Chipotle 2008 Annual Report Download - page 99

Download and view the complete annual report

Please find page 99 of the 2008 Chipotle annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 110

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110

Outstanding McDonald’s Equity Awards at December 31, 2008
Mr. Hartung and Mr. Wilner were employees of McDonald’s prior to joining us. Due to McDonald’s
economic interest in us prior to October 12, 2006, options granted by McDonald’s to our employees, including
these officers, continued to vest and remain exercisable. In connection with our separation from McDonald’s, our
employees holding McDonald’s stock options were deemed to have terminated from McDonald’s, and as a result
the exercise period for McDonald’s options held by our employees, including Mr. Hartung and Mr. Wilner, were
truncated.
The following table provides summary information about McDonald’s options held by our officers as of
December 31, 2008. Mr. Hartung exercised all of his remaining McDonald’s options during 2008.
Option Awards
Name
Number of
Securities Underlying
Unexercised Options
Exercisable(1)
Number of
Securities Underlying
Unexercised Options
Unexercisable
Option Exercise
Price
Option Expiration
Date
Bob Wilner .................... 5,350 — $40.4375 10/12/2011
(1) Options are to purchase shares of McDonald’s Corporation common stock, have an exercise price equal to
the fair market value of a share of McDonald’s common stock on the grant date, and generally were granted
with a ten-year life, and vested in equal annual installments over periods of four years. Subject to the
approval of the compensation committee of McDonald’s board of directors, options may be transferred to
certain permissible transferees, including immediate family members, for no consideration.
OPTION EXERCISES AND STOCK VESTED IN 2008
The following table provides summary information about restricted shares of our Class B common stock
which vested during 2008. No options were exercised by any executive officers during 2008.
Stock Awards
Name
Number of
Shares
Acquired on
Vesting
Value
Realized on
Vesting
Steve Ells ...........................................
Monty Moran ........................................ 51,111 $5,124,389(1)
Jack Hartung .........................................
Bob Wilner ..........................................
Bob Blessing ........................................
Rex Jones ...........................................
(1) Based upon the closing stock price of our Class B common stock on March 24, 2008 of $100.26 per share.
McDonald’s Options Exercised in 2008
The following table provides summary information about options to purchase shares of McDonald’s
common stock exercised by our executive officers during 2008.
Option Awards
Name
Number of
Shares Acquired
on Exercise
Value
Realized
on Exercise(1)
Jack Hartung ..................................... 20,500 $392,874
Bob Wilner ...................................... 17,890 $391,602
(1) Based upon the excess of the sale price received for the underlying shares of McDonald’s Corporation
common stock on the dates of sale over the exercise price of the options exercised, and excluding brokerage
commissions or other transaction costs and any related taxes.
36
Proxy Statement