Chipotle 2008 Annual Report Download - page 95

related to each executive officer’s pre-2005 options over the three year vesting period. Mssrs. Ells, Jones and Moran
have not met the combined age and years-of-service required to qualify for retirement eligibility, and as a result we
recognize or have recognized expense relating to all of their outstanding options and SOSARs over the three year vesting
period.
See Note 5 to our financial statements for the year ended December 31, 2008, which are included in our Annual Report
on Form 10-K filed with the SEC on February 19, 2009, for descriptions of the methodologies and assumptions we use to
value option awards and the manner in which we recognize the related expense pursuant to FAS 123R, except that those
descriptions with respect to options granted during 2003 are included in our Annual Report on Form 10-K for the year
ended December 31, 2005, which we filed with the SEC on March 17, 2006.
(4) Amounts under Non-Equity Incentive Plan Compensation represent the amounts earned by the listed officer under the
AIP for the relevant fiscal year, as described under “Compensation Discussion and Analysis—Discussion of Executive
Officer Compensation Decisions—Annual Incentives—AIP Structure.”
(5) Amounts under All Other Compensation for 2008 include the following:
• Matching contributions we made on the executive officers’ behalf to the Chipotle Mexican Grill 401(K) plan as
well as the Chipotle Supplemental Deferred Investment Plan, in the aggregate amounts of $85,069 for Mr. Ells,
$52,784 for Mr. Moran, $34,600 for Mr. Hartung, $24,379 for Mr. Wilner, $27,547 for Mr. Blessing, and
$25,071 for Mr. Jones. See “Non-Qualified Deferred Compensation for 2008” below for a description of the
Chipotle Supplemental Deferred Investment Plan.
• Company car costs, which include lease payments (less employee payroll deductions), insurance premiums and
maintenance and fuel costs, or a monthly car allowance for officers who elect to receive an allowance rather
than a company car, totaling $26,155 for Mr. Ells and less than $25,000 for each other executive officer, except
that the value of perquisites and personal benefits provided to Mr. Jones, including company car costs and car
allowance, is not included in All Other Compensation because the total amount of such items was less than
$10,000 in 2008.
• Housing costs, including monthly rent and utilities payments, for personal residences for Mr. Hartung and
Mr. Blessing, totaling $30,104 for Mr. Hartung and $20,000 for Mr. Blessing, as well as payments for
reimbursement of taxes payable in connection with this benefit totaling $15,258 for Mr. Hartung and $4,633
for Mr. Blessing.
• Commuting expenses, which include air fare, airport parking and ground transportation relating to travel
between an officer’s home and our company headquarters for Mr. Ells, Mr. Hartung and Mr. Blessing.
Commuting expenses for Mr. Ells, which totaled $46,622, include a limited amount of travel on company-
chartered aircraft, for which the reported expense is an allocated portion of the total charter fees determined by
dividing the statute miles between Denver and Mr. Ells’s home city by the statute miles for all legs of the
charter flight, and multiplying the total charter fees by the resulting percentage.
• Term life insurance premium payments for each executive officer.
(6) Effective January 1, 2009, Mr. Ells and Mr. Moran became Co-Chief Executive Officers, and Mr. Wilner transitioned his
responsibilities to Executive Director—Human Resources.
(7) Mr. Blessing became Restaurant Support Officer in May 2008.
(8) Mr. Jones became Chief Development Officer in March 2008.
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Proxy Statement