STOCK TITAN

[Form 3] CHIPOTLE MEXICAN GRILL INC Initial Statement of Beneficial Ownership

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
3

Chipotle officer Matthew R. Bush reports direct ownership of 4,310 shares of common stock and holds multiple equity awards that convert to common shares. The filing shows four stock appreciation rights (SOSARs) exercisable into a total of 23,527 shares with exercise prices ranging from $31.56 to $57.27, and restricted stock units (RSUs) covering 1,700 unvested shares that vest on defined anniversaries. All holdings are reported as direct and are tied to compensation awards that vest over time, aligning the officer’s interests with shareholders.

Il funzionario Chipotle Matthew R. Bush riferisce la proprietà diretta di 4.310 azioni ordinarie e detiene molteplici premi azionari che si trasformano in azioni ordinarie. La dichiarazione mostra quattro diritti di apprezzamento delle azioni (SOSAR) esercitabili su un totale di 23.527 azioni, con prezzi di esercizio che variano da 31,56 a 57,27 dollari, e unità azionarie vincolate (RSU) che coprono 1.700 azioni non ancora maturate che vestono in anniversari definiti. Tutte le partecipazioni sono riportate come dirette e sono legate a premi di compensazione che maturano nel tempo, allineando gli interessi dell’ufficiale con quelli degli azionisti.

El funcionario de Chipotle Matthew R. Bush reporta propiedad directa de 4.310 acciones ordinarias y posee múltiples premios de acciones que se convierten en acciones ordinarias. La presentación muestra cuatro derechos de apreciación de acciones (SOSARs) ejercitables por un total de 23.527 acciones, con precios de ejercicio que oscilan entre 31,56 y 57,27 dólares, y unidades de acciones restringidas (RSUs) que cubren 1.700 acciones no vestidas que vencen en aniversarios definidos. Todas las participaciones se reportan como directas y están vinculadas a premios de compensación que se adjudican con el tiempo, alineando los intereses del funcionario con los de los accionistas.

Chipotle의 임원 매튜 R. Bush는 4,310주를 직접 소유하고 있으며 일반 주식으로 전환되는 여러 주식 보상을 보유하고 있습니다. 공시에는 행사 가격이 31.56달러에서 57.27달러 사이인 총 23,527주로 행사 가능한 4개의 주식 상승 권리(SOSARs)가 표시되며, 정의된 기념일에 vest가 되는 1,700주 미완성 RSU(제한 주식 단위)가 포함되어 있습니다. 모든 보유는 직접 지분으로 보고되며 보상 수여가 시간이 지남에 따라 vest되도록 되어 있어 임원의 이해관계를 주주들과 일치시킵니다.

Le responsable Chipotle Matthew R. Bush déclare une propriété directe de 4 310 actions ordinaires et détient plusieurs attributions d’actions qui se transforment en actions ordinaires. Le dépôt montre quatre droits d’appréciation d’actions (SOSARs) exerçables sur un total de 23 527 actions, avec des prix d’exercice allant de 31,56 à 57,27 dollars, et des unités d’actions restreintes (RSU) couvrant 1 700 actions non acquis qui vestent à des anniversaires définis. Toutes les participations sont déclarées comme directes et liées à des attributions de rémunération qui deviennent vests avec le temps, alignant les intérêts de l’officier sur ceux des actionnaires.

Chipotle-Beamter Matthew R. Bush meldet direkten Besitz von 4.310 Stammaktien und hält mehrere Aktienprämien, die in Stammaktien umgewandelt werden können. Die Einreichung zeigt vier Aktienwertsteigerungsrechte (SOSARs), die insgesamt 23.527 Aktien ausübbar sind, mit Ausübungspreisen von 31,56 bis 57,27 Dollar, und Restricted Stock Units (RSUs), die 1.700 noch unvestete Aktien abdecken und an definierten Jubiläen vesten. Alle Positionen werden als direkt gemeldet und sind an Vergütungszuwendungen gebunden, die mit der Zeit vesten, wodurch die Interessen des Beamten mit denen der Aktionäre in Einklang gebracht werden.

