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最近の組織の変更を踏まえ、お客様がビジネスにもたらす価値を認識して、会社は制限付き株式ユニット（「RSU」）を付与し、会社の普通株式の株式を受け取る権利を表します（「株式」）。以下の条件およびChipotle Mexican Grill, Inc. 2022株式インセンティブプラン（「プラン」）に従い、本規定およびここで付与されるRSUはすべて同プランの定義と規定の対象となります。本覚書およびここに明示された内容を除き、この覚書に使用されている定義された用語は全て同プランに規定された定義を有しています。

報酬委員会（以下「報酬委員会」）によって採択された、コンパニーの取締役会（以下、「取締役会」または「本会社の取締役会」といいます）の一部として、強固なコーポレートガバナンスの一環として、報酬委員会（以下、「委員会」といいます）が採用した報酬回収ポリシー（以下、「ポリシー」といいます）です。取締役会」）は、このRSUの授与を承認しました（以下「報酬”).

1. 授与会社は、上記のRSUの数に関連して、この賞をあなたに付与します。この賞により、一定の株式を受け取る資格があり、この契約書に記載されたベスティングおよびその他の条件を満たす必要があります。この賞は、株式でのみ決済されます。

（ａ）通常の分割. プランまたは本セクション2で別段の規定がない限り、あなたのRSUsは、授与日の1周年に100%が付与され、対象の付与日までの会社との継続的な雇用または勤務が条件となります。授与の完全な成熟までの期間は、ここで「付与期間.”

(i) 死亡または障害。従業員の死亡または、会社の選択により、本契約で定義された「障害」となった場合。委員会によって異なる場合を除き、またはあなたと会社との間の契約で別途定められていない限り、ベスティング期間満了前にあなたが死亡するか、会社による障害による雇用終了が発生した場合、本賞に関するRSUの総数は、（割り戻しはせずに）あなたの死亡日または会社による障害による終了日において完全にベスティングされるものとします。本覚書では、「2.10 “障害” とは、参加者が、当該参加者が勤務するサービス提供者の長期障害保険プログラムの受給資格を得ることができる場合であってもそのような保険に加入していなくても良く、当該サービス提供者に対してサービスを提供している場合に適用されます。サービス提供者が長期障害計画を持っていない場合は、「障害」とは、参加者が90日以上連続で、医学的に確実に身体的または精神的な障害を理由に役職の責任と機能を遂行できないと判断された場合を意味します。参加者が委員会の裁量に十分に対応する証拠を提供しない限り、参加者が障害に陥ったと見なされません。」とは、あなたの医学的に診断された、会社の従業員としての職務を遂行するための永続的な身体的または精神的な能力不全を意味します。

(ii) 企業統合. この賞は、次のいずれかが発生した場合、すぐに全額付与されます。 (A) あなたが適格な終了を経験する場合、または (B) この賞が変更により引き継がれずまたは継続されない場合、この変更による生存または取得法人によって（取締役会または委員会によって、この場合は、アジャストメントを適用して価値を保持する株式の数と種類ごとに、適当な調整を含む）、この賞のその他の重要な条件と条件がそのままになるように（変更前のこの賞の効力が生じる直前のように）。

(iii) 特定の状況下での雇用終了役員候補者が会社の最高経営責任者に任命され、その後、任命後にいかなる理由であれ、自己の意思で雇用を終了した場合、この受賞は直ちに全額付与され、割当に基づく割合はなく、雇用終了時に完全に発生します。雇用が会社によって権限なく終了された場合、または自己の意思で重要な理由で雇用を終了した場合、この受賞は直ちに全額発生し、雇用終了時に割り戻しのない状態で完全に発生します。

(c) 未付与RSUの失効もし、雇用がVesting Periodの満了前にSection 2(b)で指定されている理由以外の理由で終了した場合、未発効のRSUは雇用終了日に没収およびキャンセルされます。ただし、(i)委員会が別の決定を下すか、(ii)あなたが証券取引法改正第30億7条の「企業役員」であり、その場合、異なる扱いが会社の役員退職金制度に提供されるかもしれません。この第2条に反するものは、あなたの権利、発効済みでも未発効でも、いかなる場合も、Causeによる雇用終了日に即座に放棄および取り消されるものとします。

3. 権利確定時に配布。第18条に従い、RSUの権利確定後できるだけ早く（ただし60日以内）に、当社は、本契約の条件に従い、権利確定されたRSUの株式を発行またはお客様に引き渡すものとします。ただし、（i）報奨が非適格繰延報酬（本規範の第409A条の意味の範囲内）を構成する場合、権利確定によりの特典は、障害を理由とする会社による解約、または支配権の変更による適格解雇に関連していますが、「」とはみなされません支配権の変更イベント」（本規範の第409A条の意味の範囲内）では、株式は、以下に従ってお客様に分配されます

