SEC FORM 4

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^*

Moran Montgomery F

(Last)

(First)

(Middle)

1401 WYNKOOP STREET, SUITE 500

(Street)

DENVER

80202

(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)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Co-Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/15/2012

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/15/2012		M⁽¹⁾		30,000	A	$103.79	163,837	D
Common Stock	03/15/2012		D⁽¹⁾		7,649	D	$407.08	156,188	D
Common Stock	03/16/2012		S⁽¹⁾		13,027	D	$406.1⁽²⁾	143,161	D
Common Stock	03/16/2012		S⁽¹⁾		6,528	D	$406.95⁽³⁾	136,633	D
Common Stock	03/16/2012		S⁽¹⁾		2,796	D	$407.89⁽⁴⁾	133,837	D
Common Stock	03/16/2012		M⁽¹⁾		15,000	A	$103.79	148,837	D
Common Stock	03/16/2012		D⁽¹⁾		3,789	D	$410.91	145,048	D
Common Stock	03/19/2012		S⁽¹⁾		3,225	D	$407.43⁽⁵⁾	141,823	D
Common Stock	03/19/2012		S⁽¹⁾		4,867	D	$408.05⁽⁶⁾	136,956	D
Common Stock	03/19/2012		S⁽¹⁾		2,396	D	$408.91⁽⁷⁾	134,560	D
Common Stock	03/19/2012		S⁽¹⁾		723	D	$409.93⁽⁸⁾	133,837	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
2010 Stock Appreciation Rights	$103.79	03/13/2012		M⁽¹⁾			30,000	02/16/2012⁽⁹⁾	02/16/2017	Common Stock	30,000	$0	105,000	D
2010 Stock Appreciation Rights	$103.79	03/16/2012		M⁽¹⁾			15,000	02/16/2012⁽⁹⁾	02/16/2017	Common Stock	15,000	$0	90,000	D
2011 Stock Appreciation Rights	$268.73							02/11/2013⁽¹⁰⁾	02/11/2018	Common Stock	75,000		75,000	D
2012 Stock Appreciation Rights	$371.63							02/06/2014⁽¹¹⁾	02/06/2019	Common Stock	75,000		75,000	D

Explanation of Responses:

1. 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 Exchange Act of 1934, as amended.

2. Reflects a weighted-average price. Actual sale prices ranged from $405.58 to $406.57 per share. 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.

3. Reflects a weighted-average price. Actual sale prices ranged from $406.65 to $407.62 per share. 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.

4. Reflects a weighted-average price. Actual sale prices ranged from $407.65 to $408.25 per share. 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.

5. Reflects a weighted-average price. Actual sale prices ranged from $407.18 to $407.50 per share. 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.

6. Reflects a weighted-average price. Actual sale prices ranged from $407.52 to $408.51 per share. 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.

7. Reflects a weighted-average price. Actual sale prices ranged from $408.52 to $409.51 per share. 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.

8. Reflects a weighted-average price. Actual sale prices ranged from $409.69 to $410.53 per share. 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.

9. 75,000 of the 2010 Stock Appreciation Rights vest on 2/16/2013.

10. 37,500 of the 2011 Stock Appreciation Rights vest on 2/11/2014.

11. 37,500 of the 2012 Stock Appreciation Rights vest on 2/06/2015.

	/s/ Monty Moran	03/19/2012
	** 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).
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