SHAK

SEC source: 0001620533-19-000129 · wf-form4_156823453957609.xml · nonDerivative · entry 1

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer · 10% owner

GARUTTI MARIA L · CIK 0001633960 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 90,702

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reflected in this Form 4 were effected pursuant to a Rule 10b5-1 Trading Plan that was adopted by Mr. Garutti on August 7, 2019.

SEC source: 0001620533-19-000127 · wf-form4_156806056933391.xml · derivative · entry 8

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12 · CIK 0001633818 · 10% owner

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 1,861,057

Underlying: CLASS A COMMON STOCK · 1,270,136 shares

Expires not disclosed

F7 · derivative.exercise_price: Represents LLC Interests which are redeemable (subject to certain waiting periods) for an equal number of shares of Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F4 · kind: On September 5, 2019, the Investment Trust and the Daniel H. Meyer Gift Trust dtd 10/31/12 (the "Gift Trust") entered into an Exchange Agreement (the "Exchange Agreement"), pursuant to which (i) the Investment Trust transferred 1,270,136 LLC Interests and 1,270,136 shares of Class B Common Stock ("Class B Stock") of the Issuer to the Gift Trust and (ii) the Gift Trust transferred 1,230,885 shares of Class A Stock of the Issuer to the Investment Trust.

F7 · price: Represents LLC Interests which are redeemable (subject to certain waiting periods) for an equal number of shares of Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F7 · derivative.exercise_date: Represents LLC Interests which are redeemable (subject to certain waiting periods) for an equal number of shares of Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F7 · derivative.expiration_date: Represents LLC Interests which are redeemable (subject to certain waiting periods) for an equal number of shares of Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F6 · ownership.nature: Mr. Meyer's spouse, Audrey Meyer, is a co-trustee and beneficiary of the Gift Trust. Mr. McQuinn is the co-trustee. Each Reporting Person disclaims beneficial ownership of the securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000127 · wf-form4_156806056933391.xml · derivative · entry 7

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12 · CIK 0001633818 · 10% owner

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 0

Underlying: CLASS A COMMON STOCK · 1,270,136 shares

Expires not disclosed

F7 · derivative.exercise_price: Represents LLC Interests which are redeemable (subject to certain waiting periods) for an equal number of shares of Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F4 · kind: On September 5, 2019, the Investment Trust and the Daniel H. Meyer Gift Trust dtd 10/31/12 (the "Gift Trust") entered into an Exchange Agreement (the "Exchange Agreement"), pursuant to which (i) the Investment Trust transferred 1,270,136 LLC Interests and 1,270,136 shares of Class B Common Stock ("Class B Stock") of the Issuer to the Gift Trust and (ii) the Gift Trust transferred 1,230,885 shares of Class A Stock of the Issuer to the Investment Trust.

F7 · price: Represents LLC Interests which are redeemable (subject to certain waiting periods) for an equal number of shares of Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F7 · derivative.exercise_date: Represents LLC Interests which are redeemable (subject to certain waiting periods) for an equal number of shares of Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F7 · derivative.expiration_date: Represents LLC Interests which are redeemable (subject to certain waiting periods) for an equal number of shares of Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F3 · ownership.nature: Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

SEC source: 0001620533-19-000127 · wf-form4_156806056933391.xml · nonDerivative · entry 6

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12 · CIK 0001633818 · 10% owner

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 1,861,057

F4 · kind: On September 5, 2019, the Investment Trust and the Daniel H. Meyer Gift Trust dtd 10/31/12 (the "Gift Trust") entered into an Exchange Agreement (the "Exchange Agreement"), pursuant to which (i) the Investment Trust transferred 1,270,136 LLC Interests and 1,270,136 shares of Class B Common Stock ("Class B Stock") of the Issuer to the Gift Trust and (ii) the Gift Trust transferred 1,230,885 shares of Class A Stock of the Issuer to the Investment Trust.

F5 · price: Under the Exchange Agreement, a discount was applied to the value of the common membership interests in SSE Holdings, LLC (the "LLC Interests") and Class B Stock of the Issuer resulting from the time required to redeem LLC Interests for Class A Stock of the Issuer. See footnote 7 below.

