Chipotle 2009 Annual Report Download - page 101

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POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL
We have not entered into written employment, change-in-control, severance or similar agreements with any
of our employees, including our executive officers. Accordingly, we do not have any written agreements
requiring that we make post-employment severance payments to the executive officers in the event their
employment terminates. In addition, payouts under the AIP are conditioned on the employee being employed as
of the end of the year for which the payout relates. We have in the past paid severance to executives or other key
employees who have left us, and we may negotiate individual severance arrangements with any executive officer
whose employment with us terminates, depending on the circumstances of the executive’s termination.
The terms of the equity-based awards made to our executive officers do provide for post-employment
benefits in certain circumstances. The table below reflects the dollar value, based on the closing price of our
common stock on December 31, 2009, of the amount of each listed type of equity award which would have been
realizable by each executive officer (including as a result of acceleration of vesting) had the executive’s
employment terminated as of December 31, 2009 for the reasons identified in the table.
The table also reflects the benefits to our executive officers of term life insurance policies we maintain on
their behalf.
Potential Amounts Realizable Upon Termination Under Equity Awards and Life Insurance Policies
Name
Termination
for Cause(1)
Termination
Without
Cause(1)
Voluntary
Resignation
Without
Good
Reason(2)
Voluntary
Resignation
with Good
Reason(2)
Economic
Termination(3) Retirement(4)
Qualifying
Termination
Following
Change in
Control(5)
Death/
Disability(6)
Steve Ells
Stock Options/
SOSARs (7) ...... — — — — $1,941,600 N/A $ 7,161,600 $ 7,161,600
Performance
Shares .......... — — — — — N/A $ 3,667,456 $ 3,667,456
Performance-
Contingent
Restricted Stock . . . — $2,424,400 — $2,424,400 $2,424,400 N/A $ 2,424,400 $ 2,424,400
Total ......... $ 0 $2,424,400 $ 0 $2,424,400 $4,366,000 N/A $13,253,456 $13,253,456
Monty Moran
Stock Options/
SOSARs (7) ...... — — — — $ 970,800 N/A $ 6,190,800 $ 6,190,800
Performance
Shares .......... — — — — — N/A $ 2,680,064 $ 2,680,064
Performance-
Contingent
Restricted Stock . . . — $1,322,400 — $1,322,400 $1,322,400 N/A $ 1,322,400 $ 1,322,400
Total ......... $ 0 $1,322,400 $ 0 $1,322,400 $2,293,200 N/A $10,193,264 $10,193,264
Jack Hartung
Stock Options/
SOSARs (7) ...... — $ 899,776 $899,776 $ 899,776 $1,506,526 $3,441,406 $ 3,441,406 $ 3,441,406
Performance
Shares .......... — — — — — $1,230,185 $ 1,322,400 $ 1,322,400
Performance-
Contingent
Restricted Stock . . . — $ 881,600 — $ 881,600 $ 881,600 $ 881,600 $ 881,600 $ 881,600
Total ......... $ 0 $1,781,376 $899,776 $1,781,376 $2,388,126 $5,553,191 $ 5,645,406 $ 5,645,406
Bob Blessing
Stock Options/
SOSARs (7) ...... — — — — $ 242,700 $1,077,900 $ 1,077,900 $ 1,077,900
Performance
Shares .......... — — — — — $ 451,115 $ 484,880 $ 484,880
Total ......... $ 0 $ 0 $ 0 $ 0 $ 242,700 $1,529,015 $ 1,562,780 $ 1,562,780
Mark Crumpacker
Stock Options/
SOSARs (7) ...... — — — — — N/A $ 696,000 $ 696,000
Performance
Shares .......... — — — — — N/A $ 1,198,976 $ 1,198,976
Total ......... $ 0 $ 0 $ 0 $ 0 $ 0 N/A $ 1,894,976 $ 1,894,976
37
Proxy Statement