SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Garner Curtis E
(Last) (First) (Middle)
C/O CHIPOTLE MEXICAN GRILL, INC.
610 NEWPORT CENTER DRIVE
(Street)
NEWPORT BEACH CA 92660
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CHIPOTLE MEXICAN GRILL INC [ CMG ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Technology Officer
3. Date of Earliest Transaction (Month/Day/Year)
02/04/2021
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
common stock 02/04/2021 M 18,386 A $313.79 21,065 D
common stock 02/04/2021 F(1) 3,887 D $1,484.53 17,178 D
common stock 02/04/2021 S 844 D $1,474.7809(2) 16,334 D
common stock 02/04/2021 S 1,013 D $1,475.8107(3) 15,321 D
common stock 02/04/2021 S 2,006 D $1,476.7503(4) 13,315 D
common stock 02/04/2021 S 1,555 D $1,478.0757(5) 11,760 D
common stock 02/04/2021 S 668 D $1,479.0164(6) 11,092 D
common stock 02/04/2021 S 1,162 D $1,480.04(7) 9,930 D
common stock 02/04/2021 S 551 D $1,481.0033(8) 9,379 D
common stock 02/04/2021 S 1,143 D $1,482.1643(9) 8,236 D
common stock 02/04/2021 S 1,097 D $1,483.7503(10) 7,139 D
common stock 02/04/2021 S 1,860 D $1,484.9301(11) 5,279 D
common stock 02/04/2021 S 1,800 D $1,485.8416(12) 3,479 D
common stock 02/04/2021 S 800 D $1,486.9381(13) 2,679 D
common stock 02/05/2021 M 6,634 A $355.42 9,313 D
common stock 02/05/2021 F(1) 1,572 D $1,500 7,741 D
common stock 02/05/2021 S 809 D $1,500.7404(14) 6,932 D
common stock 02/05/2021 S 743 D $1,502.0399(15) 6,189 D
common stock 02/05/2021 S 510 D $1,503.2194(16) 5,679 D
common stock 02/05/2021 S 1,000 D $1,504.6942(17) 4,679 D
common stock 02/05/2021 S 500 D $1,505.9068(18) 4,179 D
common stock 02/05/2021 S 600 D $1,507.1367(19) 3,579 D
common stock 02/05/2021 S 389 D $1,509.6227(20) 2,993 D
common stock 02/05/2021 S 197 D $1,598.0607(21) 3,382 D
common stock 02/05/2021 S 14 D $1,510.1971(22) 2,979 D
common stock 02/05/2021 S 122 D $1,511.6959(23) 2,857 D
common stock 02/05/2021 S 178 D $1,512.3606(24) 2,679 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
2018 retention SOSARs $313.79 02/04/2021 M 18,386 01/05/2020 01/05/2025 common stock 18,386 $0 0 D
2018 SOSARs $355.42 02/05/2021 M 6,634 03/29/2020 03/29/2025 common stock 6,634 $0 6,634 D
Explanation of Responses:
1. Consists of shares of common stock retained by Chipotle to satisfy the reporting person's tax obligation upon exercise of the stock appreciation rights.
2. Reflects a weighted-average price. Actual sales prices ranged from $1,474.05 to $1,475.0499 per share.
3. Reflects a weighted-average price. Actual sales prices ranged from $1,475.3350 to $1,476.3349 per share.
4. Reflects a weighted-average price. Actual sales prices ranged from $1,476.37 to $1,477.3699 per share.
5. Reflects a weighted-average price. Actual sales prices ranged from $1,477.50 to $1,478.4999 per share.
6. Reflects a weighted-average price. Actual sales prices ranged from $1,478.50 to $1,479.4999 per share.
7. Reflects a weighted-average price. Actual sales prices ranged from $1,479.50 to $1,480.4999 per share.
8. Reflects a weighted-average price. Actual sales prices ranged from $1,480.63 to $1481.6299 per share.
9. Reflects a weighted-average price. Actual sales prices ranged from $1,481.76 to $1,482.7599 per share.
10. Reflects a weighted-average price. Actual sales prices ranged from $1,483.15 to $1,484.1499 per share.
11. Reflects a weighted-average price. Actual sales prices ranged from $1,484.28 to $1,485.2799 per share.
12. Reflects a weighted-average price. Actual sales prices ranged from $1,485.2850 to $1,486.2849 per share.
13. Reflects a weighted-average price. Actual sales prices ranged from $1,486.8450 to $1,487.8449 per share.
14. Reflects a weighted-average price. Actual sales prices ranged from $1,500.39 to $1,501.3899 per share.
15. Reflects a weighted-average price. Actual sales prices ranged from $1,501.40 to $1,502.3999 per share.
16. Reflects a weighted-average price. Actual sales prices ranged from $1,502.66 to $1,503.6599 per share.
17. Reflects a weighted-average price. Actual sales prices ranged from $1,504.18 to $1,505.1799 per share.
18. Reflects a weighted-average price. Actual sales prices ranged from $1,505.41 to $1,506.4099 per share
19. Reflects a weighted-average price. Actual sales prices ranged from $1,506.62 to $1,507.6199 per share.
20. Reflects a weighted-average price. Actual sales prices ranged from $1,508.93 to $1,509.9299 per share.
21. Reflects a weighted-average price. Actual sales prices ranged from $1,507.67 to $1,508.6699 per share.
22. Reflects a weighted-average price. Actual sales prices ranged from $1,510.00 to $1,510.9999 per share.
23. Reflects a weighted-average price. Actual sales prices ranged from $1,511.24 to $1,512.2399 per share.
24. Reflects a weighted-average price. Actual sales prices ranged from $1,512.29 to $1,513.2899 per share.
Remarks:
For each transaction on this Form 4 that is reported at a weighted-average price, 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.
/s/ Helen Kaminski, pursuant to power of attorney previously filed 02/05/2021
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.