F6 · ownership.nature: Mr. Meyer's spouse, Audrey Meyer, is a co-trustee and beneficiary of the Gift Trust. Mr. McQuinn is the co-trustee. Each Reporting Person disclaims beneficial ownership of the securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000127 · wf-form4_156806056933391.xml · nonDerivative · entry 5

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12 · CIK 0001633818 · 10% owner

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 0

F4 · kind: On September 5, 2019, the Investment Trust and the Daniel H. Meyer Gift Trust dtd 10/31/12 (the "Gift Trust") entered into an Exchange Agreement (the "Exchange Agreement"), pursuant to which (i) the Investment Trust transferred 1,270,136 LLC Interests and 1,270,136 shares of Class B Common Stock ("Class B Stock") of the Issuer to the Gift Trust and (ii) the Gift Trust transferred 1,230,885 shares of Class A Stock of the Issuer to the Investment Trust.

F5 · price: Under the Exchange Agreement, a discount was applied to the value of the common membership interests in SSE Holdings, LLC (the "LLC Interests") and Class B Stock of the Issuer resulting from the time required to redeem LLC Interests for Class A Stock of the Issuer. See footnote 7 below.

F3 · ownership.nature: Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

SEC source: 0001620533-19-000127 · wf-form4_156806056933391.xml · nonDerivative · entry 3

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12 · CIK 0001633818 · 10% owner

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 1,305,306

F4 · kind: On September 5, 2019, the Investment Trust and the Daniel H. Meyer Gift Trust dtd 10/31/12 (the "Gift Trust") entered into an Exchange Agreement (the "Exchange Agreement"), pursuant to which (i) the Investment Trust transferred 1,270,136 LLC Interests and 1,270,136 shares of Class B Common Stock ("Class B Stock") of the Issuer to the Gift Trust and (ii) the Gift Trust transferred 1,230,885 shares of Class A Stock of the Issuer to the Investment Trust.

F5 · price: Under the Exchange Agreement, a discount was applied to the value of the common membership interests in SSE Holdings, LLC (the "LLC Interests") and Class B Stock of the Issuer resulting from the time required to redeem LLC Interests for Class A Stock of the Issuer. See footnote 7 below.

F6 · ownership.nature: Mr. Meyer's spouse, Audrey Meyer, is a co-trustee and beneficiary of the Gift Trust. Mr. McQuinn is the co-trustee. Each Reporting Person disclaims beneficial ownership of the securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000127 · wf-form4_156806056933391.xml · nonDerivative · entry 2

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12 · CIK 0001633818 · 10% owner

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 1,374,732

F4 · kind: On September 5, 2019, the Investment Trust and the Daniel H. Meyer Gift Trust dtd 10/31/12 (the "Gift Trust") entered into an Exchange Agreement (the "Exchange Agreement"), pursuant to which (i) the Investment Trust transferred 1,270,136 LLC Interests and 1,270,136 shares of Class B Common Stock ("Class B Stock") of the Issuer to the Gift Trust and (ii) the Gift Trust transferred 1,230,885 shares of Class A Stock of the Issuer to the Investment Trust.

F5 · price: Under the Exchange Agreement, a discount was applied to the value of the common membership interests in SSE Holdings, LLC (the "LLC Interests") and Class B Stock of the Issuer resulting from the time required to redeem LLC Interests for Class A Stock of the Issuer. See footnote 7 below.

F3 · ownership.nature: Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

SEC source: 0001620533-19-000125 · wf-form4_156711233402321.xml · nonDerivative · entry 2

VIVIAN ROBERT T · CIK 0001219750 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,181

F2 · price: The transaction was executed in multiple trades at prices ranging from $98.9000 to $99.3000. The price reported above reflects the weighted average sales price.