يُبلغ ضابط شيبوتل ماثيو ر. بوش عن ملكية مباشرة لـ4,310 أسهم عادية، كما يُظهر حيازة عدة جوائز أسهم تتحول إلى أسهم عادية. يُظهر الإشعار أربعة حقوق تقدير الأسهم (SOSARs) قابلة للممارسة بإجمالي 23,527 سهماً، وبأسعار تمارين تتراوح بين 31.56 و57.27 دولاراً، ووحدات أسهم مقيدة (RSUs) تغطي 1,700 سهم غير مستحق يُستحق عند الاحتفال بأعياد ميل محددة. جميع الحيازات مُسجّلة كملكيات مباشرة وترتبط بجوائز تعويض تستحق بمرور الوقت، مما يجعل مصالح الضابط تتوافق مع مصالح المساهمين.

Chipotle 的官员 Matthew R. Bush 直接拥有4,310 股普通股,并持有多项可转换为普通股的股票奖励。申报显示四项股票增值权(SOSARs)可行使,总计23,527股,行使价格范围为31.56至57.27美元,以及覆盖1,700股尚未归属的受限股票单位(RSUs),将在定义的周年日归属。所有持股均被列为直接持有,并与随时间归属的薪酬奖励相关联,使该官员的利益与股东的利益保持一致。

Positive
  • Direct equity ownership of 4,310 common shares aligns the reporting officer's interests with shareholders
  • Time‑vested SOSARs and RSUs create multi‑year retention incentives and align compensation with future share performance
  • Clear exercise prices and vesting terms are disclosed for investor transparency
Negative
  • None.

Insights

TL;DR: Report is routine: an officer holds direct shares plus time‑vested equity awards that align interests with shareholders.

The disclosure documents typical executive equity compensation: direct ownership supplemented by SOSARs and RSUs that vest over multi‑year schedules. These instruments incentivize retention and performance while diluting current shareholders only upon exercise or settlement. No unusual ownership structures or indirect holdings are disclosed, and the ownership level appears consistent with standard officer grants for a large public company.

TL;DR: Equity package mixes appreciation rights and RSUs with staged vesting, supporting retention and long‑term alignment.

The awards include SOSARs exercisable 1:1 into common stock with exercise prices listed between $31.56 and $57.27 and RSUs that vest over specified anniversaries. The mix of appreciation rights and restricted stock units is common for balancing upside capture and guaranteed equity retention. Vesting schedules indicate multi‑year service requirements, which is standard for executive compensation plans.

Il funzionario Chipotle Matthew R. Bush riferisce la proprietà diretta di 4.310 azioni ordinarie e detiene molteplici premi azionari che si trasformano in azioni ordinarie. La dichiarazione mostra quattro diritti di apprezzamento delle azioni (SOSAR) esercitabili su un totale di 23.527 azioni, con prezzi di esercizio che variano da 31,56 a 57,27 dollari, e unità azionarie vincolate (RSU) che coprono 1.700 azioni non ancora maturate che vestono in anniversari definiti. Tutte le partecipazioni sono riportate come dirette e sono legate a premi di compensazione che maturano nel tempo, allineando gli interessi dell’ufficiale con quelli degli azionisti.

El funcionario de Chipotle Matthew R. Bush reporta propiedad directa de 4.310 acciones ordinarias y posee múltiples premios de acciones que se convierten en acciones ordinarias. La presentación muestra cuatro derechos de apreciación de acciones (SOSARs) ejercitables por un total de 23.527 acciones, con precios de ejercicio que oscilan entre 31,56 y 57,27 dólares, y unidades de acciones restringidas (RSUs) que cubren 1.700 acciones no vestidas que vencen en aniversarios definidos. Todas las participaciones se reportan como directas y están vinculadas a premios de compensación que se adjudican con el tiempo, alineando los intereses del funcionario con los de los accionistas.

Chipotle의 임원 매튜 R. Bush는 4,310주를 직접 소유하고 있으며 일반 주식으로 전환되는 여러 주식 보상을 보유하고 있습니다. 공시에는 행사 가격이 31.56달러에서 57.27달러 사이인 총 23,527주로 행사 가능한 4개의 주식 상승 권리(SOSARs)가 표시되며, 정의된 기념일에 vest가 되는 1,700주 미완성 RSU(제한 주식 단위)가 포함되어 있습니다. 모든 보유는 직접 지분으로 보고되며 보상 수여가 시간이 지남에 따라 vest되도록 되어 있어 임원의 이해관계를 주주들과 일치시킵니다.