Section 2(a)で定められた通常の分配スケジュールを409A条項を遵守するために必要な範囲で実施し、賞が2(b)(ii)条項に従って効果的に引き継がれない場合には、あるいは変更がコントロール（「Codeの409A条項の意味における変更イベント」ではない場合、または409A条項により当該変更時における解決が禁止される場合は、株はCodeの409A条項を遵守するために必要な範囲でSection 2(a)に示された通常の分配スケジュールに従ってあなたに分配されます。もしくは、より早くCodeの409A条項に許可されている場合には、死亡あるいは雇用終了時に。株の発行または引き渡しは、会社の原簿あるいは会社の正当な権限を持った譲渡代理人の適切な記入によって証明されなければなりません。会社は、株の発行または引き渡しに関連するすべての最初の発行税および譲渡税、および諸費用と経費を支払わなければなりませんが、Section 6に別段の規定がない限り。授与される株に関しては、授与の前に、あなたは会社の特定の資産あるいはこのような株に直接的な権利を持たず、会社の一般未保護債権者の地位を持つでしょう。

4. 株主権利なしいかなる者も、あなたまたはあなたを通じて権利を主張することは株主としての権利を有しません（例えば投票権も配当を受け取る権利もありません）ここに付与されるRSUsについては、RSUsがあなたの名前で登録された株式で決済された場合にのみ有することができます。譲渡株式が発行または引き渡しされるまでは、譲渡株式に対する有益な権利または所有権を持ちません。

5. Dividend Equivalents. During the Vesting Period, you shall accumulate dividend equivalents with respect to the RSUs, which dividend equivalents shall be paid in cash (without interest) to you only if and when the applicable RSUs vest and become payable. Dividend equivalents shall equal the dividends, if any, actually paid with respect to Shares during the Vesting Period while (and to the extent) the RSUs remain outstanding and unpaid. In the event you forfeit the RSUs, you also shall immediately forfeit any dividend equivalents held by the Company that are attributable to the Shares underlying such forfeited RSUs.

6. Tax Withholding. As a condition precedent to the issuance of Shares following the vesting of the Shares, you shall, upon request by the Company, pay to the Company such amount as the Company determines is required, under all applicable federal, state, local or other laws or regulations, to be withheld and paid over as income or other withholding taxes (the “Required Tax Payments”) with respect to such vesting of the Shares. If you shall fail to advance the Required Tax Payments after request by the Company, the Company may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company to you. Notwithstanding the foregoing, your obligation to advance the Required Tax Payments shall be satisfied by the Company withholding whole Shares that would otherwise be delivered to you upon vesting of the Shares having an aggregate fair market value, determined as of the date on which such withholding obligation arises (the “Tax Date”), equal to the Required Tax Payments; however, if you submit a written request to the Company at least ten (10) days in advance of the Vesting Date, the Company may agree, in its discretion, to permit you to satisfy your obligation to advance the Required Tax Payments by a check or cash payment to the Company. Shares shall be withheld based on the applicable statutory minimum tax rate;

however, if you submit a written request to the Company at least ten (10) days in advance of the Vesting Date, the Company (or, in the case of an individual subject to Section 16 of the Securities Exchange Act of 1934, as amended, the Committee) may agree, in its discretion, to withhold shares based on a higher tax rate permitted by applicable withholding rules and accounting rules without resulting in variable accounting treatment. No Share or certificate representing a Share shall be issued or delivered until the Required Tax Payments have been satisfied in full.

7. Tax Indemnification. Notwithstanding the provisions of Section 6 above, you agree to indemnify the Company and each affiliate, and hold the Company and each affiliate harmless against and from any and all liability for any taxes or payments in respect of taxes (including social security and national insurance contributions, to the extent permitted by applicable law), arising as a result of, in connection with or in respect of the grant of the Award, vesting of the Award and/or the delivery of the Shares pursuant to this Agreement.

8. Repayment; Right of Set-Off. You agree and acknowledge that this Agreement is subject the Company’s Executive Compensation Recovery Policy and any other “clawback,” recoupment or set-off policies in effect on the Grant Date or that the Committee thereafter may adopt. If the Company determines, in its sole discretion, that you have engaged in misconduct that constitutes “Cause” as defined in the Plan, you agree that any unvested portion of the Award shall be immediately forfeited as of the date the Company determines that you engaged in such misconduct. The foregoing shall not be the Company’s exclusive remedies, which may also include injunctive relief and damages, as applicable. In addition, you agree that in the event the Company, in its reasonable judgment, determines that you owe the Company any amount due to any loan, note, obligation or indebtedness, including but not limited to amounts owed to the Company pursuant to the Company’s policies with respect to travel and business expenses, and if you have not satisfied such obligation, then the Company may instruct the plan administrator to withhold and/or sell Shares acquired by you upon settlement of the Award, or the Company may deduct funds equal to the amount of such obligation from other funds due to you from the Company.

9. Adjustment of RSUs. The number of RSUs subject to this Award will automatically be adjusted in accordance with Section 9 of the Plan to prevent accretion, or to protect against dilution, in the event of a change to the Common Stock resulting from a recapitalization, stock split, consolidation, spin-off, reorganization, or liquidation or other similar transactions.