F3 · price: The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

SEC source: 0001620533-19-000125 · wf-form4_156711233402321.xml · derivative · entry 4

VIVIAN ROBERT T · CIK 0001219750 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,851

Underlying: CLASS A COMMON STOCK · 25,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F5 · derivative.exercise_price: Represents LLC Interests redeemable for an equal number of shares of the Issuer's Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F5 · derivative.exercise_date: Represents LLC Interests redeemable for an equal number of shares of the Issuer's Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F5 · derivative.expiration_date: Represents LLC Interests redeemable for an equal number of shares of the Issuer's Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

SEC source: 0001620533-19-000125 · wf-form4_156711233402321.xml · nonDerivative · entry 3

VIVIAN ROBERT T · CIK 0001219750 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,851

F4 · price: Pursuant to the Amended and Restated Certificate of Incorporation of the Issuer, the shares of the Issuer's Class B Common Stock are cancelled for no consideration on a one-for-one basis upon redemption of the LLC Interests for shares of Class A Stock of the Issuer.

SEC source: 0001620533-19-000125 · wf-form4_156711233402321.xml · nonDerivative · entry 1

VIVIAN ROBERT T · CIK 0001219750 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,181

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that were obtained upon a redemption of an equal number of common membership interests in SSE Holdings, LLC (the "LLC Interests").

F1 · price: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that were obtained upon a redemption of an equal number of common membership interests in SSE Holdings, LLC (the "LLC Interests").

SEC source: 0001620533-19-000127 · wf-form4_156806056933391.xml · nonDerivative · entry 1

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12 · CIK 0001633818 · 10% owner

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 143,847

F1 · kind: Comprised of four separate charitable gift transactions exempt under Rule 16b-5.

F2 · balance_after: Includes 1,032 shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") transferred from Daniel H. Meyer to the Daniel H. Meyer Investment Trust dated 5/15/92 (the "Investment Trust") after lapse of restrictions on prior restricted stock unit grants. Transfers reflect no change in beneficial ownership or pecuniary interest and are exempt under Rule 16a-13.

F3 · ownership.nature: Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

SEC source: 0001620533-19-000122 · wf-form4_156599193497000.xml · derivative · entry 2

GRAMERCY TAVERN CORP · CIK 0000911514 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: CLASS A COMMON STOCK · 2,690,263 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among the Reporting Person, Daniel H. Meyer, and Daniel H. Meyer 2012 Gift Trust (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of the Reporting Person to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to the Reporting Person.

F2 · derivative.exercise_price: To effect the Reorganization, a subsidiary of the Issuer merged with and into the Reporting Person, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of the Reporting Person for shares of Class A Stock of the Issuer, (ii) cancellation of the Class B Common Stock ("Class B Stock") of the Issuer held by the Reporting Person, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by the Reporting Person to the Issuer. The reported transactions are exempt under Rule 16b-6(b) and Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · shares: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among the Reporting Person, Daniel H. Meyer, and Daniel H. Meyer 2012 Gift Trust (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of the Reporting Person to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to the Reporting Person.

F2 · shares: To effect the Reorganization, a subsidiary of the Issuer merged with and into the Reporting Person, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of the Reporting Person for shares of Class A Stock of the Issuer, (ii) cancellation of the Class B Common Stock ("Class B Stock") of the Issuer held by the Reporting Person, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by the Reporting Person to the Issuer. The reported transactions are exempt under Rule 16b-6(b) and Rule 16b-7 of the Securities Exchange Act of 1934.

F3 · price: The LLC Interests held by the Reporting Person are redeemable for an equal number of shares of Class A Stock of the Issuer, without expiration. However, the Reporting Person did not exercise the redemption right prior to the 368(a) reorganization and therefore did not receive an equivalent number of shares of Class A Stock of the Issuer.

F3 · derivative.exercise_date: The LLC Interests held by the Reporting Person are redeemable for an equal number of shares of Class A Stock of the Issuer, without expiration. However, the Reporting Person did not exercise the redemption right prior to the 368(a) reorganization and therefore did not receive an equivalent number of shares of Class A Stock of the Issuer.

F3 · derivative.expiration_date: The LLC Interests held by the Reporting Person are redeemable for an equal number of shares of Class A Stock of the Issuer, without expiration. However, the Reporting Person did not exercise the redemption right prior to the 368(a) reorganization and therefore did not receive an equivalent number of shares of Class A Stock of the Issuer.

