Chipotle 2008 Annual Report Download - page 94

SUMMARY COMPENSATION TABLE
The table below presents the total compensation we paid to each of our executive officers for services
provided to us during the fiscal years presented. Amounts in the columns titled “Salary” and “Non-Equity
Incentive Plan Compensation” include amounts deferred at the election of each executive officer and paid into
one or more retirement plans. Amounts in the columns titled “Stock Awards” and “Option Awards” reflect the
amount of stock-based compensation expense we recognized during the relevant fiscal year in respect of all
outstanding awards of the applicable type held by each executive officer. Amounts in the column titled “Non-
Equity Incentive Plan Compensation” were paid out (to the extent not deferred by the executive officer) under the
AIP in March of the following year, as described above under “Compensation Discussion and Analysis—
Discussion of Executive Officer Compensation Decisions—Annual Incentives—2008 AIP Payouts.”
Name and
Principal Position Year Salary Bonus(1)
Stock
Awards(2)
Option
Awards(3)
Non-Equity
Incentive Plan
Compensation(4)
All Other
Compensation(5) Total
Steve Ells (6) ...........
Chairman and Chief
Executive Officer
2008
2007
2006
$938,462
$557,692
$461,738
$180,620
$ 86,670
—
$2,170,992
$1,281,128
—
$1,638,138
$1,065,400
$ 514,571
$ 597,080
$1,101,600
$ 741,000
$159,178
$ 66,151
$ 71,171
$5,684,470
$4,158,641
$1,788,480
Monty Moran (6) ........
President and Chief
Operating Officer
2008
2007
2006
$576,923
$425,000
$389,231
$ 92,116
$ 54,169
—
$1,412,989
$1,155,471
$1,079,589
$ 952,831
$ 530,064
$ 228,569
$ 304,511
$ 688,500
$ 507,000
$ 72,726
$ 53,512
$ 30,393
$3,412,096
$2,906,716
$2,234,782
Jack Hartung ...........
Chief Financial Officer
2008
2007
2006
$413,461
$329,973
$304,648
$ 53,734
—
—
$ 787,045
$ 465,865
—
$ 808,667
$ 646,379
$ 501,781
$ 177,631
$ 445,673
$ 320,731
$115,723
$106,303
$109,619
$2,356,262
$1,994,193
$1,236,779
Bob Wilner (6) .........
Chief Administrative
Officer
2008
2007
2006
$318,846
$268,381
$246,409
$ 30,716
—
—
$ 519,366
$ 349,398
—
$ 382,650
$ 515,185
$ 414,634
$ 92,270
$ 290,615
$ 251,889
$ 38,260
$ 35,136
$ 33,302
$1,382,109
$1,458,715
$ 946,234
Bob Blessing (7) ........
Restaurant Support Officer
2008 $289,448 $ 24,379 $ 104,012 $ 357,140 $ 72,516 $ 77,834 $ 925,328
Rex Jones (8) ...........
Chief Development Officer
2008 $280,200 $ 12,771 $ 104,012 $ 184,783 $ 68,498 $ 25,824 $ 676,087
(1) Amounts under Bonus for 2008 reflect the amount of 2008 AIP payouts to each executive officer attributable to
discretionary adjustments made to the terms of the AIP for all employees, as described under “Compensation Discussion
and Analysis—Discussion of Executive Officer Compensation Decisions—Annual Incentives—2008 AIP Payouts.”
Amounts under Bonus for 2007 reflect discretionary bonuses paid to Mr. Ells and Mr. Moran in order to reward our top
executives for their particularly outstanding performance and our extraordinary results during 2007.
(2) Amounts under Stock Awards represent the expense recognized under FAS 123R for the relevant fiscal year and
attributable to unvested restricted stock, performance shares and performance-contingent restricted stock held by the
listed officer during such fiscal year. See “Outstanding Equity Awards at 2008 Fiscal Year-End” below for a listing of
restricted stock, performance shares and performance-contingent restricted stock awards outstanding for each officer as
of December 31, 2008.
(3) Amounts under Option Awards represent the expense recognized under FAS 123R for the relevant fiscal year and
attributable to unvested stock options and SOSARs held by the listed officer during such fiscal year. Based on their
combined age and years of service with us (and in the case of Mr. Hartung and Mr. Wilner, McDonald’s Corporation as
well), Messrs. Blessing, Hartung and Wilner each achieved retirement eligibility prior to 2006, making them eligible for
possible acceleration of vesting and retention of their option and SOSAR awards as described in more detail below under
the caption “Potential Payments Upon Termination or Change-In-Control.” Because of the potential retention following
retirement of options and SOSARs granted to or held by our retirement-eligible employees, FAS 123R generally requires
that we accelerate the recognition of compensation expense for such awards, and accordingly we recognize the related
expense over a period of six months (corresponding to the notice period required for retirement) from the later of the
grant date or the date of achieving retirement eligibility. Under these principles, we recognized all of the expense related
to option and SOSAR grants to these officers in 2006, 2007 and 2008 in the year of grant. Compensation expense for
options granted prior to the adoption of FAS 123R in January 2005 is not required to be recognized on an accelerated
basis prior to the actual retirement of an eligible option-holder. Accordingly, we recognize or have recognized expense
31
Proxy Statement