Chipotle Controller Matthew Bush Disposes Shares for Tax Withholding

Executive Summary

On November 2, 2026, Chipotle Mexican Grill, Inc. ($CMG) filed a Form 4 for Matthew R. Bush, Controller and Principal Accounting Officer. The filing reports a transaction that took place on October 31, 2026, consisting of 1,456 shares of common stock withheld at $31.28 per share to satisfy tax obligations resulting from the vesting and settlement of restricted stock units (RSUs).

Transaction Details

• Reporting Owner: Matthew R. Bush
• Role: Controller, Principal Accounting Officer
• Transaction Code: F (Payment of exercise price or tax liability by delivering or withholding securities)
• Shares Disposed: 1,456
• Price per Share: $31.28
• Total Transaction Value: $45,543.68
• Post-Transaction Holdings: 20,128 shares (includes 169 shares acquired under the Employee Stock Purchase Plan)

Market and Trading Impact

• Nature of Transaction: This was not an open-market sale or a discretionary trade. Code 'F' transactions represent shares automatically withheld by the company to cover tax withholding liabilities associated with vesting equity awards.
• Significance: Low. Routine tax-related withholdings do not indicate sentiment or conviction regarding the company's operational trajectory or stock valuation.