F3 · derivative.underlying: The LLC Interests held by the Reporting Person are redeemable for an equal number of shares of Class A Stock of the Issuer, without expiration. However, the Reporting Person did not exercise the redemption right prior to the 368(a) reorganization and therefore did not receive an equivalent number of shares of Class A Stock of the Issuer.

F3 · derivative.underlying_shares: The LLC Interests held by the Reporting Person are redeemable for an equal number of shares of Class A Stock of the Issuer, without expiration. However, the Reporting Person did not exercise the redemption right prior to the 368(a) reorganization and therefore did not receive an equivalent number of shares of Class A Stock of the Issuer.

F1 · balance_after: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among the Reporting Person, Daniel H. Meyer, and Daniel H. Meyer 2012 Gift Trust (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of the Reporting Person to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to the Reporting Person.

F2 · balance_after: To effect the Reorganization, a subsidiary of the Issuer merged with and into the Reporting Person, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of the Reporting Person for shares of Class A Stock of the Issuer, (ii) cancellation of the Class B Common Stock ("Class B Stock") of the Issuer held by the Reporting Person, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by the Reporting Person to the Issuer. The reported transactions are exempt under Rule 16b-6(b) and Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001620533-19-000122 · wf-form4_156599193497000.xml · nonDerivative · entry 1

GRAMERCY TAVERN CORP · CIK 0000911514 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among the Reporting Person, Daniel H. Meyer, and Daniel H. Meyer 2012 Gift Trust (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of the Reporting Person to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to the Reporting Person.

F2 · kind: To effect the Reorganization, a subsidiary of the Issuer merged with and into the Reporting Person, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of the Reporting Person for shares of Class A Stock of the Issuer, (ii) cancellation of the Class B Common Stock ("Class B Stock") of the Issuer held by the Reporting Person, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by the Reporting Person to the Issuer. The reported transactions are exempt under Rule 16b-6(b) and Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · shares: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among the Reporting Person, Daniel H. Meyer, and Daniel H. Meyer 2012 Gift Trust (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of the Reporting Person to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to the Reporting Person.

F2 · shares: To effect the Reorganization, a subsidiary of the Issuer merged with and into the Reporting Person, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of the Reporting Person for shares of Class A Stock of the Issuer, (ii) cancellation of the Class B Common Stock ("Class B Stock") of the Issuer held by the Reporting Person, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by the Reporting Person to the Issuer. The reported transactions are exempt under Rule 16b-6(b) and Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · price: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among the Reporting Person, Daniel H. Meyer, and Daniel H. Meyer 2012 Gift Trust (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of the Reporting Person to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to the Reporting Person.

F2 · price: To effect the Reorganization, a subsidiary of the Issuer merged with and into the Reporting Person, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of the Reporting Person for shares of Class A Stock of the Issuer, (ii) cancellation of the Class B Common Stock ("Class B Stock") of the Issuer held by the Reporting Person, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by the Reporting Person to the Issuer. The reported transactions are exempt under Rule 16b-6(b) and Rule 16b-7 of the Securities Exchange Act of 1934.

F1 · balance_after: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among the Reporting Person, Daniel H. Meyer, and Daniel H. Meyer 2012 Gift Trust (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of the Reporting Person to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to the Reporting Person.

F2 · balance_after: To effect the Reorganization, a subsidiary of the Issuer merged with and into the Reporting Person, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of the Reporting Person for shares of Class A Stock of the Issuer, (ii) cancellation of the Class B Common Stock ("Class B Stock") of the Issuer held by the Reporting Person, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by the Reporting Person to the Issuer. The reported transactions are exempt under Rule 16b-6(b) and Rule 16b-7 of the Securities Exchange Act of 1934.

SEC source: 0001620533-19-000123 · wf-form4_156599303380555.xml · derivative · entry 7

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12 · CIK 0001633818 · 10% owner

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Corp.

Disclosed balance after: 0

Underlying: CLASS A COMMON STOCK · 2,690,263 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F7 · derivative.exercise_price: Represents LLC Interests which are redeemable for an equal number of shares of the Issuer's Class A Common Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F8 · derivative.exercise_price: GTC did not redeem the LLC Interests prior to the effective time of the Reorganization.

