exercise	$0	-1,597	-100%	$0.000000^*	0	22 Jul 2021	common stock	1,597	$355.42	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Consists of shares of common stock retained by Chipotle to satisfy the reporting person's payment obligation upon exercise of the stock appreciation right.
F2	The SOSAR granted to the reporting person vests in equal amounts on the second and third anniversaries of the grant date, subject to possible acceleration of vesting.