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SEC Filings

10-Q
CHIPOTLE MEXICAN GRILL INC filed this Form 10-Q on 07/26/2017
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Price Component will be earned under the Performance Goal Table set forth above if the Stock Price is more than $900. 

For purposes of this Appendix A, the Company’s “Stock Price” shall be equal to the highest rolling average (i.e., the arithmetic mean) of the closing prices of a share of Common Stock for any period of sixty (60) consecutive trading days during the Performance Period.  Any day that is not a trading day on the New York Stock Exchange shall be disregarded when determining the Stock Price.  

Notwithstanding anything to the contrary in this Appendix A, if the rolling average (i.e., the arithmetic mean) of the closing prices of a share of Common Stock for the last sixty (60) consecutive trading days of the Performance Period (disregarding any day that is not a trading day on the New York Stock Exchange is below $600, then the number of earned Performance Shares shall not be greater than at Target irrespective of whether a higher Stock Price was achieved earlier during the Performance Period.

CRS Component

The number of shares that can be earned under the CRS Component is equal to 1/3rd of the Target Number of Performance Shares multiplied by the Payout Percentage determined under the Performance Goal Table set forth below based on the Company’s Comparable Restaurant Sales or CRS:



Performance Goal Table
for the CRS Component



3-Year CRS Growth

Payout Percentage

Threshold

5%

50%

Target

7%

100%

Target Plus

9%

200%

Maximum

11%

300%



For avoidance of doubt, no Performance Shares will be earned under the CRS Component Performance Goal Table set forth above if the 3-Year CRS Growth is less than 5%, and no more than 300% of the Target Number of Performance allocable to the CRS Component will be earned under the Performance Goal Table set forth above if 3-Year CRS Growth is more than 11%.



For purposes of the Performance Goal Table under this Appendix A, “3-Year CRS Growth” shall be determined under the following formula:







DM_US 79931952-2.082000.0011 9

 


 

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