F1 · shares: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · shares: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · shares: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F7 · price: Represents LLC Interests which are redeemable for an equal number of shares of the Issuer's Class A Common Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F8 · price: GTC did not redeem the LLC Interests prior to the effective time of the Reorganization.

F7 · derivative.exercise_date: Represents LLC Interests which are redeemable for an equal number of shares of the Issuer's Class A Common Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F8 · derivative.exercise_date: GTC did not redeem the LLC Interests prior to the effective time of the Reorganization.

F7 · derivative.expiration_date: Represents LLC Interests which are redeemable for an equal number of shares of the Issuer's Class A Common Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F8 · derivative.expiration_date: GTC did not redeem the LLC Interests prior to the effective time of the Reorganization.

F1 · balance_after: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · balance_after: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · balance_after: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F9 · ownership.nature: Represents LLC Interests held by each of the Reporting Persons indirectly through GT. Each Reporting Person disclaims beneficial ownership of such securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000123 · wf-form4_156599303380555.xml · nonDerivative · entry 4

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12 · CIK 0001633818 · 10% owner

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Corp.

Disclosed balance after: 0

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · kind: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · kind: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F1 · shares: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · shares: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · shares: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F1 · price: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · price: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · price: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F1 · balance_after: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · balance_after: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · balance_after: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F6 · ownership.nature: Represents the Class B Stock of the Issuer held by each of the Reporting Persons indirectly through GT. Each Reporting Person disclaims beneficial ownership of such securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000123 · wf-form4_156599303380555.xml · nonDerivative · entry 2

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12 · CIK 0001633818 · 10% owner

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 2,536,191

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · kind: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · kind: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F1 · shares: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · shares: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · shares: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F1 · price: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · price: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · price: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F1 · balance_after: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · balance_after: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · balance_after: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F5 · ownership.nature: Mr. Meyer's spouse, Audrey Meyer, is a co-trustee and beneficiary of the Gift Trust. Mr. McQuinn is the co-trustee. Each Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

SEC source: 0001620533-19-000123 · wf-form4_156599303380555.xml · nonDerivative · entry 1

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12 · CIK 0001633818 · 10% owner

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 158,515

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · kind: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · kind: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F1 · shares: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · shares: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · shares: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F1 · price: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · price: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · price: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F1 · balance_after: Pursuant to a Stockholders Agreement, dated as of February 4, 2015, as amended, by and among Daniel H. Meyer, the Daniel H. Meyer 2012 Gift Trust dtd 10/31/12 (the "Gift Trust"), other affiliates (collectively, the "Meyer Stockholders") and other signatories party thereto, the Meyer Stockholders have the right to cause all of the shares of Gramercy Tavern Corp. ("GTC") to be exchanged for shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") pursuant to a reorganization under Section 368(a) of the Internal Revenue Code (the "Reorganization"). The Meyer Stockholders made such an election with respect to GTC.

F2 · balance_after: To effect the Reorganization, a subsidiary of the Issuer merged with and into GTC, which was then merged with and into the Issuer, resulting in (i) conversion and exchange of shares of GTC for Class A Stock, (ii) cancellation of Class B Common Stock ("Class B Stock") of the Issuer held by GTC, and (iii) transfer of the common membership interests in SSE Holdings, LLC (the "LLC Interests") held by GTC to the Issuer. The Class B Stock and LLC Interests held by GTC were reported as held by each of Daniel H. Meyer and the Gift Trust by virtue of each such Reporting Person's control over GTC and, accordingly, their cancellation and transfer, as applicable, is reported hereon. Mr. Meyer, through Daniel H. Meyer Investment Trust dtd 5/15/92, and the Gift Trust, received 154,072 and 2,536,191 shares of the Issuer's Class A Stock, respectively, in exchange for GTC shares, representing such Reporting Person's 5.727% and 94.273% interest, respectively, in GTC.

F3 · balance_after: The reported transactions are exempt under Rule 16b-6(b), 16b-3 and 16b-7 of the Securities Exchange Act of 1934.