Le responsable Chipotle Matthew R. Bush déclare une propriété directe de 4 310 actions ordinaires et détient plusieurs attributions d’actions qui se transforment en actions ordinaires. Le dépôt montre quatre droits d’appréciation d’actions (SOSARs) exerçables sur un total de 23 527 actions, avec des prix d’exercice allant de 31,56 à 57,27 dollars, et des unités d’actions restreintes (RSU) couvrant 1 700 actions non acquis qui vestent à des anniversaires définis. Toutes les participations sont déclarées comme directes et liées à des attributions de rémunération qui deviennent vests avec le temps, alignant les intérêts de l’officier sur ceux des actionnaires.

Chipotle-Beamter Matthew R. Bush meldet direkten Besitz von 4.310 Stammaktien und hält mehrere Aktienprämien, die in Stammaktien umgewandelt werden können. Die Einreichung zeigt vier Aktienwertsteigerungsrechte (SOSARs), die insgesamt 23.527 Aktien ausübbar sind, mit Ausübungspreisen von 31,56 bis 57,27 Dollar, und Restricted Stock Units (RSUs), die 1.700 noch unvestete Aktien abdecken und an definierten Jubiläen vesten. Alle Positionen werden als direkt gemeldet und sind an Vergütungszuwendungen gebunden, die mit der Zeit vesten, wodurch die Interessen des Beamten mit denen der Aktionäre in Einklang gebracht werden.

SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0104
Estimated average burden
hours per response: 0.5
1. Name and Address of Reporting Person*
Bush Matthew R

(Last) (First) (Middle)
C/O CHIPOTLE MEXICAN GRILL, INC.
610 NEWPORT CENTER DR, SUITE 1100

(Street)
NEWPORT BEACH CA 92660

(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
09/04/2025
3. Issuer Name and Ticker or Trading Symbol
CHIPOTLE MEXICAN GRILL INC [ CMG ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Controller, PAO
5. 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 Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
common stock 4,310(1) D
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
2022 SOSAR 02/10/2024(2) 02/10/2029 common stock 4,150 $31.56 D
2023 SOSAR 02/09/2025(2) 02/09/2030 common stock 3,650 $32.1382 D
2024 SOSAR 02/09/2026(2) 02/09/2031 common stock 3,350 $52.767 D
2025 SOSAR 02/07/2027(2) 02/07/2032 common stock 12,377 $57.27 D
Explanation of Responses:
1. Includes a restricted stock unit (RSU) with 600 unvested shares that was granted on February 9, 2023 and will be fully vested on February 9, 2026, and an RSU for 1,100 shares that was granted on February 9, 2024 and will vest 50% on each of the second and third anniversaries of the grant date.
2. The stock appreciation right (SOSAR) vests 50% on each of the second and third anniversaries of the grant date, subject to continued employment with Chipotle and possible acceleration of vesting. Upon exercise, the SOSAR settles in shares of common stock on a 1-to-1 basis.
/s/ Helen Kaminski, pursuant to power of attorney filed herewith 09/16/2025
** 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 5 (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.

FAQ

What does Matthew R. Bush directly own in Chipotle (CMG)?

He directly owns 4,310 shares of common stock and holds equity awards convertible into additional shares.

How many shares can be received from the reported SOSARs?

The SOSARs under report cover a total of 23,527 underlying shares across awards exercisable into common stock.

What are the exercise prices for the SOSARs listed?

Exercise prices disclosed range from $31.56 to $57.27 per share depending on the award.

How many unvested RSUs does the filing include and when do they vest?

The filing discloses 1,700 unvested RSUs: 600 vesting fully on a later anniversary and 1,100 vesting 50% on the second and 50% on the third anniversary of the grant.

Are the reported holdings direct or indirect?

All reported holdings are indicated as direct (D) beneficial ownership.
Chipotle Mexican Grill Inc

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