Christopher W. Brandt - Jan 23, 2023 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: Jan 23, 2023
Transactions value $: -$932,639
Form type: 4
Date filed: 1/25/2023, 03:15 PM
Previous filing: Jan 3, 2023
Next filing: Feb 6, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CMG	common stock	Options Exercise	$316K	+783	+10.06%	$403.89	8.57K	Jan 23, 2023	Direct
transaction	CMG	common stock	Tax liability	-$317K	-199	-2.32%	$1,595.00	8.37K	Jan 23, 2023	Direct	F1
transaction	CMG	common stock	Sale	-$931K	-584	-6.98%	$1,595.00	7.78K	Jan 23, 2023	Direct	F2

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	-783	-100%	$0.00^*	0	Jan 23, 2023	common stock	783	$403.89	Direct	F3

* 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	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	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.