F4 · ownership.nature: Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

SEC source: 0001620533-19-000115 · wf-form4_156581713786908.xml · nonDerivative · entry 2

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 0

F3 · ownership.nature: Represents Class A Stock of the Issuer held by the Flug 2015 GS Trust UAD 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp. is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000115 · wf-form4_156581713786908.xml · nonDerivative · entry 1

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 219

F1 · price: The transaction was executed in multiple trades at prices ranging from $90.0000 to $90.8950. The price reported above reflects the weighted average sales price.

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F3 · ownership.nature: Represents Class A Stock of the Issuer held by the Flug 2015 GS Trust UAD 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp. is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000113 · wf-form4_156539122243418.xml · nonDerivative · entry 9

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 9,013

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F11 · price: The transaction was executed in multiple trades at prices ranging from $90.06 to 90.52. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Stock of the Issuer held by Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000113 · wf-form4_156539122243418.xml · nonDerivative · entry 8

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 11,413

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F10 · price: The transaction was executed in multiple trades at prices ranging from $88.75 to 89.74. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Stock of the Issuer held by Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000109 · wf-form4_156531150255064.xml · derivative · entry 7

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,000

Underlying: CLASS A COMMON STOCK · 5,000 shares

Expires 2025-01-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: An option to purchase 106,000 shares of Class A Stock of the Issuer at $21.00 per share was granted to the Reporting Person on January 29, 2015. 21,200 options vested on each of January 29, 2016, January 29, 2017, January 29, 2018 and January 29, 2019, and 21,200 options will vest on January 29, 2020, subject to the Reporting Person's continued service with the Issuer.

SEC source: 0001620533-19-000109 · wf-form4_156531150255064.xml · nonDerivative · entry 5

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,692

SEC source: 0001620533-19-000109 · wf-form4_156531150255064.xml · nonDerivative · entry 4

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,692

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001620533-19-000113 · wf-form4_156539122243418.xml · nonDerivative · entry 7

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 29,000

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F9 · price: The transaction was executed in multiple trades at prices ranging from $89.93 to $89.99. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Stock of the Issuer held by Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000113 · wf-form4_156539122243418.xml · nonDerivative · entry 6

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 29,500

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F8 · price: The transaction was executed in multiple trades at prices ranging from $88.92 to $89.91. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Stock of the Issuer held by Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000113 · wf-form4_156539122243418.xml · nonDerivative · entry 5

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 35,368

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F7 · price: The transaction was executed in multiple trades at prices ranging from $87.92 to $88.91. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Stock of the Issuer held by Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000113 · wf-form4_156539122243418.xml · nonDerivative · entry 4

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 47,000

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F6 · price: The transaction was executed in multiple trades at prices ranging from $86.67 to $87.39. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Stock of the Issuer held by Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000113 · wf-form4_156539122243418.xml · nonDerivative · entry 3

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 48,100

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F5 · price: The transaction was executed in multiple trades at prices ranging from $85.63 to $86.50. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Stock of the Issuer held by Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000109 · wf-form4_156531150255064.xml · derivative · entry 6

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,000

Underlying: CLASS A COMMON STOCK · 15,000 shares

Expires 2025-01-29

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: An option to purchase 106,000 shares of Class A Stock of the Issuer at $21.00 per share was granted to the Reporting Person on January 29, 2015. 21,200 options vested on each of January 29, 2016, January 29, 2017, January 29, 2018 and January 29, 2019, and 21,200 options will vest on January 29, 2020, subject to the Reporting Person's continued service with the Issuer.

SEC source: 0001620533-19-000109 · wf-form4_156531150255064.xml · nonDerivative · entry 3

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,692

SEC source: 0001620533-19-000109 · wf-form4_156531150255064.xml · nonDerivative · entry 2

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,692

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001620533-19-000107 · wf-form4_156529918139991.xml · derivative · entry 7

Comonte Tara · CIK 0001708832 · CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,150

Underlying: CLASS A COMMON STOCK · 2,000 shares

Expires 2027-06-12

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_date: An option to purchase 5,150 shares of Class A Stock of the Issuer at $38.91 per share was granted to the Reporting Person on June 12, 2017. 1,030 options vested on each of June 12, 2018 and June 12, 2019 and 1,030 options will vest on each of June 12, 2020, June 12, 2021 and June 12, 2022, subject to the Reporting Person's continued service with the Issuer.

