Patrick J. Flynn has served as a director of Chipotle since 1998. He has been retired since January 2, 2001. Prior to retiring in
2001, Mr. Flynn spent 39 years at McDonald's where he held a variety of executive and management positions, most recently as Executive Vice President responsible for strategic planning
Darlene J. Friedman has served as a director of Chipotle since 1995. Prior to retiring in 1995, Ms. Friedman spent 19 years
at Syntex Corporation where she held a variety of management positions, most recently as Senior Vice President of Human Resources. While at Syntex Corporation, Ms. Friedman was a member of the
corporate executive committee and the management committee. Ms. Friedman holds a Bachelor of Arts in psychology from the University of California at Berkeley and an MBA from the University of
Mats Lederhausen has served as a director of Chipotle since 1999. He is currently Managing Director of McDonald's Ventures, LLC, a
wholly-owned subsidiary of McDonald's, and was recently President of McDonald's Business Development Group. Mr. Lederhausen previously was executive vice president of McDonald's strategy and
business development and has held a variety of executive and management positions with McDonald's since 1994. He worked for The Boston Consulting Group in London from 1988 to 1990.
Mr. Lederhausen is currently chairman of the governance committee of the board of directors of the not-for-profit Business for Responsibility and serves on the board of trustees of Ronald
McDonald House Charities. Mr. Lederhausen graduated from Bromma Gymnasium of Sweden with a degree in business administration and holds a master's degree from the Stockholm School of Economics.
We currently have six directors. Each member of the board is elected annually and serves a one-year term. In connection with this offering, we will increase the
number of directors, change the structure of the board and the method of electing directors. The board will be divided into three classes, as nearly equal in number as possible, serving staggered
three-year terms. About one-third of the board will be elected annually, and each member will serve a three-year term. See "Description of Capital StockCertain Certificate of
Incorporation and Bylaw Provisions."
After the offering, our board of directors will establish standing committees in connection with the discharge of its responsibilities. These committees will
include an audit committee, a compensation committee and a nominating and governance committee. The board of directors will also establish such other committees as it deems appropriate, in accordance
with applicable law and regulations and our certificate of incorporation and bylaws.
Audit Committee. Prior to this offering, our board of directors will establish an audit committee to assist our board in
overseeing the preparation of our financial statements, the independent auditor's qualifications and independence, the performance of our internal audit function and independent auditors and our
compliance with legal and regulatory requirements. Within a year of this offering, all of the members of the audit committee will be independent, as determined in accordance with the rules of the New
York Stock Exchange and any relevant federal securities laws and regulations. Immediately following the offering, we expect that at least one member of the committee will be independent, as permitted
by the relevant transition rules.
Compensation Committee. We currently have a compensation committee but expect to revise the structure and charter of the
committee and to appoint new members to this committee following the completion of this offering. Within a year of this offering, all of the members of the compensation committee will be independent,
as determined in accordance with the terms of the New York Stock Exchange and any relevant federal securities laws and regulations. Immediately following the offering, we expect that at least one
member of the committee will be independent, as permitted by the relevant