10. Non-Transferability of Award. Unless the Committee specifically determines otherwise, the RSUs may not be transferred by you other than by will or the laws of descent and distribution. Except to the extent permitted by the foregoing sentence, the Award may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Award, the Award and all rights hereunder shall immediately become null and void.

12. Amendment of this Award. This Award or the terms of this Agreement may be amended by the Board or the Committee at any time (a) if the Board or the Committee determines, in its reasonable discretion, that amendment is necessary or appropriate to conform the Award to, or otherwise satisfy, any legal requirement (including without limitation the provisions of Section 409A of the Code), which amendments may be made retroactively or prospectively and without your approval or consent to the extent permitted by applicable law; provided that, such amendment shall not materially and adversely affect your rights hereunder; or (b) with your consent.

13. Electronic Delivery and Acceptance. You hereby consent and agree to electronic delivery of any Plan documents, proxy materials, annual reports and other related documents. You also hereby consent to any and all procedures that the Company has established or may establish for an electronic signature system for delivery and acceptance of Plan documents (including documents relating to any programs adopted under the Plan), and agree your electronic signature is the same as, and shall have the same force and effect as, your manual signature. You consent and agree that any such procedures and delivery may be effected by a third party engaged by the Company to provide administrative services related to the Plan, including any program adopted under the Plan.

14. Governing Plan Document. The Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of this Agreement, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of the Award or this Agreement and those of the Plan, the provisions of the Plan shall control.

16. Entire Agreement. This Agreement and the Plan constitute the entire understanding and agreement between the Company and the Participant with respect to the subject matter contained herein and supersedes any prior agreements, understandings, restrictions, representations, or warranties between the Company and the Participant with respect to such subject matter other than those as set forth or provided for herein.

19. Compliance with Section 409A of the Code. This Award is intended to be exempt from or comply with Section 409A of the Code, and shall be interpreted and construed accordingly, and each payment hereunder shall be considered a separate payment. To the extent this Agreement provides for the Award to become vested and be settled upon the Holder’s termination of employment, the applicable shares of Stock shall be transferred to you or your beneficiary upon your “separation from service,” within the meaning of Section 409A of the Code; provided that if you are a “specified employee,” within the meaning of Section 409A of the Code, then to the extent the Award constitutes nonqualified deferred compensation, within the meaning of Section 409A of the Code, such Shares shall be transferred to you or your beneficiary upon the earlier to occur of (i) the six-month anniversary of such separation from service and (ii) the date of your death.

1. This Addendum includes additional country-specific notices, disclaimers, and/or terms and conditions that apply to individuals who are working or residing in the countries listed below and that may be material to your participation in the Plan. However, because foreign exchange regulations and other local laws are subject to frequent change, you are advised to seek advice from his or her own personal legal and tax advisor prior to accepting an Award.

2. If you are a citizen or resident of a country, or otherwise subject to tax in another country other than the one in which you are currently working and/or residing, transfers to another country after the date of grant of the Award, or is considered a resident of another country for local law purposes, the Company shall, in its discretion, determine the extent to which the special terms and conditions contained herein shall be applicable to you.

1. Application. This Addendum shall apply to you if (a) you are employed in, resident in, a citizen of, or otherwise subject to tax in Canada; or (b) in circumstances where the Company, in exercising its discretion in accordance with paragraph 2 of the Country-Specific Addendum, determines this Addendum shall apply to you.

2. Use of Information. For the purposes of managing and administering the arrangements under this Agreement, the Company may share basic information such as information concerning your eligibility, grants, settlement or vesting in accordance with this Agreement with and between affiliates. The Company may also share this information with service providers that may assist in administering the arrangements under this Agreement, as well as with relevant government authorities.

1. Application. This Addendum shall apply to you if (a) you are employed in, resident in, a citizen of, or otherwise subject to tax in France; or (b) in circumstances where the Company, in exercising its discretion in accordance with paragraph 2 of the Country-Specific Addendum, determines this Addendum shall apply to you.

1. Application. This Addendum shall apply to you if (a) you are employed in, resident in, a citizen of, or otherwise subject to tax in the United Kingdom; or (b) in circumstances where the Company, in exercising its discretion in accordance with paragraph 2 of the Country-Specific Addendum, determines this Addendum shall apply to you.

2. Recovery of Tax. In the event that you have failed to make arrangements under Section 6 of this Agreement for the amount so indemnified under Section 7 of this Agreement, you shall pay to the Company or subsidiary, as relevant, (or such other affiliate, as the case may be) the balance of any Required Tax Payments then due in cash promptly on written demand and in any event within 60 days from the date on which any relevant amount indemnified under Section 7 of this Agreement is due to be accounted for to the applicable tax authority, failing which you shall also be liable to account to the Company or any subsidiary for any additional liability that may arise to the Company or such other affiliate as a result of the operation of Section 222 of ITEPA.