SEC source: 0001620533-19-000107 · wf-form4_156529918139991.xml · nonDerivative · entry 6

Comonte Tara · CIK 0001708832 · CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,840

F2 · price: The transaction was executed in multiple trades at prices ranging from $84.6300 to $85.05. The price reported above reflects the weighted average sales price.

F3 · price: The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

SEC source: 0001620533-19-000107 · wf-form4_156529918139991.xml · nonDerivative · entry 5

Comonte Tara · CIK 0001708832 · CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 59,340

SEC source: 0001620533-19-000107 · wf-form4_156529918139991.xml · nonDerivative · entry 4

Comonte Tara · CIK 0001708832 · CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 59,540

SEC source: 0001620533-19-000107 · wf-form4_156529918139991.xml · nonDerivative · entry 3

Comonte Tara · CIK 0001708832 · CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 59,740

SEC source: 0001620533-19-000107 · wf-form4_156529918139991.xml · nonDerivative · entry 2

Comonte Tara · CIK 0001708832 · CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 61,340

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001620533-19-000113 · wf-form4_156539122243418.xml · nonDerivative · entry 2

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 49,000

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F4 · price: The transaction was executed in multiple trades at prices ranging from $87.42 to $87.93. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Stock of the Issuer held by Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000113 · wf-form4_156539122243418.xml · nonDerivative · entry 1

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

Gulf Five Fiduciary Management Corp · CIK 0001706756 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 49,800

F1 · price: The transaction was executed in multiple trades at prices ranging from $86.10 to $86.20. The price reported above reflects the weighted average sales price.

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F3 · ownership.nature: Represents shares of Class A Stock of the Issuer held by Flug 2015 GS Trust U/A/D 12/29/15 (the "Trust"). Gulf Five Fiduciary Management Corp is the trustee of the Trust. Sheryl Flug, the wife of Jeffrey Flug, is the President of Gulf Five Fiduciary Management Corp. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-19-000096 · wf-form4_156478167497433.xml · nonDerivative · entry 3

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 4,443

F3 · price: The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F6 · price: The transaction was executed in multiple trades at prices ranging from $76.3200 to $76.7050. The price reported above reflects the weighted average sales price.

F4 · ownership.nature: Represents Class A Stock of the Issuer held by the Reporting Person through the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-19-000096 · wf-form4_156478167497433.xml · nonDerivative · entry 2

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 7,430

F1 · shares: Shares of Class A common stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") were disposed of by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the"Investment Trust") pursuant to a 10b5-1 trading plan entered into on March 10, 2019. The Reporting Person is the grantor, trustee and beneficiary of the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

F3 · price: The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F5 · price: The transaction was executed in multiple trades at prices ranging from $75.3200 to $76.3199. The price reported above reflects the weighted average sales price.

F4 · ownership.nature: Represents Class A Stock of the Issuer held by the Reporting Person through the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-19-000096 · wf-form4_156478167497433.xml · nonDerivative · entry 1

Meyer Daniel Harris · CIK 0001463932 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 16,030

F1 · shares: Shares of Class A common stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") were disposed of by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the"Investment Trust") pursuant to a 10b5-1 trading plan entered into on March 10, 2019. The Reporting Person is the grantor, trustee and beneficiary of the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

F2 · price: The transaction was executed in multiple trades at prices ranging from $74.3200 to $75.3199. The price reported above reflects the weighted average sales price.

F3 · price: The Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F4 · ownership.nature: Represents Class A Stock of the Issuer held by the Reporting Person through the Investment Trust. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-19-000090 · wf-form4_156444820287939.xml · derivative · entry 7

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 10% owner

GARUTTI MARIA L · CIK 0001633960 · 10% owner

GARUTTI RONALD J JR · CIK 0001633954 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 254,051

Underlying: CLASS A COMMON STOCK · 50,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F11 · derivative.exercise_price: Represents LLC Interests redeemable for an equal number of shares of the Issuer's Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F11 · derivative.exercise_date: Represents LLC Interests redeemable for an equal number of shares of the Issuer's Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F11 · derivative.expiration_date: Represents LLC Interests redeemable for an equal number of shares of the Issuer's Class A Stock or, at the election of the Issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date.

