Roger E. Theodoredis - Jul 22, 2021 Form 4 Insider Report for CHIPOTLE MEXICAN GRILL INC (CMG)

Role: Chief Legal Officer & GC
Signature: /s/ Helen Kaminski, pursuant to power of attorney previously filed
Stock symbol: CMG
Transactions as of: Jul 22, 2021
Transactions value $: -$2,003,338
Form type: 4
Date filed: 7/23/2021, 04:35 PM
Next filing: Feb 9, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CMG	common stock	Options Exercise	$988K	+1.7K	+65.89%	$582.77	4.27K	Jul 22, 2021	Direct
transaction	CMG	common stock	Tax liability	-$988K	-560	-13.11%	$1,765.00	3.71K	Jul 22, 2021	Direct	F1
transaction	CMG	common stock	Sale	-$2M	-1.14K	-30.62%	$1,763.48	2.57K	Jul 22, 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	2019 SOSARs	Options Exercise	$0	-1.7K	-50.01%	$0.00	1.7K	Jul 22, 2021	common stock	1.7K	$582.77	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 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.