Christopher W. Brandt - Jul 30, 2021 Form 4 Insider Report for CHIPOTLE MEXICAN GRILL INC (CMG)

Role: Chief Marketing Officer
Signature: /s/ Helen Kaminski, pursuant to power of attorney previously filed
Stock symbol: CMG
Transactions as of: Jul 30, 2021
Transactions value $: -$2,872,374
Form type: 4
Date filed: 8/3/2021, 04:32 PM
Previous filing: Jul 23, 2021
Next filing: Aug 6, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CMG	common stock	Options Exercise	$808K	+2K	+21.89%	$403.89	11.1K	Jul 30, 2021	Direct
transaction	CMG	common stock	Tax liability	-$808K	-439	-3.94%	$1,840.35	10.7K	Jul 30, 2021	Direct	F1
transaction	CMG	common stock	Sale	-$2.87M	-1.56K	-14.59%	$1,840.00	9.14K	Jul 30, 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 Sign-on SOSAR	Options Exercise	$0	-2K	-25.7%	$0.00	5.78K	Jul 30, 2021	common stock	2K	$403.89	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 vest in equal amounts on the second and third anniversaries of the grant date, subject to possible acceleration of vesting.