F12 · balance_after: The Form 4 filing made on June 28, 2019 by the Reporting Persons incorrectly reflected a redemption of 75,000 LLC Interests when only 25,000 LLC Interests were redeemed. This amount reflects the number of LLC Interests beneficially owned by the Reporting Persons following the reported transaction.

SEC source: 0001620533-19-000090 · wf-form4_156444820287939.xml · nonDerivative · entry 5

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 10% owner

GARUTTI MARIA L · CIK 0001633960 · 10% owner

GARUTTI RONALD J JR · CIK 0001633954 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 254,051

F8 · price: Pursuant to the Amended and Restated Certificate of Incorporation of the Issuer, the shares of the Issuer's Class B Common Stock ("Class B Stock") are cancelled for no consideration on a one-for-one basis upon redemption of the LLC Interests for shares of Class A Stock of the Issuer.

F9 · balance_after: The Form 4 filing made on June 28, 2019 by the Reporting Persons incorrectly reflected a disposition of 75,000 shares of Class B Stock of the Issuer, but only 25,000 shares of Class B Stock of the Issuer were disposed of. This amount reflects the number of shares of Class B Stock of the Issuer beneficially owned by the Reporting Persons following the reported transaction.

SEC source: 0001620533-19-000090 · wf-form4_156444820287939.xml · nonDerivative · entry 4

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 10% owner

GARUTTI MARIA L · CIK 0001633960 · 10% owner

GARUTTI RONALD J JR · CIK 0001633954 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,555

F3 · shares: Represents shares of Class A Stock of the Issuer that were disposed of by Mr. Garutti pursuant to a 10b5-1 trading plan entered into on May 24, 2019.

F5 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F7 · price: The transaction was executed in multiple trades at prices ranging from $75.5050 to $75.5300. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-19-000090 · wf-form4_156444820287939.xml · nonDerivative · entry 3

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 10% owner

GARUTTI MARIA L · CIK 0001633960 · 10% owner

GARUTTI RONALD J JR · CIK 0001633954 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,655

F3 · shares: Represents shares of Class A Stock of the Issuer that were disposed of by Mr. Garutti pursuant to a 10b5-1 trading plan entered into on May 24, 2019.

F5 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F6 · price: The transaction was executed in multiple trades at prices ranging from $74.5050 to $75.5049. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-19-000090 · wf-form4_156444820287939.xml · nonDerivative · entry 2

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 10% owner

GARUTTI MARIA L · CIK 0001633960 · 10% owner

GARUTTI RONALD J JR · CIK 0001633954 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,032

F3 · shares: Represents shares of Class A Stock of the Issuer that were disposed of by Mr. Garutti pursuant to a 10b5-1 trading plan entered into on May 24, 2019.

F4 · price: The transaction was executed in multiple trades at prices ranging from $73.5050 to $74.5049. The price reported above reflects the weighted average sales price.

F5 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

SEC source: 0001620533-19-000090 · wf-form4_156444820287939.xml · nonDerivative · entry 1

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 10% owner

GARUTTI MARIA L · CIK 0001633960 · 10% owner

GARUTTI RONALD J JR · CIK 0001633954 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 73,555

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that were obtained upon a redemption of an equal number of common membership interests in SSE Holdings, LLC (the "LLC Interests").

F1 · price: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that were obtained upon a redemption of an equal number of common membership interests in SSE Holdings, LLC (the "LLC Interests").

F2 · balance_after: The Form 4 filing made on June 28, 2019 by the Reporting Persons incorrectly reflected an acquisition of 75,000 shares of Class A Stock of the Issuer, but only 25,000 shares of Class A Stock were acquired. This amount reflects the number of shares of Class A Stock of the Issuer beneficially owned by the Reporting Persons following the reported transaction.